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RESEARCH LIBRARY
Federal Reserve Bank

°m^L f nancial Data
JUN 2 4

1986

June 19, 1986
From this time last year to April 1986, interest rates generally declined. Long­
term rates fell dramatically, dropping 299 basis points from the week ending
June 21, 1985, to the week ending April 18, 1986. Short-term rates declined
much less, with the three-month Treasury bill rate falling 97 basis points over
the same period. As the table below shows, the spreads between the yield on
three-month Treasury bills and those on longer-term Treasury securities fell
substantially over much of the past year. In the last two months, however, these
trends have been reversed, with interest rate spreads increasing as longer-term
rates have increased more rapidly than short-term rates. Since April 18, for
example, the three-month Treasury bill rate has risen 26 basis points, while
the long-term Treasury securities rate has risen 70 basis points.

Spread Between Interest Rates on Selected U.S. Treasury
Securities and the Three-Month Treasury Bill Rate
(basis points)

Week ending

6-month
Treasury
bill

1-year
Treasury
bill

5-year
Treasury
securities

Long-term
Treasury
securities

6/21/85
4/18/86
6/20/86

9
9
8

33
1
9

269
96
136

360
158
202
—Richard G. Sheehan

RESERVE
RANK of

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
240 ---------- ,------------- ,------

BILLIONS OF DOLLARS
------------------------------- 248

billions
240.0
239.6
241.9
241.7

*“ MAY

243.8

10 24

a 22

5 19

5 17 31

14 29 II

AUG

25

9 29

6 20

4 18

NOV

SEP

DEC

1

15 29 12 20 12 20

FEB

9 29

7 21

4

MAY

MAR

JUN

18

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING* JUNE 18, 1986
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
1 AND AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES.
THE MAJOR
SOURCE A DETAILED DESCRIPTION OF BASE ADJUSTED MONEtSy BASE IS AVAILABLE FROM THIS BANK.
OF THE ADJUSTED MONETARY THE S FEDERAL RESERVE CREDIT. DATA ARE COMPUTED BY THIS
BANK.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING*
6/19/85

9/11/85 11/20/85 12/18/85

1/15/55

2/12/88

5/12/86

4/23/86

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
11/20/85
12/18/85
1/15/86
2/12/86
3/12/86
4/23/86
5/21/86
6/18/86

6.9
8.0
7.3
7.2
7.8
7.3
7.6
8. 1


4
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6.9
6.0
6.0
7.1
6.6
7. 1
7.8

8.4
7.7
8.9
7.7
8.3
9.0

4.5
7.2
6.3
7.2
8.3

9.5
7.3
8.2
9.3

7.7
8.8
10.0

7.2
9.2

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
670

654.6
656. I
658.8
660.5

660

666.9
650

640

650

620

610

600

590

I

15 29 IS 27

10 24

5 22

5 19

2 10 SO 14 29 II 25

OCT

9 23

6 20

9 17

JAN

NOV

FEB

S 17 91

1985
LATEST DATA PLOTTED WEEK ENDING. JUNE 9,

14 29 12 20

APR
1986

9 29

MAY

1986

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
6/10/85

9/9/85 11/11/85

12/9/85

AVERAGE OF FOUR WEEKS ENDING:
1/6/86

2/10/86

3/10/86

14.6
15.8
17.8

17.2
19.5

4/7/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/11/85
12/ 9/85
1/ 6/86
2/10/86
3/10/86
4/ 7/86
5/12/86
6/ 9/86

12.7
13. 1
12.8
10.9
11.1
1 1.5
12.2
13. 1


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

10.5
10.7
8. 1
8.8
9.8
10.9
12.3

13.2
7.9
9.0
10.4
1 1.8
13.4

4.7
7.1
9.3
11.1
13. 1

5.4
8.7
11.1
13.5

20.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
2.9

RAT IQ
2.673
APR.
2.693

2.721
2.705

Ml MULTIPLIER

4

MAY

JUN

OCT

LATEST DATA PLOTTED TWO WEEKS ENDING: JUNE 2.

18

2

16 30

NOV

13 27

JAN

10 24

10 24

7 21

FEB

1986

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
178

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JUNE 9. 1986 FROM
THE FOUR WEEKS ENDING:
APR.
MAR.
FEB.
JAN.
DEC.
— JUN

7, 1986
10, 1986
10, 1986
6, 1986
9, 1985
9. 1985
10, 1985

7.2
7.4
6.9
7.6
7.4
7.2
7.6

176

174

172

CURRENCY

170

.1986

BILLIONS
175.3
175.5
175.7
176.2
176.3
176.5

1 1 II I 1 1 J 1 1 LLLLLLL
MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

OCT

NOV

JAN

FEB

APR
1986

MAY

1986

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

164

162

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

473.2
474.5
477.0
478.2
480.9
484.3

1

15 29

13 27 10 24

MAY

5 22

5 10

2

15 50 14 28 II

OCT

JUN

LATEST DATA PLOTTED WEEK ENDING. JUNE 8,

25

0 25

6 20

3 17

JAN

NOV

FEB

3 17 31

14 28

APR

12 25

0 23

MAY

1986

TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
6/10/85

9/9/85 11/11/85

12/9/85

AVERAGE OF FOUR WEEKS ENDING:
1/6/86

2/10/86

3/10/86

17.7
19.5
22.3

21.2
24.4

4/7/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/11/85
12/ 9/85
1/ 6/86
2/10/86
3/10/86
4/ 7/86
5/12/86
6/ 9/86

14.5
15.2
14.9
12.0
12.4
13. 1
14.0
15.3


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

12.2
12.5
8.5
9.6
10.9
12.5
14.3

16.2
8.0
9.8
1 1.6
13.6
15.9

3.4
7.1
9.9
12.7
15.4

4.4
8.9
12.5
15.8

26.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
13.0

CORPORATE
Aaa BONDS

PRIME BANK
LOAN RATE

MUNICIPAL
BONDS
90 DAY

COMMERCIAL
PAPER

5 10

3 17 31

14 28

12 26

9 23

6 20

4

SEP

OCT

18

1

15 29 13 27

10 24

7 21

FEB

4

MAR

18

2

16 30

13 27

APR

1985
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JUNE 20,

1986
APR.

4
1 1
18
25
MAY
2
9
16
23
30
JUNE
6
13
20 *
27

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

7.02
6.62
6.44
6.47
6.56
6.53
6.64
6.75
6.71
6.83
6.81
6.68

7.22
6.83
6.57
6.57
6.67
6.66
6.73
6.76
6.75
6.83
6.82
6.80

6.82
6.48
6.32
6.47
6.47
6.41
6.59
6.65
6.63
6.76
6.65
6.55

8.74
8.75
8.66
8.90
8.97
8.98
9. 12
9. 17
9. 14
9.29
9. 19
9.07

CORPORATE
Baa BONDS

1986.

MUN1C1 PAL
BONDS ae*

10.28
10.24
10. 13
10. 13
10.20
10. 16
10.29
10.37
10.37
10.47
10.43
10.29

7. 15
7.25
7. 16
7.22
7.33
7.36
7.53
7.78
7.70
7.97
8.08
N. A.

NOTE;
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
** BOND BUYER'S AVERAGE INDEX 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

12.0

PERCENT
12.0

r~

—

5-YEAR
TREASURY SECURITIES

DISCOUNT RATE

3-MONTH
TREASURY BILL

5 10

3 17 31

M 28 12 26

JUN

JUL

9 23

6 20

4

SEP

OCT

18

I

15 20 13 27

10 24

7 21

FEB

4

MAR

18

2

16 30

13 27

APR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGt JUNE 20. 1986.

1986
APR.

4
11
18
25
MAY
2
9
16
23
30
JUNE
6
13
20 *
27

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.39
7.05
6.97
6.92
6.88
6.87
6.82
6.87
6.85
6.95
6.89
6.87

6.31
6.07
5.84
6.03
6. 1 1
6.05
6.14
6.20
6.24
6.42
6.29
6. 10

6.32
6. 17
5.93
5.87
6. 14
6.09
6. 10
6.28
6.21
6.41
6.39
6. 18

6.27
6.03
5.85
6.08
6. 17
6. 10
6.24
6.33
6.37
6.55
6.43
6.19

7.22
7.04
6.80
7. 10
7.21
7.19
7.58
7.78
7.70
8.02
7.83
7.46

7.66
7.62
7.42
7.81
7.80
8. 10
8.26
8.61
8.50
8.12

N0TEl
,N THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERaIe^OF^ATE^AVAILABLE0^0'60 BY ™IS BANK'
TREASURY BILL VELDS ARE ON A DISCOUNT BASIS.


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

en0,ng two days earlier than oate shown

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

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

BILLIONS OF DOLLARS

-------------r---------- 1---------- 1------------"
1986
BILLIONS.

-

1

JUN

386.5
385.7
384.9
383.9
383. 1
382.0

—

1

-

5
12
19
26
2
9

1

MAY

1

_

395

395
SMALL TIME )EP0S TS

_

W. in
111 1111 111 1 1 1 1 111 XULATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1986

1111

in

1 1 1

IXL 1 1 1 1

BULLS NS

,1
19
26
2
9

~

lti:°

-

281.
280.2
279.1
279.4

-

-

JUN.

1 LL XLLL

III!

1EP0SI

lLJ

/

llll

LARGE TIME

>

H U .X L L L

1586

-“*Y

375

BILLIONS OF DOLLARS
295

BILLIONS OF DOLLARS
295 -------------1---- ------ 1----------

M il'

/ ____

”

=

TTTT

;

-L U X

275

265

i i i

1 1 1 1

1 1 1

111

AUG
1985

SEP

OCT

NOV

INI. 1 1 1

111

i m

FEB

MAR

15 29 13 27 10 24

APR

MAY

JUN

JUL

DEC

JAN

1 1 1

XLL XLLL

APR
1986

LATEST DATA PLOTTED WEEK ENDING* JUNE 9. 1986
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
btASONALLY ADJUSTED

ILL IONS OF DOLLARS
10 ------------- 1---------- 1------

ILL IONS OF DOLLARS
—|---------- -------------- 810

798.0
796.5
794.0
792.0
791 .8

1

15 29 15 27

10 24

8 22

5 19

2 16 50 14 28 11

OCT

25

9 25

6 20

5 17

JAN

NOV

FEB

5 17 51

14 28 12 26

APR

9 25

MAY

LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1986
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS. SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
6/10/85

9/9/85 11/11/85

12/9/85

AVERAGE OF FOUR WEEKS ENDING:
1/6/86

2/10/86

3/10/86

4/7/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/11/85
12/ 9/85
1/ 6/86
2/10/86
3/10/86
4/ 7/86
5/12/86
6/ 9/86

1.3
1 .9
2.9
5.2
4.4
3.9
3. 1
2.1


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

5.2
6.2
9. 1
7.4
6.2
4.7
3.2

7.7
12. 1
8.7
6.7
4.6
2.7

15.2
9.6
6.9
4.5
2.2

9.5
6.1
3.3
0.9

-1.6
-2.4
-4.0

-2.6
-4.7

-8.1

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

TOTAL BORROWINGS

II I I
LATEST DATA PLOTTED WEEK ENDING* JUNE 18,

1986
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2.5 ---------- 1------------- 1-----1986

MILLION.

------ JUN.

“"ADJUSTMENT ♦ SEASONAL
BORROWINGS

3 17

I

APR

MAY

19 29 12 26 10 24

JUN

JUL

2 16 30 13 27

7 21

AUG

SEP

OCT

NOV

II

DEC

25

• 22

5 19

9 19

2 16 90 14 29 11

MAY

29

JUN

1985
LATEST DATA PLOTTED WEEK ENDING* JUNE 18, 1986
1/ 95.767 FOR 11/27/85


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
BILLIONS OF DOLLARS
90 ---------- ,------------- ,-----

MAY

4

BILLIONS OF DOLLARS

7

JUN.

NOT SEASONALLY ADJUSTED

3 17

I

82,667

15 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27

NOV

II

25

8 22

5 19

5 18

FEB

DEC

MAR

2 16 30 14 28 11

25

LATEST DATA PLOTTED WEEK ENDINGt JUNE II, 1986

BUSINESS LOANS v

(COMMtKCIAL AND

INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
265 ---------- ,------------- ,-----

BILLIONS OF DOLLARS
------------------------------- 265

COMPOUNDED ANNUAL RATES
“ OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- JUNE 4. 1986 FROM
THE FOUR WEEKS ENDINGt
- APR.
MAR.
_ FEB.
JAN.
DEC.
“SEP.
JUN.

2, 1986
5, 1986
5, 1986
1, 1986
4, 1985
4, 1985
5. 1985

0.6
4.1
6.3
6.1
4.8
3.9•
2.1

MILLIONS
APR. 30
MAY
7

260,261
262,101

JUN.
3 17

I

15

4

.11.1 1 I
12 28 10 24

7 21

AUG
1985

4

18

2 16 30 13 27 11

SEP

NOV

25

8 22

5 18

5 19

259,030
260,722

LU.1 I 1

2 16 30 14 28 11

DEC

MAY

25

JUN

igse

LATEST DATA PLOTTED WEEK ENDING: JUNE 4. 1986
1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 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