Full text of U.S. Financial Data : October 18, 1984

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Federal Reserve Bank
------ of-St. Louis--------

tl.S. Financial Data
OCT 2 2 1984

October 18,1984

Borrowings from the Federal Reserve are divided into
three categories: seasonal borrowings, adjustment borrowings and
extended credit. Seasonal borrowings are used primarily by small
depository institutions to accommodate seasonal fluctuations in
loans and deposits. In the second half of 1984, these borrowings
have increased dramatically relative to their levels both in the
first half of 1984 and in prior years.
An examination of seasonal borrowings during 1984 reveals
three significant changes relative to prior years. First, seasonal
borrowings, thus far in the second half of this year, have averaged
substantially higher ($321 million), than in the first six months of
1984, ($150 million). This recent sustained high level exceeds the
highest level during any preceding three-month period—$269
million during May-July 1981. Second, as a proportion of
non-extended credit, seasonal borrowings have averaged 36
percent during July-Sept ember, compared with 19 percent during
the same three-month period in 1983. Third, in prior years, the
peaks of seasonal borrowings have generally been earlier in the
year—June in 1979, April in 1980, June in 1981 and 1982 and
August in 1983—and have been followed by a sharp decline in
borrowings. To date, while the 1984 peak of seasonal borrowings
on a monthly basis has been in August, seasonal borrowings are
not declining significantly as in the past, averaging over $307
million for the first three weeks of October. In contrast, the
October 1983 level of seasonal borrowings fell by about 27
percent relative to its August-Sept ember average.
—Mack Ott


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
220

13SA

BILL!QMS

218

216.4
213.9
214.5
215.6
216.0
214.4

216
214
212

210
208
206
204
202
200
198
196

I I I I
9 17 91

4

14 28 12

SEP

OCT

DEC

16

1

19 29 14 28 11

MAR

JAN

25

9 29

8 20

4 16

JUN

APR

JUL

1

IS 29

12 28

10 24

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 17, 1984
THE ADJUSTED MONETARY BASE CONSISTS OF. t1 > RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BAMS. (2) CURRENCY IN CIRCULATION < CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEPOSIT6RY 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 ENOINGt

10/19/83

1/18/84

3/14/84

4/18/64

5/16/84

6/20/84

7/18/84

8/15/84

10. 1
9.2
9.5
9.7
9.2
8.2
8.2
7.9

10.6
10.8
10.8
9.9
8.4
8.4
7.9

8. 1
9. 1
8.2
6.5
6.8
6.4

1 1 .0
9. 1
6.8
7. 1
6.5

8.2
5.4
6.2
5.7

2.2
4.4
4.2

4. 1
4.0

6. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/14/84
4/18/84
5/16/84
6/20/84
7/18/84
8/15/84
9/19/84
10/17/84


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAM OF 8T. LOUIS

MONEY STOCK (Ml)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
565 —
1
1

Z

BILL 1 ON?

3
10
17

544.S
553.C
549.4

1
8

548.5
545.6

OCT .

550

TTTT

555

lSSi

=

Z SEP.
Z_

m i

560

BILLIONS OF DOLLARS
565

1~~

560
555

A

A545
p

z
540

r-**-

/a

f'/N

A

550
\

E
545

540

r-

z
/

z

E

z

535

530

1LLL.

525

/"Y

525

z

in i.

530

-

m i.

535

-

_
lux
"
AUG

-1. Ll. 1 1 1 1 XII
“ i‘ “ »
' !l
SEP
OCT
NOV
1983

XLL
3 10
DEC

1 1 1 1
1 1 1
MX 1 1 11
2 IS 30 13 27 12 2B 0 23
JAN
FEB
MAR
APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 8,

1 1 1
l l i
7 21
4 IS
MAY
JUN
1984

111 ?l l l l
1 1 1
2 16 W 13 27 10
JUL
AUG
SEP

9 22
OCT

1984

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE,

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
10/10/83

1/9/84

3/5/84

AVERAGE OF FOUR WEEKS ENDING:

4/9/84

5/7/84

10. 1
7.4
5.3
5.4
4.4

11.2
7.2
6.8
5.3

6/11/84

7/9/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 5/84
4/ 9/84
5/ 7/84
6/11/84
7/ 9/84
8/ 6/84
9/10/84
10/ 8/84

6.5
6.2
5.3
7.2
6.6
5.9
5.9
5.3


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Federal Reserve Bank of St. Louis

7.4
5.5
8.5
7.4
6.2
6.2
5.4

2.7
8.4
6.9
5.4
5.4
4.5

0. 2
2.3
1.5

2.6
1.4

8/6/84

2.6

PREPARED BY FEDERAL RESERVE BASK OF ST. LOUIS

3

4

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

RATIO
2.9 -------------1---------- 1------------1984
°ct-

RATIO
2.9

RATIO

h

11

2.8

2.7

Ml Ml LTIPL

_/L
JV

A
s/V

\

2.4

*1 1 LL 1 1 1

mi. .ILL 1 1 1

1 II 1 _LLL _LLL 1111

111

1 1 1

1 l.l L LLL 1 1 1

llll‘

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 8, 1984
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
OCTOBER 8, 1984 FROM
THE FOUR WEEKS ENDING:
AUG.
JUL.
JUN.
MAY
APR,
JAN.
OCT.

6,
9,
II,
7,
9,
9,
10,

1984
1984
1984
1984
1984
1984
1983

158
156

5.3
6.1
6.5
7.1
7.8
7.4
8.1

154
CURRENCY
152
150
148
146
1984
SEP.

BILLIONS -----3

158.5
156.2

144

142

156.3
156.4

157.3

140

11111111111
I

IS 29 12 26 10 24

7 21

5 19

NOV

DEC

2

FEB

9 23

MAR

7 21

4 18

MAY

16 30 13 27 12 26

JUN

2 16 30 13 27

AUG

10 24

« 22

SEP

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 8, 1984
1/ RATIO OF MONEY STOCK (Ml > TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES

5tA5UNALLY ADJUSTED

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

BILLIONS OF DOLLARS
----- ---------------------- 400

BILLIONS
383.3
387.9
385.2
386.0
383.3

S 19

AUG

SEP

OCT
1983

NOV

2 16 SO 13 27 12 26

DEC

JAN

FEB

9 23

7 21

4

MAY

MAR

JUN

18

2

16 30 13 27 10 24

AUG

8 22

SEP

LATEST DATA PLOTTED WEEK ENDING; OCTOBER 8, 1984
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
10/10/83

1/9/84

3/5/84

4/9/84

5/7/84

10.0
6.6
3.7
4.2
3.0

12.3
6.7
6.5
4.6

6/11/84

7/9/84

8/6/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 5/84
4/ 9/84
5/ 7/84
6/11/84
7/ 9/84
8/ 6/84
9/10/84
10/ 8/84

5.3
5.4
3.9
6.5
5.8
4.7
4.8
4.2


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

7.6
4.4
8.6
7. 1
5.4
5.5
4.5

0.6
8.4
6.3
4.2
4.5
3.4

-2.8
0.4
-0.6

0.9
-0.5

1.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0

15.0

CORPORATE
Aaa BONDS

90 DAY
CD'S

'RIME BANK
.PAN RATE

MUNICIPAL
BONDS

IS 27

OCT
1983

NOV

JAN

FEB

APR

II

25

S 22

6 20

3

17 31

MAY

14 28 12

SEP

OCT

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 19, 1984

1984
AUG.

SEP.

OCT.

3
10
17
24
31
7
14
21
28
5
12
19 X
26

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

11.39
11.43
11.46
11.50
11.52
11.60
11.39
11.25
11.00
11.02
10.76
10.55

11.02
11.11
11.18
11.28
11.28
11.39
11.24
11.07
10.77
10.75
10.36
10.22

11.18
1 1.24
11.24
11.27
11.34
11.34
1 1 .21
10.98
10.81
10.80
10.48
10.33

13.05
12.84
12.86
12.85
12.88
12.87
12.72
12.52
12.56
12.62
12.52
12.48

14.89
14.65
14.63
14.55
14.58
14.56
14.39
14.26
14.24
14.21
14.09
14.01

9.92
9.81
10.02
10.02
10. 17
10. 18
10. 10
9.95
10. 15
10.34
10.36
N.A.

Ji AVERAGES OF RATES AVAILABLE.
XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED
AVERAGES OF

PERCENT
15.0 i—

INTEREST RATES

DAILY RATES

ENDED

FRIDAY

PERCENT
—I 15.0

1

IN I

1
1
1

14.0

/ vy \

13.0

1

1

M

1

5-Y :AR
TREAS URY S ECURI riES

1

1

13.0
1

IN I

14.0
-

1
1

v

A

-

10.0

\ I
✓vj

1
1

MONTH
TREA! URY B ILL

1

\- J

y

\

^

—

/

11.0

V

''Jr

V-.
'X V

M

\

l'

1

V

10.0

/■—i

M il

1

f

A

12.0

1

j

A

1

11 .0

v

1

fv.

r

1

:r&

_______ S

12.0

9.0

II

ISCOU NT
RATE

1

=

1

8.0
1

III!

1
1
1

7.0

7.0

Illl
0

5

10

1111 ■111.
2

AUG

IS 50 14

SEP

1 1 1

28

OCT
1983

11

NOV

-LLLL -LI 1
25 9 23

DEC

6 20

JAN

111

1111

3 17 2

FEB

111 -U.l

18 30 13 27 II

MAR

APR

MAY

1 1 1 1

23

in -Mil

8 22 8 20

JUN
1984

JUL

1 1 1

3 17 31

AUG

14 28 12 26

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. OCTOBER 19.

1984
AUG.

SEP.

OCT.

3
10
17
24
31
7
14
21
28
5
12
19 *
26

OCT
1984

FEDERAL
FUNDS X»

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *8K«

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

11.53
11.59
11.63
11.77
11.50
11.68
11.52
11.46
10.73
11.20
10.01
10.22

10.42
10.40
10.31
10.44
10.65
10.61
10.30
10.29
10.24
10.19
10.01
9.93

10.64
10.60
10.63
10.59
10.70
10.75
10.49
10.40
10.39
10.35
10.21
10.00

10.73
10.69
10.64
10.68
10.84
10.82
10.54
10.37
10.38
10.35
10. 15
10.08

12.77
12.63
12.67
12.66
12.79
12.84
12.55
12.34
12.46
12.46
12.26
12.25

12.75
12.62
12.64
12.54
12.68
12.64
12.33
12.17
12.29
12.34
12. 16
12.15

* AVERAGES OF RATES AVAILABLE.
X8K SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.I5 RELEASE.
»8KK NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

0

8

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

BILLIONS OF DOLLARS
410 r----------- 1---------- 1-----

ISM

ILL IONS OF DOLLARS
—I---------- -----------410

BILL-LQ NS.
3

380.4
381.2
381 .9
382.8
384.3
385.0

SMALL TIME DEPOSITS

I I I I

I I I I

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 8, 1984
BILLIONS OF DOLLARS
160

“

ISM

BILLIONS OF DOLLARS
160

~

BILL JQT &

-----SEP.
3
10
17
24
“ OCT.
1

8

125.9
126.3
126.0
125.6
125.4
125.6

E
E

-

140

E

E
E

SAVINGS DEP 5SITS
-

135

E

E

E

E

!llll -LI 1

1 1 I.L 1 1 1 -LLL 1111 -LLL -LLL 1 1 1 1 -LLL -LLL 1 1.1 1 -LLL 1 1 1

I 19 20 12 26 10 24
AUG
SEP
OCT
1983

7 21
NOV

9 19

DEC

2 16 90 19 27 12 26

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 8,

MAR

0 29

APR

7 21 4 16
MAY
JUN
1984

2 16 90 19 27

JUL

AUG

±u2

10 24

SEP

6 22

OCT

1984

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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITSi/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
780 ------------.--------- ,-----

BILLIONS OF DOLLARS
----- ---------------------j 780

BILLIONS
“ SEP

761.3
762.9
765.5
770.6
772.4

10 24

AUG

SEP

7 21

5 10

OCT

NOV

DEC

2 16 SO 13 27

JAN

FEB

12 26

MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 8,

0 23

APR

1983

7 21

4

18

MAY
JUN
1984

2 16 30 13 27

JUL

AUG

10 24

SEP

8 22

OCT

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:
10/10/83
1/9/84
3/5/84
4/9/84
5/7/84 6/11/84
7/9/84
8/6/84
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 5/84
4/ 9/84
5/ 7/84
6/11/84
7/ 9/84
8/ 6/84
9/10/84
10/ 8/84

3.8
4.6
5.5
7.9
8.8
9.7
9.4
9.8


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

1.5
3.6
7.9
9.3
10.4
10.0
10.4

9.6
14.5
15. 1
15.6
14. 1
14.0

18.0
17.8
17.8
15.4
15. 1

20.9
19.9
16.4
15.9

17.6
13.7
13.6

12.1
12.5

10.3

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
265

&JLL.LQN&
260

—SEP.

255.0
255.4
257.6
260.0
260.0

NOV

DEC

FEB

MAR

MAY

AUG

JUN

SEP

1984
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 8, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF tlOO.OOO OR MORE.

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

October

27
3
10
17
24
1
8

$381.7
382.2
383.9
382.8
380.4
380.8
383.0

MMMFs 2 /
$193.3
193.5
193.2
195.0
195.7
197.6
198.4

SUPER NOWs 3/
$43.3
43.9
45.1
44.9
43.8
44.0
45.2

1/ Money market deposit accounts at all depository institutions, effective 12/14/82
Total money market mutual fund balances
1/ 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

7/


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
billions

AVERAGES OF DAILY FIGURES

of dollars

billions of dollars

10.0
1984

8.0

—

MILLIONS

SEP. 12
19
26
OCT.
3
10
17

7503
7323
6896
6173
6157
6822

6.0

9 23

SEP

7 21

4 18

DEC

OCT

JAN

I

IS 29

14 28 11

2S

9 23

6 20

4

JUN

JUL

18

1

15 29 12 28 10 24

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 17, 1984

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
252

- COMPOUNDED ANNUAL RATES
~ OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING '
,
]984 FR(JM
WEEKS ENDING:
1984
1984
1984
1984
1984
1984
1983

- AUG,
“MAY

-0.1
2.1
4.0
10.3
12.4
15.6
13.5

248

"

244

‘

240

■

236
232

MILLIONS
AUG. 29
SEP. 5

220
216

245,165
246,068
243,801
244,834
3 17 31

14 28 12 28

SEP

OCT

9 23

.11 I 1 1 I I I I L.l.l 11111

7 21

DEC

IS 29 12 28 10 24

JAN

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1984
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

212