Full text of U.S. Financial Data : March 28, 1985

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Federal Reserve Bank
of St. Louis____

~~ U.S. Financial Data
m 0

1

1985--------------------------------------------------------- -------------------------------------------------------

March 28,1985
Legislation enacted in 1980 calls for the gradual phaseout
of interest rate ceilings on deposits at banks and thrift
institutions by 1986. The most recent change took place on
January 1, 1985, when the minimum denomination on money
market deposit accounts (MMDAs) and Super NOWs was reduced
from $2,500 to $1,000. This phaseout will be completed on
January 1, 1986, when minimum denominations on these accounts
will be eliminated altogether.
MMDAs and Super NOWs were first created in late 1982
and early 1983, respectively, to provide ceiling-free interest rates
on deposits that could be used for transaction purposes. They
differ in that Super NOWs permit unlimited transfers, while
MMDAs do not. One would expect that these accounts would
attract a greater amount of deposits because of the new lower
minimum balance, and that close substitutes for these accounts,
such as small time deposit^ and money market mutual funds
(MMMFs), would become relatively less attractive. Although
there is some indication that this has occurred, the evidence is
not overwhelming. Since the end of 1984, MMDAs at commercial
banks have grown from $271 to $293.8 billion; Super NOWS at all
depository institutions increased from $49.1 to $53 billion. Small
time deposits at commercial banks have declined from $387.5 to
$383.3 billion after growing steadily throughout 1984. MMMFs,
however, have continued to grow, increasing from $231.9 to
$236.2 billion.
—A. Steven Holland

RESERVE
KWhi.t

Digitized views
for FRASER
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
228

BILLIONS OF DOLLARS
---------------------------- 228

--------------- ,------------,-------

218.7

221.0

— MAR.

222.3

220.8
220.4

I

IS 29 14 28 II 25

MAR

9 29

APR

6 20

4 IS

JUN

JUL
1984

I

15 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING, MARCH 27,

T 21

5 19

NOV

DEC

2 IS 90 19 27 13 27 10 24

FEB

MAR

APR

1965

THEADJimD M0NETARYBA8E 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
2ir.2liT2SY,'^I«TMUI'9yS.LAy5
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 AVAILABLE FROM THIS BANK.
RECENT DATA ARE PRELIMINARY.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
3/28/84

8/27/84

8/29/84

5.8
7.0
5.7
6. 1
5.8
6.2
6. 1
6.8

4.2
2.6
3.8
3.8
4.6
4.7
5.7

5.6
6.5
5.9
6.6
6.4
7.5

AVERAGE OF FOUR WEEKS ENDING:

9/26/84 10/24/84 11/28/84 12/26/84

1/30/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/29/84
9/26/84
10/24/84
11/28/84
12/28/84
1/30/85
2/27/85
3/27/85


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

3.3
3.4
4.9
5.0
6.5

6.1
7.1
6.7
8.2

6.6
6.2
8.3

7.4
9.7

10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

“ FEB

BILLIONS OF DOLLARS

567.3

569.0

572.8
572.6

Z- MAR

570.6
570. I

6 20

5 10

FEB

MAR

2 16 SO 14 28 II 25

6 20

3 IT

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING. MARCH 18,

1985

MAY

CURRENT DATA APPEAR

0 23

JUN

1

13 20 12 26 10 24

7 21

JAN

FEB

MAR
1985

IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS,
DEPOSITS AND TRAVELERS CHECKS.

OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/19/84

6/18/84

8/20/84

5. 1
5.4
4.2
4.2
4.7
5.7
6.0
6.5

3.7
2.0
2.5
3.5
5. 1
5.6
6.3

1 .7
2.7
4. 1
6.2
6.8
7.5

9/17/84 10/15/84 11/19/84 12/17/84

1/21/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/20/84
9/17/84
10/15/84
11/19/84
12/17/84
1/21/85
2/18/85
3/18/85


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

0.8
3.2
6.0
6.7
7.6

6.4
8.9
9. 1
9.8

11.5
10.9
1 1.4

1 1.9
12.2

1 1.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

1

RATIO
2.9

l

1985

RATIO

FEB.

|

MAR.

i3

1:1
2
Ml Ml LTIPL IER
A
> 1

A

\T

y^

------ V

S'

sA

S'

y

2.4

!lll 111

1111

111

111

1111

111

111

1111

1 j_L 1111

hi

111

111

1111!

LATEST DATA PLOTTED WEEK ENDINGt MARCH 18, 1985
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
166

COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF

164

~ MARCH 18, 1985 FROM
___THE FOUR WEEKS ENDINGt

162

the

four

—

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

Weeks ending

21,
17,
19,
15,
17,
18,
19,

1985
1984
1984
1984
1984
1984
1984

8.5
7.3
6.9
6.6
6.0
6.5
6.8

160
CURRENCY
158

1985
FEB.

11

BILLIONS
160.3

160.4
161.0

161.4
161.1

I I I I I I I I I I
6 20

5 19

FEB

MAR

2 16 30 14 28 II 29

9 23

6 20

3 17

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGt MARCH 18,

1985

1

19 29 12 26 10 24

7 21

4 18

4 18

JAN

FEB

MAR

15 29

1/ RATIO OP MONEY STOCK (Ml J 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

1335.

BILLIONS OF DOLLARS

BILLIONS
401 .7
403.3
406.5
405.9
404.3
403.7

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGt MARCH 18,

1985

FEB

MAR

JAN

FEB

MAR

1984

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, AVERAGE OF FOUR WEEKS ENDING:
3/19/84

6/18/84

8/20/84

4. 1
4.6
3. 1
3.3
3.9
5.3
5.7
6.4

2.3
0.2
I .2
2.4
4.6
5.3
6.2

0.2
1.8
3.5
6.5
7.1
8. 1

9/17/84 10/15/84 11/19/84 12/17/84

1/21/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/20/84
9/17/84
10/15/84
11/19/84
12/17/84
1/21/85
2/18/85
3/18/85


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Federal Reserve Bank of St. Louis

-0.4
2.5
6.4
7.1
8.3

6.6
10.2
10.3
11.1

13.6
12.7
13.2

14.2
14.4

12.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
15.0

PRIME BANK
LOAN 'RATE
CORPORATE
AAA BONDS
90 DAY
CD’S

10.0
MUNI CJPAL
BONDS

9.0

3 17

FEB

2

10 30 13 27 11

MAR

APR

25

MAY

8 22

JUN

6 20

JUL
1984

3 17 31

AUG

M 28 12 28

SEP

OCT

S 23

NOV

7 21

DEC

JAN

FEB

MAR
1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt MARCH 29, 1985.

1985
FEB.

1
8
15
22
MAR.
1
8
15
22
29 X
APR.
5
12
19
26

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

CORPORATE
Bm BONDS

MUNICIPAL
BONDS XX

8.23
8.56
8.64
8.77
8.91
9.22
9.04
9.01
8.83

8.14
8,40
8.46
8.50
8.55
8.80
8.77
8.72
8.64

8.12
8.40
8.48
8.67
8.82
9.12
8.92
8.84
8.72

11.85
11.95
12.01
12.21
12.47
12.55
12.58
12.64
12.52

13.13
13.14
13.13
13.21
13.51
13.63
13.70
13.75
13.69

9.37
9.52
9.64
9.71
9.71
9.75
9.76
9.82
N. A.

NOTE* CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
X AVERAGES OF RATES AVAILABLE
888 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

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT
— 15.0

TREASURY SECURITIES

>S RATE

3-MONTH
TREASURY BILL

I I I I
3 17

2 ie 30 13 27 II

FEB

MAR

APR

25

MAY

8 22

JUN

6 20

JUL

3 17 31

AUG

14 28 12 26

SEP

OCT

S 23

NOV

DEC

4 18

I

JAN

FEB

1984

15

I

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 29,

1985
FEB.

MAR.

APR.

1
8
15
22
1
8
15
22
29 X
5
12
19
26

15 20 12 28

MAR

APR

1985

FEDERAL
FUNDS MR

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL X*8K

1-YEAR
TREASURY
BILL

8.45
8.59
8.44
8.57
8.40
8.63
8.52
8.75
8.38

7.92
8. 17
8.21
8.31
8.47
8.69
8.55
8.51
8.36

7.97
8.30
8.28
8.25
8.53
8.98
8.79
9.04
8.86

8.35
8.47
8.47
8.58
8.84
9.09
9.09
9.15
8.98

5-YEAR
TREASURY
SECURITIES
10.76
10.99
11.00
11.17
11.47
11.51
11.54
11.60
11.49

1985.

LONG-TERM
TREASURY
SECURITIES
11.23
11.40
11.45
11.65
11 .91
11.95
11.92
11.98
11.88

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H. IS RELEASE EXCLUDING LONG-TERM TREASURY
« averaMs OF ratesHa“ilaLe'**'UTED by this banktreasury bill yields are on a DISCOUNTBASIS.
«» SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
**« AUCTI ON AVERAGE I DISCOUNT I


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

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

7

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

BILLIONS OF DOLLARS
410 ---------- 1---------- 1--------

FEB.

II
4

ILL IONS OF DOLLARS
—I---------- ------------- 41°

382.6
381.1
381.6
SMALL TIME DEPOSITS

382.0

LATEST DATA PLOTTED WEEK ENDING: MARCH 18, 1985
BILLIONS OF DOLLARS

FEB.

11

BILLIONS OF DOLLARS

263.6
264.4
LARGE TIME DEPOSITS
267.5

I I I I
B 20

5 10

FEB

MAR

2 16 50 14 28 II

MAY

JUN

25

0 23

6 20

3 17

AUG

SEP

1

15 20 12 28 10 24

7 21

4

JAN

FEB

18

4 18

1

15 20

MAR

LATEST DATA PLOTTED WEEK ENDING: MARCH 18, 1985
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

BILLIONS OF DOLLARS

790

BILLIONS
767.8
767.9
769.7
771.6

740

6 20

5 10

FEB

MAR

2 10 90 14 28 II 25
MAY

0 23

JUN

8 20

3 17

AUG

SEP

I 15
JAN

4 18

4 18

FEB

MAR

1 15 28

LATEST DATA PLOTTED WEEK ENDING: MARCH 18, 1985
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;
3/19/84

6/18/84

8/20/84

14.3
12.8
12.6
11.3
10.2
8.6
7.2
7.1

9.2
9.7
8.3
7. 1
5.5
4.0
4. 1

8.2
6.5
5. 1
3.3
1 .6
2.2

9/17/84 10/15/84 11/19/84 12/17/84

1/21/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/20/84
9/17/84
10/15/84
11/19/84
12/17/84
1/21/85
2/18/85
3/18/85


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

7.1
5.1
2.9
1.0
1.7

2.3
0.6
-1.2
0.0

-1.1
-3.0
-1.0

-4.6
-1.5

-0.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
1985.
FEB.

MILLION

20
27
6
13
20

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
10.0 ------------- 1---------- r—

TOTAL BORROWINGS

1354
1001
2038
1681

I I I I I l-LL

I I I I

LATEST DATA PLOTTED WEEK ENDING. MARCH 27,
BILLIONS OF DOLLARS
---------i---------- .---------- 2.0

BILLIONS OF DOLLARS
2.0

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

1985
FEB.
MAR.

MILLIONS
20
27
6

460
678
410

ADJUSTMENT + SEASONAL BORROWINGS
1

UJJLU 29

IS 20 14 28 11

MAR

II I I I 1 1 I..L1
0 23

APR

6 20

4 18

JUN

JUL

I

I I I I I ILL
IS 20 12 28 10 24

NOV

DEC

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING. MARCH 27, 1085
1/ 94.562 FOR 5/16/84, 95.730 FOR 5/23/84 , 92.080 FOR 5/30/64, 93.120 FOR 6/6/84


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MMDAS,

MMMFS AND SUPER NOWS

(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

MMDAs 1/
January
February

March

MMMFs 2/

$281,5
283.1
285.8
288.1
289.5
290.7
292.6
293.5
293.8

21
28
4
11
18
25
4
11
18

Super NOWs 3/

$240.3
240.1
238.0
238.4
237.2
236.8
238.5
238.0
236.2

$50.9
49.8
51.2
52.0
51.7
51.9
53.0
53.3
53.0

1/ Money market deposit accounts at commercial banks, effective 12/14/82

2/

Total money market mutual fund balances
3/ NOW accounts at all depository institutions, requiring a $1,000 minimum balance
and eligible to earn more than 5.25 percent, effective 1/5/85

BUSINESS LOANS u

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORT ING LARGE COMMERCIAL BANKS

2/

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
264 ------------- ,---------- ,-----

ILL IONS OF DOLLARS
—---------- -------- n 264

- COMPOUNDED ANNUAL RATES
- OF CHANGE, AVERAGE OF
“THE FOUR *EEKS ENDING '
_ MARCH 13, 1985 FROM
- THE FOUR WEEKS ENDING:
~ JAN.
16, 1985
13.2
'
- DEC. 12, 1984
6.8
~ NOV. 14, 1984
6.4
~ OCT.
10, 1984
7.6
'
- SEP. 12, 1984
7.7
- JUN.
13, 1984
6.7
- MAR. 14, 1984
11.5
-

MILLIONS
FEB.

6
251,754

MAR.

6
256,004

1 1 I I I I I I I I I I I I
I

IS 20 14 28 11

MAR

25

0 23

APR

6 20

4 18

JUN

JUL

1

IS 20 12 26 10 24

7 21

5 10

NOV

DEC

2 IS 50 13 27

FEB

13 27 10 24

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: MARCH 13, 1085
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 51.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11