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SW'LSS!
FA/v/i/vc/zaL

o>4r/i

Week ending: December 19, 1979

The Federal Reserve announced several amencknents to
Regulation Q that are "designed to help the small saver."
In an announcement made jointly by the Federal Heme Loan
Bank Board, the Federal Deposit Insurance Corporation, the
Federal Reserve Board,
and
the National Credit Union
Ackninistrat ion, the regulatory agencies authorized federally
insured depository institutions to offer a new savings
certificate,
effective
January 1, 1980.
This
new
certificate replaces the 4-year floating rate time deposit
currently being offered.
The new certificate will have a
maturity of 2-1/2 years or more and will have a floating
interest rate that
is tied to the yield on Treasury
securities maturing in 2-1/2 years. Recently, this yield
has averaged about 11.20 percent. The ceiling rate for new
deposits will be established monthly and will be based on
the rate announced by the Treasury for the three business
days before the beginning of each month.
This rate will
apply to all new certificates issued during the month and
will not change during the life of the certificate. Unlike
6-month
money market
certificates (MVCs),
these
new
certificates will have no minimum deposit requirement and
may earn interest at a ccnpounded rate.
The ceiling rate for comnercial banks on these new
certificates will be 75 basis points (3/4 percent) belcw the
2-1/2 year Treasury rate while the ceiling rate for thrift
institutions will be 50 basis points below the Treasury
rate.
In addition, federal credit unions may offer share
certificates with a maturity of 90 days or more at the same
ceiling rate that applies to the 2-1/2 year certificate at
thrift institutions.
In other actions, the ceiling rate on deposits at
comnercial banks maturing in 90 days to 1 year was increased
from 5.50 percent to 5.75 percent.
The 25-basis-point
differential for similar deposits at thrifts is maintained
so that thrifts may pay up to 6 percent.
In addition, the
new regulations permit banks to pay the same rate as thrift
institutions when IHA/Keogh and governmental unit funds are
Banks may
deposited in the new 2-1/2 year certificates.
also pay
the same rate as thrifts on
IRA/Keogh and
governmental unit accounts of $10,000 or more placed inIWDs.

"U.S. Financial Data" will be mailed later
than usual next week due to a holiday.


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

Prepared by Federal Reserve Bank of St. Louis
Released: December 21, 1979

2

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
160

BILLIONS

158

153.0
153.1
153.1
153.7
153.7

— DEC.

158

154

146

III!
1

15 29 13 27

10 24

7 21

7 2)

4

FEB

MAR

APR

IS

2

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 19,

16 30 13 17

II

25

• 22

5 It

3 17 31

4 2t It M

NOV

DEC

1979

THE ADJUSTED MONETARY BASE CONSISTS OF; (11 MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS. 12) 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 COfcTUTED
BY THIS BAT*.
A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM
THIS BANK.

DATA DO NOT INCLUDE REGULATION K RESERVES OF EDGE ACT CORPORATIONS.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/20/78

3/21/79

5/16/79

6/20/79

7/18/79

8/22/79

6.0
6. 1
7. 1
7.4
8.3
8.6
8.3
8.0

6.8
8.3
8.6
9.7
10.0
9.3
8.9

9.5
9.5
10.9
11.1
10.0
9.4

11.1
12.6
12.4
10.8
9.9

12.3
12.2
10.3
9.4

13.8
10.6
9.3

9/1S/7B 10/17/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/16/79
6/20/79
7/18/79
8/22/79
9/19/79
10/17/79
11/21/79
12/19/79


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

8.3
7.4

5.4

PREPARED BY FEDERAL RESERVE BAT* OF ST. LOUIS

MULTIPLIER ^
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

2.7
MULTI PLIER

RAT 1C i

1 sza

r

NOV

.

_

7
^4
2.2

sl i 1

1 1 1 1

i 1 1 1

1 1 1

1 1 1

1 1 1

1 11

1 1 1 1

1 1 1

111

liijjJ_1_LL Liixs
1 11 L 1 1 1

LATEST DATA P LOTTED WEEK ENDINGt DECEMBER 12, 1979
R

IONS OF DOLL *RS
---------- 1

1

BILL ONS OF DOLL
138

1

’

~ COMPOUNDED ANNUAL RAl ES
----- OF CHANGE. AVERAGE OF
THE FOUR WEEKS END INC
u DECEMBER 19. 1979 FRC M
___THE FOUR WEEKS END 1NC
-

OCT. 17. 1979
SEP.
19. 1979
—AUG.
22. 1979
_
JUL. 18, 1979
JUN.
20, 1979
— MA R. 21 , 1979
_ DE C. 20, 1978

10.0
11.1
12.3
12.4
12.5
9.6
9.4

-

z^:

A

AD- USTED FEDER/\L RES ERVE CRED1T

J

128

128
-

% .t

-

126

126
1aza

a ILL l(

NO

-

DE

MIL _U_L
J_LLL 111
15 20 13 27 10 24
4 18
FEB
NOV
DEC
JAN
OCT
1978

1 i 1

MAR

APR

111

111
4 18

111

JUN
JUL
1979

MAY

111!

:;S

III!

OCT

NOV

111 1 1 i LL
SEP

4
1 1 1 I1
DEC

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 19. 1979
1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE

IVS HOLDlNGS_Of SE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF ^TIES^LO^FUOAT
ISeSC0U?Ut|6 BYMfffEl*!6
FW HE'
sIrvE 1

REOU i REMENT RAT I0 CHANGES.


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

billions of

-3 965
BILLIONS
943.5
944.7

943.8
945.0
946.3

1

13 29 13 27

10 24

7 21

FEB

4

MAR

18

2 16 30 13 27

II

25

8 22

5 19

3

17 31

APR

14 28 12 26

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 12, 1979
CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/13/78

3/14/79

5.0
5.7
6.8
7.5
8.0
8.4
8.2
8.0

10. 1
11.1
11.4
11.5
1 1.6
10.8
10.4

5/9/79

6/13/79

7/11/79

8/15/79

13.2
12.9
12.8
1 1.2
10.5

12.3
12.4
10.5
9.8

12.4
9.8
9.1

9/12/79 10/10/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 9/79
6/13/79
7/11/79
0/15/79
9/12/79
10/10/79
11/14/79
12/12/79


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

1 1 .0
1 1.5
1 1.7
1 1.8
10.7
10.2

8.7
8.1

6.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MI )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF OOLLARS

BILLIONS OF DOLLARS

390

1
BILk IONS

1979

TTTTj

7
14
21
28
5
12

379.
378.
380.
378.
379.
3/y.

5
0
8
1
9

TTTT

I_ NOV.
_
r DEC.

■
/\A

-LLLL

I

N

=

n il

r^

11
1 1

/u

1

K
fvc

llll

390

l l l

A

2

1

f

2

fVA. f—

A

In n In n

TTTT

_____ 3

V

=

!lll
4

18

OCT

i

j

I

j.i„

mi

111

15 29 13 27

NOV
1978

DEC

10 24

JAN

ILL

1 1 1

21

7 21

4

i u..

FEB

MAR

APR

18

16 30

MAY

LATEST DATA PLOTTED WEEK ENOING: DECEMBER 12,

1111

1 1 L

llll

AUG

SEP

OCT

ill.. 1 1 1

LL1.J.

2

13 27 11

JUN

i ii.

in’

NOV

DEC

25

JUL
1979

1979

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 )
CHANGE, AVERAGE OF FOUR WEEKS ENDING*.

COMPOUNDED ANNUAL RATES
12/13/78

3/14/79

10. 1
10.5
10.0
10. 1
10. 1
8.2
8.0

6/13/79

5/9/79

8.0
8.2
8.7
S.O
6.7
6.6

7/11/79

8/15/79

9.4
9.6
6.0
6.0

10. 4
5. 1
5.3

9/12/79 10/10/79

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:


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

ooo

3.3
3.6
4.7
5.2
5.7
6. 1
5.2
5.2

ONN

5/ 9/79
6/13/79
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79

7. 1
6.9

2.8
3.8

1.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURI 7 IES
AVERAGES OF DAILY RATES ENDED FRIDAY

P~FC“N~
16.3

16.5

16.?

15.-?
15.0

18.0

14.5

14.5

14.0

14.0

13.5

13.5
13.0
12.5
PRIME BANK
LOAN RATE

12.0
11.5
11.0
10.5

90 DAY CD'S
10.0

10.0

COMMERCIAL PAPER

9.5
CORPORATE AW BONDS

9.0
8.5
8.0
7.5
7.0

MUNICIPAL
BONDS*.

6.5
6.0

1

15 20 12 26

JAN

0 23

0 23

6 20

4

18

I

15 20 13 27

1978

10 24

7 21

5 10

SEP

FEB

OCT

2

16 30 14 28

1979

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 21,

1979
OCT.

NOV.

DEC.

5
12
19
26
2
9
16
23
30
7
14
21 *
28

90 DAY
CD'S
12. 19
13.52
13.71
14.71
14.45
14.53
14.09
13.95
12.96
13.09
13.63
13.71

PRIME
COMMERC1AL
PAPER
11.76
13. 18
13.32
14. 10
M. 18#
14.18
13.70
13.44
12.58
12.79
13.29
13.53

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa bonds

MUNICIPAL
BONDS MX

12.04
13.49
13.59
14.32
14. 1 1
14.20
13.72
13.46
12.62
12.83
13.58
13.53

9.66
9.91
10.09
10.50
10.73
10.83
10.75
10.83
10.63
10.58
10.70
10.77

6.64
7. 12
7. 18
7.38
7.26
7.27
7.31
7.38
7.26
7.17
7.26
N. A.

* AVERAGES OF RATES AVAILABLE.
X* BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE
•

#

Beginning November 1, 1979, data are 4-month commercial paper rates.


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
16.0

15.5

15.5

15.0

15.0
14.5
14.0
13.5
13.0
12.5

12.5

12.0
11.5

11.0
10.5

10.5

FEDERAL FUNDS RATE

10.0

10.0
DISCOUNT RATE

9.5
9.0

3-5 YEAR
TREASURY SECURITIES

8.5
8.0

THREE-MONTH TREASURY
BILL MARKET YIELD

7.5
I I I I
1

APR

10 24

7 21

5 10

SEP

15 29 13 27

MAY

OCT

2

16 SO

14 26

1978
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* DECEMBER 21,

1979
OCT.

NOV.

DEC.

5
12
19
26
2
9
16
23
30
7
14
21 *
28

1979

FEDERAL
FUNDS aw

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
SILL IBM

l-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

11.91
12.00
13.22
15.14
15.61
13.77
13.30
13. 10
12.46
13.77
13.79
13.90

10.43
11.62
11.91
12.60
12.07
12.25
11.90
11.77
11.26
11.75
12.34
12.11

10.33
10.66
11.72
12.65
12. 19
12.09
1! .95
12.04
11.02
11.77
11.77
12.00

10.07
11.30
11.40
11.94
11.65
11.66
11.12
11.25
10.74
10.86
11.10
10.85

9.72
10.48
10.79
11.57
11.43
11.36
10.97
11.08
10.42
10.33
10.49
10.46

9.31
9.77
9.99
10.36
10.36
10.47
10.34
10.31
9.97
9.97
10. 14
10.08

3e«AslvEN^DA?FAVERAGESVFORA5Elk ENDING WEDfCSDAY TWO DAYS EARLIER THAN DATE

SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
tfWV NFW 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

0

8

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

580
BILLIONS

DEC.

575

562.9
565. 1
564.7

570
565

565.8

560
555
550
545
540
535
530
525
520
515
510
505
I

15 20

IS 27

10 24

4 It

7 21

FEB

MAR

2

16 SO 15 27 11

JUN

APR

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 12,

25

8 22

5 10

3 17 31

14 28

NOV

JUL

12 26

DEC

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TriMEDEPOSITS OPEN> ACCOUNT.PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR W£EKS ENDING*.
12/13/78

3/14/79

6.2
7. 1
8.3
9.2
9.6
10. 1
10.3
10.0

10. 1
1 1.5
12.3
12.5
12.7
12.6
12.0

5/9/79

6/13/79

7/11/79

8/15/79

15.5
14.8
14.7
14. 1
13.0

14.3
14.3
13.7
12.5

13.9
13.1
11.7

9/11/79 10/10/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 9/79
6/13/79
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79


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

13.2
13.8
13.7
13.8
13.5
12.7

13.0
11.2

9.8

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
285

glLLIC'NS
NOV.

273.5
274. 1
272.9
273.6
273.8

270

255

250

I I I I
4

FEB

MAR

18

2 16 30 IS 27 II

2S

8 22

5

10

3 IT 31

APR

LATEST DATA PLOTTED REEK ENDING: DECEMBER 12.

14 28 12 28

NOV

DEC

1979

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE
12/13/78

3/14/79

1.3
1.7
3.2
3.6
4.2
4.7
3.5
3.8

10.6
1 1.3
10. 1
10.0
10.0
7.5
7.5

5/9/79

AVERAGE OF FOUR WEEKS ENDING:

6/13/79

7/11/79

8/15/79

9.5
9.3
9.5
5.7
6.0

7.5
8.3
4.0
4.6

9.5
3.1
4.1

9/12/79 10/10/79

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
5/ 9/79
6/13/79
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79


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

7.6
7.2

7.6
8.0
5.2
5.5

0.6
2.7

-0.4

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS

NOV.

105.9
105.8
105.9
105.9
105.6

4 18

FEB

MAR

2

16 30

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 12,

13 27

JUN

APR

11

25

6 22

5 !9

3

17 31

14 26

NOV

JUL

12 26

DEC

1979

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/13/78

3/M/79

8.6
8.8
8.7
9.5
10.0
10.2
9.6
9.2

8.3
8.2
9.5
10.3
10.5
9.7
9. 1

5/9/79

6/13/79

7/11/79

8/15/79

9/12/79

0/10/79

1 1.3
12.4
12.3
10.6
9.5

14.4
13.6
11.2
9.8

13.3
10. 1
8.5

8.0
6.7

4.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 9/79
6/13/79
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79


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

9.0
10.8
1 1 .7
1 1.7
10.4
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
4.0 rz--------1------------- 1----1979 MILLIONS
NOV.

14
21
28
DEC.
5
12
19

4 18
OCT

BILLIONS OF DOLLARS
----------- ------------------------ =1 4-°

1858
1865
2021
1819
1291
1684

1

15 28 13 27 10 24
NOV
DEC
JAN
1978

7 21
FEB

7 21
MAR

4 16
APR

2 16 30 13 27 11 25 8 22
MAY
JUN
JUL
AUG
1979

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 19,

5 19
SEP

3 17 31 14 28 12 26
OCT
NOV
DEC

1979

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
158
156
154

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
“ THE FOUR WEEKS ENDING

BILLIONS OF DOLLARS
158
156
154

- THE FOUR WEEKS ENDING:
152
150
148
146
144
142
140
138
136
134
132
130

- OCT. 10,
— SEP. 12,
_ AUG. 15,
JUL. 11,
JUN. 13,
MAR. 14.
. 13,

1979
1979
1979
1979
1979
1979
978

-

-7.4

A _

5.4

-

10.4

12.2
16.2
16.0

-

_
-

-

-

-

-

-

-

s/

-

1979

128
-

4 18
OCT

151,765
151,070
150,756
149,659
151,190

NOV.

-

!lll

MILLION

7
14
21
28
DEC. 5

-

-V—126

-

>

11 ii
111
1 15 29 13 27 10 24
NOV
DEC
JAN
1978

■ U.H

1 LI.
7 21
FEB

111
7 21
MAR

111
4 IS
APR

1 1 1
1 1 1
III!
MM
2 16 30 »3 27 II 25 8 22
MAY
JUN
JUL
AUG
1979

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 12.


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

-

iL

M H 1 1 1 II.................
5 >0 3 IT 31 14 26 12 26
SEP
OCT
NOV
DEC

1979
PREFARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

152
150
148
146

12

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
NUI

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS
----- ---------- ---------- 1,2

BILLIONS

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 12.

JUN

JUL

NOV

DEC

1879

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
SJIi2.TvAocoJTVL.Cl5.TJli^LESn?LREPOSlT lSSUED IN DENOMINATIONS OF • 100,OOO OR MORE BY LARGE

T ntrUn I I No CUVwmERC IAL BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102