Full text of U.S. Financial Data : Week Ending: December 2, 1981
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F//V/1 rsjctx\ L Week ending: December 2, 1981 LIBRARY 0E5 7. 1981 0ne important factor that affects interest rates is the level of economic activity. Interest rates tend to rise during the expansionary phase of the business cycle and decline during the contractionary phase. The most recent decline in interest rates coincides with evidence of a weakening economy. The recent decline in short-term interest rates, which began in late August, has accelerated since early October. For example, during the nine-week period from the week ending October 2 to the week ending December 4, the 4-month commercial paper rate declined by 450 basis points. This compares with a decline of 105 basis points during the previous five-week period. The one exception to the accelerated decline is the federal funds rate. This rate declined by a comparable amount in the two periods considered. In contrast to the movement in short-term rates, long-term rates have declined only recently. For example, the yield on long-term Treasury securities declined by 224 basis points during the nine-week period ending December 4, after increasing by 60 basis points over the previous five weeks. Despite this rather sharp decline, long-term rates remain at levels above their previous lows for the year. In view of the decline in short-term interest rates, the Federal Reserve eliminated the 2 percent discount rate surcharge on November 17 and reduced the basic discount rate to 12 percent on December 4. Also, most commercial banks lowered their prime rate to 15-3/4 percent this week. Changes in Yields on Selected Securities* (weekly averages of daily figures) Week ending August 28 to October 2 Federal funds rate ** 90-day certificates of deposit 4-month prime commercial paper 3-month Treasury bill 1-year Treasury bill 5-year Treasury securities Long-term Treasury securities Corporate Aaa bonds * ** October 2 to December 4 -241 -154 -105 -134 - 45 + 7 + 60 + 64 -252 -478 -450 -387 -358 -306 -224 -191 Changes in basis points. Seven-day averages for week ending two days prior to the date shown. Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Released: December 4, 1981 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 169.0 168.7 169.6 170.0 169.8 169.9 _ OCT. _ NOV. — DEC. 1 15 BILLIONS OF DOLLARS 176 29 12 26 10 24 7 I 21 JAN FEB 15 29 13 27 MAY MAR 2 10 24 16 30 14 OCT JUN 28 II 25 9 23 NOV 1980 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 2, 1981 THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS <2> CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). AND C3> 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: 12/3/80 3/4/81 4/29/81 6/3/81 7/1/81 8/5/81 4.0 4.7 4.5 5. 1 5.0 4.2 3.9 4.2 7.3 6.3 6.8 6.4 5. 1 4.6 4.9 5.7 6.7 6.2 4.5 3.9 4.4 6.0 5.6 3.5 3.0 3.8 6.8 3.6 3.0 3.9 0.8 1.0 2.6 9/2/81 9/30/81 TO THE AVERAGE OF FOUR WEEKS END 1 NG •. 4/29/81 6/ 3/81 7/ 1/81 8/ 5/81 9/ 2/81 9/30/81 11/ 4/81 12/ 2/81 -0.7 1 .9 4.2 PREPARED BY FEDERAL RESERVE BANK OF ST. V http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LOUIS ADJUSTED RESERVES AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED ILL IONS OF DOLLARS BILLIONS OF DOLLARS -------- ------------------------- 50 BILLIONS OCT. 47.9 47.0 47.8 47.7 I I I I 1 15 28 12 26 10 24 7 21 I 15 20 13 27 10 24 8 22 5 19 2 16 30 14 28 1 1 25 8 23 1980 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 1981 WiSEFY! ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS PLUS CURRENCY IN CIRCULATiONJ LESS CURRENCY HELD BY THE NONBANK PUBLIC. ADJUSTED RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, 1/26/80 AVERAGE OF FOUR WEEKS ENDING: 2/25/81 4/22/81 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 8.0 8.2 4.4 8.0 5.7 3.6 4.7 10.4 3.5 8.9 5.7 2.9 4.4 -1.4 7.9 4.0 1.0 3.0 7.6 2.6 -0.6 2.0 8.9 2.4 5.0 -8.2 -1.7 1.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/22/81 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 10/28/81 11/25/81 -2.6 0.0 1 . 1 -0.3 2.6 1.5 0.5 1.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. 3 LOUIS 4 MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BIU. I OCT. I I I I 1 15 29 12 26 10 24 7 I 21 JAN FEB 15 29 13 27 MAY MAR LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 10 24 8 22 5 19 2 21 18 30 362.0 358.3 360. 1 360.3 362.0 360.4 14 28 II 25 9 23 JUN 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. MIA CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS HELD BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS) PLUS TRAVELER'S CHECKS OF NONBANK ISSUERS. MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, 1/26/80 AVERAGE OF FOUR WEEKS ENDING: 2/25/81 4/22/81 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 -1 .4 -4.6 -3.9 -2.5 -3.2 -2.5 -2.4 -7.6 -5.6 -3.2 -4.0 -2.9 -2.7 -7.7 -3.7 -4.6 -3.1 -2.8 1.4 -1.4 -0.4 -0.6 -1.7 -0.3 -0.6 -2.2 -2.0 0.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/22/81 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 10/28/81 11/25/81 -15.3 -12.9 -13. 1 -1 1.7 -9.9 -9.7 -8.5 -8.0 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 455 ------------- 1---------- 1------ BILLIONS OF DOLLARS ------------------------------- 455 BILL. IONS — OCT. 430.8 433.3 435.6 437.3 436.4 NOV. I 15 29 12 26 10 24 7 21 JAN I FEB 15 29 MAR 13 27 MAY LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 25, 10 24 22 5 19 2 JUN 16 30 14 28 OCT II 25 9 23 NOV 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 ( MIB ) COMPOUNDED ANNUAL RATES OF CHANGE, 1/26/80 2/25/81 7.7 6. 1 3.7 3.7 4.2 3.6 3.5 3.8 1 1 .8 6.2 5.6 6.0 5.0 4.6 4.8 4/22/81 AVERAGE OF FOUR WEEKS ENDING: 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 -3.8 0.6 0.0 0.6 1.5 5.8 3.4 3.2 3.8 3.5 3.2 4.0 0.7 2.5 4.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/22/81 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 10/28/81 11/25/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -5.0 -2.6 0.3 -0. 1 0.4 1 .2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT —1 22.0 PERCENT 22.0 rr PRIME BANK LOAN RATE 20.0 19.0 90 DAY CD’S 18.0 17.0 16.0 COMMERCIAL PAPER 15.0 CORPORATE AAA BONDS 12.0 MUNICI PAL BONDS** NOV 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 4, DEC o 1981 ---------------------------1 1981 OCT. 2 9 16 23 30 NOV. 6 13 20 27 DEC. 4 # 1 1 18 25 90 DAY CD’S PR 1 ME COMMERC1AL PAPER *** PRIME BANKERS’ ACCEPTANCES CORPORATE AAA BONDS CORPORATE Baa BONDS MUNICIPAL BONDS ** 16.48 15.50 15.03 15.28 15. 14 14. 13 12.77 11.97 1 1.51 11.70 15.89 14.95 14.48 14.70 14.57 13.64 12.41 11.57 11.09 11.39 15.83 14.91 14.53 14.81 14.57 13.54 12.34 11.51 11.14 11.46 15.85 15.40 15. 18 15.36 15.51 14.88 14.18 13.91 13.92 13.94 17.24 17.09 16.99 17.09 17.19 16.87 16.41 16.20 16.08 16. 10 12.93 12.73 12.53 12.99 12.99 12.44 11.43 1 1.71 11.98 N.A. !J*ABONDGBUYER‘ SAAVERAGE'*TNDEX' OF 20 MUNICIPAL BONDS S*BDATABARE 4-MONTHCO^ERClAL PAPER RATES. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THURSDAY DATA. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 22.0 r— —1 22.0 21.0 21.0 FEDERAL FUNDS RATE 20.0 20.0 18.0 1 -j— 3-MONTH TREASURY BILL 17.0 16.0 16.0 15.0 14.0 DISCOUNT RATE 5-YEAR TREASURY SECURITIES 11.0 1 1 .0 10.0 10.0 3 17 OCT 31 14 NOV ‘1980 28 12 26 DEC 5 29 JAN FEB MAR APR MAY 12 26 10 24 JUN JUL 1981 7 21 AUG 2 SEP 16 30 OCT 13 27 NOV LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. DECEMBER 4, FEDERAL FUNDS X* 1981 OCT. NOV. DEC. 2 9 16 23 30 6 13 20 27 4 * 1 1 18 25 15.00 15.46 14.93 15.32 14.87 14.79 14.01 13. 17 12.42 12.48 3-MONTH TREASURY BILL 14.37 13.81 13.41 13.37 13. 14 12.21 10.93 10.31 10.23 10.50 6-MONTH TREASURY B 1LL XXX 1-YEAR TREASURY BILL 14.93 14.22 13.50 13.80 13.62 12.72 11.51 10.97 10.92 10.70 14.54 13.71 13.42 13.60 13.36 12.35 11.29 10.78 10.63 10.96 5-YEAR TREASURY SECURITIES 16. 1 1 15.39 15. 14 15.45 15.36 14.36 13.43 13.12 12.81 13.05 II 1981 LONG-TERM TREASURY SECUR1T1ES 15.05 14.42 14.34 14.61 14.72 13.81 13.16 12.78 12.71 12.81 * AVERAGES OF RATES AVAILABLE. #* SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.I5 RELEASE. *** NEW ISSUE RATE treaIury http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis computed by ™e feoeral reserve bank °f st- louis- PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 25 DEC 8 MULTIPLIERS^ CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUS ItU RATIO 3.0 RATIO 3.0 RATIO OCT. MONEY MULTIPLIERS 21 198L Ml B RATIQ _ OCT. til I I I t I I 1. I I I I I I LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 1981 BILLIONS OF DOLLARS ------ ------------------------- 128 BILLIONS OF DOLLARS 128 ------------1---------- 1------ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF -----THE FOUR WEEKS END ING NOVEMBER 25, 1981 FROM - THE FOUR WEEKS ENDING: —SEP. 23, AUG. 26, - JUL. 22, JUN. 24, - MAY 27, FEB. 25, - NOV. 26, 1981 1981 1981 1981 1981 1981 1980 3.9 2.3 3.1 4.6 3.7 5.5 5.4 CURRENCY 1981 BILLIONS OCT. 11111111 1 15 29 12 26 10 24 7 I 21 JAN FEB 15 29 13 27 10 24 22 19 2 16 30 14 28 OCT MAR LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 5 11 25 9 23 NOV 1981 1/ RATIO OF MONEY STOCK (MIA) OR (M1B) 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 5tAbUNALLY ADJUSTED BILLIONS OF DOLLARS 280 r----------- ----------------- BILLIONS OF DOLLARS ------1---------- 1---------- =1 280 BILLIONS OCT. 21 232. I 233.8 233.8 235.5 233.7 NOV. I 15 20 12 26 10 24 15 20 13 27 MAY LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 10 24 8 22 2 JUN 16 30 14 OCT 28 II 25 9 25 NOV 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, 11/26/80 2/25/81 4/22/81 5/27/81 AVERAGE OF FOUR WEEKS ENDING; 6/24/81 7/22/81 8/26/81 9/23/81 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/22/81 5/27/81 6/24/81 7/22/81 8/26/81 9/23/81 10/28/81 11/25/81 -24.3 -21.2 -20.9 -19.3 -16.9 -16.4 -14.7 -14.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -6.4 -9.5 -8.8 -7.0 -7.6 -6.3 -6.2 -12.4 -10.4 -7.4 -8.2 -6.4 -6.3 -12.7 -7.7 -8.6 -6.3 -6.2 -2.2 -5. J -3.2 -3.6 -4.8 -2.5 -3. 1 -4.3 -4.6 -1.5 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 515 BILLIONS OF DOLLARS ------------------------------- 5,5 r------------- 1------------1------ BILLIONS OCT. 21 502.6 505.0 507.5 508.9 510.0 I I I I 15 29 12 26 10 24 7 4 21 JAN FEB 18 I IS 29 13 27 10 24 8 22 5 19 2 16 30 14 OCT MAR 28 11 25 9 23 NOV 1980 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000. SAVINGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, 11/26/80 2/25/81 4/22/81 5/27/81 5. 1 4.9 6.7 6.6 7.2 8.5 5.6 7.9 7.5 8.0 9.4 AVERAGE OF FOUR WEEKS ENDING: 6/24/81 7/22/81 8/26/81 9/23/81 9.2 9.3 1 1.2 8. 1 1 1 .0 13.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/22/81 5/27/81 6/24/81 7/22/81 9/23/81 10/28/81 11/25/81 4.2 4. 1 4.5 4.5 5.4 5.4 5.9 6.7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.3 4.9 4.8 6. 1 6. 1 6.6 7.7 8.3 7.7 8.2 9.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 4.0 r----------- 1---------- 1-----1981 BILLIONS OF DOLLARS ---------------------------- “I 4.0 MILLIONS — OCT. 28 I OCT NOV 1980 DEC JAN FEB MAR 15 29 APR 13 27 MAY LATEST DATA PLOTTED WEEK ENDING: DECEMBER 2, 10 24 JUN 8 22 JUL 1981 5 19 2 AUG 16 30 SEP 14 28 OCT 11 25 NOV 9 23 DEC 1981 BUSINESS LOANS u (COMMERCIAL AND 2/ BILLIONS OF DOLLARS 196 1981 1981 1981 1981 1981 980 in 8. 1 8.8 12.6 15.5 15.5 11.3 /v^y ' \ 1 1 - SEP. 23, - AUG. 26, “ JUL. 22, - JUN. 24, - MAY . 27, r tD - NOV. 26, 11 1 ---------- 1--------1---------- 1-------I COMPOUNDED ANNUAL RAT ES _ OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING I NOVEMBER WEtKS1981 FRO THE FOUR 25, ENDING i BILLIONS OF DOLLARS 196 INDUSTRIAL) WEEKLY SEASONALLY ADJUSTED BY THIS BANK BANKS REPORTING LARGE COMMERCIAL r>s ✓ r = 11 1 . in 11 1 r-—< i - /v _ OCT. NOV. —- 1111 111 1111 111 I 15 OCT . 29 12 NOV 1980 26 10 24 7 DEC JAN 21 i.ii. 4 JJ-L 111 MAY JUN 1 1 1 1111 18 4 18 FEB MAR I 15 APR ILL 10 NS 1981 29 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, 13 27 10 24 ii 8 11 111 1 11.1 2 22 JUL 1981 AUG 21 28 4 11 18 25i 16 30 SEP i 187,965 187,021 188,219 187,565 188,507 i 189,076 i i i i i i 14 OCT 28 II NOV 2 - _ _ _ _ i i i: 9 23 DEC 1981 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS OF 9750 MILLION OR MORE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED ILL IONS OF DOLLARS BILLIONS I I I I JAN FEB MAR 1980 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 25, CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ 1981 1981 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
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