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RESEARCH LIBRARY
Fftriftrnl Cfexramn E3----1.

J.Si Fi nancial Data
March 12, 1987
Business loans at all commercial banks increased 9.8 percent over the year
ending in January. As the table below shows, much of this growth occurred
over the last three months of this period. Over the four periods shown, total
loans of commercial banks displayed the same pattern of growth as business loans.
As the table indicates, growth in the other principal categories of commercial
bank lending was considerably more stable. The growth of real estate loans,
like business loan growth, accelerated in the final three-month period; real estate
loans expanded rapidly throughout the year, however. Consumer loans, which
showed the least variation in growth, increased more rapidly from January
through April 1986 than over the remainder of the year.

Growth of Loans at All Commercial Banks
(seasonally adjusted, compounded annual rates)
Period

Business

Real estate

Consumer

Total1

1/86-4/86

4.6%

13.4%

9.1%

7.4%

4/86-7/86

0.7

14.5

6.1

4.8

7/86-10/86

4.3

13.7

5.6

6.6

10/86-1/87

32.1

21.7

5.8

19.6

1 Includes other loan categories in addition to business, real estate and consumer

—Philip A. Nuetzel


http://fraser.stlouisfed.org
Views expressed do not necessarily reflect official positions of the Federal Reserve System.
Federal Reserve Bank of St. Louis

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

JLSfll
DEC.
JAN.
_

31
14

FEB

ILL IONS OF DOLLARS
264

BILLlflfcB.
256.6
257.9
259.9
259.4
259.3
261 . I

260

244

240

I

15 20 12 26 12 26

FEB

9 23

MAR

7 21

4

MAY

JUN

18

2 16 50 13 27

AUG

10 24

8 22

3

10

3 17 31

SEP

14 28 11

JAN

1986
LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt MARCH M,

25 11

FEB
1987

25

MAR

1987

THE ADJUSTED 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
DEPOSITORY INSTITUTIONS) AND AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES.
THE MAJOR
SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT.
DATA ARE COMPUTED BY THIS
BATK. A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
3/12/88

6/4/86

8/13/86

9/10/86

6.5
9.3
9.8
10.8
11.1
9.9

8. 1
9.3
10.6
11.0
9.6

10/8/86

11/5/86 12/17/86

1/14/87

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
8/13/86
9/10/88
10/ 8/88
11/ 5/86
12/17/86
1/14/87
2/11/87
3/11/87

8.5
9.0
8.0
8.8
9. 1
9.7
9.9
9.3


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

9.3
7.6
8.9
9.3
10.0
10.3
9.5

12.5
13.3
13.2
11.2

12.6
12.7
10.3

14.1
10.1

7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

_

JAN.

BILLIONS

DOLLARS

of

731 .8
737.0
734.8

26

738.6
738.0

6 20

3 17

JAN

FEB

3

17 31

14 28 12 26

APR

9 23

MAY

7 21

4 18

JUL

AUG

I

15 29 13 27

OCT

10 24

8 22

NOV

5 19

2

JAN

FEB

1986
LATEST DATA PLOTTED WEEK ENDINGt MARCH 2,

18

2

16 30

1987
1987

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS * H.6 RELEASE.
BY THE N0NBANK PUBLIC' DEMAND DEP0S,T8' 0THER

checkable

MONEY STOCK ( Ml )

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
6/2/86

8/4/86

9/1/86

17.9
16. 1
16.0
16.9
20.5
17.0
15.9

14.8
15. 1
16.7
21.8
16.9
15.5

13.2
15.9
22.3
16.4
14.8

9/29/86

M/3/86

12/1/86

1/5/87

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
8/ 4/86
9/ 1/66
9/29/86
11/ 3/86
12/ 1/86
1/ 5/87
2/ 2/87
3/ 2/87

17.8
18. 1
17.0
16.8
17.3
19.8
17.3
16.4


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

18.4
26.0
17.8
15.7

32.2
18.7
15.7

17.1
13.8

-0.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK*/
RATIO
3.0

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

—i----- r------- 1—
1987

RATIO

DEC.

15
29

2.841
2.878

FE B.

26
9
23

2.81
2.83
2.841

Ml Ml LTIPL IER

2.8

2.7

2.6

2.6

!lll XU- 1 1 IX XLL 1 1 1
7 21
5 10
13 27

JAN

10 24 10 24

FEB

MAR

APR

MAY

1 1 1 1

1 LL 1 1 1 1111s
XLL XLL XLLL XLL XLL XLLL
15 29 12 26 0 23 0 23

2 16 30 14 28 II

JUN

JUL
1986

25 8 22

AUG

SEP

LATEST DATA PLOTTED TWO WEEKS ENDING. FEBRUARY 23,

6 20

3 17

OCT

NOV

DEC

JAN

BILLIONS OF DOLLARS
192

-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING

_

DEC

1987

MAR

1987

BILLIONS OF DOLLARS

_

FEB
1987

I
184
CURRENCY

iSfil

BILLIONS
186.4
—
186.9
187.5
187.6

I I 1 I I I I I 1 I I I I I I I I
6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

MAY

9

7 21

JUL
1986

LATEST DATA PLOTTED WEEK ENDING. MARCH 2,

4 18

1

15 29 IS 27 10 24

OCT

AUG

8 22

5 19

2 16

2

16 30

NOV

1987

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

172

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
5tA50NALLY ADJUSTED

BILLIONS OF DOLLARS
575 ---------- 1---------- ,--------

ISflL
IAN.

rEB

BILLIONS OF DOLLARS
----------------- ------------- 575

BILLIONS

20

543.7
541.4
543.3

*

— 555

543.9

6 20

3 17

JAN

FEB

3

17 31

14 28 12 28

APR

8 23

MAY

7 21

4 18

JUL

AUG

LATEST DATA PLOTTED WEEK ENDINGt MARCH 2,
DEPOSITORY^?ITUT?ONSS IS THE SUM

1

15 20 13 27 10 24

OCT

8 22

NOV

5 10

2

JAN

FEB

10

2 18 30

1987

DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
3/3/86

6/2/86

8/4/86

9/1/86

22. 1
22.3
20.9
20.5
21.2
24.7
20.8
19.6

22.0
19.7
19.2
20.5
25.5
20.2
18.7

17.6
17.6
20.0
27.2
19.7
17.8

15.3
19.1
28.1
19.1
17.0

9/29/86

11/3/86

12/1/86

1/5/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/ 4/86
9/ 1/86
9/29/86
11/ 3/86
12/ 1/86
1/ 5/87
2/ 2/87
3/ 2/87


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

22.2
33. 1
20.7
17.9

42.4
21.9
17.9

19.2
15.0

-4.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

11.0 r—

corporate

MUNICIPAL
BONDS

IAN RATI

3 17 31

JAN

14

FEB

26 .II.
.14. —

MAR

APR

25
—

0
. 23

MAY

6 20
-

4 18

JUN
JUL
1986

I

IS 29 12 26 10 24

AUO

SEP

OCT

7 21

NOV

5 19

DEC

2

16 30 13 27

JAN

FEB
1987

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MARCH 13,

1987
JAN.

2
9
16
23
30
FEB.
6
13
20
27
MAR.
6
13 X
20
27

13 27

MAR

1987.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
BAA BONDS

MUNICIPAL
BONDS XX

6.22
5.90
5.85
5.82
5.88
5.97
6. 13
6.21
6. 11
6. 10
6. 15

7.31
6.01
5.90
5.87
5.94
6.01
6.20
6.20
6.08
6. 12
6.20

6.10
5.74
5.73
5.70
5.83
5.88
6.07
6.07
6.03
5.98
6.08

8.49
8.40
8.33
8.31
8.37
8.38
8.39
8.40
8.36
8.34
8.36

9.97
9.82
9.70
9.65
9.68
9.65
9.66
9.67
9.64
9.60
9.62

6.85
6.70
6.65
6.54
6.56
6.57
6.67
6.62
6.59
6.54
N.A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
**ABOk£G|§YER'SAAvIrAG£1^NDEX 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

PERCENT

11.0

5-YEAR
TREASURY SECURITIES

DISCOUNT RATE

3-MONTH
TREASURY BILL

3 17 31

14 28 14 28

FEB

MAR

11

APR

25

8 23

S 20

4 18

I

13 29

12 28 10 24

JUN
JUL
1986

7 21

5 19

NOV

DEC

2 16 30 13 27

FEB
1987

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt MARCH 13,

1987
JAN.

2
9
16
23
30
FEB.
6
13
20
27
MAR.
6
13 *
20
27

13 27

MAR

1987.

FEDERAL
FUNDS ft*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9.20
7.62
6.01
6.01
6. 13
6.22
6.14
6.21
5.95
6.06
6.12

5.65
5.46
5.35
5.35
5.51
5.62
5.75
5.55
5.45
5.54
5.67

5.68
5.55
5.43
5.27
5.43
5.59
5.69
5.70
5.41
5.51
5.59

5.64
5.49
5.45
5.38
5.50
5.59
5.71
5.64
5.57
5.61
5.73

6.79
6.63
6.63
6.58
6.66
6.74
6.88
6.81
6.74
6.71
6.78

7.76
7.58
7.59
7.56
7.69
7.70
7.77
7.73
7.63
7.58
7.64

NOTEt CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERAGES OF RATES^AVA ILABLE01^^60 BY ™IS BANK'
TREASURY R"-L YIELDS ARE ON A DISCOUNTBASIS.
** SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
mat AUCTI ON AVERAGE ( DISCOUNT )


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITSi/
LARGE TIME DEPOSITS*/

1
1

3

1

)EPOS

1

SMALL TIME

1

111

364.3
363.9
362.
362.
362.C
361 .7

1

1

„
R.

26
2
9
16
23
2

II

1

JAN.
FEB.

BILLIONS OF DOLLARS
410
1

400

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1

BILLIONS OF DOLLARS
410 ----------1---------- 1------------- 1---------I
1987
BILLIONS

1 1

'T T T T

t—

-LL-L

i n i

XXL -U-L

1111

-LLL

in

111!

U.J.. XU.

1 1 1 1

JAN.
FEB.

26
2
9

295.3
293.8
294.0

_

„
MA R.

23
2

296.
296.

V

\

1 1 1 1

i

BILLIONS OF DOLLARS
305

1
1
1
1081
BILLIONS

_

1 1 1

1987

BILLIONS OF DOLLARS
~

XXL

360

-

Jr

LARGE TIME 5EP0SI TS

'N
\
\

S

*

III!

7x

LATEST DATA PLOTTED WEEK EWING* MARCH 2,

in r

_______

370

1

1111

1

1

1

r-

/
-

-

285

XLLL^
Ill

XXL X-LLL XXL ILL
17
17 31 H 28 12
FEB
MAR
APR
MAY

mi. XXL XXL XXLL 1 XL 1 IX 1 l l l
10
0 23 7 21
13 29 13 27 10 24 8 22
JUN
JUL
SEP
OCT
NOV
DEC
AUG
1986

III XXL
5 19

2 10

JAN

FEB
1987

2 10 30
MAR

LATEST DATA PLOTTED WEEK ENDING* MARCH 2, 1987
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

iaai
_

JAN.

BILLIONS OF DOLLARS
830

BILLIONS.
820.2
819.5
820. 1
824. 1
820

6 20

9 17

JAN

FEB

3 17 31

14 26 12 26

APR

8 23

MAY

7 21

4 16

JUL

AUG

LATEST DATA PLOTTED WEEK ENDINGt MARCH 2,

I

15 28 19 27

OCT

10 24

8 22

NOV

5 18

JAN

2 16
FEB

2 16 SO

1987

TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/3/86

6/2/86

8/4/86

1 . 1
0.8
0.3
0.8
2.2
3.2
3.3

1.5
0.3
i.i
3. 1
4.2
4.2

9/1/86

9/29/86

11/3/86

12/1/86

1/5/87

0.9
4.0
5.4
5.2

7.1
8.2
7.3

10.2
8.4

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/ 4/86
9/ 1/86
9/29/86
11/ 3/86
12/ 1/86
1/ 5/87
2/ 2/87
3/ 2/87

-0.9
-0.3
-0.3
-0.4
-0.0
1.1
1 .8
2.0


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

-0.7
0.6
3. 1
4.5
4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
1987

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.0 ------------- 1---------- 1-----MILLIONS

18

745

4

512
TOTAL BORROWINGS

I I I I
LATEST DATA PLOTTED WEEK ENDING* MARCH 11, 1987
BILLIONS OF DOLLARS
------------------------------- 2*5

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

ififil

MILLIONS..
4

200

ADJUSTMENT 4- SEASONAL
BORROWINGS

—

I 15 29 12 28 12 28 0 23
JAN
FEB
MAR
APR

7 21
MAY

4 18 2 18 50 15 27 10 24
JUN
JUL
AUG
SEP
1986

8 22

5 19

3 17 31 14 26 II
JAN
FEB

11 25
MAR

LATEST DATA PLOTTED WEEK ENDING* MARCH 11, 1987


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.5

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
95

MILLIONS
JAN. 28
FEB. 4

70,161
77,368
77,775
76,129

85

I

15 20 12 26 12 26

FEB

0 25

MAR

7 21

4 18

MAY

JUN

2

16 50 15 27 10 24

AUG

8 22

5 10

3 17 31

SEP

14 26

JAN

II

25 11

FEB

25

MAR

LATEST DATA PLOTTED WEEK ENDINGt MARCH 4, 1987

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
290

_ COMPOUNDED ANNU/
_ IH|
vr onnrwt,
ur
FOUR *EEKS ENDING

285
— UCl. . Ct,

- NOV. 26,
- OCT. 22,
—acr. ct,

- AUG. 27,
- MAY
28,,
HUU Cl
- FEB. 26,

—

.

I woo

1986
1986

iwoo

25.8
22.3

1986
1986
I WOO
1986
275

270

284,197
285,567

JAN. 21
FEB.

4

260
281,907

111.1.1 I J 1 I .1 I 1 ) I
1

15 20

12

FEB

12 26

0 23

MAR

7 21

4 18

2 16 30 13 27 10 24

MAY

JUN

AUG

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 25,

8 22

5 10

SEP

3 17 31

14 28 II

JAN

FEB

23

11

23

MAR

1987

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND C0M4ERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11