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RESEARCH LIBRARY
Federal

RnnR

of tJ^S5. financial Data
MAR 1 0 1986

March 6, 1986

The growth rate of the money stock (Ml) has been rapid over the past 12
months; as the table below shows, the currency and demand deposit components
of Ml expanded at moderately fast rates during the last year, while other
checkable deposits grew even faster. Since September, however, the growth
rate of Ml has decelerated substantially. This recent slowing primarily reflects
the slower growth of total checkable deposits, especially demand deposits. De­
mand deposit growth dropped by nearly two-thirds during the last five months
from its pace during the preceding seven months, while other checkable deposit
growth declined by about one-third during this same period. In contrast, the
growth rate of currency remained virtually unchanged throughout the past year.

Growth Rates of Ml and Its Major Components
(seasonally adjusted compounded annual rates)
Averages of
four weeks ending

Ml

Currency

Demand
deposits

Other
checkable
deposits

2/25/85-2/24/86

10.8%

7.7%

7.1%

20.3%

2/25/85-9/23/85
9/23/85-2/24/86

12.8
8.2

7.8
7.5

9.6
3.8

23.4
16.1
—Mack Ott

THK
FEDERAL
A RESERVE
JU RANK of
ST. LOLLS

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

1M
DEC.
JAN

18
‘

FEB.

12

BILLIONS OF DOLLARS
242

BULLOUS

240

235.5
235.3
235.2
237.8

238
236
234
232
230
228
226
224
222

220
218

2 10 30 13 27 13 27 10 24

FEB

MAR

APR

•

22

3 10

3 17 31

14 20 11

AUG

SEP

9 23

0 20

NOV

4 10

DEC

1

15 20 12 20 12 26

1985

FEB
1986

MAR

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGi FEBRUARY 26, 1986
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
" 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,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING*
2/27/85

5/22/85

7/31/85

8/28/85

10.0
9.4
8.4
7.8
8.3
7.6
8.4

8.9
7.2
6.6
7.6
6.7
8.0

5.8
5.4
7.1
6.1
7.6

9/25/85 10/23/85 11/20/85

1/1/86

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
7/31/85
8/20/85
9/25/85
10/23/85
11/20/85
1/ 1/86
1/29/86
2/26/86


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

6.9
7.4
7.4
7.0
6.7
7.2
6.8
7.5

4.3
6.9
5.7
7.6

8. 1
6.2
8.5

6.9
9.6

8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

l£fi&
JAN.
FEB.

20
27
3

BILLIONS

of dollars

ftiLLLQMS
627.2
627.5
624.8
631.2
630.3
634.0

I I I I
I

JAN

FEB

15 20 13 27

MAY

MAR

10 24

8

JUN

OCT

NOV

JAN

FEB

1985
LATEST DATA PLOTTED WEEK ENDING*. FEBRUARY 24,

1986

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, AVERAGE OF FOUR WEEKS ENDING:
2/25/85

5/27/85

7/22/85

8/26/85

1 1 .9
12.9
12.8
12.5
1 1 .9
12.2
1 1.3
10.8

16.2
15.2
14.3
13.0
13.4
1 1.9
11.2

14.8
13.5
11.9
12.6
10.8
10. 1

1 1.3
9.9
1 1.2
9.4
8.8

9/23/85 10/21/85 11/25/S5 12/23/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/22/85
8/26/85
9/23/85
10/21/85
11/25/85
12/23/85
1/27/86
2/24/86


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

9.0
11.1
8.9
8.2

1 1.2
8.3
7.7

8.7
7.6

4.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4

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

1986
DEC.
JAN.
FEB.

14 28 II

JAN

RATIO

16
30
13
27
10
24

2.664
2.667
2.670
2.668
2.642
2.652

23 II

FEB

25

Ml MULTIPLIER

8 22

6 20

3 17

MAY

MAR

JUN

1

15 20 12 26

0 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

1985

FEB
1986

LATEST DATA PLOTTED TWO WEEKS ENDINGt FEBRUARY 24, 19
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
176

COMPOUNDED ANNUAL RATES
___OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
- FEBRUARY 24, 1986 FROM
THE FOUR WEEKS ENDING:
DEC.
23,
NOV. 25,
OCT. 21,
—SEP. 23,
_
AUG. 26,
MAY
27,
___FEB.
25,
-

1985
1985
1985
1985
1985
1985
1985

174

172

8.4
7.8
7.9
7.5
7.5
8.0

170
7.7.

CURRENCY

168

19S6.
JAN.

20

BILLION?
172.3
172.2
173.0
173.2

11111111111111111
4

JAN

18

4

18

1

FEB

15 20 13 27 10 24

MAY

8 22

5 19

2

18 30 14 28 II

25

0 23

8 20

3

JAN

JUN

FEB

17

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 24, 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

B.ILLUMS
449.2
446.6
452.5

I I I I
1

JAN

FEB

IS 20 19 27 10 24

MAY

MAR

8 22

5 10

2 16 30 14

OCT

JUN

NOV

JAN

FEB

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 24, 1986
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 ENDINGt
2/25/85

5/27/85

7/22/85

8/26/85

13.7
14.8
14.7
14.5
13.6
14.2
12.7
12.1

18.9
17.7
16.8
15.0
15.6
13.4
12.5

16.9
15.7
13.4
14.6
1 1 .9
10.9

13.5
11.2
13.2
10.3
9.4

9/23/85 10/21/85 11/25/85

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/22/85
8/26/85
9/23/85
10/21/85
11/25/85
12/23/85
1/27/86
2/24/86


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

10.1
13.0
9.5
8.6

12.8
8.4
7.6

8.9
7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
14.0

14.0

CORPORATE
AM BONDS

10.0
LOAN RATE

MUNICIPAL
BONDS

4 18

JAN

I

13

FEB

1

13 29 12 26 10 24

MAR

APR

MAY

7 21

5 19

JUN
JUL
1985

2

16 30

AUG

13 27

SEP

11

25

OCT

8 22

NOV

6 20

DEC

3

17 31

JAN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 7,

1986
JAN.

FEB.

MAR.

3
10
17
24
31
7
14
21
28
7 *
14
21
28

14 28 14 28

FEB
1986

MAR

1986.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

CORPORATE
Bm BONDS

MUNICIPAL
BONDS MX

7.74
7.81
7.91
7.84
7.76
7.73
7.74
7.67
7.62
7.54

7.89
7.75
7.84
7.77
7.72
7.70
7.73
7.69
7.66
7.60

7.65
7.66
7.72
7.62
7.61
7.59
7.62
7.52
7.52
7.37

9.92
9.95
10. 18
10. 13
10.00
9.90
9.84
9.64
9.29
9.04

11.36
11.37
11.48
11.49
11.43
11.29
11.25
11.10
10.82
10.55

8.33
8.04
8. 10
8.05
7.86
7.73
7.62
7.44
6.98
N. A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
K* BOND BUYER'S AVERAGE IM5EX 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

13.0 r-

—i 13.0

TREASURY”SECUf

DISCOUNT RATE

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

22
NOV

0 20
DE

3 17 31

14 28 14 28
FEB
MAR

1985
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING;
MARCH 7,

FEDERAL
FUNDS*#
JAN.

FEB.

3

9.55

10

8.20

17
24
31
7
14

21

28
7 *
14

7.94
7.87
7.83
7.97
7.85
7.84
7.82
7.89

1

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XBI6K

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.04
7.13
7. 17
6.99
6.98
7.06
7. 1 1
7.05
7.04
6.89

7.07
7.11
7.28
7.14
7.03
7.06
7.23
7.03
7.00
6.87

7.12
7.21
7.32
7.21
7. 1 1
7.12
7.17
7. 1 1
7.02
6.83

8.50
8.65

9.44
9.53
9.72
9.67
9.52
9.46
9.34
9.07
8.62
8.31

8.86
8.75
8.56
8.52
8.44
8.32
8.06
7.66

21

28

wbsspss,.

SE.S5XI!?l8ayA0^fD,;i?oI^K, ENDING ™° MYS EARLIER


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

°*TE shown

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

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

BILLIONS OF DOLLARS

~1---------- 1---------- 1------------1986

-

JAN.

“

FEB.

BILLIONS

20
27
3
10
17
24

-

-

386.4
387.0
387.4
387 7
387 8
387 7

-

TS

1

1

8

1

SMALL TIME l

LJ_

"

.

-

-

-

375
375

■L
;

.in

mi

1111

1 1 1

_LLL _LLLL 111 _L 1 1 L 1 1 1 _LLL III!

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
300 ———i---------1------------1------------BILLIONS

z

20
27
3

290.2
291.6
293.3

Z

17
24

Z
295

ILL ILL 1 ILL

291 8
289 4

1986

— JAN.
Z
-FEB.

290

z
285

—-J-

z
280

L

~7

Z
280
-

LARGE TIME )EPOS TS

275

<7

275
Z

Z

\

270

270

I
265

K7

—

,7i 11

7 21
JAN

4 18
FEB

1 1 1
4 18
MAR

1 ILL 111
1 1 1
1 1 1
1 1 1 1
1 15 20 18 27 10 24 8 22 5 10
APR MAY
JUN
JUL
AUG
1985

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 24.

1111 -LLL LLL 1 1 1 1
2 15 30 14 28 11 29 0 29
SEP
OCT
NOV
DEC

111
9 20
JAN

1111!
111
3 If 9 1/3
FEB
MAR
1986

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

265

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
815 ---------- 1----- ----- 1---------

JAN.

20

LLIONS OF DOLLARS
1---------- -----------Tl 8,5

801 .3
803.4
805.4
805.3

FEB.

802.3

4

JAN

18

FEB

4

18

MAR

1

18 20 13 27 10 24

APR

MAY

JUN

8 22

S 10

JUL

J
8 20

AUG

JAN

3 17

FEB

3 17 31

1985
LATEST DATA PLOTTED WEEK ENDING-. FEBRUARY 24, 1986
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AM) LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/25/85

5/27/85

7/22/85

8/26/85

3.0
3.4
3.4
3.8
6.6
6.6

5.1
4.4
4.7

9/23/85 10/21/85 11/25/85 12/23/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/22/85
8/26/85
9/23/85
10/21/85
11Z25/85
12/23/85
1/27/86
2/24/86

1.4
1.2
1 .9
2. 1
2.3
2.6
4.3
4.5


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

-1.9
-0. 1
0.7
1.2
1 .8
4.2
4.5

8.0
7.8

3.7
4.3
8.4
8. 1

4.4
9.6
9.0

13.3
1 I .3

13.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
8.0

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

---- 1----- 1-----

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

128ft
JAN.

8.0

MILLIONS.

29
19

1161

TOTAL BORROWINGS

I I 1 I 111
LATEST DATA PLOTTED WEEK ENDING* MARCH 5,

I
BILLIONS OF DOLLARS
-------------------- ----------- 2*5

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

JAN.

29

26

556

ADJUSTMENT + SEASONAL BORROWINGS

I I I I
2

IB 30 13 27 13 27 10 24

FEB

MAR

APR

8 22

5 19

3 IT 31

M 28 11

AUG

SEP

28

9 23

8 20

4 18

NOV

DEC

I

IS 29 12 28 12 28

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING* MARCH 5, 1986
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

MMDAS, MMMFS AND SUPER NOWS
(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

MMDAs 1/
December
January

February

30
6
13
20
27
3
10
17
24

MMMPs 2/

$333.0
337.0
337.7
337.1
336.2
335.6
336.6
336.7
337.7

Super NOWs 3/

$239.3
237.5
244.1
246.0
247.9
247.9
247.8
247.6
248.3

$63.9
66.9
67.0
66.3
65.3
65.9
67.4
66.7
66.7

1/ Money market deposit accounts at commercial banks
2/ Total money market mutual fund balances
3/ NOW accounts at all depository institutions eligible
to earn more than 5.25
percent

BUSINESS LOANS u

(COMMERCIAL AND INDUSTRIAL)

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SLASUNALLY ADJUSTED BY THIS BANK

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

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

ANNUAL RATES
AVERAGE OF
_ THE
-----------------ING
FEBRUARY 19,
THE FOUR WEtK
DEC. 18,
NOV. 20,
OCT. 16,

“I
FEB. (CC,
20|

1985
1985
1985
1985
1985
1985
1985

—

MILLIONS
JAN. 15

FEB.

256,664

5
256,458

2 16 90 13 27 13 27 10 24
FEB
MAR
APR

6 22

5 10

9 17 31

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 19,

14 28 II 29
AUG
SEP

0 29

6 20

II IS I II I 18 20 1 12 1 26 I 12
I
M I 1 I
4

NOV

DEC

FEB

26

MAR

1986

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

260


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102