Full text of U.S. Financial Data : Week Ending: April 2, 1980
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'msm Week ending: April 2, 1980 ~*®pARY Member bank borrowings from the discount window HE 2 I at Terieral Reserve Banks increased sharply immediately following the October 6 policy change. For example, borrowings increased from about $1 billion in the week ending October 10 to about $3 billion in the week ending October 31. After the initial increase, borrowings generally declined throughout the rest of 1979 to pre-October 6 levels (see page 11). Since the beginning of February of this year, however, member bank borrowings have again increased rapidly, reaching a high of about $3.4 billion in the week ending March 12. Borrowing from the discount window at Federal Reserve Banks and in the federal funds market represent alternative sources of short-term funds to member commercial banks. Member bank borrowings at the discount window have tended to increase with increases in the spread between the discount rate and the federal funds rate. Member bank borrowing behavior over the past few months has been consistent with this pattern. For instance, member borrowings averaged $1.3 billion over the bank December-January period when the differential between the discount rate and the federal funds rate averaged 183 basis points. Since January, however, the average spread between these two rates has widened to 285 basis points and member bank borrowings have increased to an average of $2.2 billion. The recent imposition of a 3 percent surcharge on the basic 13 percent discount rate — a surcharge that applies only to banks with deposits in excess of $500 million — effectively reduces the differential for some banks. This surcharge is only in effect when a bank borrows during two successive statement weeks or in more than four weeks during a calendar quarter. For example, if a bank faced an effective discount rate of 16 percent in the week ending March 28, the spread would be 178 basis points instead of 478 basis points. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: April 4, 1980 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 1980 _ FEB. MAR. 27 BILLIONS OF DOLLARS 160 BILLIONS 156.4 156.6 156.5 157.5 157.0 57.4 150 148 2 16 30 13 27 11 25 8 22 5 19 3 17 31 14 28 NOV 12 26 DEC 9 23 6 20 5 19 2 16 30 1980 LATEST DATA PLOTTED WEEK ENDING: APRIL 2. 1980 THE ADJUSTED MONETARY 8ASE CONSISTS OF: ( l ) KCMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMuIFAc IAL BANKS) AND (3) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES. THE MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT. m BY THIS BANK. A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, 4/4/79 7/4/79 9/5/79 AVERAGE OF FOUR WEEKS ENDING: 10/3/79 10/31/79 12/5/79 1/2/80 1/30/80 9.3 8.9 8.4 8. 1 7.7 7.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 9/ 5/79 10/ 3/79 10/31/79 12/ 5/79 1/ 2/80 1/30/80 3/ 5/80 4/ 2/80 9.6 9.6 9.7 8.9 9.0 8.9 8.9 8.7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.7 10.5 9.0 9.3 9. 1 9.0 8.8 9.9 7.7 8.4 8.3 8.3 8. 1 6.7 7.9 7.9 8.0 7.8 7.0 7.3 7.6 7.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ADJUSTED BANK RESERVES 1/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 52 1 1 7-------------LSBQ - FEB. MAR. BILLIONS OF DOLLARS 52 BILLIONS 20 27 5 12 48.6 48.0 47.9 47.8 26 4( . 1 - - - rJ “X A A V A: A , ^ «/ JS - V -/ \S s _LLL .in in 21 FEB - 1 II 1 11 i 1 1 1 -1J-L..I.. 2 16 30 13 27 II 25 8 22 MAY JUN JUL 1979 AUG LATEST DATA PLOTTED WEEK ENDING: MARCH 26. 1 U- LLU.I 1 11 -l-U- ..1111 XIX LUX XJXL 5 19 3 17 31 14 28 12 26 fi 2! 6 20 5 IB 2 16 30 SEP OCT NOV DEC JAN FEB MAR I960 APR 1980 1/ ADJUSTED MONETARY BASE LESS CURRENCY HELD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT FEDERAL RESERVE BANKS ( + ) CURRENCY HELD BY COiMERCIAL BANKS). ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, 3/28/79 6/27/79 8/29/79 6.4 6.8 7.4 6.7 8.7 8. 1 7.3 7. 1 8. 1 9.0 7.4 10.4 9.3 7.9 7.7 10.3 7. 1 1 1.7 9.9 8.0 7.6 AVERAGE OF FOUR WEEKS ENOING: 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/29/79 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 2/27/80 3/26/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.4 12.6 10.2 7.8 7.5 13.0 9.7 6.9 6.7 14.7 8.8 8.0 1.2 2.5 2.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4 MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS 377.5 374.6 MAR. 376.4 374.8 374.7 5 FEB 19 3 I? 31 M 28 12 26 NOV MAR LATEST DATA PLOTTED WEEK ENDING: MARCH 26, DEC 9 23 6 20 5 FEB MAR 19 2 16 30 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. MIA CONSISTS OF CURRENCY AND COIN PLUS COMMERCIAL BANK DEMAND DEPOSITS HELD BY THE NONBANK PUBLIC EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS. MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, 3/28/79 6/27/79 8/29/79 9.3 9.0 8. 1 7.6 7.3 7. 1 7.6 6.6 8.0 6.6 6.2 5.9 5.8 6.7 5.5 4.7 4.8 4.7 4.8 6. 1 4.6 AVERAGE OF FOUR WEEKS ENDING: 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/29/79 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 2/27/80 3/26/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.7 3.9 4.2 5.9 4.2 4.6 4.9 6.7 4.6 4.8 7.4 4.5 8.9 4.6 4.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4 MONEY STOCK ( MlB ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 400 ---------- 1---------- 1-------- BILLIONS OF DOLLARS ------------------------------- 400 BILLIONS — FEB. _ 394. I 391.1 391.4 393.4 391.7 391.6 MAR. I I I I 4 FEB MAR IB APR 2 16 SO MAY 13 27 JUN 11 25 JUL 1979 6 22 AUG LATEST DATA PLOTTED WEEK ENDING: MARCH 26. 5 10 3 SEP 17 31 OCT M 28 NOV 12 DEC 2B 0 23 JAN 6 20 S 10 2 16 30 FEB MAR I960 I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MIB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS. MONEY STOCK ( MIB ) COMPOUNDED ANNUAL RATES OF CHANGE, 3/28/79 6/27/79 8/29/79 1 1.3 10.9 9.8 8.9 8.6 8.4 8.7 7.8 9.6 8.0 7. 1 6.9 6.9 7.4 6.3 5.6 5.0 5.2 5.5 6.5 5.2 AVERAGE OF FOUR WEEKS ENDING: 9/26/79 10/24/79 11/28/79 12/26/79 1/23/BO TO THE AVERAGE OF FOUR WEEKS ENDING: 8/29/79 9/26/79 10/24/79 11/20/79 12/26/79 1/23/80 2/27/80 3/26/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.5 4.2 4.8 6.2 4.7 4.9 5.4 6.9 5.1 6.2 8.0 5.3 9.0 5.2 4.5 PREPARED BY FEDERAL RESERVE BANK OF ST. 5 LOUIS 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 20.0 20.0 19.5 19.0 19.0 18.5 18.5 18.0 18.0 17.5 17.5 17.0 17.0 16.5 16.5 16.0 16.0 15.5 15.0 14.5 14.0 14.0 13.5 13.0 12.5 12.5 PRIME BANK LOAN RATE 12.0 12.0 11.5 COMMERCIAL PAPER 11.0 1 1.0 10.5 90 DAY CD’S 10.0 10.0 9.5 9.0 CORPORATE Aaa BONDS 8.5 8.0 7.5 7.0 MUNICIPAL BONDS** 6.5 6.0 I I I I I I I I 2 16 2 16 30 13 27 APR II 25 8 22 6 20 3 |7 31 14 28 SEP MAY 12 26 9 23 OCT I 7 21 DEC 15 29 14 28 11 25 JAN 1979 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 4, 1980 I960 FEB. MAR. APR. 1 8 15 22 29 7 14 21 28 4 * 1 1 18 25 90 DAY CD’S PRIME COMMERC1AL PAPER X** PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS KX 13.36 13.43 13.59 14.93 15.45 16.87 17.71 17.82 17.80 18.07 13.01 13.01 13.13 14.21 14.78 16. 17 16.92 17.00 16.93 17.37 13. 1 1 13. 13 13.33 14.65 15. 10 16.59 17.24 17.22 17.29 17.51 11.49 11.95 12. 19 12.74 12.88 13.00 13.00 12.83 13.00 12.97 12.69 13. 1 1 13.41 13.82 14. 16 14.27 14.35 14.45 14.67 14.76 7.52 7.71 7.75 8.46 8.72 8.94 9.08 9.20 9.44 N. A. * AVERAGES OF RATES AVAILABLE. ** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA. *** DATA ARE 4-MONTH COMMERCIAL PAPER RATES. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY 20.0 PERCENT 20.0 19.5 19.5 18.5 18.5 19.0 18.0 17.5 17.0 16.5 16.0 FEDERAL FUNDS RATE 15.5 15.0 15.0 14.5 14.0 13.5 13.0 12.5 12.5 12.0 11.5 I 1 .5 1 1.0 I 1 .0 10.5 10.0 9.5 5-YEAR TREASURY SECURITIES 9.0 8.5 THREE-MONTH TREASURY BILL MARKET YIELD 8.0 7.5 I I I 1 I I I I 2 10 2 16 30 IS 27 11 2S 8 22 8 20 3 17 31 14 28 SEP 12 26 9 23 0 7 21 OCT 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. APRIL 4, 1980 FEB. MAR. APR. 1 8 15 22 29 7 14 21 28 4 X 1 1 18 25 1980 FEDERAL FUNDS X* 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL XXX 1-YEAR TREASURY BILL 5-YEAR TREASURY SECUR1T1ES LONG-TERM TREASURY SECURITIES 13.54 12.80 13.64 14.87 14.62 16. 17 16.45 16.24 17.78 19.39 12. 15 12.05 12.36 13.38 13.78 15.37 15.32 14.76 15.55 14.78 11.85 11.99 12.26 13.01 13.63 14.79 14.96 14.95 15.70 14.80 11.23 1 1.51 11.91 13. 12 13.53 13.94 13.92 13.89 14.39 13.90 11.15 11.68 11.99 13.22 13.76 13.65 13.22 13.21 13.83 13.32 11.01 11.51 11.76 12.53 12.49 12.41 12. 1 1 12.06 12.47 12.21 I»ASEVEn5dAYFAVERAGESVF0RAWEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE, ras mPw IQSUE 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 MULTIPLIER i/ CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.8 RATIO 2.8 MULT IP LIER 1 380 FEB RAT n 2.406 fj§ : MAR £8 ILLL 1 1 1 1 1 1 ...1 1 1 1 1 1 1 1 111 LATEST DATA PLOTTED WEEK ENDING: MARCH 26, 1980 BILLIONS OF DOLLARS I 12 III 1 1 1 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF - 23, 26, 28, 24, 26. 27 , 28 , 1 1 1 BILLIONS OF DOLLARS 112 MA RCH 26, 1980 FROM TH E FOUR WEEKS END 1 NG: ---- JA N. DE C. NO V. OC T. - SE P. JU N. - MA R. LLLL 1 1 1 1 - - 1,1 1 1980 1979 1979 1979 1979 197 9 197 9 ~ 2. 1 1:389 mil 11111111111L - - 10. 11. 8. 8. 8. 9. 9. CURREN - - - l... 102 - BILL! I j_380 FEB. MAR. 5 £8 =i 11 111 111 1111 * FEB MAR APR 10 MAY 111 30 111 13 2T JUN II 25 JUL 1979 1111 111 8 22 5 19 AUG LATEST DATA PLOTTED WEEK ENDING: MARCH 26, SEP .1111 3 17 OCT 31 _LI 111 1 14 28 NOV 12 26 DEC 1111 9 23 JAN -U 3 t - 7 188 £ _ 111111 .1111” 6 20 5 19 FEB MAR I960 2 16 30 APR 1980 1/ RATIO OF MONEY STOCK (MIA) / 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 8Y FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars billions of dollars 285 BILLIONS 269.3 266.2 265.9 267.7 265.7 265.9 265 I I I I 2 16 30 13 27 II 25 8 22 5 19 3 17 31 H 28 12 26 NOV DEC 9 23 6 20 5 FEB MAR 19 2 16 30 1979 LATEST DATA PLOTTED WEEK ENDING: MARCH 26. 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 3/28/79 6/27/79 8/29/79 8.9 8.3 7.2 6.8 6.6 6.3 6.8 5.5 6.3 4.8 4.7 4.8 4.5 5.5 3.9 2.5 3.2 3.7 3.5 5.0 3. 1 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/29/79 9/28/79 10/24/79 11/2B/79 12/26/79 1/23/80 2/27/80 3/26/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.4 3.2 3.2 5.0 2.8 4.7 4.2 6.2 3.3 4.0 6.8 2.9 7.6 2.3 2.0 l PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 SAVINGS PLUS SMALL TIME DEPOS ITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 450 B.!UL 1QNS. FEB. 445 20 441.0 441.4 441.3 442.6 440 430 425 4 FEB 18 2 IB 30 13 27 II 25 8 22 5 19 3 MAR 17 31 M 28 NOV 12 26 9 23 DEC 6 20 FEB MAR 1979 LATEST DATA PLOTTED WEEK ENDING: MARCH 26, 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN *100,000. SAVINGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 3/28/79 6/27/79 8/29/79 1 1 .9 10.9 10.2 10.0 9.5 9.3 9.3 8.9 9.9 8.9 8.8 8.3 8.2 8.3 7.9 5.8 6.8 6.5 6.7 7.2 6.7 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/29/79 9/26/79 10/24/79 11/28/79 12/26/79 1/23/80 2/27/80 3/26/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.2 6.7 6.9 7.4 6.9 7.2 7.3 7.8 7.1 6.5 7.5 6.7 8.4 7.0 6.8 PREPARED BY FEDERAL RESERVE BANK OF SI. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES billions of dollars 1980 MILLIONS FEB. 27 2057 BILLIONS OF DOLLARS 4.5 4.0 2508 3.5 3439 3.0 2.5 2.0 1 .5 1 .0 0.5 I I I I 1111 8 FEB MAR 2 16 30 13 27 II 5 25 18 3 17 31 t 4 28 12 26 NOV APR 9 23 DEC 6 20 5 19 FEB MAR 0 1979 LATEST DATA PLOTTED WEEK ENDING: APRIL 2. 19 BUSINESS LOANS (COMMERCIAL AND INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 164 162 BILLIONS OF DOLLARS 164 ----------1—:—1--------- 1--------------162 160 158 156 154 152 " — “ — — COMPOUNDED ANNUAL RA rES OF CHANGE, AVERAGE Of THE FOUR WEEKS END 1N MARCH 26. 1980 FROM THE FOUR WEEKS END 1N IT JAN. — DEC. _ NOV. OCT. SEP. “ JUN. MAR. 23, 26. 28, 24, 26, 27, 28, 1980 1979 1979 1979 1979 1979 1979 7 160 / 158 13.0 19.2 17.4 11.8 10.5 16.0 18.1 - / rJ 7 154 152 1 - 150 - - 148 150 148 - 146 - 144 146 144 - 142 7^ 142 - - I 40 138 156 "7 - 198 ) 136 134 - 132 8i 11 0 FEB _LLL 21 i 11 MAR APR MILLIUN5 _ 161,580 160,032 160,284 160,805 161,004 160,007 m 11111 — L 140 138 7^ 1 1U- 111 MAY JUN 111 JUL 1979 llll 111 AUG SEP LATEST DATA PLOTTED WEEK ENDING: MARCH 26. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1111 111 i i i NOV DEC FEB. 20 27 MAR. 5 12 19 26 1111 1 1 LL JAN FEB MAR 1980 1980 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 136 134 132 0 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED . BILLIONS OF DOLLARS 198 BILLIONS 196 194 192 NOV DEC LATEST DATA PLOTTED WEEK ENDING: MARCH 26. 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE 8ANK OF ST. LOUIS
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