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Week ending: August 26, 1981
LIBRARY’

Ff ranr

The Federal Reserve Board has established a schedule of
discount rates for extended credit to banks and thrift institutions under
sustained liquidity pressures. The Board acted in response to several
applications for borrowing under the extended credit program established
in a recent revision of Regulation A governing extensions of credit by
Federal Reserve Banks. Regulation A was revised to satisfy provisions
of the Monetary Control Act of 1980.
The schedule of discount rates for extended borrowing is the
basic rate of 14 percent for the first 60 days of borrowing, 15 percent
for the next 90 days and 16 percent thereafter. The basic discount rate
of 14 percent and the 4 percent surcharge that applies to large, frequent
borrowers of short-term adjustment credit are unaffected by the recent
action.
The extended credit program is available to commercial
banks, savings and loan associations, savings banks and credit unions. It
is designed to help these depository institutions adjust to sustained
liquidity pressures, particularly at times of deposit disintermediation.
The Board noted that deposit growth in the thrift industry has continued
over this year, and the industry in general has sustained a high level of
liquidity despite pressure on the earnings of individual institutions.
While thrift institutions in the aggregate have experienced a sizable
decline in savings deposits, this outflow has been more than offset by
increases in small and large time deposits (see table).

Changes in Selected Deposit Categories at Thrift Institutions
(billions of dollars, seasonally adjusted)

Period
Change from
December 1980
to July 1981

Savings
deposits

Small
time
deposits

Large
time
deposits

$ -23.3

$ +21.9

$ +3.9

Prepared by Federal Reserve Bank of St. Louis
Released: August 28, 1981

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

Total
time
deposits

$ +25.8

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
I74 ------------- 1---------- 1----1981

BILLIONS OF DOLLARS
------------------------------ 174

aj.LUQ.NS
168.6
168. I
168. 1
168.6
168.9
169.1

8 22

AUG

5

19

3 17 3)

SEP

14 28

JAN

II 25 1)

FEB

25

20

8 22

3

17

I

15 29

12 26

9 23

MAR

1980
LATEST DATA PLOTTED WEEK ENDING-. AUGUST 26,

1981

THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COMMERCIAL BANKS), 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 JS AVAILABLE FROM
THIS BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE ,
8/27/80

11/26/80

AVERAGE OF FOUR WEEKS ENDING:

/28/8I

2/25/81

3/25/81

4/29/81

5/27/81

6/24/81

5.7
6.8
7.3
6.0
6.2
6.5

8.4
8.6
6.7
6.8
7.0

8.8
6.2
6.5
6.8

4.8
5.7
6.2

4.2
5.4

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/28/81
2/25/81
3/25/81
4/29/81
5/27/81
6/24/81
7/29/81
8/26/81

6.4
5.9
6.2
6.5
6.8
6.2
6.3
6.4

♦


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

1.2
2.8
4. 1
4.9
4.3
4.7
5.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES!/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

BILLION?
JUL.

46.7

47.6
46.9

AUG.

2

46.9
47.5

16 30 13 27

AUG

JO 24

8 22

5 18

3 17 31

SEP

14 28 II

JAN

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 19,

]/

25 11 25

FEB

8 22

MAR

6 20

3 17

MAY

JUN

I

15 28 12 28

9 23

1981

LESSCURR6NCY ^LD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT
FEDERAL RESERVE BANKS ( + ) CURRENCY HELD BY COMMERCIAL BANKS 1.

ADJUSTED BANK RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

8/20/80

11/19/80

1/21/81

2/18/81

3/18/81

4/22/81

5/20/81

6/17/81

6.4
3.6
5.8
5.0
5.4
4.9
4. 1
5. 1

-8.3
-1.9
-1.5
0.0
0.0
-0.3
1.4

4.3
2.6
4.0
3.2
2.2
4.2

9.2
9.0
6.8
4.7
6.7

3.8
2.6
1.2
4.1

4.3
1.7
5.4

-1.2
4.3

6.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/21/81
2/18/81
3/18/81
4/22/81
5/20/81
6/17/81
7/22/81
8/19/81


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml A )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400

JUL.

15

360.2
359.7
360.4
363.8
364.0
360.5

I I I I
22

AUG

5

19

3

17

31

14 26

II

25

II

25

8 22

6 20

3

17

SEP
1980

LATEST DATA PLOTTED WEEK ENDING-. AUGUST 19,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
MIA CONSISTS OF CURRENCY AND COIN PLUS COKMERCIAL 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,
8/20/80

11/19/80

1/21/81

-21.7
-18.6
-14.5
-12.6
-12.6
-11.3
-9.9

-20.6
-12.8
-10.3
-10.7
-9.3
-7.7

AVERAGE OF FOUR WEEKS ENDING:

2/18/81

3/18/81

4/22/81

5/20/81

6/17/81

-2.9
-2.6
-5.0
-4.5
-3.4

-0.2
-4.1
-3.7
-2.6

-7.2
-5.6
-3.6

-7.2
-4.2

-0.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
1/21/81
2/18/81
3/18/81
4/22/81
5/20/81
6/17/81
7/22/81
8/19/81

-1 . 1
-6.6
-6.7
-5.6
-5.2
-5.9
-5.6
-5.0


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
450

6.1 U IONS

445

428.7
428.6
428.6
433.7
434.5
430.8

440
435
430
425
420
415
410
405
400

2

16 30

13 27

10 24

8 22

5

19

3

17 31

14

28

1 ]

25

I I

25

8 22

1980

6 20

}981

LATEST DATA PLOTTED WEEK ENDING: AUGUST 19,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
M1B CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK ( MlB )
COMPOUNDED ANNUAL RATES OF CHANGE ,
8/20/80

11/19/80

AVERAGE OF FOUR WEEKS ENDING:

1/21/81

2/18/81

3/18/81

4/22/81

5/20/81

6/17/81

10.6
14.8
11.4
6.9
5.8
5.9

19.3
13.3
7.2
5.8
5.9

12. 1
4.7
3.7
4.2

-4.9
-2.6
-0.5

-4.1
-0.9

3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/21/81
2/18/81
3/18/81
4/22/81
5/20/81
6/17/81
7/22/81
8/19/81

7.8
7.4
8.5
10.3
9.3
7.3
6.7
6.7


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

0.4
3.8
7.7
6.6
4.2
3.8
4.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

22.0

22.0

21 .0

21.0
PRIME BANK
LOAN RATE

20.0

20.0

19.0

19.0
90 DAY CD'S

18.0

18.0

17.0

17.0

16.0

16.0

15.0

15.0

14.0

14.0

13.0

13.0
CORPORATE
Aaa BONDS

12.0

12.0

I I .0

11.0

10.0

10.0
INI Cl PAL
>NDS**

9.0

9.0

8.0

8.0

7.0

7.0

0

0
JUL

AUG

SEP
OCT
1980

NOV

DEC

JAN

FEB

MAR

APR

MAY
1981

JUN

JUL

AUG

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; AUGUST 28,

90 DAY
CD’S

1981
JULY

AUG.

SEP.

3
10
17
24
31
7
14
21
28 *
4
1 1
18
25

17. 10
17.68
17.47
18. 18
17.82
18.04
17.88
18.03
18.09

PRIME
COMMERC1AL
PAPER ***

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

16.07
16.60
16.55
17. 13
16.77
17. 16
16.95
17. 15
16.98

16.58
17.03
16.86
17.55
17.26
17.41
17.23
17.34
17.30

14.04
14. 19
14.25
14.55
14.61
14.82
14.62
14.78
15. 18

15.97
16.05
16.15
16.30
16.25
16.31
16.21
16.25
16.50

SEP

1981

MUNICIPAL
BONDS ******
10.85
10.97
11.09
11.34
11.44
11.63
11.94
12.49
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

PERCENT
22.0 r—

PERCENT
-^22.0

21.0

21 .0
FEDERAL FUNDS RATE

20.0

20.0

18.0
,

3-MONTH

-f— TREASURY BILL

15.0
14.0

14.0

5-YEAR
TREASURY SECURITIES
I I .0

I 1 .0

DISCOUNT
RATE

I 1 I I
5

JUL

AUG

SEP
OCT
I 980

NOV

18

DEC

2

16 30

JAN

13 27

FEB

13 27

MAR

10 24

APR

8 22

MAY
198!

5

19

JUN

3

17 31

JUL

14

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*. AUGUST 28,

1981
JULY

3
10
17
24
31
AUG.
7
14
21
28 *
SEP.
4
1 1
18
25

FEDERAL
FUNDS**
18.84
19.93
18.76
19.05
18.54
18.25
18.29
18. 19
17.41

3-MONTH
TREASURY
BILL
14.34
14.82
14.56
15.50
15.07
15.43
15.25
15.63
15.80

6-MONTH
TREASURY
BILL ***
13.62
14.05
14.23
15.32
14.79
15.57
15. 12
15.64
15.85


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

II

25

SEP

1981

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

13.30
13.58
13.56
14.40
14.25
14.63
14.43
14.70
15.03

14.28
14.48
14.53
15. 17
15. 13
15.45
15. 13
15.51
16.02

13.22
13.28
13.29
13.74
13.76
14.04
13.71
13.90
14.46

* AVERAGES OF RATES AVAILABLE.
** S|V§N-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
___ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
NEW ISSUE RATE
TREASURY BlS-Y^0r^SSlSCOUNTRB*Sll.AHE C°"PUTED ^
FEDERAL RESERVE BANK °F ST'
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

28

AUG

8
MULTIPLIERS^
CURRENCY OF MONEY STOCK MEASURES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1981
JUL.

v
RATIO
3.0

MIA
RATIO
15

2.

54

2.9
MONEY MULTIPLIERS

2.8
2.7

2.6
2.5
2.4
2.3
RATIO,
2.2

_ JUL.

U

2.564
2! 542

2.2

2i577
2.551

2. I

1 I I I 1 I 1 1 1

I 1 1.1.1.

LATEST DATA PLOTTED WEEK ENDING-. AUGUST 19,

1981
BILLIONS OF DOLLARS
124

BILLIONS OF DOLLARS

“

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
-----THE FOUR WEEKS ENDING
AUGUST
FROM
nuuuo1 19,
19, 1981
1 wo 1 rnuw
THE FOUR WEEKS ENDING:
------- IUN.
MAY
APR.
MAR.
— FEB
AUG.

17,
20,
22,
18,
18,
20

1981
1981
1981
1981
1981
1980
1980

CURRENCY

1981
JUL.

BILLIONS
15

AUG.

I I 1 1 1 I 1 I 1. .1

I 1 11 I
JAN

FEB

MAR

1980
LATEST DATA PLOTTED WEEK ENDING: AUGUST 19,

1981

1/ RATIO OF MONEY STOCK (MIA) OR (MIB) TO ADJUSTED MONETARY BAST
2/ CURRENT DATA APPEAR IN THE BOARD OF (N'VER'i )RS* 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 DOLLARS
285 r---------- -r---------- ------

BILLIONS OF DOLLARS
------ 1---------- 1-----------“I 285
BILLIONS
235.6
234.6
235. 1
238.5
238.8
235.2

2

16 30 13 27

JUL

AUG

10 24

SEP

8 22

OCT
1980

5 19

NOV

3

17 31

DEC

14 28

JAN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 19,

II

FEB

25

I1

25

MAR

8 22

APR

MAY
1981

JUN

JUL

AUG

SEP

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE,
8/20/80

11/19/80

-4.9
-12.3
-12.6
-11.5
-10.9
-11.6
-1 1 .2
-10.3

-31 .8
-28. 1
-23.2
-20.8
-20.5
-18.7
-16.9

1/21/81

2/18/81

AVERAGE OF FOUR WEEKS ENDING:

3/18/81

4/22/81

5/20/81

6/17/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/21/81
2/18/81
3/18/81
4/22/81
5/20/81
6/17/81
7/22/81
8/19/81


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

-30.7
-21.5
-18.2
-18.2
-16. 1
-14. 1

-9.0
-8. 1
-10.6
-9.8
-8.3

-5. 1
-9.3
-8.7
-7.1

-12.4
-10.4
-7.9

-12.2
-8.5

-3.8

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
510 r----------- 1---------- ,------

BILLIONS OF DOLLARS
----------------- -----------=1 510

•490.2
=“ AUG.

2

492.7
495. I

16 30 13 27

JUL

AUG

10 24

SEP

8 22

OCT
1980

5 19

NOV

3

17 31

DEC

14 28

JAN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 19,

II

25

FEB

11

25

MAR

8 22

APR

6 20

3 17

MAY
1981

JUN

IJUL
15 29 AUG
12 26 SEP
9 23

198!

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100,000.

SAV1NGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
8/20/80

11/19/80

AVERAGE OF FOUR WEEKS ENDING:

/2I/81

2/18/81

3/18/81

4/22/81

5/20/81

6/17/81

4.0
4.0
3.7
4.5
4.4
5.4

4.3
3.8
4.7
4.6
5.7

3.4
4.7
4.6
5.9

5.2
4.9
6.5

5.9
7.6

7.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/21/81
2/18/81
3/18/81
4/22/81
5/20/81
6/17/81
7/22/81
8/19/81

9.4
8.4
7.9
7.3
6.8
6.9
6.7
7.0


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

5.5
5.3
5.0
4.7
5. 1
5.0
5.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

billions of dollars

4.0
3.5

1981

MILLIONS

— JUL. 22
AUG.

5

I I I I
2 16 30 13 27 10 24
AUG
SEP

8 22

5

19

3 17 31

14 28

JAN

LATEST DATA PLOTTED WEEK ENDING-. AUGUST 26,

11

25

11 25

8 22

FEB

6 20

3

MAY

JUN

17

I

15 29

12 26

8 23

1981

BUSINESS LOANS
( COMMERCIAL AND INDUSTR1AL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
196

BILLIONS OF DOLLARS
196 r----------- 1---------- 1---------- 1------------1—
I COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
192 —THE FOUR WEEKS ENDING - AUGUST 19. 1981 FROM
- THE FOUR WEEKS END INGi
- JUN. 17,
- MAY 20,
“ APR. 22,
“ MAR. 18,
- FEB.18,
_ NOV. 19,
_ AUG. 20,

25.5

1981
1981
1981
1981
1981
1980
1980

24.5

21.2

184

12.6
180

JUL. 15
AUG.

5

80,589
181,375
184,785
184,478

I I I I I I I M I I I I I I I 1
2

16 30 13 27

10 24

8 22

5

19

3 17 31

14 28

JAN

II

FEB

25

11

25

8 22

6 20

I

15 29

12 26

9 23

MAR

1980
LATEST DATA PLOTTED WEEK ENDING-. AUGUST 19,


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

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
275

1--------- 1-------

1981
JUL.
AUG.

15
22
29
5
12

BILLIONS OF DOLLARS
275

BIL LIONS

=

24 .6
24 . 6
24 4. 1
24 7.4
24 7.9

1

-

1

r~
=
|
1

/

|

V

TTTTTTTn

st~

LLLLLLLLL JJLL11LLLL

E

1

|

ILI 1 1 -LI 1 1 1 1
16 30 13 27 10
JUL
AUG SEP

1 1 1 1 -LL1

2A OCT
8 22 5 19
NOV
1980

LATEST DATA PLOTTED WEEK END

1 1 1 1 1 1 1 -1 1 1 11 1 1 1 1 1
3 17 31 14 28 II 25 11 25 8 22
6 20 3 17
DEC
JAN FEB MAR
APR
MAY JUN
1gg|
,• AUGUST 19,

“j

\JUL
15

29 12 2( 9 23
AUG
SEP

1981

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