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Federal Reserve Bank
of St. Louis
JUN 2 6

U.b. financial Data
June 21,1984

The prime rate has been increased by 50 basis points on
three occasions since mid-March. In each instance, the increase
in the prime coincided with increases in the banks' cost to acquire
loanable funds. Primary sources of loanable funds for banks are
certificates of deposit (CDs) and the federal funds market.
Over the seven-month period between mid-August 1983 and
mid-March 1984, when the prime rate held constant at 11 percent,
the average spread between the prime and the 90-day CD rate
was 151 basis points; the average prime-federal funds rate spread
over the same period was 150 basis points. As the table below
indicates, these spreads had narrowed at the time of each of the
three recent increases in the prime rate.
Average Interest Rate Spreads Prior to
Recent Changes in the Prime Rate
(basis points)
Periodj/
March 21, 1984
April 4, 1984
May 9, 1984

Prime - federal
funds rate spread
119
131
149

Prime - 90-day!/
CD rate spread
96
113
119

V Data are two-week averages ending date shown.
y CD rate is for weeks ending two days later than dates shown.
—Michael T. Belongia
THE
FEDERAL
^RESERVE
RANK of

or sxixH is

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
216

BJJLLLQflS

214

212.7
206.6

212

210.8

212.0
210

212.9

208
206
204
202
200
198
196
194

e 20
APR

4 IS
MAY

I 13 20 13 27 10 24

7 21
SEP

9 10
OCT

2 16 90 14 29 11 29
DEC
JAN

6 22

7 21

4 IS

MAR

APR

2 16 90 19 27

1983
LATEST DATA PLOTTED WEEK ENDING* JUNE 20. 1984
________________________________ ACCOUNTS OF FINANCIAL
THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) RESERVE_____________ ___________ INSTITUTIONS AT
rm-'mwL hlouul
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.
RECENT DATA ARE PRELIMINARY

ADJUSTED MONETARY BASE

i

6/22/83

<
a
<

COMPOUNDED

RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING

9/21/83 11/23/83 12/21/83

1/18/84

2/22/84

3/21/84

4/18/84

13.5
10.4
9.2
10.9

9.5
8.2
10.6

5.1
9.2

11.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6.9
6.5
6.6
7.4
8.2
7.8
7.6
8.4

11/23/83
12/21/83
1/18/84
2/22/84
3/21/84
4/18/84
5/23/84
6/20/84

7.7
7.6
8.5
9.6
8.8
8.4
9.4

6.0
8.2
9.9
8.7
8.2
9.6

9.8
11.6
9.7
8.9
10.3

>


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
555
550

540.1
541.2
544.4

545

545.2
548.2

540
535
530
525
520
515
510

4

18

2

16 90 13 27 II

JUN

25

8 22

5 10

3 17 31

JUL

14 28 12 26

NOV

O 23

1983

6 20

5 10

FEB

DEC

MAR
1084

2 16 30 14 28 II

25

LATEST DATA PLOTTED WEEK ENDING*. JUNE II, 1984
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBAMt PUBLIC PLUS COMCRCIAL BANK DEMAND DEPOSITS
HELD BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BAM<S AND OFFICIAL INSTITUTIONS)
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
6/13/83

9/12/83 11/14/83 12/12/83

AVERAGE OF FOUR WEEKS ENDING:
1/9/84

2/13/84

3/12/84

8.6
7.4
5.9
8.5

5.5
4.2
7.9

3.3
8.4

4/0/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/14/83
12/12/83
1/ 9/84
2/13/84
3/12/84
4/ 9/84
5/14/84
6/11/84

5.9
6. 1
5.9
6.5
6.5
6.3
5.9
7.0


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

5. 1
4.9
6.2
6.2
6.0
5.4
6.9

5.9
7.6
7.3
6.8
5.9
7.8

7.7
7.3
6.7
5.6
7.8

10.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK 2/
RATIO
2.9

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.0

—1--------- 1-------- 1—
1984
MAY

JU

RATIO

7
14

2.554
2.544

2. a

4

2.7

Ml MUL TIPLI

—

A

\

71 l/V

A
$
2.5

!lll

i ii i

in

111

1111

111

1111

LATEST DATA PLOTTED WEEK ENDING: JUNE II,

111

111

.1 i..i i

111

111

1111

111

jjjJ

1984

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
JUNE II, 1984 FROM
THE FOUR WEEKS ENDING: .
APR.
MAR.
FEB.
JAN.
DEC.
SEP.
JUN.

9,
12,
13,
9
12,
12,
13,

1984
1984
1984
1984
1983
1983
1983

10.4
8.8
6.9
8.1
8.6
8.8
8.8

CURRENCY

iflfll BILLIONS
152.8
152.9

1111111111111111
4 18

2 16 90 IS 27

JUN

II

JUL

28

8 22

9 10

3 17 91

14 28 12 28

NOV

0 29

DEC

6 20

9 10

FEB

MAR

2 18 90 14 28 II

MAY

28

JUN

LATEST DATA PLOTTED WEEK ENDING: JUNE II, 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 BAMC OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

382.2
383.2
386. 1
383.0
386.6
389.2

— JUN

4

18

BILLIONS OF DOLLARS
395

2

16 30

13 27

JUN

II

25

8 22

5

10

3

17 31

JUL

14 28

NOV

12 26

0 23

8 20

5

FEB

DEC

MAR
1984

1983

10

2

16 30

14 28

MAY

II

23

JUN

LATEST DATA PLOTTED WEEK ENDINGi JUNE II, 1984
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
6/13/83

9/12/83 11/14/83 12/12/83

AVERAGE OF FOUR WEEKS ENDING:
1/9/84

2/13/84

3/12/84

4/9/84

6.4
3.2
8.2

1.1
8.2

9.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
11/14/83
12/12/83
1/ 9/84
2/13/84
3/12/84
4/ 9/84
5/14/84
6/11/84

4.5
5.0
4.6
5.3
5.6
5.5
4.7
6.2


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

3.4
3. 1
4.5
5.1
5.0
4.0
6.1

4.8
6.6
7.0
6.5
4.9
7.5

6.2
6.8
6.3
4.4
7.5

9.0
7.6
5.0
8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0 r—

PERCENT
—I 15.0

CORPI

’RIME

RATE

90 DAY

COMMERCIAL
PAPER

I

IS 20 IS 27

APR

MAY

10 24

JUN

8 22

JUL

S 10

AUG
1983

2

18 SO M 28

SEP

OCT

II

25

NOV

0 23

DEC

8 20

S 17

JAN

FEB

2

16 SO 13 27

MAR

APR
1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JUNE 22,

1984
APR.

6
13
20
27
MAY
4
1 1
18
25
JUNE
1
8
15
22 *
29

11

25

MAY

8 22

JUN

1984

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KK

10.40
10.33
10.42
10.46
10.60
11.17
11.32
11.14
11.31
11.09
11.13
11.32

10. 16
10. 1 1
10.23
10. 16
10.28
10.52
10.54
10. 19
10.32
10.56
10.75
10.91

10.23
10.21
10.31
10.29
10.42
10.98
11.07
10.93
10.92
10.81
10.85
11.13

12.74
12.71
12.79
12.95
13.00
13.15
13.33
13.42
13.56
13.46
13.48
13.47

14.21
14.22
14.37
14.41
14.46
14.61
14.75
14.91
15.04
14.95
15.01
14.97

10.04
9.97
9.89
9.94
9.99
10. 19
10.36
10.83
11.07
10.78
10.59
N. A.

* 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 ENDED FRIDAY

PERCENT
14.0 i—

PERCENT

5-YEAf
TREASURY SECl ITIES
:CUR

RATE

_ 3-MONTH
N
TREASURY BILL

11111111
1

15 20 13 27

10 24

8 22

5 10

2

10 30 14 28 II

25

0 23

6 20

3 17

2 16 30 13 27 11

APR
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JUNE 22,

FEDERAL
FUNDS XX

1984
APR.

6
13
20

27
MAY

4

18
25
JUNE
1
8
15
22 X
29

3-MONTH
TREASURY
BILL

10.41
10.13
10.37
9.98
10.70
10.46
10.52
9.75
10.30
10.72
10.85
11.49

9.74
9.65
9.76
9.64
9.73
9.97
9.88
9.79
9.76
9.81
9.95
9.93

6-MONTH
TREASURY
BILL SOW
9.83
9.82
9.92
9.74
9.88
10.27
10.40
10.38
10.62
10.57
10.66
10.49

m AVERAGES OF RATES AVAILABLE.
”

1-YEAR
TREASURY
BILL
9.96
9.82
9.98
10.00
10. 18
10.46
10.59
10.73
10.94
10.80
10.87
10.87

25

1984

5-YEAR
TREASURY
SECUR1T1ES
12.36
12.24
12.38
12.47
12.65
12.99
13.24
13.35
13.69
13.34
13.36
13.25

LONG-TERM
TREASURY
SECURITIES
12.53
12.45
12.62
12.69
12.85
13.16
13.42
13.49
13.71
13.38
13.35
13.30

THAN DATE SH0*N-

*** NLW I55UE RATE

K5U8 B?LL“YIELDSRONS|j?SCOUNTf'Blsi!.ARE C0UPUTEI> BY THE FEDERAL HESERVE BANK °F ST- L0UIS-


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

PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS

7

8 22

MAY

8

SMALL TIME DEPOSITS 1/
COMMERCIAL BANK SAVINGS DEPOSITS
BILLIONS OF DOLLARS
390 ----------1------------- 1---------- 1---------=
380

ISM
MAY

7
14
21

Z

370

Z
-

JUN.

4
11

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
390
=

BILLIONS

380

358.8
359.7
360.6
362!
364.2

E
370
SMALL TIME

)EPOSI TS

/

E
360

z
350

E

III!

360

E

350
340

340
330

z

=

330
E
320

320
=

z

=

z

310

Lll
1111

iii

111

1111

in

1 1 1 1

111

111

1 I.LL 111. 1 ,1 1., 1 1 1.1

1 1 1

310

*1
1 1 1

LATEST DATA PLOTTED WEEK ENDING: JUNE II, 1984
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
1984

BILLIONS
128.5
128.4
128.2
28.0
128.0
128.2

SAVINGS DEPOSITS
140

125

4 18

2 18 SO 13 27 11 25
JUN
JUL

8 22

5 10

5 17 31 14 28 12 26
NOV
DEC

0 23

6 20
FEB

3 10
MAR

2 16 30 14 28 11 25
MAY
JUN

LATEST DATA PLOTTED WEEK ENDING. JUNE II, 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000.


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
760 ---------- ,------------- 1------

BILLIONS OF DOLLARS
------------------------------ 760

729.2
732.9
737.9
730.7
740.7

4 18

APR

2 16 30 13 27

MAY

JUN

11

25

JUL

8 22

AUG
1983

S 18

SEP

3 17 31

OCT

LATEST DATA PLOTTED WEEK ENDING* JUNE II,

14

NOV

12 28

DEC

0 23

JAN

8 20

5 10

FEB

MAR
APR
1984

2

16 30

14 28 II

28

1984

1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

total

time

DEPOSITS

COMPOUNDED ANNUAL RATES OF CHANGE ,
6/13/83

9/12/83 11/14/83 12/12/83

AVERAGE OF FOUR WEEKS ENDING:
1/9/84

2/13/84

3/12/84

5.9
8.5
12.1

10.9
15.0

4/9/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/14/83
12/12/83
1/ 9/84
2/13/84
3/12/84
4/ 9/84
5/14/84
6/11/84

8.5
8.3
7.7
5.7
5.5
5.8
6.5
7.8


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

8. 1
7.2
4.2
4.0
4.7
5.8
7.6

5.6
1.3
1.7
3.0
4.8
7.3

-1.2
0. 1
2. 1
4.4
7.3

-1.6
1.5
4.5
7.9

17.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
255

BILLIONS
239.5

248.3
248.3

230

225

4 18

2

18 30 13 27

JUN

II

25

8 22

5 10

3 17 31

JUL

14 28 12 26

NOV

0 23

DEC

8 20

5 10

FEB

MAR

2 16 30 14 28 II

25

LATEST DATA PLOTTED WEEK ENDINGt JUNE II, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.

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

June

30
7
14
21
28
4
11

$392.8
393.7
395.1
395.2
394.6
395.5
395.3

MMMFs 2 /
$186.7
185.3
187.7
189.6
191.4
191.6
191.5

SUPER NOWs 3/
$42.0
42.7
42.5
42.4
42.1
43.4
43.8

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

7/
7/


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

PREPARED BY FEDERAL RESERVE BAhK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1861

BILLIONS OF DOLLARS
0

MllJL-UttS

Z MAY

16
23
30
— JUN.
6
13

4613
3746
3006
3131
2506

I I I I
6 20

4 16

APR

MAY

I

15 20 13 27 10 24

7 21

5 10

SEP

OCT

2 IS 90 14 20 II 25

DEC

0 22

JAN

7 21

MAR

APR

LATEST DATA PLOTTED WEEK ENDING*. JUIC 20. 1964

BUSINESS LOANS u

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
-

BILLIONS OF DOLLARS
248

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
JUNE 6. 1984 FROM
THE FOUR WEEKS ENDING*.
4,
7,
8,
4.
7,
7,

“ FEB

1984
1984
1984
1984
1983
1963

244

30.6

240

31.0
236

22.9
II 7

232

220

239,664
241,548
242,531
241.004
11..1J..1.1.1.H.1-11111 .1
6 20

4

APR

MAY

18

I

15 20 19 27 10 24

7 21

5 10

SEP

OCT

2 16 90 14 28 II

DEC

25

6 22

JAN

7 21

MAR

2 16 90 19 27

APR

LATEST DATA PLOTTED WEEK ENDINGi JUNE 6, 1984
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COUtRCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 9750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

216

212

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