Full text of U.S. Financial Data : November 28, 1986
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research Federal LIBRARY Reserve £ -^LtSuJinancial Data °K~t 2 198B--------------------------------------------------------------------------------------------------------------------------------------------------------------- November 28, 1986 Over two-thirds of commercial bank business loans are made to creditworthy firms at interest rates below the prime bank loan rate. According to two 1986 Federal Reserve System surveys of the terms of commercial bank lending, more than 93 percent of these are short-term loans, either at fixed or at floating interest rates. As the table on the back page indicates, most (74 percent) are fixed-rate loans with discounts of 75 basis points or more from the prime rate and average maturities of less than three weeks. Floating-rate loans have relatively longer maturities, well over two months on average. Since floating-rate loans adjust with interest rate changes, floating-rate borrowers may not be as concerned about their initial discount as are fixed-rate borrowers. It is noteworthy that the prime rate declined from 9.50 percent during the February survey to 8.50 percent just before the May survey. Perhaps as a result of this decline and borrowers’ strong negotiating position during the weak business loan growth of the first half of 1986, the average discount from the prime rate increased sharply for the fixed-rate loans, while remaining roughly unchanged for floating-rate loans. —Mack Ott (continued on back page) tiik KIDKRVI KRSKRVE A /iLlVkof nr ST. IOI1S 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 BILLIONS OF DOLLARS 256 BILLIONS. _ 252 SEP. 254 10 252 —OCT. NOV. 5 250 248 246 244 242 240 238 236 234 232 0 29 9 20 NOV 4 10 DEC I 15 29 12 26 12 20 FEB MAR 0 29 7 21 4 19 2 IS 30 IS 27 10 24 AUG SEP LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt NOVEMBER 19, S 22 5 10 9 17 91 1986 S OF FINANCIAL INSTITUTIONS AT FEDERAL THE PUBLIC AND IN THE VAULTS OF ALL 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, AVERAGE OF TWO MAINTENANCE PERIODS ENDINGt 4/23/86 5/21/86 6/18/86 7/16/86 8/13/86 9/24/86 10/22/86 11/19/86 11/20/85 2/12/86 4/23/86 5/21/86 6/18/86 7/16/86 8/13/86 9/24/86 7.7 8.3 9.0 8.6 8.3 8.3 8.2 8.5 8.8 9.8 9.1 8.6 8.5 8.4 8.7 12.5 10.3 9.1 8.9 8.6 9.1 9.8 8.3 8.3 8.1 8.7 5.7 6.9 6.9 7.8 7.2 7.1 8.2 7.8 0.0 9.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( Ml ) AVLKAUtS OP DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 730 =--------1---------- 1--------- ILL IONS OF DOLLARS ---------- -----------3 730 703.4 713.3 712.3 OCT NOV 1985 DEC JAN FEB MAR APR 90 14 JUL MAY LATEST DATA PLOTTED WEEK ENDlNGt NOVEMBER 17, I 29 AUG 8 22 6 20 OCT 9 IT NOV 1 19 29 1986 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEPoilTSEANDMTR*viLERiNCHECKS? ** T* PUe*-IC' DE“"® DEPOSITS, OTHER CHECKABLE MONEY STOCK 1 Ml 1 COMPOUNDED ANNUAL RATES OF CHANGE 1/18/85 2/17/86 4/14/86 5/19/86 AVERAGE OF FOUR WEEKS ENDING. 6/16/86 7/M/B8 8/18/88 O/IS/88 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/M/86 5/19/86 6/18/86 7/14/86 8/18/86 9/15/86 10/20/86 11/17/86 10.3 12.6 13.9 13.5 14.4 14.8 14.4 14.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17.6 18.7 17.2 17.8 18.0 16.9 17.2 22.7 19.0 19.3 19.4 17.6 18.0 16.7 18.0 18.4 16.5 17.0 16. 1 17.1 15.2 16.1 19.9 16.4 17.Z 14.3 16.1 H.6 PREPARED BT FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY MULTIPLIER^ CURRENCY COMPONENT OF MONEY STOCK u AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 1986 EP. CT. BV. 7 21 OCT 8 22 6 20 3 17 4 18 NOV RATIO 2,784 2.794 2.797 2.794 2.793 2.828 Ml MULTIPLIER 2 16 30 13 27 10 24 10 24 JAN FEB 7 21 8 19 2 16 30 14 26 11 25 JUL AUG LATEST DATA PLOTTED TWO 9€EKS ENDINGt NOVEMBER 17, 6 22 6 20 OCT 3 17 NOV 1 18 29 1980 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 184 COMPOUNDED ANNUAL RATES ___ OF CHANGE, AVERAGE OF ---------------- a--------- v EN0|NG 986 FROM NOVEMBER 17 THE FOUR l ENDINGt SEP. 1 — JUN — NOV. 1986 1986 1986 1986 8.0 7.6 8.0 7.2 182 180 178 CURRENCY 18 176 174 172 iM BILLIONS OCT. 13 170 181.4 182.1 7 21 OCT 4 IS NOV 2 16 90 13 27 10 24 10 24 JAN FEB 7 21 APR 8 19 MAY LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 17, 1111 2 16 90 14 26 II I 1 I I I I I I I I I I I I I 1 I. 8 22 6 20 OCT 9 17 NOV 1 15 29 1986 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 540 E------- ,---------- 1-------- BILLIONS OF DOLLARS BILLIONS OCT. 13 514.3 515.6 515.7 525.0 523.7 11 I I I I 4 OCT IS NOV 1985 2 16 30 19 27 10 24 10 24 DEC JAN FEB MAR 7 21 5 10 APR MAY LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17, DEPOSITORY^^NSTITUT?ONS? IS TH£ SUU 2 16 30 14 28 |1 23 JUL 0 22 AUG 6 20 3 17 OCT NOV I 15 20 I960 DEUAND DEPOSITS Af® OTHER CHECKABLE DEPOSITS AT ALL TOTAL CHECKABLE DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE , 11/18/85 2/17/86 4/14/86 5/19/86 AVERAGE OF FOUR WEEKS ENDING: 6/16/86 7/14/86 8/18/86 9/15/86 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/14/80 5/19/86 6/16/86 7/14/86 8/18/86 9/15/86 10/20/86 11/17/86 11.5 14.8 16.5 16. 1 17.2 17.9 17. 1 17.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 22.1 23.5 21 .5 22.1 22.5 20.7 21.2 29.0 24.0 24.2 24.2 21.7 22.2 20.7 22.2 22.8 20.0 20.8 19.5 21.1 18.2 19.5 24.6 19.6 20.9 16.9 19.5 17.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES PERCENT 12.0 PRIME LOAN MUNIC 6.0 4 18 I 15 2fl 13 27 10 24 7 21 FEB 4 MAR 18 2 16 50 13 27 APR JUN II 25 8 22 5 10 3 17 31 JUL 14 28 NOV LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 28, 1986 OCT. NOV. DEC. 3 10 17 24 31 7 14 21 28 X 5 12 19 26 90 DAY CD'S 30-DAY COMMERCIAL PAPER 90-DAY BANKERS' ACCEPTANCES CORPORATE Aaa BONDS 5.77 5.59 5.69 5.78 5.68 5.69 5.81 5.80 5.75 5.83 5.67 5.73 5.78 5.74 5.77 5.83 5.87 5.88 5.66 5.45 5.62 5.69 5.60 5.61 5.73 5.71 5.71 8.90 8.86 8.88 8.89 8.80 8.73 8.77 8.65 8.56 CORPORATE Baa BOWS 10.23 10.24 10.25 10.26 10. 19 10.09 10. 12 10.04 9.99 12 28 DEC 1986. MUNICIPAL BOWS XX 7. 19 7.06 7.08 7. 1 1 6.94 6.94 6.92 6.78 N.A. NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE. X AVERAGES OF RATES AVAILABLE XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BOWS. 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 PERCENT 11.0 —| 5-YEAR TREASURY SECURITIES DISCOUNT RATE 3-MONTH TREASURY BILL OCT DEC JAN FEB MAR APR MAY 1985 JON JUL AUG IeP 3OCT 17 31 14 20 12 26 NOV 1986 DEC LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, NOVEMBER 28, I 1986 OCT. 3 10 17 24 31 NOV. 7 14 21 ^ 28 * DEC. 5 12 19 26 FEDERAL funds m 6.08 5.75 5.83 5.91 5.86 6.02 5.98 6.13 6.00 «rHy BILL 6-MONTH TREASURY BILL «BK 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 5.19 5.05 5.20 5.29 5.19 5.26 5.41 5.36 5.39 5.37 5.13 5.22 5.39 5.21 5.30 5.54 5.44 5.39 5.47 5.27 5.41 5.49 5.43 5.45 5.56 5.47 5.45 6.93 6.72 6.88 6.92 6.80 6.76 6.85 6.75 6.68 8.05 7.99 8. 18 8. 16 7.98 7.88 7.95 7.75 7.72 njyPWE&'PMI1” mflUrat. *»“uC!MONYAVERAGEEfDISCOUNT1) E,OING ™° DAYS EARLIER THAN DATE SHOWN http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS 7 8 COMMERCIAL BANK SMALL TIME DEPOSITS^ LARGE TIME DEPOSITS 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 415 TTTT 415 OCT. - NO V. 13 368.7 27 3 10 17 388.3 385.3 384.3 384.2 1 I 1 1 1 —-—1--------- 1----------—1---------“ 1986 BILLIONS SMALL TIME 1 JEPOSI TS IN I IN I 395 385 - --- 375 M il M IL 375 -LLl2 '111 -LLL Mil- J_LL 1 1 1 -LILL -LLL 1 1 1 LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17, 1 1 1 L -LLL _LLL 1 1 IL -LLL 1 1 1 1988 BILLIONS OF DOLLARS 279.9 281.3 i? i_ L 279.0 - NO aw 1 1 I OCT. 13 295 M il --------1--------1---------- 1-------I ISfifi. BILLIONS —V - \ c r -----w LARGE TIME IEPOS TS 7^ -LLL m i OCT NOV 1985 DEC 1 1 1 111 JUL 1986 AUG 111 111 1111 111 111 MIL JAN FEB MAR APR MAY JUN LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, A 280 IN I. 280 Mil -LLL -LLL MIL SEP OCT NOV DEC 1988 1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000 2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF $100,000 OR MORE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 290 TTTT w 'N in r : . f 290 PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS ^ IT f 2 11 l 11 805 1— BILLIONS 792.5 791.7 793.3 794.4 796.1 796.2 l l i i M il. 795 : IN I 810 805 \ - VJS vH V\ J ' TTTT 1 L 815 r ■/— T 800 N il 810 -1 1 ~ lSSft “ OCT. 13 — 20 >V. 273 10 17 C AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS l COMMERCIAL BANK TOTAL TIME DEPOSITS V 790 I ----7 785 780 780 *1 1 1 -LI 1 1111 ■1.11 -LLL .1111 111 111 -Li 1 1 111 111 Jill -LLL -LLL ■1 1 1 l'8 7 21 4 18 2 is y SEP 1985 OCT NOV DEC 1986 LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 17, 1986 TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS. total time TO THE AVERAGE OF FOUR WEEKS ENDING: 4/14/86 5/19/86 6/16/86 7/14/06 8/18/86 9/15/86 -2.0 -2.3 -1.7 -6.3 -4.1 -3.0 -1 .9 -2.2 -1.5 -2. 1 -0.8 -i .5 -0.7 0.4 -oil 0.6 -0.5 0.4 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -3.6 -4.5 -3.4 -2.8 < Dh- 11/17/86 6.5 4. 1 2.5 2.3 2.0 2. 1 1.5 1.6 00 10/20/86 DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING, 11/18/85 2/17/86 4/14/86 5/19/86 6/16/86 7/14/86 8/18/86 9/15/86 -0.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 BORROWINGS FROM FEDERAL RESERVE BANKS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES BILLIONS of dollars 0.0 1986 TOTAL BORROWINGS LATEST DATA PLOTTED WEEK ENDING. NOVEWEH 26, MILLIONS 5 1082 26 639 1986 BILLIONS OF DOLLARS —l---------- 1------------- 2-5 BILLIONS OF DOLLARS 2-5 ------------1/II OCT. 22 ^SwTnI!*50^ 2 16 90 19 27 11 29 8 22 OCT NOV DEC JAN 1985 8 19 FEB 5 19 MAR 2 ie 30 M 28 II 25 APR MAY JUN 1 LATEST DATA PLOTTED WEEK END INOi NOVEMBER 26, 9 29 6 20 AUG 9 IT SEP 1986 1/ 93.767 FOR 11/27/65 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS COMMERCIAL PAPER OF NONFINANCIAL COMPANIES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 95 ----------- ,---------,----- - JLSK OCT.IS NOV. 5 2 IS SO II 27 II 25 9 22 OCT NOV DEC JAN 1885 1 It FEB » n MAR Ml N 14 a II U 9 25 APR MAY JUN JUL ,980 LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 19, 6 20 AUG 3 17 SEP 1 15 29 12 29 10 24 ISSB BUSINESS LOANS v ( COMMERCIAL AND INDUSTRIAL ) SEASONALLY ADJUSTED BILLIONS OF DOLLARS ’HE FOUR NOVEMBER THE FOUR — SEP. 17, _ JUN. MAY FEB. NOV. 18, 21, 19, 20, BILLIONS OF DOLLARS ——n--------- 264 ANNUAL RATES AVERAGE OF 'EKS ENDING I. 1086 FROM lEKS ENDING-. 1086 1986 1986 1986 6.1 - 6.7 3.3 2.7 1.7 2.0 2.3 OCT. 15 260,277 258,301 263,877 2 le 30 15 27 II 28 8 22 OCT NOV DEC JAN 1985 6 19 FEB 5 19 MAR 2 10 30 14 21 II APR MAY JUN | LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 19, 0 28 6 20 AUG 111 1 I 3 17 I SEP -LL1-LLJ 18 20 12 26 10 24 1986 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 01.4 BILLION http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 Characteristics of Short-Term Commercial and Industrial Loans Made by Commercial Banks at Below Prime Rate Loan type Percent of below-primerate loans made Average maturity (days) Average discount from prime (basis points) February 3-7 Survey: Fixed rate Floating rate 74.5% 19.7, 18 78 76 75 May 5-9 Survey: Fixed rate Floating rate 74.3 18.8 17 68 100 77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis