Full text of U.S. Financial Data : Week Ending: August 22, 1979

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F//VA/VC//IL €JX\TX\

Week ending: August 22, 1979
LIBRARY

Both the prime rate and the discount rate were
raised in the past week.
The prime bank loan rate at most
commercial banks was raised to 12 percent, a level which
ties the historical peak reached between July 8 and
October 8, 1974.
The discount rate, the interest rate
charged by Federal Reserve Banks for overnight borrowing
by its members, was increased to 10.50 percent, also a
peak level.
The recent increase in the discount rate is the
second
increase
in
four
weeks.
The
50-basis-point
increase narrows the spread between the discount rate and
the
Federal
funds
rate,
the
interest
rate
on
an
alternative source of overnight borrowing
for member
banks, to 54 basis points.
In the days just prior to the
recent increase in the discount rate, the spread had
widened to about 100 basis points, as the Federal funds
rate rose to about 11 percent.
The increase in the prime rate reflects banks'
response to both the rising cost of
funds and the
continuing strong demand for business loans.
Since the
beginning of July, the interest rate on large negotiable
90-day certificates of deposit (CDs) has risen 97 basis
points, to 10.81 percent, after four months of little
change.
Since large negotiable CDs are an important
source of funds to banks, changes in the interest rate on
large CDs have a significant effect on banks' cost of
loanable funds.
Moreover, since large CDs are subject to
reserve requirements, a bank's effective cost of obtaining
funds by issuing CDs is higher than the actual CD rate.
Taking reserve requirements into account, the effective
cost of obtaining loanable funds by issuing 90-day CDs was
11.75 percent in the most recent week.
Growth of business loans at large commercial
banks continues at the rapid pace begun in mid-March of
this year.
From the four weeks ending March 14 to the
four weeks ending August 15, business loans increased at a
26 percent rate, compared to a 16 percent rate in the
prior three months.
Growth of business loans so far in
1979 has been substantially faster than in the last half
of 1978, when they increased at only an 8 percent rate.


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

Prepared by Federal Reserve Bank of St. Louis
Released: August 24, 1979

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

AUG.

BILLIONS OF DOLLARS
154

152

148.1
148.5
148.4
148.7
149.3
149.6

150

138

136

JUN

5 10
JUL

2 IS 30 13 Zr It 25
SEP
OCT
1978

8 22

S 20

3 IT 31

4 21 14 28 II 2S 0 23
FEB MAR APR
1979

6 20
JUN

4 10
JUL

1 13 20

LATEST DATA PLOTTED WEEK ENDING: AUGUST 22, 1970
THE ADJUSTED MONETARY BASE CONSISTS OF. ( I ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, <21 CURRENCY IN CIRCULATION l CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COMMERCIAL BANKS). AM) <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 AVAILABLE FROM
THIS BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/23/78

11/22/78

1/24/79

2/21/79

3/21/79

4/25/79

5/23/79

9.3
8.8
7.9
7.6
7.5
7.6
8.0
8.2

6.7
5.7
5.8
5.9
6.2
7.0
7.3

4.2
4.8
5.2
5.8
7.0
7.4

4.5
5.1
5.9
7.2
7.7

6.2
6.8
8.2
8.6

7.4
9.1
9.4

10.4
10.3

6/20/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/24/79
2/21/79
3/21/79
4/25/79
5/23/79
6/20/79
7/25/79
8/22/79


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

11.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULTI PLIER

N/

1SIS
JUL ■ !|

RAT -Q.
|:||1

AUC •

111 J_LL .11.11 -1.1.1. J 1.1

1 1 li- 111

i m

15 2.514
1
1
1
1
1
1
1
1
1
1
1
1
I'
1 I l -in. 1 I..I 1

1 1 1

LATEST DATA PLOTTED WEEK ENOINGt AUGUST 15, 1979
BILLIONS OF DOLLARS
132
130

. r
:red i
%

—

124

-

ITT 130

>Ui

126

BILLIONS OF OOLLARS
132

an
U
J. .

128

------- 1--------1----------1-------COMPOUNDED ANNUAL R/ TES
— OF CHANGE, AVERAGE
THE FOUR WEEKS END 1 1G
“ AUGUST 22. 1979 FROfc
the four Weeks endi JG-. _
-----AD, USTED FEDER/ L RES
- JUN. 20, 1979 13.
MAY 23, 1979 10.2
— APR. 25, 1979 9.C
_ MAR. 21, 1979 7 A
FEB. 21, 1979 7.Z
_ AU g! 23 , 1978 9.2

128

V

t

126

124

122

-

120

118

/"v

1 18
19ia aiu- J3N9 —
JUL ' it III
I 16
AUC " ^ '*§

'V

116
114

1 14

5m
7 21
JUN

1 1 1

1 1 1 1

1 1 1

1 1 1

1 1 1 1

1 1 1

5 19 2 16 30 13 27 11 25 8 22 0 20
JUL AUG
SEP
OCT
NOV
DEC
1978

II II

1 1 1

1 1 1

i i i

1 1 1 1

1 1 1 1 1 1 1 Inn1

3 17 31 14 28 14 28 II 25 9 23 6 20
JAN
FEB MAR
APR
MAY
JUN
1979

4 18
JUL

1 15 29
AUG

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 22, 1979
1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEOERAL RESERVE BAMS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
925 F--- 1----- 1----

BILLIONS OF DOLLARS
-------- ----- =1 925

ILL IONS

AUG.

914.0
916.6
923. 1

900 Er
895 =-

5 19

2 IS 30 13 27 11 25
SEP
OCT

1L11

8 22

6 20

3 17 31 14 28 14 28 11 25
FEB MAR APR

9 23
JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: AUGUST 15, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.B RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/16/78

11/15/78

1/17/79

2/14/79

3/14/79

6.4
5.3
5. 1
5.7
6.2
6.6
7.4
7.7

1.7
2.0
3.7
4.8
5.5
6.7
7.2

1 .3
4.4
5.9
6.7
8.2
8.6

6.6
8.0
8.4
9.8
10. 1

10.2
10. 1
11.3
11.4

4/18/79

5/16/79

6/13/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/17/79
2/14/79
3/14/79
4/18/79
5/16/79
6/13/79
7/18/79
8/15/79


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

10.6
12. 1
12.0

12.4
12.2

13.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

'

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

billions of dollars

billions of dollars

373.4
372.4
37! .2
372.2
373.6

5

IB

2

IB 30

IS 27

SEP

II

25

8 22

6 20

3

17 31

14 28 14 28

FEB

OCT

II

25

B 23

MAR

8 20

4

JUN

JUL

18

1

15 2B

LATEST DATA PLOTTED WEEK ENDING. AUGUST 15, 1079
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

•

THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml
COMPOUNDED ANNUAL RATES OF CHANGE
8/16/78

11/15/78

3.5
1.6
1.2
2.4
3.4
3.8
4.7
4.9

-2.0
-1 .9
0.7
2.5
3. 1
4.4
4.7

1/17/79

AVERAGE OF FOUR WEEKS ENDING:

2/14/79

3/14/79

4/18/79

5/16/79

6/13/79

4.6
7. 1
7.2
8.4
8.2

11.1
10.1
10.7
10.0

10.3
11.1
10.1

10.2
9.3

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/17/79
2/14/79
3/14/79
4/1B/79
5/16/79
6/13/79
7/18/79
8/15/79


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

-4.8
0.6
3.3
4.2
5.7
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
2.5

12.5
PRIME BANK
LOAN RATE

12.0
11.5
1 1.0
10.5

90 DAY CD'S***

10.0

COIkWERCIAL PAPER

9.5
CORPORATE Aaa BONDS
9.0

8.5
8.0
7.5

7.0
MUNICI PAL
BONDS**

6.5

6.0
5.5
I I I I
2

16 30

14

28

II

25

8 22

8 20

3

OCT

NOV

0

17

MAY
1978
1979
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 24, 1979

90 DAY
CD' S WWW

1979
JUNE

1

a

15
22
29
JULY 6
13.
20

27
AUG.

3
10
17
24 *
31

10.08
10.09
9.99
9.90
9.89
9.84
9.94
10. 10
10.29
10.23
10.25
10.53
10.81

JAN

PRIME
COMMERCIAL
PAPER
4-6 MONTH
9.91
9.88
9.71
9.61
9.61
9.62
9.75
9.83
9.98
9.98
10.07
10.32
10.52

FEB

PRIME
BANKERS'
ACCEPTANCES
9.93
9.90
9.73
9.76
9.72
9.73
9.94
10.03
10. 17
10. 1 1
10.27
10.60
10.75

APR

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS **

9.48
9.41
9.25
9.23
9.23
9. 16
9. 1 7
9. 19
9.23
9.24
9.20
9.20
9.21

6. 16
6.09
6. 1 1
6. 18
6. 12
6.08
6. 1 1
6.15
6. 19
6. 14
6. 13
6. 16
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOM) BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
WWW SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
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

PERCENT
11.5 r—

'

PERCENT
— 11.5

FEDERAL FUNDS RATE

10.0
DISCOUNT RATE

„
3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

U-UJUXi
2 18 30 JUL
14 20 AUG
11 25

8 22

6 20

3 1T

I I I I
I 15 20 12 20 0 23
JAN FEB

0 23

0 20

4 18

1 15 29 13 27 10 24

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 24, IGTS

1979
JUNE

1
8
15
22
29
JULY 6
13
20
27
AUG.
3
10
17
24 w
31

FEDERAL
FUNDS mm

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL m

I-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

10.28
10.23
10.23
10.28
10.32
10.42
10.28
10.35
10.63
10.75
10.67
10.80
11.04

9.55
9.36
8.97
8.96
8.83
9. 10
9.28
9.31
9.28
9.23
9.40
9.52
9.53

9.41
9.43
9.05
8.87
8.90
8.87
9. 16
9.26
9.47
9.30
9.32
9.48
9.50

9.05
8.94
8.74
8.84
8.64
8.70
8.79
8.93
9.00
8.93
8.95
9. 15
9.24

9.08
8.97
8.85
8.93
8.78
8.71
8.82
8.91
9.00
8.98
8.95
9.02
9. 10

8.98
8.90
8.81
8.85
8.76
8.74
8.82
8.88
8.90
8.88
8.85
8.87
8.88

* AVEBAGES OF RATES AVAILABLE.

™™ Ktf8 "»^?°hdsy^er than mte SHOWN.
I4.W 155UE RATE
TREASURY B?LL'™ELDSRONS^SCOuS¥RBASli.AF'E C<M,UTED BY THE FE0EI,AL "ESERVE BANK OF ST. LOUIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
555 c----,----- .----

ILL IONS OF DOLLARS
—i----- ----- ^ 555

BjyjQiiS
540.4
542.2
542.7
544.4
546.6
547.7

7 21

9 19

JUN

JUL

2 16 90 19 27 II

AUG

SEP
1978

OCT

29

• 22

NOV

8 20

3 17 91

DEC

JAN

14 28 M 28 11

FEB

MAR

25

APR

B 23

MAY
1979

0 20

4 18

I

JUN

JUL

AUG

IS »

LATEST DATA PLOTTED WEEK END INC. AUGUST 15, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
■ NET TIME DEPOSITS ARE DEFI
•FINED ASt SAVINGS DEPOSITS. TIME DEPOS ITS OPEN ACCOUNT PLUS TIME
THER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
CERTIFICATES OF DEPOSIT 0““
DENOMINATIONS OF 8100,000i OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL
COIBf
BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
8/16/78

11/15/78

S. 6
8.0
7.8
8. 1
8.2
8.5
9.3
9.7

4.3
4.8
5.8
6.4
7.1
8.3
9.0

1/17/79

2/14/79

3/14/79

8.1
8.6
9.3
10.8
11.4

9.6
10. 1
1 1.8
12.3

4/18/79

5/18/79

6/13/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/17/79
2/14/79
3/14/79
4/18/79
5/18/79
6/13/79
7/IB/79
8/15/79


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

5.8
7.2
7.8
8.5
9.9
10.5

10.6
12.7
13.2

14.0
14.2

15.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

billions of dollars

billions of dollars

BILL'ON?
271 .3
270.2
268.6
269.3
270.2
272.0

S

10

2

IS 50

13 27

11

25

8 22

6 20

3

17 31

14 28

FEB

14 28

MAR

11

25

0 23

6 20

4

18

APR
1979

LATEST DATA PLOTTED KEEK ENDING, AUGUST 15, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
8/16/78

11/15/78

0.8
-1.6
-2.0
-0.3
1.2
1.7
2.9
3.0

-6. 1
-5.7
-2.3
0.2
1 . 1
2.8
2.9

1/17/79

2/14/79

3/14/79

4/18/79

5/16/79

6/13/79

3.4
6.9
6.9
8.4
7.8

12.4
10.6
11.4
10. 1

10.9
12.0
10.2

10.5
8.6

9.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/17/79
2/14/79
3/14/79
4/18/79
5/16/79
6/13/79
7/18/79
8/15/79


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

-9.3
-2.3
1.6
2.6
4.6
4.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

billions of dollars

102.0
102.3
_

102.6
103.0
103.3
103.4

AUG

7 21

5 10

2 10 90 13 27 II 25
SEP
OCT
1978

8 22

B 20

9 17 31 14 28 14 20 II 25 0 23
FEB MAR APR
1979

8 20

4 18

LATEST DATA PLOTTED WEEK ENDING: AUGUST 15. 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/16/78

11/15/78

1/17/79

2/14/79

3/14/79

4/18/79

5/16/79

6/13/79

9.0
8.4
8.0
8.6
8.6
9.4

7.9
7.5
8.3
8.3
9.3

7.2
8.3
8.4
9.5

8.8
8.7
10. 1

9.6
11.2

11.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/17/79
2/14/79
3/14/79
4/18/79
5/16/79
8/13/79
7/18/79
8/15/79

11.2
1 1 .0
10.6
10.2
9.8
9.9
9.8
10. 1


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

9.9
9.5
9. 1
8.7
9.0
8.9
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MiyjpN?

m

— JUL. 18
1292

SEP

OCT

FEB

4 28 II 25
MAR
APR

B 23

6 20

4 18

1 15 29

LATEST DATA PLOTTED WEEK ENDING: AUGUST 22, 1979

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

—
—
—
_

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
152

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
AUGUST 15. 1979 FROM
.
THE FOUR ifcEEKS ENDING:

— JUN.
-MAY
_APR.
MAR.
“ FEB.
— NOV.
— AUG.

13,
16,
18,
14,
14,
15,
16,

1979
1979
1979
1979
1979
1978
1978

150
148
146

27.9
27.8
26.2
24.3

144
142
140
138
136
134

AUG.

1

145,951

128

148,604

126
124

2 18 30 13 27 II 25

8 22

8 20

3 17 31 14 28 14 28 11 25
FEB MAR APR

1 11 1.11 LLLLLU.1 1 1 I
0 23

LATEST DATA PLOTTED WEEK ENDING: AUGUST 15, 1979


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF OOLlARS

B! Li.1 QM5L

92
90

I I I I
SEP
1978

OCT

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: AUGUST 15,
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1

H.6 RELEASE.

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF §100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS