Full text of U.S. Financial Data : March 25, 1983

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V""

U. S. Financial Data
federal Reserve Bank of S^Louis

March 25,1983

IBRARY
WAR 2 8 1983
The growth rate of Ml can be decomposed into the growth
rates of the adjusted monetary base and the Ml multiplier. The
adjusted monetary base is designed to measure all Federal Reserve
Consequently, it
actions that influence the money stock.
incorporates the effects of open market operations and Federal
Reserve lending to depository institutions, as well as the impact of
changes in reserve requirements. Changes in the Ml multiplier
reflect changes in the public's preference for various financial
assets. These changes can either intensify or mitigate the impact
of Federal Reserve actions on the growth of Ml.
The events of last year provide a good example of each of
the above possibilities. From January through July of last year, M1
increased at a 3 percent rate while the adjusted monetary base and
adjusted reserves grew at rates of 7.5 percent and 6.4 percent,
respectively. The Ml multiplier declined substantially, restraining
the growth of Ml. During the next three months, the adjusted
monetary base and adjusted reserves continued to grow at
approximately the same rates as those in the preceding period. In
sharp contrast to the previous period, however, the multiplier
reversed its decline and rose dramatically, resulting in a marked
increase in Ml growth. Since October, the growth of Ml has
accelerated further to almost a 15 percent rate. Within the most
recent period, the multiplier has been relatively stable, but base
and reserve growth have accelerated to about 11 percent and 12.5
percent, respectively.
—Dallas S. Batten
Growth Rates of Monetary Aggregates
(compounded annual rates, seasonally adjusted)

Period

Ml

1/82

- 7/82

7/82

- 10/82

10/82

- 2/83


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

3.0%

Adjusted
Monetary Base

Adjusted
Reserves

7.5%

6.4%

13.2

7.4

5.8

14.8

10.8

12.5

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
194

BILLIONS,
FEB.
— MAR.

192

188.1
188.5
189.5

190

190.0

189.8
90.5

188
186
184
182
180
178
176

8

22

5

19

JAN
1982

2

16

2

IS 30

13 27

FEB
1983

LATEST DATA PLOTTED WEEK ENDING: MARCH 23.

1983

THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEPOSITORY 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:
3/24/82

6/23/82

8/25/82

7.5
7.4
7.2
7.4
7.4
7.7
8.6
9.4

4.8
5. 1
5.8
6.0
6.7
8.0
9.2

6.3
7.1
7.2
7.8
9.5
10.8

9/22/82 10/20/82 11/24/82 12/22/82

1/26/83

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
8/25/82
9/22/82
10/20/82
11/24/82
12/22/82
1/26/83
2/23/83
3/23/83


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Federal Reserve Bank of St. Louis

7.3
7.3
8.1
10.0
11.4

7.9
8.7
10.9
12.4

8.9
11.9
13.7

14.0
15.7

19.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF

DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
--------------------- ----------- 56

56 --------- ,------------ 1------BILLIONS
51.7
53.0
52.2
53.4
53.3

MAR.

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEf

1982
LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

1983

^RY BASE I 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 ENDING:
3/17/82
6/16/82 8/18/82 9/15/82 10/13/82 11/17/82 12/15/82 1/19/83
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/18/82
9/15/82
10/13/82
11/17/82
12/15/82
1/19/83
2/16/83
3/16/83

4.9
4.6
4.0
5.9
5.5
6. 1
7.6
9.3


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Federal Reserve Bank of St. Louis

0.8
0.6
4.4
4. 1
5. 1
7.3
9.5

1.3
7.5
6.3
7.3
9.9
12.6

9.7
7.5
8.4
11.3
14.2

10.9
10.9
14.0
17.0

7. 1
12.4
16.6

17.1
21.3

28.4

PREPARED BY FEDERAL RESERVE BANK OF ST.

3

LOUIS

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
505

MILLIONS
FEB.
MAR.

500

490.8
489.4
492.8
493.3

495
490
485
480
475
470
465
460

460

455
450

I I I I

1982
LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

1983

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK 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:
3/17/82

6/16/82

8/18/82

4.6
5.9
6.7
8.2
8.6
8.5
9.5
10.5

6.5
7.7
9.8
10.3
9.8
1 1 . 1
12.3

12.6
14.4
14.0
12.4
13.7
15. 1

9/15/82 10/13/82 11/17/82 12/15/82

1/19/83

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
8/18/82
9/15/82
10/13/82
11/17/82
12/15/82
1/19/83
2/16/83
3/16/83


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

14.9
14.2
12.2
13.8
15.3

15.3
12.3
14.3
16.0

9.7
13.1
15.6

13.3
16.4

22.6

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

MONEY MULTIPLIER 1/
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1983

RATIO

MAR.
2!619

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

1983

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
140

1 40

--------- 1------------ 1----------1--------“ COMPOUNDED ANNUAL R TES
138 ---- OF CHANGE, AVERAGE
THE FOUR WEEKS END 1 JG
~ MARCH 16, 1983 FROM
THE FOUR WEEKS END 1 JG:
136
- JAN. 19, 1983 14.'
DEC. 15, 1982 13.7
134 ---- NOV.
17, 1982 11.C
_ OCT. 13, 1982 10.'
SEP. 15, 1982
9.
132
_ MA r ; 17 ’ 1982
9.;

138

136
134

-

CURRE NCY

132

-

-

-

-

-

I 26

1981
FEE

124

-

126

BILLIONS

.

9

A

MAF .

|

|:j

-

122

124
122

8

1 1 1

11 M

3

3

17

FEB

17

MAR

1 1 1 -LLL ■1111
31

14

APR

28

12

MAY

26

9 23

JUN

111
7

111

21

JUL
1982

1 II 1
I

AUG

LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

15 29

SEP

1 1 1
13

OCT

1 1 1
27

10 24

NOV

1 1 II -U 1
8

22

)EC

5

19

JAN

Llll 111111
2

16

FEB

2

16

MAR
1983

30

13 27

APR

1983

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

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF

PERCENT
20.0 i—

DAILY RATES ENDED

FRIDAY

PERCENT

—i 20.0

19.0
18.0
PRIME BANK
LOAN RATE

90 DAY
CD'S

15.0

14.0

13.0

CORPORATE
AAA BONDS
12.0
MUNICIPAL
BONDS
11.0

1 1.0

10.0

10.0

COMMERCIAL
PAPER

.L.L.i-L
2

16 30

14

28

II

25

9 23

6 20

3

AUG

SEP

IT

I

5

29

12

26

10 24

1983
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 25,

1983
FEB.

MAR.

APR.

4
1 1
18
25
4
1 1
18
25 *
1
8
15
22
29

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

8.68
8.63
8.54
8.34
8.24
8.55
8.67
8.90

8.39
8.37
8.32
8. 14
8. 16
8.44
8.51
8.67

8.55
8.49
8.37
8. 19
8. 13
8.46
8.55
8.78

12.06
12.11
12.08
| 1 .82
11.63
11.72
11.79
11.78

CORPORATE
Baa BONOS
14.01
14.02
13.97
13.81
13.67
13.65
13.61
13.65

1983

MUNICIPAL
BONDS XX
9.74
9.72
9.53
9.34
9.04
9.22
9. 19
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'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
AVERAGES OF

PERCENT
18.0 r—

INTEREST RATES

DAILY RATES ENDED

FRIDAY
PERCENT
— 18.0

FEDERAL
FUNDS RATE

15.0

14.0

13.0

13.0

DISCOUNT
RATE

12.0

5-YEAR
TREASURY SECURITIES

3-MONTH
TREASURY BILL

I I I I
5

19

FEB

5

19

MAR

2

16 30

APR

<

28

MAY

II

25

JUN

9

23

JUL

6

20

AUG

3

17

1

15 29

12

26

10

24

SEP

1982

1983

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. MARCH 25,

4
1 t

18
25
4
I I

18
25

FEDERAL
FUNDS **

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

1-YEAR
TREASURY
BILL

8.53
8.50
8.62
8.47
8.44
8.59
8.57
8.75

8. 16
8.22
8. 16
7.91
7.97
8.25
8.31
8.53

8.23
8.35
8.39
7.97
7.95
8. 17
8.26
8.54

8.34
8.41
8.33
8.06
7.98
8. 27
8.37
8.54

I
8

5-YEAR
TREASURY
SECURITIES

10.38
10.45
10.28
9.95
9.76
10.03
10.08
10.24

1983

LONG-TERM
TREASURY
SECURITIES

1 l .01
11.04
10.91
10.59
10.45
10.67
10.70
10.71

15

22
29

# AVERAGES OF RATES AVAILABLE.
™AN °ATE S™"N'

KSUff


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

C°MPUTED BY THE FEDERAL RESERVE

°R «.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

LOU,S.

8
TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
—------------- -------- ZS 365

365 r--------1------------ 1----BILLIONS
351.4
350. 1
352. I
352.9
357.3
355.9

MAR.

I I 1 1.1..LL
3

17

31

14

28

12

28

9

23

7

1

21

15 29

13

OCT

27

10

I I I I

24

NOV
1983

1982
LATEST DATA PLOTTED WEEK ENDING-. MARCH 16,

1983

1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/17/82

6/16/82

8/18/82

3.2
5. 1
6.2
8.3
9. 1
8.7
10. 1
11.2

6.8
8.4
11.3
12.0
1 1 .0
12.7
14.0

14.9
17.5
17.2
14.5
16.3
17.5

9/15/82 10/13/82 11/17/82 12/15/82

1/19/83

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
8/18/82
9/15/82
10/13/82
11/17/82
12/15/82
1/19/83
2/16/83
3/16/83


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

18.2
17.6
14.2
16.3
17.7

19.2
14.3
16.9
18.4

10.4
15. 1
17.5

14.6
17.9

26.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS 1/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----- -------------- -------- 3 850

850 cz-------,------------ 1----BILLIONS

MAR.

760

731.7
723.5
718.4
712.0
707.6
703.8

Er

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

JAN

FEB

1982
LATEST DATA PLOTTED WEEK ENDING: MARCH 9.

1983
1983

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

MMDAs, MMMFs and "SUPER NOWs"
(billions of dollars, not seasonally adjusted)
MMDAs V
Feb.
Mar.

9
16
23
2
9
16

FMMFs 2/

$261.3
276.2
289.5
300.4
310.6
318.8

$207.0
204.6
203.5
202.4
199.9
198.4

“SUPER NOWs” 3/
$21.6
22.7
23.5
24.6
25.8
26.6

1/ Money market deposit accounts at all depository institutions, effective 12/14/82
2/ 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.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10
SMALL TIME DEPOSITS 1/
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
450
1
III
440

390

-JAN.
DEC.
z -NOV.
OCT.
-SEP.
JUN.

19,
15,
17,
13.
15,
16,

'

'

380
370

=

OF CHANGE, AVERAGE
F
-THE FOUR WEEKS END 1
MARCH 16, 1983 FROM
- THE FOUR WEEKS END 1

420

400

440

- COMPOUNDED ANNUAL RA TES

430

410

BILLIONS OF DOLLARS
450

1983
1982
1982
1982
1982
1982

-47.
-47.'
-39.C
-32.
-27.
-14.5

=
—

E

SMALL TIME DEPOSI TS

v
\

i
E

V
1983

330
_

320
310

tf

i

i

BILLIONS

FEB.

9
16

341.
338.

MAR.

22

11?!

300
0

400
=
390
E
380
E
370
E
360
E
350
E
340
|
330
E
320
E
310
E
.300

Y\

1

340

i

l

.8

i i i i

j

U9
t:
1

i i

11

i

i

i

II 1 1

420
410

=

360
350

430

111

111 LLLLL i

LATEST DATA PLOTTED WEEK ENDING-. MARCH 16,

i

i

111

1111

1 11

111

1111

iii’

0

1983

BILLIONS OF DOLLARS
90

BILLIONS OF DOLLARS

BILLIONS

185
180

MAR.

175

142.9

170
SAVINGS DEPOSITS

165
160
155
150
145
I 40
135

LATEST DATA PLOTTED WEEK ENDING: MARCH 9,
1/ COMMERCIAL BANK TIME DEPOSITS


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

ISSUED

1983

IN DENOMINATIONS OF LESS THAN * 100.000.

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF

BILLIONS OF DOLLARS

DAILY FIGURES

BILLIONS OF DOLLARS

4.5
1983
FEB.

MILLIONS

4.0

16

3.5
3.0
2.5
2.0

1.5
1.0

0.5
8

22

5

19

2

16

2

16 30

13

27

1983
LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983

BUSINESS LOANS u
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL

BANKS 2Y

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
228

BILLIONS OF DOLLARS

228

- COMPOUNDED ANNUAL RA TES
- OF CHANGE, AVERAGE 0
- THE FOUR WEEKS END IN
- MARCH 16, 1983 FROM
- THE FOUR WEEKS END 1N Gt
- JAN. 19, 1983
7.4
”
“
“
_

DEC.
NOV.
OCT.
SEP.
JUN.
_ MAR.

15, 1982
17, 1982
13, 1982
15, 1982
16, 1982
17, 1982

z
220

5.3
2.5
-0.7
2.3
4.1
8.5

r
z

/V. A-'

z

216

212

=

z

5

r

-

1

-

Z

r

m

111
si 11
3 17
FEB

1111

111

.111

iiii _LLL 1 1 1
9

MAR

APR

MAY

23

JUN

7

2

JUL
1982

4 18
AUG

LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

1111
15 29

SEP

1 1 1 J..LI.
13

OCT

27

10

NOV

1 1 1 1
24

8 22

DEC

-

MILLIONS

9
217,138
16
217,055
23
216,870
MAR. 2
218,724
9
217,811
16
218,509
U 1 1 1 1 1 1 1 1 i
1 1 1
6

JAN

I

2

16 30

MAR

Z
“
“

_

i;

13

2

APR

1983
1983

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER
2/ BANKS WITH DOMESTIC ASSETS OF *750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

11

LOUIS

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS
285

BILLIONS
280
275

270

255

250
245
240

JAN
LATEST DATA PLOTTED WEEK ENDING-. MARCH 16,

FEB

1983

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF •100,000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS