View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

/=- / /V X\ /V €J / X\ L.

EJX\TX\

Week ending: December 24, 1980
Libraay
m 81 tWW This Bank has made a technical change in the method used to
calculate adjusted monetary base and adjusted bank reserves. This
change is necessary because of the changes in reserve requirements
resulting from the Monetary Control Act of 1980. The revised data for
the adjusted monetary base and adjusted bank reserves appearing in this
release have been revised back to 1950 on a monthly basis and back to
1972 on a weekly basis.
The revision does not affect the meaning or general analytical
use of the adjusted monetary base. The major effect of the revision is to
lower the level of the adjusted monetary base by about $3 billion over the
last few years. Growth rates of the old and revised base series are very
similar over most periods, as illustrated in the table below.

Growth Rates of Adjusted Monetary Base: Old and Revised Series
(Compounded annual rates of change, seasonally adjusted)

Old
series

9/77
9/79
3/80
5/80

-

9/79
3/80
5/80
10/80

Revised
series

8.9 %
8.0
3.9
11.0

Period

8.9 %
7.3
3.6
11.3

Historical data of the new series and a discussion of how they are
calculated are available upon written request at the following
address:
Federal Reserve Bank of St. Louis
Research Department
P. O. Box 442
St. Louis, MO 63166

Prepared by Federal Reserve Bank of St. Louis


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

Released: December 26, 1980

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
------ --------------- ------------ 170

170 -----------,---------- 1---------

NOV.

162.5
163.5
163.7
163.8
163.9

I I I I
NOV

DEC

JUN

1979

I I I I

JUL

AUG

SEP

OCT

NOV

DEC

1980

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 2-4.

JAN

1981

1980

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 BAM.
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:

2/26/79

3/26/80

5/21/80

6/25/80

7/23/80

8/27/80

5.3
6.2
6.5
7.7
8. 1
8. 1
8.7
8.7

5.9
6.5
8.4
6.9
8.8
9.5
9.4

9.4
11.3
1 1.5
10.8
1 1.3
11 .0

12.1
12. 1
11.0
11.6
11.3

13.7
11.8
12.3
11.7

9.8
11.3
10.8

9/24/80 10/22/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/21/80
6/25/80
7/23/80
8/27/80
9/24/80
10/22/80
11/26/80
12/24/80


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

11.0
10.4

1 1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

-

ADJUSTED BANK RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
50 ----------,---------- 1----------

u
BILLIONS OF DOLLARS
---------- -----------------

-—

BILLIONS
46.5
47.3
47.5
47.4

I I I I
NOV
DEC
1979

JAN

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING-.

MAY

4 18 2JUL 30 AUG 27 SEP 24 OCT22
16
13
10
8
JUN
1980

DECEMBER 17,

5 19
NOV

3DEC 31 JAN 28
17
14

1981

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:

12/19/79

3/19/80

5/14/80

6/18/80

7/16/80

8/20/80

-0.6
-0.5
0.8
2.4
4.6
3.8
5.6
7.0

-0.9
1.4
3.8
6.9
5.6
7.8
9.5

4.0
6.9
10.8
8.2
10.7
12.5

10.9
15.3
10.8
13.3
15.0

18. 1
1 1.3
14.3
16. 1

10.6
15.0
17.3

9/17/80 10/15/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
5/14/80
6/18/80
7/16/80
8/20/80
9/17/80
10/15/80
11/19/80
12/17/80


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

10.5
14.8

23.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

50

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400

PILLIONS
390.6
388.6
388.9
388.5
386.4
386.9

I I I I
5 19
DEC

NOV
1979

2

16 30

13
FEB 27

12
MAR 26

9

23

7 21

A

18

2

16 30

13
10
AUG 27 SEP

2A

8

22

5

19

3

17 31

14 28

1980

LATEST DATA PLOTTED WEEK ENDING:

DECEMBER 17,

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

1980
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:

12/19/79

3/19/80

5/14/80

6/18/80

7/16/80

8/20/80

-1 . 1
1.0
2. 1
4.3
5.5
5.5
6. 1
5.4

-3.7
-0.7
3.3
5.3
5.3
6.2
5.2

10.0
12.8
13.7
12. 1
12. 1
10.0

14.4
15.2
12.8
12.5
10.0

17.6
13.6
13.1
10.0

1 1.0
11.2
7.7

9/17/80 10/15/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/14/80
6/18/80
7/16/80
8/20/80
9/17/80
10/15/80
11/19/80
12/17/80


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

8.7
5.0

4.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
415.8
413.5
413.9
413.9
412.3
412.6

4

NOV

18

2

16 30

13

27

10

24

8

22

5

IB

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 17,
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

1980
H.6 RELEASE.

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

MONEY STOCK ( MlB >
COMPOUNDED ANNUAL RATES OF CHANGE,
12/19/79

3/19/80

5/14/80

6/18/80

-2.2
1.3
5.5
7.7
7.7
8.5
7.6

12.3
15.4
16.5
14.9
14.7
12.6

17.7
18.5
16.0
15.5
12.9

AVERAGE OF FOUR WEEKS ENDING:

7/16/80

8/20/80

9/17/80

14. 1
14.0
10.4

1 1 .2
7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/14/80
6/18/80
7/16/80
8/20/80
9/17/80
10/15/80
11/19/80
12/17/80

0.4
2.4
3.8
6. 1
7.5
7.6
8.2
7.5


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

20.9
16.7
15.9
12.8

7.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

22.0
21.0

21.0
PRIME BANK
LOAN RATE

20.0

20.0

19.0

19.0

18.0

18.0

17.0

17.0

16.0

16.0

15.0

15.0

14.0

14.0
13.0
-COMMERCIAL PAPER

12.0

CORPORATE
Aaa BONDS

1 1.0

1 l .0

10.0
90 DAY CD'S
9.0
8.0
MUNICI PAL
7.0
I I I I
2

16 30

14 28

DEC

II

25

8

JAN

22

7

22

21

MAR

5

19

3

17 31

14

NOV

APR

28

12

26

9 23

DEC

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*. DECEMBER 26,

1981
NOV.

7
14
21
28
DEC.
5
12
19
26 X
JAN.
2
9
16
23
30

90 DAY
CD'S
14.98
14.95
15.79
16.97
17.58
19.93
20.21
17.60

PRIME
COMMERC1AL
PAPER xaeK

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

14.48
14.44
15.25
16. 17
16.84
18.62
18.68
16.72

14.68
14.64
15.46
16.58
17.28
19.23
19.24
16.83

12.96
12.93
12.96
13.03
13. 15
13.47
13.49
12.90

CORPORATE
Baa BONDS
14.56
14.61
14.61
14.79
14.84
15.21
15.36
15.20

1980

MUNICIPAL
BONDS XX
9.64
9.50
9.50
9.61
9.84
10.42
10.56
N. A.

* AVERAGES OF RATES AVAILABLE.
*5K BONO BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
«0K 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
21.0 r—

PERCENT
—i 21 .0
20.0

20.0
FEDERAL FUNDS RATE

19.0

19.0

18.0

16.0

14.0

14.0
13.0

12.0
SCOUNT

RATE

1 1 .0

1 I .0

10.0

10.0

5-YEAR
TREASURY SECURITIES

3-MONTH
TREASURY B

2

NOV
DEC
1979

JAN

FEB

MAR

APR

16 30

MAY

!3

27

11

JUN
JUL
1980

25

8 22

AUG

5

10

SEP

OCT

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 26.

1981
NOV.

7
14
21
28
DEC.
5
12
19
26 X
JAN.
2
9
16
23
30

FEDERAL
FUNDS aeK
13.99
14.65
15.22
17.43
17.72
18.82
19.83
19.44

3-MONTH
TREASURY
BILL
13.28
13.29
13.98
14.31
14.98
16.76
16.21
14.62

6-MONTH
TREASURY
BILL XXX
13.27
13.23
13.92
14.03
14.55
15.07
15.42
14.03

JAN
1981
1980

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

12.47
12.21
12.74
13.22
13.43
13.75
13.71
12.40

12.94
12.59
12.77
13.06
13.40
13.68
13.69
12.48

12.41
12.28
12.23
12.26
12.39
12.74
12.63
11.79

X AVERAGES OF RATES AVAILABLE.
X* SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
XXX NEW 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

MULTIPLIERS-^
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
MIA
1980
NOV.

RATIO
12

MONEY MULTIPLIERS

2.404

! 360

! 362

MIB
1980
NOV.

RATIO
12

2.559

— DEC.
I I I I

1 1 lJ.il I I I I I I I I I I
LATEST DATA PLOTTED WEEK ENDING:

DECEMBER 10,

1980

BILLIONS OF DOLLARS
120

BILLIONS OF DOLLARS
120 ---------- 1-----------1------------- 1---------- 1

-

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
----- THE FOUR WEEKS END 1 G
DECEM8ER 17, 1980 FF OM
- THE FOUR WEEKS END 1 JG:,
- OCT.
SEP.
- AUG.
JUL.
MA r!
-

DE C.

15, 1980
17, 1980
20, 1980
16, 1980
19 |
19 ,

-

8.2
9.
8.
10.2

1980
1979

-

9.
9.2

v/

■sY
-

CURRE NCY

-

-

-

1980

^

N0\
-

■

DEC,.

11
26
^3
17

in.
111
7 21

5

IB

NOV
DEC
1979

1 1 1

1 1 1 1
2

18

JAN

SO

1 1 1

13 27

12 28

FEB

MAR

1111
9 23

APR

111

18

7 21

MAY

1 I.LL 1 1 1

111
JUN

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 10,

2

16 30

JUL
1980

13 27

AUG

1 1 1

1111

IS:
16.

i

_

j

J g.

116'. 4

_

1 1 1 1 LI 11 iImi

•

17 31

10 24

SEP

BILLIC N£

OCT

DEC

JAN
1981

I960

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
SILL IONS
274.6
272.8
272.9
272.3
270.3
270.5

NOV

DEC

MAY

JUN

AUG

SEP

1980
LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

DECEMBER 17,

IN THE BOARD OF GOVERNORS'

1980
H.6 RELEASE.

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

AVERAGE OF FOUR WEEKS ENDING:

12/19/79

3/19/80

5/14/80

6/18/80

7/16/80

8/20/80

-4.8
-2. 1
-0.5
2.0
3.8
3.8
4.6
3.7

-8.2
-4. 1
0.7
3.5
3.6
4.6
3.5

10. 1
13.2
14.7
12.7
12.4
9.9

15. 1
16.7
13.6
13.1
9.9

19.6
14.5
13.6
9.8

1 1 .8
1 1 .6
7.2

9/17/80 10/15/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/14/80
6/18/80
7/16/80
8/20/80
9/17/80
10/15/80
11/19/80
12/17/80


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

8.0
3.5

3.3

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
490 CL--------1---------- 1--------

BILLIONS OF DOLLARS

------------------- -------- Zl 490

BILLIONS

Z

475.7
476.0
477. 1
477.3
477.6
477.9

DEC.

5

NOV

19

2

16 30

FEB

DEC

TIME DEPOSITS ISSUED

2

12 26

MAY

MAR

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

JjLLLL

ojjj-Lujl
9 23

13 27

16 30

AUG

JUN

DECEMBER 17.

IN THE BOARD OF GOVERNORS1

13 27

10 24

8 22

5

19

3

17 31

14 28

SEP

1980
H.6 RELEASE.

IN DENOMINATIONS OF LESS THAN 8100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
12/19/79

AVERAGE OF FOUR WEEKS ENDING:

3/19/80

5/14/80

6/18/80

7/16/80

10.5
1 1.3
11.5
11.1
10.6
1 1.0
1 1 .0

1 1 .6
1 1 .,7
1 1., 1
10.,4
11 ..0
10,.9

12.9
11.6
10.6
11.3
11.2

10.5
9.6
10.7

8/20/80

9/17/80 10/15/80

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
5/14/80
6/18/80
7/16/80
8/20/80
9/17/80
10/15/80
11/19/80
12/17/80

8.0
8.3
9.0
9.5
9.4
9.2
9.7
9.7


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

10.6

8. 1
10.2
10.3

10.9
10.7

12.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1980

NOV.

— 5.0

7

21

19
26
3
10
17

2215
2142
1786
1505

24

NOV

BILLIONS of dollars

MILL I ONS

1649

5

19

2

16 30

DEC

13 27

FEB

12 26

2

16 30

13 27

10 24

8 22

5 19

3

17 31

MAR
1980

LATEST DATA PLOTTED WEEK ENDING:

DECEMBER 24,

1980

BUSINESS LOANS
( COMMERCIAL AND

BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
178

178
176
174
172
170
168
166
164
162
160
158
156

COMPOUNDED ANNUAL
TES
OF CHANGE. AVERAGE
~ THE FOUR WEEKS END IN G
— DECEMBER 17, 1980 FR
— THE FOUR WEtKS END 1 G:
— OCT.
15,
“ SEP.
17,
— AUG.
20,
— JUL.
16,
— JUN.
18,
— MAR.
19,
_DEC. 19,

1980
1980
1980
1980
1980
1980
1979

-

23.5
22.0
22.5
20.8
17.9
9.1
12.3

-

77
r

-

-

-

f

-

-

-

1 98C

millions

NOV. 12
19
26
DEC.
3
10
17

168,783
168,627
170,547
171,234
171,905
172,165

174
172
170
168
166
164
162
160
158
156

154

152
150
lu.
0

-

-

154

148

-

176

7 21

111
5

19

NOV
DEC
1979

ini

i i i

1 1 1

.1.111

16 30 13 27 12 26 9 23
JAN
FEB
MAR
APR

LATEST DATA PLOTTED WEEK ENDING:


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

11 i
7 21
MAY

1 I 1

i i 11

4 18
JUN

.1 l.l

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

1980
DECEMBER 17,

1 1 1

~
“
—
“
~
HIM 111111111111‘
5 19
NOV

3 17 31 14 28
DEC
JAN

1981

I960
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

152
150
148
0

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OK DAILY FIGURES
SEASONALLY ADJUS ItU

ILL IONS OF DOLLARS

ILL IONS OF DOLLARS

DEC.

NOV

5 19
DEC

2 16 30 13 27 12 26

9 23

7 21

4 18

LATEST DATA PLOTTED WEEK ENDING-. DECEMBER 17.

2 16 30 AUG 27 SEP 24
13
10

8 22

5 19

3 17 31

1980

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

IN DENOMINATIONS OF 9100,000 OR MORE.


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