Full text of U.S. Financial Data : September 18, 1986

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RESEARCH LIBRARY
Federal Reserve Bank

EESTTinancial Data
SEp2 S 1986

September 18, 1986

The Depository Institutions Act of 1982 called for the authorization of an
account for both individuals and nonprofit organizations at depository institutions
that would compete directly with money market mutual funds (MMMFs). These
accounts were to pay competitive money market rates and offer limited transaction
features. The Depository Institutions Deregulation Committee (DIDC),
responsible for implementing the provisions of this legislation, complied by
introducing money market deposit accounts (MMDAs) in December 1982 and
Super-NOW accounts in January 1983. These new accounts, which insure
deposits up to $100,000, initially had minimum balance requirements of $2,500
until December 31, 1984, and $1,000 until December 31, 1985.
As the table on the back page shows, growth in MMDA and Super-NOW
deposits increased after the initial reduction in minimum balance requirements
to $1,000. This growth came at the expense of MMMFs, which are not insured,
and small time deposits, which pay competitive market rates of interest but offer
no transaction features. Since minimum balance requirements were eliminated,
however, growth in MMDAs and Super-NOWs has declined, while deposits
in MMMFs have grown rapidly. This shift suggests that the $1,000 minimum
balance requirement was not a binding constraint on the portfolio decisions of
individuals and nonprofit organizations.
—Michael T. Belongia
(continued on back page)

KKSKKU
RVNKol

views expressed do not necessarily reflect official positions of the Federal Reserve System.

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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
252

BILLIONS

250
248

SEP.

10

246
244
242
240
258
256
254
252
250
228

3

17 31

14 28 11

AUO

29

0 23

6 20

4

NOV

SEP
1085

DEC

18

1

19 29 12 28 12 26

9 23

7 21

MAY
1086

4

IS

2

18 SO 13 27 10 24

JUN

AUG

SEP

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: SEPTEMBER 10, 1086
MONETARY BASE IS THE SUM OF
---------- CY IN -------- vtiot 'C
IRCULATION
_____ !ary ttpnrn
IFT I ON OF THE AD.

ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
... HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
t RESERVE REQUIREMENT RATIO CHANGES.
THE MAJOR
L RESERVE CREDIT. DATA ARE COMPUTED BY THIS
MONETARY BASE IS AVAILABLE FROM THIS BANK.

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING;
0/11/85

12/4/85

2/12/86

5/12/86

7.8
7.3
7.2
8.2
8. 1
7.8
8.3

9. 1
8.3
9.7
8.1
8.6
9. 1

6.1
8.6
8.5
7.8
8.6

4/9/86

5/7/86

10.2
9. 1
8.3
B.1

10. 1
8.8
9.6

6/4/86

7/16/86

6.8
8.5

9. 1

TO THE AVERAGE OF

2/12/86
5/12/80
4/ 0/86
5/ 7/86
6/ 4/86
7/16/86
8/15/86
0/10/88

s.o
7.1
6.0
6.8
7.6
7.6
7.4
7.8


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

BILLIONS of dollars

&1LL1.QNS.
679.8
605.0
593.0
695.3

I

19 » 12 M

9 23

7 21

OCT
1985

4 18

2 16 30 19 27

NOV

JAN

10 24 10 24

7 21

5 19

APR

FEB

MAY
1986

2 16 30 14 29 11

JUL

28

8 22

AUG

LATEST DATA PLOTTED *€EK ENDING*. SEPTEMBER 8, 1986
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AM) TRAVELERS CHECKS.

MONEY STOCK (Ml >
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/9/85

12/9/85

2/10/86

3/10/86

7. 1
9.3
10. 1
13.2
13.2
13.9
14.9

14.6
14.3
17.9
17.0
17.3
18.1

15.1
19.5
18.1
18.1
19.0

4/7/86

5/5/86

6/9/86

20.9
18.6
18.5
19.5

20.8
19.9
20.8

16.2
18.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/10/86
3/10/86
4/ 7/86
5/ 5/86
6/ 9/86
7/ 7/86
8/11/86
9/ 8/86

8. 1
8.8
9.8
10.3
12.3
12.4
13.0
13.8


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF 8T. LOUIS

3

4
MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

1
1986
JUN. 30
JUL. 14
28
AUG.
11
SEP
8

1

RATIO

2.9

1

------------ --------- ------------ --------RATIO

2.722
2.745
2.750
2.774
2.784

2.8

Ml Ml LTIPL IER

2.6

‘i i. i i i.i i i
I

15 29 12 26

JUL

1111 7 21
B 23 111

J_LL

SEP
OCT
1985

NOV

AUG

4 18

i.i i
ii
12 1 18 1 30 i IS 27 111 24 10 ii LLI 21
1
10
24 7 1
DEC

JAN

FEB

MAR

APR

ill

1

Ml

i i i

w

18
8 10 2 M l 30 14 28 II 28 8 22
MAY
JUN
JUL
AUG
SEP
1986

LATEST DATA PLOTTED TWO WEEKS END INGt SEPTEMBER 8, 1986
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
182

COMPOUNDED ANNUAL RATES

180
SEPTEMBER 8.
THE FOUR

7,
9,
7,

178

1986
191
191

176

. 10f 1
— SEP

9,

CURRENCY

1985

174
172
170

lflflft

BILLIONS
178.2

168

178.7
179.0
179.4
179.6
179.2
I I I I
1

18 29 12 26

0 23

7 21

OCT
1985

4 18

166

I 1! 1 I I I I I I I 1 I I I 1 I

2 18 30 13 27 10 24 10 24

7 21

8 10

APR

NOV

MAY

2

18 30 14 28 II 28

JUL

8 22

AUG

LATEST DATA PLOTTED WEEK END INGt SEPTEMBER 8. 1986
1/ RATIO OF MONEY STOCK (MM 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

E- SEP

I

ts 29 12 M

9 29

7 21

OCT
1985

.

1«

ill 90 II 27 10 24

NOV

JAN

10 21

7 II

9 10

APR

FEB

MAY

2

IS » II IS II

JUL

29

S 22

AUG

1986

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 8, 1986
TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/9/85

12/9/85

2/10/86

3/10/86

7.0
9.9
11.3
15.5
15.6
16.5
17.8

17.8
17.8
22.5
21.3
21.5
22.6

18.8
24.6
22.6
22.6
23.7

4/7/86

5/5/86

6/9/86

7/7/86

26.7
23.4
23.2
24.3

26.1
24.8
25.9

19.7
22.7

25.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/10/86
3/10/86
4/ 7/86
5/ 5/86
6/ 9/86
7/ 7/86
8/11/86
9/ 8/86

8.5
9.6
10.9
11.7
14.4
14.5
15.4
16.4


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 r-

PERCENT
—

10.0

II I I
5 10

2 16 SO IS 27 11

JUL

AUG

SEP
OCT
1985

25

6 22

NOV

6 20

DEC

S 17 SI

JAN

14 28 14 28 11 25

FEB

MAR

APR

0 2S

MAY
1986

6 20

4 16

1

JUN

JUL

AUG

15 29 12 26

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

1986
JULY

AUG.

SEP.

4
1 1
18
25
1
8
15
22
29
5
12
19 X
26

90 DAY
CD'S

50-DAY
C0M4ERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

6.51
6.43
6.33
6.31
6.29
6.21
6.03
5.82
5.57
5.49
5.71
5.73

6.71
6.59
6.34
6.28
6.28
6.26
6. 17
5.95
5.64
5.59
5.72
5.78

6.39
6.33
6.21
6. 17
6. 17
6.08
5.94
5.72
5.46
5.43
5.64
5.61

8.93
8.89
8.84
8.86
8.88
8.85
8.74
8.66
8.62
8.74
8.85
8.91

CORPORATE
BAA BONDS
10. 15
10.14
10. 10
10.17
10.28
10.29
10.26
10.12
10.04
10.08
10.21
10.24

SEP
1986.

MUNICIPAL
BONDS k»
7.51
7.45
7.45
7.60
7.54
7.53
7.33
7.06
6.93
7.00
7. 15
N. A.

msujtT* board * “vernors- h',s release#* 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

12.0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT
II.0 r—

PERCENT
—I 11.0

TREASURY” SECUf
■CUR I TIES

DISCOUNT RATE

SEP

23

OCT

FEB

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK

8 20

4 18

JUN

APR

JUL

I

IB 20 12 20

ENDING* SEPTEMBER 10,

FEDERAL
FUNDSHK
JULY

AUG.

4
11
18
25
I

8
15

22
SEP.

29
5
12
19 i
26

TREASURY
BILL

3-MONTH

0-MONTH
TREASURY
BILL mm

I-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.02
6.87
6.51
6.42
6.32
6.36
6.31
6.38
5.87
5.83
5.82
5.88

5.97
5.86
5.75
5.78
5.83
5.71
5.60
5.48
5.27
5.21
5.20
5.14

5.96
5.85
5.80
5.77
5.89
5.73
5.60
5.65
5.35
5.17
5.35
5.34

5.98
5.92
5.83
5.89
5.91
5.81
5.67
5.52
5.36
5.35
5.46
5.44

7.21
7. 13
6.91
7.01
7.10
7.06
6.87
6.70
6.55
6.63
6.96
7.00

7.83
7.83
7.76
7.94
8.09

S.S5MYA^Sgf?o';i?o!!^K. EM5,NG T*0 DAYS EARLIER


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

8.01
7.73
7.61
7.61
7.80

8. 1 I

8.19

tham date shown

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
415

------ r--------- -------------

<15

------------- 1---------- 1----1986

AUG.
_

BILLIONS

.4

SEP.

SMALL TIME DEPOS

LATEST DATA PLOTTED REEK EM) I NO, SEPTEMBER 8. 1086

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
295 i—-------- 1--------- 1----1986

AUG.

------ ----------------------- 1

BILLIONS

4

LARGE TIME DEPOSITS

OCT

NOV

JAN

APR

FEB

MAY

LATEST DATA PLOTTED REEK ENDING, SEPTEMBER 8. 1988

M 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 BAN< OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
810 ------------- ,---------- ,------

BILLIONS OF DOLLARS
----------------- ------------- 8,0

793.6
794.0
794.7
794.0

1

15 29 12

9 25

T 21

4

OCT

NOV

18

2 18 50 15 2T 10 24 10 24

7 21

8 19

APR

MAY

2 18 50 14 26 II

JUL

28

8 22

AUG

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 8, 1980
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE ,
9/9/85

12/9/85

2/10/86

3/10/86

AVERAGE OF FOUR WEEKS ENDING:
4/7/86

5/5/86

6/9/86

-6.0
-4. 1
-3.3
-2.3

-4.9
-3.6
-2.3

-0.5
0.4

7/7/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/10/86
3/10/86
4/ 7/86
5/ 5/86
6/ 9/86
7/ 7/86
8/11/86
9/ 8/86

9. 1
7.4
6.2
5.2
3.2
3.0
2.5
2.5


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

9.7
7.0
5.2
2.3
2.0
1 .6
1.7

-1 .5
-1.7
-3.9
-3. 1
-2.7
-2. 1

-1.7
-4.6
-3.4
-2.9
-2.1

0.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS

OF

AVERAGES OF DA I LY F I GURES

DOLLARS

BILLIONS OF DOLLARS

6.0

TOTAL BORROWINGS

I I 11
LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 17, 1
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.5 ----------------------------

ISTMENT + SEASONAL
ADJU!
BORROWINGS

3 17 31

14 21 II

AUG

29

0 23

SEP

6 20

4 18

NOV

DEC

1

IS 20 12 20 12 20

0

7 21
MAY

4 It

2 It M 13 27 10 24

JUN

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 17, 1986
1/ 83.767 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 COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

AUG.

6

BILLIONS OF DOLLARS
95

64,110

85

3 17 31

14 28 II

AUG

25

8 23

6 20

4

NOV

SEP

DEC

18

I

15 20 12 28 12

FEB

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 10,

0 23

7 21

4 18

MAY

MAR

JUN

2 18 30 13 27

AUG

10 24

SEP

1086

BUSINESS LOANS u
( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS */
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
- THE FOUR WEEKS ENDING
SEPTEMBER 3. 1986 FROM
THE FOUR WE£KS ENDING:
— JUL. 2,
JUN. 4,
APR. 30,
APR. 2,
_ MAR. 5i
DEC. 4.
4,

1986
1968
1086
1986

-1.2

1985
1985

JUL. 30
AUG. 6

SEP.
3 17 31

14 28 II

25

8 23

8 20

4 18

NOV

DEC

I

15 28 12 28 12 28

FEB

MAR

8 23

7 21

MAY

l

3

257,799
257,035
257,736
259,588

11111 m n n 1

4 18

JUN

2 18 30 13 27

AUG

10 24

SEP

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1986
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOCSTIC 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

Growth Rates of Selected Assets at
All Depository Institutions1

Period
12/83-12/84
12/84-12/85
12/85-8/86

MMDAs
10.0%
22.8
12.3

Super-NOWs
21.5%
32.3
28.82

1 Compounded annual rates of change, not seasonally adjusted
2 1986 data only through March


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

Small
time deposits
13.2%
-0.7
-0.7

Total
MMMFs
26.9%
4.7
25.8