Full text of U.S. Financial Data : October 17, 1985
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Federal Reserve Bank —of St. Louis UrS-Hnancial Data °CT 2 1 1985 October 17, 1985 The behavior of Ml largely reflects movements in currency and checkable deposits. Since the introduction of checkable deposits that explicitly earn interest (OCDs), it is often claimed that changes in the growth of Ml are largely dominated by this component. The table below reports Ml growth for the period since June 1984. As shown, Ml grew at a very slow rate (0.5 percent) from June through October 1984 and, since then, has grown very rapidly (at almost a 13 percent rate). This recent increase in Ml growth is due not only to accelerated growth in OCDs, but also to a noticeable surge in demand deposit growth. In fact, during the period since October 1984, currency plus demand deposits together have increased at a 9 percent rate, accounting for more than half of the accelerated growth in Ml. Growth Rates of Ml and Its Major Components (compounded annual rates, seasonally adjusted) Period Ml Currency Demand deposits 6/84-10/84 10/84-9/85 0.5% 12.7 5.5% 7.5 -5.2% 10.0 Other checkable deposits 6.2% 22.8 — Gary J. Santoni THK FEDERAL A REMERW: RANK of nr ST.IXHIS expressed do not necessarily reflect official positions of the Federal Reserve System. Digitized forViews FRASER 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 236 BILLIONS _ SEP 234 232.3 232 231.3 231.4 232.1 230. 1 230 228 226 224 222 220 218 216 214 212 15 20 12 20 10 24 7 21 5 10 NOV DEC 2 10 30 13 27 13 27 FEB MAR 10 24 8 22 5 10 3 17 31 14 28 11 AUG APR 29 0 SEP LATEST DATA PLOTTED WEEK ENDING* OCTOBER 16. 1885 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 ART COMPUTED --------------------BY THIS AILABLE FROM THIS BANK. BANK. A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE RECENT DATA ARE PRELIMINARY. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE 10/17/84 AVERAGE OF FOUR WEEKS ENDING: 1/16/85 3/13/85 4/17/85 5/15/85 6/19/85 7/17/85 8/14/85 7.7 5.4 9.5 8.6 7.9 8.5 7.8 2. 1 9.7 8.3 7.4 8.3 7.4 12.3 9.5 8.0 9.0 7.8 14.9 11.2 11.6 9.6 3.5 6.9 5.5 8.4 6.1 7.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/13/85 4/17/85 5/15/85 6/19/85 7/17/85 8/14/85 9/18/85 10/16/85 7.7 7.2 6.0 8.5 7.9 7.5 8.0 7.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 630 rz--------1---------- 1-------- ILL IONS OF DOLLARS —1------------- -------- =1 630 SEP ►09.7 611.5 1 AUG SEP IS 29 12 20 10 24 OCT 1984 NOV DEC 7 21 4 19 4 19 I JAN FEB MAR APR IS 29 13 27 10 24 MAY JUN 1985 9 22 JUL 5 19 AUG 2 19 30 14 29 SEP OCT LATEST DATA PLOTTED WEEK ENDING: OCTOBER 7, 1985 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEPOSITS^ANd“TRAVELERS^^CHECKS? BY THE PUBUC’ DEMAND DEP0SITS' 0THER ««**« MONEY STOCK ( Ml ) COMPOUNDED ANNUAL RATES OF CHANGE 10/8/84 AVERAGE OF FOUR WEEKS ENDING: 1/7/85 3/4/85 4/8/85 5/6/85 9. 1 8.4 11.0 12.0 11.3 13.1 12.3 5.4 10.5 12. 1 11.1 13.5 12.3 13.8 15.1 13.1 15.6 13.9 19.2 15.3 17.7 15.3 6/10/85 7/8/85 8/5/85 16.3 12.7 15.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/85 4/ 8/85 5/ 6/85 6/10/85 7/ 8/85 8/ 5/85 9/ 9/85 10/ 7/85 9.4 8.5 8.2 9.8 10.7 10.3 1 1.7 1 1.2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.2 16.8 13.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 if MONEY MULTIPLIER^ CURRENCY COMPONENT OF MONEY STOCK 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.8 V in tO M (A --------- _ — RATI 1 oc RATIO T. l 2.7 7 Ml Ml LTIPL IER / Z1 / S' 111 .LLL 1111 _LLL III! -LLL 1 1 1 A u rJ /V \/ -LLL 1111 .LLL _LLL V 1111 -LLL 1111 j -LLL LATEST DATA PLOTTED WEEK ENDING: OCTOBER 7, 1085 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 170 - COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF — THE FOUR WEEKS ENDING OCTOBER 7. J&85 FROM ia » 1 uocn , i vwENDING: r nun THE FOUR r WEEKS JUN. IQ! JAN. 7 CURRENCY 18.85 BILL IONS 167.5 167.7 I I I I 1 I I I I I I I I 1 II e 20 3 17 AUG SEP 1 19 20 12 20 10 24 7 21 4 10 4 10 JAN FEB MAR 1 19 20 13 27 10 24 S 22 3 10 2 10 30 14 20 MAY JUN IOC 1084 LATEST DATA PLOTTED WEEK ENDING: OCTOBER 7, 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 450 445 SEP 436.1 440. 1 440 435.7 440.9 ~ OCT 435 430 425 420 415 410 405 400 385 6 20 3 17 AUQ SEP 1 IS 20 12 20 10 24 7 21 4 10 4 10 JAN FEB MAR I 15 20 13 27 10 24 MAY 0 22 5 10 2 16 30 14 28 JUN LATEST DATA PLOTTED WEEK ENDING) OCTOBER 7, 1085 JOT^|CHEOCABLf|DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL TOTAL CHECKABLE DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 10/8/84 1/7/85 3/4/85 4/8/85 5/6/85 10.0 9.5 12.5 13.8 12.7 15.1 14.0 5.9 11 .8 13.8 12.4 15.5 14.1 16.0 17.6 14.8 18.2 16.1 22.3 17.2 20.6 17.7 6/10/85 7/8/85 8/5/85 19.0 14.5 18.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/85 4/ 8/85 5/ 8/85 6/10/85 7/ 8/85 8/ 5/85 0/ 9/85 10/ 7/85 10.7 9.5 9.2 11.1 12.1 11.6 13.4 12.7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.5 19.6 16.1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES PERCENT 14.0 .PAN RATE IN ICI PAL BONDS 90 DAY CD'S 3 IT 31 14 28 12 26 8 23 AUG SEP OCT NOV 1984 7 21 DEC 4 18 JAN 1 13 FEB 1 13 28 12 26 10 24 7 21 MAR APR MAY JUN 1985 JUL AUG SEP OCT LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 18, 1985. 1985 AUG. SEP. OCT. 2 9 16 23 30 6 13 20 27 4 1 1 18 K 25 90 DAY CD'S 50-DAY COMMERC1AL PAPER 90-DAY BANKERS' ACCEPTANCES 7.83 7.83 7.82 7.78 7.79 7.87 8.00 7.99 7.82 7.85 7.89 7.94 7.75 7.75 7.74 7.67 7.71 7.74 7.91 7.90 7.73 7.76 7.80 7.89 7.74 7.73 7.70 7.66 7.68 7.80 7.92 7.90 7.68 7.72 7.82 7.83 CORPORATE Aaa BONDS 11.21 11.20 11.08 10.95 10.90 10.94 11.13 11.11 11.05 11.07 11.12 11.07 CORPORATE Baa BONDS 12.58 12.59 12.54 12.44 12.40 12.41 12.52 12.51 12.47 12.46 12.39 12.39 MUNICIPAL BONDS *K 9.01 9.02 9.12 9. 18 9.09 9.07 9.26 9.35 9.38 9.33 9.25 N. A. NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE. m AVERAGES OF RATES AVAILABLE « 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 PERCENT 14.0 5-YEAR TREASURY SECURITIES FEDI FUNDI DISCOUNT RATE 3-MONT TREASURY BILL SEP OCT 1984 DEC 4 18 I JAN FEB 15 1 15 29 12 28 10 24 7 21 JUN JUL SEP LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 18. 1985 AUG. 2 9 16 23 30 SEP. 6 13 20 27 OCT. 4 1 1 18 * 25 OCT 1985. FEDERAL FUNDS HOC 5-MONTH TREASURY BILL 6-MONTH TREASURY BILL X8HE 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 7.64 7.92 7.88 8.06 7.78 7.88 7.80 7.85 7.96 8. 12 7.84 8.03 7.28 7.21 7.13 7.0 T 7.07 7. 14 7.23 7.12 6.89 7.01 7. 17 7.21 7.40 7.52 7.36 7.28 7.21 7.30 7.39 7.32 7.05 7.24 7.32 7.36 7.57 7.58 7.49 7.39 7.42 7.49 7.62 7.55 7.34 7.41 7.49 7.47 10.01 9.98 9.84 9.67 9.66 9.76 9.95 9.85 9.66 9.71 9.82 9.79 10.90 10.85 10.76 10.59 10.57 10.68 10.87 10.80 10.73 10.73 10.81 10.72 NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE EXCLUDING LONG-TERM TREASURY * AVERAGES^OFTRATES^AVAiLABLE°W*TE° BY THIS BANK‘ TREASURY BllLL YIELDS ARE ON A DISCOUNT BASIS. SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN mm AUCTION AVERAGE (DISCOUNT) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE 8AM< OF ST. LOUIS 7 8 COMMERCIAL BANK SMALL TIME DEPOSITS^ LARGE TIME DEPOSITS*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 410 2 9 16 383.3 382.6 383.0 _ T. 30 7 382.1 362. 400 TTI oo BILLIONS OF DOLLARS 410 BILLIONS SEP. 1 _ 1985 M il I SMALL TIME DEPO UTS - 390 380 ~s _ 111 111 1111 1 1 1 XI 1 1 111 in 111 1111 111 1 1 1 -1 in 111 1111 MX LATEST DATA PLOTTED WEEK ENDING: OCTOBER 7, 1985 BILLIONS OF DOLLARS 1SB5. _ SEP. BILLIONS OF DOLLARS 280 BILLIONS 269.4 LARGE TIME DEPOSITS 273.4 265 15 29 12 26 10 24 AUG 7 21 4 16 15 20 IS 27 10 24 SEP MAY • 22 5 IB 2 16 SO 14 26 JUN LATEST DATA PLOTTED WEEK ENDING: OCTOBER 7, 1985 1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000 2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 6100,000 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 BILLIONS 776.9 777.8 781 .0 781.5 784.0 e 20 AUG 3 17 SEP 1 13 29 12 20 10 24 7 21 JAN 4 10 FEB 4 10 MAR 1 IS 20 13 27 10 24 APR MAY JUN 1984 0 22 3 10 2 10 30 14 28 1085 LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 7, 1085 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: 10/8/84 1/7/85 3/4/85 4/8/85 5/6/85 6/10/85 7/8/85 8/5/85 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/85 4/ 8/85 5/ 6/85 6/10/85 7/ 8/85 8/ 5/85 0/ 0/85 10/ 7/85 0. 1 1.8 3.0 2.5 2.0 1 .3 1.2 1.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 .0 3.4 2.5 1.7 0.8 0.7 1.5 10.2 6.3 4.3 2.5 2.1 2.9 4.7 2.4 0.6 0.6 1.8 -1.3 -2.5 -1.7 0.1 -3.8 -2.2 0.2 -2.1 1.1 3.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 l 10 BORROWINGS FROM FEDERAL RESERVE BANKS BILLIONS OF DOLLARS 10.0 AVERAGES OF DAILY FIGURES -------------------------------r— BILLIONS OF DOLLARS —i---------- 1------------- 10.0 1985 SEP. MILLIONS 11 18 25 2 1091 1079 1282 1440 TOTAL BORROWINGS LATEST DATA PLOTTED WEEK ENDING. OCTOBER 16, 1965 BILLIONS OF DOLLARS 2.0 BILLIONS OF DOLLARS ------ ----- --- ---1----- 1-----SEP. II ADJUSTMENT + SEASONAL BORROWINGS I I I I 1 I I I 1 15 20 12 26 10 24 7 21 5 10 NOV DEC 2 16 90 19 27 19 27 FEB LATEST DATA PLOTTED WEEK ENDING. OCTOBER 16, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAR 10 24 APR • 22 5 10 9 17 91 14 20 II AUG 25 0 29 SEP 1985 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 2.0 MMDAS, MMMFS AND SUPER NOWS (BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED ) MMDAb 1/ August September October 1/ 2/ 3/ — 4240.5 239.7 241.8 239.7 239.0 238.8 238.8 238.2 238.3 4316.8 317.8 318.6 319.6 321.3 321.9 320.5 321.0 322.7 12 19 26 2 9 16 23 30 7 Super NOWs 3/ MMMFs 2/ 459.0 58.7 58.5 59.1 61.1 60.5 59.2 58.7 61.0 Money market deposit accounts at commercial banks Total money market mutual fund balances 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/ SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES ur uwnuc, «vc.rvwu wr THE FOUR WEEKS ENDING uviuocn c, isos rnuM THE FOUR WEEKS ENDING: JUL. 31, JUL. 3, — JUN. 5, 1985 1985 1985 3. 2, 3, 1985 1985 1984 -0.6 -0.9 - APR JAN. _ OCT MILLIONS 1 5 IB 15 » 12 NOV DEC 2 10 30 13 27 13 27 FEB MAR 10 24 8 22 5 IB APR 3 17 31 14 26 II AUG 25 B 23 SEP LATEST DATA PLOTTED WEEK ENDING: OCTOBER 2, 1985 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS GREATER THAN tl.4 BILLION http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11