Full text of U.S. Financial Data : November 14, 1985
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FederJJesC/e ■£ 1_____ ci* Tmiis — Ffipancial Data - The money multiplier, the ratio of the money stock Ml to the monetary base, has increased 3.2 percent over the last year (see page 4). The increase in the multiplier can be attributed to changes in the public's allocation of its asset holdings between currency and checkable deposits (called the k-ratio) and between time deposits and checkable deposits (called the t-ratio). A decrease in the k-ratio implies a larger proportion of deposits in Ml, a larger proportion of the monetary base in reserves and, in turn, a higher multiplier. A decrease in the t-ratio also implies a higher multiplier. The table below illustrates the inverse relationships between these ratios and the Ml money multiplier. The increase in the multiplier can be attributed to decreases in both the k- and t-ratios as checkable deposits have increased relative to currency and time deposits. Ml multiplier, k-ratio and t-ratio (seasonally adjusted) Averages of four weeks ending Ml multiplier 10/29/84 5/27/85 11/4/85 2.557 2.587 2.639 :-ratio .407 .396 .388 t-ratio 2.640 2.621 2.546 --Richard G. Sheehan the FEDERAL A RESERVE V0ltA\K<.t STIXM IS 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 BILLIONS OF DOLLARS 236 BILL I QMS 234 232.1 229.7 231 .5 231.5 232 234.5 230 228 226 224 222 220 218 216 214 212 5 19 9 17 91 14 28 12 26 NOV 1984 9 29 DEC LATEST DATA PLOTTED WEEK ENDING: 6 20 6 20 9 IT FEB MAR APR NOVEMBER 13. 1 15 29 12 26 10 24 7 21 4 18 AUG SEP 2 16 90 19 27 1985 THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS. CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL DEPOSITORY INSTITUTIONS) AND 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 AVAILABLE FROM THIS BANK. RECENT DATA ARE PRELIMINARY. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, 11/14/84 AVERAGE OF FOUR WEEKS ENDING: 2/13/85 4/10/85 5/15/85 6/12/85 7/10/85 8/14/85 0/11/85 7. 1 11.8 10.1 9.2 9.5 8.6 8.6 12.3 9.5 8.3 8.9 7.9 7.9 15.2 11.2 11.4 9.5 9.3 4.4 6.7 5.7 6.2 8.1 6.4 6.8 7.0 7.4 5.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/10/85 5/15/85 8/12/85 7/10/85 8/14/85 9/11/85 10/16/85 11/13/85 8.2 6.8 9.4 8.7 8.3 8.6 8.0 8.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS * http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED LLIONS OF DOLLARS ILL IONS OF DOLLARS ------------------------- =1 630 614.8 61 I .9 605.4 61 I .4 61 I .6 SEP I 15 29 12 26 10 24 OCT NOV DEC 7 21 JAN 4 18 FEB 4 18 MAR I 15 29 19 27 10 24 8 22 APR MAY JUN JUL 1985 1984 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4, 5 19 AUG 2 16 90 14 28 II SEP OCT 25 NOV 1985 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEPolITfAND^TRAVELERl^CHECKS0 THE PUiUC- DEM“® DeP€#,TS' 0THER »«*ABLE MONEY STOCK (Ml ) COMPOUNDED ANNUAL RATES OF CHANGE, 11/5/84 AVERAGE OF FOUR WEEKS ENDING: 2/4/85 4/1/85 5/6/85 6/3/85 7/1/85 8/5/85 9.4 11.2 13.3 12.3 13.8 13.1 11.4 11.1 14.7 12.8 14.8 13.6 11.5 20.0 15.3 17.3 15.3 12.5 14.5 17.4 15.0 11.6 15.0 12.7 9.2 15.4 9.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 5/ 6/ 7/ 8/ 9/ 10/ 11/ 1/85 6/85 3/85 1/85 5/85 2/85 7/85 4/85 10.8 10.0 10.9 12.3 11.7 12.8 12.4 11.2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY MULTIPLIERi/ CURRENCY COMPONENT OF MONEY STOCK u AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 1 — ------------ NOV. 2.8 “1------------- 1 1285. ft mo 4 2.7 2 Ml Ml LTIPLI •R / A r A v'V 111 I 1 1 1 XI /J i i i i i in in in rJ P /V ifc. 2.6 V 1 ILL XLL -L.LL III! XLL XXL i 1 1 m!s 0 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4, 1985 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 172 COMPOUNDED ANNUAL. RATES OF CHANGE. AVERAGE OF THE FOUR te-EKS ENDING NOVEMBER 4. 1085 FROM THE FOUR WEEKS ENDING*. SEP. AUG. JUL. JUN. MAY FEB. NOV. 2, 5, 1, 3, 6, 4, 5 985 985 985 985 985 1985 1984 170 168 6.7 8.7 8.1 8.9 9.2 8.2 7.6 166 164 CURRENCY 162 160 1385 BILLIONS 158 168.6 169.0 169.3 169.7 156 I I I I I M I I I I I I I I I 3 17 1 19 29 12 26 10 24 7 21 4 IS 4 IS JAN FEB MAR 1 19 29 IS 27 10 24 MAY JUN S 22 9 19 2 IB 30 14 28 11 29 OCT NOV LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4, 1985 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 450 BILLIONS 440.9 437.7 436. I I I I I 12 26 10 24 7 21 JAN 4 18 FEB 4 18 MAR LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 4, 1 15 20 IS 27 10 24 MAY 8 22 8 18 2 16 SO 14 28 11 JUN OCT 2S NOV 1985 DEPOSITORY^Ssf lTUT?ONSS ,S THE SUM ^ °EMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL TOTAL CHECKABLE DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, 11/5/84 AVERAGE OF FOUR WEEKS ENDING: 2/4/85 4/1/85 5/6/85 6/3/85 7/1/85 8/5/85 10.6 12.6 15.3 13.9 15.8 15.0 12.6 12.4 17.0 14.4 17.0 15.7 12.6 23.3 17.2 19.9 17.7 13.7 16.4 20.2 17.4 12.7 17.0 14.6 9.6 18.5 10.3 9/2/85 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 5/ 6/ 7/ 8/ 9/ 10/ 11/ 1/85 6/85 3/85 1/85 5/85 2/85 7/85 4/85 12.5 11.5 12.5 14.2 13.4 14.8 14.3 12.6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES PERCENT PERCENT 14.0 11.0 BANK 8.0 90 OAY I I I I T 21 8 IB SEP OCT 2 18 SO 14 21 II DEC JAN 28 8 22 8 22 5 IB 3 17 81 FEB 1984 14 28 12 26 JUN JUL B 23 6 20 4 18 SEP OCT 1 15 2B 1985 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*. NOVEMBER 15, 1985. 1985 SEP. 6 13 20 27 OCT. 4 11 18 25 NOV. 1 8 15 K 22 29 90 DAY CD’S 30-DAY COMMERCIAL PAPER 90-DAY BANKERS* ACCEPTANCES CORPORATE Aaa BONDS CORPORATE BAA BONDS MUNICIPAL BONDS XX 7.87 8.00 7.99 7.82 7.85 7.89 7.92 7.93 7.82 7.79 7.75 7.74 7.91 7.90 7.73 7.76 7.80 7.87 7.86 7.77 7.87 7.83 7.80 7.92 7.90 7.68 7.72 7.82 7.81 7.80 7.71 7.70 7.68 10.94 11.13 11.11 11.05 11.07 11.12 11.03 10.94 10.87 10.67 10.56 12.41 12.52 12.51 12.47 12.46 12.39 12.38 12.31 12.24 12.12 12.03 9.07 9.26 9.35 9.38 933 9.25 9. 12 8.95 8.76 8.68 N.A. NOTEi CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE. « AVERAGES OF RATES AVAILABLE XX BOND BUYER’S AVERAGE IWEX 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 4.0 TREASURY RATE SCOUNT TREASl 7 21 5 19 SEP OCT 2 16 90 14 28 II DEC 25 JAN 8 22 8 22 5 19 3 17 91 FEB 14 28 12 26 JUN 1984 BILL JUL 9 23 6 20 4 SEP OCT 18 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING) NOVEMBER 15, 1985 SEP. OCT. NOV. 6 13 20 27 4 11 18 25 1 8 15 K 22 29 I 15 29 1985 1985. FEDERAL FUNDS mt 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL mm 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 7.88 7.80 7.85 7.96 8. 12 7.84 8.03 8. 14 7.89 8.30 7.95 7.14 7.23 7.12 6.89 7.01 7.17 7.20 7.22 7.20 7.25 7.25 7.30 7.39 7.32 7.05 7.24 7.32 7.36 7.32 7.37 7.30 7.23 7.49 7.62 7.55 7.34 7.41 7.49 7.44 7.47 7.41 7.36 7.30 9.76 9.95 9.85 9.66 9.71 9.82 9.70 9.63 9.55 9.38 9.20 10.68 10.87 10.80 10.73 10.73 10.8! 10.67 10.57 10.48 10.31 10.16 NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY 4,_»ECURmES WHICH ARE COMPUTED BY THIS BANK. TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS. I AVERAGES OF RATES AVAILABLE Ml SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN MBK AUCTION AVERAGE ( DISCOUNT) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 410 1965. SEEOCT. BILLIONS 383.0 382.7 381.8 > S I iiii ar 30 7 14 i _ 400 381 380.7 7---------------- ______ SMALL TIME DEPOS TS 111 1111 111 mi 111 .ILL i u. 11..LL 1 1 1 1 1 1 1111 in tin 111 _ 1 1 at 1— — — 1 380 M il M il M il : H i BILLIONS OF DOLLARS 410 ----------1------------- 1---------- 1------------- LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4. 1985 BILLIONS OF DOLLARS 285 BILLIONS OF DOLLARS BILLIONS. NOV. LARGE TIME DEPOSITS 277.4 276.1 275.8 279.0 270 260 1 IS 29 12 26 10 24 7 21 4 16 4 18 JAN FEB MAR I 15 29 15 27 MAY 10 24 JUN 8 22 5 18 2 16 90 14 28 II OCT 29 NOV LATEST DATA PLOTTED WEEK EM)IN6i NOVEMBER 4, 1985 1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000 2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 OR MORE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS COMMERCIAL BANK TOTAL TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 790 ---------- .------------- r— 1SS5. _ ------------------------------- BILL I ONS SEP. 782.4 785. I I I I I 3 IT t IS 29 12 26 10 24 NOV DEC OCT 7 21 JAN 4 16 FEB 4 IS MAR I IS 29 13 27 10 24 6 22 APR MAY JUN JUL 1964 5 19 AUG 2 16 30 14 SEP OCT NOV 1985 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4. 1985 TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS. SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS. TOTAL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING: 11/5/84 2/4/85 4/1/85 0.4 2.6 2.3 1.7 0.9 0.7 1.4 1 .6 7.7 6. 1 4.3 2.5 2.0 2.9 2.9 6.9 3.8 1.4 1 .0 2.2 2.3 5/6/85 6/3/85 7/1/85 -1.1 -2.5 -2.1 0.1 0.5 -3.9 -3.0 -0.0 0.5 -3.0 0.8 1.3 8/5/85 9/2/85 4.0 3.7 5.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 5/ 6/ 7/ 8/ 9/ 10/ 11/ 1/85 6/85 3/85 1/85 5/85 2/85 7/85 4/85 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 790 10 BORROWINGS FROM FEDERAL RESERVE BANKS billions of dollars AVERAGES OF DAILY FIGURES billions of dollars IM HILL 1Q»g. 9 16 23 30 6 1349 935 1301 1025 1125 TOTAL BORROWINGS LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 13, 1985 BILLIONS OF DOLLARS 2.0 BILLIONS OF DOLLARS ------1------------- 1---------- 2.0 --------------- 1985 MILLIONS ADJUSTMENT + SEASONAL BORROW! 5 10 SEP 9OCT 17 91 NOV 14 20 DEC 12 20 JAN 0 29 0 20 FEB 6 20 MAR 9 17 APR 1984 1MAY 15 20 JUN 12 20 JUL 10 24 7 21 AUG 4 10 SEP 2OCT 10 90 NOV 19 27 1985 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 13. 1985 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS 1 - T MMDAS, MMMFS AND SUPER NOWS (BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED) MMDAs 1/ September October November MMMFs 2/ $321.3 321.9 320.5 321.1 322.7 324.0 324.3 325.1 326.9 9 16 23 30 7 14 21 28 4 Super NOWs 3/ $239.1 239.0 239.0 238.4 238.5 240.8 240.5 240.0 241.1 $61.1 60.5 59.2 58.7 61.1 61.0 61.0 60.2 61.7 1f Money market deposit accounts at commercial banks 2/ Total money market mutual fund balances 3/ NOW accounts at all depository institutions, requiring a $>1,000 minimum balance and eligible to earn more than 5.25 percent, effective 1/5/85 BUSINESS LOANS u ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS-2/ StABUNALLY ADJUSTED BY TH15 BANK BILLIONS OF DOLLARS 260 ---------- 1------------- 1----- ILL IONS OF DOLLARS —|------------- ----------- 260 COMPOUNDED ANNUAL RATES “ OF CHANGE, AVERAGE OF THE FOUR tffEEKS ENDING - OCTOBER 30, 1985 FROM THE FOUR WEEKS ENDING: “ AUG. JUL. — JUL. MAY -MAY JAN. _ OCT. 28, 31, 3, 29, 1, 30, 31 , 1985 1985 1985 1985 1985 1985 1984 -2.5 -3.1 -2.2-3.2 -2.0 1.5 I.5 SEP. 25 OCT. 2 251,208 252,249 5 19 3 17 31 14 NOV 1-H M I I I I M I I I 12 26 DEC 0 23 6 20 6 20 3 17 FEB MAR APR 1 15 29 12 26 10 24 7 21 4 AUG SEP 16 2 16 30 13 27 LATEST DATA PLOTTED WEEK ENDING: OCTOBER 30, 1985 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS 11 248
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