Full text of U.S. Financial Data : September 19, 1985

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1/

RARY
Federal Reserve Bank

TSS-SHancial Data
SEP 2 3 1985

September 19, 1985
The adjusted monetary base measures the effect of Federal
Reserve actions on the money stock (Ml), while the effect of
portfolio decisions made by the public (including financial
institutions) is summarized in the multiplier. Over time intervals
as long as six months, changes in the growth rates of Ml and the
adjusted monetary base tend to be in the same direction.
Over shorter periods of time, however, the relationship
between changes in money growth and base growth can break
down due to short-run swings in the multiplier. The past few
months provide a good example. During the first half of the year,
the base grew at an average annual rate of 9.4 percent, while Ml
grew at a rate of about 12 percent. In July and August, base
growth declined to about 5 percent, while growth in Ml
accelerated to about 16 percent. This was accompanied by an
increase in the multiplier (see page 4). The table on the back
page compares growth rates in Ml and the base over six-month
intervals since 1982. The data indicate that the conflicting
changes in the two growth rates that occurred in the past few
months generally are not observed in the longer-term data.
--G. J. Santoni
(continued on back page)

Digitized forviews
FRASER
expressed do not necessarily
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Federal Reserve Bank of St. Louis

THE
FEDERAL
> RESERVE
XltANKol
ST.DH IS

reflect official positions of the Federal Reserve System.

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
236 ---------- 1------------- 1------

13S&
AUG.

BILLIONS OF DOLLARS
------------------------------- 236

B.1JLL1QNS

14

227.2
229.4
232.4

I I I 1 1 I I I
29 12 26 10 24

7 21

3 It

NOV

DEC

2 16 90 19 27 19 27 10 24

FEB

MAR

8 22

5 19

9 17 91

APR

14 28 11

AUG

29

SEP

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 18, 1965
reseryeJanks^currency^ circ^ationTcurrency

BANK.

HELDUBYSTNE PUBLIC1 AND1 inTtheTvai?tsTofEallAL

SMPlfi»Ryi^^^A?i^EcS8E5?ED SWIM"

A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK.

RECENT DATA ARE PRELIMINARY.

O

|

ADJUSTED MONETARY BASE
ANNUAL RATES OF CHANGE ,

9/19/84

12/19/84

4.9
7.2
6.7
5.7
8.0
7.5
7.0
7.7

9,7
8.3
6.3
9.6
8.7
7.8
8.8

2/20/85

3/20/85

AVERAGE OF FOUR WEEKS ENDING:

4/17/85

5/15/85

6/19/85

7/17/85

2.8
7.0

8.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/20/85
3/20/85
4/17/85
5/15/85
6/19/85
7/17/85
8/21/85
9/18/85


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Federal Reserve Bank of St. Louis

11.8
7. 1
12. 1
10.3
8.8
9.9

0.9
9.5
7.9
6.7
8.3

12.3
9.3
7.4
9.1

14.6
10.2
11.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

603. 1
605.8
609.7
613.4

2 16 30 13 27 10 24 8
AUG
SEP
1984

9 10

3 IT 31

14 28 11 25 II 25
JAN

FEB

LATEST DATA PLOTTED WEEK ENDINQt SEPTEMBER 9,

0 22

MAR

6 20

3 IT

MAY

JUN

1

15 29 12 26

0 23

1985

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
9/10/84

12/10/84

2/11/85

3/11/85

6.4
7.9
7.3
7.2
8.8
9.6
9.7
10.7

12.5
10.4
9.6
1 1 .6
12.4
12. 1
13.3

9.9
8.7
12.0
13.1
12.6
14.0

5.0
10.6
12.3
1 1 .9
13.7

AVERAGE OF FOUR WEEKS ENDING:
4/8/85

5/6/85

13.8
15. 1
13.8
15.6

19.2
16. 1
17.7

6/10/85

7/8/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/11/85
3/11/85
4/ 8/85
5/ 8/85
6/10/85
7/ 8/85
8/12/85
9/ 9/85


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Federal Reserve Bank of St. Louis

13.8
16.8

16.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
2.9 -------------1---------- 1---------1985

RATI

AUG.

SEP •

RATIO
2.9

l

1
Ml Ml LTIPL IER

\r
2.6

!llll

111

.111

-1.1.11

111

1111

111

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 9,

111 -Ll-L

1111

111

✓

✓ \, r
x/

ly

111

111

-LI 1,1

1985

BILLIONS OF DOLLARS
170 ------------- ,---------- r-

w

ILLIONS OF DOLLARS
—|---------- -------------- 170

COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
.
THE FOUR WEEKS ENDING
-__SEPTEMBER 9. 1985 FROM
__ THE FOUR WEEKS ENDING:
-

JUL.
JUN.

— APR.
-------- SEP.

8, 1985
10, 1985
6, 1985
8, 1985
1, 1985
.0, 1984
10, 1984

9.5
9.6
10.3
9.2
8.2
7.9
7.1

.

CURRENCY

1555.
AUG.

BILLIONS
66.6
166.7
167.2
167.6
167.5

SEP.

1 I 1 I I I I I I I I I
2 18 90 13 27 10 24

AUG

8 22

SEP

5 10

3 17 31

14 28 11 25 II

JAN

FEB

28

8 22

MAR

6 20

3

MAY

JUN

17

I

15 29

12 28

0 23

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 9, 1985
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

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
445

BILLIONS

440

429.6
430.5
435
434.8
436.2
439.8

430
425
420
415
410
405
400
395
390
385
I I I I

I I I I
2

16 30 13 27 10 24

AUG

8 22

5 19

3 17 SI

14 28 11

JAN

SEP

25 11

FEB

25

8 22

MAR

6 20

3

MAY

JUN

17

1

15

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 9, 1985
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
9/10/84

12/10/84

2/11/85

3/11/85

6.8
8.7
7.9
7.9
9.8
10.8
10.8
12. 1

14.6
1 1.8
1 1.0
13.3
14.3
13.8
15.4

n.i
9.9
13.7
15. 1
14.3
16.2

5.4
12.0
14. 1
13.4
15.7

AVERAGE OF FOUR WEEKS ENDING:
4/8/85

5/6/85

16.0
17.6
15.8
18.2

22.3
18.2
20.6

6/10/85

7/8/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
2/11/85
3/11/85
4/ 8/85
5/ 6/85
6/10/85
7/ 8/85
8/12/85
9/ 9/85


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Federal Reserve Bank of St. Louis

15,5
19.6

19.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

CORPORATE
AM BONDS

PRIME BANK
LOAN RATE
MUNICIPAL
BONDS

6 20

JUL

9 17 31

AUG

14 28

12 26

SEP
OCT
1984

0 23

NOV

7 21

4 18

I

DEC

JAN

FEB

15

1

15 28 12 26 10 24

MAR

APR

MAY
1985

7 21

5 18

JUN

JUL

2 16 30 13 27

AUG

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 20, 1985.

1985
JULY

5
12
19
26
AUG.
2
9
16
23
30
SEP.
6
13
20 *
27

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

7.52
7.51
7.62
7.76
7.83
7.83
7.82
7.78
7.79
7.87
8.00
7.98

7.50
7.48
7.54
7.71
7.75
7.75
7.74
7.67
7.71
7.74
7.91
7.91

7.37
7.42
7.55
7.73
7.74
7.73
7.70
7.66
7.68
7.80
7.92
7.92

10.91
10.85
10.87
11.07
1 1.21
11.20
11.08
10.95
10.90
10.94
11.13
11.12

CORPORATE
Bm BONDS
12.46
12.38
12.35
12.45
12.58
12.59
12.54
12.44
12.40
12.41
12.52
12.51

MUNICIPAL
BONDS *8K
8.82
8.81
8.73
8.87
9.01
9.02
9. 12
9. 18
9.09
9.07
9.26
N.A.

NOTE, CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
3Wf 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

INTEREST RATES

AVERAGES OF DAILY RATES

TREASURY 1!

PERCENT
15.0

12.0
RITIES

FED!
>ERAL.
FUNDI
>S RATE

DISCOUNT
RATE

9.0

3-MONTH
TREASURY BILL
7.0

S 20

5 17 31

14 28 12 28

SEP
OCT
1984

0 23

7 21

4 18

1

DEC

JAN

FEB

15

I

13 20 12 26 10 24

7 21

JUN

JUL

1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 20,

1985
JULY

AUG.

SEP.

5
12
19
26
2
9
16
23
30
6
13
20 X
27

1985.

FEDERAL
FUNDS K*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL mm

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.06
8.07
7.77
7.88
7.64
7.92
7.88
8.06
7.78
7.88
7.80
7.85

6.90
6.99
7.07
7.22
7.28
7.21
7.13
7.07
7.07
7.14
7.23
7. 16

7.08
7.00
7.20
7.35
7.40
7.52
7.36
7.28
7.21
7.30
7.39
7.32

7.13
7. 19
7.29
7.47
7.57
7.58
7.49
7.39
7.42
7.49
7.62
7.55

9.53
9.50
9.64
9.91
10.01
9.98
9.84
9.67
9.66
9.76
9.95
9.84

10.47
10.46
10.55
10.80
10.90
10,85
10.76
10.59
10.57
10.68
10.87
10.80

NOTEt
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.I5 RELEASE EXCLUDING LONG-TERM TREASURY
SECURITIES WHICH ARE COMPUTED BY THIS BANK. TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
II AVERAGES OF RATES AVAILABLE
** SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
mat AUCTION AVERAGE (DISCOUNT)


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

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

BILLIONS OF DOLLARS
410
13B5.

IONS OF DOLLARS
410

BILLIONS

_

AUG.

5
12
19

385.5
384.2
384.1

-

SEP

2
9

383.3
382.7

:
SMALL TIME

IEPOS TS

-

-

370

111

111 j.i.1

11.11

im

1 1IX

111

-LLL _LLL .LI IX

1 1 1

1 1 1

1 1 1 1

1 1 1

ini’

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 9, 1985
BILLIONS OF DOLLARS

1985.

BILLIONS OF DOLLARS
280

BILLIONS
265.2
267.2

275
LARGE TIME DEPOSITS

271.2

2 16 50 IS 27 10 24

AUG

6 22

SEP

5 10

5 17 51

14 28 II

JAN

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 9.

25 II

FEB

25

8 22

MAR

6 20

5 17

MAY

JUN

115 20

12 26

0 25

1985

1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN tI00,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 0100,000 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

19S5.

BILLIONS

of dollars

BILLIONS
774.7
775.7
776. I
777.9
777.3
778.4

I

AUG

SEP

JAN

FEB

IS 20

12 26

0 23

MAR

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 9, 1985
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE ,

AVERAGE OF FOUR WEEKS ENDING:

9/10/84

12/10/84

2/11/85

3/11/85

4/8/85

1.3
1.8
3.0
3.9
3.4
2.8
2.0
2.0

-1.6
1.2
3,0
2.4
1.7
0.8
0.9

7.5
8.8
6.0
4.4
2.6
2.5

1 1.0
6.5
4.3
2.3
2.2

4.7
2.4
0,5
0.7

5/6/85

6/10/85

7/8/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/11/85
3/11/85
4/ 8/85
5/ 6/85
6/10/85
7/ 8/85
8/12/85
9/ 9/85


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

-1.3
-2.4
-1.5

-3.5
-2.0

-1 .8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

10.0

BILLIONS OF DOLLARS

------------- ----------------- 1—

1235.

SEP.

MILLIONS.

14
21
28
4

1144
1079
1096
1692

18

1079

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 18, 1985
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1985

MILLIONS

ADJUSTMENT + SEASONAL BORROWINGS

S 19

2 16 90 13 27 19 27 10 24
FEB
MAR
APR

6 22

5 19

3 17 91

14 28 II 29
AUG
SEP

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 18, 1985


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MMDAS,

MMMFS AND SUPER NOWS

(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

July

August

September

1/
2/
3/
“

$57.9
57.5
57.0
58.7
59.0
58.7
58.5
59.1
61.0

$241.7
241.7
239.0
238.5
239.7
238.9
241.3
239.2
238.5

$312.7
313.3
314.3
315.7
316.8
317.8
318.6
319.5
321.3

15
22
29
5
12
19
26
2
9

Super NOWs 3/

MMMFs 2/

MMDAs 1/

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
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
SEPTEMBER 4. 1985 FROM

JUN.

5,

1985

APR.

3,
6,
5,
5,

1985
1985
1984
1984

_ DEC

-2.7
-0.3

MILLIONS

SEP.
12 26 10 24

7 21

5 10

NOV

DEC

2

16 30 IS 27 13 27

FEB

MAR

10 24

6 22

APR

4

l.LI. U-Lli.LJLLLl.-LL
S 10

3 17 31

14 28

AUG

11

25

SEP

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 4. 1985
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

Growth Rates of Ml and the Adjusted Monetary Base
(compounded annual rates, seasonally adjusted)
Period

Ml

Base

December 1982 - June 1983
June 1983 - December 1983

12.5%
7.2

12.0%
6.6

December 1983 - June 1984
June 1984 - December 1984

7.4
4.1

10.3
4.8

December 1984 - June 1985

12.1

9.4


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Federal Reserve Bank of St. Louis