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Federal Reserve Bank

^Cl.LSs. Financial Data

ROVO

4 1986

October 30, 1986
The growth of the money stock (Ml), while generally rapid, has been quite
variable over the past year. Ml has grown 13.7 percent since last October. As
the table on the back page shows, however, its growth during this period has
ranged from 8.3 percent (from October 1985 through January 1986) to 20.2
percent (from April through July). The acceleration in Ml’s growth from last
October through July of this year has been associated with significant
accelerations in the growth of demand and other checkable deposits. The growth
rate of demand deposits rose seven-fold over this period, while that of other
checkables nearly doubled.
The reduction in Ml’s growth in recent months has been associated with a
sizable decline in demand deposit growth. The growth in other checkables,
however, has remained high. In contrast to the other Ml components, the growth
rate of currency has fluctuated within fairly narrow ranges and is currently about
about the same as its growth rate in the October 1985-January 1986 period.
—Courtenay C. Stone
(continued on back page)

TIIE
lEOKKVI
A RKSEKW
IIANK <>l
or slums

Digitized forViews expressed do not necessarily reflect official positions of the Federal Reserve System.
FRASER
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

ILL IONS OF DOLLARS

BILLIONS OF DOLLARS
----- ------------ ---------- 254

BILLIONS
AUG.

13
247.8

II 25

9 23

6 20

OCT
NOV
1985

4 18

DEC

I

15

JAN

12 28 12 26

FEB

MAR

9

7 21

4 18

APR

MAY

JUN
1986

2 16 SO 15 27 10 24

JUL

AUG

SEP

8 22

5 18

OCT

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDlNGt OCTOBER 22, 1986
ADJUSTED MONETARY BASE IS THE SUM OF RESERVE , ____its of
INSTITUTIONS AT FEDERAL
LD BY THE PUBLl£ AND IN THE VAULTS OF ALL
FIVE BATHS. CURRENCY IN CIRCULATION C CURRB *
?eTofythe adjustec^monejary BASIMjFfe:-------------- 1IREMENT------areCcomputed bySht
______ RATI
iT
IT. DATA A...
. A DETAILED description of the adjuste
IS AVAILABLE FROM THIS BANK.
ILE
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDlNGt
10/23/85

1/15/86

3/26/86

7.3
8.2
9.2
8.7
8.2
8.3
8.1

7.9
9.8
8.8
8. 1
8.2
8.0

4/23/86

5/21/86

6/18/86

7/16/86

8/27/86

9.8
8.2
8.3
8. 1

6.1
6.9
6.9

7.2
7.1

7.9

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDlNGt
3/26/86
4/23/86
5/21/86
6/18/86
7/16/86
8/27/86
9/24/86
10/22/86

7.8
7.3
7.8
8.5
8.2
8.0
8.0
7.9


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

12.5
10.3
8.9
8.9
6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

= 710

690.8
693.6
701 .6
696.6
702.6

=

690

= 680

=

650

= 630

I I I I
2

IS 30 14 2a 11

OCT

25

0 23

8 20

3 17

JAN

NOV

FEB

3 17 31

14 28 12 28

APR

8 23

7 21

4 18

JUL

MAY

AUG

I

IS 20 13 27

OCT

10 24

NOV

LATEST DATA PLOTTED WEEK ENDING) OCTOBER 20, 1986
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.B RELEASE.
^pAIT^TSvgBg^Sk0 BY THE N0NBA'* PUBL,C' DE“AND DEP0S'TS* °THER

MONEY STOCK (Ml 1
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt
10/21/85

1/20/86

3/17/86

4/21/86

5/19/86

6/23/86

7/21/86

8/18/86

8.8
9.7
11.6
12.8
13.0
13.6
M.O
13.7

10.2
13.6
15. 1
15.0
15.6
15.9
15.3

18. A
19. 1
18.0
18.3
18.2
17.1

22.5
19.9
19.8
19.4
17.9

17.5
18.2
18. 1
16.6

16.9
17.4
15.6

18.8
16.0

14.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/17/86
4/21/86
5/19/86
6/23/86
7/21/86
8/18/86
9/22/86
10/20/86


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

PREPARED BY FEDERAL RESERVE BAM( OF ST. LOUIS

3

4

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

RATIO

1966
JO.

11
25

RATIO

RAT 10
2.774
2.777

Ml MULTIPLIER

9 23

7 21

4 18

OCT

2 16 SO 13 27 10 24 10 24

NOV

JAN

FEB

7 21

5 19

APR

MAY

2 16 50 14 28 II 28

8 22

6 20

3 17

OCT

NOV

LATEST DATA PLOTTED TWO WEEKS END INOt OCTOBER 20, 1086
BILLIONS OF DOLLARS
164

BILLIONS OF DOLLARS
“

COMPOUNDED ANNUAL RATES
182

182
180

AUG. 18,
JUL. 21,
JUN. 23,
178 —may 19,
_ APR. 21
JAN. 20
,76 — OCT. 21,
-

1986
1966
1986
1986
1986
1986
1985

180

7.7
8.4
7.5
7.4
7.7
7.2
7.4

178
CURRENCY

176
174
172

1886.

BILLIONS

SEP. 1

170

168

181.4
111 i.i-Lii
2 18 30 14 28 11 25

OCT

9 23

NOV

8 20

3 17

3 17 31 14 28 12 28

JAN

FEB

APR

9 23

MAY

7 21

4 18

I

15 29 13 27 10 24

OCT

NOV

LATEST DATA PLOTTED WEEK ENDINOi OCTOBER 20, 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

BILLIONS OF DOLLARS
530

ILL IONS
SEP.

15

505. 1

520

506.8
514.7
509.2
514.7

490

460

2 16 SO 14 2S II 29

OCT

0 23

S 20

3 17

3 17 31 M 28 12 26

JAN

NOV

FEB

APR

8 23

7 21

4 18

JUL

MAY

AUG

1

15 20 13 27 10 24

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 20, 1986
TOTAL|CHECKABLE|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:
10/21/85

1/20/86

3/17/86

4/21/86

5/19/86

6/23/86

7/21/86

8/18/86

9.4
10.6
13.4
15.0
15.3
16.0
16.7
16.2

1 1.6
16.2
18.3
18.2
16.9
19.4
18.5

23.2
24. 1
22.6
22.7
22.7
21.1

28.8
25. 1
24.7
24.3
22. 1

21.9
22.4
22.5
20.2

20.4
21.3
18.6

23. 1
19.0

17. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
3/17/86
4/21/86
5/19/86
6/23/86
7/21/86
8/18/86
9/22/86
10/20/86


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

CORPI

Aaa B<

MUNIC

7.0

6.0

4 18

SEP

I

19 29 IS 27

10 24

7 21

7 21

4 18

FEB

OCT

MAR

APR

2 18 SO 13 27

JUN

11

25

8 22

5 10

3 17 31

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt OCTOBER 31, 1986.

1986
SEP.

5
12
19
26
OCT.
3
10
17
24
31 x
NOV. 7
14
21
28

30-DAY

90-DAY

PAPER

K

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

5.43
5.64
5.66
5.68
5.66
5.45
5.62
5.69
5.64

8.74
8.85
8.95
8.97
8.90
8.86
8.88
8.89
8.83

10.08
10.21
10.24
10.24
10.21
10.20
10.22
10.23
10.21

7.00
7. 15
7. 14
7. 15
7. 19
7.06
7.08
7. 1 i
N.A.

90 DAY
CD'S

commercial

5.49
5.71
5.75
5.79
5.77
5.59
5.69
5.78
5.73

5.59
5.72
5.78
5.79
5.83
5.67
5.73
5.78
5.77

NOTEi CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
8* 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
II.o —

PERCENT

TREASURY

DISCOUNT RATE

6 20

4 18

SEP

■LLLLLLL
I 15 29 13

OCT

27 10 24

7 21

7 21

MAR

1J 18 I SO
I
2

4 18

FEB

APR

13 27

JUN

1 25

8 22

19

3 17 31

14 28

JUL

LATEST DATA PLOTTED ARE AVERAGES Of RATES AVAILABLE FOR THE WEEK EWING, OCTOBER 31, 1988.

1986
SEP.

5
12
10
26
OCT.
3
10
17
24
31 X
NOV.
7
14
21
28

FEDERAL
FUNDS am
5.83
5.82
5.88
5.81
6.08
5.75
5.83
5.91
5.86

t3r®

BILL

6-MONTH
TREASURY
BILL sam

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

5.21
5.20
5.18
5.24
5.19
5.05
5.20
5.29
5.20

5. 17
5.35
5.34
5.39
5.37
5.13
5.22
5.39
5.21

5.35
5.46
5.48
5.47
5.47
5.27
5.41
5.49
5.45

6.63
6.96
7.01
6.99
6.93
6.72
6.88
6.92
6.84

7.80
8.11
8.24
8.20
8.05
7.99
8.18
8.16
8.03

. .LSwE&P5*15 *.rarsMMMari* mw.
S«SauctIonVaveIagee?discouotki ending ™° DAYS 6ARUER THAN °*TE SHOWN


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

PREPARED BY FEDERAL RESERVE BAKK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS^
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUS ItU

BILLIONS OF DOLLARS
415 ------------ 1--------- 1----1986
SEP.

BILLIONS

15

373.2
371 .9

6

_

BILLIONS OF DOLLARS
-------- ---------- ---------- 4,5

370.3
367.2
SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK EfOINBi OCTOBER 20, 1986
BILLIONS OF DOLLARS
-------- -------------------- 295

BILLIONS OF DOLLARS
295 ------------ 1--------- r—
1986
_

BILLIONS

SEP.

15

OCT.

6

278.J
278.277.4

LARGE TIME DEPOSITS

2 18 90 14 28 II

OCT

NOV

8 20
JAN

9 17

FEB

9 17 91

14 28 12 28

APR

0 29

MAY

7 21

4 18

JUL

AUG

I

13 28 13 27 10 24

OCT

NOV

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 20, 1986
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 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
810

=

:

1—1— —

laafi

795. 2
794.
793. 9
792.
791.
790. 5

—

\

11

v\

i

\

790
-

M ill

TTTTT

k

r

775

si 111

IN I

111

III!

-

ii

■

785

780

\

z
______

i 1 1 1

<

1 1 1

MU

a

-LLL

SEP
OCT NOV
DEC JAN
IO ou 1. 1985 11 2. B 33 0 20

111

i i i i

1 11

III

i 111

FEB MAR
APR MAY
JUN
3 IT 3 17 31 M K 12 28 1986
S ,3

1 1 1

111

JUL AUG
7 ,1 4 IS

1111
1 1
1 15 21 13 r 10 24
SEP
OCT NOV

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 20, 1986
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;
0/21/85
1/20/86 3/17/86 4/21/86 5/19/88 8/23/88 7/21/88 8/18/86
TO THE AVERAGE

M WEEKS
3/17/86
4/21/86
5/19/86
6/23/86
7/21/86
8/18/86
9/22/86
10/20/86

7.3
5.8
4. 1
2.6
2.4
2.1
2. 1
1.6

2.7
0.4
-1. 1
-0.8
-0.7
-0.3
-0.8

-3.1
-4.1
-3.1
-2.6
-1.7
-2.1

-6.2
-4.2
-3.3
-2.1
-2.5

-3.0
-2.2
-1.0
-1.7

0.2
10
-0.4

11
-oia

-0.9

'*<4r


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

810
805

1
1

1111

800

-

ftlLL -LONS

“ SEP. 15
~
22
“_____ 29
- OCT.
8
“
13
20

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

785

780

10

BORROWINGS FROM FEDERAL RESERVE BANKS
6.0

ILL IONS OF DOLLARS
—i------------ 1--------- 6.0

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

---------------

1086
SEP.
OCT.

MILLIONS.
24
1

1004
040

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 20, 1086
BILLIONS OF DOLLARS
----- 1------------1--------- 2-5

BILLIONS OF DOLLARS
2-5 --------- ------------ TT

ADJUSTMENT + SEASONAL
BORROWINGS

4 18

2 1C 90 IS 27 11

NOV

DEC

FEB

MAY

MAR

JUN

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 20, 1086
1/ §3.767 FOR 11/27/85


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
NOT SEASONALLY ADJUSTED

3NSOF DOLLARS

BILLIONS OF DOLLARS
----- ------------ ---------- 95

SEP. 17

- OCT.

1

85,481

87,340

SEP

OCT
NOV
1985

DEC

JAN

FEB

MAR

APR

20

MAY

JUN

AUG

3 17

I

15 28 12 20

SEP

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 22, 1981

BUSINESS LOANS u
C COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS Of DOLLARS
262 --------- 1------------ 1-----

ILL IONS OF DOLLARS
—I---------------------- 262

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
- OCTOBER 15. 1986 FROM
THE FOUR WfeEKS ENDING:
AUG.
JUL.
- JUN.
MAY
APR.
JAN.
- OCT.

13,
16,
18,
M,
16,
15,
16,

1986
1986
1986
1986
1986
1986
1985

4.7
0.9
0.7*
-0.2
0.1
0.6
1.6

SEP. 10
OCT.

257,976

1
260,134

4 IS
SEP

2 IS SO 13 27 II 25 S 22
OCT
NOV DEC
JAN
1985

S IS

S IS

FEB

MAR

2 IS SO 14 2S II 2S

APR

MAY

0 23

JUN

mi...........IS 2S
S 20 S 17 I .
AUG

12 26

SEP

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 15. 1981
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COIWERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN SI.4 BILLION


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

PREPARED BY FEDERAL RESERVE BASK OF ST. LOUIS

11

Growth Rates of Ml and Its Major Components
(seasonally adjusted, compounded annual rates)

Averages of
four weeks ending

Ml

Currency

10/21/85-10/20/86

13.7%

7.4%

10/21/85-1/27/86
1/27/86-4/28/86
4/28/86-7/28/86
7/28/86-10/20/86

8.3
11.7
20.2
15.5

8.4
5.7
7.3
8.3


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

Demand
deposits
9.5%
2.7
9.1
20.1
7.1

Other
checkable
deposits
26.7%
18.3
21.5
33.0
36.1

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