Full text of U.S. Financial Data : Week Ending: August 5, 1981

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Week ending: August 5, 1981

LIBRARY
aug

10

m

Borrowings from Federal Reserve Banks have averaged
close to $2.0 billion over the last three months, compared with
about $1.2 billion in the previous three months. This increase
occurred despite two developments that individually would suggest
a reduction in borrowings. First, the increase in borrowings has
occurred during a period in which there has been little net change
in required reserves. In fact, total transaction deposits (demand
deposits plus other checkable deposits) — deposits with the largest
reserve requirement ratios — have fallen. The most recent level
of transaction deposits is about $5 billion below the average for
April. Second, borrowings have increased recently despite
increases in the first part of May in both the discount rate and the
additional surcharge for frequent borrowers. Everything else
equal, a higher discount and surcharge rate would suggest a decline
in borrowings.
Everything was not equal over this period, however.
Credit demands, as evidenced by the commercial and industrial
loan series on page 11, have risen sharply. From April to July,
business loans at large weekly-reporting banks increased at about a
23 percent annual rate. This acceleration represents a sharp
turnaround from the prior three-month period when business loans
declined at a 1.4 percent rate.
This increase in credit demand has put upward pressure
on all market interest rates, including the federal funds rate. The
increase in the federal funds rate has been larger than that of the
discount rate. Consequently, the spread between the federal funds
rate and the discount rate has widened. For the months of May,
June and July, the federal funds rate has averaged almost 500
basis points above the discount rate, while in the three month
period from February to April, the spread averaged only 250 basis
points. Even when the surcharge is considered, the spread between
the federal funds rate and the discount rate plus surcharge
widened by almost 150 basis points during the past three months.
Thus, while the discount and surcharge rate has been raised in the
last three months, the relative cost of borrowing over the most
recent period has declined.

Prepared by Federal Reserve Bank of St. Louis


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

Released: August 7, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
174 ----------1------------ 1-----

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

billions

166.6
166.7
167.2
168.7
168. 1
168.1

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

1980

MAY

1981

LATEST DATA PLOTTED WEEK ENDING:

AUGUST 5,

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 IS AVAILABLE FROM
THIS BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/6/80

11/5/80

1/7/81

2/4/81

3/4/81

4/8/81

5/6/81

6/3/81

8.5
6.7
7.0
7.0
7.3
7.0
6.5
6.8

3.0
4.4
4.9
5.7
5.5
5.0
5.6

3.2
4.5
5.7
5.6
4.8
5.6

7.7
8.4
7.5
6.2
6.9

8.0
7.0
5.6
6.5

7.3
5.2
6.5

3.2
5.4

5.7

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
1/
2/
3/
4/
5/
6/
7/
8/

7/81
4/81
4/81
8/81
6/81
3/81
8/81
5/81


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BliU-QNS
47.3
46.4
45.9
46.7

47.7
46.9

FEB

MAR

1980
LATEST DATA PLOTTED WEEK ENDING:

JULY 29,

1981

1/ ADJUSTED MONETARY BASE LESS CURRENCY HELD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT
FEDERAL RESERVE BANKS (+) CURRENCY HELD BY COMMERCIAL BANKS).

ADJUSTED BANK RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/30/80

10/29/80 12/31/80

1/28/81

3/4/81

4/1/81

4/29/81

5/27/81

3.8
3.5
4.7
3.6
3. 1

2.8
4.8
3.3
2.7

5.7
3.5
2.7

3.8
2.6

0.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/80
1/28/BI
3/ 4/81
4/ 1/81
4/29/81
5/27/81
7/ 1/81
7/29/81

9.2
6.8
6.5
6. 1
5.7
6.0
5.4
4.9


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

2.6
3.2
3. 1
3. 1
3.8
3.3
2.9

0.0
0.9
1.3
2.7
2.2
1.9

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

BILL!QMS
361.3
360.9
360.2

2

16 50

13 27

AUG

10 U

8 22

5

19

3

17 31

SEP

LATEST DATA PLOTTED WEEK ENDING*.

JULY 29,

14 28 II 2S It 25
JAN
FEB
MAR

8 22

6 20

3 17

MAY

JUN

I

15 29 12 26

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’

H.B RELEASE.

MIA CONSISTS OF CURRENCY AND COIN PLUS COMMERCIAL BANK DEMAND DEPOSITS HELD BY THE NONBANK
PU8LIC EXCLUDING THOSE HELD BY FOREIGN BANKS ANO OFFICIAL INSTITUTIONS.

MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE
7/30/80

10/29/80 12/31/80

1/28/81

AVERAGE OF FOUR WEEKS ENDING:
3/4/81

4/1/81

-1.9
-1.6
-4.9
-4.0

0.7
-4.5
-3.5

4/29/81

5/27/81

-7.5
-5.2

-7.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/80
1/28/B1
3/ 4/81
4/ 1/81
4/29/81
5/27/61
7/ 1/81
7/29/81

6.9
0.0
-4.0
-4.2
-3.6
-3.3
-4.3
-4.0


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

-13.4
-16.0
-14.3
“1 1.9
-10.5
-10.8
-9.7

-26. 1
-20.4
-15.5
-13.0
-12.8
-11.2

-15.5
-10.3
-8.2
-9.2
-7.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

450 r=------- 1------------ 1-----

----- ------------ ------- =1 450

BILLIONS

428.6
427.4
434.6
428.7
428.4

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

1980

MAY

JUN

JUL

AUG

1981

LATEST DATA PLOTTED WEEK ENDING: JULY 29,
CURRENT DATA APPEAR

APR

1981

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

M1B CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK (MIB)
COMPOUNDED ANNUAL RATES OF CHANGE
7/30/80

10/29/80 12/31/80

1/28/81

AVERAGE OF FOUR WEEKS ENDING:
3/4/81

4/1/81

18.5
10.6
4.4
4.5

10.5
2.6
3.1

4/29/81

5/27/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/80
1/28/81
3/ 4/81
4/ 1/81
4/29/81
5/27/81
7/ 1/81
7/29/81


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

9.5
10.6
10.0
10. 1
11.7
10.2
8.0
7.8

3.3
4.4
5.5
8.5
6.8
4.4
4.4

1 1.2
1 1 .0
14.6
10.8
6.7
6.5

8.7
14.0
9.5
5.0
5.0

-6.7
-3.3

-3.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
22.0

22.0
21 .0

21.0

20.0

t ME BANK
>AN RATE

20.0
19.0

90 DAY CD'S

18.0
17.0
16.0
15.0

M.O

14.0

13.0

13.0
CORPORATE
Aaa BONDS

12.0

12.0

11.0

I I .0

10.0
MUNICIPAL
BONDSxx

9.0
8.0
7.0

1

15 29

12 26

10

24

7 21

22

5

19

3

17

31

H 28

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING:

1981
JUNE

5
12
19
26
JULY
3
10
17
24
31
AUG.
7 *
14
21
28

90 DAY
CD'S
17.37
16.72
16.60
16.97
17. 10
17.68
17.47
18. 18
17.82
18.03

PRIME
COMMERC1AL
PAPER XXX

PRIME
BANKERS'
ACCEPTANCES

16.56
15.91
15.65
15.92
16.07
16.60
16.55
17. 13
16.77
17. 14

16.77
16.17
16. 15
16.26
16.58
17.03
16.86
17.55
17.26
17.41

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS,
**X DATA ARE 4-MONTH COMMERCIAL PAPER RATES.
N.A. - NOT AVAILABLE


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

CORPORATE
Aaa BONDS
13.84
13.73
13.61
13.77
14.04
14. 19
14.25
14.55
14.61
14.86

AUGUST 7,

1981

CORPORATE
Baa BONDS

MUNICIPAL
BONDS xx

15.78
15.76
15.75
15.82
15.97
16.05
16. 15
16.30
16.25
16.33

10.59
10.63
10.73
10.74
10.85
10.97
11.09
11.34
11.44
N. A.

THURSDAY DATA.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

22.0

22.0

21 .0

21.0
FEDERAL FUNDS RATE

20.0

20.0
19.0

18.0

18.0
3-MONTH
-f— TREASURY BILL

17.0

16.0

16.0
15.0
M.O

13.0

12.0

12.0

5-YEAR
TREASURY SECURITIES

1 1.0

11.0

DISCOUNT
RATE

10.0

10.0
9.0
8.0
7.0

2

JUN

16 30

13

27

13 27

10 24

8

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 7,

1981
JUNE

0

22

JUL

5
12
19
26
JULY
3
10
17
24
31
AUG.
7 *
14
21
28

FEDERAL
FUNDS X*
18.40
19.33
19. 10
19.20
18.84
19.93
18.76
19.05
18.54
18.25

3-MONTH
TREASURY
BILL
15
14
14
14
14
14
14
15
15
15

69
79
31
39
34
82
56
50
07
42

6-MONTH
TREASURY
BILL *610*
14.49
14.00
13.36
13.94
13.62
14.05
14.23
15.32
14.79
15.57

1-YEAR
TREASURY
BILL
13.53
13. 15
13.03
13.20
13.30
13.58
13.56
14.40
14.25
14.60

5-YEAR
TREASURY
SECUR1T1ES
14.06
13.83
13.81
14.05
14.28
14.48
14.53
15. 17
15.13
15.54

1981

LONG-TERM
TREASURY
SECURITIES
12.93
12.73
12.62
12.92
13.22
13.28
13.29
13.74
13.76
14.06

* AVERAGES OF RATES AVAILABLE.
**
F0R
ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
™ £eERf*L£AI£.r£PPEAR IN THE B0AR0 0F GOVERNORS' H.9 RELEASE.
X3KX NEW ISSUE RATE
SnJfinSv k?,NP"J?EMrJRiASy?X~5£F.yRITIES 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
MULTIPLIERS!/
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
JUN.

24

2. 16(
2. 16(

MONEY MULTIPLIERS

2
. 18!
2: 154
2.6

2.5

RATIO

1981
JUN.
JUL.

24

2.2

2.

2. 1
I I I I I I I I I I I I I I I I
LATEST DATA PLOTTED WEEK ENDING:

JULY 29,

1981

BILLIONS OF DOLLARS
124

BILLIONS OF DOLLARS
124

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

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF

-

JU LY 29, 1981 FROM
TH E FOUI* WEEKS END 1 MG*.

---- MA Y
27, 1981
AP R.
29, 1981
- AP R.
1, 1981
MA R.
4, 1981
---- JA
T!
291
OC
1980
- JU L. 30, 1980

-

-

5.
6.
8.
7.

7^
-

CURREN :y

6.(
7.

-

-

-

-

i981

BILLIO MS

JUh .
JUL .

rm
1 1 1 1
4 18
JUN

1 1 1

1111

111

1111 -in

2 16 30 13 27 10 24 8 22
JUL
AUG
SEP
OCT

_LLL

NOV

3 17 31 14 28 II 25 11 25 8 22
DEC
JAN
FEB
MAR
APR

in

111

i i 1 i

3

17

1

15 29

12 26

AUG

1981

1980
LATEST DATA PLOTTED WEEK ENDING:

1 1 1
6 20
MAY

24 120.0
1 120.2
_
8
120.8
15
120.5
_
22
121.0
29
121.2
_
l-LI 1.1 1 1 1 1 1 1 1 l‘

JULY 29,

1981

1/ RATIO OF MONEY STOCK (MIA) OR (MIB) 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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF OOLLARS

BILLIONS OF DOLLARS
285

BILL! ON?

280

237.4
236.7
240. I
235.6
234.6

275
270
265
260
255
250
245
240
235

8 22

S

10

3 17 31

14 28

JAN

II

FEB

25

II

25

8 22

MAR

1980
LATEST DATA PLOTTED WEEK ENDING:

JULY 29.

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

DEMAND DEPOS1T COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/30/80

10/29/80 12/31/80

1/28/81

3/4/81

4/1/81

-7.4
-6.7
-10.0
-9.2

-3.7
-9.2
-8.4

4/29/81

5/27/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/80
1/28/81
3/ 4/81
4/ 1/81
4/29/81
5/27/81
7/ 1/81
7/29/81

5.8
-3.7
-9.2
-9.6
-8.9
-8.5
-9.5
-9.2


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

-21.1
-24.7
-22.6
-19.8
-18.0
-17.9
-16.7

-37.6
-30.8
-24.9
-21 .5
-20.7
-18.9

-24.8
-18.4
-15.5
-15.9
-14.5

-12.2
-10.3

-12.4

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
500

gllUQNS

495

488. 1
488.2
489.5
490.2
490.9
491.9

490
485
480

460
455
450
445

AUG

SEP
1980

LATEST DATA PLOTTED WEEK ENDING:

JULY 29,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'
TIME DEPOSITS ISSUED

H.6 RELEASE.

IN DENOMINATIONS OF LESS THAN t100.000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/30/80

10/29/80 12/31/80

1/28/81

3/4/81

4/1/81

4/29/81

5/27/81

4.3
3.6
3.8
4.3
4.6

4.3
4.3
4.8
5. 1

3.3
4.3
4.8

5.2
5.7

6.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/80
1/28/81
3/ 4/81
4/ 1/81
4/29/81
5/27/81
7/ 1/81
7/29/81

10. 1
9.4
8.3
8.0
7.4
7. 1
7.0
7.0


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

10.4
8.2
7.8
7.0
6.6
6.5
6.5

3.9
4.7
4. 1
4. 1
4.5
4.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

0

AUG.

5

I II I
2

16 30

13 27

10 24

8 22

S

19

3

17 31

14 28

I I 25 1 I 25
FEB
MAR

8 22

1980
LATEST DATA PLOTTED WEEK ENDING: AUGUST 5,

1981

BUSINESS LOANS
(COMMERCIAL AND
BILLIONS OF DOLLARS
184
182
180
178
176
174

168
166
164
162
160

BILLIONS OF DOLLARS
184

“1

- COMPOUNDED ANNUAL RA TES
— OF CHANGE, AVERAGE C
_ THE FOUR WEEKS END 1 N G
JULY 29, 1981 FROM
“THE FOUR WEEKS END INIG;
MAY 27,
APR. 29,
- APR. 1,
— MAR. 4,
_ JAN. 28,
OCT. 29,

1981
1981
1981
1981
1981
1980

20.0
24.4
21.6
16.0
10.4
12.2

JUL . 30,

900

13.9

fI

J

-

,A/
/
v

V

r-

„

•A

-

-

-

172
170

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

V- f

/

’--------

180
178
176
174

-

V/

-

f

-

/'

182

1981

MILLIONS

166
164

-

158

111

in
111 i ii i
16 30 13 27 10 24
22
JUL
AUG
SEP
OCT

11.11

111
5 19
/

■LLLI.

111.

3 17 31 14 28 II 25 II 25
8 22 6 20 3 17
DEC
JAN
FEB
MAR
APR
MAY
JUN

1980
LATEST DATA PLOTTED WEEK ENDING:


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

162
JUN. 24
178,216
JUL. 1
181,053
8
180,815
160
15
130,589
_
22
180,696
158
29
181,386
1.11 -LLL 1111 -LL.LL11 1 1 1 1 1 1 1 1 1 \ '~
I 15 29 12 26
JUL
AUG

1981
JULY 29,

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

0

12
LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
250

BILLIONS
245
240
235
230
225

220

1980
LATEST DATA PLOTTED WEEK ENDING: JULY 29,

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