Full text of U.S. Financial Data : March 5, 1987
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research library Federal of .financial Data "MAR 12 1987 March 5, 1987 The money multiplier shows how many dollars of the money stock (Ml) are supported by each dollar of the adjusted monetary base. Over the past year, the multiplier has risen by 6.4 percent, up sharply from 3.3 percent over the previous 12 months. The multiplier is sensitive to changes in the public’s holdings of currency relative to checkable deposits (the k-ratio) and time deposits relative to checkable deposits (the t-ratio). Reductions in these ratios, other things the same, increase the multiplier. A fall in the k-ratio increases the proportion of the monetary base that is held as reserves by depository institutions, permitting a multiple expansion of their checkable deposit liabilities. A fall in the t-ratio increases the proportion of reserves that depository institutions can use to support checkable deposits. As the table on the back page shows, recent increases in the Ml multiplier have been associated with sharp reductions in both the kand t-ratios. The more rapid growth of the multiplier since February 1985 can be attributed to the more rapid expansion of checkable deposits relative to currency and time deposits than occurred over the previous 12 months. —Philip A. Nuetzel (continued on back page) RESERVE llVNKof 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 264 ------------- ,---------- 1------ BILLIONS OF DOLLARS ------------------------------- 264 BILLIONS 255.0 256.6 257.9 259.9 259.4 259.3 IJ 1 I I I I 4 18 JAN FEB MAR APR MAY JUN 2 16 SO 13 27 To 24 JUL AUG SEP 8 22 OCT 5 19 NOV 3 17 31 DEC 14 29 11 JAN 25 I I FEB MAR 1986 LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt FEBRUARY 25, 1987 ^Jsi?igAu>si?g¥EBsi,iBMEFgarffifi ba^ce iuF RECENT DATA ARE PRELIMINARY. ADJUSTED MONETARY BASE COMPOUWED ANNUAL RATES OF CHANGE. AVERAGE OF TWO MAINTENANCE PERIODS ENDINGs 2/26/86 5/21/86 7/30/86 8/27/86 19/24/66 10/22/86 11/19/86 12/31/86 TO THE AVERAGE OF TWO MAINTENANCE PERIODS ENDING» 7/30/86 8/27/86 9/24/86 10/22/86 11/19/86 12/31/86 1/28/87 2/2S/87 9.3 9.1 9.0 8.8 9.4 9.6 10.2 9.6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.4 8.5 8.2 9.1 9.5 10.3 9.5 8.2 7.8 9.4 9.9 10.9 9.8 7.9 10.0 10.4 1 1 .6 10. 1 10.6 10.9 12.2 10.4 12.4 13.7 11.1 13.4 10.2 9.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 25 MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 760 BILLIONS _ JAN. 730.6 731 .8 736.9 734.6 736.6 738.5 — FEB 660 0 20 JAN 3 17 FEB 3 17 31 APR 28 MAY 20 14 12 0 23 7 21 JUL 1 AUG LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 23, 13 20 OCT 27 NOV 24 13 10 8 22 5 10 JAN 2 16 FEB 2 16 30 1987 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE DEPOSITS AND TRAVELERS CHECKS. MONEY STOCK (Ml ) COMPOUNDED ANNUAL RATES OF CHANGE, 2/24/86 5/26/86 7/21/86 8/25/86 17.6 17.9 17.2 16.8 16.8 18.5 18. 1 16.7 17.3 16. 1 15.6 15.9 18.4 17.9 16. 1 16.3 15.4 15.8 19.3 18.4 16. 1 13.0 14.5 19.3 18.2 15.5 AVERAGE OF FOUR WEEKS ENDING: 9/22/86 10/20/86 11/24/86 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/21/86 8/25/86 9/22/86 10/20/86 11Z24/86 12/22/86 1/26/87 2/23/87 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15.4 21.5 19.5 16.0 25.2 21.3 16.6 23.8 16.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 ! 4 MONEY MULTIPLIERS CURRENCY COMPONENT OF MONEY STOCK*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.8H Ml MULT I PL 13 27 10 24 10 24 JAN 7 21 5 19 APR FEB 2 IS 90 M 28 11 23 MAY JUL 8 22 6 20 3 17 OCT AUG NOV I 15 20 12 26 JAN 9 23 9 23 FEB LATEST DATA PLOTTED TWO WEEKS ENDING* FEBRUARY 23. 1987 ILL IONS OF DOLLARS BILLIONS OF DOLLARS 192 ---------- ,---------- 1-------- 986 _ MAY !6. !4, 10.0 1986 1986 CURRENCY 19fil JAN. BILLIONS 19 I I I I I I 1 L1 J ,1 J..1.U.1 8 20 3 17 JAN FEB 3 17 31 14 28 12 2fl APR 9 23 7 21 4 18 1 13 29 13 27 OCT MAY LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 23. 10 24 NOV 9 22 5 19 2 18 JAN FEB 1987 2 18 30 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 TOTAL CHECKABLE DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUS ItU BILLIONS OF DOLLARS 575 ---------- 1---------- 1-------- BILLIONS OF DOLLARS ------ ------------------------ 575 BILLIONS _ JAN. 19 — FEB. 538.2 538.8 543.7 541 .2 543.2 544.5 lliliii. 6 20 JAN 3 17 FEB 3 17 31 APR 28 MAY 26 JUN 14 12 0 23 1 7 21 19 » OCT 27 NOV 24 19 10 I 1 I 1J 8 22 5 10 JAN 2 10 FEB 2 16 LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 23, 1987 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, 2/24/86 5/26/86 7/21/86 8/25/86 21.9 22. 1 21.2 20.5 20.5 22.8 22.0 20.0 21.1 19.6 18.9 19.2 22.7 21.6 18.9 19.4 18.3 18.8 23.8 22. 1 18.7 15.3 17.2 24.0 21.8 17.8 AVERAGE OF FOUR WEEKS ENDING. 9/22/86 10/20/86 11/24/86 12/22/86 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/21/86 8/25/86 9/22/86 10/20/86 11Z24/86 12/22/86 1/26/87 2/23/87 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18.3 26.9 23.4 18.4 32.2 25.7 19.0 28.8 18.4 7.1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES PERCENT —i 11.0 LOAN JAN FEB MAR APR MAY JUN JUL AUG SEP Z 16 30 15 27 OC NOV DEC 1986 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE 1987 WEEK ENDING, MARCH 6, FEB 13 27 MAR 1987. 90 DAY CD'S 30-DAY COMMERC1AL PAPER 90-DAY BAMCERS* ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS set 6.22 5.90 5.85 5.82 5.88 5.97 6. 13 6.21 6.11 6. 10 7.31 6.01 5.90 5.87 5.94 6.01 6.20 6.20 6.08 6. 13 6. 10 5.74 5.73 5.70 5.83 5.88 8.07 6.07 6.03 5.98 8.49 8.40 8.33 8.31 8.37 8.38 8.39 8.40 8.36 8.34 9.97 9.82 9.70 9.65 9.68 9.65 9.66 9.67 9.64 9.63 6.85 6.70 6.65 6.54 6.56 6.57 6.67 6.62 6.59 N.A. JAN. 2 9 16 23 30 FEB. 6 13 20 27 MAR. 6 * 13 20 27 N^AVERAGES^Op7RATES AVAILABLE THE B0ARD 0F GOVERNORS- H. 15 RELEASE. ** 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 BAMC OF ST. LOUIS SELECTED INTEREST RATES AVERAGES OF DAILY RATES PERCENT PERCENT 11.0 r— — TREASURY SECURITIES DISCOUNT RATE 3 17 31 JAN 14 28 14 28 11 FEB MAR APR 25 9 23 MAY B 20 4 18 JUN JUL 1986 1 15 29 12 28 10 24 AUO SEP OCT 7 21 5 19 NOV DEC 2 18 30 13 27 JAN LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGt MARCH 6, 1987 JAN. 2 9 16 23 30 FEB. 6 13 20 27 MAR. 6 K 13 20 27 FEB IQ87 13 27 MAR 1987. FEDERAL FUNDS ** 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL 4aeK 1-YEAR TREASURY BILL SECURITIES LONG-TERM TREASURY SECUR1T1ES 9.20 7.62 6.01 6.01 6. 13 6.22 6. 1 4 6.21 5.95 6.06 5.65 5.46 5.35 5.35 5.51 5.62 5.75 5.55 5.45 5.51 5.68 5.55 5.43 5.27 5.43 5.59 5.69 5.70 5.41 5.51 5.64 5.49 5.45 5.38 5.50 5.59 5.71 5.64 5.57 5.59 6.79 6.63 6.63 6.58 6.66 6.74 6.68 6.81 6.74 6.69 7.76 7.58 7.59 7.56 7.69 7.70 7.77 7.73 7.63 7.58 trIaIury N0TEt .^TA..^r.EA5^ 1 y THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERM TREASURY * AVERAGES^OF TRATES^AVA I LABLE°^P^TED BY ™'S BANK‘ TREASURY BILL YIELDS ARE ON A DISCOUNTBASIS. Sfill^AUOn O^AVERAGE^fDISCOUNT*) ENDIN® ™° MYS EARLIER THAN DATE SH0WN http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BAN< OF ST. LOUIS 7 11.0 8 COMMERCIAL BANK SMALL TIME DEPOSITS^ LARGE TIME DEPOSITS*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 410 ---------- 1---------- 1--------- 1951 JAN. BILLIONS OF DOLLARS ----------------- -------------- 410 B.1LLIQNS 10 — FEB. 363.9 361.5 SMALL TIME DEPOSITS LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 23, 1987 BILLIONS OF DOLLARS 305 BILLIONS OF DOLLARS 305 1 1 1 1 BILLIONS _ 1S6ZJAN. 19 296.5 _____ _ 26 295.3 FEB. 2 293.8 16 296.3 23 296. - V \ - LARGE TIME 'N Jr )EPOS TS - \ v 7" >A / V*\ 290 - 290 285 7III 6 20 JAN 111 1 1 1 1 1 1 1 1 1 1 ii i i 1 1 1 3 17 3 17 31 H 28 12 26 0 23 7 21 FEB MAR APR MAY JUN JUL 1986 1 1 1 1 1 1 1 1 1 1 1 1 1 1 15 20 13 27 10 24 SEP OCT NOV AUG 1 II 1 J 1-11 1111 8 22 5 10 2 16 2 16 30 DEC JAN FEB MAR 1987 LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 23, 1987 1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 0100,000 2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 0100,000 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 AVtKAGtS OP DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 825 --------1--------,----- - ---- -------- ---------- 825 BJ.LL I ON? 820.4 820.2 819] 5 820.0 822.9 822.7 S 20 3 17 JAN FEB 3 17 31 M 28 12 28 APR 0 23 MAY 7 21 JUL 1986 4 18 I AUG 18 20 13 27 10 24 OCT 8 22 8 10 2 18 JAN NOV FEB 1887 2 18 30 LATEST DATA PLOTTED WELK BOINOt FEBRUARY 23, 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] 2/24/86 5/26/86 7/21/86 8/25/86 9/22/80 10/20/88 11/24/88 12/22/88 TO THE AVERAGE OF FOUR WEEKS ENDING*. 7/21/86 8/25/86 9/22/86 10/20/86 11/24/86 12/22/86 1/26/87 2/23/87 -0.9 -0.6 -0.3 -0.5 -0.2 0.3 1 .8 1.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0.0 0.5 0.0 0.4 1.0 2.9 2.8 1.3 0.3 0.8 1.5 4.0 3.7 0.0 0.7 1.7 4.7 4.3 0.2 1.6 5.3 4.7 3.3 7.5 6.3 10.7 8.0 9.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 4.0 ------------- 1---------- 1-----lfifiZ. JAN. FEB. 28 4 BILLIONS OF DOLLARS ------------------------------- 4.0 MILLIONS 979 448 MAR. TOTAL BORROWINGS I I I I LATEST DATA PLOTTED WEEK ENDINGt MARCH 4, 1987 BILLIONS OF DOLLARS BILLIONS OF DOLLARS ififll MILLIONS. ADJUSTMENT + SEASONAL BORROWINGS 1 15 29 12 26 12 26 9 23 7 21 MAY 4 18 JUN 2 10 30 13 27 10 24 AUG SEP LATEST DATA PLOTTED WEEK ENDINGt MARCH 4, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 22 5 19 3 17 31 14 20 I! 25 11 25 JAN FEB MAR 1987 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS COMMERCIAL PAPER OF NONFINANCIAL COMPANIES NOT SEASONALLY ADJUSTED billions of dollars JAN. 21 FEB. 4 billions of dollars 78,241 77,775 75,003 1 18 20 12 26 12 20 FEB MAR I I I I 0 23 7 21 MAY 4 18 JUN 2 16 30 13 27 10 24 AUG SEP 8 22 8 10 3 17 31 14 28 II 28 11 25 JAN FEB MAR LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 25, 1987 BUSINESS LOANS u ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/ BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS _ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF r the four Weeks ending ” FEBRUARY 18. 1987 FROM - THE FOUR WE&KS ENDING: ' - DEC. NOV. OCT. SEP. AUG. MAY FEB. 17, 19, 15, 17, 20, 21 19, 1986 1986 1986 1986 1986 39.9 1986 MILLIONS JAN. 14 284,197 285,567 283,740 18 20 12 26 12 26 FEB MAR 0 23 7 21 MAY 4 18 JUN 2 16 30 IS 27 10 24 AUG SEP 8 22 8 10 11 111. 1.1 11 1.1 U.LLL 3 17 31 14 28 II 28 II 25 JAN FEB MAR LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 18, 1987 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 'it j Ml Multiplier, k-Ratio and t-Ratio (seasonally adjusted) Period Ml multiplier1 k-ratio2 t-ratio2 2/25/85 2.584 .398 2.633 2/24/86 2.669 .381 2.526 2/23/87 2.841 .344 2.209 1 Averages of two reserve maintenance periods ending dates shown 2 Averages of four weeks ending dates shown http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis