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"""US. Financial Data
U.S.
May 3,1984
Money market deposit accounts (MMDAs), which were
issued for the first time on December 14, 1982, are free of the
interest rate ceilings imposed by Regulation Q, as long as a
minimum balance of $2,500 is maintained.
Consequently,
financial institutions can vary their offering rates on these
deposits in line with movements in other market interest rates.
When interest rates rise, financial institutions increase the rates
on MMDAs. This raises the flow of funds into these accounts. As
interest rates decline, rates on MMDAs are lowered, reducing
MMDA growth.
The quantity of MMDAs increased rapidly, rising to a level
of $341.4 billion by April 1983, as individuals took advantage of
the attractive features of the new account. Since the initial
surge in these accounts, changes in MMDA balances appear
primarily to reflect their sensitivity to interest rate changes.
Relatively large additions to MMDAs have occurred when interest
rates have risen, while much smaller increases have been recorded
when interest rates have been stable or declining. For example,
during the four-month period from April through August 1983, the
three-month Treasury bill rate rose by 113 basis points and
MMDAs rose by $27.2 billion. In contrast, the Treasury bill rate
fell by 44 basis points during the next five months and MMDAs
rose by only $11.9 billion. Since early February, the Treasury bill
rate has increased by about 80 basis points and MMDAs have
increased by about $17 billion.
—G. J. Santoni

the

FEDERAL
A RESERVE
>0 HANK of
Mr ST. KHTS


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

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
214 ------------1--------- ,-----

BILLIONS OF DOLLARS
----- ---------------------- 214

BILLIONS
MAR.
— APR.

_

28

MAY

206.8

2 18 30 IS 27

MAR

207.2
208.3
210.6
207.2

APR

I 25

MAY

8 22

JUN

6 20

3 IT 31

JUL
AUG
1983

14 26 12 26

SEP

OCT

0 23

NOV

7 21

4 18

DEC

JAN

I

15

FEB

20

14 28 II 25

B 23

MAR
1984

LATEST DATA PLOTTED WEEK ENDINGt MAY 2, 1984
THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) 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:
5/4/83

8/3/83

10/5/83

8.2
8.5
7.5
8.0
8.3
8.9
8.3

9.5
7.4
8.2
8.7
9.4
8.5

11/2/83 11/30/83

1/4/84

2/1/84

10.7
11.3
9.3

1 1.6
8.9

2/29/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/ 5/83
11/ 2/83
11/30/83
1/ 4/84
2/ 1/84
2/29/84
4/ 4/84
5/ 2/84


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

7.9
8.2
8.3
7.7
8.0
8.3
8.7
8.3

6.5
7.8
8.5
9.3
8.4

7. 1
8.2
9.3
8.2

8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
545 1=------- 1----------1--------

BILLIONS OF DOLLARS
---------------------------- =□ 545

BILLIONS
536.0
538. I
533.4
536.4
535.8
532.2

7 21

4

18

2 16 30 19 27 II

25

8 22

3 10

3 17 31

14 28 12 26

NOV

fi 23

8 20

3

IS

2 16 30 14 28

DEC

LATEST DATA PLOTTED WEEK ENDING: APRIL 23, 1984
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL AND OFF ICIAL DEPOSITS
HEL° BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FORE I gTbaNKS BANK DEMAND INSTITUTIONS)
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
4/25/83

7/25/83

1 1.0
9.9
9.3
8.6
8.7
8.9
8.5
7.6

5.2
5.3
5.2
5.8
6.5
6.3
5.4

AVERAGE OF FOUR WEEKS ENDING:

9/26/83 10/24/83 11 '21/83 12/26/83

1/23/84

2/20/84

7.8
4.5

1 .7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/26/83
10/24/83
11/21/83
12/26/83
1/23/84
2/20/84
3/26/84
4/23/84


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

4.6
4.7
5.8
6.7
6.5
5.2

5.2
6.5
7.5
7.0
5.5

6.8
8.0
7.3
5.4

10. 1
8.2
5.6

PREPAREO BY FEDERAL RESERVE BANK OF ST, LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

1
1
1
1984 RATIO
MAR. 19 2.599
R.
\

— -------- ------------ —

2.8

i

AP

if

8
Ml Ml LTIPLI

7,g4

—

A

J

'
2.5

1LLL

in

INI

111 111 11

u

111 1984 1 1 1 1 1 111 11M 111 111
11

.mi

LATEST DATA PLOTTED WEEK ENDING: APRIL 23,

111

;

BILLIONS OF DOLLARS
154

BILLIONS OF DOLLARS
154 ----------1---------- 1------------- 1----------

150
148

146

COMPOUNDED ANNUAL R)KIES
—OF CHANGE. AVERAGE
THE FOUR 1&EEKS END If-JG
“
APRIL 23, 1984 FROM
___THE FOUR WEEKS END If

-

-

152

-

FEB.
JAN.
— DEC.
_
NOV.
OCT.
— JU L.
_ AP R.

20, 1984
23, 1984
26, 1983
21, 1983
24, 1983
ZD \ I960
, 1983
25

152
-

150

4.;
5.
8..
7.*
8..

148

CURRE NCY
-

146

9.

9.

-

-

/

-

140

19M
-

-

MAF .

138

APF .
-

136

Ill
7 21
MAR

1 1 1
1111 J_LL in 1111
in
4 18 2 16 30 13 27 II 25 8 22 5 10
APR MAY
JUN
JUL
AUG
SEP
1983

LATEST DATA PLOTTED WEEK ENDING: APRIL 23,

i i i i. i -ILL 1 1 1
3 17 31 14 28 12

OCT

NOV

DEC

1111

in

JAN

FEB

19
26
2
9
16
23

151 a 0
151.1
150.7
151.2
151.8
152.3

1 1 1 1 1 1 1 1
MAR

140

BIU.lt

APR

138
136
|||:

MAY

1984
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

TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

13S4

BILLIONS of dollars

BILLIONS
380.0
382. 1
377.6
380.2
379.0
374.9

4

MAR

18

2

16 SO

13 27

II

25

8 22

5 10

3

17 31

APR

14 28 12 26

NOV

0 23

6 20

5 10

FEB

DEC

MAR

2

16 30

14 28

LATEST DATA PLOTTED WEEK ENDING: APRIL 23, 1984
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOS TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/25/83

7/25/83

1 1.5
9.8
8.8
8.3
8.0
8.4
8.2
7.0

3.0
2.9
3.4
3.8
4.8
5. 1
3.8

9/26/83 10/24/83 11/21/83 12/26/83

1/23/84

2/20/84

9.0
3.9

0.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/26/83
10/24/83
11/21/83
12/26/83
1/23/84
2/20/84
3/26/84
4/23/84


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

1 .8
3. 1
3.8
5.2
5.5
3.8

4.0
4.6
6.2
6.4
4.3

5.6
7.4
7.3
4.6

8.9
8.1
4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
5.0

13.0

12.0

PRIME
LOAN RATE

8.0

4 18

1

15 29 13 27 10 24

MAY

8 22

5 19

JUN

2 18 30 14 28 II

OCT

9 23

8

3 17

JAN

NOV

FEB

1983

2 18 30 13 27 II 25

APR

MAY

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 4. 1984

1984
MAR.

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

90 DAY
CD'S
9.69
9.84
9.99
10.31
10.34
10.40
10.33
10.42
10.46
10.57

30-DAY
COMMERCIAL
PAPER

90-OAY
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

CORPORATE
Bm BONDS

MUNICIPAL
BOWS |0K

9.42
9.54
9.73
10.06
10.04
10. 16
10.11
10.23
10. 16
10.30

9.56
9.68
9.84
10. 16
10.17
10.23
10.21
10.31
10.29
10.40

12.30
12.46
12.58
12.65
12.71
12.74
12.71
12.79
12.95
13.00

13.78
13.84
13.97
14. 10
14. 15
14.21
14.22
14.37
14.41
14.45

9.86
9.94
9.98
10.01
9.93
10.04
9.97
9.89
9.94
N. A.

■ AVFRAflF4 OF BATP4 AVA11 ARI F

wm 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

5-YEAR

TREASURY SECURITIES

I IS 2# 13 27 10 24 8 22
APR
MAY
JUN
JUL

MAR

5 10
AUG

2 18 30 t4 28 II 23 0 23
SEP
OCT
NOV
DEC

8 20
JAN

1983

3 17
FEB

2 IS 30 13 27 II 23
MAR
APR
MAY

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* MAY 4,

1984
MAR.

APR.

MAY

2
9
16
23
30
6
13
20
77
4 X
1 1
18
25

1984

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL***

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

9. 18
9.29
9.43
9.76
9.72
9.74
9.65
9.76
9.64
9.70

9.33
9.37
9.52
9.79
9.88
9.83
9.82
9.92
9.74
9.88

9.37
9.45
9.60
9.90
9.86
9.96
9.82
9.98
10.00
10.12

11.75
11.85
11.98
12. 17
12.20
12.36
12.24
12.38
12.47
12.59

12.03
12.17
12.28
12.42
12.40
12.53
12.45
12.62
12.69
12.79

* AVERAGES OF RATES AVAILABLE.
“ HYgjfcOAY.AVERAGES FOR WEEK ENDING WEDNESOAY TWO DAYS EARLIER THAN DATE SHOW.
__ £ffiRfSI,SAI},ippeAB IN T* BOARD OF GOVERNORS' H. IS RELEASE.
Ptw ISSUu RATE
rallim
““,UTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

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

BILLIONS OF DOLLARS

1984
MAR.

19

BILLIONS OF DOLLARS
410

BILLIONS

400

353.6
354. 1
355.0
355.4
355.6
356.9

390
380
370
SMALL TIME DEPOSITS
360
350
340
330
320
310
300

I I I I

0

LATEST DATA PLOTTED WEEK ENDING? APRIL 23.

1984
BILLIONS OF DOLLARS

170

—--------1---------- 1------------- 1---------=
1984
BILLIONS
128.9
128.8
128.8
1 29.
128.6
128.3

150
145

170
165

Z
160

M ill

155

APR.

19
26
2
9
16
23

-

t t it

160

MAR.

Inn

Z
-

TTTT TTTT

165

1LLL

BILLIONS OF DOLLARS

155
150
145

=

mT

140

E

z

TTTT

nil

140

=

135
130

jrin
7 21
MAR

130
125

125

0

135

1 4 1 18 2 1 16 1 30 11L 11125
1 1 1
13 27 II
APR

MAY

JUN

JUL

1 8 22 3 119
LLL 1 1

AUG
1983

SEP

11.11.

1 1 1

1 1 1

1 1 1 1

3 17 31 14 28 12 26 9 23
OCT
NOV
DEC
JAN

1 1 1

6 20
FEB

1 1 l’

..1 1 LL
5 19 2 16 30 14 28
MAR
APR
MAY
1984

1 1 1

LATEST DATA PLOTTED WEEK ENDING? APRIL 23. 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000.


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

BILLIONS OF DOLLARS
780

714.9
716.6
717.7
719.3
720.0
721.4

770
760
750
740

4 18

MAR

2 10 30 13 27 II

APR

JUN

NOV

JUL

DEC

LATEST DATA PLOTTED WEEK ENDING* APRIL 23, 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:
4/25/83

7/25/83

2.5
3.0
4.4
4.5
4.0
3.2
3.5
3.9

7.5
9.0
8.2
6.7
5.2
5.3
5.7

9/26/83 10/24/83 11/21/83 12/26/83

1/23/84

2/20/84

1.2
3.8

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/26/83
10/24/83
11/21/83
12/26/83
1/23/84
2/20/84
3/26/84
4/23/84


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

9.8
8. 1
5.9
3.9
4.3
5.0

9. 1
6.0
3.5
4.0
4.9

2.6
0.5
1.9
3.3

-2.4
0.6
2.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

260

1111

1---------1984

1111

MAR.
APR.

1
BILLIONS
232.4
233.7
233.9
234.9
235.8
236.2

260

I
_
-

255

II
1

11111

1

19
26
2
9
16
26

=
-

245

1111

=
1111

1111
Y

=

-

1111

1 l l
7 21
MAR

/

r

A/

1111
5

\Y

111
4 18
APR

1111

M il

/

Y

INI
111
111
1111
2 18 30 13 27 II 25 8 22
MAY
JUN
JUL
AUG
1983

1 1 1
5 19
SEP

LATEST DATA PLOTTED (KEEK ENDING, APRIL 23,

Mil
1 1 1
III
1 1 1 1
3 17 31 14 2 12 28 9 23
OCT
NOV
DEC
JAN

1 1 1
6 20
FEB

1 1 1
5 19
MAR

5

1 11 1
111
2 18 30 14 2
APR
MAY

1984

TlkC DEPOSITS ISSUED IN DENOMI NAT IONS OF (100,000 OR MORE.

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

12
19
26
2
9
16
23

$391.9
392.7
393.4
396.0
398.8
398.9
395.6

MMMFs 2/
$186.2
186.7
187.2
187.7
188.1
189.0
187.6

SUPER NOWs 3/
$41.6
41.6
41 .5
42.1
43.6
43.9
43.4

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

BORROWINGS FROM FEDERAL RESERVE BANKS
D0LLARS
1984

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
----- --------------------Z3 4-5

MILLIONS

MAR. 28
APR. A

1J.1 I I I I I
2 16 50 13 27 11 25

8 22

6 20

MAR

JUN

JUL AUG

APR

MAY

3 17 31

14 28 12

SEP

OCT

DEC

I IS 29 14 28 II 23
MAR APR

JAN

1983
LATEST DATA PLOTTED WEEK ENDING: MAY 2, 1984

BUSINESS LOANS

(COMMERCIAL AND

9 23

y

INDUSTRIAL)

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

BILLIONS OF DOLLARS
236

BILLIONS OF DOLLARS
236

1
ANNUAL RATES
I COMPOUNDEiD-----1-----1------ OF CHANGE .AVERAGE OF

232

:
~

224

r~

__ THE FOUR WEEKS ENDING
28. 1983 FROM
WEEKS ENDING:
OCT. 26,

“ AUG.
~ JUN.
- JUL.
I D£C

31,
27,
29,
29,

983
1983
1983
1983
982

0.8
1.4
1.8
1.2

G

*to cl
Vi ^

5.5

2

■&H&&
0$-

•flO

2

CO

~
220

216

212

/\

r

V

I

216
-

212
198!

-

204

rm

k1 ILL IONS

NOV. 25
50
DEC. 7

I

21
28

gj 11 -LLL .in —1—L 1.1 III III 111 1 ill i l 1 1 1 1 1
» MARn a » MAY JUN »JUL n io » 7 21
a
4 it i
u
APR
AUG
SEP

a u i n n JAN a FEB
li
a
NOV
DEC
1882

ii

1983

215,480
215,841
218,S55
216,412
217,937

—
I
_
-

1 || || | || |

1 1 1 II
|
13
8 19 2 10 SO 14 28 11 28
OCT
NOV
DEC
JAN
1984

LATEST DATA PLOTTED PEEK ENDING. DECEMBER 28. 1883
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND CCUCRCIAL PAPER.
2/ BAMCS WITW DOMESTIC ASSETS OF 8750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS

11

208

204

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