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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