Full text of U.S. Financial Data : Week Ending: December 17, 1980

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Week ending: December 17, 1980
Library
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The growth rates of the monetary aggregates have exhibited
sharp changes during the past year. For example, after increasing at a
0.3 percent rate from the four weeks ending December 12, 1979 to the
four weeks ending June 11,1980, MIA has increased at an 11 percent rate
during the period since the four weeks ending June 11. During these two
periods, the growth rates of M1B were 1.6 percent and 13.9 percent,
respectively. Although the growth rates for these time periods are
illustrative of the rapid expansion of the money supply during the past six
months, contrasting movements in the growth rates that have occurred
over two-month intervals are not captured.
Growth rates for MIA and M1B over two-month intervals are
presented in the table below. These data reveal the sharp decline in the
growth of MIA and M1B that occurred in the early part of 1980. From
the four weeks ending December 12, 1979 to the four weeks ending
February 13,1980, MIA and M1B increased at rates of 6.6 percent and
7.8 percent, respectively. During the next two two-month periods, these
growth rates fell sharply, declining at rates of 5.6 percent and 4.5 percent
for MIA and M1B, respectively. Monetary growth rates rebounded from
these declines with rapid growth in MIA and M1B throughout the
remainder of the period.
In contrast to the two-month interval from the four weeks
ending August 13 to the four weeks ending October 8 (when the growth
rates of MIA and M1B exceeded the growth rates of the preceding
two-month period), recent figures indicate that the growth of the
aggregates is slowing. As shown in the table below, the growth rates of
MIA and M1B are about seven percentage points lower than the growth
rates of the preceding two-month period.

Period*

Growth Rates of MIA and M1B
(Compounded annual rates of change)
M1B
MIA

12/12/79-2/13/80
2/13/80 -4/9/80
4/9/80 -6/11/80
6/11/80 - 8/13/80
8/13/80 - 10/8/80
10/8/80 - 12/10/80

6.6 %
0.3
-5.6
13.9
13.1
6.3

7.8 %

2.0
-4.5
17.4
16.2
8.7

* Four-week averages ending dates shown.

Prepared by Federal Reserve Bank of St. Louis
Released: December 19, 1980


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

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
>70 ---------- 1------------- 1------

BILLIONS OF DOLLARS
------------------- ----------- >70

&1LUQNS
OCT.

164.3
164.5
165.9
165.6
166.0
166.5

20

SEP

OCT
NOV
1979

DEC

JAN

FEB

5 IS

2

16 50 M 28 11

MAR

LATEST DATA PLOTTED WEEK ENDING-. NOVEMBER 12,

25

9 23

JUN
1980

8 20

3

AUG

SEP

17

OCT

NOV

1980

THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) 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 BAhtf.
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:
1/14/79

2/13/80

4/9/80

5/14/80

8/11/80

7.8
6.8
7.0
7.3
7.9
8.6
8.4
8.8

6.3
6.8
7.3
8.3
9.2
8.8
9.3

5.3
6.5
8. 1
9.4
8.9
9.5

9.0
10.3
1 1.5
10.3
10.8

1 1.0
12.4
10.7
11.2

7/9/80

8/13/80

9/10/80

10.4
11.3

9.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 9/80
5/14/80
6/11/80
7/ 9/80
8/13/80
9/10/80
10/15/80
11/12/80


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

13.7
11.1
11.6

PREPARCO BY FEDERAL RESERVE BANK OF ST.

LOUIS

ADJUSTED BANK RESERVES l/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ISfifi

billions

OF DOLLARS

BILLIONS

OCT
50.6

— NOV
50.4

5 19

S 17 SI 14 28 12 26
NOV

DEC

9 23

9 20

S 19

FEB

MAR

1979

2 IS SO 14 28 II 23
MAY JUN
1960

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 12,

9 23

6 20
AUG

3 17
SEP

I IS 29 12 26

1980

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:

11/14/79

2/13/80

4/9/80

5/14/80

6/11/80

8. 1
5.6
5.6
5.6
5.7
8. 1
7.0
7.7

5.1
5.2
5.3
5.5
8.9
7.3
8.2

0.0
1.7
3.0
8.0
6. 1
7.4

5.5
5.9
1 1 .9
8.6
9.8

6. 1
13.9
9.2
10.6

7/9/80

8/13/80

9/10/80

12.4
13.8

5.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 9/80
5/14/80
6/11/80
7/ 9/80
8/13/80
9/10/80
10/15/80
11/12/80


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

17.9
10.3
1 1.7

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

BILLIONS
388.6
390.6
388.6
388.9
388.5
386.6

__ NOV.

3

17

31

14 28

12 26

9 23

6 20

5

FEB

MAR

19

2

16 30

14

28

1 I

25

9 23

6 20

3

17

1

15

29

12 26

10 24

1980
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 10.

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, AVERAGE OF FOUR WEEKS ENDING:
12/12/79

3/12/80

-0.7
0.3
1.9
3.7
4.8
5.3
6.0
5.5

-5.5
-1.5
2.0
4.0
4.9
5.8
5.2

5/7/80

6/11/80

7/9/80

8/13/80

9/10/80

10/8/80

13. 1
12.5
9.5

1 1.3
7.7

6.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 7/80
6/11/80
7/ 9/80
8/13/80
9/10/80
10/ 8/80
11/12/80
12/10/80


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

8.3
10.6
1 1 .7
1 1.5
1 1.5
10.0

13.9
14.4
13.5
13. 1
1 1.0

15.2
13.8
13.2
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1980

BILLIONS OF DOLLARS

BILLION?
413.3
415.8
413.5
413.9
414.0

— NOV

— DEC.

I I I I
3 17

31

14 28

12 26

9 23

6 20

5

19

2

16 30

14

28

MAY

II

25

9 23

6 20

3

17

JUN
1980

1979
LATEST DATA PLOTTED WEEK ENOING: DECEMBER 10,

1980

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,
12/12/79

3/12/80

0.9
1 .6
3.5
5.5
6.8
7.4
8. 1
7.6

-4.0
0.5
4.2
6.3
7.3
8.2
7.6

5/7/80

6/11/80

AVERAGE OF FOUR WEEKS ENDING:
7/9/80

8/13/80

9/10/80

10/8/80

16.2
15.4
12. 1

13.9
10.2

8.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
5/ 7/80
6/11/80
7/ 9/80
8/13/80
9/10/80
10/ 8/80
11/12/80
12/10/80


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

9.8
12.7
14.0
13.9
14.0
12.4

17.4
17.8
16.8
16.2
13.9

18.4
16.9
16. 1
13.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY
21 .0

PERCENT
21.0

20.0

20.0

19.0

19.0
18.0
17.0

17.0
16.0

16.0

ME BANK
LOAN RATE

15.0
14.0

90 DAY CD'S

13.0

13.0
COMMERCIAL PAPER

12.0

12.0

11.0

1 1.0
CORPORATE

BONDS

Aaa

10.0

10.0

9.0
8.0

BONDS**

7.0
6.0
I I I I
5

19

2

16

30

14

28

II

25

8 22

7

21

4

18

2

16 50

IS 27

II

25

8 22

5

19

5

17 31

1979

14

28

NOV

JUN
JUL
1980

12 26

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 19. 1980

1980
OCT.

NOV.

DEC.

3
10
17
24
31
7
1 4
21
28
5
12
19 X
26

90 DAY
CD'S
12.81
12.36
12.52
12.90
13.98
14.98
14.95
15.79
16.97
17.58
19.93
20.43

PRIME
COIMERC1AL
PAPER XXX

PRIME
BANKERS'
ACCEPTANCES

12.51
11.98
12. 15
12.32
13.38
14.48
14.44
15.25
16. 17
16.84
18.62
18.74

12.51
12. 17
12.24
12.66
13.71
14.68
14.64
15.46
16.58
17.28
19.23
19.46

CORPORATE
BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

12.30
12. 18
12. 11
12.27
12.72
12.96
12.93
12.96
13.03
13.15
13.47
13.64

14.12
14. 12
14.09
14.27
14.49
14.56
14.61
14.61
14.79
14.84
15.21
15.39

9.22
9.01
8.81
9.06
9.45
9.64
9.50
9.50
9.61
9.84
10.42
N. A.

AAA

S AVERAGES OF RATES AVAILABLE.
XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
XXX 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

0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
20.0

20.0

FEDERAL FUNDS RATE
19.0
18.0
17.0
16.0
15.0
14.0

14.0

13.0

12.0
DISCOUNT
RATE

11.0
10.0

10.0

5-YEAR
TREASURY SECURITIES
9.0
8.0
7.0
6.0

3-MONTH
TREASURY BILL
I I I I I I I I 1 II
5 19

2

16 30 DEC
14 28 JAN
11 25

8 22

MAR

4

18

APR

2

16 30 13 27 11 25

JUN
JUL
1980

0
8 22

5 19

3 17 31 NOV
14 28 DEC
12 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 19.

1980
OCT.

NOV.

DEC.

3
10
17
24
31
7
21
28
5
12
19 *
26

1980

FEDERAL
FUNDS **

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *6ieK

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

12.38
12.59
12.64
12.55
13.17
13.99
14.65
15.22
17.43
17.72
18.82
19.83

11.39
11.24
11.07
11.66
12.51
13.28
13.29
13.98
14.31
14.98
16.76
16.54

11.72
11.14
11.28
11.41
12.28
13.27
13.23
13.92
14.03
14.55
15.07
15.42

11.14
10.87
10.85
11.36
12.16
12.47
12.21
12.74
13.22
13.43
13.75
13.91

1 1 .80
11.46
11.55
11.89
12.62
12.94
12.59
12.77
13.06
13.40
13.68
13.89

1 1.71
11.35
11.31
11.64
12. 19
12.41
12.28
12.23
12.26
12.39
12.74
12.90

5LKAslvE“DAYFAVERAGESVF0RAWEiK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
RAJESHDN * 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 BAW< OF ST. LOUIS

7

8
MULTIPLIERS!/
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

1
MIA
I—

1980
OCT.

RATIO
8

2.350

MONEY MULTIPLIERS

M1B
__

1980
0CT-

RATIO
,1

l

1111111

..........................

in
LATMT DATA PLOTTED WEEK ENDING: NOVEMOEP 12, 1980

1111

BILLIONS OF DOLLARS
1

1

1

BILLIONS OF DOLLARS
120

—

- COMPOUNDED ANNUAL RA" ES
OF CHANGE, AVERAGE OF
----- THE FOUR WEEKS ENDING
DECEMBER 10, 1980 FRC M
- THE FOUR WEEKS END 1NC
- OCT.
SEP.
- AUG.
JUL.
----- JUN.
MAR
- DEC

8, 1980
10, 1980
13, 1980
9, 1980
II. 1980
12, 1980
12, 1979

-

-

8.9
9.1
8.9
10.3
10 4
9.5
9.4

-

CURRENCY

-

-

-

i980

NOV .

DEC .
i.i

11

111

111

1111

111

NOV
1979

DEC

JAN

FEB

20

OCT

.Hi
5

19

MAR

1111
2

16 30

APR

LATEST DATA PLOTTED WEEK ENDING*. DECEMBER 10,

hi

111
14 28

MAY

II

JUN

5.6
|j

26
3
10

6!o

$

-

s

0 LUO te
5

Inn1
111 JJ-lJ Mill JJjJ

1111

25 9 23

6

JUL
1980

A

20

3

17

1

15 29

OCT

12

26

NOV

10 24

DEC

1980

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 DOLLARS

billions of dollars

285
BILLIONS
273.0
274.6
272.8
272.9
272.3
270.5

NOV.

DEC.

3

17 31

14 28

NOV

12

26

9 23

6 20

5

IB

2

16 30

14 28

II

1

25

15 29

12 26

10 24

DEC
1980

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 10.

1980

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( MIA )
COMPOUNDED ANNUAL RATES OF CHANGE
12/12/79

3/12/80

5/7/80

-10.4
-5.3
-1 . 1
1.7
3.0
4. 1
3.4

7.6
10.2
12.0
1 1 .9
11.8
9.8

6/11/80

AVERAGE OF FOUR WEEKS ENDING:
7/9/80

8/13/80

9/10/80

10/8/80

14.9
13.5
9.6

11.3
6.9

5.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 7/80
6/11/80
7/ 9/80
8/13/80
9/10/80
10/ 8/80
11/12/80
12/10/80

-4.4
-3.0
-0.9
1.2
2.9
3.6
4.4
3.9


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

14.2
15.6
14.5
13.8
11.1

16.5
14.9
13.9
10.7

PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

9

10
SAVINGS PLUS SMALL TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
485 r------------1---------- 1------

BILLIONS OF DOLLARS
----------------------------3 485

BILLIONS
NOV.

3

17

OCT

31

472.2
475.7
476.0
477. 1
477.3
477.9

14 28

NOV
1979

12

DEC

28

9 23

JAN

6 20

5

FEB

MAR

19

2

16

30

APR

LATEST DATA PLOTTED WEEK ENOING: DECEMBER 10,

14

28

MAY

11

JUN

25

9

23

JUL
]980

6 20

3

AUG

SEP

17

I

15 29

OCT

12

26

NOV

10 24

OEC

I960

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
12/12/79

3/12/80

5/7/80

6/11/80

AVERAGE OF FOUR WEEKS ENDING;
7/9/80

8/13/80

9/10/80

10/8/80

8.0
9.9
10.6

10. 1
11.0

13.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
5/ 7/80
6/11/80
7/ 9/80
8/13/80
9/10/80
10/ 8/80
11/12/80
12/10/80

8.2
8.2
8.8
9.4
9.4
9. 1
9.5
9.8


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

10.6
11.1
1 1.5
11.2
10.6
10.9
11.1

10.2
11.2
10.8
10.0
10.6
10.9

12.9
1 1.8
10.6
11.1
11.4

11.4
9.9
10.7
1 1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
-

1980
NOV.

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILL IONS OF DOLLARS

MILLIONS
12
19
26
3
10
17

2067
1979
2215
2142
1786
1505

I I I I
S

17

31

14

28

NOV

12

26

9 23

6

20

FEB

DEC

5

19

2

16

30

14

28

MAY

MAR

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 17,

II

25

9 23

JUN

6 20

3

AUG

SEP

17

1

IS 29

12

26

10

24

1980

BUSINESS LOANS
(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
176

COMPOUNDED ANNUAL RATES
“OF CHANGE, AVERAGE OF
- THE FOUR WEEKS ENDING
- DECEMBER 10, 1980 FROM - THE FOUR WEEKS ENDING:
“OCT.
~ SEP.
“AUG.
- JUL.
-_JUN.
_ MAR.
__ DEC.

8,
10,
13,
9,
11,
12,
12,

174
172
170

1980
1980
1980
1980
1980
1980
1979

21.6

162
160
158
156
154
MILLIONS

31

14

NOV
1979

28

12

26

9 23

6 20

19

2

16 30

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 10,


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

5

DEC.

3

152

168,323
168,783
168,627
170,547
171,234
171,927

150
148
146

I I I I I I 1 L I I I I I I I I I

I I I I
5

NOV.

14 28

MAY

11

25

9 23

6 20

1

15

29

12

26

10 24

JUN
1980

1980
PREPARED BY FEDERAL RESERVE BANK OF ST.

11

LOUIS

0

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
BILLIONS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

of dollars

billions of dollars

210
208
206
204
202
200
198
196
194
192
190
188
186
184
182
180
178
176
0

I I I I
3 17 51 14 28 12 26 9 23
OCT
NOV
DEC
JAN
1979

6 20
FEB

3 19
MAR

2 IB 30 14 28 11 25 9 23
APR
MAY
JUN
JUL
1980

LATEST DATA PLOTTED KEEK ENDING: DECEMBER 10,

6 20
AUG

3 17
SEP

I IS 29 12 26 10 24
OCT
NOV
DEC

1980

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED

IN DENOMINATIONS OF 8100,000 OR MORE.


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PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS