Full text of U.S. Financial Data : February 27, 1986

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Federal Reserve <Outik j

Utrfe Financial Data
MAR 0 3

1986

February 27, 1986

Interest rates on Treasury securities of all maturities declined by about 300
basis points from mid-1984 to mid-1985. Since June 1985, the rate on threemonth bills has been virtually unchanged while yields on other Treasury securities
have declined further, resulting in a substantial flattening of the yield curve.
As the table below shows, the narrowing of the interest rate spreads has
occurred primarily since the end of September and has been most prominent
in the yields on longer-term Treasury securities. In particular, the 5-year and
long-term Treasury securities have each narrowed their spreads with the threemonth rate by more than 150 basis points.

Spread Between Interest Rates on Selected U.S. Treasury
Securities and the Three-Month Bill Rate
(basis points)

Week Ending

6/28/85
9/27/85
2/28/86

6-month
Treasury
bill

27
16
-5

1-year
Treasury
bill

5-year
Treasury
securities

Long-term
Treasury
securities

40
45
1

288
277
116

372
384
170
—Mack Ott

THE
FEDERAL
A RESERVE
X HANK of

st. unis

views 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

1M
DEC.
JAN.

18
1

FEB.

12

BILLIONS OF DOLLARS
242

BILLIONS

240

234.5
235.5

238
236
234
232
230
228
226
224
222

I I I I
5 10

2 16 50 IS 27

FEB

15 27 10 2*

MAR

8 22

9 10

9 17 91

APR

14 20

AUG

il

25

0 29

SEP

0 20

4 10

NOV

DEC

1985

1084

15 20 12 20
1986

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGi FEBRUARY 26.

1986

THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RISERVE.BAMlIS^CyRRENCY
IN vinvviini
CIRCULATION
(CURRENCY HELD di
BY THE
PUBLIC
AND
IN THE
OF ALL
"Ivvraifami i in
ivn i^unncmii
i nc ._
_
_
_
_
__
_
_
_
_ ...
_
_
_ VAULTS
..
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
BAMC.
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 ENDINGi
2/27/83

5/22/85

7/31/85

8/28/85

10.0
9.4
8.4
7.8
8.3
7.6
8.4

8.9
7.2
6.6
7.6
6.7
8.0

5.8
5.4
7.1
6.1
7.6

9/25/85 10/23/85 11/20/85

1/1/86

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGi
7/31/85
8/28/85
9/25/85
10/23/85
11/20/85
1/ 1/86
1/29/86
2/26/86


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Federal Reserve Bank of St. Louis

6.9
7.4
7.4
7.0
6.7
7.2
6.8
7.5

4.3
6.9
5.7
7.6

8.1
6.2
B.S

6.9
9.6

8.9

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES

5tA5UNALLY ADJUSTED

BILLIONS OF DOLLARS
640 t=z---------- ,---------- .------

ILL IONS OF DOLLARS
-------------------------3 640

BILLIONS

630.6

DEC
1984

JAN

FEB

MAR

APR

e 20

3 IT

MAY

JUN

I

15 29 12 26

9 23

JUL
1985

T 21

4 IS

OCT

NOV

2 16 30 13 27

JAN

10 24

FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 17, 1966
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
DEPOSITS^AND**TRAVELERS^CHECKS?

PU6UC- DeMW® 0E,’0S1TS’ «"« CHECKABLE

MONEY STOCK (Ml)
COWOUNDED ANNUAL RATES OF CHANGE.
5/20/83

7/15/85

8/18/85

16.1
15.9
14.5
13.1
13.6
12.4
11.3

15.4
13.3
11.6
12.5
1 1.3
10.0

11.9
10.1
11.7
10.3
9.0

AVERAGE OF FOUR WEEKS ENDINGt

8/18/85 10/14/63 11/18/85 12/18/85

TO THE AVERAGE
OF FOUR WEEKS
EMHNGt
7/15/B5
8/19/85
9/16/85
10/14/85
11/18/85
12/16/85
1/20/86
2/17/88

12. 1
12.7
13.1
12.5
11.8
12.3
11.6
10.8


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Federal Reserve Bank of St. Louis

7.8
10.6
9.2
7.9

11.4
9.4
7.7

PREPARED BY FEDERAL RESERVE BAAK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTtD

RATIO

1986
DEC.
JAN.
FEB.

2
16
30
13
27
10

RATIO

RATIO
2.656
2.663
2.666
2.670
2.668
2.642

Ml MULTIPLIER

I I I I
WEEKS ENDING1 FEBRUARY 10. 1086

LATEST DATA PLOTTED

BILLIONS OF DOLLARS
------------------------------- 176

BILLIONS OF DOLLARS
176 ------------- 1---------- [—
COMPOUNDED ANNUAL RATES
---- OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
“ FEBRUARY 17. 1986 FROM
___THE FOUR WEfeKS ENDING*
-

DEC. 16.
NOV! 18,
— OCT. 14,
SEP. 16,
AUG. 19,
MAY
20,
_ FEB. 18,

1985
1985
1985
1985
1985
1985
1985

8.1

CURRENCY

lgfifi
JAN.

13

BILLIONS
171.8
172.3

173.0
1111111111111111
9 17 91 14 28 11 23 11 25
JAN
FEB
MAR

8 22

6 20
MAY

9 17
JUN

1

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 17.

13 2* 12 26

9 23

7 21
OCT

4 16
NOV

2 16 90 19 27 10 24
JAN
FEB
1986

1986

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

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES

StASUNALLY ADJUSTED

BILLIONS OF DOLLARS
460 rz---------- 1---------- 1------

BILLIONS OF DOLLARS
----------------------------=1 460

BILLIONS
448.4
449.0
446.6
452.5
451 .7

DEC
'98<

JAN

FEB

MAR

APR

MAY

JJN

4 1*

JUL
1985

OCT

NOV

2 IS 30 13 27

JAN

ID 24

FEB

LATEST DATA PLOTTED KEEK ENDINGt FEBRUARY 17, 1986
depositoryk?ns?itut?§ns?

13 THE SU“ w OEMAfC DEPOSITS AW OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
2/18/85

5/20/85

7/15/85

8/19/85

AVERAGE OF FOUR WEEKS ENDINGt

9/16/85 10/14/85 11/18/85 12/18/85

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/15/85
8/19/85
9/16/85
10/14/85
11/18/85
12/16/85
1/20/86
2/17/86

14.0
14.6
15. 1
14.5
13.5
14.2
13.2
12.1


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

18.9
18.7
17.0
14.9
15.8
14.2
12.6

17.7
15.4
12.9
14.3
12.6
10.8

14.1
11.1
13.4
11.5
9.6

8.2
12. 1
10. 1
8. 1

12.9
10.1
7.6

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT
— 14.0

CORPORATE
AAA BONDS

PRIME BANK
LOAN RATE

Cl PAL

90 DAY
CD'S
:RC IAL

1 I 1 ill

II I I
4 18

1

JAN

FEB

IS

I

15

MAR

20 12 26 10 24

APR

MAY

7 21

JUN

5 10

JUL

2 10 30 13 27

AUG

SEP

11 25

OCT

8 22

NOV

6 20

3 17 SI

DEC

JAN

14 28 14 28

FEB

MAR

1985
i DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 28.

1986
JAN.

3
10
17
24
31
FEB.
7
14
21
28 X
MAR.
7
14
21
28

1986.

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS 48K

7.74
7.81
7.91
7.84
7.76
7.73
7.74
7.67
7.65

7.89
7.75
7.84
7.77
7.72
7.70
7.73
7.69
7.68

7.65
7.66
7.72
7.62
7.61
7.59
7.62
7.52
7.53

9.92
9.95
10.18
10.13
10.00
9.90
9.84
9.64
9.40

11.36
11.37
11.48
11.49
11.43
11.29
11.25
11.10
10.95

8.33
8.04
8. 10
8.05
7.86
7.73
7.62
7.44
N. A.

NOTEi CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
WABOND^BUYER■ S*IvIrAGE'\NDEX 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

m"--------—w

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

11

PERCENT
13.0

.0

5-YEAR
TREASURY SECURITIES

FEDERAL
FUNDS RATE

DISCOUNT RATE

TREAS1

4 18

I

15

I

15 20 12 28 10 24

7 21

5 10

2 16 50 13 27

JUN
JUL
1985

SEP

II

25

8 22

6 20

3 17 31

OCT

14 28 14 28

FEB
1986

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 28,

1986
JAN.

FEB.

MAR.

NOTE*

3
10
17
24
31
7
14
21
28 X
7
14
21
28

MAR
1986.

FEDERAL
FUhDSXX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILLXXK

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9.55
8.20
7.94
7.87
7.83
7.97
7.85
7.84
7.82

7.04
7.13
7.17
6.99
6.98
7.06
7. 11
7.05
7.05

7.07
7. 1 1
7.28
7.14
7.03
7.06
7.23
7.03
7.00

7.12
7.21
7.32
7.21
7. 1 1
7.12
7.17
7. 1 1
7.06

8.50
8.65
8.86
8.75
8.56
8.52
8.44
8.32
8.21

9.44
9.53
9.72
9.67
9.52
9.46
9.34
9.07
8.75

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE EXCLUDING LONG-TERM TREASURY
SECURITIES WHICH ARE COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.

X AVERAGES OF RATES AVAILABLE
XX SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
XXX AUCTION AVERAGE (DISCOUNT)


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Federal Reserve Bank of St. Louis

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
415
1986
JAN.

M il

n
0

*1

_

BILL l(

13
20
27

386.2
386.
387.

10

387.7
387.7

17

BILLIONS OF DOLLARS
415
-

405

SMALL TIME DEPOS TS

-

375

“i 111

1 1 1

1 1 1

1 1 1

1 1 1 1

1 1 1

1 1 1

1111

1 1 1

1 1 1 1

-LLl.

1 1 1

1111

1 1 1

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 17. 1986
BILLIONS OF DOLLARS

1M
— JAN.

13

BILLIONS OF DOLLARS
300

BILLIONS.
288.7
290.2
291 .6

295

292.7
291.7

290

285

280
LARGE TIME DEPOSITS
275

270

4 18

JAN

FEB

MAR

MAY

JUN

OCT

NOV

2 16 30 13 27

JAN

10 24

FEB

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 17, 1986
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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Federal Reserve Bank ofJL
St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JAN.

13

FEB.

3 17 31

799.7
801.3
803.4
805.5
805.3
804.3

14 26 11

JAN

billions of dollars

FEB

25 II

25

MAR

8 22

6 20

3 17

MAY

JUN

1

IS 29 12 26

9 23

7 21

OCT

JAN

NOV

FEB

1984
LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 17. 1986
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIIC DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
2/18/85

5/20/85

7/15/85

8/19/85

1.8
0.9
1.4
2.0
2.2
2.5
3.8
4.6

-3.3
-1.5
-0. 1
0.6
1.3
3.3
4.3

0.5
2.2
2.6
3.2
5.4
6.5

5.4
4.7
5.0
7.4
8.3

9/16/85 10/14/85 11/18/85 12/16/85

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/15/85
8/19/85
9/16/85
10/14/85
11/18/85
12/16/85
1/20/86
2/17/86


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

4.6
5.0
7.9
9.0

4.6
8.5
9.7

11.4
12.1

15.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

JAN.

of dollars

22

19
26

1161
1098

TOTAL BORROWINGS

I I I I
LATEST DATA PLOTTED WEEK ENDINOt FEBRUARY 26, 1986
BILLIONS OF DOLLARS

5

BILLIONS OF DOLLARS

240

ADJUSTMENT + SEASONAL BORROWINGS

2 16 90 19 27 19 27 10 24

6 22

9 10

9 17 91 14 26 II
AUG
SEP

0 29

6 20
NOV

4 16
DEC

1

IS 29 12 26 12 26

LATEST DATA PLOTTED WEEK ENDlNBt FEBRUARY 26, 1
1/ 63.767 FOR 11/27/85


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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/
December
January

February

MMMFs 2/

$332.1
333.0
337.0
337.7
337.1
336.2
335.6
336.6
336.7

23
30
6
13
20
27
3
10
17

Super NOWs 3/

$240.6
239.3
236.6
243.2
245.0
247.0
246.9
246.9
246.6

$64.1
63.9
66.9
67.0
66.3
65.3
65.9
67.4
66.8

1/ Money market deposit accounts at commercial banks
2/ Total money market mutual fund balances
3/ NOW accounts at all depository institutions eligible
to earn more than 5.25
percent

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
_ THE FOUR WEEKS ENDING
FEBRUARY 12. 1986 FROM
_ THE FOUR WEEKS ENDING:
DEC. 11
- NOV. 13,
------AUG.
- MAY
FEB.

...
14,
15,
13,

1985
1985
1985
1985
1985
1985
1985

1.1
3.5
3.0
1.6'
1.2
0.2
2.2

MILLIONS
257,011

FEB.

2

18 30 13 27 13 27 10 24

FEB

MAR

APR

0 22

5 19

3 17 31

14

11

AUG

SEP

25

9 23

6 20

NOV

5

253,107
255,439

1 11 I I HI 1 I 1 III
4 18

DEC

I

15 29 12 20 12 28

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 12, 1986
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11