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S. Financial Data
JAN

January 20,1984

Last year provides a good illustration of the relationship
between Ml and the adjusted monetary base. From the fourth
quarter of 1982 to the fourth quarter of 1983, their growth
rates were nearly identical: Ml increased about 9.5 percent and
the base increased about 9 percent. Even the growth rates for
each half of the year are not very far apart. Over the first half
of 1983, Ml grew at a 13.8 percent rate, while the base grew at
a 12 percent rate. Over the second half of 1983, the growth of
base was cut in half and the money stock increased at only a 5.6
percent rate.
The pattern of marked changes in the growth of money
accompanying similar changes in the growth of the base is
evident in prior years. As shown in the table, when the growth
of the base was cut in half in 1981 from the previous year, the
growth of Ml was also sharply reduced. Then in 1982 as base
growth returned to 8 percent, Ml growth accelerated to 8.5
percent.
Growth Rates of Money and Base
Ml
IV/79
IV/80
IV/81
IV/82

- IV/80
- IV/81
- IV/82
- IV/83

Adjusted Monetary Base

7.2%
5.1
8.5
9.6

8.3%
4.3
7.9
9.2
—A. Steven Holland


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

ISS1
DEC.

14

BILLIONS OF DOLLARS
204

BILLIONS

202

199.6
200.7

200

201.8
201 .6
198

196

194

192

190

188

186
184

15 29 12 26

JAN

0 23

FEB

9 23

S 20

4 16

APR

MAY

1

15 2S 13 27

10 24

7 21

5 10

SEP

OCT

2 16 30 14 28 11

25

LATEST DATA PLOTTED WEEK ENDING: JANUARY 18, 1984
THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND 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 BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/19/83

4/20/83

8/15/83

7/20/83

8/17/83

8.6
7.. 6
7.3
6.8
7.3
7.0
7.2

4.2
5.1
4.8
5.8
5.7
6. 1

5.5
5.0
6.2
6.0
6.5

5.4
6.9
6.5
6.9

9/21/83 10/19/83 11/16/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/15/83
7/20/83
8/17/83
9/21/83
10/19/83
11/16/83
12/21/83
1/18/84

13. 1
1 1.3
10.3
9.8
9.2
9.3
8.9
8.9


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Federal Reserve Bank of St. Louis

7. 1
6.5
7.0

7.5
7.9

6.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS

19M
DEC.

ILL IONS OF DOLLARS
------------------------------ 56

BULLIONS
54.3
54.0
53.6
54.0
54.3

I
NOV

IS 29 12 2fl 0 23 0 23
JAN
FEB
MAR

DEC

0 20
APR

4 IS
MAY

1

15 20 13 27 10 24
JUN

1982

JUL

AUG

S 10
SEP

1983

LATEST DATA PLOTTED WEEK ENDINGt

JANUARY II,

OCT

2 16 30 14 28 II 25
NOV
DEC
JAN
1984

1984

ADJUSTED MONETARY BASE (RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE
BANKS PLUS CURRENCY IN CIRCULATION) LESS CURRENCY HELD BY THE NONBANK PUBLICT

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/12/83

4/13/83

6/8/83

7/13/83

8/10/83

9/14/83 10/12/83

11/9/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/83
7/13/83
8/10/83
9/14/83
10/12/83
11/ 9/83
12/14/83
1/11/84

15.8
13.8
1 1.9
9.5
7.7
7.2
6.6
6.5


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Federal Reserve Bank of St. Louis

6.9
5.2
3. 1
1.5
1 .6
1 .7
2.0

3.3
0.7
-1.1
-0.4
0.0
0.6

-2. 1
-3.6
-2.2
-1.3
-0.4

-5.2
-2.9
-1.6
-0.4

-2.4
-0.7
0.6

2.2
3.0

3.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4
MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
------------------------- =J 530

530 rz--------1------------- 1------

522.6
520.7
522.0
521.4
522.3
526.1

5

NOV

DEC
1982

JAN

FEB

MAR

APR

MAY

JUN
JUL
1983

SEP

IQ

OCT

2

16 SO

NOV

14 28

DEC

II

25

JAN
1984

LATEST DATA PLOTTED WEEK ENDING? JANUARY 11. 1984
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMERCIAL 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,
1/12/83

AVERAGE OF FOUR WEEKS ENDING:

4/13/83

6/8/83

7/13/83

8/10/83

12.3
12.5
8.8
8.5
7.0
6.8
6.9

7.9
4.0
4.5
3.3
3.7
4.2

4.0
4.8
3. 1
3.6
4.3

1.2
0.2
1.6
2.7

9/14/83 10/12/83

11/9/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/83
7/13/83
8/10/83
9/14/83
10/12/83
11/ 9/83
12/14/83
1/11/84

16.8
14.2
14. 1
11.5
11.0
9.7
9.3
9. 1


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

2.2
3.4
4.4

2.0
3.8

6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK

v

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1984
DEC.

RATIO
7

2.616

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: JANUARY II, 1984
BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
----------j------------- !---------- j---------148
146
144
142
140

COMPOUNDED ANNUAL R^^TES
—OF CHANGE. AVERAGE w
- THE FOUR WEEKS END 11 4G
JANUARY 11. 1984 FRCM
- THE FOUR WEEKS END 1 JG*.

-

~
NOV.
9, 1983
-----OCT.
12, 1983
_
SEP. 14, 1983
AUG.
10, 1983
—JUL. 13, 1983
- APR.
13, 1983
JAN. 12, 1983

-

148
146

9.
9.
9.f
9.(
9.
9.
10.(

144
-

CURRE NCY

142
140

-

-

-

-

138
136
-

.

134

J_QR4
DEC .

132

JAhJ.

130

!lll

111
in -LUX
3 17 1 IS 20 12 26 0 23 0 23
NOV
DEC
JAN
FEB
MAR
1982
i i i i

XXL XXL
6 20
APR

4 18
MAY

LATEST DATA PLOTTED WEEK ENDING: JANUARY 11,

11 u
111
1111
1 IS 20 13 27 10 24
JUN
JUL
AUG
1983

ILL
7 21
SEP

111
S 10
OCT

14
21
28

11
1 i i i

R II 110NS
7 145.5
145.6
_
145.9
146.5
4 147.1
147.5
”
i 1 m 1 i i i;

2 16 30 14 28 II 25
NOV

DEC

JAN

1984

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

134
132
130

s
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PRIME BANK

LOAN RATE

MUNIC

9 19 9 17 91 14
NOV
DEC
JAN
1982

II 25 II 29 8 22
FEB
APR

8 20
MAY

3 J7
JUN

I 15 29 12 26 9 29
JUL
AUG
SEP
1983

7 21
OCT

4 18
NOV

2 18 90 15 27
DEC
JAN
1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 20.

1984
NOV.

4
1 1
18
25
DEC.
2
9
16
23
30
JAN.
6
13
20 X
27

90 DAY
CD'S

30-DAY
CQMMERC|AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

9.29
9.41
9.41
9.34
9.34
9.52
9.84
9.83
9.67
9.57
9.44
9.32

9.06
9. 16
9.14
9.06
9.06
9.33
9.70
9.78
9.66
9.36
9.22
9. 16

9. 13
9.22
9.25
9. 19
9.21
9.41
9.74
9.70
9.54
9.36
9.29
9.22

CORPORATE
Aaa BONDS

12.42
12.47
12.42
12.36
12.39
12.51
12.66
12.61
12.56
12.53
12.43
12.06

1984

CORPORATE
Baa BONDS

MUNICIPAL
BONDS MM

13.58
13.63
13.64
13.59
13.63
13.69
13.79
13.79
13.79
13.75
13.71
13.62

9.79
9.75
9.70
9.74
9.82
9.91
10.04
9.92
9.76
9.66
9.66
N. A.

« AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BOfCS, 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

5-YEAR
TREASURY SECURITIES

TREASl

5 10

3 '7 31

14 28 11 25 II

JAN

FEB

25

8 22

fl 20

S 17

MAY

MAR

JUN

I

15 20 12

0 23

7 21

4 18

OCT

NOV

2

18 SO IS 27

1983
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, JANUARY 20, 1984

1984
NOV.

DEC.

JAN.

FEDERAL
FUNDS xx

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL non

l-YEAR
TREASURY
BILL

9.40
9.36
9.42
9.26
9.27
9.49
9.52
9.62
8.96
10.06
9.53
9.54

8.58
8.77
8.81
8.79
8.88
8.97
9.09
9.00
8.96
8.95
8.88
8.84

8.68
9.02
8.91
8.96
9.05
9. 16
9. 12
9.24
9.14
9. 19
9. 10
8.92

9.05
9.09
9.08
9.07
9. 15
9.23
9.28
9.25
9.22
9. 19
9.09
8.99

4
11
18
25
2
9
16
23
30
6
13
20 *
27

* AVERAGES OF RATES AVAILABLE.
“

5-YEAR
TREASURY
SECURITIES
11.42
11.50
11.42
11.35
11.38
11.52
11.62
11.55
11.54
11.50
11.42
11.28

LONG-TERM
TREASURY
SECURITIES
1 1 .74
11.79
11.69
11.59
1 1.61
11.78
11.90
11.82
11.78
11.78
11.69
11.55

THAN DATE

M6K NEW ISSUE RATE

TREaIuRY k?t¥'Y^DSRONSDISCOuST,,iIi^!.ARE C0“PUTE0 BY THE FEDWAL RESERVE


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

* ST- «-<>“'*■

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
TOTAL CHECKABLE DEPOS I TS 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

9 ILL IONS OF DOLLARS

BILLIONS OF DOLLARS
380

375

372.3
370.4
371.3
370. 1

370

373.9
365

360

355

350

345

340

335

330

5 IS

JAN

FEB

APR

MAY

1982

SEP

2

16 30 14 28 II

DEC

OCT

25

JAN

1983

LATEST DATA PLOTTED WEEK ENDING: JANUARY II, 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:

1/12/83

4/13/83

6/8/83

7/13/83

8/10/83

18.5
15.4
15.5
12.0
11.2
9.4
8.9
8.7

13.5
14.0
8.9
8.3
6. 1
5.9
6.0

8.7
2.8
3.31.4
2.0
2.5

2.5
3.3
0.8
1.7
2.4

- 1 .9
- 3.4
- 1.2
0.1

9/14/83 10/12/83

11/9/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/83
7/13/83
8/10/83
9/14/83
10/12/83
11/ 9/83
12/14/83
1/11/84


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

-1.1
1.1
2.3

-0.6
1.5

5.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS
billions of

1/

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

dollars

billions of

dollars

712.0
712.5
713.3
713.7
717.8
714.7

-E

9 29

12 26

JAN

0 23

FEB

0 23

6 20

4

APR

MAY

18

9

SEP

LATEST DATA PLOTTED WEEK ENDING: JANUARY II,

19

2

16 30

14

28

11

720

25

OCT

1984

1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

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

January

30
7
14
21
28
4
11

$370.1
372.3
372.8
372.0
372.2
374.4
376.7

MMMFs 2/
$178.6
178.8
178.9
178.2
177.5
176.4
178.4

SUPER NOWs 3/
$36.4
37.7
37.4
37.4
37.3
38.4
39.2

1/ Money market deposit accounts at all depository institutions, effective 12/14/82.
7/ Total money market mutual fund balances.
7/ 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 TIME DEPOSITS^
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
460
450
440
430

—
=-

1
uaai

BILLIONS OF DOLLARS
460

II

1
|
1
1
=
=
=

billions

E-DEC.
=
E—
=

7
14
21
28

351.3
352.0
352.2
352.1

=

11

352.4

420
410

E

400
390
380
370
360
350
340
330
320
310
300

0

=
=
=
=
=
i

\

=
=
— =
=
=
E

SMALL TIME DEPOSI TS

's

s.

=
=

=
E

E
1 11 1

11 1

1 11

II 1 1

LATEST DATA PLOTTED WEEK END INGt

1 1 1

ILL

JANUARY II.

1 1 II

400
390
380

-ILL 1.1 1 1 .ILL Hi

1 1.1 I. _LLL.J xlL

360
350
340
330
320
310
,300

0

1984

BILLIONS OF DOLLARS

issi

410

370

y
\

E

“ill

420

BILLIONS OF DOLLARS
190

aiLiioas

185

134.4
133.8

180

133.5

175
170
165
160
155
150

SAVINGS DEPOSITS

145
140
135

I I I I
JAN

FEB

I I I I
APR

MAY

SEP

OCT

DEC

JAN
1984

LATEST DATA PLOTTED WEEK ENDING.

JANUARY II,

1984

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100.000.


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

4.5
1981

MILLIONS

DEC. M
JAN.

4.0

630
1050

3.5

4

3.0
2.5

2.0

3 17

I I I I
I 15 29 12 26 0 23
JAN
FEB

B 23

6 20

4 18

15 20 13 27 JO 24

7 21

5 IB

SEP

OCT

2 16 30 14 28 11 25
DEC
JAN

LATEST DATA PLOTTED WEEK ENDING: JANUARY 18. 1964

BUSINESS LOANS

u

( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

1
_ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE 0 F
__THE FOUR WEEKS END IN G
_ DECEMBER 28. 1983 FR OM
_ THE FOUR WEEKS END ING:

“
OCT.26, 1983
— SEP. 28. 1983
“
AUG.31, 1983
~
JUL.27. 1983
“
JUN.29, 1983

29;

“ DEC •

0

5.5
3.9
0.8
1.4
1 .8

982

BILLIONS OF DOLLARS
236

1

n il

BILLIONS OF DOLLARS
236 ----------1------------- 1---------- 1---------- l

2

cft!

■i Y&

224

IS-

K2

~

2

_

\

216
V-

2

2
198,

_

1 1 1

1

NOV

DEC
1982

m

111

111

1111

JAN

FEB

MAR

111

20
APR

.111
4 18
MAY

111
1II1
I 15 29 13 27 10 24
JUN
JUL
AUG
1983

1 1 1 1

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 28.

111
21
SEP

215,480
215,941
216,535

21
28

—

7

Ill ILL 10 bg

NOV. 23
30
DEC. 7

216^412
217,937

1 1 1 1 1 1 1 1 1 1 1 1 1 1
OCT

—
_
1 i;

2 16 30 14 28 11 25
NOV
DEC
JAN
1984

1983

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMiCRCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 8750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS

ILL IONS OF DOLLARS

_ JAN.

5 IT

I IS N 12 M

1082

0 23

0 23

S 20

4 It

I

IS 2t IS 27 10 M
1983

T 21

8 19

2 18 SO 14 28 II 25
1984

LATEST DATA PLOTTED WEEK ENDING. JANUARY II, 1084
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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