Full text of U.S. Financial Data : December 16, 1983

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U. S. Financial Data
Reserve Bank of St. Louis

December 16,1983

UEf RARY

1 9 1985
The growth of savings deposits relative to small time deposits
is influenced strongly by market interest rates. Interest rates on small
time deposits typically are tied to the 3-month Treasury bill rate, while
rates on passbook savings have been subject to ceilings of 5.25 percent
for commercial banks and 5.5 percent for savings and loans. When there
are wide spreads between the Treasury bill rate and the rates on savings
deposits, the growth of savings deposits falls relative to small time
deposits.
The table below illustrates the recent behavior of savings and
small time deposits. From January 1982 to July 1982, savings deposits
declined and small time deposits increased as the interest rate on
3-month Treasury bills remained in the 11 to 13.50 percent range. From
July to November of that year, savings deposits increased about $21
billion, while small time deposits changed little. Over that period, the
Treasury bill rate fell from 11.35 percent to 8.07 percent and was below
8 percent much of the time. Since June of this year, the Treasury bill
rate has, for the most part, remained close to 9 percent and savings
deposits again are falling and small time deposits are rising.
From November 1982 to June 1983, this relationship was
affected by the introduction of money market deposit accounts
(MMDAs). These new accounts caused a substantial shifting of funds
from savings deposits, time deposits and other short-term financial
assets to MMDAs. Over this period, MMDAs increased to about $370
billion; savings deposits, time deposits and money market mutual funds
fell by a total of about $300 billion. Since June, MMDAs have increased
only about $2 billion.
—A. Steven Holland
Savings and Small Time Deposits
(billions of dollars)
Period
1982

1983

Savings deposits
January
July
November
June
November

$347.7
345.0
366.4
325.0
316.3

Small time deposits
$826.6
872.9
874.9
722.1
785.6

Due to the Christmas and New Year's holidays, this release
will not be published on December 23 and December 30, 1983.

Views expressed do not necessarily reflect official positions of this Bank or 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

202
200

199. I
199.4
199.2

NOV.

198

199.6
196

194
192

190

188
186

184

182

e *o
OCT

s ir
NOV

I

IS M 12 26

JAN

9 23

9 23

6

4 18

APR

FEB

MAY

I

IS 29 13 27 10 24

7 21

5 19

SEP

OCT

2

16 30 14 28

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 14, 1983
THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS, 12) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AT© 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 BAMC.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/15/82

3/16/83

5/11/83

6/15/83

7/13/83

8/17/83

12.6
12.9
11.7
10.6
10.0
9.7
9.6
9.2

10.5
9.0
7.9
7.5
7.3
7.5
7.2

9.4
7.6
7.1
6.9
7.3
6.9

4.2
4.6
5.0
5.8
5.6

4.8
5.2
6.2
5.9

5.8
6.9
6.4

9/14/83 10/12/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/11/83
8/15/83
7/13/83
8/17/83
9/14/83
10/12/83
11/18/83
12/14/83


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Federal Reserve Bank of St. Louis

7.6
6.7

6.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

19S1
NOV.

17 I

BILLIONS OF DOLLARS

BILLIONS
53.5
54.0

O 20

3

OCT

NOV DEC
1982

IS

20

|2 26

JAN

O 23 O 23

FEB

MAR

6 20

4

APR

MAY

LATEST DATA PLOTTED KEEK ENDING: DECEMBER 7,

18

1

13 2#

13 27

10 24

7 21

5

SEP

OCT

10

2

16 30

14 23

1983

C?RCULA?IONi0LEsi

^£§SF^ RESERVE

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS
ENDINGt
12/8/82
3/9/83
5/4/83
6/8/83
7/6/83 8/10/83
9/7/83
10/5/83
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 4/83
6/ 8/83
7/ 6/83
8/10/83
9/ 7/83
10/ 5/83
11/ 9/83
12/ 7/83

14.8
14.3
13.0
11.4
9.9
7.7
7.5
7. 1


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Federal Reserve Bank of St. Louis

8.6
7.7
6.4
5.0
2.6
3. 1
3.0

9.0
6.4
4.4
1.3
2.2
2.2

3.3
1.5
-1 .7
0.0
0.4

0.0
-3.6
-1.1
-0.4

-7.0
-2.2
-1.1

-2.1
-0.7

4.4

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
530 rz--------1---------- 1--------

1983
NOV.

BILLIONS OF DOLLARS

B ILLUME
2

515.7
518.2
517.8

519.2
517.2
522.7

0 20

9 17

OCT

I

IS 28 12 20

NOV

JAN

8 29

8 29

6 20

4 18

APR

FEB

I

IS 28 19 27 10 34

7 21

8 Ift

2 16 80 14 28

MAY

LATEST DATA PLOTTED KEEK ENDING* DECEMBER 7, 1983
CURRENT DATA APPEAR IN T* BOARD OF GOVERNORS' H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBAtK PUBLIC PLUS COMERCIAL BAMC DEMAND DEPOSITS
up in ay thf NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTI
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE.
12/8/82

3/9/83

5/4/83

14.2
11 .4
11 .6
9.3
8.4
7.2
7.0

18.6
16.4
11.8
10.2
8.3
7.8

AVERAGE OF FOUR WEEKS ENDING*

6/8/83

7/6/83

8/10/83

9/7/83

10/5/83

7.9
4.5
4.2
3.3
3.5

5.4
4.7
3.5
3.7

0. 1
0.2
1.2

1.6
2.5

2.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
5/ 4/83
6/ 8/83
7/ 6/83
8/10/83
9/ 7/83
10/ 5/83
11/ 9/83
12/ 7/83

11.4
15.3
13.5
13.3
11 .6
10.8
9.6
9.2


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1983

RATIO
2.9

RATIO

NOV.

l

2.6Q2

Ml MULTIPLIER

2.6

2.5

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 7, 1983
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
148

COMPOUNDED ANNUAL RATES
-----OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
~ DECEMBER 7, 1983 FROM
----- THE FOUR WEEKS ENDING* ,
-

OCT.
SEP.
—AUG.
— MAR
_ DEC

5, 1983
7, 1983
10. 1983
6. 1983
8. 1983
9. 1983

146
144

9.2
9.6
9.4

142
CURRENCY
140

im

BILLIONS
145.1
145.1
145.6
145.4
145.4

111111 n 111111
6 20

3 17

OCT

NOV

I

IS 28 12 26

JAN

9 23

FEB

23

6 20

4 18

APR

MAY

I

15 29 13 27

10 24

7 21

3 19

SEP

OCT

2

18 30 14 28

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 7, 1983
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

5

134
132
130

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0

CORPORATE
AAA BONOS

.OAN RATE

MUNICIPAL
BONDS

90 DAY
CD’S

I

INI
15 29 12 26 10 24

7 21
JAN

4 IS
FEB

4 IS
MAR

I 15 29 19 27 10 24
MAY
JUN

S 22

5 19

2 IS 90 14
OCT

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 16, 1983

1983
OCT.

NOV.

DEC.

7
14
21
28
4
1 1
18
25
2
9
16 *
23
30

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
BAA BONDS

MUNICIPAL
BONDS KK

9. 13
9.22
9. 13
9.25
9.29
9.41
9.41
9.34
9.34
9.52
9.77

9.01
9.09
8.98
9.04
9.06
9. 16
9. 14
9.06
9.06
9.33
9.58

9.02
9.13
9.00
9. 1 1
9. 13
9.22
9.25
9. 19
9.21
9.41
9.68

12.20
12.22
12.21
12.34
12.42
12.47
12.42
12.36
12.39
12.51
12.65

13.44
13.42
13.42
13.52
13.58
13.63
13.64
13.59
13.63
13.69
13.81

9.49
9.67
9.68
9.81
9.79
9.75
9.70
9.74
9.82
9.91
N.A.

K AVERAGES OF RATES AVAILABLE.
X8K 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
14.0

11.0
5-YEAR
TREASURY Sf
JECURITIES

10.0
FEDERAL
FUNDS RATE

DISCOUNT
RATE

BILL

7.0

1

13 29 12 26 10 24

7 21

4 18

4 18

JAN

FEB

MAR

I

15 29 13 27

MAY

1982

10 24

8 22

5 19

JUN

2

16 30 14 28 11

OCT

25

9 23

NOV

1983

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*. DECEMBER 16, 1983

1983
OCT.

NOV.

DEC.

7
14
21
28
4
1 1
18
25
2
9
16 K
23
30

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY

10.00
9.46
9.36
9.36
9.40
9.36
9.42
9.26
9.27
9.49
9.52

8.62
8.79
8.53
8.66
8.58
8.77
8.81
8.79
8.88
8.97
9.06

8.92
8.97
8.79
8.91
8.68
9.02
8.91
8.96
9.05
9. 16
9.12

bill

warn

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.93
9. 10
8.89
9.02
9.05
9.09
9.08
9.07
9. 15
9.23
9.27

11.15
11.36
11.20
11.39
11.42
11.50
11.42
11.35
11.38
11.52
11.62

11.37
11.62
11.50
11.69
11.74
1 1 .79
11.69
11.59
1 1 .61
11.78
II. 91

m AVERAGES OF RATES AVAILABLE.

** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.
KWK NEW ISSUE RATE
RATESON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

I
TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

I

BILLIONS OF DOLLARS
980

375

366.2
368.3
367.8
368.8
367.0
372.5

DEC

370

365

360

355

350

345

340

335

330

15 29 12 26

JAN

9 23

9 23

6 20

4 IS

APR

FEB

MAY

1

13 29 13 27 10 24

1982

7 21

5 19

2 l« SO 14 28

1983

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 7, 1989
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
12/8/82

3/9/83

5/4/83

15.2
11.7
12.5
9.3
8.0
6.3
6.0

22.2
19.6
13.3
10.7
7.9
7.4

AVERAGE OF FOUR WEEKS ENDING*

6/8/83

7/6/83

8.7
3.8
2.8
1.4
1.7

5.0
3.3
1.4
1.8

8/10/83

9/7/83

10/5/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
5/ 4/83
6/ 8/83
7/ 6/83
8/10/83
9/ 7/83
10/ 5/83
11/ 9/83
12/ 7/83

11.1
16.5
14.3
14.4
12.1
10.9
9.3
8.8


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Federal Reserve Bank of St. Louis

-3.5
-3.4
-1.8

-2.0
-0.3

-0.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITSi/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLA.

1 §

I

8 5 8 S S 8 8 3 £ 8 § 5 1

I I I

BILLIONS OF DOLLARS

6 20

9 17

I

OCT

NOV
1962

DEC

15 20 12 26

JAN

0 29

FEB

O 29

MAR

6 20

4 16

APR

MAY

1

15 20 19 27 10 24

JUN

JUL
1963

7 21

AUG

SEP

OCT

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 7, 1983
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

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

December

26
2
9
16
23
30
7

MMMFs 2/

$366.1
366.4
368.3
369.1
369.5
370.1
372.2

$178.4
178.7
179.8
179.7
179.2
178.6
178.6

SUPER NOWs 3/
$35.4
35.9
36.8
36.8
36.4
36.4
37.7

1J Money market deposit accounts at all depository institutions, effective 12/14/82.
2/ Total money market mutual fund balances.
1/ 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

9

10
SMALL
COMMERCIAL

—

440

— NOV.

430

—

420

1983

DEPOSITS

BILLIONS OF DOLLARS
460
=
i

BILLIONS

2
9
16
23

DEC.

DEPOSIT Si/

SAVINGS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
460
450

TIME

BANK

347.3
349.1
349.6
350.2
351*4

7

=
=
=

410

1

400

|

390

Y

380

i

\

370

1
=
1

SMALL TIME JEPOSI TS

350
340

•*-

=

320

i

380

360

340
330
320
310

310

0

390

350
—
=

N

330

300

400

370

Y
\

360

410

=

r LLL

-LLL INI

.LLL ..ILL -LLLL -LLL

llll -LLLL .LLL 111 1

1 1 1

1.1.1

llll

.300
0

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 7, 1983
BILLIONS OF DOLLARS

ISfii

BILLIONS OF DOLLARS

BILLIONS.
35.2

=

34.9

DEC.

SAVINGS DEPOSITS

6 20

3 17

1

13 20 12 26

JAN

0 23

FEB

0 23

6 20

4 18

APR

MAY

IS 20 IS 27

10 24

7 21

5 10

2 16 SO 14 28

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 7, 1983
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 0100,000.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

4.5 r~-------,--------- ,-------NOV.

9
16

= DEC.

BILLIONS OF DOLLARS
------------------- -------- 1] 4*5

1043
1024

7

I

OCT

15 2# 12 26

NOV

JAN

0 23

0 23

6

4

APR

FEB

MAY

18

I

15 20 13 27

10 24

7 21

5 10

SEP

OCT

2 16 30 14 20

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 14. 1983

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS -2/
SEASONALLY ADJUSTED BY THIS BANK
BILLIONS OF DOLLARS
236 ----------1
1
--------1---------- 1---------_ COMPOUNDED ANNUAL RATES
_ OF CHANGE, AVERAGE OF
__ THE FOUR *EEKS ENDING

n il

BILLIONS OF DOLLARS
236

0.2

.1.1

1982

8)

M il

“ DEC !

1

4.3
-0.4
-0.3
1.0
1.4

A

224

JLLLL

1983
1983
1983
1983
1983

V

~ OCT. 5,
“SEP. 7.
~ AUG. 10,
~ JUL. 8,
“ JUN. 8,

232

M il

_ THE FOUR WEEKS END INIGt

111

V

1

:

M il

204

1982
NOV.

MILL 101te
2
9
16

-

215.098
217.144
215,667

I
_

208

204

30
‘ill
OCT

DEC.

111 -L.l IX 111

111

1111

111

111

II11

NOV
1982

FEB

MAR

APR

MAY

JUN

DEC

JAN

111 XII 1

JUL
1983

AUG

215)941

-

7

216,535

-

mini............ in’
SEP

OCT

NOV

DEC

LATEST DATA PLOTTED MEEK ENDING. DECEMBER 7. 1083
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AM) COMMERCIAL PAPER.
2/ BANCS WITH DOMESTIC ASSETS OF 0750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

0

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

P.O. Box 442

St. Louis, Missouri 63166

APR

MAY

LATEST DATA PLOTTED WEEK ENDINBt DECEMBER 7, IBBS
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF •100,000 OR MORE.


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Federal Reserve Bank of St. Louis
L.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS