Full text of U.S. Financial Data : September 9, 1983

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U.S. Financial Data
federal Reserve Bank of St. Louis

September 9,1983

.IBRARY
lEP 1 3 1983
Movements in the
adjusted
monetary
base
primarily reflect the effects of Federal Reserve open market
operations, lending to depository institutions, and the impact
of changes in reserve requirements.
The adjusted monetary base rose at a 6.4 percent
annual rate from the four weeks ending June 1 to the four
weeks ending August 31. This compares with a rapid 10.4
percent rate during the previous nine months. Over the same
periods, Ml grew at 6 and 14.7 percent rates, respectively.
Thus, the recent slowing in Ml growth is associated with a
significant slowing in the growth of the adjusted monetary
base.
The relationship of the monetary base to the
money supply (Ml) is measured by the money multiplier (see
page 5). Movements in the multiplier reflect changes in the
public's preference for various financial assets. Ml and
adjusted base growth were about equal during the most
recent period* reflecting the fact that the money multiplier
changed little over this period. In contrast, the multiplier
rose during the previous nine months, as Ml grew faster than
the adjusted base.
—Norman N. Bowsher

Growth Rates of Ml and Adjusted Monetary Base
(annual rates, seasonally adjusted)
Period 1/

Ml

Base

9/1/82-6/1/83
6/1/83-8/31/83

14.7%
6.0

10.4%
6.4

1/ Four-week averages ending on dates shown.


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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

_

1983

BILLIONS OF DOLLARS
200

B.JLLUNS
195.4
196
194

— SEP.

192
190
188

I I I I
4

JUL

18

AUG

I

15 29 15 27

OCT
1982

10 24

8 22

NOV

5 19

2

16

JAN

FEB

2

16 50 IS 27

11

25

6 22

6 20

5

17 31

14 28

1983

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 7. 1983
THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEP0SIT6RY 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.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
9/8/82

12/8/82

AVERAGE OF FOUR WEEKS ENDING:

2/9/83

3/9/83

4/6/83

5/4/83

16.0
13.2
13.2
1 1.8
10.4
9.8

9.3
10.8
9.7
8.5
8. 1

10.8
9.3
7.9
7.6

10.0
8.0
7.6

6/8/83

7/6/83

5.2
5.5

5.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 9/83
3/ 9/83
4/ 6/83
5/ 4/83
6/ 8/83
7/ 6/83
8/10/83
9/ 7/83

8.8
10.6
10.7
10.3
10.7
10.3
9.6
9.4


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Federal Reserve Bank of St. Louis

14.5
13.6
12.5
12.6
1 1 .8
10.7
10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SfcASUNALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLAR

54.3

4

JUL

18

I

15 20 13 27 10 24

AUG

OCT

8

NOV

S 10

2

JAN

FEB

18

2 16 30 13 27 II

APR

25

8 22

6 20

3 17 31

14 26

MAY

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 31, 1983
fiSSS’RurWffltfli

circulationS'les! currency'helo 1 bytthetnonban<

fK RESERVE

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,
9/1/82

12/1/82

2/2/83

3/2/83

25. 1
17.4
15.0
15.6
12.0
10.4

10.3
9.5
1 1.5
8.3
7.0

AVERAGE OF FOUR WEEKS ENDING:

3/30/83

5/4/83

6/1/83

6/29/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 2/83
3/ 2/83
3/30/83
5/ 4/83
6/ 1/83
6/29/83
8/ 3/83
8/31/83

7.8
1 1.6
12.2
11.3
10.9
1 1.5
10. 1
9.3


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Federal Reserve Bank of St. Louis

16.8
16.6
14. 1
13.1
13.8
11.4
10.2

6.7
10.2
6.7
5.4

12.8
6.9
5.2

6.6
4.5

-1,1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
525 p--------.---------- 1--------

515

BILLIONS OF DOLLARS
------ ------------- -------- =1 525

517.0
517.5
517.3
516.8
515.3
513.3

—

I

15 20 13 27 10 24

OCT

8 22

NOV

5 10

2

JAN

FEB

16

2 16 30 19 27 11 25

APR

6 22

6 20

3 17 31

14 28

MAY
1983

LATEST DATA PLOTTED WEEK ENDING: AUGUST 31, 1983
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
HELD BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS)
ANOTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS’ CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
9/1/82

12/1/82

2/2/83

3/2/83

20.1
10.9
16.5
14.8
13.9
11 .7

5.8
14.4
12.8
12.3
10.0

AVERAGE OF FOUR WEEKS ENDING:

3/30/83

5/4/83

6/1/83

6/29/83

9.3
5.9

5.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 2/83
3/ 2/83
3/30/83
5/ 4/83
6/ 1/S3
6/29/83
8/ 3/83
8/31/83

13.4
14.9
15. 1
12.5
14.7
14. 1
13.7
12.4


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Federal Reserve Bank of St. Louis

15.9
16. 1
1 1.6
15.1
14.2
13.6
12.0

13.3
1 1.7
1 1.3
8.9

21.3
17.0
12.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIERS
CURRENCY COMPONENT OF MONEY STOCK s
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

2.9

1
1
1983
_

A:

RATIO

2.9

1------RAT_L2
li 1:8 li
li

2l

2.8

Ml Ml LTIPL IER

2.7

A~V

Xll XII ■XI 1 1 .XXL XXL 1 1 II

2.7

A

2.6

1 1 1 XXL ■ LI 1 1 XXL XXL M l 1

1 1 1

1 1 1 1

xxL

LATEST DATA PLOTTED WEEK ENDING* AUGUST 31, 1983
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

144
COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENOING
AUGUST 31. 1983 FROM

142

140
JUN.

29,

1963
1963

2,

138
CURRENCY

1983

— DEC.
_ SEP.

136

1982

134
132

13S1

130

BILLIONS

128
126
111111111111
7 21

4

18

I

15 29 13 27 10 24

OCT

NOV

8 22

5 19

2 18

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING* AUGUST 31,

2

18 30 13 27 11

APR

23

8 22

8 20

3 17 31

14 28

MAY

1983

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 BAht< OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

15.0

13.0
CORPORATE
AM BONDS

•RIME BANK
OAN RATE
Cl PAL

10.0
90 DAY
CD'S

I I I I
2

16 30

13 27

10 24

• 22

5 19

3 17 31

14 28 II

JAN

25

II

25

6 22

6 20

3

17

I

15 29

12 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt SEPTEMBER 9,

1983
JULY

AUG.

SEP.

1
8
15
22
29
5
12
19
26
2
9 X
16
23
30

9 23

FEB
1983

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

CORPORATE
Bm BONDS

MUNICIPAL
BONDS xx

9.28
9.47
9.51
9.53
9.54
9.82
9.99
9.78
9.49
9.73
9.55

9. 14
9.13
9. 15
9. 18
9. 17
9.42
9.59
9.46
9.20
9.34
9.32

9. 15
9.33
9.44
9.44
9.44
9.70
9.87
9.62
9.40
9.58
9.42

1 1 .85
12.02
12.13
12.17
12.31
12.62
12.71
12.40
12.32
12.54
12.49

13.39
13.42
13.41
13.36
13.39
13.64
13.75
13.63
13.55
13.65
13.62

9.36
9.55
9.54
9.44
9.60
9.74
9.85
9.70
9.59
9.75
N. A.

« AVERAGES OF RATES AVAILABLE.
_
** 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 ENDED FRIDAY

PERCENT
16.0

14.0

DISCOUNT
RATE
5-Y
TREASURY SiECUR IT IES

FEDERAL.

TREASUf

1982

1983

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. SEPTEMBER 9,

1983
JULY

AUG.

SEP.

1
8
15
22
29
5
12
19
26
2
9 *
16
23
30

1983

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECUR1T1ES

LONG-TERM
TREASURY
SECURITIES

8.90
9.39
9.21
9.43
9.46
9.59
9.66
9.67
9.41
9.44
9.53

8.88
9.07
9. 10
9. 10
9. 13
9.41
9.52
9.35
9.15
9.26
9. 14

9. 14
9.20
9.26
9.37
9.31
9.56
9.70
9.55
9.29
9.53
9.40

8.98
9.27
9.39
9.33
9.44
9.71
9.80
9.50
9.37
9.64
9.48

10.80
11.07
11.22
11.22
11.39
11.74
11.89
11.49
11.34
11.73
11.63

11.09
11.34
11.46
11.41
1 1 .62
11.92
12.01
11.65
11.54
11.89
11.76

* AVERAGES OF RATES AVAILABLE.
X# SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
XX* NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
380
375

371.2
371.5
371.0
370.6
368.7
366.2

AUG.

370
365
360
355
350
345
340
335
330
325
320
315

7 21

4 18

I

IS 2fl 19 27

OCT
1982

10 24

8 22

NOV

9 10

2

JAN

FEB

16

2 16 90 13 27 11

25

8 22

6 20

3 17 31

14 28

1983

LATEST DATA PLOTTED WEEK ENDING* AUGUST 31,

1983

1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
9/1/82

12/1/82

2/2/83

3/2/83

21.9
10.1
17.8
15.7
15.3
12.2

3.3
15. 1
13.2
13.2
10.1

AVERAGE OF FOUR WEEKS ENDING*

3/30/83

5/4/83

6/1/83

25.5
20.7
13.9

10.6
5.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
2/ 2/83
3/ 2/83
3/30/83
5/ 4/83
6/ 1/83
6/29/83
8/ 3/83
8/31/83

15.7
17.4
17.4
13.6
16.6
15.7
15.5
13.7


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

17.9
17.7
11.7
16.5
15.3
15.0
12.7

14.2
12. 1
12.4
8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS^
BILLIONS

840

=-

830

Er

820

=■

of

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

DOLLARS

billions of dollars

ILL IONS
JUL.
AUG.

27

692.9
697.3
699.0
700.3

780

I I I I
I

19 29 IS 27 10 24

OCT
1982

8 22

5 19

2

IS

2

16 SO IS 27

APR

NOV

11

25

8 22

6 20

3 17 31

14 28

MAY
1983

LATEST DATA PLOTTED WEEK ENDING. AUGUST 31, 1983
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

MMDAs, MMMFs and SUPER NOWs
(billions of dollars, not seasonally adjusted)
MMDAs !_/
July

20
27
August 3
10
17
24
31

MMMFs 2/

$368.6
368.0
367.9
367.7
366.6
365.2
364.7

$177.2
176.6
176.7
177.4
177.6
177.1
176.6

SUPER NOMs 3/
$32.9
32.7
33.4
33.8
33.7
33.4
33.5

1/ faoney market deposit accounts at all depository institutions, effective 12/14/82.
7/ Total money market mutual fund balances.
7/ 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

9

10
SMALL TIME DEPOSITS^
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1983

BILLIONS OF DOLLARS

BILLIONS

-= 450

-= 420
SMALL TIME DEPOSITS

■=

370

■=

360

-= 320

-=300
LATEST DATA PLOTTED WEEK ENDINGt AUGUST 31, 1983
BILLIONS OF DOLLARS

E_

BILLIONS OF DOLLARS

BILL 1QNS

-

SAVINGS DEPOSITS

4 IS

JUL

I

IS 20 IS 27 10 24

AUG

OCT

NOV

8 22

5 10

2

JAN

FEB

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 31.

16

2 16 30 IS

II

23

8 22

6 20

3 17 31

14 28

1983

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

185

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS

AVERAGES OF DAILY FIGURES

DOLLARS

of

ISfi1

billions of dollars

millions

1580

4

18

i

IS 20 13 27

OCT

10 24

8 22

NOV

S

18

JAN

2 16

2

18 30 13 27

II

25

8 22

6 20

3

17 31

14 28

FEB

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 7,

1983

BUSINESS LOANS u
( CGMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
236

BILLIONS OF DOLLARS
236

—
_ COMPOUNDED ANNUAL RA TES
OF CHANGE. AVERAGE 0 F
__THE FOUR WEEKS END IN G
_ AUGUST 31, 1983 FROM
_ THE FOUR WEEKS END IN G:

“
—
~
“

~

JUN. 29,
JUN. 1,
MAY 4,
MAR. 30.
MAR. 2,

1983
1983
1983
1983
1983

3.9
4.2
1.4
-1 .7
-1 .0

—

*

1982

1.0

~

i!

-L L U

b

i

:

ii

1

- SEP

rrrr

•v
198.
JUL. 27
AUG. 3
10
17
24
31

“'ll!
111
21

JUL

4

18

AUG

Li

1

l.l.L
SEP

111

111

ilii

OCT
1982

NOV

DEC

22

111 .i.l i
5 10 2 16
JAN
FEB

LATEST DATA PLOTTED WEEK ENDING: AUGUST 31,

MILL1Qfcg

-

215,395
216,744
216,667
215,995
216,457
216,209

“
_
_
_
-

i.i 11 _LLL -LLL muMill................:
2 16 30 13 27 It 25 8 22 6 20 3 17 31 14 2
MAR
APR
MAY
JUN
JUL
AUG
SEP
1983

1983

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 8750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

11

212

12
LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

285
280
JUL.

27

275
227.7

270
285
260
255
250

230
225

I I I I
JUL

AUG

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: AUGUST 31.

1083

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS