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U. S. Financial Data
L .l&tfJWVteserve Bank of st- Louis
IUN 1

May 27,1983

1983
Interest rates have remained fairly stable since September
1982, despite the fact that federal government borrowing has
increased. The unified budget deficit exceeded $120 billion from
October 1982 to March 1983, a sharp increase over the prior six
months. If the government's increasing demand for credit were
the only change affecting credit markets, interest rates likely
would have risen over the last six months.
Other factors, however, have influenced credit market
demands. One of the most important among these has been a
weakening business demand for short-term credit.
This is
illustrated by the recent slowing in the growth of business loans at
commercial banks. From October 1982 to March 1983, for
example, business loans at all commercial banks increased at only
about a 1 percent rate, after increasing at almost a 12 percent
rate during the prior six
months.
Nonfinancial company
commercial paper also shows a weakening, decreasing at a 36
percent rate in the past five months, compared with a 10 percent
rate of decline in the previous six months.
Some of this weakening in short-term credit demand
reflects businesses moving to either the long end of the credit
market or the equity market as alternative sources of funds. Some
of the weakening also is due to business inventories, which have
declined markedly over the last two quarters. As real final sales
increased in the fourth quarter of 1982 and again in the first
quarter of this year, business inventories declined by about $12
billion and $9 billion, respectively. The renewed growth of sales
and lower levels of inventories have lessened business demand for
short-term credit. A weakening in business credit demands also
was apparent at the end of the 1973-75 recession. In that case,
interest rates declined, even though federal government borrowing
sharply accelerated in 1975 and 1976.
--Scott E. Hein

Weekly data for savings deposits and small denomination
time deposits at commercial banks in the weeks ending May 4-18
are not shown on today's release because of reporting difficulties
associated with the change in the reporting form that became
effective in the statement week of May 4.


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

BILLIONS OF DOLLARS

196
BILLIONS

194

191.4
191.2
191.9
192.5

192

193.3

190

192.7

188
186
184
182

180
178
176
174

Mil
2

16 30 M 21 II

JUL

25

6 22

6 20

3 17

OCT

AUG

NOV

I

15 29 12 «

JAN

B 23

9 23

FEB

6 20

4

APR

MAY

18

1

15 29

1983
LATEST DATA PLOTTED WEEK ENDING: MAY 25, 1983
THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) 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 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.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
5/26/82

AVERAGE OF FOUR WEEKS ENDING:

8/25/82 10/27/82 11/24/82 12/22/82

1/26/83

2/23/83

3/23/83

18.9
14.6
13.3

13.0
11.8

8.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/27/82
11/24/82
12/22/82
1/26/83
2/23/83
3/23/83
4/27/83
5/25/83


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

6.7
6.8
6.9
7.3
8.4
9.4
9.2
9.2

7.1
7.2
7.8
9.4
10.7
10.3
10.2

7.4
8.4
10.7
12.3
1 1.5
1 1.2

8.9
11.7
13.5
12.2
11.7

13.6
15.5
13.3
12.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

t

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
----- ------------------------- 56

56 --------- 1--------- 1----------

BILLIONS
APR.
53.5

53.4

7 21

5

APR

MAY

19

2

16 SO M 28 II

25

8 22

6 20

3 17

I

15 29

12 26

JAN

0 23

9 23

6 20

4

18

I

15 29

FEB
1983

LATEST DATA PLOTTED WEEK ENDING. MAY 18, 1983
£?;£!|TIP,£0tSIS5!f„.§A?F, • "l5Fnvl accounts of financial institutions at federal
BANKS PLUS CURRENCY IN CIRCULATION! LESS CURRENCY HELD BY THE NONBANK PUBLIC.

reserve

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/19/82

8/18/82 10/20/82 11/17/82 12/15/82

1/19/83

2/16/83

3/16/83

20.5
11.3

3.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/20/82
11/17/82
12/15/82
1/19/83
2/16/83
3/16/83
4/20/83
5/18/83

3.9
6.2
5.7
6.4
8.0
10.0
10.2
8.8


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

7.5
6.3
7.3
9.5
12.2
12.2
10. 1

10.9
10.9
13.5
16.7
15.9
12.5

7. 1
11 .6
16.0
15.2
1 1.4

15.8
20.4
18. 1
13.1

26.8
21.1
13.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
515 rz------- 1---------- 1--------

1965
APR.

BILLIONS OF DOLLARS
------ t---------- ----------- =3 515

B1LLLQM2.

13

496.2

494.2
=

495.5
500.0
507. 1
509.2

MAY

s

APR

10

2

10 so

14

JUL

MAY

OCT

AUG

JAN

NOV

APR

FEB

MAY

LATEST DATA PLOTTED WEEK ENDING* MAY 18, 1983
CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS1 H.8 RELEASE.
HELD°BY * THE NONBANK^BL^PeXCLUDI NG°THOSE ^LD'^FWElSfB^A^FIClff I^TITUT.ONS )
ANDD0THER^HEc!8bUE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
5/19/82

8/18/82 10/20/82 11/17/82 12/15/82

1/19/83

2/16/83

3/16/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/20/82
11/17/82
12/15/82
1/19/83
2/16/83
3/16/83
4/20/83
5/18/83


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

8.0
9.5
9.9
9.6
10.7
11.8
10.9
11.4

14.4
14.0
12.5
13.8
15. 1
13.2
13.7

15.4
12.3
14.3
16.0
13.4
13.9

9.8
13.2
15.6
12.6
13.3

13.4
16.4
12.5
13.4

22 .5

14.6
15.2

11.
13.4

9.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK */
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1983
APR.

RATIO
2.9

RATIO
13

2.595

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: MAY 18,
BILLIONS OF DOLLARS
142
1
1
140
138
136
134
132

1983
BILLIONS OF DOLLARS
142

1

COMPOUNDED ANNUAL R>KIES
---- OF CHANGE, AVERAGE
- THE FOUR ifcEEKS END 11iG
MAY 18, 1983 FROM

-

MA R.
---- FE B.
_ JA N.
DE C.
— NO V.
- AU G.
_ MA Y
_

-

16 , 1983
16 , 1983
19 , 1983
15 , 1982
17 ,1982
18 ,1982
19 , 1982

138

10.€
12.7
12.
12.«
11.<
10.( l

136

-

CURRE NCY

134

-

9.1

132

-

-

- ^

2N£ _

126

-

APF

-

MA'l

I
ll 1 1

■»

124
122
0

111

1111

7 21

5

2

APR

MAY

10

111

111

18 30 14 28 11

JUN

JUL

25

AUG
1982

1111

111

8 22

8 20

3

SEP

OCT

NOV

111 .1X1.1
17

1

111

15 20 12 26

DEC

JAN

Ml
0 23

FEB

1111 11111111
0 23

MAR

6 20

APR
1983

4

18

-

Lull
1

15 20

JUN

LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1983
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

140

-

PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
20.0 p-

PERCENT

20.0

18.0

LOAN
16.0

CORPORA
AAA BON

10.0

30

APR

14 28

MAT

II

25

JUN

0 23

JUL

0 20

3 17

AUG
1982

SEP

2ft 12 20 10 24

I

OGT

NOV

DEC

7 21

4

JAN

FEB

18

4

10

MAR

I

13 29

APR
1983

LATEST OATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MAY 27,

13 27

MAY

10 24

JUN

1983

—
1983
APR.

1
8
15
22
29
MAY
6
13
20
27 *
JUNE
3
10
17
24

W

30-DAY
COMMERCIAL
PAPER

jML

9.05
8.93
6.61
$.57
$.40
8.32
8.30
8.52
8.74

9.04
8.86
8.53
8.47
8.36
8.29
8.22
8.39
8.48

|:ff
8.52
8.88
8.33
8.20
8.21
8.48
8.58

CORPORATE
AAA BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS MX

11.76
11.66
1 1.51
11.46
11.43
11.29
11.29
11.54
11.66

13.56
13.46
13.31
13.25
13. 16
12.99
12.92
13.09
13.26

9.38
9.23
9.04
9.09
8.82
8.78
8.86
9.29
N. A.

* AVERAGES OF RATES AVAILABLE.
Wf 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

PERCENT
—i 18.0

-DI

TREASURY sIcUR ITIES

10.0

1Y BILL

2

16 30 14 28

APR

MAY

II

25

JUN

9 23

JUL

6 20

3 IT

AUG
1982

SEP

13 29 12 26 10 24

OCT

NOV

DEC

7 21

4 18

4 18

JAN

FEB

MAR

I

13 29

APR
1983

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 27,

1983
APR.

1
8
IS
22
29
MAY
6
13
20
27 X
JUNE
3
10
17
24

FEDERAL
FUNDS 808

3-MONTH
TREASURY
BILL

8-MONTH
TREASURY
BILL 80«(

1-YEAR
TREASURY
BILL

8.88
9.43
8.76
8.70
8.58
8.80
8.48
8.59
8.72

8.64
8.45
8. 16
8. 12
8. 1 1
8.03
8.03
8. 14
8.46

8.71
8.71
8.25
8.20
8.22
8.05
8. 13
8.14
8.47

8.60
8.46
8.26
8.29
8. 16
8.00
8.04
8.24
8.47

13 27

MAY

10 24

JUN

1983

5-YEAR
TREASURY
SECURITIES
10.28
10. 13
9.98
10.02
9.95
9.77
9.84
10. 10
10.29

LONG-TERM
TREASURY
SECURITIES
10.71
10.61
10.45
10.48
10. 44
10.30
10.33
10.60
10.74

* AVERAGES OF RATES AVAILABLE.

" WMW ISroWM’ffil"THAN DATE SH0*'80108 NEW ISSUE RATE
treaIur?


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

couputed by the federal reserve

of

st- louis-

PREPARED BY FEDERAL RESERVE BAI* OF ST. LOUIS

7

8
TOTAL CHECKABLE DEPOS I TS 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
370

BILLIONS

365

354.3
351.7
352.3
356.6
363.6
365.4

360

355

350

345

340

335
330
325

320

315

5 19

MAY

2

INI

I I I I

I I I I
7 21

APR

16 30 M 28

JUL

II

25

8 22

8 20

3 17

OCT

AUG

NOV

I

IS 20 12

JAN

0 23

0 23

FEB

6 20

4

APR

MAY

18

LATEST DATA PLOTTED WEEK ENDING. MAY 18, 1983
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGs
5/19/82

8/18/82 10/20/82 11/17/82 12/15/82

1/19/83

2/16/83

3/16/83

10.7
13.2

8.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
10/20/82
11/17/82
12/15/82
1/19/83
2/16/83
3/16/83
4/20/83
5/18/83

8.2
10.3
11.1
10.4
1 1.9
13. 1
1 1.7
12.2


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

17.5
17.3
14.6
16.3
17.5
14.9
15.3

19.7
14.2
17.0
18.5
14.8
15.3

10.6
15.2
17.5
13.3
14.2

14.6
17.8
12.6
13.8

25.8
15.3
16.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOS I TS 1/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

860 pr

830
820

696.3
693.7
693.3
692.2

IE-

EL MAY
IEBIO

740

EE

2

16 30

14 28 II

25

LATEST DATA PLOTTED WEEK ENDING:

8 22

6 20

3 17

1

15 29 12 26

9 23

9 23

6 20

4

18

APRIL 27, 1983

1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIM

MMDAs, MMMFs and "SUPER NOWs"
(billions of dollars, not seasonally adjusted)
MMDAs
Apr.

May

13
20
27
A
11
18

MMMFs 2/

y

$340.6
342.3
343.4
347.5
352.7
357.0

$190.5
186.6
183.8
182.2
181.2
181.0

"SUPER NOWs" 3/
$29.4
30.1
29.2
29.5
30.1
30.2

Money market deposit accounts at all depository institutions, effective 12/14/82.
2/ 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

9

10
SMALL TIME DEPOS I TS 1/
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
470 pz------------------- --------460 |----- t---------------------450

BILLIONS OF DOLLARS
-----------------3 470
---------------------------- 1 460

5----------------------------

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

450

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

440

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

1983

430

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

420

---------------------------- E

SMALL TIME DEPOSITS

41Q

BILLION?

llll. I 1 I I I I I 1 I I I
LATEST DATA PLOTTED WEEK ENDING: APRIL 27,

1983

BILLIONS OF DOLLARS

1363.

BILLIONS OF DOLLARS
190

BILLION?

185
180
175

SAVINGS DEPOSITS

170
165
160
155
150
145
140
135
7 21

5 19

APR

MAY

2

10 30 14 28 II

JUL

25

8 22

6 20

3 17

AUG
1982

1

15 29 12 26

JAN

9 23

FEB

9 23

6 20

APR
1983

4

18

MAY

LATEST DATA PLOTTED WEEK ENDING: APRIL 27, 1983
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

I

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

of dollars

4.5

1983

MILLIONS

“APR. 20

4.0
3.5
1074
3.0
2.5

2.0
1.5
1.0
0.5

S 19

2

IS 30 U 28 II

JUL

25

8 22

6 20

3 17

I

IS 29

AUG

12 26

JAN

LATEST DATA PLOTTED WEEK ENDING* MAY 25,

9 23

9 23

6 20

4 18

APR

FEB

MAY

1983

BUSINESS LOANS17
( COMMERCIAL AND INDUSTRIAL )

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

BILLIONS OF DOLLARS
f-

BILLIONS OF DOLLARS
232

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING MAY 18. 1983 FROM
Mr* i i o. i aoj r rv.jM
THE FOUR WEEKS ENDING:

— MAR.
FEB.
JAN.
DEC.
“NOV.
AUG.
MAY

16,
16,
19,
15,
17,
18,
19,

1983
1983
1983
1982
1982
1982
1982

228

-9.4
-5.8
-1.9

224

-1.0
-1.8

220
216

212
208

204
APR. 13

215,575
216,022

200

213,917

196

11 1 1 1 I 1 I I I I 1 1 I I
5

19

2

16 30

14 28 II

25

8 22

6 20

3 17

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING-. MAY 18,

9 23

JAN

9 23

6 20

FEB

1983

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND C0IA4ERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 8750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
295
290

APR.

13

231.4
285
280
226.8
275
270
265
260
255
250
245
240

APR

MAY

JUL

AUG

OCT

LATEST DATA PLOTTED WEEK ENDING: MAY 18,

NOV

1983

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.


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Federal Reserve Bank of St. Louis
M

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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