View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Federal Reserve Bank
of St. Louis

d.S. Financial Data
JAN 1 5 1985
January 10,1985
Since August 1984, borrowings by depository institutions
from the Federal Reserve have declined substantially, reversing
the increase in borrowings that had taken place from May to
August (see chart on page 11). These changes are largely due to
variations in extended credit. For example, from August through
the latest four weeks, extended credit borrowings have fallen $4.9
billion, which represents 91 percent of the $5.4 billion decline in
total borrowings.
As the table below indicates, seasonal and adjustment
borrowings also have declined recently, although not as
dramatically.
Seasonal and adjustment borrowings usually
decrease as the spread between the federal funds rate and the
discount rate narrows. This spread generally increased from
January 1984 to August, but narrowed from 206 basis points in
August to 11 basis points in the latest four weeks.
Average Borrowings
(millions of dollars)

Period
January-April, 1984
August, 1984
Latest four weeks

Seasonal

Adjustment

$115
346
80

$732
628
472

Extended
credit
$

20
7,043
2,100

Total
$ 867
8,017
2,651

--Richard G. Sheehan

the

FEDERAL
A RESERVE
XIUNK of
Mr ST. 11 >1 '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

222
BILLIONS

220

217.1
218.8
216.0
215.7
219.5
216

218

220.3

—

216
214
212
210

208
206
204
202
200
198
I I I I
2

16 30 14 28

DEC

11

7 21

4

MAR

25

APR

8 22

JAN

10

2

16 30 13 27

II

25

8 22

5

IB

LATEST DATA PLOTTED WEEK ENDING* JANUARY 9.

3 17 31

14 28 12 28

NOV

JUN JUL
1984

B 23

DEC

1985

THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEP0SIT6RY 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

AVERAGE OF FOUR WEEKS ENDING:

1/11/84

4/11/84

6/6/84

7/11/84

8/8/84

9.5
10.3
8.5
8.2
8.0
7. 1
7.4
7.4

10.0
6.9
6.8
6.7
5.6
6.3
6.3

6.2
6.3
6.3
4.8
5.8
6.0

2.5
3.6
2.3
4.2
4.6

6.4
3.8
5.7
5.9

9/12/84 10/10/84

11/7/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
6/ 6/84
7/11/84
8/ 0/84
9/12/84
10/10/84
11/ 7/84
12/12/84
1/ 9/85


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

2.1
5.3
5.7

4.9
5.5

8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

BILLIONS OF DOLLARS
565

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS

555

Z
1984
- NOV. 26
Z DEC. 3
1C

550

Z

BILLIONS OF DOLLARS

1

554.2
547.3
551.2
24 557.7
31 557.2

r

TTTT

z

,r\
\i

r~

f

XLLL XIXL JXLL

530

A J\j
J V V

V\

TTTT

535

/-

l

540

_

1 II
1

545

Ai J 7
f'

A

A-

XLLL XLLL XLLL XLLL

560

TTTT TTTT

rn—

r
z

z

E
rlll

111 1111 111
5 10
NOV DEC
1983

JAN

J-l

FEB

1 1111

MAR

APR

-LLL
MAY

.1 1111 30 111 27 111 24 1111 111
2 16
13
10
8 22
5 10

j.i

JUN

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31,

JUL
1984

AUG

SEP

OCT

NOV

XLLL XXL
3 17 31

DEC

14 21

JAN
1985

1984

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS * H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
HELD BY THE NONBANK PUBLIC <EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS )
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/2/84

4/2/84

5/28/84

8. 1
8. 1
6.7
6. 1
6. 1
4.6
5. 1
5.5

7.8
5.4
4.8
5.0
3.0
3.9
4.6

3.5
3.3
3.8
1.4
2.8
3.8

7/2/84

7/30/84

9/3/84

10/1/84 10/29/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/28/84
7/ 2/84
7/30/84
9/ 3/84
10/ 1/84
10/29/84
12/ 3/84
12/31/84


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

0.6
2.2
-0.6
1 .6
3.0

4.2
0. 1
2.5
3.9

-1 .9
2.3
4.3

0.7
3.8

10.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

565
560

555
550
545
540
535
530

4
MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
RATIO
2.9

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

------- 1------- 1--------- 1------1984

RATIO

WX'

?•§§?

l
Ml Ml LTIPL IER

A

T

V"N

111

mi

_LLL

1111

1 11 1

J.I.L in

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 31,

III. II1

Z1

Mil

1 1 1

BILLIONS OF DOLLARS
162

BILLIONS OF DOLLARS

-------- 1---------1----------- 1--------160
158
156
154
152

.U-LL, JJJI

1984

-

ITES

— COMPOUNDED ANNUAL Rt)F
OF CHANGE. AVERAGE
- THE FOUR WEEKS END 1 4G

160

/

DECEMBER 31. 1984 FF10M
— TH E FOUR WEEKS END 1 JGt
” OC T.
29. 1984 2.
1, 1984 3.
— OC T.
3, 1984 3.e
_ SE P.
L.
30. 1984 4.:
JU
2, 1984 5.
— JU L.
2, 1984 6.;
—__AP R.
2. 1984 6.
_ JA N.
_

158

-

CURRE NCY

-

156
154
152

150

150
148

-

1 984

146

m:

144

142

Ill
7 21

in

1111

9 IS 2

NOV
DEC
1983

.11 L _LLL I..I.LL 111... 1 1 1

10 30 13 27 12 20

JAN

FEB

MAR

0 23

APR

7 21

JUN

111

111

1111

AUG

SEP

OCT

17
24
31
i i i 1

158.3
157.2

—

JUL
1984

NOV

157.3

157.5
158.1
159.1
i i i i 1 i i i:
DEC

JAN
1985

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 31, 1984
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

148
146

-

_

4 18

MAY

1 1 1 1

2!
10

BILL 10 NS

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

144
142

TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
400 --------- ,--------- ,--------

395

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

390.7

— DEC:

388.7
388.2
394.5
393.0

5

10

2 16 30 13 27 12 26

0 23

7 21

4 18

2 16 30 13 27

10 24

8 22

5 10

3 17 31

14 28

1984

1983

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31. 1984
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/2/84

4/2/84

7.7
7.9
5.8
5.2
5.4
3.4
4.3
5.0

7.4
3.9
3.3
4.0
1.3
2.8
3.9

7/2/84

5/28/84

1.7
1 .6
2.9
-0.5
1.7
3.2

7/30/84

9/3/84

10/1/84 10/29/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/28/84
7/ 2/84
7/30/84
9/ 3/84
10/ 1/84
10/29/84
12/ 3/84
12/31/84


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

-2.2
0.7
-3.1
0.2
2.2

4. 1
-2.0
1.7
3.8

-4.0
1 .9
4.6

-0.6
3.7

12.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

*00

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0

15.0

90 DAY
CD’S

12.0

LOAN RATE

JAN

FEB

SEP

OCT

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JANUARY 11,

1985
NOV.

DEC.

JAN.

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

JAN

1985

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa bonds

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

9.66
9.36
9.35
9. 14
8.81
8.92
8.86
8.34
8.25
8.30
8. 13

9.51
9. 17
9. 17
8.96
8.61
8.69
8.65
8. 12
8.07
8. 17
7.95

9.51
9. 14
9. 17
8.94
8.68
8.74
8.71
8.21
8. 14
8. 19
8.02

12.50
12.43
12.42
12.20
12.05
12.20
12.21
12.04
12.05
12.21
12.13

13.61
13.55
13.52
13.48
13.33
13.42
13.43
13.35
13.39
13.39
13.30

10. 1 1
10.17
10.31
10.24
10.04
9.95
10.00
9.93
9.91
9.87
N. A.

» AVERAGES OF RATES AVAILABLE.

*BK BOND BUYER'S AVERAGE 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 ENDED FRIDAY

TREASURY

PERCENT
15.0

[CUR IT IES

3-MONTH
TREASURY BILL

DISCOUNT
RATE

4 18

2 16 30 IS 27

JAN

10 24

FEB

0 23

8 20

4 18

APR

MAY

I

15 20 13 27 10 24

7 21

5 19

2 18 30 14 28 11

DEC

1983

1984

23

JAN
1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JANUARY II, 1985

1985
NOV.

DEC.

JAN.

2
9
16
23
30
7
14
21
28
4
11 X
18
25

FEDERAL
FUNDS K*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

9.73
9.87
9.55
9.47
9.00
8.83
8.70
7.99
7.95
8.75
8.28

9. 10
8.65
8.68
8.55
8.41
8.44
8.27
7.81
7.67
7.83
7.75

9.59
9.07
8.99
8.79
8.50
8.67
8.57
8.15
8.04
8. 19
8.02

9.43
9. 15
9. 15
8.85
8.78
8.86
8.73
8.37
8.40
8.48
8.31

5-YEAR
TREASURY
SECURITIES
11.58
11.47
11.53
1 1.21
11.09
11.21
11.19
10.90
10.96
11.16
11.07

LONG-TERM
TREASURY
SECURITIES
11.64
11.65
11.73
11.47
11.43
11.60
11.61
11.39
11.44
11.66
11.53

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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
SMALL TIME DEPOSITS*'
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
410

BILLIONS

400

386.2
388.4

390

387.2
386.4

SMALL TIME DEPOSITS

380
370
360
350
340
330
320

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31,

1984
BILLIONS OF DOLLARS
155

in m

BILLIONS OF DOLLARS
155

—----- 1------- 1--------- 1
■
1984 BILLIONS
- NOV. 26 124.5
- DEC. 3 124.4
10 124.4
17 123.8
122.7
31
-

-

1111

(

I

135

130

M IL

130

SAVINGS DEP DSITS

z

“

s

125

!i±l. 111

19
NOV
DEC
1983

1
1
1
n 10 i 30 ILL 1 12 1 26 1 19 1 23 111 14 1 16 1 ILL 1 1 1
j
2
IS 27
7 21

1 1 1

Mil

1 1 1

1 1 1 1

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL
1984

11 r
JAN
1985

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 31. 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

125

TOTAL TIME DEPOS I TS 1/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
790 --------- 1--------- 1--------

BILLIONS OF DOLLARS
—------------- -------- n 790

771.5
770.9
772.3
772. I

7 21

5 19

NOV DEC
1983

2

18 30 13 27 12 26

JAN

FEB

MAR

9 23

APR

I I I I

7 21

4 18

MAY

JUN

2

16 30 13 27 10 24

JUL

AUG

SEP

8 22

5

19

3 17 31

OCT

14 26

JAN

1984

1985

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 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!
1/2/84

4/2/84

6.5
8.9
10.2
10.0
10. 1
10. 1
8.9
8.4

17.0
17.6
15.5
14.8
14. 1
1 1 .9
10.9

5/28/84

7/2/84

7/30/84

9/3/84

10/1/84 10/29/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/28/84
7/ 2/84
7/30/84
9/ 3/84
10/ 1/84
10/29/84
12/ 3/84
12/31/84


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

19.5
15.5
14.5
13.6
10.9
9.7

13.3
12.6
11.9
9.0
7.9

9.6
9.7
6.8
5.9

10.3
6.1
5.2

4.0
3.4

0.8

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

270

BILLIONS
NOV.

26

265

260.8
258.9
262.1

260

263.0

255
250

235
230
225

220

5

NOV

IS

2 16 30 13 27

DEC

FEB

12 26

MAR

7 21

4

MAY

S 23

JUN

18

2 16 30 13 27

AUG

10 24

8 22

3 IS

3 17 31

14 28

SEP

LATEST DATA PLOTTED WEEK ENDING-. DECEMBER 31, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.

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

19
26
3
10
17
24
31

$397.4
399.7
402.9
406.8
409.1
411.2
414.6

MMMFs 2/
$221.0
223.9
226.8
229.0
230.9
232.7
232.5

SUPER NOWs 3/
$46.1
45.8
46.5
47.5
47.4
47.6
N.A.

1/ Money market deposit accounts at all depository institutions, effective 12/14/82
2/ Total money market mutual fund balances
3/ 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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

billions of dollars

billions of dollars

10.0
1985

MILLIONS

DEC.

5
12
19
26
JAN.
2

4353
3301
3161
1844
3537

4 16

DEC

JAN

MAR

2

16 30 13 27

APR

JUN
JUL
1984

LATEST DATA PLOTTED WEEK ENDING: JANUARY 9,

NOV

DEC

1985

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
256

- COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
— THE four *eeks ending

252

i;i:v>uwLr\ co, isoi r ru r
THE FO 'R WEEKS ENl ING
OCT.
SEP.
AUG.
“JUL.
JUN.
- MAR.
DEC.

24,
26,
29,
25,
27,
28
28

246
1984
244
240
236

MILLION?
NOV. 21
DEC.

220

246,223
248,225

5

216

LI 1..L.L .1 -LLLL. Li .1.1.1 1.1
2

16 30

14 28 11

DEC
1983

23

8 22

JAN

7 21

4

MAR

APR

18

2

16 30 13 27

II

25

8 22

5 19

3

17 31

14 28 12 26

NOV

9 23

DEC

1984

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 26, 1984
1/ BUSINESS LOANS INCLUDE BANKERS’ ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102