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of St. Louis

“

IXS. Financial Data
May 17,1984
Spreads between the interest rates on various financial
instruments of similar maturity are largely accounted for by risk
differences. For example, during 1983, the average spread (in
monthly data) between corporate Baa and Aaa bonds was about
150 basis points. In contrast, the spread between the rates on
90-day certificates of deposit and three-month Treasury bills was
about 45 basis points. From time to time, these spreads vary due
to changing risk assessments by lenders or shifting supplies of the
various financial instruments.
Recently, the rate spread between corporate Aaa bonds
and long-term Treasury securities has shrunk considerably. Over
the past 11 years, the monthly interest rate on corporate Aaa
bonds has averaged about 70 basis points higher than the rate on
long-term Treasury securities. From February through April,
however, this spread fell to 26 basis points and, as of May 11, the
rate on long-term Treasury securities was slightly higher than
that of corporate Aaa bonds. Spreads this low have been observed
on only two occasions in the past 11 years. From April 1978
through October 1979, the spread averaged 33 basis points, while
during July and August 1973, it averaged 26 basis points. On the
most recent of these two occasions, the spread was restored to its
historic average as the yields of both instruments rose with
corporate Aaa bond rates rising more rapidly. On the former
occasion, the spread was restored when the yield on Treasury
securities fell, while the corporate Aaa bond rate remained
relatively constant.
—G. J. Santoni

RESERVE
HANK of


views expressed do not necessarily reflect official positions of the Federal Reserve System.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

f,

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

APR.

II

BILLIONS OF DOLLARS
214

BILLIONS.
210.6
207.1

212

210

209.3
!06.9

206
206
204
202
200
196
196
194
192
190
188

2 16 SO IS 27 II 29
APR MAY

8 23

8 20

9 IT SI 14 28 12 26

S 29

7 21
DEC

4 18
JAN

19 28 14

MAR

II 25
APR

0 29

LATEST DATA PLOTTED WEEK ENDING: MAY 16, 1984
THE ADJUSTED MONETARY BASE CONSISTS OF: <I J 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.
RECENT DATA ARE PRELIMINARY
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE; AVERAGE OF FOUR WEEKS ENDING-.
5/18/83

8/17/83 10/19/83 11/16/83 12/14/83

1/18/84

2/15/84

3/14/84

13.9
10.4
10.8

8.7
9.7

8. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/19/83
11/16/83
12/14/83
1/18/84
2/15/84
3/14/84
4/18/84
5/18/84

7.8
8.3
7.9
7.8
8.4
8.9
8.5
8.7


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

8.8
8.0
7.7
8.7
9.3
8.7
9.0

8.4
7.8
9.3
10. 1
9. 1
9.5

6.2
8.6
9.7
8.7
9.2

10. 1
11.1
9.4
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
545

BLU-LQh&

540

536.4
535

532.2
539.4

530
525
520
515
510
505
500
495
490

4 18

MAR

2 16 SO IS 27 II

8 22

5 18

S 17 SI

14 28

NOV

APR

12 26

DEC

8 25

8 20

5 18

FEB

MAR

2 16 SO 14 28

LATEST DATA PLOTTED WEEK ENDING* MAY 7, 1984
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:
5/9/83

8/8/83 10/10/83

11/7/83

12/5/83

1/9/84

2/6/84

3/5/84

5.8
7.3
7. 1
6.7
5.5

7.3
7.0
6.6
5. 1

8.7
7.4
5.3

5.9
3.7

2.4

TO THE AVERAGE
OF^FOUR WEEKS
10/10/83
11/ 7/83
12/ 5/83
1/ 9/84
2/ 6/84
3/ 5/84
4/ 9/84
5/ 7/84


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

10.1
9.0
8.8
8.2
8.5
8.3
8.0
7.3

4.5
5.2
5.0
5.9
6.0
5.9
5.2

5.5
5. 1
6.4
6.5
6.2
5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9 --------- 1--------- ------------1--------1984

RATIO
2.9

RATIO

APR.

2.8
MA Y

i
Ml Ml LTIPLI

2.8
w

2.5

2.5

111 hi

1111 _u i

llll

llll

1 1 1

i i.i i

in

-LLL

i.i 11

111

in

mi

_LLL

LATEST DATA PLOTTED WEEK ENDING: MAY 7, 1984
BILLIONS OF DOLLARS
156
154
152

148

-

COMPOUNDED ANNUAL R KTES
—OF CHANGE. AVERAGE
THE FOUR WEEKS ENDI MG
” MAY 7. 1984 FROM
THE F6UR WEEKS ENDI MG.
-

150

BILLIONS OF DOLLARS
156

MAR.
FEB.
“JAN.
- DEC.
NOV.
_

MAY

5,
6,
9,
8,
7,
,
9,

1984
1984
1984
1983
1983
1983
1983

154
_

152

b
7A
7.'
8.
9. (
9.

150
148

CURRE NCY
-

y

146

146

-

-

-

-

144

144

142

1BM
-

APR .

140
-

1

.

138

!1ll -LLL
.mi .i.i i
MAR

18
APR

in mi 111
2 16 30 13 27 11 23 8 22 S
MAY
JUN JUL
AUO
SEP
1983

9
16
23
30
MAY
7
mi 111 -LLL -LLLL xuJ11 n
S 17 31 14 28 12 26 8 23 6 20 5 19
OCT
NOV DEC
JAN
FEB MAR
1984

BILLIONS
2

50.7
51.2
—
51.8
52.3
“
52.2
_
52.5
111111 M i’
2 16 30 14 28
APR
MAY

LATEST DATA PLOTTED WEEK ENDING. MAY 7. 1984
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

142
140
138

TOTAL CHECKABLE DEPOSITS!/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

iSM
APR

BILLIONS OF DOLLARS

BILLIONS
377.6
380.2
379.0
381.9

4

MAR

18

2 18 30 13 27

APR

JUN

II

25

8 22

5 19

3 17 31

JUL

14 28 12 28

NOV

9 23

8 20

3 19

2 16 30 14 28

DEC

1983

1984

LATEST DATA PLOTTED WEEK ENDING-. MAY 7, 1984
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/9/83

8/8/83 10/10/83

M/7/83

12/5/83

4.6
6.0
6.6
6.4
4.4

5.7
6.6
6.3
4.0

/9/84

2/6/84

3/5/84

7.0
2.9

0.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/10/83
11/ 7/83
12/ 5/83
1/ 9/84
2/ 6/84
3/ 5/84
4/ 9/84
5/ 7/84


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

10.3
8.6
8.3
7.6
7.7
7.8
7.6
6.5

2.0
3.0
3.0
3.9
4.6
4.7
3.6

3.2
3.2
4.5
5.3
5.4
3.8

8.9
7.6
4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

I

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
15.0

13.0

CORP<
aaa

e

BANK
RATE

11.0

MUNICIPAL
BONDS

1

15 29 13 27

MAY

10 24

8 22

5

19

JUN

2 18 30 14 28

OCT

II

25

9 23

6 20

3

JAN

NOV

FEB

17

2 18 30 13 27

APR

II

25

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 18, 1984

1984
MAR.

2
9
16
23
30
APR.
6
13
20
27
MAY
4
11
18 X
25

90 DAY
CD'S
9.69
9.84
9.99
10.31
10.34
10.40
10.33
10.42
10.46
10.60
11.17
11.37

30-DAY
COMMERCIAL
PAPER
9.42
9.54
9.73
10.06
10.04
10. 16
10. 1 1
10.23
10. 16
10.28
10.52
10.63

90-DAY
BANKERS'
ACCEPTANCES
9.56
9.68
9.84
10. 16
10.17
10.23
10.21
10.31
10.29
10.42
10.98
11.14

CORPORATE
Aaa BONDS
12.30
12.46
12.58
12.65
12.71
12.74
12.71
12.79
12.95
13.00
13. 15
13.28

CORPORATE
Baa BONDS
13.78
13.84
13.97
14. 10
14.15
14.21
14.22
14.37
14.41
14.46
14.61
14.72

MUNICIPAL
BONDS xx
9.86
9.94
9.98
10.01
9.93
10.04
9.97
9.89
9.99
10. 19
N. A.

* AVERAGES OF RATES AVAILABLE.
** 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 BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
H.O r—

5-Y
TREASURY S

PERCENT
—1 14.0

1RITIES

RATE

3-MONTH x
TREASURY BILL

I

MAR

IS 29 IS 27 10 24

APR

MAY

JUN

8 22

JUL

5 19

AUG
1983

2

16 SO 14 28 I I

SEP

OCT

NOV

25

9 23

DEC

6 20

S 17

2

JAN

FEB

MAR
|984

16 SO IS 27

APR

II

25

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, MAY 18, 1984

1984

FEDERAL
FUNDS am

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XK«

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9.62
9.74
9.79
10.04
9.97
10.41
10.13
10.37
9.98
10.70
10.46
10.52

9. 18
9.29
9.43
9.76
9.72
9.74
9.65
9.76
9.64
9.73
9.97
9.94

9.33
9.37
9.52
9.79
9.88
9.83
9.82
9.92
9.74
9.88
10.27
10.40

9.37
9.45
9.60
9.90
9.86
9.96
9.82
9.98
10.00
10. 18
10.46
10.58

1 1 .75
1 1 .85
11.98
12. 17
12.20
12.36
12.24
12.38
12.47
12.65
12.99
13.27

12.03
12. 17
12.28
12.42
12.40
12.53
12.45
12.62
12.69
12.85
13. 16
13.43

MAR.

2
9
16
23
30
APR.
6
13
20
27
MAY
4
1 1
18 X
25

* AVERAGES OF RATES AVAILABLE.

** ■j^YD»smtf,vra

than date

XXX NEW ISSUE RATE

s ^mrswRcSBirAitfi.** computed by the feder*l reserve bw* * st- l°uis-


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
SMALL TIME DEPOSITS 1/
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410
TTTT

BILLIONS OF DOLLARS
410 Z-------1--------- ------------1--------BILLIONS
=_ 1984
400
= APR.
2
354.6
9
354.6
390 _
16 354.8
Z
23 356.3
30 356.8
380 =~MA Y
7
358.

1
TTTTj

370

T ffT

TTTT

=s'-

TTTT

340
330
320

E

-

310

z

z

300
0

350

z

320
310

370

E
---- -

S

330

380

360

z

350
340

390

z

SMALL TIME JEPOSIT S

=
360

400

z

!llu 111

mi

■IXL 1 1..L 1 1 1 1

111

1111

IXL 111. mi. 1. IX 111

1111

II 1

300

i

0

LATEST DATA PLOTTED WEEK ENDING* MAY 7, 1984
BILLIONS OF DOLLARS
170

BILLIONS OF DOLLARS
1984

BILLIONS

165

128.8
129.0
128.5
128.3

160

128.5

155
150
145

SAVINGS DEPOSITS

140
135
130
125
I I I I
4 18

MAR

2

16 SO IS 27 II

APR

JUN

25

8 22

5 19

JUL

S 17 SI

2 16 SO M 28

14

NOV

DEC

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING. MAY 7, 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

0

TT

9

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

BILLIONS OF DOLLARS
780 r--------------------------

BILLIONS OF DOLLARS
----- 1------------1------- =1 780

19M
APR.

MILLIONS
717.3
717.8
719. 1

720.8
723.8

726.3

I I I I
r 21

4

MAR

APR

18

2 16 SO 15 27

MAY

JUN

II

JUL

25

6 22

AUG
1983

5 16

S 17 SI

SEP

OCT

14 28 12 26

NOV

DEC

9 23

JAN

5 16

FEB

2

16 SO 14 28

MAR
1984

LATEST DATA PLOTTED WEEK ENDlNGt MAY 7, 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:
5/9/83
8/8/83 10/10/83 11/7/83 12/5/83
1/9/84
2/6/84
3/5/84
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/10/83
11/ 7/83
12/ 5/83
1/ 9/84
2/ 6/84
3/ 5/84
4/ 9/84
5/ 7/84


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

4.0
5.0
5.7
5.5
4.2
3.9
4.3
4.8

8.7
9. 1
7.9
5.6
5.0
5.4
6.0

10.5
7.9
4.5
3.8
4.6
5.4

6.7
2.6
2.2
3.5
4.6

-0.6
-0.2
2. 1
3.7

-2.7
1.4
3.6

4.8
6.7

9.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

III

m—

p

23
30
7

p

TTTT

HU

MAY

ogNoaroo

1

2
9

16

I4 N S M S
S8N2 N

1984
APR.

239.2

---------

r

TTTT TTTT

TTTT TTTT TTTT

/

2^

\

J IL L

r

—

1111

TTTT

:

=

225

1 1 1 1 1 1111

BILLIONS OF DOLLARS
260

1

BILLIONS OF DOLLARS
260

^

"V
NX

235

230

225

220

s|

1 1
7 21
MAR

1 1 1
4 1*
APR

111
1 1 1 1 1 1 1
2 is a0 19 77 11 25 8 22
MAY
JUN JUL
AUG
1983

1 1 1 1

1 1 1
5 19
SEP

1 1 1 l

1 1 1

1 1 1

1 1 1 1

9 17 91 14 28 12 26 9 29
OCT
NOV
DEC
JAN

1 1 1
6 20
FEB

1 1 1
5 19
MAR

i
1 1 1
1 1 1
2 16 90 14 2
APR
MAY

1

LATEST DATA PLOTTED WEEK ENDINOt MAY 7, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE.

MMDAs, MMMFs and SUPER NOWs
(billions of dollars, not seasonally adjusted)
MMDAs 1/
March
April

May

26
2
9
16
23
30
7

$393.4
396.0
398.8
398.9
395.7
393.2
394.0

MMMFs 2/
$187.2
187.7
188.1
189.0
187.6
186.7
185.3

SUPER NOWs 3/
$41.5
42.1
43.6
43.9
43.4
41.9
42.6

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

J/

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
=

1964

E"APR- M
=
~

BILLIONS OF DOLLARS

MILLIONS

1*
25
2
0
IB

1513
751
1713
1020
1008
4813

2 16 30 IS 27 II 25

APR

8 22

8 20

3 17 31

MAY

14 28 12

SEP

0 23

7 21

4

DEC

OCT

JAN

18

I

13 20 14 28 II

MAR

29

8 23

APR

LATEST DATA PLOTTED WEEK ENDING: MAY 16. 1984

BUSINESS LOANS u
(COMMERCIAL

INDUSTRIAL)
BILLIONS OF DOLLARS

- OCT.
“SEP.
- AUG.
~ JUL.
- JUN.

26. 1983
28. 1983
31, 1983
27. 1983
29. 1983

“ DEC . 29.

982

5.5
3.9
0.8
1.4
1.8

I

gS G
®

0
_

1.2

CC

111

_

!

216

232

IIM

228

10
Vi

2

_

in

198.

9 17
NOV

III! 20 111 2B 111 23JXLL -I.LL -I.LL. -Ll.i-L in 27 mi
18 20 13
10 24
1 18
12
0
9 23 8 20 4 18
DEC

JAN

FEB

MAR

APR

MAY

JUN

1982

JUL

AUG

NOV. 23
30
DEC. 7
14
21
28
i n i
in .111..
7 21
2 18
SEP
NOV

1983

1I1LLIQts 215.480
215,941
216.535
216.412
216,412
217,937
i i i i i i ii

_
_
_
_
i:

30 14 2 I II 28
DEC
JAN
1984

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 28. 1983
1/ BUSINESS LOANS INCLUDE BAMERS' ACCEPTANCES AND COliCRCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 0750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

236

1

1

_ COMPOUNDED ANNUAL RA TES
_ OF CHANGE, AVERAGE 01
__THE FOUR *EEKS END IN G
_ DECEMBER 28. 1983 FR OM
_ THE FOUR WEEKSEND ING:

rrrr

236

1 1 _ i—

BILLIONS OF DOLLARS

AND

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

II

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