Full text of U.S. Financial Data : June 26, 1986

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T

f

RESEARCH LIBRARY
Federal Reserve 3.j

.°f U.Sb. Financial Data
JUL 0 1 1986

June 26, 1986

M2 growth has fluctuated substantially over the past year, as the table on
the back page indicates. All of M2’s major components have contributed to
this variability. A rapid expansion in both Ml and money market deposit accounts
(MMDAs) was largely responsible for the substantial growth in M2 from May
to August 1985. Though the growth in savings deposits and money market mutual
funds (MMMFs) also played a role, their contributions were smaller since
together they make up a relatively smaller share of M2. During this period,
the only major component of M2 that did not grow substantially was small time
deposits, which declined at a 3.8 percent rate.
The period of slower M2 growth from August 1985 to February 1986
corresponds with the substantial slowing of all its major components except small
time deposits. The growth of small time deposits actually accelerated from the
previous three-month period, growing at a modest 2.3 percent rate. Since
February, small time deposits have remained unchanged. The recent resurgence
of M2 growth can be attributed primarily to increases in Ml and savings deposits.
The increase in MMMFs, while spectacular in percentage terms, has contributed
somewhat less to the increase in M2, given that it represents less than 10 percent
of M2.

—Richard G. Sheehan
(continued on back page)

DUE TO THE HOLIDAY, THIS RELEASE
WILL NOT BE PUBLISHED ON JULY 3.

THE
FEDERAL
J RANK
RESERVE
of
Or ST. IXH 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
248

ILL IONS

246

240.0
244

— MAY
244.7

242
240
238
236
234
232
230
228
226

8 22

3 10

9 IT 31

14 20 II

AUG

25

9 23

SEP

6 20

4 18

NOV

DEC

I

IS 28 12 28 12 28

FEB

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt JUNE 18,
JUSTED MONETARY BASE IS THE SUM OF
RENCY INC
=_____ _ CURRENCY
CIRCULATION (C
TORY IN&TITUT.
TIONS) AND AN AOJUSTMEK
STED MONET/

----- ----£Y ,N

T

ARY.BASE
DETAI LEDUDESCRTp't7ON
OF'fj

8 29

MAR

7 21

4 18

MAY

JUN

2 18 30

1086

IREMEMT RATIO CHANGES.
THE MAJOR
DIT.
DATA ARE COMPUTED BY THIS
IS AVAILABLE FROM THIS BANK.

ftp

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDINGj
6/10/85

0/11/85 11/20/85 12/18/85

1 '15/86

2/12/86

3/12/86

4/23/86

9.5
7.3
8.2
9.2

7.7
8.8
9.8

7.2
9.0

12.5

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


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Federal Reserve Bank of St. Louis

6.9
6.0
6.0
7. 1
6.6
7. 1
7.7

8.4
7.7
8.9
7.7
8.3
9.0

4.5
7.2
6.3
7.2
8.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
DAILY FIGURES
SEASONALLY ADJUSTED

AVtrtAGtS OP
BILLIONS OF DOLLARS
680 =--------.---------- ,---------

BILLIONS OF DOLLARS

BILLIONS

----------------------------3

656.1
658.8
660.6

MAY

JUN

I

15 20 12 26

8 29

7 21

OCT

4 18

NOV

LATEST DATA PLOTTED WEEK ENDI NOi JUNE 16,

2 18 30 13 27 10 24 10 24

JAN

FEB

V

21

APR

5 18

2

16 90 14 28

MAY

1086

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS" H.6 RELEASE.
DEPOSITS^AND^TRAVELERS^CHECKS? BV THE N0NB"« PUBLIC’ DE“"® <*">*"8. OTHER OCCKABLE

MONEY STOCK (Ml 1
COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDINGt
6/17/85
0/16/85 11/18/85 12/16/85 1/13/86 2/17/86 3/17/86 4/14/86
TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
11/18/85
12/16/85
1/15/86
2/17/86
3/17/86
4/14/86
5/10/86
6/16/86

12.2
13.0
12.2
10.6
11.1
11.3
12.4
13.2


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

10.8
10.0
7.9
9. 1
9.6
1 1.4
12.5

12.3
7.8
9.6
10.3
12.6
13.8

3.9
7.4
8.7
1 1.7
13.3

7.3
9. 1
12.7
14.4

14.5
17.5
18.7

18.3
19.6

22.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

680

4

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

1986

ratio

RATIO

APR.

7

2.680

2.706

Ml MULTIPLIER

Mil
6 20

3 17

MAY

JUN

15 20 12 26

0 23

7 21

4 18

2 16 30 13 27 10 24

OCT

NOV

JAN

10 24

FEB

7 21

5 II

APR

MAY

2 16 30 14 28

LATEST DATA PLOTTED TWO WEEKS ENDINGi JUNE 16, 1986
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
180

COMPOUNDED ANNUAL RATES
—OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
“ JUNE 16. 1986 FROM
__ THE FOUR WEEKS ENDING:
—

APR.
MAR.
— FEB.
_ JAN.
DEC.
— SEP.
_ JU N.

14,
17,
17,
13,
16,
16,
17,

1986
1986
1986
1986
1985
1985
1985

8.2
7.6
7.
7.6
7.4
7.2

CURRENCY

1986
MAY

BILLIONS

12
176.2

111111111111

I I II
6 20

3 17

MAY

JUN

15 20 12 26

0 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

5 10

APR

MAY

2 16 30 14 26

LATEST DATA PLOTTED WEEK ENDINGi JUNE 16, 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

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500 r=------- 1---------- ,--------

MAY

----------------------------=1 500

12
477.0
478.2
480.9
484.3
485.7

6 20

3

MAY

JUN

17

I

13 20 12

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

3 19

APR

MAY

-=

490

-E

480

2 16 30 14 28

LATEST DATA PLOTTED WEEK ENDING, JUNE 18, 1986
miiimtUimiF ls Tlc sum v DEUM)D &e™s'ts M* OTHER checkable beposits at all

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/17/85

9/16/85 11/18/85 12/16/85

1/13/86

2/17/86

3/17/86

4/14/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/18/85
12/16/85
1/13/86
2/17/86
3/17/86
4/14/86
5/19/86
6/16/86

13.9
15.0
14. 1
11.6
12.4
12.7
14.3
15.4


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

12.4
1 1.4
8.2
9.8
10.6
13. 1
14.6

14.8
7.9
10.5
11.5
14.7
16.5

2.3
7.3
9.3
13.5
15.7

6.8
9.5
14.7
17.1

17.7
22.0
23.5

23. 1
24.8

29.0

PREPARED BY FEDERAL RESERVE 6AIK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT
13.0

‘RIME

MUNIC
BONDS

9 17 91

14 28 12

JUN

0 29

JUL

6 20

4 18

SEP

OCT

1

19 20 19 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2 18 90 19 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JUNE 27,

1986

MAY

2
9
16
23
30
JUNE
6
13
20
27 S
JULY
4
11
18
25

JUN

II

25

JUL

1986.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS *»

6.56
6.53
6.64
6.75
6.71
6.83
6.81
6.68
6.63

6.67
6.66
6.73
6.76
6.75
6.83
6.82
6.78
6.75

6.47
6.41
6.59
6.65
6.63
6.76
6.65
6.55
6.56

8.97
8.98
9. 12
9. 17
9. 14
9.29
9. 19
9.08
9.02

10.20
10. 16
10.29
10.37
10.37
10.47
10.43
10.29
10.22

7.33
7.36
7.53
7.78
7.70
7.97
8.08
7.82
N.A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
K AVERAGES OF RATES AVAILABLE
TU,.Deftlv
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

PERCENT
—

DISCOUNT RATE

TREASl

3 17 31

14 28 12 20

JUN

8 23

JUL

0 20

4 18

SEP

OCT

I

15 20 13 27 10 24

7 21

7 21

FEB

MAR

4 18

2 16 30 13 27

APR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 27,

FEDERAL
FUNDS *X
MAY

JUNE

2
9
16
23
30

6

13

20
27
4
11
18
25

6.88
6.8/
6.8/
6.85
6.95
6.89
6.87
6.86

JUN

11

25

JUL

1986.

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.11
6.05
6. 14
6.20
6.24
6.42
6.29
6.10
6.09

6.14
6.09
6.10
6.28
6.21
6.41
6.39
6. 18
6.13

6. 17
6. 10
6.24
6.33
6.37
6.55
6.43
6.21
6. 17

7.21
7. 19
7.58
7.78
7.70
8.02
7.83
7.45
7.33

7.81
7.80

* AVERAGES ^OFTRATES^AW?IuJblE****^TED BY ™'S B"*'

8.26
8.24
8.50
8. 14
7.98

TREASURY BILL YIELD

SUS!MYA^Jf?Dliigo!S|K, EM>ING ™» DAYS «»■'« TMAN “ATE SHOWN


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

PREPARED BY FEDERAL RESERVE BARK OF ST. LOUIS

7

12-0

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

BILLIONS OF DOLLARS

-

385.6
384.9
383.9
383.1
382.0
381.(

1

12
19
26
2
9
16

1

405

MAY

”
— JU N.

M il-

---------- 1---------- 1—----------1---------_
iaSfi
BILLIONS

II"
IX

305

1

1

SMALL TIME DEPOSI TS
-

1

385

i

1

i

1

i

V.

1

\

385

i

375

375

Lx
111

1111

1 1 IX 1 I 1

111 XLL XJXL 1 1 1

111

1111

XLL XLL 1 1 1 1 XLL

LATEST DATA PLOTTED WEEK ENDING. JUNE 16, 1986
BILLIONS OF DOLLARS
—l 295

BILLIONS OF DOLLARS
295

r
i
LARGE TIME

BILLIONS
290

i
DEPOSITS

in.t
88

19

281.5

9
16

:?
279.4
281.5

285

285

275

275

270

265

29 12 20

JUL

2 IS 90 19 27 10 24 10 24

DEC

AUG

JAN

FEB

1985

MAR

7 21

IS 90 M

APR
1986

LATEST DATA PLOTTED WEEK ENDINGi JUNE 16, 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
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
810 ---------- 1---------- ,--------

BILLIONS OF DOLLARS
------ ------------- ----------- 810

billions

791.9
791.8

II I I I I I I
< l»

MAY

JUN

JUL

AUG

SEP
1985

OCT

NOV

2

16 30 IS 27 10 24 10 24

DEC

7 21

5 IB

APR

MAY

3 IB 30 14 28

LATEST DATA PLOTTED KEEK ENDING. JUNE 16, I BBS
TOTAL TIME IS THE SIM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE THE DEPOSITS.

TOTAL TIME DEPOSI TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS
ENDING:
6/17/85
9/16/85 11/18/85 12/16/85 1/13/86 2/17/86 3/17/86
4/14/86
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/18/85
12/16/85
1/13/86
2/17/86
3/17/86
4/M/86
5/19/86
6/16/86

1.4
2. 1
3.6
5.3
4.3
3.8
2.8
2.0


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

5.2
7. 1
9.1
6.9
5.9
4.2
2.9

9.9
12.2
8.0
6.4
4.0
2.4

15. 1
8.6
6.5
3.6
1.8

6.4
4.4
1.5
-0.2

-2.4
-3.6
-4.5

-3.2
-4.5

-6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

6.0

BILLIONS OF DOLLARS

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

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGi JUNE 25, 1086
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS

1.5

ADJUSTMENT + SEASONAL
BORROWINGS

1

15 28 12 28 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27 II

NOV

DEC

23

8 22

3 18

5 18

FEB

MAR

2 16 50 14 28 11

MAY

25

0 23

JUN

LATEST DATA PLOTTED WEEK ENDINGi JUNE 25, 1086
1/ 83.767 FOR 11/27/85


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
BILLIONS OF DOLLARS

NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
------ ------------------------- 90

82,102
82,240
SOI 804
JUN.

4

82;137
84,827

* 22

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

5 19

S

FEB

MAR

ig

2 18 30 14 2* II

APR

!S8S

MAY

28

g 2a

JUN

1986

LATEST DATA PLOTTED SEEK ENDINOt JUNE 18,

1888

BUSINESS LOANS u

( COMMERCIAL

AND

INDUSTRIAL )

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

BILLIONS OF DOLLARS
285 ------------- ,---------- ,------

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

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR &EEK5 ENDING
U JUNE 11. 1086 FROM
THE FOUft WEEKS ENDING:
- APR.
MAR.
_ FEB.
JAN.
DEC.
“SEP.
JUN.

9,
12.
12.
8.
11.
11.
12.

1986
1086
1986
1986
1985
1985
1985

0.1
1.9
5.9
4.7
4.4
3.5
2.0

-

MILLIONS
MAY

7
262.101
260,616

I I I I
MAY

min
JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

2

15 90 14 28 II

MAY

25

9

JUN

1985
LATEST DATA PLOTTED WEEK ENDING: JUNE II,

1986

1/ BUSIICSS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

Changes in M2 and Selected Components
(seasonally adjusted compounded annual rates)

Period
5/85 - 8/85
8/85 - 2/86
2/86 - 5/86

M2

Ml

10.8%
4.9
11.4

16.2%
8.9
18.7

Total
MMDA1

MMMF2

Savings
deposits

27.1%
8.7
11.5

11.1%
4.8
30.4

12.8%
3.5
19.2

Not seasonally adjusted
General purpose and broker/dealer MMMFs, not seasonally adjusted


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Federal Reserve Bank of St. Louis