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Federal Reserve Bank

inancial Data
NOV 1 9 1984

November 15,1984

Both short- and long-term interest rates have declined since
midyear. Since the week ending June 29, the average decline in
short-term interest rates has been about 190 basis points. As
shown in the table below, these recent declines have completely
offset the general rise in short-term rates from January through
June. Long-term rates also have fallen since June: Treasury
issues declined an average of about 200 basis points, while the
corporate Aaa bond rate fell 124 basis points. Even so, these
rates generally remain above their January levels. Thus, although
the yield curve has shifted down recently, it continues to be
upward sloped.
Basis Point Changes in Selected Interest Rates
________ Week ending
January 27 to
June 29

Rate
Federal funds
90-day CDs
30-day commercial paper
6-month Treasury bills
1-year Treasury bills
5-year Treasury securities
Long-term Treasury securities
Corporate Aaa bonds

174
227
187
148
205
241
203
173

June 29 to
November 16
-172
-235
-193
-150
-186
-217
-187
-124
—R.W. Hafer

FEDERAL
J ILVSKuf
JZk KESEKIE

nr sr. UHLS

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

220

BILLIONS OF DOLLARS

220

1

218 _
-

1984
OCT.

216
NOV.

214

1C
17
24
31
7
14

-

BILLIONS

218

216.0
214.5
212.9
213.9
217.3
216. 8

r

216

A

-

212
-

210

A V
fv A/
J

208
206
-

___ /

204
-

202

/

-

A/
\

f\l
r* K
r

214

V

212

-

»v

210

-

208

206

/V

204
-

_y\

202
-

, /
/

200

-

200
-

198

198
-

-

-

-

196

196

194

194
S
-LLL -LLL .n i.i. 111
7 21
SEP

1111
9 10 2 16 SO 14 28 11 25 8 22
OCT NOV
DEC
JAN
FEB
1983

in

-LLL 11 1

mi

-LLL -LLL J_LLL -LLL Mil
O IS 27

MAR

APR

II

JUN
1984

JUL

MAY

2
8
AUG22

S 10
SEP

S 17

-LLL
SI 14 2

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 14. 1984
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 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.
11/16/83

AVERAGE OF FOUR WEEKS ENDING:

2/15/84

4/11/84

5/16/84

6/13/84

7/11/84

8/15/84

9/12/84

9.7
8. 1
9.7
7.5
7.5
7.2
6.5

7. 1
10.0
6.8
6.8
6.7
5.8

9.7
5.4
5.8
5.8
4.9

6.5
6.6
6.4
5.2

2.5
3.7
2.9

6.4
4.4

3.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/11/84
5/16/84
6/13/84
7/11/84
8/15/84
9/12/84
10/17/84
11/14/84

8.8
9.2
8.3
9.3
7.9
7.8
7.6
7.0


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

BILLIONS OF DOLLARS
565 E
1-------------

_
Z

555
530

-

560

548.0
545.4
547.3
544.b
544.0
546.7

A

A

,/V

,r\

^i

V\V/

TTTT

540

BJLLIQNS

TTTT TTTT

545

NOV.

1
8
15
22
29
3

-L U X -L U X

550

1984
OCT.

* SREAK IN SE RIES

M i l XLLL

555

-

BILLIONS OF DOLLARS
565

1

XLLL XLLL XIXL

=
560

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

-

TTTT

TTTT

IN I

TTTT

XLLL
!llx
5 10

5*-p

1 1 1 1
111
17 SI
OCT
NOV
1983

XL 1 -LI 1 1 XXL XXL
12 20 0 23
DEC
JAN
FEB
MAR

Mil: in
IS SO

APR

14

MAY

111
1 M 1
II 23
JUN
JUL
1984

1 1 1

III

1111

3 17

I

SEP

XXL

OCT

13 29 12 28

NOV

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 5, 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
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,
11/7/83

2/6/84

4/2/84

7.0
5.6
7.4
7.3
6. 1
5.9
5.4
4.7

3.9
7.4
7.3
5.5
5.2
4.7
3.8

8.2
7.8
5. 1
4.7
4. 1
3. 1

5/7/84

AVERAGE OF FOUR WEEKS ENDING:
6/4/84

7/2/84

8/6/84

9/3/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/
5/
6/
7/
8/
9/
10/
11/

2/84
7/84
4/84
2/84
6/84
3/84
8/84
5/84

13.2
7.2
6.2
5. 1
3.7

2.0
2.4
2.1
1 .0

0.4
0.8
-0.2

2. 1
0.4

-0.8

♦BREAK IN SERIES


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

555

550

545

540
535
530

4

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

RATIO
2.9 ----------1------------ 1— 1---------1984
OCT.

RAT L2
J

»
NO V.

RATIO
2.9

£.{2

1

5
Ml Ml LTIPLIt■R

✓

'Sl---1

J' 'VV

A
/\

yN
S

IN S ERIES

* 3REAK

!lll in i -LLL-.1 II. III! -LLL .LLL Mil

hi

.LLL 1111 -LLL -LLL 1 1 1 1 -LLL

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 5, 1984
BILLIONS OF DOLLARS
162 I--------1------------- 1---------- 1---------160
158
156
154
152

BILLIONS OF DOLLARS
162
-

COMPOUNDED ANNUAL Ri*TES
—OF CHANGE, AVERAGE
- THE FOUR WEEKS END! sIG
NOVEMBER 5. 1984 FR DM
— THE FOUR WEEKS END 1
” SEP.
— AUG.
- JUL.
JUN.
— MAY
- FEB.
NOV.

3, 1984
6, 1984
2, 1984
4, 1984
7, 1984
6, 1984
7, 1983

160
158

4.
5.
5.
6.
6.
6.
7.

-

>

156
154
152
-

>•

-

-

146

146
OCT .

157.3
157.1
_
157.3
157.4
157.6
NOV .
5 156.9
“
llllJ1111111111111 “

144
142
“in
9 19
SEP

1 1 II
1 1 1
1 1 1
III!
Ill
ill. _U ,1.1. -LLL -LLL 1 1 1 1
3 17 31 14 28 12 26 9 23 6 20 9 19 2 16 30 14 28 II 25 9 23 6 20
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
1983
1984

8
15
22
29

3 17
SEP

1

I 19 29 12 26
OCT
NOV

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 5. 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

144
142

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

BILLIONS OF DOLLARS
400 ---------- 1------------- ,-----

LLIONS OF DOLLARS
400

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

BILL IQN5
383.3
385.0
382. 1
381.4
384.8

♦BREAK IN SERIES

5

10

5

17 31

M 28 12 28

NOV

DEC

9 23

8 20

5

FEB

MAR

19

2

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 5.

16 30

14 28 11

MAY

25

9 23

6 20

3

AUG

JUN
1984

SEP

17

I

IS 29

12

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:
11/7/83

2/6/84

4/2/84

6.7
4.5
6.9
6.9
5.2
4.9
4.5
3.5

3.0
7.7
7.5
4.8
4.4
3.9
2.7

7.5
7.4
3.5
3.2
2.8
1 .5

5/7/84

6/4/84

7/2/84

8/6/84

9/3/84

15.3
6.7
5.5
4.4
2.6

-0.3
0.3
0.5
-0.9

-2.5
-1.3
-2.6

.2
- 1.3

-2.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/
5/
6/
7/
8/
9/
10/
11/

2/84
7/84
4/84
2/84
6/84
3/84
8/84
5/84

‘BREAK IN SERIES


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

PREPARED Br FEDERAL RESERVE BAM< OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0 r—

PERCENT
— 15.0

CORPORATI
AM BONDS

90 DAY
CD'S

■PAN RATE

I 1.0

1 1.0

MUNICIPAL

2

16 50

SEP

14 28 II 25

OCT
NOV
1983

0 23

DEC

fi 20

3 17

JAN

FEB

2 IS 30 13 27

MAR

APR

II

MAY

25

8 22

JUN
1984

6 20

JUL

3 17 31

AUG

14 28 12 26

SEP

OCT

0 23

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 16, 1984

1984
SEP.

OCT.

NOV.

7
14
21
28
5
12
19
26
2
9
16 X
23
30

90 DAY
CD'S

30-DAY
COMJERC1AL
PAPER

11.60
11.39
11.25
11.00
11.02
10.76
10.39
9.82
9.66
9.36
9.32

11.39
11.24
1 1 .07
10.77
10.75
10.36
10.05
9.43
9.51
9. 17
9.14

90-DAY
BANKERS'
ACCEPTANCES
11.34
11.21
10.98
10.81
10.80
10.48
10.15
9.61
9.51
9. 14
9. 19

CORPORATE
AM BONDS

CORPORATE
Bm BONDS

MUNICIPAL
BONDS KX

12.87
12.72
12.52
12.56
12.62
12.52
12.51
12.54
12.50
12.43
12.47

14.56
14.39
14.26
14.24
14.21
14.09
13.94
13.72
13.61
13.55
13.50

10. 18
10. 10
9.95
10.15
10.34
10.36
10.24
10.05
10. 1 1
10. 17
N. A.

* AVERAGES OF RATES AVAILABLE.

m 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

TREASURY S f!

PERCENT
15.0

JRITIES

FEDERAL.
FUNDS RATE

TREASl

DISCOUNT

RATE

2

Ifl 30 14 28 11

OCT

25

0 23

NOV

0 20

3 17

JAN

FEB

2 16 30 13 27

APR

11

25

6 22

20

3 17 31

14 20 12 20

0 23

MAY
1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt NOVEMBER 16,

FEDERAL
FUNDS KX

1984
SEP.

OCT.

7
14
21
28
5
12
19
26
2
9

*

OUOI

OIM —

NOV.

1984

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL »6I6K

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

11.68
11.52
11.46
10.73
11.20
10.01
10.22
9.45
9.73
9.87
9.55

10.61
10.38
10.29
10.24
10. 19
10.01
9.81
9.33
9. 10
8.65
8.74

10.75
10.49
10.40
10.39
10.35
10.21
10.08
9.57
9.59
9.07
8.99

10.82
10.54
10.37
10.38
10.35
10.15
9.96
9.56
9.43
9. 15
9.23

12.84
12.55
12.34
12.46
12.46
12.26
12. 10
11.69
11.58
11.47
11.55

12.64
12.33
12. 17
12.29
12.34
12.16
12.02
11.70
11.64
11.65
11.75

* AVERAGES OF RATES AVAILABLE.


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

than date
by the federal reserve

SHOWN.
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

1234

BILLIONS OF DOLLARS

BILLIONS
384.4
385.0
384.7
384.4
385! 4

SMALL TIME DEPOSITS
♦BREAK IN SERIES

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5,

1984

BILLIONS OF DOLLARS
155
"

ISM

_

NOV.

BILLIONS OF DOLLARS
155

E

B-U.L1QNS

8
15
22
29
5

150

125.7
125.'
125.
124.7
124.

E
145

E
IT T T T

i—.
SAVIN GS DE »0S1TS
I

E

E
E

E

!lll
IS

SEP

J-Llj
11 i.i
3 17 31

111

111

14 28 12 26

OCT
NOV
1983

DEC

1111
S 23

JAN

l.-LL
8 20

FEB

11

i

S IS

MAR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5,

1111
2

16

APR

-LLL -LLL
30 14 28 II

MAY

JUN
1984

1 1 II.

29 9 23

JUL

1 1 1

1 1 1

6 20

3 17

I

AUG

SEP

1 M 1
OCT

15 29 12 26

NOV

1984

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000.


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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
790 ---------- 1------------- 1------

12S1
“ OCT.

=

NOV.

BILLIONS OF DOLLARS
—------------- -------- “I 790

BILLIONS
770.2
772. I
772.3
772.8
772.2
773.0

♦BREAK IN SERIES

5 10

3 17 31 14 28 12 26
NOV
DEC

0 23

6 20
FEB

5 10
MAR

2 16 30 14 28 II 23
MAY

0 23

6 20

3 17

AUG

JUN

SEP

I

IS 20 12 26

1984
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5.

1984

1/ SAVINGS OEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSITS*
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
11Z7/83

2/6/84

4/2/84

5/7/84

6/4/84

7/2/84

8/6/84

6.8
10.5
12.1
13.2
12.4
12.4
11.7

16. 1
17.0
17.2
15.4
14.8
13.7

21.3
19.9
16.9
15.8
14.3

18.4
15.0
14. 1
12.7

13.2
12.7
11.3

10.0
8.9

9/3/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/
5/
6/
7/
8/
9/
10/
11/

2/84
7/84
4/84
2/84
6/84
3/84
8/84
5/84

3.4
4.7
7.0
8.4
9.5
9.4
9.6
9.4

9.5

♦BREAK IN SERIES


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

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
270

BILLIONS
265

260.4
261.4
262.2
263.3
263.3

260

NOV.
255

250

♦BREAK IN SERIES
245

240

235

230

225

220

NOV

DEC

FEB

MAR

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.

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

November

24
1
8
15
22
29
5

$381.9
382.4
384.7
386.4
386.9
388.6
391.9

MMMFs 2/
$199.4
201.5
202.3
206.6
209.4
211.7
213.2

SUPER NOWs 3/
$43.8
44.0
45.3
45.2
44.5
45.0
45.9

1/ 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

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

billions of dollars

billions of dollars

1SS1 MILLIONS
OCT.

10
17
24
31
NOV. 7
14

5 10

SEP

6157
6822
5645
5187
5561
4683

2 16 SO 14 28 II

OCT

DEC

25

8 22

7 21

4 18

MAR

JAN

APR

2 IB 30 IS 27

JUN

II

25

8 22

5

10

3 17 SI

14 28

JUL

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 14, 1984

BUSINESS LOANS^

( COMMERCIAL AND INDUSTRIAL )

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

BILLIONS OF DOLLARS
_
_

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR tifEEKS ENDING '
OCTOBER 31, 1984 FROM
THE FOUR WEEKS ENDING:

—~ AUG. 29,
- AUG.
I,
“ JUL. 4,
“MAY 30,
_ MAY
2,
- FEB.
I,
- NOV. 2,

1984
1984
1984
1984
1984
1984
1983

2.7
1.2
2.5
4.6
9.3
15.5
13.1

'
“
*

MILLIONS

-

220

-

212

SEP. 26

7 21

5 10

SEP

OCT

2

16 SO 14 28 It

DEC

JAN

25

8 22

I I I I I I I I M M II I

7 21

4 18

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31,

2 16 SO IS 27 11

JUN

25

8 22

5 19

3 17 31

14 28

JUL

1984

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COfcUERCIAL 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 BANK OF ST. LOUIS

11

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