Full text of U.S. Financial Data : July 25, 1985

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Fedsj. iii Reserve Bank

of St. Louis

UrSrffhancial Data

JUL 2 y iggs

July 25, 1985
The spreads between interest rates on municipal bonds and
other long-term securities have narrowed substantially since
May. Spreads between rates on municipal bonds and those on
longterm Treasury securities and corporate Aaa bonds, which
averaged 208 and 271 basis points, respectively, in May, declined
to 179 and 225 basis points in June. These spreads have narrowed
even more in recent weeks, averaging 170 and 208 basis points,
respectively, through mid-July.
Changes in these interest rate spreads typically result from
changes in risk assessments, relevant tax rates or other factors
that affect the supply of or demand for specific types of
long-term debt securities. One possible explanation for the
recent decline in these spreads is that there has been a decrease
in the demand for municipal bonds resulting from proposed tax
changes announced at the end of May. Among these prospective
tax changes are reductions in marginal income tax rates and the
elimination of federal income tax exemptions for certain types of
municipal bonds. Currently, all major tax proposals include these
two provisions. A similar decrease in these spreads that occurred
late last year was generally attributed to an unusual increase in
the supply of municipal bonds in anticipation of restrictions on
their issuance that became effective this year.
— Courtenay C. Stone


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
232
230
228

226
224
222
220

216
210

214
212

210
• *0

4 IS

JUN

JUL

LATEST

I

II n II N 10 >4

7 II

S IS

NOV

DEC

t IB SO IS 17 IS 17 10 14

JAN

FEB

MAR

S It

S IS

8 17 81

14 IS

APR

PLOTTED

AVAIL
RECENT DATA ARE PRELIMINARY.


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Federal Reserve Bank of St. Louis

ADJUSTED MONETARY BASE

10/24/B4 12/26/64

4/24/65

PREPARED BY FEDERAL RESERVE

5/22/65

OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS

590.9
589.5
592.1
596.0
591 .6

4 18

2 16 SO IS 27 10 24

AUG

8 22

5 10

3 17 SI

SEP

LATEST DATA PLOTTED ¥EEK ENDING, JULY 15,

14 28 II
JAN
FEB

MAR

MAY

JUN

1965

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
7/16/84

10/15/84 12/17/84

AVERAGE OF FOUR WEEKS ENDING:

1/14/85

2/18/85

3/18/85

4/15/85

5/13/85

10.7
9.0
8.5
11.4
11.8

9. 1
8.3
12. 1
12.6

5.9
1 1 .8
12.4

14.9
14.8

18.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/17/64
1/14/85
2/18/85
3/18/85
4/15/85
5/13/85
6/17/85
7/15/85

3.6
5.4
6.0
6.8
6.6
6.6
8. 1
8.6


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Federal Reserve Bank of St. Louis

9.3
9.1
9.9
9. 1
8.8
10.6
11.0

12.0
12.3
10.6
9.9
12.1
12.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1985
JUN.

RATIO
IQ

2.578

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: JULY 15. 1985
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
168

COMPOUNDED ANNUAL RATES
___OF CHANGE. AVERAGE OF
.
THE FOUR llHEEKS ENDING
- JULY 15. 1985 FROM
THE FOUR WEEKS ENDING:
MAY
13, 1985
APR. 15, 1985
MAR. 18, 1985
- FEB. 18, 1985
_
JAN. 14, 1985
OCT. 15, 1984
-

—JUL.

16,

10.4
9.0
7.4
7.8
7.7

166
164
162
CURRENCY

1984

160
158
156
ISfiS.
JUN.

10

BILLIONS
164.3

154

165.0
165.2
164.8

152

1 I I I I I I I I I I I I I I 1
AUG

SEP

LATEST DATA PLOTTED WEEK ENDING: JULY 15.

JAN

FEB

MAR

MAY

JUN

1985

1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS" H.6 RELEASE.


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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

BILLIONS OF DOLLARS

435

JUN.

430

10
421 .6

425

420

415
410
405
400
395

390
385

4

18

2

16 90 13 27

AUG

10 24

6 22

S 10

3 17 31

14 28 11

JAN

SEP

25 1

FEB

25

6 22

MAR

6 20

3 17

MAY

JUN

1

15 20 12 28

1985
LATEST DATA PLOTTED WEEK ENDINGt JULY 15, 1985
TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOS ITS
COMPOUNDED ANNUAL RATES OF CHANGE
7/16/84

10/15/84 12/17/84

AVERAGE OF FOUR WEEKS ENDING:

1/14/85

2/18/65

3/18/85

4/15/85

5/13/85

I 1 .9
9.9
9.3
12.8
13.4

10.3
9.3
13.9
14.4

6.4
13.5
14.2

17.1
17.0

21 .6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/17/84
1/14/85
2/18/85
3/18/85
4/15/85
5/13/85
6/17/85
7/15/85

2.8
5.4
6.0
7.0
6.9
6.9
8.7
9.3


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Federal Reserve Bank of St. Louis

10.8
10.4
11.3
10.4
10.0
12.1
12.5

14.4
14.6
12.4
11.4
14.0
14.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
15.0

14.0

CORPORATE
AAA BONDS

■PAN RATE
IN ICI PAL
BONDS

90 DAY
CD'S

SEP
1984

OCT

DEC

JAN

FEB
1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE ¥EEK ENDING: JULY 26,

1985
JUNE

7
14
21
28
JULY
5
12
19
26 X
AUG.
2
9
16
23
30

1985.

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS **

7.39
7.49
7.29
7.60
7.52
7.51
7.62
7.79

7.37
7.41
7.13
7.45
7.50
7.48
7.54
7.74

7.32
7.39
7.21
7.45
7.37
7.42
7.55
7.76

10.93
10.88
10.86
11.09
10.91
10.85
10.87
11 .03

12.36
12.32
12.37
12.56
12.46
12.38
12.35
12.41

8.60
8.66
8.69
8.80
8.82
8.81
8.73
N.A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS * H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
N8K BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, 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

PERCENT

PERCENT
—i 15.0

15.0 r-

14.0

TREASURY ‘sicui
RITIES

FEDERAL.
FUNDS RATE

DISCI

3-MONTH
TREASURY BILL

II

SEP

OCT

DEC

25

JAN

8 22

8 22

5 10

3 17 31

FEB

M 28 12

JUL
1985
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JULY 26, 1985.

1985
JUNE

7
14
21
28
JULY
5
12
19
26 *
AUG.
2
9
16
23
30

NOTE,

JUN

FEDERAL
FUNDS ft*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL »xx

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

7.75
7.62
7.13
7.46
8.06
8.07
7.77
7.88

7.01
7.03
6.81
6.97
6.90
6.99
7.07
7.25

7.16
7.35
6.90
7.24
7.08
7.00
7.20
7.35

7.25
7.31
7. 14
7.37
7.13
7. 19
7.29
7.47

9.45
9.60
9.50
9.53
9.50
9.64
9.89

LONG-TERM
TREASURY
SECURITIES

10.38
10.45
10.41
10.69
10.47
10.46
10.55
10.77

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H 15 RELEASE EXCLUDING l ONG—TFRU trpa^iirv

« *ver*HsUofTfIatSesh^*Hil*ablEcouputed

by this

bank-

treasury bill6y6eldsBare

arfRBoiSBPgSI..

S*SSjctTonYaverJgeE?d™ou^K) MING ™ DAYS E*RUER ™AN MTE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAf* Of ST. LOUIS

7

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

BILLIONS OF DOLLARS
410 ----------1------------- r--------- 1---------"

BILLIONS

I3S5.
jun-

1?

— JU L.

24
1
8
15

-

BILLIONS OF DOLLARS

-

m
391.2
391.1
388.S
388.7
-

1

U -

SMALL TIME 1 )EPOS1 TS

1

-

-

—
!lll MIL

1 1 1

1 1 1

1111

.ILL

1111

LATEST DATA PLOTTED REEK ENDING. JULY IS.

1 1 1

111

1 1 1

m i

ILL

1 I 1

1 1 1 1

IIIs

1985
BILLIONS OF DOLLARS

ILL IONS OF DOLLARS

------ ------------------------1985
JUN.

10

BILLIONS
267.7
26717
LARGE TIME DEPOSITS
266.0

4 IS

2 IS 30 13 27 10 24

S 22

3 10

3 17 91

LATEST DATA PLOTTED WEEK ENDING. JULY IS.

14 26 II 25 II 25
JAN
FEB
MAR

S 22

8 20
MAY

3 IT
JUN

I IS 29 12

1965

1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 4100.000

2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 4100,000 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
AVfcKAGtS OP DAILY FIGURES

SEASONALLY ADJUSTED

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

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

779.5
781 .3
780.8

778.6
777.6
777.8

11

AUG

SEP

JAN

FEB

25

8 22

MAR

198-4

6 20

MAY
1985

5 17

I

15 20 12 26

JUN

LATEST DATA PLOTTED WEEK ENDING: JULY 15, 1985
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/16/84 10/15/84 12/17/84 1/14/85 2/18/85 3/18/85 4/15/85 5/13/85
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/17/84
I/14/85
2/18/85
3/18/85
4/15/85
5/13/85
6/17/85
7/15/85

6.0
5. 1
2.9
3.2
4. 1
4.6
3.9
3.3


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

1.6
■1 . 1
0.2
1 .8
2.9
2.2
1.6

-4.4
-1.3
1.6
3.2
2.1
1.3

-1.9

2.1
4.0
2.6
1 .6

8.7
9.3
5.8
3.9

11.0
5.7
3.5

3.2
l.l

-2.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
10.0

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

—,-------- ,--------

---------- ---

10.0

MILLIONS
JUN.

10

1427

10
17

1306
1171

TOTAL BORROWINGS

MINIM
LATEST DATA PLOTTED WEEK ENDING. JULY 24, 1
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-----.----------- .--------- 2-0

2.o n-------- -----------------ADJUSTMENT + SEASONAL BORROWINGS

6 20

4 It

JUN

JUL

1

IS 20 12 26 10 24

JUN.

10

7 21

NOV

DEC

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING. JULY 24. 1085
1/ 03.120 FOR 6/6/84


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MMD AS,

MMMFS AND SUPER NOWS

(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

MMDAs 1/
20
27
3
10
17
24
1
8
15

May
June

July

$298.6
300.3
303.0
306.1
307.7
307.9
309.2
311.1
312.6

MMMFs 2/

Super NOWs

$234.8
238.2
238.6
239.6
242.5
246.4
243.4
239.4
241.7

21

$54.6
54.3
55.7
57.2
57.0
56.1
56.6
58.3
57.9

1/ Money market deposit accounts at commercial banks, effective 12/14/82
2/ Total money market mutual fund balances
|/ 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 REPORT ING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS
280 ---------- ,---------- ,---------

SEASONALLY ADJUSTED BY THIS BANK
BILLIONS OF DOLLARS

----- ------------ ---------- 260

,1985 FI
— MAY

8,

nrn.

_

iu,

I98S
I wen

MAR. 15,

I9S5

,

I Ha
less

oct.

V,

io,

JUN.

5

265,043
252,735
253,198
253,107

,1.1 I I I
JUN

JUL

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: JULY 10,

FEB

MAR

11 I I I I I

APR

1985

1/ BUSINESS LOANS INCLUDE BAHtERS' ACCEPTANCES AM) COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN SI.A BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

11