Full text of U.S. Financial Data : February 26, 1987
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RESEARCH LIBRARY Fedej il fle*wve !!»*!< Ji^uisrll Minn n m j ..... lancial Data » February 26, 1987 The rapid growth of the money stock (Ml) over the past year has been marked by large differences in the growth rates of its major components. Ml has grown 16.6 percent since last February. The table below shows that this growth was due largely to the expansion of other checkable deposits (OCDs). The 32.4 percent growth of OCDs was nearly three times as rapid as demand deposit growth, and nearly four times that of currency. While OCD and currency growth accelerated over the course of the year, both remained within fairly narrow ranges compared with the growth of demand deposits. Changes in demand deposit growth accounted for much of the variation in Ml growth across the periods shown below. Growth Rates of Ml and Its Major Components (seasonally adjusted, compounded annual rates) Averages of four weeks ending Ml 2/17/86-7/7/86 7/7/86-10/6/86 10/6/86-12/8/86 12/8/86-2/16/87 17.1% 15.7 20.6 13.5 2/17/86-2/16/87 16.6 Currency Demand deposits 7.1% 7.0 9.3 11.9 16.5% 9.3 18.0 -1.0 8.4 11.4 Other checkable deposits 28.2% 33.6 35.3 37.0 32.4 —Philip A. Nuetzel FKDKKAI. RKSKKH llVNK.il st. mi 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 BILLIONS OF DOLLARS ------------------------------- 264 264 ----------- .---------r— ~ FEB 255.0 256.6 257.9 259.9 259. I 1 15 20 12 26 12 JAN FEB MAR 0 25 APR 7 21 MAY 4 16 2 16 50 13 27 10 24 6 22 JUN JUL AUG SEP OCT 1986 5 19 NOV 3 17 31 14 28 II 25 11 25 DEC JAN FEB MAR 1987 LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt FEBRUARY 25, 1987 JS 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 THE MAJOR DEPOSITORY INSTITUTIONS) AND AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES. 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, AVERAGE OF TWO MAINTENANCE PERIODS ENDING 2/26/86 5/21/86 7/30/86 8.4 8.5 8.2 9. 1 9.5 10.3 9.4 8.2 7.8 9.4 9.9 10.9 9.6 8/27/86 ' 9/24/86 10/22/86 11/19/86 12/31/86 TO THE AVERAGE OF TWO MAINTENANCE PERIODS ENDINGt 7/30/86 8/27/86 9/24/86 10/22/86 11/19/86 12/31/86 1/28/87 2/25/87 9.3 9. 1 9.0 8.8 9.4 9.6 10.2 9.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.9 10.0 10.4 11.6 9.9 10.6 10.9 12.2 10.2 12.4 13.7 10.9 13.4 9.9 9.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 760 BILLIONS _ JAN 734. I 730.6 731 .8 736.9 734.6 740 640 6 20 3 JAN FEB 17 3 17 31 14 28 12 26 APR 9 23 7 21 4 18 I 15 29 MAY 13 27 10 24 OCT NOV 8 22 5 19 2 JAN FEB 1987 1986 16 2 16 30 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1987 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B 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, 2/17/86 5/19/86 7/14/86 8/18/86 17. 1 17.5 17.2 16.5 16.6 17.7 18.8 16.6 17.3 16.7 15.7 16.0 17.7 19. 1 16.3 17.4 15.5 16.0 18.4 20. 1 16.3 13. 1 14.7 18. 1 20.2 15.7 AVERAGE OF FOUR WEEKS ENDING: 9/15/86 10/13/86 11/17/86 12/15/86 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/14/86 8/18/86 9/15/86 10/13/86 11/17/86 12/15/86 1/19/87 2/16/87 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14.6 19.1 21.5 15.9 22.6 24.5 16.9 28.7 16.8 11.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 1 MONEY MULTIPLIER^ CURRENCY COMPONENT OF MONEY STOCK 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.841 2.878 2.873 2.814 2.838 IS 27 10 24 10 24 JAN FEB Ml MULT I PL 7 21 APR 5 IS MAY 2 10 SO 14 28 II 25 JUL AUG 8 22 LATEST DATA PLOTTED TWO WEEKS ENDINGt FEBRUARY 9, 6 20 OCT 3 17 NOV 1 15 29 12 26 9 23 JAN FEB 9 1987 BILLIONS OF DOLLARS 192 ---------- ,---------- ,--------- BILLIONS OF DOLLARS ------------------------------- 192 _ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF - THE FOUR WEEKS ENDING - FEBRUARY 16, 1907 FROM _ THE FOUR WEEKS ENDINGt _ DEC. NOV. OCT. —SEP. - AUG. _ MAY FEB. 15, 17, 13, 15, 18, 19 17, 986 12.3 986 11.0 986 10.6 986 9.9 986 9.4 986 8.7 CURRENCY 1987 JAN. BILL].QMS 12 188.0 186.8 186.9 6 20 JAN 3 17 FEB 3 17 31 14 26 12 26 APR MAY 9 23 7 21 JUL 4 18 AUG 1 11 1 1 I Ml I I I I I I II I 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 OCT NOV JAN FEB LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 16, 1987 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 _ JAN. 6 20 3 17 JAN FEB BILLIONS OF DOLLARS 575 542.7 538.2 538.8 543.6 541.2 543.2 3 17 31 14 28 t2 26 0 23 7 21 JUL 1986 4 18 1 15 29 13 27 AUG LATEST DATA PLOTTED WEEK ENDING; FEBRUARY 16, OCT 10 24 NOV 8 22 5 10 JAN 2 16 2 16 30 FEB 1987 1987 TOTAL(CHECKABLE(DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL TOTAL CHECKABLE DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING; 2/17/86 5/19/86 7/14/86 8/18/86 21.1 21.6 21.1 20.2 20. 1 21 .8 23. 1 19.9 21.2 20.3 19.0 19.2 21.7 23.4 19.1 20.9 18.6 19.0 22.4 24.6 19.0 15.5 17.2 22.0 24.8 18. 1 9/15/86 10/13/86 11/17/86 12/15/86 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/14/86 8/18/86 9/15/86 10/13/86 11/17/86 12/15/86 1/19/87 2/16/87 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17. 1 23.5 26.4 18.3 28.1 30.4 19.3 36.5 19.0 11.1 PREPARED BY FEDERAL RESERVE BANK OF ST. 5 LOUIS 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES PERCENT lt.0 10.0 9.0 MUNI 8.0 7.0 6.0 3 17 31 14 20 M 28 II 25 FEB MAR APR 0 23 0 20 JUN 4 10 JUL 1 15 29 12 20 10 24 7 21 NOV 5 19 DEC 2 10 30 IS 27 13 27 FEB MAR LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi FEBRUARY 27, 1967. 1987 JAN. 2 9 16 23 30 FEB. 6 13 20 27 * MAR. 6 13 20 27 90 DAY CD'S 30-DAY COMMERC1AL PAPER 90-DAY BANKERS' ACCEPTANCES CORPORATE AAA bonds CORPORATE Baa BONDS MUNICIPAL BONDS MM 6.22 5.90 5.85 5.82 5.88 5.97 6. 13 6.21 6. 1 1 7.31 6.01 5.90 5.87 5.94 6.01 6.20 6.20 6.07 6. JO 5.74 5.73 5.70 5.83 5.88 6.07 6.07 6.03 8.49 8.40 8.33 8.31 8.37 8.38 8.40 8.40 8.38 9.97 9.82 9.70 9.65 9.68 9.65 9.67 9.67 9.65 6.85 6.70 6.65 6.54 6.56 6.57 6.67 6.62 N. A. S’ShuSSTSTm ** BOND BUYER'S AVERAGE the board of sovernors> h-'s relewe' 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 11.0 r— PERCENT —I 11.0 5-YEAR TREASURY SECURITIES DISCOUNT RATE IJJ-i.X l- LL 3 IT 31 14 28 14 28 II 25 0 23 JAN FEB MAR APR MAY 6 20 4 18 JUN JUL 1986 1 15 29 12 28 10 24 AUG SEP OCT 7 21 NOV 3 19 DEC 2 18 30 13 27 13 27 JAN FEB MAR 1987 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi FEBRUARY 27, 1987. 1987 JAN. FEB. MAR. 2 9 16 23 30 6 13 20 27 * 6 13 20 27 FEDERAL FUNDS ** 3-MONTH TREASURY BILL 8-MONTH TREASURY BILL »6ie* 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 9.20 7.62 6.01 6.01 6. 13 6.22 6. 14 6.21 5.95 5.65 5.46 5.35 5.35 5.51 5.62 5.75 5.55 5.44 5.68 5.55 5.43 5.27 5.43 5.59 5.69 5.70 5.41 5.64 5.49 5.45 5.38 5.50 5.59 5.71 5.64 5.56 6.79 6.63 6.63 6.58 6.66 6.74 6.88 6.81 6.77 7.76 7.58 7.59 7.56 7.69 7.70 7.77 7.73 7.64 NOTEt CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*TREASUR?'BILL H.15 RELEASE'YEXCLUDING TREASURY « AVERAGES1^ ^ATE sTaVA I LAABLE0UPUTEr> B¥ THIS BAlT IELDS ARE LONG-TERM ONA DISCOUNT BASIS. wsk^auctTon^average^?discount*) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ewlf" ™ DAYS EARLIER THAN DATE 3H0WJ PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 8 COMMERCIAL BANK SMALL TIME DEPOSITS^ LARGE TIME DEPOSITS 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 410 BJL.L.1QNS JAN. 12 365. I 363.9 362.9 362.2 SMALL TIME DEPOSITS 370 LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY I BILLIONS OF DOLLARS 305 BILLIONS OF DOLLARS 305 ---------- 1---------- 1------------- 1---------" 1967 BILLIONS - _ JAN. 300 12 19 26 295.9 296.5 295.3 9 16 293. 296.4 - 295 LARGE TIME 'N J )EPOS TS sa-' \\ \ - s 1 1 1 0 20 JAN _LU. 3 i i i i 17 3 17 31 FEB MAR 111 111 14 28 12 28 APR MAY - / INI J-J_L 9 23 JUN 7 21 JUL 1986 \ / - 1 1 L. ..Li ij- 4 18 I AUG SEP _LLLj 111 15 29 13 27 10 24 OCT NOV 1111 22 DEC III 1 1 1 5 19 2 18 FEB 1987 111 Is 16 30 MAR LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 16, 1987 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 BANK OF ST. LOUIS COMMERCIAL BANK TOTAL TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 825 ---------- 1---------- ,-------- iSfil JAN. 12 FEB. 6 20 JAN 3 17 FEB ILL IONS OF DOLLARS —i---------- -------------- 825 BILLIONS 819.7 820.7 820.2 819.5 820.0 822.9 3 17 31 14 2B 12 26 APR MAY 0 23 7 21 JUL 4 18 AUG 1 15 20 13 27 10 24 OCT NOV 8 22 5 19 JAN 2 18 FEB 2 18 30 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1087 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: 2/17/86 5/19/86 7/14/86 8/18/86 1.5 0.6 0.6 1.3 3.7 3.6 0.8 0.7 1 .6 4.5 4.3 9/15/86 10/13/86 11/17/86 12/15/86 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/14/86 8/18/86 9/15/86 10/13/86 11/17/86 12/15/86 1/19/87 2/16/87 -0.9 -0.7 -0.2 -0.3 -0.2 0.2 1.7 1.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -0.9 0.0 -0.2 -0.1 0.5 2.5 2.5 -0.3 1.1 4.8 4.5 2.2 6.7 5.9 10.2 8.0 9.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 4.0 ------------- 1---------- 1-----1281 JAN. FEB. BILLIONS OF DOLLARS ------------------------------- 4.0 MHUQfeB. 21 28 4 396 979 448 TOTAL BORROWINGS LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 25, 1987 BILLIONS OF DOLLARS 2.5 BILLIONS OF DOLLARS 2.5 -----------1-------- 1---------1----------- I 1281 _ JAN. FEB. WU1 QMS 21 28 4 11 18 25 - 180 744 200 1 19 451 310 - - -i o (/> I " ADJl STMENT + SEA BORROUKINGS _____ 1 - IS 0.0 VV 1111 I 111 Li i V mi \Y FEB MAR APR JUN JUL 1986 AUG 5 19 NOV DEC - Iv Y £ \/ IP 16 SO 13 27 10 24 MAY 4 ILL f 111- l.-LL 1 1 IX 111 -LLL 1111 19 29 12 26 12 26 JAN \r A A* SEP 8 22 OCT i i.i. _LL1 JAN .lll. ■Lii. 0.0 FEB 1987 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 25. 1987 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS COMMERCIAL PAPER OF NONFINANCIAL COMPANIES BILLIONS OF DOLLARS 95 ------------- r---------1------ NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS ------------------------------- 95 MILLIONS FEB. I 4 77,232 78,241 76,161 77,368 77,775 75,459 15 29 12 20 12 20 FEB MAR 9 23 7 21 MAY 4 10 2 10 30 13 27 10 24 JUN AUG SEP 1986 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 18, 0 22 3 17 31 14 28 11 25 II 25 JAN FEB MAR 1987 1987 BUSINESS LOANS17 (COMMERCIAL AND INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/ SEASONALLY ADJUSTED BILLIONS OF DOLLARS 290 — _ COMPOUNDED ANNUAL RAT ES _ OF CHANGE. AVERAGE OF _ the four Weeks ending FEBRUARY II, 1987 FROI4 “THE FOUR WEEKS ENDING 280 - DEC. 10, NOV. 12, OCT. 8, SEP. 10. AUG. 13, MAY 14, FEB. 12. 1986 1986 1986 1986 986 986 986 \ r* 44.0 37.8 28.7 23.1 20.5 12.0 9.4 TTTT BILLIONS OF DOLLARS 290 ------------- 1---------- 1-----------1------------- . 280 275 J 7 - 2 11 f X A/V -Y rsj A / Ya A rllll JAN 111 111 1 l.l 1 111 111 FEB MAR APR MAY JUN _LI 11 JUL 1986 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 11, 111 AUG -LLL 1 1 1 1 0 22 SEP OCT — T - 1987 MILLIONS ~ JAN. 7 4 21 28 4 1 286,757 284,475 284,197 285,567 285,467 284,875 I _ _ - .. ‘ III -LLJ-,1 19 3 17 31 ................................ 14 28 11 25 11 25 NOV DEC JAN FEB MAR 1987 1987 1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND C0M4ERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 265