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RESEARCH LIBRARY
of St. Louis

ftr a

U.S. Financial Data

i

i98b--------------------------------------------------------------------------------------------------------------------------------------------------------------

October 25,1984
Business loans at large weekly reporting commercial banks
have grown at a 0.7 percent rate since June, a sharp deceleration
from their torrid 23 percent growth rate during the first half of
1984 (see page 11). This slowing in loan demand has been
associated with the pronounced slowing in economic growth as
measured by real GNP growth—from 8.6 percent in the first half
of 1984 to 2.7 percent in the third quarter.
Along with the less vigorous expansion of business activity,
interest rates have declined during the third quarter of 1984 (see
pages 6 and 7). Long-term interest rates have been declining
steadily since June. The corporate Aaa bond rate has declined by
about 120 basis points, and five-year and long-term Treasury
securities both have declined by about 200 basis points. In
contrast, short-term interest rates—the rates on Treasury bills,
commercial paper and large 90-day certificates of deposit—did
not begin to decline until the end of August or the beginning of
September. Since then, declines in short-term rates have ranged
from about 125 basis points for Treasury bills to over 165 basis
points for certificates of deposit and commercial paper. As a
result of this lagging decline in the cost of short-term funds, only
recently have banks begun to reduce the prime rate.
—Mack Ott

tiie

FEDERAL
A RESERVE
JW RANK of
nr ST.DHLS

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
BILLIONS

218

213.9
214.5
215.6
216.0
214.4

— OCT

216
214

212.8

212

210
208
206
204
202
200
198
196

7 21

5 IB

SEP

OCT

2 10 SO 14
DEC

11 2S

8 22

7 21

4 18

2 16 SO IS 27 II 25

MAR

JAN

APR

JUN

8 22

5 IB

3 17 31 14 28

JUL

LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 24, 1984
THE ADJUSTED MONETARY BASE CONSISTS OF: ( l > RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEPOSITARY 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
10/26/83

AVERAGE OF FOUR WEEKS ENDING:

1/25/84

3/21/84

4/25/84

5/23/84

10.4
8.8
10.9
8.8
7.8
8.3
7.2

5. 1
9.6
7.0
5.9
7.0
5.7

1 1 .6
7.3
5.8
7.2
5.6

8.9
6.5
7.9
6.0

6/27/84

7/25/84

8/22/84

7.0
4.0

5.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/21/84
4/25/84
5/23/84
6/27/84
7/25/84
8/22/84
9/26/84
10/24/84

9.8
9. 1
8.4
9.7
8.5
7.8
8.2
7.4


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

-0.3
4.2
2.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
565 r---------1------------- -------

BILLIONS OF DOLLARS
---------------------------- 565

BILLIONS
553.0
5-49.3
5-46.7
“ OCT.
545.6
547.4

5 19

3 17 31

14 28 12 26

NOV

DEC

9 23

6 20

S 19

FEB

MAR

2

16 30 14 28 II

MAY

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 15,

23

9 23

6 20

3

AUG

JUN

SEP

17

I

13 29 12 26

1984

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS C0M4ERCIAL BANK DEMAND DEPOSITS
XMe^h^S depos i tsEofLallNdepos? toryL i t i TUT IONS plusStravelers- ' check!7 'TUT10NS 1

J

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
10/17/83

1/16/84

3/12/84

6.7
6. 1
5.7
7.2
6.7
5.8
5.9
5. 1

6.5
5.6
8. 1
7. 1
5.8
5.9
4.9

3.3
7.9
6.6
4.9
5.3
4. 1

4/16/84

AVERAGE OF FOUR WEEKS ENDING:

5/14/84

6/18/84

7/16/84

8/13/84

2.6
0.7

2.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/12/84
4/16/84
5/14/84
6/18/84
7/16/84
8/13/84
9/17/84
10/15/84


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

10.3
7.8
5.3
5.6
4.1

0. 1
6. 1
6.3
4.4

-0. 1
2.4
1.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK ^
RATIO
2.9

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

—1- - 1- - 11984

SEP.
OC

RATIO

|9

g.Jjgjj

" i
Ml MlILTIPLI ER

J'

A
vW

V

2.4

!lll 1 1 IX

111

1X1 1UI,.

.1,11

-LLL

1111

-LLL

LATEST DATA PLOTTED YEEK END I NOt OCTOBER 15, 1984

1II1

111

-LLL -LLL

156
154
152
150

-

COMPOUNDED ANNUAL R>*TES
—OF CHANGE, AVERAGE 3F
_ THE FOUR WEEKS END 1 ■JG
OCTOBER 15. 1984 FR DM
— THE FOUR WEEKS END 1
“ AUG.
—JUL.
- JUN.
MAY
— APR.
- JAN.
OCT.

13, 1984
16, 1984
18, 1984
14, 1984
16, 1984
16, 1984
17. 1983

on:

BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
160 _
1
II
158

1111

158
-

___pJ

156
-

5.
6.
6.
6.
7.
7.
8.

154
152
150

-

-

-

-

148

148

146
-

144

140

5 19

SEP

BILL 10 NS

10
156.2
“
17
156.3
24
156.4
OCT .
1
157.3
8
157.1
15
157.2
—
i i i 1 i i i i 1 i i i!

142

Jixx

1 >84
SEP .

-

INI

-LLL -LI.

3 17 31

1.

14 28 12 26

OCT
NOV
1983

DEC

1,1. LL 1 LL -LLL LUX ILL -LLL -LLLL -Lixl
0 23

JAN

6 20

FEB

16 30 14 28 II

MAR

APR

MAY

23

JUN
1984

8 23

6 20

3 17

AUG

SEP

I

IS 20 12 26

OCT

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 15, 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

TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

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

391 .7
387.9
385.2
386.0
383.6
385. 1

5

19

9 17 91

14 28 12 20

OCT
NOV
1983

DEC

9 29

JAN

6 20

9 19

FEB

MAR

2 16 90 14 28 11

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 15,

APR

MAY

23

JUN
1984

9 29

JUL

8 20

9 17

I

AUG

SEP

OCT

15 29 12 28

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:
10/17/83

1/16/84

3/12/84

4/16/84

5.8
5.2
4.3
6.5
5.8
4.6
4.9
4.0

6.7
4.8
8.2
6.9
5.0
5.4
4.1

1 . 1
7.7
5.8
3.5
4.3
2.8

10.5
7.0
3.8
4.6
2.8

5/14/84

6/18/84

7/16/84

8/13/84

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/12/84
4/16/84
5/14/84
6/18/84
7/16/84
8/13/84
9/17/84
10/15/84


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

10.8
5.3
5.9
3.5

-3.3
0.7
-1.0

.2
- .2

1.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—I 15.0

90 DAY

’RIME BANK
■PAN RATE
11.0

MUNICIP/
BONDS
SCI AL

1111111
2 18 90 14 28 II

OCT

29

S 23

NOV

6 20

9 17

JAN

FEB

2 10 90

13 27

APR

II 29

11111111
0 22

6 20

MAY

9 IT 91

H 28

SEP

12 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE MEEK ENDING: OCTOBER 26.

1984
SEP.

7
14
21
2B
OCT.
5
12
19
26 X
NOV.
2
9
16
23
30

90 DAY
CD'S
11.60
11.39
11.25
11.00
11.02
10.76
10.39
9.90

30-DAY
COMMERCIAL
PAPER
11.39
11.24
11.07
10.77
10.75
10.36
10.05
9.53

90-DAY
BANKERS'
ACCEPTANCES
11.34
11.21
10.98
10.81
10.80
10.48
10. 15
9.62

CORPORATE
Aaa BONDS
12.87
12.72
12.52
12.56
12.62
12.52
12.51
12.54

9 29

OCT
1984

CORPORATE
Baa BONDS

MUNICIPAL
BONDS MX

14.56
14.39
14.26
14.24
14.21
14.09
13.94
13.74

10.18
10. 10
9.95
10.15
10.34
10.36
10. 24
N.A.

* AVERAGES OF RATES AVAILABLE.
■* B0ND 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

PERCENT

TREASURY

2 16 SO 14 28 II

SEP

OCT
NOV
1983

29

0 29

DEC

PERCENT
—i 15.0

I TIES

6 20

9 17

JAN

FEB

2 16 90 19 27 II

MAR

APR

MAY

25

8 22

JUN
1984

6 20

JUL

9 17 91

AUG

14 28 12 26

SEP

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. OCTOBER 26.

1084
SEP.

7
14
21
28
OCT.
5
12
19
26 X
NOV.
2
0
16
23
30

FEDERAL
FUNDS 481

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL me«

11.68
11.52
11.46
10.73
11.20
10.01
10.22
9.45

10.61
10.38
10.29
10.24
10. 19
10.01
9.81
9.39

10.75
10.49
10.40
10.39
10.35
10.21
10.08
9.57

1-YEAR
TREASURY
BILL
10.82
10.54
10.37
10.38
10.35
10. 15
9.96
9.55

0 29

NOV

1084

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

12.84
12.55
12.34
12.46
12.46
12.26
12. 10
1 1.72

12.64
12.33
12. 17
12.29
12.34
12. 16
12.02
11.66

K AVERAGES OF RATES AVAILABLE.
**
«K ENO'NG WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
_ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE.
_
«BI NEW ISSUE RATE
?aaiu$
cwuTED BY
feoeral reserve BANK OF ST. LOUIS.


http://fraser.stlouisfed.org
Federal Reserve 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

19S!
SEP.

BILLIONS OF DOLLARS
410

BILLJONS

10

400

381.2
381.9

— OCT.

390

384.3
385.0
384.7

8

380
SMALL TIME DEPOSITS

370

320

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 15, 1984
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
160

I

19&1

“
“
E

17
_
24
OCT.
1
8
15

E

BILLIONS
126.C
125.
125.
125.6
125.2

E

E
145

E

E
140

E

z------

SAVIN GS DE >OSITS

135

E

E

E

2
jjjj

111
5 19

SEP

1111
3 17 31

111

111

14 28 12 26

OCT
NOV
1983

DEC

1111
9 23

JAN

111

1111

6 20

3 19

2 16 30 14 28 II

FEB

MAR

APR

in

111

111

MAY

■ 111
25

JUN
1984

9 23

JUL

111

i i.i

AUO

111 j
15 29 12 26

6 20

SEP

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 15, 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS 1/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
790 ---------- 1------------- 1------

BILLIONS OF DOLLARS
------ ------------- -------- 790

&JLL1QNS
-

SEP.

762.7

772.3

5 10

SEP

3 17 31

M 28 12 26

OCT
NOV
1983

DEC

0 23

JAN

6 20

3

FEB

MAR

19

2

16 30 14 28 11

APR

MAY

25

JUN
1984

9 23

JUL

6 20

3

AUG

SEP

17

OCT

NOV

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 15, 1984
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE ,
10/17/83

1/16/84

3/12/84

4/16/84

10.8
15.2
15.9
15.7
14. 1
14.2

19. 1
18.9
17.9
15.3
15.2

AVERAGE OF FOUR WEEKS ENDING-.

5/14/84

6/18/84

7/16/84

8/13/84

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
3/12/84
4/16/84
5/14/84
6/18/84
7/16/84
8/13/84
9/17/84
10/15/84

3.8
4.7
5.9
8.2
9.2
9.7
9.5
9.9


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

2.3
4.8
8.8
10.2
10.8
10.3
10.7

*
21 .3
19.2
15.7
15.5

16.6
12.8
13.3

10.4
11.7

10.4

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

BlLLI0NS

<*=

dollars

255.2
257.5
259.9
260.7
262.3

5 19

5 17 31

14 28 12 26

9 25

6 20
FEB

5 19
MAR

2

16 50 MAY 28 JUN 25
14
11

1983

9 25

6 20
AUG

5 17
SEP

1

15 29 12 26

1984

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 15,

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

3
10
17
24
1
8
15

$382.2
383.9
382.9
380.4
380.8
383.0
384.7

MMMFs 2/
$193.5
193.2
195.0
195.7
197.6
198.4
202.5

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

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
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
—|------------- ----------- 10.0

10.0 r--------,--------- ,-----SEP.
— OCT.
_

SEP

19
26
3
10
17
24

OCT

7323
6896
6173
6157
6822
5645

NOV
1983

DEC

JAN

FEB

4 18
APR

MAR

2 16 30 IS 27 11 2S
JUN
JUL

8 22

5 10

3 17 SI

14 28

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24, 1984

BUSINESS LOANS u

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS

248
244
240
236
232

~
_
~
~
_
-

2/

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
252

BILLIONS OF DOLLARS
252
=

—
COMPOUNDED ANNUAL RA TES
OF CHANGE. AVERAGE 0F
THE FOUR *F.EKS END IN
OCTOBER 10, 1984 FROM
THE FOUR WEEKS END ING:
AUG. 8, 1984
-0.8
JUL. 11, 1984
1.7
JUN. 13, 1984
3.9
MAY 9, 1984
8.6
APR. 11, 1984
11 .6
JAN. 11, 1964
15.6

248

z
244
~

./

240

/

236
-

232

/
-

“

f

z

Z
-

I
220

MILLIONS

—

I
212
sl 11
SEP

111
OCT

1111
NOV
1983

111

1 1 1 ..mi

111

111

in i

DEC

JAN

MAR

APR

MAY

FEB

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1984
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

220

5
244,751
I
12
245,165
- 216
19
246,068
~
26
243,801
— OCT. 3
245,064
- 212
10
245,493
111 -LL.1 JJJJJ 11 111111111r
II 25 8 22 5 10 3 17 31 14 28
JUN
JUL
AUG
SEP
OCT
NOV
1984
SEP.

216

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