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°f St. Louis
JUL 2 7

y.S. Financial Data
July 26,1984

Interest rates on marketable securities have risen since
February. In addition to the continued federal borrowing to
finance deficits, the demand for funds has been bolstered by
increased private credit demands (page 11). Monetary expansion
as measured by the growth rate of Ml, however, has been roughly
the same since February as it was from last July to February
(page 3).
Despite the increases, short-term interest rates remain
significantly below their 1981-82 average levels (see table
below). Long-term interest rates, which are affected by the
long-run inflationary expectations of investors, rose to levels
more closely approximating their 1981-82 average levels.
Selected Interest Rates
(averages of daily figures)

Securities

Week ending
July 27, 1984 1/

30-day commercial paper
3-month Treasury bills
1-year Treasury bills
5-year Treasury securities
Corporate Aaa bonds

11.01%
10.25
10.85
13.25
13.46

February
1984 “ 1981-82
9.35%
9.09
9.20
11.54
12.08

13.76%
12.32
12.11
13.63
13.98

1/ Average of rates available
—Norman N. Bowsher

THE
FEDERAL
A RESERVE
X HANK of
nr ST. 11N IS

DigitizedViews expressed do not necessarily reflect official positions of the Federal Reserve System.
for FRASER
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
218
216

JUN.

20

214

212.6
212.0

~ JUL

212.9
213.7
210.9
215. 1

212
210
208
206
204

202
200
198
196
194

I

IS 28

13 27 10 24

7 21

5 10

SEP

OCT

2 10 SO 14 28 II

DEC

LATEST DATA PLOTTED WEEK ENDING* JULY 25,

25

8 22

7 21

4

MAR

JAN

APR

18

2

16 SO

13 27 11

JUN

25

8 22

JUL

1984

THE ADJUSTEDMONET/gY BASE CONSISTS OFt ( I > RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
CIRCULATION (CURRENCY HELD BY THE PUBLIC AM) IN THE
VAULTS OF ALL DEPOSITORY INST TUT IONS). AND C3) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO
CHANGES^THEUAJORSOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT: DATA
£2FeC2&H7f£.!Y.IiUS BANK
A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAIL­
ABLE FROM THIS BANK.
RECENT DATA ARE PRELIMINARY
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
7/27/83

10/26/83 12/28/83

1Z25/84

2/22/84

3/28/84

10.3
8.2
11.1
8.6

5. 1
10.2
7.2

4/25/84

5/23/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/28/83
1/25/S4
2/22/84
3/28/84
4/25/84
5/23/84
6/27/84
7/25/84

7. 1
7.8
8.2
8.9
8.6
8.2
9.2
8.4


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

7.8
8.5
9.6
9. 1
8.4
9.8
8.6

11.1
12.0
10.7
9.3
11.1
9.3

12.2
10.4
8.8
1 1 .0
8.9

1 1.9
7.5

9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
555 r-------- 1---------- 1---------

19S4
JUN.

BILLION?

ll

6 20

4 It

JUN

BILLIONS OF DOLLARS
------ ------------- --------=1 555

548.2
545.0
546. I
544.5
546. 7
546.6

JUL

I

IS 20 12 26 10 24

7 21

S 10

NOV

DEC

2 16 SO IS 27 12 26

FEB

0 25

7 21

4

IS

2

16 SO IS 27

MAR

1983
LATEST DATA PLOTTED WEEK ENDING: JULY 16. 1964
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml CONS I STS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
SkDnT«:BHrucR!S^ Eci«e9-iiEft£LUPilTH0SE 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, AVERAGE OF FOUR WEEKS ENDING:
7/18/83

10/17/83 12/19/83

1/16/84

2/13/84

3/19/84

4/16/84

5/14/84

7.7
6.5
5.6
8.0
7.1

4.9
4.2
7.5
6.5

3.3
8.3
6.8

10.2
7.7

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/19/83
1/16/84
2/13/84
3/19/84
4/16/84
5/14/84
6/18/84
7/16/84

5.4
5.6
6.2
6. 1
5.9
5.6
6.7
6.3


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

5.7
6.8
6.5
6. 1
5.7
7.2
6.6

8.5
7.4
6.5
5.8
7.8
7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
ISM
JUN.

RATIO

11

2.570

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING-. JULY 16,
BILLIONS OF DOLLARS
158
1
1
156
154

150

BILLIONS OF DOLLARS
158

1

-

COMPOUNDED ANNUAL R)KTES
-----OF CHANGE. AVERAGE
IKE FOUR *EEKS END 1
” JULY 16, 1084 FROM
THF FOUR WFFKS FND1 sJG:
—

152

1084

MA Y
AP R.
— MAR.
_ FE 8,
JA N.
— OC
_ JU L!

14,
16,
19,
13,
16,

1984
1984
1984
1984
1984

8.
9.
8.1
7.
7. i

18 I

1983

S'

r

154

9.

"

156

152

CURRE NCY
-

150
148

148
-

-

-

-

146
144

1 !S4
-

142

✓

JUh .

r

j!lll

0 20
JUN

11
18
25
2
0
16
1 ii i 1 i
Mil -LliJ
JUL .

140
in -U-LL
4 10

I

JUL

AUG

mi

1111

15 20 12 20 10 24

SEP
1083

OCT

-LLL
21

NOV

111
5 10

DEC

1111

1 1 1

-LLL

2 10 30 13 2T 12 20

JAN

FEB

MAR

BILLIONS

0 25

7 21

APR
MAY
1984

153.0
154.1
~
154.6
154.1
“
155.0
—
155.1
i i i 1 i i i!
10 90 19 27

JUL

AUG

LATEST DATA PLOTTED WEEK EMHNGt JULY 16, 1084
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

144
142
140

TOTAL CHECKABLE DEPOSITS!/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
305

389.2
385.8
386.3
386.3

375

370

360

6 20

4 IS

JUN

JUL

I

15 20 12 20

10 24

7 21

5 10

NOV

DEC

2 16 30 15 27 12 20

FEB

0 23

7 21

4 10

MAY

MAR

JUN

2

10 30 13 27

LATEST DATA PLOTTED WEEK ENDINGt JULY 16, 1084
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
7/18/83

10/17/83 12/10/83

AVERAGE OF FOUR WEEKS ENDING:

1/16/84

2/13/84

3/10/84

4/16/84

5/14/84

8.5
6.7
4.8
8.2
6.8

5.2
3.2
7.7
6.2

0.9
7.8
5.9

10.3
6.9

10.6

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/19/83
1/16/84
2/13/84
3/10/84
4/16/84
5/14/84
6/18/84
7/16/84

3.8
3.7
4.5
4.9
4.7
4. 1
5.7
5.2


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

3.7
5.2
5.6
5.2
4.3
6.5
5.8

6.6
6.8
5.9
4.5
7.4
6.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—i 15.0

CORPORATE
Am BONDS

’RIME BANK

1 1.0

MUNICIPAL
BONDS

90 DAY
CD’S

I

JUN

15 29

JUL

12 26

AUG

9 23

SEP
1983

7 21

4 18

OCT

NOV

2 16 30 13 27

DEC

JAN

10 24

FEB

9 23

MAR

6 20

APR

4

18

MAY
1984

1

15 29 13 27

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JULY 27,

1984
JUNE

1
8
15
22
29
JULY
6
13
20
27 *
AUG.
3
10
17
24
31

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

1 1.31
1 1 .09
11.13
11.46
11.67
11.75
11.60
11.54
11.55

» AVERAGES OF RATES AVAILABLE. OF
** BOND BUYER’S AVERAGE INDEX

10.32
10.56
10.75
10.98
1 1 .07
11.11
11.13
11.03
1 1 .01

90-DAY
BANKERS'
ACCEPTANCES
10.92
10.81
10.85
11.27
11.46
11.44
11.41
11.36
11.28

CORPORATE
Am BONDS
13.56
13.46
13.48
13.55
13.71
13.69
13.53
13.36
13.46

CORPORATE
Bm BONDS
15.04
14.95
15.01
15.06
15.20
15.29
15.16
15. 18
15. 18

JUL

10 24

AUG

1984

MUNICIPAL
BONDS KK
11.07
10.78
10.59
10.56
10.76
10.C9
10.44
10.36
N.A.

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 ENDED FRIDAY

PERCENT
15.0

5-Y

TREASURY SECURITIES

RATE

3-MONTH N
TREASURY BILL

1

15 29 12 28

0 23

7 21
OCT

4 18
NOV

2

10 30 13 27

JAN

10 24

0 23

FEB

6 20
APR

4 18
MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*

1984

JULY 27.

1984

FEDERAL
FUNDS «K

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

10.30
10.72
10.85
11.49
11.27
10.91
11.25
1 1.21
11.19

9.76
9.81
9.95
9.91
9.81
9.92
10.04
10. 1 1
10.25

10.62
10.57
10.66
10.49
10.49
10.54
10.52
10.60
10.64

10.94
10.80
10.87
10.97
11.09
1 1 .01
10.94
10.89
10.85

13.69
13.34
13.36
13.49
13.72
13.67
13.39
13.23
13.25

13.71
13.38
13.35
13.41
13.62
13.65
13.31
13.21
13. 13

JUNE

1
8
15
22
29
JULY
6
13
20
27 X
AUG.
3
10
17
24
31

* AVERAGES OF RATES AVAILABLE.
XK SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.

mm

new

issue rate

RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

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

BILLIONS OF DOLLARS
390 r-------- 1---------- 1--------

ISfil
JUN.

BILLIONS OF DOLLARS
---------------------------- Z] 390

BILLIONS

II

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING; JULY 16,

1984

BILLIONS OF DOLLARS
160 ----------1---------- 1--------

ISfil
JUN.

BILLIONS OF DOLLARS
------------------------------- 160

BILLIONS

1

128.2

SAVINGS DEPOSITS

0 20

4 10

JUN

JUL

I

10 20 12 20 10 24

AUG

SEP
1983

7 21

5 10

NOV

DEC

2 10 90 19 27

JAN

FEB

12 20

MAR

0 29

APR
MAY
1984

JUN

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING; JULY 16, 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 0100.000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
760

&1LL1PNS.
750

741 .7
745.2
747.4
750.2
752.4

0 20

4

JUN

JUL

18

1

19 29 12

10 24

7 21

S 19

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING* JULY 16.

2 10 90 IS 27 12 26

9 29

7 21

4

18

2

16 90 19 27

1984

1/ SAVINGS DEPOSITS PLUS SHALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
7/18/83

10/17/83 12/19/83

1/16/84

AVERAGE OF FOUR WEEKS ENDING:

2/13/6-4

3/19/84

4/16/84

6.2
8.4
12.3
13.2

11.4
15.7
16.1

18.8
18.3

5/14/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/19/83
1/16/84
2/13/84
3/19/84
4/16/84
5/14/84
6/18/84
7/16/84

8.0
7. 1
5.3
5.1
5.5
6.2
7.9
8.6


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

7.3
4.0
4.0
4.7
5.9
8.2
9.1

•1.7
0.4
2.4
4.4
7.8
9.0

-0.6
2.3
4.8
8.7
10.0

20.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

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

LLIONS OF DOLLARS

BILLIONS OF DOLLARS
------------------------------- 255

BILLIONS
248.1
250.5

a 20
JUN

4 18
JUL

I IS 20 12 2a 10 24
AUG
SEP
OCT
1983

7 21
NOV

S IS
DEC

2 IS 90 IS 27 12 20 0 23 7 21
JAN
FEB
MAR
APR
MAY
1984

4 IS
JUN

2 IS 30 IS 27
JUL
AUG

LATEST DATA PLOTTED REEK ENDING. JULY 16. 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.

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

July

4
11
18
25
2
9
16

$395.6
395.4
393.5
390.6
390.3
390.9
389.9

MMMFs 2/
$191.3
191.1
191.3
190.4
190.9
190.8
192.7

SUPER MOHs 3/
$43.4
43.8
43.5
42.5
43.0
44.4
43.8

1/ Money market deposit accounts at all depository institutions, effective 12/14/82
2/ Total money market mutual fund balances
1/ 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


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

PREPARED BY FEDERAL RESERVE SAW OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

AVERAGES OF

DAILY FIGURES

BILLIONS OF DOLLARS

1894 MILLIONS
JUN. 20

3421

27

2973

4

4845

18
25

5891
8849

5 19

SEP

2 10 30 14

OCT

It 25

DEC

LATEST DATA PLOTTED WEEK ENDINGt JULY 25.

0 22

7 21

4 10

2 10 50 IS 27 It

JAN

JUN

25

8 22

JUL

1984

BUSINESS LOANS u

( COMMERCIAL AND INDUSTRIAL )

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
248

- COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR *EEKS ENDING - JULY 11. 1984 FROM
- THE FOUR WEEKS ENDINGt
- MAY
9,
- APR. 11.
MAR. 14,
FEB. 8.

1984
1984
1984
1984

I OCT. 12,
_ JUL. 13,

19.7
22.7

244

■

1983
1983

240

26.0

236

232

228

224

220

216

212

I

15 29 15 27 10 24

7 21

5 19

SEP

OCT

2

10 SO 14 28 II

DEC

25

8 22

7 21

4 10

MAR

JAN

APR

XJ-l.UJ-LUJ.il 1.1.1 11
2 10 SO IS 27 It

JUN

25

t 22

JUL

LATEST DATA PLOTTED WEEK ENDINGt JULY II, 1984
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 01.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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