Full text of U.S. Financial Data : July 29, 1983

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U. S'. Financial Data
^stferal Reserve Bank of St. Louis

July 29,1983

itbtory-----------------------------------------------------------------------------------------------------------------------

AUG 1

1983
The income velocity of money-gross national product (GNP)
divided by the money stock (Ml)—usually accelerates in periods of
economic recovery. For example, in the first two quarters of the four
previous periods of economic expansion, the growth of velocity ranged
from a 3.3 to a 9.9 percent annual rate. In contrast, during the current
economic recovery, velocity has decreased at a 2.6 percent rate.
The recent movement in velocity, however, represents a
substantial increase from its growth during the recession that ended last
year, when velocity declined 5.5 percent. In the first quarter of the
recovery, velocity continued to fall. However, in the quarter just ended,
velocity showed a slight increase.
The slower expansion of velocity in the first two quarters of
the current recovery partly reflects the sharper growth in the money
stock compared to previous recoveries. Over the last two quarters, Ml
has grown at about a 14 percent rate. This is double the rate
experienced in previous recoveries. Since it takes some time for total
spending to fully adjust to a monetary impulse, the expansion of income
has not kept pace with the rapid growth of money, and velocity, as a
result, has been held down.
—Norman N. Bowsher

Velocity and Money (Ml) Growth
First Two Quarters of Recovery!/
Period
1/1961 IV/1970 1/1975 III/1980 -

III/1961
11/1971
III/1975
1/1981

IV/1982 -11/1983

Velocity
5.1%
3.3
6.4
9.9
-2.6

1/ Compounded annual rates of seasonally adjusted data.


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

Ml
2.8%
8.6
6.9
7.4
13.8

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
198

fllLLLflfeB
JUN.

22

196

195.0
194

194.8
195.0
195.4
194.9

192
190
188
186
184
182
180

2

18 SO

14 28

11

25

8 22

6 20

3 17

OCT

NOV

I

19 29

12 26

JAN

8 23

9 23

FEB

6 20

4

APR

MAY

18

I

IS 29

13 27

10 24

LATEST DATA PLOTTED WEEK ENDINGt JULY 27, 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 DEP0SIT6RY 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:
7/28/82

10/27/82 12/29/82

1/26/83

3/2/83

3/30/83

4/27/83

5/25/83

8.9
10.3
8. 1

1 1.4
8.2

7.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/29/82
1/26/83
3/ 2/83
3/30/83
4/27/83
5/25/83
6/29/83
7/27/83

7.7
8.0
9.7
10.3
10.0
10.0
10.3
9.6


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Federal Reserve Bank of St. Louis

8.7
1 1.4
12.0
11.3
1 1.2
11.4
10.3

14.7
14.7
13.0
12.4
12.5
10.9

17.0
14. 1
13. 1
13.0
11.1

11.2
10.8
1 1.3
9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

19S1
JUN.

15

BILLIONS OF DOLLARS

B1LLLQM&
54.3
54.0

2 16 50 14 28 II 25

JUL

0 22

AUG

6 20

5 17

OCT

NOV

1 IS 29 12 26

JAN

9 25

9 25

FEB

6 20
APR

4 10
MAY

I

15 29 15 27 10 24

LATEST DATA PLOTTED WEEK ENDING: JULY 20, 1983
ADJUSTED MONETARY 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, AVERAGE OF FOUR WEEKS ENDINGt
7/21/82

10/20/82 12/22/82

1/19/83

2/23/83

3/23/83

4/20/83

3/18/83

27.6
20.2
13.8
16.5
13.4

18.8
10.4
14.8
1 1.3

0.0
9.3
6.5

1 1.3
6.9

12.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/22/82
1/19/83
2/23/83
3/23/83
4/20/83
5/18/83
6/22/83
7/20/83

7.9
7.9
10. 1
12.7
11.8
10.2
11.7
10.6


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Federal Reserve Bank of St. Louis

10.9
14.0
17.5
15.4
12.5
14.4
12.5

15.8
21.2
17.2
12.7
15. 1
12.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUN.

15

=r JUL

BILLIONS OF DOLLARS
525

B.11L IMS.

520

511.2
511.4
508.2

515
510

514.7
516. 1

505

470 Er
- 465
460
455
450
445

—
2

16 30

14 28

JUL

II

25

3 22

AUG

6 20

3

OCT

NOV

17

I

15 29

12 26

JAN

9 23

9 23

FEB

6 20

4

APR

MAY

18

1

15 29

13 27

10 24

LATEST DATA PLOTTED WEEK ENDING-. JULY 20, 1983
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COWCRCIAL BAW< 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, AVERAGE OF FOUR WEEKS ENDING:
7/21/82

10/20/82 12/22/82

1/19/83

2/23/83

3/23/83

4/20/83

5/18/83

9. 1
1 1 .7
13.9
12.1

8.7
12.6
10.7

18.4
14.0

12.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/22/82
1/19/85
2/23/83
3/23/83
4/20/83
5/18/83
6/22/83
7/20/83

13.5
12.4
14.2
14.6
13. 1
13.5
14. 1
13.3


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Federal Reserve Bank of St. Louis

12.3
15.4
15.9
13.4
13.9
14.7
13.6

15.7
16.4
12.5
13.4
14.5
13. 1

21.3
14.6
15.2
16. 1
14.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

BAT ,1.Q

Ml MULTIPLIER

I I II
LATEST DATA PLOTTED WEEK ENDINGt JULY 20, 1983
BILLIONS OF DOLLARS
144 ------------ 1--------- ,-----

ILL IONS OF DOLLARS
—I--------- ------------ 144

COMPOUNDED ANNUAL RATES
---- OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
“ JULY 20. 1983 FROM
---- THE FOUR WEEKS ENDING: .
-

MAY
18,
APR. 20,
— MAR. 23,
- FEB. 23,
JAN. 19,
— OCT. 20,
_ JUL. 21

1983
1983
1983
1983
1983
1982
1962

7.7
9.6
9.2
10.2
10.7
10.0

CURRENCY

1331
JUN.

2

l« SO 14 28 II

JUL

25

8 22

AUG

0 20

9 IT

OCT

NOV

I

19 29 12 28

JAN

9 29

9 23

FEB

BILLIONS

15

40.2

■Ll-Llll 11 I I I I I

8 20

4

APR

MAY

18

1

19 29

19 27 10 24

LATEST DATA PLOTTED WEEK ENDINGt JULY 20, 1983
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

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
17.0

CORPORATE
Aaa BONDS

PRIME BANK
LOAN RATE

90 DAY

4 16

2 16 30 IS 27

AUG

!0 24

8 22

3 IS

5 17 61

14 26 11 23 II 25

JAN

SEP

FEB

6 22

MAR

6 20

3 17

MAY

JUN

I

13

12 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 29, 1983

1983
JUNE

3
10
17
24
JULY
l
8
15
22
29 *
AUG.
5
12
19
26

90 OAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

8,96
9 19
9 11
9.33
9.28
9.47
9.51
9.53
9.54

8.68
8.90
8.88
9 15
9.14
9. 13
9.15
9. 18
9. 16

8.83
9. 14
8.99
9.23
9. 15
9.33
9.44
9.44
9.43

11.76
11.77
11.66
1 1.71
11 .85
12.02
12.13
12. 17
12.24

13.40
13.41
13.31
13.34
13.39
13.42
13.41
13.36
13.36

9.78
9.69
9.38
9.38
9.36
9.55
9.54
9.44
N.A.

WK BOND^UYER‘ 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 ENDED FRIDAY

PERCENT
16.0

14.0

14.0

5-Y
TREASURY S

FEDERAL N
FUNDS RATE

3-MONTH
TREASURY BILL

4

18

2

IS 50 13 27 10 24

AUG

8 22

9 18

SEP
1982

3

17 91

14 28 11 29 11

JAN

FEB

29

8 22

MAR

8 20

MAY
1983

3 17

I

19 28 12 26

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JULY 29. 1983

1983
JUNE

3
10
17
24
JULY
I
8
15
22
29 *
AUG.
5
12
19
26

FEDERAL
FUNDS KX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.77
8.84
8.84
9. 14
8.90
9.39
9.21
9.43
9.46

8.57
8.76
8.70
8.97
8.88
9.07
9. 10
9. 10
9.08

8.67
8.79
8.83
9.02
9. 14
9.20
9.26
9.37
9.31

8.68
8.85
8.77
9.02
8.98
9.27
9.39
9.33
9.37

10.51
10.61
10.49
10.71
10.80
1 1 .07
11.22
11.22
11.30

10.94
10.98
10.84
10.95
11.09
11.34
11.46
11.41
11.52

« AVERAGES OF RATES AVAILABLE.
a* SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE. BOARD OF GOVERNORS* H.I5 RELEASE.
JBWt NEW I SSUE 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 BAM< OF ST. LOUIS

7

8
TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUN.

15

BILLIONS OF DOLLARS
375
370

366.3
366.4
363.0
368.9
369.8
370.6

365
360
355
350
345
340
335
330
325

JUL

AUG

OCT

NOV

JAN

APR

FEB

MAY

LATEST DATA PLOTTED WEEK ENDING: JULY 20, IMS
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING*
7/21/82

10/20/82 12/22/82

1/19/83

2/23/83

3/23/83

4/20/83

5/18/83

7.7
1 1.2
14.5
12.7

7.5
13.2
11.3

21.0
16.0

14.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
12/22/82
1/18/83
2/23/83
3/23/83
4/20/83
5/18/83
6/22/83
7/20/83

16.5
14.5
16.7
16.9
14.8
15.1
15,9
15.1


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

14.2
18. 1
18.2
14.8
15.3
16.3
15.2

17.0
17.6
12.5
13.7
15.4
14.0

24.2
15.3
16. 1
17.6
15.6

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

fllLLLQMS
689. I
691 .0
691.2
691.5
692.2
692,2

2

16 50

14 28 11

JUL

25

8 22

AUG

6 20

5 17

OCT

NOV

I

15 20

12 26

JAN

0 23

0 25

FEB

6 20

4 18

APR

MAY

I

IS 20 19 27

10 24

1982
LATEST DATA PLOTTED WEEK ENDING' JULY 20, 1983
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

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

July

15
15
22
29
6
13
20

$367.9
367.9
367.6
367.1
368.2
368.5
368.4

MMMFs 2/
$179.7
179.7
178.0
176.5
176.6
177.0
177.0

SUPER NOWs 3/
$32.0
32.0
31.7
31.4
33.1
33.1
32.9

2/ Total
mutual
fund at
balances.
V,
To+f^ money
marketmarket
deposit
accounts
all depository institutions, effective 12/14/8;
- HnH eUnZ1?
Ill dep0Sii0ry 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 BANK OF ST. LOUIS

9

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

BILLIONS OF DOLLARS
460
450

=-

iaaa

BILLIONS OF DOLLARS
460
£

billj. 2NS.
%

440

E

430
420

E

1

45

e

410
400
390

=
E
=

V

380
370
360
350
340
330
320
310

I

SMALL TIME 5EP0S

1

\

E

E

\

=

S»-

£
£

i

320
310

E

300
0

390

380
rz
370
£
360
E
350
E
340
E
330

-

v

jjj

420

ILLLX XLL JJ_L 1111

111

111 XI 1 1 XI 1 XLL 1II1

111 XLL 1 1 1 1 LLLL

w

300
0

LATEST DATA PLOTTED WEEK EWJJNGt JULY 20, 1983
BILLIONS OF DOLLARS

E_

im

BILLIONS OF DOLLARS
190

BILLIONS

185
180

=

JUL
SAVINGS DEPOSITS

175
170
165
160
155
150
145
140
135

2 16 30 14 26 J! 23

$ 22

6 20

9 17

OCT

NOV

19 29 12 20

JAN

9 29

FEB

9 29

0 20

4

APR

MAY

10

1

13 29 19

10 24

1982
LATEST DATA PLOTTED WEEK ENDINGt JULY 20, 1983
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100.000.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

0

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

billions of dollars

4.5

Mi MILLIONS.
JUN. 22

1715
2102

4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5

2

18 30

14 28 II

JUL

25

8 22

AUG

6 20

3 17

OCT

NOV

I

IS 29 12 28

9 23

9 23

8 20

4

APR

MAY

18

1

15 29 13 27

10 24

LATEST DATA PLOTTED WEEK ENDING. JULY 27. 1983

BUSINESS LOANS
( COMMERCIAL AND

1/

INDUSTRIAL )

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
232

_ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
__THE FOUR WEEKS ENDING
_ JULY 20. 1983 FROM
'
_ THE FOUR WEEKS ENDING;
“MAY
“APR.
“ MAR.
“ FEB.
- JAN.
- OCT.
- JUL.

18,
20,
23,
23,
19,
20,
21,

1983
1983
1983
1983
1983
1982
1982

-4.2
-0.4

208

MILLIONS
204

JUN. 15
215,707
JUL.

6

200
216,124

2

16 30

14 28

JUL

II

25

8 22

AUG

8 20

3 17

OCT

NOV

1

13 29 12 28

JAN

9 23

9 23

6 20

J 1 1 1 I I I I I I I LLL
4

18

1

15

13 27

10 24

FEB

1982
LATEST DATA PLOTTED WEEK ENDING. JULY 20, 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

285
280
275
227.4
270

255
250
245
240
235
230
225

JUL

AUG

OCT

APR

NOV

MAY

LATEST DATA PLOTTED WEEK ENDING. JULY 20, 1083
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 4100,000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS