Full text of U.S. Financial Data : Week Ending: April 9, 1980
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mm Week ending: April 9, 1980 library O g Interest rates have increased sharply since the beginning of the year 7pages®trmd 7). The interest rate paid on 90-day certificates of deposits, for example, has risen by more than 425 basis points in the past few months. Likewise, the interest rate on six-month Treasury bills has increased by more than 200 basis points. One consequence of this general increase in interest rates has been a movement of funds into those instruments which pay relatively higher returns. High-yield deposits at commercial banks — accounts such as the six-month money market certificates whose interest rate is allowed to fluctuate with the market — have increased relative to other, low-yield accounts. For instance, total small time deposits — time deposits issued in denominations of less than $100,000 which include the six-month money market certificates — increased $12.8 billion from January to March of this year. Over this same period, demand deposits, which pay no explicit interest, increased only $1.1 billion. Total savings deposits, which have restrictive interest rate ceilings, decreased by $8.1 billion. The shifting of funds from low-yield accounts to those offering higher relative returns affects MIA through a component of the money multiplier known as the t-ratio. The t-ratio is calculated by dividing total time deposits by demand deposits. As the t-ratio rises, the money multiplier falls. As shown in the table below, the t-ratio has trended upward since the beginning of the year as total time deposits have grown relative to demand deposits. Consequently, the money multiplier has drifted downward over the past few months. TOTAL TIME AND DEMAND DEPOSITS AT COMMERCIAL BANKS* (Averages of daily figures, billions of dollars) Week ending Jan. 2 9 16 23 30 Feb. 6 13 20 27 Mar. 5 12 19 26 Apr. 2 Total time deposits Demand deposits $ 622.7 624.8 626.5 628.3 629.2 632.2 634.3 635.5 637.0 637.9 638.5 639.0 640.3 641.2 $ 265.9 266.4 265.1 264.2 265.4 269.0 268.3 269.3 266.3 265.9 267.7 265.9 265.6 265.4 t-ratio** MIA multiplier 2.342 2.345 2.363 2.378 2.371 2.350 2.364 2.360 2.392 2.399 2.385 2.403 2.411 2.416 2.409 2.405 2.401 2.401 2.403 2.419 2.425 2.406 2.396 2.392 2.405 2.381 2.385 2.380 * All data are seasonally adjusted. ** t t-rauo Total time deposits Demand deposits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank ol St. Louis Released: April 11, 1980 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 160 ---------- ,---------- 1-------- BILLIONS OF DOLLARS ------------------------------- 160 billions MAR. 156.6 156.5 157.5 57.0 157.3 157.5 i—LI .1 1 I 1 1 4 18 2 16 30 13 27 II 25 8 22 3 17 31 14 28 12 26 9 23 20 5 19 2 16 30 1980 LATEST DATA PLOTTED WEEK ENDING: APRIL 9, 1980 0F: ( 1 1 MEMBER BANK RESERVES AT THE FEDERAL RESERVE £*521^*^ Pi^CyMAIrl°!VTCyRRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), <3 ) ANMONETARY ADJUSTMENT FORISRESERVE RATIO CHANGES THE OF THE AND ADJUSTED BASE FEDERAL REQUIREMENT RESERVE CREDIT!° DATA ARE COMPUTED ,IHIf,5ANK■ * ^TAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM IHIo BANK. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, 4/11/79 7/11/79 9.9 9.9 9.7 9.2 9.3 8.9 9.0 8.8 10.7 10.0 9.2 9.4 8.8 9.0 8.7 9/12/79 10/10/79 AVERAGE OF FOUR WEEKS END 1NG: 11/7/79 12/12/79 /9/80 2/6/80 TO THE AVERAGE OF FOUR WEEKS ENDING-. 9/12/79 10/10/79 11/ 7/79 12/12/79 1/ 9/80 2/ 6/80 3/12/80 4/ 9/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.0 7.9 8.6 7.9 8.3 8.0 7. 1 8.2 7.4 8.0 7.7 8.2 7.3 8.0 7.6 7.9 8.6 8.0 7.7 7.2 8. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ■ “<■ ‘-'la ADJUSTED BANK RESERVES v AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS B.1LLIQNS MAR. 47.9 47.8 48.5 48.3 4 FEB MAR la 2 16 30 13 27 II 25 B 22 5 19 3 17 31 APR 14 28 NOV LATEST DATA PLOTTED WEEK ENDING: APRIL 2, 12 26 9 23 DEC 6 20 FEB MAR 1980 1/ ADJUSTED MONETARY BASE LESS CURRENCY HELD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT FEDERAL RESERVE BANKS ( + ) CURRENCY HELD BY C0H4ERCIAL BANKS). ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, 4/4/79 7/4/79 7.5 7.3 8.7 8. 1 9.3 7.9 7.8 7.6 6.3 9.0 7.9 9.9 7.7 7.6 7.4 9/5/79 AVERAGE OF FOUR WEEKS ENDING: 10/3/79 10/31/79 12/5/79 /2/80 1/30/80 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 1 .8 8.9 1 1 .7 8.2 7.9 7.6 10.4 13.6 8.8 8.3 7.9 11.6 6.1 6.3 6.1 7. 1 7.0 6.6 1 .2 2.5 6.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4 MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 385 f 1 1980 I_ FEB. _ MAR. — AP R. = g_LL L 1 ONS 27 5 12 19 26 2 374 374 37C 375 374 374 .6 .4 .0 .4 .3 (A A A -M IL . .X U i - BILLIONS OF DOLLARS 385 J r" ---------- J TTTTT 1 1 1 II MM 11 1 r y- J — - ■\ A III! ‘Ml FEB 111 MAR 111 APR 1 1 IX 111 MAY 111 JUL 1979 1111 AUG 1 IX XLIX 111 XI u 111 I1X Mil i i i SEP NOV DEC FEb MAR 1980 OCT JAN LATEST DATA PLOTTED WEEK ENDING: APRIL 2. 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, 4/4/79 7/4/79 9/5/79 9.4 8.9 7.8 7.3 7.4 7.0 7.2 6.4 8.2 6.4 5.9 6.3 5.8 6.4 5.4 3.4 3.7 4.8 4.5 5.4 4.3 AVERAGE OF FOUR WEEKS ENDING: 10/3/79 10/31/79 12/5/79 1/2/80 1/30/80 5.8 7.2 4.8 6.7 3.7 3.9 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 4/ 2/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.5 4.3 4.0 5.3 4.0 6.0 5. 1 6.3 4.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( M1B ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS - 395 391.2 391.4 393.4 391.9 391.3 391.5 I I I I 2 FEB MAR 18 I I I I 30 APR 13 27 JUN II 25 I I 1 I 8 22 5 19 3 17 31 M 28 12 26 JUL 1979 LATEST DATA PLOTTED WEEK ENDING: APRIL 2, 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. MlB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS. MONEY STOCK ( M1B ) COMPOUNDED ANNUAL RATES OF CHANGE, 4/4/79 7/4/79 9/5/79 9.7 7.6 6.8 7.2 6.8 7. 1 6.2 4.0 3.9 5.3 5. 1 5.9 4.9 AVERAGE OF FOUR WEEKS ENDING: 10/3/79 10/31/79 12/5/79 1/2/80 1/30/80 6.9 7.8 5.6 6.9 4.3 4.4 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 1 1.3 10.6 9.3 8.5 8.6 8.2 8.3 7.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.6 4.8 4.6 5.6 4.5 6.5 5.7 6.7 5.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED PERCENT 21.0 rr FRIDAY PERCENT 21 .0 20.0 20.0 16.0 16.0 15.0 14.0 14.0 PRIME BANK LOAN RATE COMMERCIAL PAPER 90 DAY CD'S 10.0 CORPORATE Aaa BONDS MUNICIPAL BONDS** 2 16 30 13 27 II 25 8 22 8 20 3 7 31 H 28 SEP 12 26 9 23 7 21 OCT 1979 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL II, 1980 FEB. MAR. APR. 1 8 15 22 29 7 14 21 28 4 1 1 * 18 25 90 DAY CD'S 13.36 13.43 13.59 14.93 15.45 16.87 17.71 17.82 17.80 18.07 17.71 PRIME COMMERCIAL PAPER *** 13.01 13.01 13. 13 14.21 14.78 16. 17 16.92 17.00 16.93 17.37 17.30 PRIME BANKERS' ACCEPTANCES 13.11 13.13 13.33 14.65 15. 10 16.59 17.24 17.22 17.29 17.51 17. 16 CORPORATE Aaa BONDS 11.49 11.95 12.19 12.74 12.88 13.00 13.00 12.83 13.00 12.95 12.70 CORPORATE 1980 Baa BONDS MUNICIPAL BONDS ** 12.69 13.11 13.41 13.82 14.16 14.27 14.35 14.45 14.67 14.75 14.64 7.52 7.71 7.75 8.46 8.72 8.94 9.08 9.20 9.44 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 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY 21 .0 21.0 20.0 20.0 19.0 18.0 16.0 FEDERAL FUNDS RATE 15.0 14.0 14.0 13.0 12.0 10.0 5-YEAR TREASURY SECURITIES THREE-MOfINTH TREASURY BILL MARI1KET YIELD 1 I I I I II I I I I 1 I I I 2 16 SO 13 27 II 25 8 22 6 20 MAR APR MAY JUN JUL 1979 2 16 FEB 3 17 31 14 28 12 26 9 23 7 21 AUG SEP OCT NOV DEC 4 18 JAN .1 .1 1 1 1 I I 1 I IS 29 14 28 I 1 FEB MAR APR 1980 LATEST OATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL II, 1980 FEB. MAR. APR. 1 8 15 22 29 7 14 21 28 4 11 * 18 25 I960 FEDERAL FUNDS KX 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL *MK 1 - YEAR TREASURY BILL 5-YEAR TREASURY SECUR1T1ES LONG-TERM TREASURY SECURlT1ES 13.54 12.80 13.64 14.87 14.62 16. 17 16.45 16.24 17.78 19.39 19.04 12. 15 12.05 12.36 13.38 13.78 15.37 15.32 14.76 15.55 14.78 14.38 11.85 11.99 12.26 13.01 13.63 14.79 14.96 14.95 15.70 14.80 14.23 11.23 11.51 11.91 13. 12 13.53 13.94 13.92 13.89 14.39 13.90 13.20 11.15 11.68 11.99 13.22 13.76 13.65 13.22 13.21 13.83 13.29 12.64 1 1 .01 11.51 11.76 12.53 12.49 12.41 12.11 12.06 12.47 12.20 11.66 * AVERAGES OF RATES AVAILABLE. ** SEVEN-DAY AVERAGES FOR WEEK ENOING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. *#* 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 MULTIPLIER v CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.8 — RATIO 2.8 MULT IP LIER 2.5 380 RAT A FEB . MAR . a1LLL _LLL 111 1111. -ILL -LI 1 ..i ,i i i LATEST DATA PLOTTED WEEK ENDING: APRIL 2. 111 11 j i 27 2.396 5 2.392 12 2.405 19 2.381 _J 26 2.385 ^ 2 2.380 APR . i i i l i i i l i i i i: 1...I 1 _LLL JJJ-Ll 1980 BILLIONS OF DOLLARS M2 BILLIONS OF DOLLARS 12 --------- 1 i--------- r--------- 1--------- COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF - - APRIL 2, 1980 FROM THE FOUR WEEK S END IT4G: ---- JAN. 30, 198 0 JAN. 2, 198 0 -DEC. 5, 197 9 OCT. 31, 197 9 9 JU L. 4 ! 197 9 - AP R. 4 , 197 9 ■ 8.? 10. 8.$ 8. - CURREN 7.1 9. 9. - - __ XLL in 721 721 4 FEB MAR APR 18 1111 2 16 MAY 30 i J i 13 JUN .ill. JJ.I.L ■ILL. _LLLL 11 I 27 II 25 JUL 1979 8 22 AUG LATEST DATA PLOTTED WEEK ENDING: APRIL 2, 519 51731 SEP OCT 14 28 NOV 12 DEC 26 _j 1980 FEE .27 MAP . 5 12 19 26 APF . 2 1 1 ill. 1.1. i. 1 1 1 1 1 col - _ _ 1 1 1 1 1 1 1 1. 9 25 JAN ONS 108.4 108.7 108.7 109.0 108.9 109.0 2 FEB MAR 1980 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 BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF OOLLARS 285 ---------- ,---------- 1-------- BILLIONS OF DOLLARS ------ ------------------------- 285 B1 111 .QMS 266.3 265.9 267.7 265.9 265.6 265.4 APR. I I I I I I I I 4 FEB MAR 16 2 16 30 13 27 JUN APR II 25 8 22 5 IS 3 17 31 14 28 12 26 9 23 6 20 5 19 FEB MAR 1980 JUL LATEST DATA PLOTTED WEEK ENDING-. APRIL 2. 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( Ml A ) COMPOUNDED ANNUAL RATES OF CHANGE 4/4/79 7/4/79 9/5/79 9. 1 8.2 6.9 6.5 6.8 6. 1 6.4 5.4 6.5 4.6 4.4 5.2 4.5 ' 5. 1 3.9 1 .0 2.2 3.8 3. 1 4.2 2.7 AVERAGE OF FOUR WEEKS ENDING: 10/3/79 10/31/79 12/5/79 1/2/80 1/30/80 4.5 6.2 3.2 4.9 1 .4 2.0 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.5 3.9 2.9 4.3 2.6 6.3 4.3 5.6 3.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 SAVINGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 450 BILLIONS FEB. MAR. 27 441 .3 440.6 441.5 443.6 4 18 2 16 30 13 27 1] 25 22 5 19 3 17 31 14 28 12 26 9 23 6 20 5 19 2 16 30 1980 LATEST DATA PLOTTED WEEK ENDING: APRIL 2, 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 1100,000. SAVINGS PLUS SMALL TIME DEPOSITS 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 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 11.8 10.8 10. 1 10.0 9.4 9.4 9.2 8.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9. 4 8.5 8.6 8. 1 8. 1 8. I 7.8 5.6 6.9 6.5 6.9 7. 1 6.8 7.5 6.7 7.2 7.4 7.0 7.2 7.7 7.8 7.2 6.8 7.3 6.7 8.4 7.3 6.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS AVERAGES OF BILLIONS OF DOLLARS I960 MAR. IN THE NATION DAILY FIGURES BILLIONS of dollars MILLIONS 5 3439 APR. 2 I I I I 4 FEB MAR 18 2 16 SO IS 27 II 25 8 22 5 19 S 17 31 APR 14 28 NOV LATEST DATA PLOTTED WEEK ENDING: APRIL 9, 12 26 9 23 6 20 5 19 2 16 30 DEC 1980 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 164 162 160 158 156 154 152 INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL SEASONALLY ADJUSTED BANKS BILLIONS OF DOLLARS 164 162 / /\ 160 _COMPOUNDED ANNUAL RA TES OF CHANGE, AVERAGE 0 F ~ THE FOUR WEEKS END ING — APRIL 2, 1980 FROM - THE FOUR WEEKS END IN G: — _ _ _ JAN. 30, JAN. 2, DEC. 5, OCT. 31, OCT. 3, JUL. 4, _ APR • 4, 1980 1980 1979 1979 1979 1979 1979 / 158 13.1 17.0 18.2 12.3 10.4 15.7 17.8 / - N / 146 140 138 136 0 152 150 - - - - - - - - - 198 - V 134 132 154 - 150 148 156 - Ill 7 21 FEB 111 7 21 MAR —Ll.l 4 18 APR 1.1-LL 2 1 1.1.1 -LU 13 27 II 25 16 30 MAY JUN JUL 1979 1 II 8 22 AUG LATEST DATA PLOTTED WEEK ENDING: APRIL 2. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 1 1 1111 5 3 IS SEP 17 31 OCT in -L1.-1. 14 NOV 28 12 DEC 26 MiuiPNs FEB. 27 160,032 5 160,284 — 160,805 12 19 161,004 — 26 160,058 2 161,447 — 11111111iiiF 11 i i 9 23 JAN 6 20 5 19 FEB MAR 1980 2 16 30 APR 1980 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 148 146 140 138 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 200 BILLIONS 198 196 1.94 192 190 188 186 178 176 FEB MAR APR LATEST DATA PLOTTED WEEK ENDING-. APRIL 2, NOV DEC FEB MAR 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 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 BANK OF ST. LOUIS
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