Full text of U.S. Financial Data : Week Ending: August 18, 1982
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l.*- # tj/va /vc#/i t_ a at ai J* Week ending: August 18, 1982 LIBRARY MJG 2 4 138? Short-term interest rates have declined since late February after increasing significantly from late 1981, and have fallen dramatically during the past several weeks. Moreover, most short-term interest rates are currently at their lowest weekly-average levels in about two years. It is commonly argued that interest rates and the growth of money (Ml) are negatively related; however, data since late 1981 indicate that this has not been the case. For example, from the four weeks ending November 18, 1981, to the four weeks ending February 24, 1982, Ml grew at nearly an 11 percent rate, yet short-term rates increased substantially. Similarly, money growth has been slow since late February, while short-term interest rates have trended downward. Movements in short-term interest rates appear to be more closely linked to changes in credit demand. For example, the rise in interest rates that occurred during late 1981 and early 1982 was coincident with an acceleration in business loan demand at large, weekly reporting banks. Interest rates remained relatively constant from late February to early June as credit demand eased somewhat. The most recent sharp decline in interest rates has been associated with a marked deceleration in the growth of business loan demand. Growth Rates of Business Loans and Changes in the 90-Day CD Rate Week ending 11/18/81 - 2/24/82 2/24/82 - 6/09/82 6/09/82 - 8/11/82 !/ 2/ Business loans at large weekly reporting banks 1/ 22.8 % 20.1 8.4 Ml 1/ 10.9 % 4.3 -0.8 Changes in 90-day CD rate 2/ 206 -20 -220 Compounded annual rates of change of seasonally adjusted data. Changes in basis points for data ending two days after date shown. Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Released: August 20, 1982 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 182 BILLIONS — JUL. 177.9 178.6 178. 1 178.3 179.5 179.7 4 OCT 18 2 16 30 13 27 NOV JAN LATEST DATA PLOTTED WEEK ENDING: AUGUST 18, 10 24 10 24 FEB 7 21 5 19 2 16 30 14 28 11 25 APR MAY 1982 1982 THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION I CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL DEPOSITORY 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, AVERAGE OF FOUR WEEKS ENDING: 8/19/81 11/18/81 1/20/82 2/17/82 3/17/82 4/21/82 5/19/82 6/16/82 4. 1 5.3 5.5 5.8 6.2 6.9 6.3 6.4 10.9 10.0 9.4 9.5 10. 1 8.8 8.6 9.5 8.7 9.0 10.0 8.2 8.0 7.2 8. 1 9.5 7.6 7.4 8.6 10.3 7.7 7.5 12.1 7.8 7.5 6.7 6.8 3.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/20/82 2/17/82 3/17/82 4/21/82 5/19/82 6/16/82 7/21/82 8/18/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ADJUSTED RESERVES AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars BILLIONS AUG. 49.5 49.8 49.2 49.0 50.3 I I I I JAN LATEST DATA PLOTTED WEEK ENDING: AUGUST II, FEB 1982 ADJUSTED MONETARY BASE (RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS PLUS CURRENCY IN CIRCULATION) LESS CURRENCY HELD BY THE NONBANK PUBLIC. ADJUSTED RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, 8/12/81 11/11/81 -2.5 1.7 4.0 3. 1 4.5 4.6 3.6 4.2 11.6 13.7 9.9 1 1 .0 10.2 8. 1 8.4 1/13/82 AVERAGE OF FOUR WEEKS ENDING: 2/10/82 3/10/82 4/14/82 5/12/82 6/9/82 7.4 10.4 9.2 6.0 6.8 6. 1 5.9 3.0 4.4 1 1.2 5.0 6.4 0.0 3.3 2.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/13/82 2/10/82 3/10/82 4/14/82 5/12/82 6/ 9/82 7/14/82 8/11/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24.3 13.4 14.3 12.5 9. 1 9.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY STOCK ( Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 470 r---------1------------- 1------ BILLIONS OF DOLLARS -------- ------------------- -j 470 BILLIONS AUG. JUN 451 .9 451 .7 450.5 451.3 453.5 453.4 I I I I I I I I JUL SEP 1981 I I I I OCT NOV DEC JAN LATEST DATA PLOTTED WEEK ENDING: AUGUST II. FEB APR MAY 1982 JUN JUL AUG 1982 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) AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS. MONEY STOCK ( Ml ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 8/12/81 11 /I 1/81 1/13/82 2/10/82 3/10/82 8.6 8.6 7.3 7.0 6.8 6.5 5.0 5.2 13.4 9.8 8.8 8.2 7.5 5.3 5.6 3.9 4.4 4.6 4.3 2. 1 2.8 2.3 3.3 3.2 0.8 1.8 5.3 4.6 1.3 2.4 4/14/82 5/12/82 6/9/82 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/13/82 2/10/82 3/10/82 4/14/82 5/12/82 6/ 9/82 7/14/82 8/11/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.3 -0.2 1.6 -2.5 0.4 -0.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY MULTIPLIER 1/ CURRENCY COMPONENT OF MONEY STOCK ^ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO AUG. Ml MULTIPLIER I I I I LATEST DATA PLOTTED WEEK ENDING: AUGUST II, BILLIONS OF DOLLARS 132 1 1 1982 BILLIONS OF DOLLARS 132 1 “ COMPOUNDED ANNUAL RAT ES OF CHANGE, AVERAGE OF -----THE FOUR l^EEKS END 1 NC AUGUST 11. 1982 FROM - THE FOUR WEEKS ENDING —JUN. MAY - APR. MAR. - NO v. AU G. 9, 12, M, 10, 1982 1982 1982 1982 5.5 7.8 8.5 8.5 11! 1981 1981 8.4 7.0 12, 130 ~ 128 7 CURRENCY - /V - - - i982. JUL . ’ ;~i 11 JUN mi 1111 15 29 Y2 26 JUL AUG - 1111 I..-LL J..I..I SEP 1981 OCT NOV 1 1 u -LI 1 16 30 DEC LATEST DATA PLOTTED WEEK ENDING: AUGUST II, 13 27 JAN -.1 1 1 I 10 24 FEB jj.i AUC NS ~ _ 111:1 111:1 ■ _ ^ 1 i i i i 1 i i i 1 i i i; III, 10 24 7 MAR APR MAY 1982 21 B IU.IO 7 129.0 14 128.4 1b 19 2 16 30 JUN 14 JUL 28 11 25 AUG 1982 1/ RATIO OF MONEY STOCK (Ml ) TO 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 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 22.0 21.0 20.0 19.0 19.0 90 DAY CD'S 18.0 PRIME BANK LOAN RATE 17.0 16.0 15.0 14.0 CORPORATE Aaa BONDS 13.0 MUNICIPAL BONDS** 12.0 COMMERCIAL PAPER 5 19 3 17 31 14 28 II 25 9 23 6 20 NOV 4 18 DEC 1 15 29 12 26 12 26 FEB MAR 9 23 1961 7 21 4 18 2 16 30 13 27 1982 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 20, 1982 JUNE 4 1 1 18 25 JULY 2 9 16 23 30 AUG. 6 13 20 & 27 1982 90 DAY CD'S PRIME COMMERC1AL PAPER *** PRIME BANKERS' ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONOS ** 13.72 13.83 14.56 15.13 15.21 14.80 13.96 12.58 12.01 11.43 11.63 9.82 13. 15 13.39 13.98 14.55 14.68 14.24 13.46 12.05 12.01 11.33 11.50 9.76 13.29 13.46 14.16 14.65 14.73 14.15 13.50 12.03 1 1 .71 11.23 11.23 9.73 14.50 14.62 14.79 15. 10 15.07 14.96 14.65 14.32 14.39 14.22 14.14 13.60 16.80 16.85 16.92 17.03 16.95 16.88 16.82 16.70 16.78 16.69 16.71 16.38 12.13 12.40 12.63 12.62 12.58 12.47 12.36 12.01 11.97 11.87 11.86 N.A. M AVERAGES OF RATES AVAILABLE. K* BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. *«ft DATA ARE 4-MONTH COMMERCIAL PAPER RATES. NiA. - 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 PERCENT PERCENT 21.0 21.0 19.0 18.0 17.0 5-YEAR TREASURY SECURITIES 16.0 FEDERAL FUNDS RATE 15.0 15.0 14.0 13.0 Vy 12.0 12.0 DISCOUNT RATE I 1 .0 3-MONTH TREASURY BILL 10.0 9.0 8.0 I I I I 4 JUN JUL AUG SEP 1981 OCT NOV 18 DEC 1 15 29 JAN 12 26 12 26 FEB MAR 9 23 7 21 APR MAY 1982 4 18 JUN 2JUL 16 30 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. AUGUST 20, 1982 JUNE 4 1 1 18 25 JULY 2 9 16 23 30 AUG. 6 13 20 * 27 FEDERAL FUNDS XX 3-MONTH TREASURY BILL 6-MONTH TREASURY B 1LL XXX 13.43 13.60 14.24 14. 17 14.81 14.47 13. 18 12.14 11.02 11.15 10.90 10.11 12.09 12.06 12.46 12.88 12.81 12.23 1 1.71 10.64 10.51 9.80 9.70 8.08 11.59 12. 12 12.50 13.03 13.42 12.98 11.97 11.44 11.38 10.67 10.94 9.82 1 -YEAR TREASURY BILL 12.09 12.20 12.68 13.00 12.86 12.50 12.06 11.29 11.50 11.13 11.06 9.85 5-YEAR TREASURY SECURITIES 13.98 14.04 14.48 14.90 14.73 14.48 14. 10 13.66 13.89 13.62 13.59 12.69 13 27 AUG 1982 LONG-TERM TREASURY SECUR1T1ES 13.49 13.51 13.83 14.03 13.85 13.68 13.40 13.11 13.30 13.08 13.02 12.25 * AVERAGES OF RATES AVAILABLE. ** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.I5 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 TOTAL CHECKABLE DEPOSITS^ 1 r- 1 1 BILL IONS 318. 5 318. 9 317. 3 318. 0 319. 8 TTTT' M A \ A ^ ' A____ ' VJ l tA. i 1 \ A _ r- TTTT TTTT 1 PTTr II V /\ a \j A- A 1 ^ V IN I 1 1 1 1 11 II = TTTT I llll 1982 Z_ JUL. 7 _ 14 21 28 - AUG. 4 1 - BILLIONS OF DOLLARS 335 1 1 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TTTT BILLIONS OF DOLLARS 335 ILLL Mil 1 1 1 .i-L-Ll.. 23 I 15 29 12 26 JUL AUG i, 11 J_LL 1111 7 21 4 IS SEP 1981 2 111 _LJ_L 1111 _LLL 111 16 30 DEC LATEST DATA PLOTTED WEEK ENDING: AUGUST 11, 13 27 JAN 10 24 FEB 10 24 MAR 7 21 5 11.11 19 APR MAY 1982 2 ; 111 -U-L 16 30 14 28 JUN JUL II 25 AUG 1982 1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS TOTAL CHECKABLE DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 8/12/81 11/11/81 9.6 9.7 7.9 7.3 6.9 6. 1 4.2 4.5 15.0 10.5 8.9 8.0 6.8 4.0 4.4 1/13/82 2/10/82 3/10/82 4/14/82 5/12/82 6/9/82 3.5 2.2 -1.8 0.0 1.2 -3.8 -1.0 -6.8 -2.3 -3.0 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/13/82 2/10/82 3/10/82 4/14/82 5/12/82 6/ 9/82 7/14/82 8/11/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.3 3.4 3.4 2.6 -0.3 0.9 0.5 1.4 0.9 -2.1 -0.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS TOTAL TIME DEPOSITS^ ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 860 BILLIONS 850 828.3 832.2 833. I 840 830 840.2 841.1 820 810 800 790 780 770 760 750 740 730 720 710 OCT NOV JAN FEB APR MAY 198J 1981 LATEST DATA PLOTTED WEEK ENDING: AUGUST II, 1982 1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS TOTAL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 8/12/81 11/11/81 1/13/82 2/10/82 3/10/82 4/14/82 5/12/82 5.9 6.8 8.5 10.3 1 1 .0 1 1 .6 12.3 12.9 4.8 8.2 11.2 12.2 12.8 13.6 14.3 16.0 18.3 18.1 17.9 18.0 18.3 21.2 20. 1 19.4 19.2 19.3 19.9 19. 1 18.9 19. 1 17.3 17.8 18.3 17.9 18.6 6/9/82 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/13/82 2/10/82 3/10/82 4/14/82 5/12/82 6/ 9/82 7/14/82 8/11/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19.3 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 420 E--------1------------- 1---------- 1------------- — 410 400 390 380 370 = BILLIONS OF DOLLARS 420 - COMPOUNDED ANNUAL RA7 ES OF CHANGE, AVERAGE OF THE FOUR WEEKS END 1NC AUGUST 11, 1982 FROM THE FOUR WEEKS END 1NC = MA Y = AP R. — MA R. = FE B. NO V. - AU G. 12, 14, 10, 10, 11, 12, 1982 1982 1982 1982 1981 1981 24.2 25.2 26.4 26.0 18.9 21.1 - E Z 400 390 = SMALL TIME 5EP0S TS Z E 360 1 z Z = 350 380 370 360 350 340 340 E J_982 330 JUL . 320 E AUG . 310 “ill 0 410 1 1 1 1 1 1 1 1 1 1 1 _LLL 111 1111 111 _LI.I 1 1 1 1 1 1 1 _LLLl 7 14 21 28 4 11 B LL 10 NS = 397.0 399.5 401.5 403.5 405.8 406.5 = z — = = — 1 1 1 1 1 1 1 1 1 1 1 330 320 310 <’ LATEST DATA PLOTTED WEEK ENDING: AUGUST II, BILLIONS OF DOLLARS BILLIONS OF DOLLARS 185 1982 BILLIONS 58.3 57! 4 56! 8 56! 4 55! 9 56.0 SAVINGS DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING AUGUST 11, 1982 FROM THE FOUR WEEKS ENDING: JUN. MAY APR. MAR. FEB. NOV. AUG. I I I I I I 9, 12, 14, 10, 10, II, 12, I I I 150 145 1982 -14.5 1982 -9.8 1982 -8.1 1982 -4.5 1982 -3.5 1981 0.7 1981 -4.1 I I I I I I I I I I 1 I 140 135 130 2 16 30 13 27 JAN LATEST DATA PLOTTED WEEK ENDING: AUGUST II, 10 24 FEB 10 24 7 21 APR MAY 1982 1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN *100,000. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1982 “ JUL. BILLIONS OF DOLLARS 4.5 MILLION? 14 4.0 3.5 3.0 2.5 1.0 0.5 3 17 1 15 29 12 26 9 23 7 21 OCT 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 II 25 NOV LATEST DATA PLOTTED WEEK ENDING: AUGUST 18, 1982 BUSINESS LOANS17 ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/ SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 220 216 212 208 204 200 BILLIONS OF DOLLARS -------1----------1--------1----------1------= COMPOUNDED ANNUAL RATES = Z THE FOUR WEEKS' END 1NG - AUGUST II. 1982 FROM END 1NG z Z_ JUN. 9, - MAY 12, Z APR. 14, - MAR. 10, Z FEB. 10, - NOV. 11, 1982 1982 1982 1982 1982 1981 220 216 212 8.4 14.3 16.6 16.9 16.8 17.8 15.3 E S' 208 z 204 E 200 z z _ 188 184 180 E E z E E z 176 172 MILLIONS r 180 7 - 176 14 212,584 213,158 28 4 1 1 213,058 212,221 213,237 - 1982 ’ JUL. z EE AUG. 168 7 1 i i 3 17 JUN i i i i 1 111 _1_L.II 1 1 1 HI 1 1 1 1 -LL.1 7 21 4 18 AUG OCT NOV 9 23 JUL SEP 1981 16 30 13 DEC JAN 1 1 1 -11 1 L -LLL II 1 1 1 1 1 11 ii i 27 10 24 10 24 7 21 19 FEB MAR APR MAY 1982 2 16 30 JUN - m 14 28 11 JUL Z 168 r 0 2 AUG LATEST DATA PLOTTED WEEK ENDING: AUGUST II, 1982 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS OF 8750 MILLION OR MORE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 172 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS 285 280 275 270 255 250 245 240 235 1981 LATEST DATA PLOTTED WEEK ENDING: AUGUST II, 1982 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. Louisi’ PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS