Full text of U.S. Financial Data : January 21, 1983

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U. S. Financial Data
"Scleral Reserve Bank of St. Louis

January 21,1983

.'WJf A^V-----------------------------------------------

JAN 2 4 1983
The substantial changes in time and savings deposits that
have occurred at commercial banks recently are the result of the
December 14, 1982, issuance of the new Money Market Deposit
Account (MMDA). These new accounts, which are classified as
savings deposits, are free of the interest rate ceilings imposed by
Regulation Q, as long as a minimum balance of $2,500 is maintained.
The new accounts are also insured by the Federal Deposit Insurance
Corporation (FDIC). Further, MMDAs that are personal (nonbusiness)
accounts bear a zero reserve requirement.
Depositors apparently have shifted substantial amounts out
of money market mutual funds into these new accounts. This is
probably a consequence of the insurance features associated with the
new MMDAs and because many financial institutions have been
offering relatively high rates of return to attract depositors.
The advent of these accounts has had an appreciable impact
on the mix of time and savings deposit accounts at commercial
banks. The following table details the shifts in weekly average
balances of the various accounts at commercial banks during the first
three weeks of the MMDA's existence. Savings deposits increased
substantially—but by less than the increase in MMDAs, which indicates
that a portion of this increase came from a decline in passbook
savings accounts. This internal deposit shift is further reflected by
reductions in both large and small time deposit accounts. These
declines amount to roughly 60 percent of the total increase in MMDAs
at commercial banks.
—Gary Santoni
Changes in MMDAs, Savings and Time
_
at
Commercial Banks (in billions of dollars)!/

!/

MMDA
Savings deposits

$71.4
59.6

Passbook savings
Small time deposits
Large time deposits

-11.8
-18.0
-10.9

Changes from the week ending December 15, 1982 to the week
ending January 5, 1983.


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

1983

JAN.

BILLIONS OF DOLLARS
188

6IU.IQNS

186

83.5
83.8
84.7
184.4
84.3
85.6

184

182

180
178

172

170

2 16 30 13 27 10 24 10 24
JAN
FEB
LATEST DATA PLOTTED WEEK ENDING: JANUARY 19,

1983

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 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:

1/20/82

4/21/82

6/16/82

7/21/82

8/18/82

10. 1
8.2
8. 1
7.9
7.4
7.7
7.8
8. 1

7.5
7.5
7.3
6.6
7. 1
7.3
7.8

3.6
4.7
4.3
5.4
5.9
6.7

7.0
5.7
6.9
7.2
7.9

4.9
6.6
7.1
8.0

9/22/82 10/20/82

1/17/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/16/82
7/21/82
8/18/82
9/22/82
10/20/82
11/17/82
12/22/82
1/19/83


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Federal Reserve Bank of St. Louis

6.7
7.3
8.4

9.3
10.1

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
54 ---------- 1------------- 1--------

BILLIONS OF DOLLARS
--------------------------------- 54

BJLUQNS
50.8
50.8
51.5
51 .0

OCT

NOV
1983

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1983

BASE ‘RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE
BANKS PLUS CURRENCY IN CIRCULATION) LESS CURRENCY HELD BY THE NONBANK PUBLIC.

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,
1/13/82

4/14/82

13. 1
9.6
9.4
9.0
6.6
8.3
8.6
8.7

5.0
5.8
5.9
2.9
5.8
6.5
6.9

6/9/82

7/14/82

AVERAGE OF FOUR WEEKS ENDING:

8/11/82

9/15/82 10/13/82 11/10/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/82
7/14/82
8/11/82
9/15/82
10/13/82
11/10/82
12/15/82
1/12/83


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

1.2
3.0
-0.6
3.9
5. 1
5.8

7.3
0.8
6.3
7.4
7.9

-2.3
5.8
7.2
7.8

5.3
7.4
8.2

17.6
15.4

10.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
490

BILLIONS

JAN.

485

479.7
480.5
477.7
478.0
477.7
484.6

480
475

455
450
445
440
435

I I I I
2 16 JO M 28 II 25

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

15 29 12 26

8 22

1983

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 ,
1/13/82

4/14/82

6/9/82

AVERAGE OF FOUR WEEKS ENDING:

7/14/82

8/11/82

12.6
12.7
15.4
15.3
13.7

15.0
17.9
17.1
14.9

9/15/82 10/13/82 11/10/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/82
7/14/82
8/11/82
9/15/82
10/13/82
11/10/82
12/15/82
1/12/83

4.3
2. 1
2.8
4.7
5.5
7. 1
7.9
7.7


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

-0.2
1.6
4.8
6.0
8.3
9.3
8.9

-0.8
5.2
6.8
9.9
10.8
10. 1

18.6
17.2
14.3

19.2
14.7

10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
DEC.

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1983

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
136

COMPOUNDED ANNUAL RATES
___OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- JANUARY 12, 1983 FROM
THE FOUR WEEKS ENDING:
10, 1982
NOV.
OCT.
13, 1982
SEP.
15, 1982
- AUG.
II, 1982
_
JUL. 14, 1982
APR! 141 1982
___JAN. 13, 1982
-

8.7
7.2
7.5
7.7
7.3

CURRENCY

124

.1983

PILLIONS
122
120

11111111
5 19

2 16 30 14 28 II 25

8

22

6 20
OCT

j..i..Lu.l

3 IT
NOV
1983

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1983

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

s
YIELDS ON SELECTED SECURITIES
AVERAGES OF

PERCENT
22.0 r—

DAILY RATES ENDED FRIDAY

PERCENT
-Z3 22.0

21.0

21.0

20.0

20.0

19.0

PRIME BANK
LOAN RATE

17.0
16.0

90 DAY
CD’S

15.0
14.0

CORPORATE
Aaa BONDS
12.0
MUNICIPAL
BONDS**

COMMERCIAL
PAPER

NOV
DEC
1981

JAN

FEB

MAR

APR

MAY

JUN
JUL
1982

AUG

SEP

OCT

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 21,

1983
NOV.

DEC.

JAN.

5
12
19
26
3
10
17
24
31
7
14
21 *
28

90 DAY
CD’S

PRIME
COMMERC1AL
PAPER ***

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

8.96
9.01
9. 19
8.69
8.79
8.67
8.70
8.59
8.57
8.51
8.18
8.18

8.78
8.77
8.91
8.48
8.67
8.50
8.52
8.43
8.50
8.32
8.04
8.00

8.78
8.85
8.96
8.61
8.68
8.58
8.59
8.54
8.58
8.36
8.03
8.02

11.68
11.62
1 1 .70
11.67
11.83
1 1 .79
11.82
1 1 .91
11.82
1 1 .77
11.70
11.65

CORPORATE
Baa BONDS
14.44
14.39
14.23
14.17
14.16
14.11
14. 15
14.20
14.11
14.04
13.92
13.85

JAN
1963
1983

MUNICIPAL
BONDS **
9.96
9.92
10.20
10.20
10.23
10.13
10.05
9.84
9.56
9.48
9. 37
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** DATA ARE 4-MONTH COMMERCIAL PAPER RATES.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED

PERCENT
20.0 r—

FRIDAY

PERCENT
20.0

—

19.0

18.0
17.0
FEDERAL
FUNDS RATE

16.0

5-YEAR
TREASURY SECURITIES

15.0

15.0

14.0

DISCOUNT
RATE
11.0
10.0

3-MONTH
TREASURY BILL

I

15 29 12 26 12 26
FEB
MAR

9 23

7 21

4 18
JUN

2 16 30 13 27 10 24
JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 21.

1983
NOV.

5
12
19
26
DEC.
3
10
17
24
31
JAN.
7
M
21 *
28

1983

FEDERAL
FUNDS *x

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

1-YEAR
TREASURY
BILL

5-vEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

9.43
9.45
9.61
8.91
8.69
8.84
8.86
8.69
8.79
10.21
8.42
8.49

7.78
8.07
8.31
7.94
8. 14
7.96
7.80
7.91
8.01
7.92
7.66
7.64

8.23
8.40
8.54
8. 1 1
8.51
8.25
8.21
8. 10
8.05
7.95
7,77
7.73

8.36
8.47
8.49
8.35
8.53
8.36
8. 15
8. 14
8. 1 1
8.02
7.82
7.87

10.34
10.44
10.51
10.21
10.31
10.26
10.23
10.22
10.15
10.04
9.88
9.82

10.31
10.39
10.49
10.50
10.69
10.59
10.64
10.62
10.52
10.49
10.49
10.54

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
A-HC4C NEW ISSUE RATE
fc?CE-T®D?,SSsSMria8.A,“C0MPUTED BY THE FEDERAL RESERVE BANK 0F ST-


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

I
TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
350

BILU..ONS
345

343.3
343.7
340.3
340.4
339.9
346.8

340

335

330

325

320

4 18

2 16 SO IS 27 10 24 10 24
JAN
FEB

7 21
APR

MAY

2 16 SO JUL
14 28 AUG
11 25

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12.

8 22

6 20
OCT

3 17
NOV

1983

1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
1/13/82

4/14/82

6/9/82

AVERAGE OF FOUR WEEKS ENDING:

7/14/82

8/11/82

15. 1
14.9
19.3
19.3
16.5

17.7
22.7
21 .7
18.0

9/15/82 10/13/82

1/10/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/82
7/14/82
8/11/82
9/15/82
10/13/82
11/10/82
12/15/82
1/12/83

2.6
-0.3
0.9
3.5
4.6
7. 1
8.3
7.8


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

-3.8
-1.0
3.5
5. 1
8.7
10. 1
9.3

-2.9
4.8
6.9
1 1.5
12.9
1 1.5

24.2
22.2
17.3

25.8
18.2

1 1.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2.

TOTAL TIME DEPOSITS^
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
930
920

BILLIONS

910

844.5
856. I
864. 1
875.2
878.0

900
890
880
870
860
850
840
830
820
810
800
790
780
770
760
750
0
1982

1981
LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1983

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

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
1/13/82

4/14/82

17.9
18.0
18.5
16.7
15.0
13.8
11.9
14. 1

17.8
18.6
15.8
13.4
1 1 .9
9.7
12.8

6/9/82

AVERAGE OF FOUR WEEKS ENDING:

7/14/82

8/11/82

13.0
9.2
7.6
5. 1
10.3

4.3
3.8
1.8
8.5

9/15/82 10/13/82 11/10/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/82
7/14/82
8/11/82
9/15/82
10/13/82
1 1/10/82
12/15/82
1/12/83


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

19.8
15.0
1 1 .8
10.0
7.5
1 1 .6

1.9
-0.0
8.9

-0.5
11.4

15.6

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

10
SMALL TIME DEPOSITS^
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
450 r=--------,------------- .-----

BILLIONS OF DOLLARS
---------------------------- rq 450

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
the four Weeks ending
JANUARY 12, 1983 FROM
NOV.
OCT.
— SEP.
AUG.
JUL.
APR.
JAN.

10,
13,
15,
II,
14,
14,
13

1982 -23.
1982-19;
1982 -14.
1982 -9.
1982
1982

SMALL TIME DEPOSITS

J993

BILLIONS

i-U-Lu i,l 11111111
LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1983

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
270

1993.

BILLIONS

!49.7

SAVINGS DEPOSITS

I I I I
JAN

FEB

-LL..1. .1
APR

MAY

OCT

NOV
1983

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1983

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN f100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

X

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF OOLLARS
1983
DEC.

BILLIONS OF DOLLARS
4.5

MILLIONS
15

4.0
3.5
3.0
2.5

2

16 30

13 27

JAN

10 24

10 24

FEB

7

21

APR

5

19

2

16 30

14

28

II

25

8 22

MAY

6

20

OCT

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19,

3

17

NOV

1983

BUSINESS LOANS u
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL

220

212
208
204
200

Z
—
Z
—

COMPOUNDED ANNUAL RA TES
OF CHANGE. AVERAGE 0 F
THE FOUR WEEKS END 1N G
JANUARY 12, 1983 FRO M
THE FOUR W£EKS END 1 N

Z
—
Z
—
-

NOV.
OCT.
SEP.
AUG.
JUL.
APR.
JAN.

10, 1982
13, 1982
15, 1982
11, 1982
14, 1982
14, 1982
13, 1982

BILLIONS OF DOLLARS
224
220
Z

E

216

BANKS 2/

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
224

-4. 1
-6.7
-0.7
2.0
2.5
8.1
11.6

212
Z

/

208

z
E
z
E

z

E
-

180
176

0

188

E
E

198
DEC.

z
s

1 1 1
NOV

204

z

188
184

216

8
15
22
29
12

INI
DEC
1981

1 1 1

1 1 1 .LI 1 1

1 1 1 -LLL

JAN

FEB

APR

MAR

MAY

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

-LLL .11 1 1
30 14 28 II 25

16

JUN

JUL
1982

AUG

1 II
SEP

millions

r

213,901
213,497
213,486
212,851

_
~
-

180

-

176

215 j 482

184

1111111111111 ii i:
6 20
OCT

3 17
NOV

I 15 29 12 26
DEC
JAN
1983

1983

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF *750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
290

BILLIONS

285
280
275
270
265
260
255
250
245
240
235

JAN

FEB

1981

1982

LATEST DATA PLOTTED WEEK ENOING: JANUARY 12, 1983
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF •100.000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

£