Full text of U.S. Financial Data : January 24, 1985

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mr

Federal Reserve Bank
—of

JAN 2 8 1985

.Sr-Financial Data
January 24,1985

The prime rate has been reduced seven times since late
September 1984, falling by 250 basis points from 13 percent to
10.50 percent. Such decreases in the prime rate tend to lag
behind decreases in banks' costs of acquiring loanable funds, while
increases in the prime rate follow increases in costs more closely.
Movements since August 1983 in the prime rate and the
rate on certificates of deposit (CDs), a primary source of loanable
funds, illustrate this tendency. Based on weekly averages, the
spread between the prime rate and the CD rate averaged 158
basis points for the weeks ending August 26, 1983, to February 3,
1984, a period in which the prime rate was 11 percent and the CD
rate changed little. From early February through June, as other
interest rates trended upward, the prime rate was raised in steps
to 13 percent and the average spread declined only slightly to 127
basis points. When interest rates stabilized at higher levels in
July and August, this spread averaged 147 basis points.
The CD rate has fallen 332 basis points to 8.07 percent
since September 7, 1984. Reductions in the prime rate tended to
lag reductions in the costs of acquiring funds during this period,
and the average spread increased to 237 basis points. Currently,
despite the recent drop in the prime rate, the spread remains at
243 basis points for the week ending January 25.
—Richard G. Sheehan

niK

FEDERAL
A RESERVE
HANK of
or ST. UH1S


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
224

BILLIONS

222

216.0
— JAN,

215.8
219.6
220.3
218.7

220

217.4

218
216
214

212
210
208
206
204

202
200

I

DEC

15 20 14 28

JAN

MAR

II

25

0 23

APR

6 20

4

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23,

18

1

IS 20

12 26

10 24

7 21

S

NOV

DEC

10

2

16 30 13 27

1985

THE ADJUSTED MONETARY BASE IS 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 FOUR WEEKS ENDING:
1Z25/84

4/25/84

6/20/84

7/25/84

8/22/84

10.5
8.8
7.8
8.3
7.2
7. 1
7.0
7.5

7.3
5.8
7.2
5.6
5.7
5.7
6.5

1 .6
5.2
3.4
3.9
4.3
5.4

7.0
4.0
4.5
4.8
6. 1

5.3
5.6
5.7
7.0

9/26/84 10/24/84 11/21/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/20/84
7/25/84
8/22/84
9/26/84
10/24/84
11/21/84
12/26/84
1/23/85


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Federal Reserve Bank of St. Louis

t .8
3.4
5.7

6.1
8.3

9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

8ILL IONS OF DOLLARS

1985
DEC.

JAN.

10
17
24
31
7
14

BILLIONS OF DOLLARS
570

BILLIONS
565

551.2
550.9
557.8
557.4
559.6
556.8

560

555

550

545

540

535

530

2

18 SO IS 27

FEB

12 28

U.l. L-l.J I I
8 2S

7 21

4

18

2 16 SO IS 27

MAR

AUG

!0 24

8 22

5

IB

3 17 SI

SEP

14 28

JAN

11

25

FEB

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 14, 1985
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
^poI.^a^t^^SeS^0 BY THE MW~y-c PUBL,C’ DEMAND 0EP0S,TS’ 0THER CHECKA8LE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDINGt
1/16/84

4/16/84

6/11/84

7/16/84

8/13/84

8.4
7. 1
5.9
6.0
4.9
4.0
4.8
5.7

7.8
5.4
5.6
4.0
3.0
4.1
5.5

0.2
2.4
0.9
0.0
2.0
3.9

2.7
0.4
-0.6
2.0
4.3

1.5
-0.1
2.9
5.5

9/17/84 10/15/84 11/12/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/11/84
7/16/84
8/13/84
9/17/84
10/15/84
11/12/84
12/17/84
1/14/85


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

-4. 1
1.6
5.2

4.4
8.4

14.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

2.9

----------1------------- 1---------1985
DEC.

RATI £
IQ

*>.£!

I

4
JA

2.8

2 \ 5^

Ml Ml LTIPLI :r

JL
■Nj Vs-

w

!lll 1.111

J.LL 1 1 1

ill 1

4

VN

J-LL _LLL

LATEST DATA PLOTTED WEEK EWINGt JANUARY 14,

III!

-LLL

111

1111

-LLL 11 I.L _LLL

BILLIONS OF DOLLARS
164 ----------1------------- 1---------- 1---------162
160
158

BILLIONS OF DOLLARS
164
-

COMPOUNDED ANNUAL RVITES
—OF CHANGE. AVERAGE
THE FOUR WEEKS END 114G
~ JANUARY 14. 1985 FR< H
THE FOUR WEEKS END 11jf;-

NOV.
OCT.
— SEP.
_
AUG.
JUL.

156
_

JA n!

12,
15.
17.
13.
16,
i6!

1984
1984
1984
1984
1984
1984

162
160

6. (
4.(
5. (
5.
5..

158
CURRE NCY

156

64

-

-

-

150
148

0

1085

s

1985
DEC .

J
.

146

!lll
5 10

DEC
1983

BILLIONS

1111
2

ie SO

JAN

111
13 27

FEB

111
12

MAR

■ 111
26

0 23

APR

111
7 21

MAY

111

1111

111

111

i n i
4 18 2 16 SO 13 27 10 24
6 22
JUN JUL
AUG
SEP
OCT
1984

10
157.3
17
157.5
—
24
158.1
31
159.0
“
JAIN .
7
159.2
_
14
159.1
i i i i 1 i i i 1 i i i*

_LI_L
10

NOV

3 17 31

DEC

14 28

JAN
FEB
1985

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 14, 1985
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

150
148
146

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
405 ---------- 1------------- -------

ILL IONS OF DOLLARS
---------------------------- 405

BILLIONS
DEC.
388.2
393.2
395.2
392.6

5 19
DEC

2JAN
16 30

4 18

/

13 2 MAR
12 26 APR
9 23
FEB

7

21

1983

JUN

2

18 30 13 27 JO 24

JUL
1984

LATEST DATA PLOTTED WEEK ENDING* JANUARY 14,

AUG

SEP

8 22

OCT

5 19

NOV

3

17 31

DEC

14 28

II

25

JAN
FEB
1985

1985

IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
UtrUoI IUnT

INaTI TUT IONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
1/16/84

4/16/84

6/11/84

8.6
6.8
5. 1
5.4
3.9
3.0
4.2
5.4

6.9
3.8
4.6
2.5
1.4
3.3
4.9

-2.8
0.7
-1.3
-2. 1
0.8
3.2

7/16/84

AVERAGE OF FOUR WEEKS ENDING:

8/13/84

9/17/84 10/15/84 11/12/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/11/84
7/16/84
8/13/84
9/17/84
10/15/84
11/12/84
12/17/84
1/14/85


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

1.4
-1.6
-2.6
1.2
4.0

0.2
- 1.7
2.7
5.8

-6.8
1.0
5.4

5.4
9.9

17.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
15.0

PRIME BANK
LOAN
CORPORATE

AAA BONDS

MUNICIPAL
BONOS

I I I I
2

IS 30 13 27

JAN

10 24

0 23

6 20

4

18

I

IS 29 13 27

FEB

1983

10 24

7 21

5

SEP

OCT

19

2

16 30 14 28 II

DEC

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 25.

1985
DEC.

JAN.

FEB.

7
14
21
28
4
1 1
18
25 *
1
8
15
22

25

8 22

JAN
FEB
1985
1985.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONOS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS 48K

8.92
8.86
8.34
8.25
8.30
8. 13
8. 1 1
8.07

8.69
8.65
8.12
8.07
8. 17
7.94
7.95
7.87

8.74
8.71
8.21
8. 14
8. 19
8.01
7.97
7.96

12.20
12.21
12.04
12.05
12.21
12.16
12.20
12.07

13.42
13.43
13.35
13.39
13.39
13.33
13.32
13.25

9.95
10.00
9.93
9.91
9.87
9.60
9.51
N.A.

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
88K BOND BUYER * S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

TREASURY

PERCENT
15.0

•CURITIES

13.0

RATE

11.0

TREASUF
DISCOUNT
RATE

Mil
2

16 30 JAN
13 27

10
FEB

24

0 23

6 20
APR

4 16
MAY

1983

1

13 20

13

27

10 24

7 21
SEP

5 10
OCT

1984

2

16 30

14 28 JAN
11 23 FEB
8 22
DEC
1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 25.

1985
DEC.

JAN.

FEB.

7
14
21
28
4
1 1
18
25 K
1
8
15
22

1985.

FEDERAL
FUNDS Mt

3-MONTH
TREASURY
BILL

0-MONTH
TREASURY
BILL MW

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

SECURITIES

8.83
8.70
7.99
7.95
8.75
8.27
8.23
8. 19

8.44
8.27
7.81
7.67
7.83
7.75
7.73
7.67

8.67
8.57
8. 15
8.04
8. 19
8.02
8.05
7.93

8.86
8.73
8.37
8.40
8.48
8.34
8.33
8.24

1 1.21
11.19
10.90
10.96
11.16
11.07
1 1 .01
10.79

11.60
1 1.61
11.39
11.44
11.66
11.56
11.60
11.36

1

5 9

LONG-TERM
TREASURY

N0TEs
"J* i°A BY
S TH,S
F GOVERNORS*
H. IS RELEASE
EXCLUDING
TREASURY
M
AVERAGES^F^ATES^AVAILABLE0^0160
BANK'
TREASURY
BILL YIELDS
ARE LONG-TERM
°N A DISCOUNT
BASIS.
««.SEVEN-DAY AVERAGES.FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
MW AUCTI ON AVERAGE ( DI SCOUNT )


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS!/
SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

mi BILLIONS
DEC.

10

388.3
388.1
387.2
384.6

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING-. JANUARY 14.

1985
BILLIONS OF DOLLARS
155

BILLIONS OF DOLLARS
155

—----- 1--------- 1------- 1------mi BILLIONS

14

JLLLL

=

123.fi
122.
122.7
122.
121.5

z

/

TFTT

■V
SAVIN GS DE ’OS 1TS

L ll!.

1111

3

z
in
5 19

DEC
1983

TTTTT

In n In n

17
24
31
~ JAN. 7

j

Mil
1111 1 1 1 1 1 1 1 II 1
111 ill. Jill 711121 ..LLL
2 16 30 13 27 12 26 9 23
4 16 2 16 30 13 27 10 24 6 22
JAN

FEB

MAR

APR

MAY

JUN

JUL
1984

LATEST DATA PLOTTED WEEK ENDINGs JANUARY 14.

AUG

SEP

OCT

1 1 1

1111

5 19

3 17 31

NOV

DEC

-ill.
111
14 28 II 25
JAN

FEB
1985

1985

1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100,000


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

PREPARED BY FEDERAL RESERVE BAW OF ST. LOUIS

135

130

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
790

— DEC.
771 .6
768.6
766.9

770

750

720

5

19

2 16 30 13 27

FEB

12 26

9 23

7 21

4 16

2

16 30 13 27

MAR

AUG

10 24

8 22

5

19

3 17 31

14 28

II

25

SEP

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 14, 1985
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;

1/16/84

4/16/84

6/11/84

7/16/84

8/13/84

8.6
10.4
1 1 .0
10.4
10.9
10.2
8.9
7.9

18.8
17.9
15.3
15.3
13.6
11.4
9.8

16.5
13.1
13.5
11.6
9.1
7.4

10.5
11.8
9.8
7.2
5.5

10.5
8.3
5.6
3.9

9/17/84 10/15/84 11/12/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/11/84
7/16/84
8/13/84
9/17/84
10/15/84
11/12/84
12/17/84
1/14/85


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

9.0
5.0
3.0

0.9
-0.4

-2.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

COMMERCIAL BANK
LARGE TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
270

265
262.1
260
259.7
260.8
255

250

245

240

255

250

225

220

5 19

2

16 30 FEB
13 27 MAR
12 28

1983

9 23

7 21
MAY

4 16 2 16 30 AUG
13 27 SEP
10 24
JUN
1984

LATEST DATA PLOTTED WEEK ENDING: JANUARY 14,

8 22

3 19

3

17 31 JAN
14 26 FEB
11 25

1985

LARGE TIME DEPOSITS ARE DEPOSITS ISSUED IN DENOMINATIONS OF •100,000 OR MORE.

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

3

10

January

17
24
31
7
14

MMMFs 2/
$226.8
229.0
230.9
232.7
232.5
230.1
238.9

SUPER NOWs 3/
$46.5
47.5
47.4
47.6
47.9
50.1
50.2

1/ Money market deposit accounts at all depository institutions, effective 12/14/82
7j 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


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS

of

AVERAGES OF DAILY FIGURES

DOLLARS

billions of dollars

M1LUPNS
DEC.

19
26
JAN.
2
9
16

4

16

3161
1844
3537
2062
1200

I

IS 20

14 26 11

MAR

25

23

APR

6 20

4 18

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 23,

1

15 29 12 28 10 24

7 21

5 19

NOV

DEC

2

16 30

13 27

1985

BUSINESS LOANS u

( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK
BILLIONS OF DOLLARS
256 —--------1---------- 1------------- 1---------- —
- COMPOUNDED ANNUAL RA TES
- OF CHANGE. AVERAGE 0
252 “ THE FOUR *EEKS END INF
_ JANUARY 9. 1985 FROM
_ THE FOUR WEEKS END ING:
248 —~ NOV.
7, 1984
5.3
- OCT.
10, 1984
5.5
“ SEP.
12, 1984
5.1
244 TAUG.
8, 1984
3.1
- JUL.
1 1, 1984
3.5
- APR.
11, 1984
9.5
240
i

BILLIONS OF DOLLARS
256
252
248

'N AT

r

E

244

-

-A

240
-

236

_

236

I
232
228
224

220

d.

E
E
E

7

E

/

228

MLLL.IMEP
DEC.

216
:m
111

mi

111

111

JAN

FEB

MAR

APR

11

DEC
1983

in i
25

9 23

MAY

111
20

1111
IS
AUG

i.i. i
4 16

JUN
JUL
1984

LATEST DATA PLOTTED WEEK EWING* JANUARY 9,

j.i.1

OCT

7 21

5 19

NOV

DEC

16 30 13 27

JAN
FEB
1985

1985

2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

224

5

248,225
12
246,763
19
247,981
I
26
248,374
2
248,454
9
248,631
“
mi..............ini’
iin _LLU

12 26 10 24

SEP

E
EJ

1/ BUS I NESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.


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Federal Reserve Bank of St. Louis

232

-

220
216