Full text of U.S. Financial Data : July 11, 1985

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J£

RESEARCH LIBRARY
Federal R l"v^Sankj
of St!
1985

Financial Data
July 11, 1985

Changes in the demand for business loans relative to their
supply generally produce similar movements in the amount of
business loans and in their interest rates. Because large time
deposits (CDs) are an important source of loanable funds for
commercial banks, movements in their interest rates and growth
tend to mirror changes in the interest rates on business loans and
the growth of such loans at large commercial banks. The table on
the back page shows the growth of both business loans and large
time deposits and the changes in their related interest rates (the
prime rate and the 90-day CD rate) since late last year.
From mid-November 1984 to the end of January 1985, a
period in which business loans and the prime rate declined, the
quantity of CDs and the 90-day CD rate fell as well. From the
end of January to mid-March, when a surge in loan demand
produced rapid growth in business loans and a temporary halt to
the decline in the prime rate, strong growth in CDs occurred and
the 90-day CD rate rose nearly 80 basis points. Since mid-March,
business loan demand has decreased, resulting in sharply slower
growth in business loans and CDs and sizeable declines in their
related interest rates.
— Courtenay C. Stone
(continued on back page)

KKSKRW

BANK of

Digitized forviews
FRASER
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
254 ------------- 1---------- 1------

BILLIONS OF DOLLARS
------ ------------------------- 234

ill till
2 16 90 IS 27 II 25
JUN
JUL

6 22

5 10

9 17 91

14 26 12 26
NOV

0 29

DEC

6 20

6

FEB

MAR

9 17
APR

I

mi T

15 20 12 26 10 24

LATEST DATA PLOTTED WEEK ENDINGt JULY 10,
THE ADJUSTED

---------

|

INST
__POSI._.. ___
SOURCE OF THE
BANK. A DETAILI

TARY BASE IS THE SUM OF
■v
£ na!*ial institutions AT FEDERAL
------- --“‘RCULATION C
;Y HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
ADJUS--JMENT FOR RESERVE
REQUIREMENT RATI CHANGES. THE MAJOR
---------------------------------10
IS FEDERAL RESERVE CREDIT.
DATA A
ARE COMPUTED BY THIS
THE ADJUSTED MONETARY BASE IS AVAILABLI
LABLE FROM THIS BANK.

RECENT DATA ARE PRELIMINARY.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
7/11/84

10/10/84 12/12/84

1/0/85

2/13/85

3/13/85

1 1.2
7.8
11.8
10. 1

2.4
9.5
8.1

4/10/85

5/8/85

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/12/84
1/ 0/85
2/13/85
3/13/85
4/10/85
5/ 8/85
6/12/85
7/10/85

4.2
4.6
4.4
6.0
5.7
5.3
6.9
6.7


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

5.7
5.1
7.5
6.9
6.1
8.3
7.8

4.9
9.2
7.8
6.5
9.3
8.5

10.2
8.1
6.5
9.6
8.8

12.3
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
600 r---------1---------- 1---------

BILLIONS OF DOLLARS

BILLIONS
=

JUN.

MAY

4 18
JUN

585.0
585.9
590.8
589.3
592.0
596.0

2 16 90 13 27 10 24 8 22
JUL
AUG
SEP
OCT
1984

5 18
NOV

LATEST DATA PLOTTED WEEK ENDING. JULY I,

3 17 31 14 28 11 25 II 25 6 22
DEC
JAN
FEB
MAR
APR
1985

MAY

JUN

JUL

1985

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
depoIits'and'travelers^checks0

BY

the

MDHB"ic PUBUC' DEMAND 0EP0S,TS' 0THER

checkable

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
7/2/84

10/1/84

12/3/84 12/31/84

AVERAGE OF FOUR WEEKS ENDING:
2/4/85

3/4/85

4/1/85

11.4
9.5
11.2
13.2

5.0
8.8
11.9

11.0
14.4

4/29/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 3/84
12/31/84
2/ 4/85
3/ 4/85
4/ 1/85
4/29/85
6/ 3/85
7/ 1/85

2.9
4.3
4.8
6.4
6. 1
6. 1
7.0
8. 1


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

5.4
6.0
8.3
7.6
7.4
8.5
9.9

9.6
12.5
10.4
9.6
10.6
12.2

12.6
9.9
9.0
10.4
12.2

18.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK*/
RATIO
2.0 —1--------- 1------------- 1—
1985

1
JUl.

h

RATIO
2.9

—

RATIO

S-S99

WZ

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

_

|!|3

Ml Ml LTIPLI ER

A
xA

/•

/ s

s

S'

N/"

sT'

2.4

!lll

111

1111

i.i i..

■ 11

LUX

111

1111

1 1 1

1 1 1

1 1 1

1 11 1

1 1 1

111

m i1

LATEST DATA PLOTTED WEEK ENDINGt JULY I, 1065
ILL IONS OF DOLLARS
168

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
.
THE FOUR ifcEEKS END ING
JULY 1. 1085 FROM
THE FOUR WEEKS ENDING:

_

APR. 29,
1,
4,
4,
DEC
31,
1,
2,

166

164

I9B5 11.2
1985 8.7
1985 7.6
1985 8.3
1984 7.6
1984
6.7
1984
6.7.

162
CURRENCY

160

.1985

BILLIONS

163.7
163.5
184.3
164.5
164.8
165.0
I II I I I I I I II I I 1
4 18

2 16 30 13 27 10 24
AUG
SEP

8 22

5 19

3 17 31

14 28 11 25 II
JAN
FEB
MAR

3 17

1

15 29

LATEST DATA PLOTTED WEEK ENDING: JULY 1, 1085
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

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
430 ---------- ,---------- ---------

BILLIONS OF DOLLARS
------ ------------------------- 430

BILLIONS
415.8
417.0
420.9

421 .7

3 17 SI 14 28 II 29 II 25 8 22
DEC
JAN
FEB
MAR
APR
1985
LATEST DATA PLOTTED WEEK ENDlNGt JULY 1, 1985
MAY

4 18
JUN

2 18 SO IS 27 10 24 8 22
JUL
AUG
SEP
OCT
1984

5 10
NOV

6 20
MAY

3 17
JUN

JUL

DEPOSI TORY*mSTITUT?ONSS IS THE SUM W DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE.
7/2/84

10/1/84

12/3/84 12/31/84

AVERAGE OF FOUR WEEKS ENDING:
2/4/85

3/4/85

4/1/85

12.7
10.6
12.6
15.3

5.3
9.8
13.7

12.6
17.0

4/29/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 3/84
12/31/84
2/ 4/85
3/ 4/85
4/ 1/85
4/29/85
6/ 3/85
7/ 1/85

1 .9
3.7
4.5
6.4
6.2
6.2
7.3
8.8


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

5.6
6.5
9.2
8.4
8.1
9.4
11.2

11.3
14.5
12.0
10.9
12.2
14. 1

14.7
1 1.3
10.2
11.8
14.1

21.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

percent

PRIME BANK
LOAN RATE
INI Cl PAL
BONDS

•RC i AL

I I I I
4

18

1

15 29 13 27

10 24

7 21

5 19

SEP

OCT

2 18 30 14 28 II

DEC

JAN

8 22

8 22

5

19

3 17 31

14 28 12 28

JUN

FEB

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 12, 1985.

1985
MAY

3
10
17
24
31
JUNE
7
14
21
28
JULY 5
12 X
19
26

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KM

8.29
8. 14
8.04
7.64
7.56
7.39
7.49
7.29
7.60
7.52
7.45

8. 15
8.00
7.93
7.52
7.46
7.37
7.41
7.13
7.45
7.50
7.45

8.15
8.05
7.86
7.53
7.45
7.32
7.39
7.21
7.45
7.37
7.36

12.15
12.03
11.77
11.50
11.27
10.93
10.88
10.86
11.09
10.91
10.81

13.44
13.39
13.24
13.02
12.69
12.36
12.32
12.37
12.56
12.46
12.41

9.37
9. 1 1
8.86
8.91
6.81
8.60
8.66
8.69
8.80
8.82
N. A.

NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
5aABOND^BUYER'^IvIrAGE'*TnDEX 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

PERCENT

PERCENT
—i 15.0

5-YEAR
TREASURY SECURITIES

:deral
IDS RATE

TREASURY^ I

4

18

MAY

1

15 29

JUN

15 27 10 25

JUL

AUG

7 21

5 19

SEP

OCT

2

15 SO 14 2S II

NOV

DEC

JAN

25

5 22

FEB

a 22

MAR

1984

5 19

APR

5 17 51

MAY

14

JUN

JUL

iggs

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 12, 1985.

1985
MAY

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

FEDERAL
FUNDS K*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.35
8. 19
8. 14
7.91
7.60
7.75
7.62
7. 13
7.46
8.06
8.07

7.78
7.76
7.50
7.25
7.19
7.01
7.03
6.81
6.97
6.90
6.94

8. 1 1
7.93
7.90
7.43
7.39
7. 16
7.35
6.90
7.24
7.08
7.00

8.25
8.09
7.90
7.63
7.53
7.25
7.31
7.14
7.37
7.13
7.12

10.85
10.68
10.39
10.06
9.84
9.45
9.60
9.50
9.85
9.53
9.41

11.49
11.36
11.13
10.89
10.70
10.38
10.45
10.41
10.69
10.47
10.40

a.nwYA^5§iEfoliife em)ing ™° days earlier than date shown


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

PREPARED BY FEDERAL RESERVE SANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS^
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1985

BILLIONS OF DOLLARS

BILLIONS
390.7
390.4
390.6

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDINGt JULY 1, 1985
BILLIONS OF DOLLARS
285

BILLIONS OF DOLLARS

1M

BILLIONS

280

270.7

27

267.8
268.9
267.7
265.3

275
LARGE TIME DEPOSITS
270
265
260
255
250
245
240

4

MAY

18

JUN

2

16 30 13 27 10 24

AUG

8 22

3 10

3 17 31

SEP

14

II

JAN

FEB

23

11

MAR

25

8 22

6 20

3 17

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING. JULY I. 1985
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
800 ---------- 1---------- 1---------

_

MAY

MAY

27

4 IS
JUN

BILLIONS OF DOLLARS
------------------------------- 800

781.9
780.7
779.6
781.4
780.8
778.7

2 16 30 IS 27 10 24 S 22
JUL
AUG
SEP
OCT
1984

5 10
NOV

3 17 SI 14 28 11 23 11 25 8 22
DEC
JAN
FEB
MAR
APR
1985

8 20
MAY

3 17
JUN

1

IS 29
JUL

LATEST DATA PLOTTED WEEK ENDINGt JULY 1, 1985
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS. SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE ,
7/2/84

10/1/84

6.9
6.6
3.9
3.7
4. 1
4.9
4.6
4.0

4.0
0.2
0.6
1 .7
3. 1
3.0
2.4

12/3/84 12/31/84

AVERAGE OF FOUR WEEKS ENDINGt
2/4/85

3/4/85

4/1/85

4/29/85

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/ 3/84
12/31/84
2/ 4/85
3/ 4/85
4/ 1/85
4/29/85
6/ 3/85
7/ 1/85


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

-3.3
-1.5
0.6
2.8
2.7
1.9

-4.1
-0.5
2.4
2.4
1.5

5.2
7.6
6.0
4.2

10.2
7.2
4.6

6.8
3.6

-0.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

billions of dollars

billions of dollars

5

1861

10

1427

10

1306

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt JULY 10, 1965
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

18S5.

MILLIONS

ADJUSTMENT + SEASONAL BORROWINGS

2 16 90 IS 27 II 2S

JUN

6 22

JUL

5 IS

9 17 91

14 26 12 26

NOV

DEC

B 29

6 20

6 20

9 17

FEB

MAR

APR

I

15 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDINGt JULY 10, 1085
1/ 64.562 FOR 5/l6/84t 63.730 FOR 5/23/84t 62.060 FOR 5/30/64t 63.120 FOR 6/6/84


http://fraser.stlouisfed.org
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/
$294.6
296.7
298.6
300.3
303.0
306.1
307.7
307.9
309.1

6
13
20
27
3
10
17
24
1

May

June

July

MMMFs 2/

Super NOWs

$232.8
234.8
234.8
238.2
238.3
239.3
242.2
246.0
243.1

$54.7
54.6
54.6
54.3
55.7
57.2
57.0
56.1
56.5

1/ Money market deposit accounts at commercial banks, effective 12/14/82
2/ Total money market mutual fund balances
3/ NOW accounts at all depository institutions, requiring a $1,000 minimum balance
and eligible to earn more than 5.25 percent, effective 1/5/85

BUSINESS LOANS u

( COMMERCIAL AND

INDUSTRIAL )

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
264

264

252

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
the four *eeks ending
JUNF
1QAK PRH&i
THE FOUR WEEKS ENDING
” APR. 24,
985
-1.5
~ MAR. 27,
985
-3.5
- FEB. 27,
985
2.6
- JAN. 23,
985
4.4
- DEC. 26,
984
2.8
- SEP. 26, 984
4.2
- JUN. 27,
984
4.1

111

_
—
-

260

256

111

r 'V'N 77

252

-

-

111

248
-

3

198!

240
-/

“mi
MAY

TTT

111

C -

_

244

IILL 01
240
22
256,129
“
29
254,403
“
JUN. 5
255,043
“
12
254,358
----- 256
19
254,619
"
26
252,770
in .u i
1111
in
111
11
6 20 5 17 1
1 15 20 12 26 10 24
APR
MAY
JUN
JUL
1985
MAY

111

111 i in

JUN

JUL

111

AUG
SEP
1984

INI
OCT

1 1 1 .1.1 1

1 1 1 1 ,111

12 26

NOV

DEC

6 25

JAN

6 20

FEB

1

LATEST DATA PLOTTED WEEK ENDINGt JUNE 26, 1965
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION


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

PREPARED BY FEDERAL RESERVE BAhK OF ST. LOUIS

11

244

Changes in Business Loans, Large Time Deposits
and Selected Interest Rates
Growth—^

Period

Business
loans

11/21/84-1/30/85
1/30/85-3/20/85
3/20/85-6/26/85

-3.4%
22.4
-2.3

Basis Point Change

Large time
deposits

Prime
rate

90-day
CD rate-^'

-3.9%
15.7
1.1

-125
0
-100

-91
78
-156

J_/ Compounded annual rates of change for four-week averages
ending dates shown for business loans and ending two days
earlier for large time deposits
2/ Averages of weekly rates ending two days later than dates
shown


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Federal Reserve Bank of St. Louis