Full text of U.S. Financial Data : September 4, 1986

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Federal Reserve Bank

---- of St. Louis

thSrftnancial Data
SEP 0

s 198B

September 4, 1986

The money multiplier is the ratio of Ml to the adjusted monetary base. This
ratio is sensitive to changes in the portfolio preferences of individuals, businesses
and depository institutions because reserves must be held against both checkable
deposit liabilities, which are included in Ml, and nonpersonal time deposits,
which are not. Because time deposits are not included in Ml, an increase in
these deposits tends to absorb a larger proportion of the monetary base, leaving
less available as reserves against deposits in Ml. Thus, changes in the Ml
multiplier and nonpersonal time deposits should vary inversely.
This relationship can be exhibited with data for total time deposits (see page
9). Since early February, as the multiplier increased at an annual rate of 8.6
percent, total time deposits declined at a 2.5 percent rate. This behavior contrasts
with changes during the previous six months when total time deposits increased
at a rate of 8.2 percent and the multiplier was

little changed

(see

page 4).
—Michael T. Belongia

niK

FEDERAL
A RESERVE
XlLVNKof
«r ST IIHIS

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
2SO

BILLIONS OF DOLLARS
250

—1—I— —
iisa
BILL IONS

248

246

244

JUN. 18
- JUL. 2
18
30
_ AUG. 13
27

248

243. 6
244. 9
245. 6
246. 4
246. 1
247. 8
V

242

/
/V/

240

238

236

—-—l

234

232

y

244

J

242
240

-

A

238

-

234

-

-

-

232

-

230

228

236

-

J

-

246

230

xlll
3 IT

JUL

111 JJX LLLL -LLL JXL 1X1.1 JJX JXL 1 1 IX JXL JJX 11 i,i XXL jjy

31

14 28 II 28

AUG

SEP

9 23 6 20

OCT
1985

NOV

4 19

I

DEC

JAN

18 29 12 29 12 20

FEB

MAR

9 23

APR

7 21

10 30 13 27 10 24

MAY
1986

JUL

AUG

SEP

LATEST PLOTTED RESERVE MAINTENANCE PER 100 EMHNGi AUGUST 27, 1986
c?rculat/on°TCURRENCY

I

.............-......................^5 AN ADJUSTMENT FOR RT
OF THE ADJUSTED MONETARY BASE IS FEDERAL I
A DETAILED DESCRIPTION OF THE ADJUSTED MO

flBNI OT'fc1 WOTtToW1------------------------- RATI0 r......... —

----------------THE MAJOR
__ ' BY THIS
MS BANK.

IS AVAILABLE

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDINGt
8/28/85

11/20/85

1/29/86

2/26/88

3/26/86

4/23/86

5/21/86

11.0
8.8
9.4
9.4
9.4
8.9

4.7
6.9
7.7
8.0
7.6

7.9
8.5
8.7
8.1

10.2
9.9
8.9

9.4
8.2

TO THE AVERAGE OF
TWO MAINTENANCE
PERIOOS ENDINGt
1/29/86
2/26/86
3/26/86
4/23/86
5/21/86
7/ 2/86
7/30/86
8/27/86

6.0
7.6
7.3
6.9
7.4
7.7
7.8
7.6


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Federal Reserve Bank of St. Louis

9.4
8.4
7.7
8.3
8.5
8.6
8.2

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
700

JUL.

21

690

677.7
677.1

679.8
685.0

680

688.0
688.6

670

660

650

640

630

620

I

15 20 12 20

0 25

7 21

4 18

OCT

NOV

2 10 30 15 27

JAN

10 24 10 24

7 21

5 10

APR

FEB

MAY

2 10 50 14

JUL

II 25

8 22

AUG

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 25, 1986
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
DEPoI|TSEANDMTRAVELEr|NCHeSs> BY THE N0NBAff< PU6LIC’ OEMAt® DEPOSITS, OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUWED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
8/26/85

11/25/85

1/27/86

2/24/86

3/24/86

9.4
8.8
9.6
10.3
12.0
12.6
12.9
13.4

7.7
9.3
10.5
13.0
13.7
14.0
14.6

10.0
11.7
15.3
15.9
15.9
16.5

14.6
18.5
18.5
17.9
18.2

20.2
19.7
18.6
18.9

4/28/86

5/26/86

6/23/86

17.0
18.0

17.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
1/27/86
2/24/86
3/24/86
4/28/86
5/26/86
6/23/86
7/28/86
8/25/86


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Federal Reserve Bank of St. Louis

23.1

20.2
20.3

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

RATIO

2.8

Ml MULTIPLIER
2.7

2.6

1

is 29 12 aa

9 »

r at
OCT

4 le
NOV

2 te so 13 zr 10 24 10 24
JAN
FEB

1 21

9 19

2 le 90 14 29 11 29
JUL
AUG

9 22

LATEST DATA PLOTTED T90 WEEKS ENDING' AUGUST 25, 1988
BILLIONS OF DOLLARS
182

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
_ OF CHANT*. AVERAGE OF
_
.
THE FOUR ta«S ENDING
- AUGUST 25. 1*86 FROM
THE FOUR *EEKS ENDING*

~ JUN. 23, 1986
- MAY
26 1986
APR. 28, 1986
- MAR. 24 1986
_ FEB. 24 ltt§
NOV. 25. 1985

180

178

7.4
7.2
7.9
7.2
7.1
7.3

176
CURRENCY
174

172

170

iafi£
JUL.
aug.

21
^

BILLIONS
177.6
IS:!

168

166
I I I I 1 I I
I

19 29 12 29

9 29

7 21

OCT
1965

4 19

NOV

2 19 90 19 27 10 24 10 24

JAN

7 21

9 19

2 16 90 14 29 II 29

« 22

FEB

LATEST DATA PLOTTED WEEK ENDING* AUGUST 25, 1986
1/ RATIO OF MONEY STOCK (Ml I TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.S 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
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

510 pr

493.7
495.1
502.6
502.9

490

480

470

440

1

13 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 SO 13 27 10 24

JAN

10 24

7 21

5 19

APR

FEB

MAY

2

16 SO 14 26 II

JUL

23

8 22

AUG

LATEST DATA PLOTTED WEEK ENDING: AUGUST 25, 1986
DEPOSITORY INSTITUTIONS.

IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOS ITS
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS END 1NG:
8/26/85 1*1 Z25/85 1/27/86 2/24/86 3/24/86 4/28/86 5/26/86 6/23/86
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/27/86
2/24/86
3/24/86
4/28/86
5/26/86
6/23/86
7/28/86
8/25/86

10.3
9.4
10.6
1 1.7
13.9
14.7
15.2
15.9


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Federal Reserve Bank of St. Louis

7.6
10. 1
1 1.9
15.2
16.3
16.7
17.4

11.3
14.0
18.7
19.6
19.5
20. 1

18.4
23.3
23.4
22.5
22.7

25.6
25.0
23.4
23.5

29.2
25.3
25.0

21.2
22.0

21.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

I ME BANK

>AN RATE

MUNICIPAL

5 19

JUL

2 16 3Q 15 27 II 25

AUG

SEP OCT
1985

8 22

NOV

0 20

DEC

3 17 31

JAN

14 28 14 28 II 25

FEB

MAR

APR

9 23

MAY
1986

A 20

4

JUN

JUL

18

I

IS 29 12 28

AUG

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt SEPTEMBER 5, 1986.

1986
JULY

4
1 1
IB
25
AUG.
1
8
15
22
29
SEP.
5 *
12
19
26

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE

CORPORATE
Baa BOWS

MUNICIPAL
BONDS *ft

6.51
6.43
6.33
6.31
6.29
6.21
6.03
5.82
5.57
5.45

6.71
6.59
6.34
6.28
6.28
6.26
6.17
5.95
5.64
5.59

6.39
6.33
6.21
6.17
6. 17
6.08
5.94
5.72
5.46
5.39

8.93
8.89
8.84
8.86
8.88
8.85
8.74
8.66
8.62
8.68

10.15
10.14
10.10
10. 17
10.28
10.29
10.26
10.12
10.04
10.06

7.51
7.45
7.45
7.60
7.54
7.53
7.33
7.06
6.93
N. A.

Aaa bonds

NOTEs CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
« AVERAGES OF RATES AVAILABLE
m 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

PERCENT

PERCENT

11.0

RATE

0.0

5-YEAR
TREASURY SECURITIES
-

DISCOUNT RATE

TREASt

5.0

5 19

2 10 30 13 27 II

SEP

25

8 22

0 20

OCT

9 17 31

M 28 14 28 11

FEB

MAR

25

9 29

APR

8 20

4

JUN

JUL

18

I

15 20 12 28

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* SEPTEMBER 5, 1986.

FEDERAL
FUNDS**

1886
JULY

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

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *8191

1-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.e7
5.83

5.97
5.86
5.75
5.78
5.83
5.71
5.60
5.48
5.27
5.22

5.96
5.85
5.80
5.77
5.89
5.73
5.60
5.65
5.35
5.17

5.98
5.92
5.83
5.89
5.9!
5.8!
5.67
5.52
5.36
5.33

7.21
7.13
6.91
7.01
7. 10
7.06
6.87
6.70
6.55
6.45

7.83
7.83
7.76
7.94
8.09
8.01
7.73
7.61
7.6!
7.70

IENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERM TREASURY
‘?JTJj^WHJCH ARE COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNTBASIS.

* AVERAGES OF RATES AVAILABLE

AY AVERAGES_FOR^WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
! AUCTION AVERAGE (DISCOUN


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITSi/
LARGE TIME DEPOSITS 2/
BILLIONS OF DOLLARS
415 -------------1---------- 1------------- 1----------

405

1986

_

JUL. 21
^
28
AUG.
4

379.7
378.7
377.0

18
25

BILLIONS OF DOLLARS
415

BILLIONS

375.7
374.8

-

1

I

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1
1
1

i i i

1

i

SMALL TIME

>EPOS

-

-

-

375

375

!llll

111

im

111

111

1111

-LLL -LLL

1.1,1 1

-LLL -LLL

1 1 1.1.

-LLL -LLL

w

LATEST DATA PLOTTED WEEK ENDING. AUGUST 25, 1080
BILLIONS OF DOLLARS
295

BILLIONS OF DOLLARS

.1886
JUL.

BILLIONS

21

290
280.7

275

LARGE TIME DEPOSITS

I

19 29 12 26

4 18

9

OCT

2 16 90 19 27 10 24 10 24

7 21

5 19

2 10 90 14 28 II

25

8 22

NOV

LATEST DATA PLOTTED WEEK ENDING. AUGUST 25, 1980
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 OR MORE


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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

-

-

1

1

lSfifi
JUL.
.
AUG.

-

21
28
4
11
18
25

BILLIONS OF DOLLARS
810

r

1111 T T T T

“

BILL!SXG.
793.
792.fi
791.3
793.3
793.7
794.2

\

J..1 1

1
/

l/N-

800

“

1
.

IN I.

\
-

70S

V\

* ■

-

IIII

-

r

785

5

c=s>V

780

IIII

-----^

775

/

'Illll -LI 1
-ii 11 XI 1 XLL 1 1 1 1 1 1 1 1 1 1 llll
1JUL « AUG a> V 23 7 II 4 IS DEC 90JAN 17 10 14 10 14
1.
12
I IS
IS FEB
SEP
OCT NOV
MAR

Ml i 11
7 II 5 IS
MAY

APR

1885

iiii

111

mi

I IS 91 14 21 II ;
JUN
JUL

AUG

1S86

LATEST DATA PLOTTED WEEK ENDING. AUGUST 25.

i i ,

?*

8 22
SEP

1888

TOTAL TIME IS THE SIM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE THE DEPOSITS.

TOTAL TIME DEPOSI TS
COM>OUM)ED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS
ENDING!
8/26/85
11/25/85 1/27/86 2/24/86 3/24/86 4/28/86 5/26/08 6/23/86

Sf° ft8SrW
ENDINGt
1/27/86
2/24/8©
3/24/86
4/28/86
5/26/86
6/23/86
7/28/86
8/25/86

8.3
8.2
6.4
5.4
3.9
3.0
2.7
2.5


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

11.7
7.5
5.8
3.3
2.2
2.0
1.7

1.3
0.8
-1.6
-2.2
-1.7
-1.6

-2.2
-4.3
-4,4
-3.4
-2.9

-4.1
-4.3
-3.0
-2.8

-6.8
-4.2
-3.3

-1.9
-1.5

-0.1

PREPARED BT FEDERAL RESERVE BAM OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
6.0

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

----------- ,------------- ■-------------

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

6.0

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 3. 1986
BILLIONS OF DOLLARS
---------1---------- 1---------- 2.5

BILLIONS OF DOLLARS

ADJUS1

14 20 II 28

9

0 20

4 10

NOV

3 17 31

I

19 29 12 26 12 29

♦ SEASONAL

• 23

7 21

4 18

MAY

DEC

JUN

2 16 SO 13 27 10 24

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 3. 1986
1/ 93.767 FOR 11/27/85


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
JILL IONS OF DOLLARS

NOT SEASONALLY ADJUSTED

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

95------------,--------- ,----81,425

- AUG.

6

3 17 31

80,050

14 28 11

25

0 23

SEP
OCT
1985

8 20

4 18

NOV

DEC

I

15 28 12 28 12 28

JAN

FEB

MAR

9 23

APR

7 21

4 18

MAY
1986

JUN

2 18 30 13 27

JUL

AUG

10 24

SEP

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 27, 1986

BUSINESS LOANS u

( COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
262 ------------- ,---------- ,------

BILLIONS OF DOLLARS
------------------------------- 262

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR *EF.KS ENDING
AUGUST 20. 1986 FROM
THE FOUR WEEKS ENDINGt
— JUN.
MAY
APR.
MAR.
“ FEB.
NOV.
AUG.

18,
21
23,
19,
19,
20,
21

1986

-2.9

1986
i986
1986
1985

-1.5

257,546
256,303
257,799
257,725
3 17 31

14 28 11 25

9 23

8 20

4 18

NOV

DEC

I

15 29 12 28 12 28

FEB

MAR

9 23

7 21

limn.............
....
4 18 2 18 SO 13 27 10 24

MAY

JUN

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 20, 1986
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AM) 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