Full text of U.S. Financial Data : August 9, 1984

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Federal Reserve Ban
of St. Louis

«»r o 9il.S. Financial Data
August 9, 1984
Since June of last year, currency has grown substantially
faster than total checkable deposits. From June 1983 to July
1984, currency rose at an 8.8 percent annual rate, while checkable
deposits increased at a 5.1 percent pace (see table below). In
contrast, they grew at approximately the same rate from
December 1980 to June 1983.
The more rapid growth of currency relative to total
checkable deposits over the past 13 months is not unusual. During
the seventies, for example, currency also rose more rapidly than
checkable deposits. The similarity of growth rates of currency
and checkable deposits in the early eighties coincided with the
rapid expansion of the new interest-bearing transaction accounts
(NOW and Super-NOW accounts).
Growth Rates of Ml Components
(compounded annual rates, seasonally adjusted)

Currency
June
Dec.
Dec.
Dec.

1983
1980
1975
1970

-

July 19841/
June 1983
Dec. 1980
Dec. 1975

8.8%
8.0

9.6
8.5

Total checkable
deposits
5.1%
9.0
6.5
5.3

1/ Based on a prorated average of weekly data through July 30
—Norman N. Bowsher
TIIE
FEDERAL
>0 RESERVE
RANK of
gf STURTS

J


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

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

1------

&11UQN5
210.9
215. 1
212.6
21 1.9
214. 1

M M
1

15 28 13 27

JUN

JUL

10 24

7 2!

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

1983

MAY
1984

JUN

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING* AUGUST 8, 1984
THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BAt*S. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEPOSITORY 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.
RECENT DATA ARE PRELIMINARY

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
8/10/83

1 1/9/83

1/11/84

7.6
8.3
8.5
8.7
8.3
8.5
9. 1
8. 1

8.2
8.6
8.9
8.2
8.6
9.4
8. 1

11.1
10.7
9.2
9.5
10.4
8.5

AVERAGE OF FOUR WEEKS ENDING:

2/8/84

3/7/84

10.0
8.3
8.9
10. 1
8.0

7.5
8.6
10.1
7.6

4/11/84

5/9/84

6/6/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/11/84
2/ 8/84
3/ 7/34
4/11/84
5/ 9/84
6/ 6/84
7/11/84
8/ 8/84


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

7.7
10.2
6.9

12.8
7.7

6.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2!8

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
555
--------1---------- 1---------

ISM
JUN.
JUL.

BILLIONS OF DOLLARS
------------------- —555

BILLIONS

25
-

544.7
546.6
544.7
542. I

6 20

4

JUN

JUL

18

I

15 29 12 26 10 24

AUG

SEP

OCT

7 21

5 19

NOV

DEC

2

4

JV

FEB

18

2

16 30 13 27

MAR

1983

1984

LATEST DATA PLOTTED WEEK ENDING: JULY 30,

1984

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

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/1/83

10/31/83

1/2/84

1/30/84

2/27/84

6.6
3.7
7.0
7.3
5.8

1 .6
6.5
7.0
5.3

4/2/84

4/30/84

5/28/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/84
1/30/84
2/27/84
4/ 2/84
4/30/84
5/28/84
7/ 2/84
7/30/84

4.8
6.0
6.3
6.1
5.2
6.4
6.6
5.9


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

7.3
7.6
7.0
5.5
7. 1
7.3
6.3

10.6
8.4
5.8
8. 1
8. 1
6.7

7.5
7.8
5.3

12.7
7.8

3.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER!/
CURRENCY COMPONENT OF MONEY STOCK
RATIO
2.9

v

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

--------1-------- —i—
1984
nr z\

BAIifi

S-SS -

i

I

2.55
2.7

Ml Ml LTIPLI £R

A

A
=A

Il_LL in 1111 _LLL -LLLL 1 1 1

111

sA

2.6

■N^

1111 _LLL -LLL 1 III ...ILL 1 11. 1111 _LLL

LATEST DATA PLOTTED WEEK ENDING* JULY 30, 1984

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
158
156
154

150

-

COMPOUNDED ANNUAL R>\TES
—OF CHANGE. AVERAGE
THE FOUR WEEKS END 114G
“ JULY 30, 1984 FROM
THE FOUR WEEKS END 114Gi
28,
30,
2,
27,
30,

-

152

158

--------- ,--------- ,------------|--------- —

MAY
AP R.
“ AP R.
_ FE B.
JA N.
— CC
_ AUG.

1 ,

1984
1984
1984
1984
1984

-

7.
9,(
9a
7.'
7.J

.y**.

CURRE NCY

152

150
-

-

-

144
142

1ifti

-

•

/

nur .
JUL .

140

■ 111
8 20

JUN

154

-

9!

1983

156

-LLL ,,,i m -LLL -Mil -LLL m
18

JUL

IS 29 12 26 10 24

AUG

SEP
1983

OCT

LI U

LI. i -LLL -LLLL

7 21

5 19

2 16 30 IS 27 12 26

NOV

DEC

JAN

FEB

MAR

9 23

APR

25
2
9
16
23
30

!44

BJLLLlilMS
154.6
154.1
155.0
155.1
155.3
155.4

—

142

_

140

l I..I I.11..1
1II Lull.M
7 21
4 18 2 16 30 IS 27
MAY

JUN

JUL

AUG

1984

LATEST DATA PLOTTED WEEK ENDING: JULY 30, 1984
1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS^
AVtKAGtS 01- DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS

395 --------- ,--------- ,--------

—I------------ ---------- 395

BILLIONS
— JUN.

386.5
385.5
386.6
386.3
381 .5

5

JUN

JUL

AUG

SEP
1983

OCT

NOV

19

2

DEC

16 30 13 27

JAN

FEB

12 2B

MAR

9 23

APR

7 21

MAY

2

JUN

16 30 13 27

JUL

AUG

1964

LATEST DATA PLOTTED WEEK ENDING: JULY 30,

1984

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

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/1/83

10/31/83

2.8
4.0
4.8
4.9
3.6
5. 1
5.6
4.5

5.6
6.8
6.4
4.3
6.4
6.8
5.3

1/2/84

1/30/84

2/27/84

4/2/84

4/30/84

5/28/84

6.3
7.5
3.8

14.6
7.4

1.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/84
1/30/84
2/27/84
4/ 2/84
4/30/84
5/28/84
7/ 2/84
7/30/84


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

10.4
8.4
4.6
7.6
7.9
5.8

7.6
2.9
7.0
7.5
5. 1

-0.3
5.9
6.9
4.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0

CORPORATE
Aaa bonds

PRIME BANK
LOAN RATE

MUNICI PAL
BONOS

90 DAY
CD'S

9.0

I

15 20

12 26

0 23

7 21

4

OCT

NOV

16

2

16 30

13 27

10 24

0 23

6 20

APR

1983

4

18

1

15 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 10,

1984
JUNE

1
8
15
22
29
JULY
6
13
20
27
AUG.
3
10 *
17
24
31

90 DAY
CD'S
1 1.31
11.09
11.13
11.46
11.67
11.75
11.60
11.54
11.47
11.39
11.43

30-DAY
COMMERC1AL
PAPER
10.32
10.56
10.75
10.98
11.07
11.11
11.13
11.03
10.98
11.02
11.09

90-DAY
BANKERS*
ACCEPTANCES
10.92
10.81
10.85
11.27
11.46
11.44
11.41
11.36
11.25
11.18
11.24

CORPORATE
Aaa BONDS
13.56
13.46
13.48
13.55
13.71
13.69
13.53
13.36
13.32
13.05
12.92

13 27

10 24

MAY
1984
1984

CORPORATE
Baa BONDS

MUNICIPAL
BONDS **

15.04
14.95
15.01
15.06
15.20
15.29
15. 16
15. 18
15.09
14.89
14.72

11.07
10.78
10.59
10.56
10.76
10.69
10.44
10.36
10. 19
9.92
N. A.

* 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 ENDED FRIDAY

PERCENT
15.0

5-Y
TREASURY SECURITIES

12.0

FEDERAL
FUND!

3-MONTH N
TREASURY BILL
DISCOUNT
RATE
8.0

7.0

1

13 29 12 26

B 23

7 21

4

OCT

NOV

18

2 16 30 13 27

JAN

10 24

9 23

FEB

6 20

4

APR

MAY

18

1

15 29 13 27

10 24

1983
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. AUGUST 10,

1984
JUNE

1
8
15
22
29
JULY
6
13
20
27
AUG.
3
10 *
17
24
31

FEDERAL
FUNDS K*
10.30
10.72
10.85
11.49
11.27
10.91
11.25
11.21
11.19
11.53
11.59

3-MONTH
TREASURY
BILL
9.76
9.81
9.95
9.91
9.81
9.92
10.04
10. 1 1
10.25
10.42
10.51

1984

6-MONTH
TREASURY
B1LL ***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

10.62
10.57
10.66
10.49
10.49
10.54
10.52
10.60
10.64
10.64
10.68

10.94
10.80
10.87
10.97
11.09
1 l .01
10.94
10.89
10.79
10.73
10.72

13.69
13.34
13.36
13.49
13.72
13.67
13.39
13.23
13.03
12.77
12.65

13.71
13.38
13.35
13.41
13.62
13.65
13.31
13.21
13.02
12.75
12.65

« AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDMiSDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
4BKW NEW ISSUE RATE
BANK OF ST. LOUIS.

m#


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Federal Reserve Bank of St. Louis

amm° by the federal reserve

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

SMALL TIME DEPOSITS 1/
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
390
Z
380
370

1984

BILLIONS OF DOLLARS
390

E

BILLIONS

~ JUN.
: jul.
-

25

E

23
30

9

380

367.£ i
368.!
370.
371.
372.
374.2

E
370
SMALL TIME DEPOS TS

E
360

360

E

=
350

350
z

=

TU T

340

E
330
320

340
330

E

E

^

320

E
E

310

E
7

■J-LL

.111,

1111

111

1 1 l-L 1 LL

.111

LATEST DATA PLOTTED WEEK ENDINGt JULY 30,

nil

19M

111

1111

111

mi

1111

*1

J-LL.

1984

BILLIONS OF DOLLARS

— JUI

111

BILLIONS OF DOLLARS
160

BILLIONS
128.0
128.0
127.5

127.2

SAVINGS DEPOSITS

Mil
NOV

DEC

LATEST DATA PLOTTED WEEK ENDINGt JULY 30,

1984

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000.


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Federal Reserve Bank of St. Louis

310

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
770 r---------,---------- ,--------

ILL IONS OF DOLLARS
—i----------------------------770

BILLIONS
JUN.

25

745.7
748. 1
750.9
753.2
756.2
758.0

5

JUN

JUL

AUG

SEP
>983

OCT

NOV

19

2

DEC

LATEST DATA PLOTTED WEEK ENDING: JULY 30,

IB 30

JAN

13 27

FEB

12

26

MAR

9 23

7 21

APR
MAY
1984

4

IS

JUN

2

IS 30

JUL

13 27

AUG

1984

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

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
8/1/83

10/31/83

1/2/84

1/30/84

2/27/84

3.4
5.2
8.8
11.2
12.4

8.5
12.4
14.4
15.3

4/2/84

4/30/84

5/28/84

TO THE AVERAGE
OF FOUR WEEKS
END 1NG*.
1/ 2/84
1/30/84
2/27/84
4/ 2/84
4/30/84
5/28/64
7/ 2/84
7/30/84

8.4
6.2
5. 1
5.5
5.9
7.2
8.5
9.3


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

4.2
2.7
3.9
4.7
6.8
8.6
9.6

-3.4
0.8
2.7
6. 1
8.6
10.0

15.2
17.0
17.5

20.6
20.2

19.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
265

BILLIONS
— JUN.

25

250.7
251.8
254.5
256.4
257.0

6 20

4

JUN

JUL

18

I

15 28 12 28 10 24

7 21

5 18

NOV

DEC

2 16 50

IS 27

FEB

12 26

8 23

7 21

MAR

1983
LATEST DATA PLOTTED WEEK ENDING: JULY 30, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.

MMDAs, MMMFs and SUPER NOWs
(billions of dollars, not seasonally adjusted)
MMDAs 1/
June
July

lb
25
2
9
16
23
30

$393.3
390.5
390.2
390.8
389.8
388.3
386.6

MMMFs 2/
$191.4
190.5
191.0
191.0
192.8
193.4
194.9

SUPER NOWs 3/
$43.5
42.5
43.0
44.5
43.9
43.3
42.9

1/ Money market deposit accounts at all depository institutions, effective 12/14/82
7/ Total money market mutual fund balances
7/ NOW accounts at all depository institutions, requiring a $2,500 minimum balance
and eligible to earn more than 5.25 percent, effective 1/5/83


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
----------------------------=1 90

iSSl MILLIONS
JUL.

I

4

4845

15 29 13 27 10 24

7 21
SEP

5 IS
OCT

2 16 90 14 28 11 25
DEC
JAN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 8.

8 22

7 21
MAR

4 18
APR

2 18 50 13 27 11 25
JUN
JUL

8 22

1984

BUSINESS LOANS

u

( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
JjfcAUUNALLY ADJUSIfcD BY THIS BANK

BILLIONS OF DOLLARS
252 ------------- ,---------- ,------

BILLIONS OF DOLLARS

- COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
“THE FOUR ifclEEKS ENDING “
_ JULY 25,
™“
_ THE FOUft
~ MAY
- APR.
” MAR.
FEB.
- JAN.
- OCT.
L- JUL.

IT

23,
25,
28,
22,
25,
26,
27,

1984
25.2
23.9

MILLIONS
JUN. 20
244,166

I

15 29 IS 27 10 24

7 21
SEP

5 19
OCT

2 16 50 14 28 11 25
DEC
JAN

LATEST DATA PLOTTED WEEK ENDING: JULY 25.

8 22

7 2!
MAR

4 18
APR

11 1 1.11 I I I I I I I I
2 16 30 13 27 II 25 8 22
JUN
JUL

1984

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11