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RESEARCH LIBRARY
Federal Reserve Bank

-ELT Fi nancial Data
MAR 1 2 1984

March 8,1984

The Federal Reserve introduced contemporaneous reserve
requirements (CRR) in February 1984. This change was intended
to tighten the linkage between reserves and transaction deposits.
Following its introduction, it was unclear how banks would
manage their excess reserves. One possibility was that excess
reserves might rise significantly until depository institutions fully
adjusted their reserve management to the new system. While
they learned to coordinate their reserve holdings with their
transaction balances, depository institutions might find it less
costly to hold more excess reserves than to incur unexpected
reserve deficiencies or borrow reserves from the Federal Reserve.
As the table on the back page shows, the average level of
excess reserves held by depository institutions during the first
two-week reserve maintenance period under CRR, February 2 to
February 15, 1984, was substantially larger than the average level
of excess reserves held in the seven months prior to the adoption
of CRR. This change can not be attributed to major changes in
the cost of funds. The federal funds rate and the discount rate
both have remained virtually unchanged over the periods shown in
the table. For the latest two-week reserve maintenance period
reported, February 16 to February 29, however, excess reserves
declined to a level close to their pre-CRR levels.
(continued on back page)

THE
FEDERAL
A RESERVE
X RV\h,»f
nr ST. EDITS


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
BILLIONS OF DOLLARS
208

:

206

i

—
-

1

'

22
29
MAn.

7

_

TV

204.7
206.0
205.9
204.4
205.9
207. 6 P

8
15

202

BILLIONS OF DOLLARS
208

1

BILLIONS

1984
FEB.

204

SEASONALLY ADJUSTED BY THIS BANK

206
204
-

, f

200

202

/

200

/
-

-

-

-

198

198
196
194
192
190
188

/
-

/
7=n

194

-

-

-

./
-

-/

-

186

-

184

-

-

Ill _LLL

i ,i,i i

ill,

ILL I.J.LL -LLL -LLLL -LLL -LLL INI

5 10

2 16

2 IS SO 19 27 II 23

JAN

FEB

MAR

APR

MAY

8 22 6 20

JUN

9 17 91

JUL
1986

LATEST DATA PLOTTED WEEK ENDING: MARCH 7,

AUG

28 12 20

O 29

SEP

in
21
DEC

1 1 1

1 1 l 1
IS
FEB
1984

l l 1

1984

THE ADJUSTED MONETARY BASE CONSISTS OFt t1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEP0SIT6RY INSTITUTIONS). AND (3> AN ADJUSTSNT 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 BAM(.
P-PRELIMINARY

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
3/9/83

6/8/83

8/10/83

9/7/83

10/5/83

11/9/83

12/7/83

8.3
7.9
8. 1
8.3
8.3
7.9
8.3
8.3

5.7
6.4
7.2
7.3
6.9
7.6
7.7

7.5
8.4
8.3
7.5
8.3
8.3

9.4
9.0
7.8
8.7
8.7

9.0
7.4
8.7
8.6

6.0
8.2
8.3

8.3
8.4

1/4/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/10/83
9/ 7/83
10/ 5/83
11/ 9/83
12/ 7/83
1/ 4/84
2/ 8/84
3/ 7/84


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Federal Reserve Bank of St. Louis

196

-

10.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

192
190
188
186
184

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

540 r=----------,--------- r—

iSfll
JAN.

23

FEB.

3

17 31

MILLIONS
529.8
532.6
533.0
534.8
533.3

14 28 14 28 II

FEB

MAR

23

APR

9 23

8 20

4 18

JUN

JUL

I

12 20 10 24

7 21

9 19

NOV

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 27.

IS 29

DEC

2 10 30 13 27

FEB
1964

12 20

MAR

1984

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml CONSI STS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
^Tt1ES?Li!EiNg6fgg?foS?L?j?,?S?fiSg PLUSSTRAVELERS■ ' 0*0(1T1TUT1

'

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING-.
2/28/83

5/30/83

7/25/83

8/29/83

1 1 .9
11.1
10. 1
9.3
8.9
8.4
8.6
8.6

9. 1
7.9
7.0
6.9
6.5
7.0
7.2

6.0
5.2
5.6
5.2
6. 1
6.4

3.7
4.7
4.5
5.8
6.2

9/26/83 10/24/83 11/28/83 12/26/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/25/83
8/29/83
9/26/83
10/24/83
11/28/83
12/26/83
1/30/84
2/27/84


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

5.1
4.7
6.2
6.6

5.2
6.9
7.3

7.3
7.7

9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
RATIO
2.9

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

--------- 1------- 1------- 1------1984
JAN.
FEB

23

RATIO
2.592

'll
Ml Ml LTIPLI iR

A

!!ixll

111

111

1111

in

111

J-LL _U_LL X.LL

111!

1 1 1

III -LUX in XLli

LATEST OATA PLOTTED WEEK ENDING: FEBRUARY 27, 1984
BILLIONS OF DOLLARS
154 _--------- 1--------- 1--------- 1--------- —
152
150
148
146
144

BILLIONS OF DOLLARS
154

COMPOUNDED ANNUAL RiUES
— OF CHANGE, AVERAGE
- THE FOUR
EKS END 1 1
FEBRUARY 27A 1984 F tOM

-

DEC . 26,
— NOV . 28,
- OCT . 24
SEP . 26,
— AUG . 29,
- MAY 30,
_ FEB . 28,
_

-

1983
1983
1983
1983
1983
1983
1983

152
150

11..
8.

148

9.1

-

9.‘
9..
9.'
9.S

146
144
-

-

-

-

3R4

138
136
134
Illllj

in.

9 17 91

JAN

_ux

XU. -LUX

14 28 14 28 II

FEB

MAR

APR

29

9 29

MAY

J 1 1
8 20

III

4 18

JUN
JUL
1983

1 1 II

1 1 1 .-1-1.11

IS 28 12 28 10 24

AUG

SEP

OCT

XXL
7 21

NOV

R

138

JAN . 23
150.0
30
150.4
_
‘ FEB .
6
150.3
13
150.3
20
150.4
27
150.4
“
111111111111;
XLLl
2 18 90 19 27 12 28

JAN

FEB
1984

MAR

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 27, 1964
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

136
134

TOTAL CHECKABLE DEPOSITS!/
AVERAGES OF DAILY FIGURES
SLASUINALLY ADJUSTED

BILLIONS OF DOLLARS
3S5 r---------- ,--------- 1-----

IMi
— JAN,
I

MILLIONS
374.8
375.8
377.4
377.8
379.5
378.0

FEB.

JAN

BILLIONS OF DOLLARS
---------------------------- 385

FEB

MAR

APR

MAY

JUN JUL
1983

AUG

3 19

SEP

NOV

2 10 30 13 27

DEC

FEB

12 26

MAR

LATEST DATA PLOTTED WEEK ENDING*. FEBRUARY 27, 1084
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/28/83
5/30/83 7/25/83 6/29/83 9/28/83 10/24/83 11/28/83 2/28/83
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/25/83
8/29/83
9/26/83
10/24/83
11/28/83
12/26/83
1/30/84
2/27/84

12.8
11.3
10.0
8.9
8.2
7.9
7.8
8. 1


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

9.2
7.5
6.2
5.7
5.6
5.8
6.3

3.8
3.0
3.2
3.4
4. 1
5.0

1.6
2.4
2.9
3.9
4.9

2.5
3.2
4.3
5.5

4.1
5.2
6.5

6.1
7.5

8.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0 i—

PERCENT
—| 15.0

CORPORATE
Aaa BONOS

11.0
ME BANK

LOAN RATE
Cl PAL

JAN

4 IS
FEB

4 IS
MAR

I IS 20 13 27 to 24 S 22
APR
MAY
JUN
JUL

5 10
AUG

2 IS 30 14 28 II 25 0 23
SEP
OCT
NOV
DEC

6 20
JAN

1983

JAN.

6
13
20
27
FEB.
3
10
17
24
MAR.
2
9 X
16
23
30

2 IS 30
MAR

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt MARCH 9,

1964

3 17
FEB
1984

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KX

9.57
9.44
9.35
9.40
9.33
9.44
9.57
9.69
9.69
9.77

9.36
9.22
9. 18
9.20
9. 18
9.30
9.39
9.42
9.42
9.49

9.36
9.29
9.24
9.26
9.20
9.34
9.46
9.53
9.56
9.61

12.53
12.43
12.01
11.98
11.97
11.96
12.06
12.22
12.30
12.39

13.75
13.71
13.61
13.57
13.54
13.48
13.56
13.70
13.78
13.79

9.66
9.67
9.60
9.59
9.51
9.56
9.68
9.80
9.86
N. A.

M AVERAGES OF RATES AVAILABLE.
MX 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 ENDED FRIDAY

PERCENT
14.0 r—

PERCENT
— 14.0

5-YEAR
TREASURY S
iv ecriu

3-M<
TREASUf

I

JAN

FEB

MAR

15 29 IS 27

APR

10 24

JUN

8 22

JUL
1983

5 19

2 16 SO 14 28 II 25

AUG

SEP

OCT

NOV

9 23

8 20

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 9,

1984
JAN.

6
13
20
27
FEB.
3
10
17
24
MAR.
2
9 X
16
23
30

3 17

2 18 SO

FEB
1984
1984

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

10.06
9.53
9.54
9.53
9.41
9.58
9.53
9.60
9.62
9.74

8.95
8.88
8.88
8.93
8.91
9.06
9.09
9. 18
9. 18
9.25

9. 19
9. 10
8.92
9.01
8.97
9. 1 1
9. 16
9.28
9.33
9.37

9. 19
9.09
9.02
9.04
9.00
9. 10
9.21
9.35
9.37
9.40

11.50
11.42
11.29
11.31
1 1 .31
11.43
11.55
11.67
11.75
11.80

11.78
11.69
11.56
11.59
1 1.61
11.70
11.82
11.94
12.03
12.12

X AVERAGES OF RATES AVAILABLE.
**
iNDJN6 "E0NESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.I5 RELEASE.
XXX NEW ISSUE RATE
computeo by the federal reserve bank w st- louis-


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
SMALL TIME DEPOSITSi/
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

IONS OF DOLLARS
lflfil

BILLIONS OF DOLLARS
------------------------- =, 430

BILLIONS

JAN. 23
352.9
353.3
353.7

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 27, 1984
BILLIONS OF DOLLARS
180 C—1-------- 1---------- ■--------- ------------ --------------------------------

1994

BILLIONS OF DOLLARS
------------------------- Zj 180

BILLIONS

JAN. 23
131.1
130.8
130.3

FEB.

129.6

SAVINGS DEPOSITS

3

17 91

JAN

14 26

FEB

14 26 11

MAR

APR

29

0 23

MAY

fl 20

4 18

JUN

JUL

I

IS 20 12 26 10 24

AUG

SEP

OCT

7 21

S 19

NOV

DEC

2

16 90 13 27 12 26

JAN

1983

FEB
1984

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 27, 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS!/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
810 rz--------- ----------------

ILL IONS OF DOLLARS
|
|
zi 810
BILLIONS
JAN.

3

17 31

JAN

14 28 14 28 II

FEB

MAR

25

APR

0 23

MAY

6 20

4 18

I

JUN

JUL

AUG

13 28 12 28 10 24

SEP

OCT

23

71 1.2
71 1.5
708.7
710.7
712. I
712.5

7 21

5 10

2 16 30 13 27

NOV

DEC

JAN

1983

12 26

FEB

1984

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 27, 1984
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/28/83

5/30/83

7/25/83

8/29/83

-8.2
-5.3
-3.7
-2.7
-0.9
-0.3
-0.5
-0.5

5.8
6. 1
6.0
7.2
6.9
5.6
4.9

7.6
6.9
8.4
7.8
6.0
5.0

6. 1
8.5
7.7
5.5
4.4

9/26/83 10/24/83 11/28/83

2/26/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/25/83
8/29/83
9/26/83
10/24/83
11/28/83
12/26/83
1/30/84
2/27/84


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

9.3
7.9
5.2
4.0

9. 1
5.2
3.7

1.3
0.5

-1 .5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
StASONALLY ADJUSTED

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

BILLIONS OF DOLLARS
--------1--------- 1--------- 265

JAN.

23

226.6

229.2

9

17 91

14

FEB

14 28 II

MAR

29

APR

9 29

6 20

4 18

JUN

JUL

1

15 29 12 26 10 24

7 21

5 19

NOV

DEC

2 16 90 13 27 12 26

FEB

MAR

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 27, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 OR MORE.

MMDAs, MMMFs and SUPER NOWs
(billions of dollars, not seasonally adjusted)
MMDAs 1_/
January
February

16
23
30
6
13
20
27

$380.8
380.4
381.1
383.2
385.2
386.9
387.8

MMMFs 2/
$178.4
178.7
179.4
180.7
183.2
184.5
185.7

SUPER NOWs
N. A.
N. A.
N. A.
N. A.
N. A.
N. A.
N. A.

1/ Money market deposit accounts at all depository institutions, effective 12/14/82.
7/ Total money market mutual fund balances.
3/ 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

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
—1------------- -------- 4.5

A.5 r--------,--------- .--------

5 19

2 16

JAN

FEB

2 10 90 13 27 11

29

9 22

6 20

3 17 31

14 28 12 26

SEP

9 23

I

15 29 14 28

OCT

LATEST DATA PLOTTED WEEK ENDING: MARCH 7, 1994

BUSINESS LOANS y

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
236 ---------- 1------------- 1---------- 1---------- 1-------------

236

_ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
__THE FOUR *EEKS ENDING
_ DECEMBER 28. 1983 FR OM
_ THE FOUR WEEKS END ING«
5.5
3.9
0.8
1.4
1.8

- DEC .* 291

216

1983
1983
1983
1983
1983
982

G

**

1.2

2

in i

OCT. 26,
SEP. 28,
“ AUG. 31,
“ JUL. 27,
~ JUN. 29.

s$s
to a

In

M il

~

BILLIONS OF DOLLARS

C.C

\

-

I

_ J
m

212
198.

k1 ILL 10te

NOV. 23
30
DEC. 7

2

-

215.480
215,941
216,535

“
_
_

204
^11

-.LLljJ 111

111
9 23

NOV

DEC
1982

JAN

FEB

1111

-i 11 -LLL .1111

9 23

MAR

I

APR

MAY

1 1 1

-l.l 11

18 29 13 27 10 24

JUN

JUL
1983

AUG

-LLL

21
216,412
28
217,937
-LI 1 1 111 1 1 1 1 1 1 1 1 |;

7

5 19

SEP

OCT

2 15 30 14 28

NOV

DEC

II 25

JAN
1984

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 28, 1983
1/ BUSINESS LOANS INCLUDE BAKERS’ ACCEPTANCES AND COMMERCIAL PAPER.
2/ BAKS WITH DOMESTIC ASSETS OF 8750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

Average Excess Reserves and Federal Funds Rate
Period

Excess reserves
(millions of dollars)

Federal funds rate

7/07/83 - 2/01/84

$ 518

2/02/84 - 2/15/84

1,178

9.56

2/16/84 - 2/29/84

664

9.61


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

9.47%

—Courtenay C. Stone

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