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F//V/1/VC//1L

O/ir/1

Week ending: December 26, 1979
Since their introduction as part of the Federal Reserve Board's October 6
l_!E?^S(i4yRrtifiative, required reserves against certain "managed liabilities" have
constituted only a small portion of member banks' total required reserves. These
managed liabilities include large certificates of deposit, repurchase agreements,
Eurodollar borrowings, and federal funds purchased from nonmember institutions. A
reserve requirement of 8 percent is applied to the total amount of these managed
liabilities at each member bank in excess of a base amount, defined as the larger of
$100 million or the average amount of such liabilities held as of the two statement
weeks ending September 26, 1979. As with all other reserve requirements, member
banks must maintain reserves in the current week based on liabilities reported two
weeks earlier.
Member banks have been required to maintain reserves against these
managed liabilities since the week ending October 31, 1979, based on the amount of
managed liabilities reported on October 17. U.S. branches and agencies of foreign
banks are also required to meet this new reserve requirement. Because these
foreign-related institutions previously had not been required to maintain reserves at
Federal Reserve Banks, they began maintaining such reserves two weeks later - during the week ending November 14. During that week, these foreign-related
institutions were required to maintain reserves based on the amount of managed
liabilities reported for all of the statement weeks ending October 17, 24, and 31.
Since the week ending October 31, required reserves against managed
liabilities have fluctuated from a low of $203 million to a high of $820 million and
have averaged about $417 million per week. Over most of this period, required
reserves against managed liabilities have amounted to less than 1 percent of total
required reserves of member banks. Reserves against managed liabilities were
inordinately high during the week ending November 14 when U.S. branches and
agencies of foreign banks were required to begin maintaining reserves. Over the
last five weeks, reserves against managed liabilities have fluctuated more modestly.
Reserves Against
Managed Liabilities*
(Millions of dollars)

Week Ending:

Member Bank
Required Reserves*
(Billions of dollars)

31

$320

$42.9

November 7

203

41.8

14

820

42.3

21

348

43.0

October

28

527

42.6

December 5

390

43.1

12

398

42.8

19

328

43.4

26

244

43.3

* Not seasonally adjusted.
"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 28, 1979

2

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
160

BILLIONS.
NOV.

21

153.0
153. 1
153.1
153.7
153.6
154.5

152

150

148

146

144

142

1

15 28

1 3 27

1 0 24

2

7 21

FEB

MAR

16 30 13 27

JUN

APR

II

25

8 22

5

19

3

17 31

14 28

12 26

B 23

JUL

LATEST DATA PLOTTED WEEK ENDING*. DECEMBER 26, 1979
THE ADJUSTED MONETARY BASE CONSISTS OF*. ( 1 ) MEMBER BANK RESERVES AT ]HE FEDERAL RESERVE
BANKS, <21 CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND N THE VAULTS OF
COMy<EAcIAL 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,
12/27/78

AVERAGE OF FOUR WEEKS ENDING:

3/28/79

5/23/79

6/27/79

7/25/79

8/29/79

8.0
9.0
9.4
10. 1
10.2
9.3
9.2

10.8
10.9
1 1.5
11.4
10.0
9.8

11.5
12.3
11.9
10. 1
9.8

12.3
1 1.8
9.7
9.3

12.3
9.1
8.8

9/26/79 10/24/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/23/79
6/27/79
7/25/79
8/29/79
9/26/79
10/24/79
11Z28/79
12/26/79

5.8
6.6
7.3
7.8
8.4
8.7
8.2
8.2


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

7. 1
7.3

5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULT IPLIER
2.6

2.4
RAT 1C

m
NOV.
DEC.
_m_ -.mi

III XU- XXL mix in mi XI 1 1
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 19, 1979

2.2

111 mix! min L. IXIXL

BILLIONS OF DOLLARS
138
1
1------------1--------- 1--------136
134

-

OCT
SEP

24,
26,

1979
1979

9.5
11.5

JUL
JUN
— MAR
_ DEC

25,
27,
28.
27,

1979
1979
1979
1978

136

12.2
12.9
10.3
9.5

132
_
130

BILLIONS OF DOLLARS
138

COMPOUNDED ANNUAL RATES
—OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
“ DECEMBER 26. 1979 FROM
— THE FOUR WE^KS ENDING.
AD, USTED =EDER> L RES ERVE

a EDIT

134

yJ

132

-

___ -X

J

128

.

-

130
-

r

126

-

126

126
-

-

124

V

1879

124

BJILL IONS

NOV. 21

122

DEC.
120

j

|:

122

|

120

“mi

111
1111
1 15 29 13 7 10 24
NOV
DEC
JAN
1978

111
7 21
FEB

111
7 21
MAR

111
4 10
APR

1111 111 111 1111
2 16 90 19 27 II 2
122
MAY
JUN JUL
AUG
1976
LATEST DATA PLOTTED WEEK ENDING, DECEMBER 26, 1979

1 1 1
5 10
SEP

1111 Mil 111
9 17 91 14 21 12
OCT
NOV
DEC

Inn1
in
JAN
I960

1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE
2'
DEPOSITS AT FEDE1.
SERVE REOUIREMENT


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

PREPARED BY FEDERAL RESERVE 6AIK OF ST. LOUIS

3

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
965 j=r
960

ILL IONS OF DOLLARS
—---------- -----------=q 965

BILL1ONS
944.6
943.7
945.0
946.5
947.2

~ 875
-= 870

I

15

29

13 27

10 24

7

21

4

18

2

16 30

13 27

JUN
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 19,

1!

25

8

22

5

19

3

17

31

14 28

12

26

JUL

1979

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

MONEY STOCK PLUS NET TIME DEPOS TS ( M 2 )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

2/20/78

3/21/79

5/16/79

6/20/79

7/18/79

8/22/79

5. 1
6.2
7.2
7.9
8.3
8.6
8.3
8. 1

1 1 .0
1 1 .8
1 1 .8
1 1 .9
1 1.9
I 1.0
10.3

12.4
12.2
12.3
12.2
1 1.0
10.2

12.9
12.8
12.5
1 1.0
10.0

12. 1
12.0
10.3
9.3

2. 1
9.6
8.5

9/19/79 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

8.4
7.3

5.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
378.5
380.0
378.8
379. 1
380. 1
379.6

1.-1 I I I I
1

1 5 28 13 27

10 24

7 21

FEB

4

MAR

18

2

16 30 13 27

APR

JUN

LATEST DATA PLOTTED WEEK ENDING) DECEMBER 19,

II

25

8 22

3 18

3 17 31

JUL

-LLlXLU
14 28

NOV

UJJ J

12 26

8 23

DEC

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 )
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

2.9
4. 1
5. 1
5.5
6.0
6.2
5.4
5.2

10.9
1 1 .0
10.3
10.3
10. 1
8.4
7.8

10.2
9.5
9.7
9.5
7.4
6.8

9.5
9.6
9.5
6.9
6.2

9.2
9.0
6.0
5.4

9.6
5. 1
4.6

9/19/79 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
12/19/78


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

2.8
2.8

0.3

PREPARED BY FEDERAL RESERVE BANK OP ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
16.5
16.0
15.5
15.0
14.5
14.0

14.0

13.5
13.0
12.5
PRIME BANK
LOAN RATE

12.0
11 .5

I I .0
10.5

90 DAY CD'S

10.0

COMMERCIAL PAPER

9.5
CORPORATE

9.0
8.5
8.0
7.5
7.0
6.5
6.0

I

15 28 12 20

JAN

8 23

8 23

FEB

6 20

4 18

APR

1

15 28 13 27 10 24

7 21

5 18

SEP

MAY

1978

OCT

2

10 30 14 28 11

DEC

1980

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE VWE.EK ENDING: DECEMBER 28,

NOV.

9

30

JAN.

7
14
21
28 X
4
1 1
18
25

PRIfcE
COMMERCIAL
PAPER

PRIME
BANKERS'
ACCEPTANCES

Aaa BONDS

MUNICIPAL
BONDS KX

14.45
14.53
14.09
13.95
12.96
13.09
13.63
13.56
13.42

2
16
23

DEC.

1979

90 DAY
CD'S

1979

25

JAN

1979

14.18#
14.18
13.70
13.44
12.58
12.79
13.29
13.41
13.20

14. 1 1
14.20
13.72
13.46
12.62
12.83
13.58
13.47
13.45

10.73
10.83
10.75
10.83
10.63
10.58
10.70
10.79
10.85

7.26
7.27
7.31
7.38
7.26
7.17
7,26
7.22
7.23

CORPORATE

X AVERAGES OF RATES AVAILABLE.
■■BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
# 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

PERCENT

16.0 rr

14.5

13.0
12.5
FEDERAL FUNDS RATE

1-5 YEAR
IY SECURITIES

s 17 1 15 29 12 20
0 25 9 25
NOV
DEC
JAN
FEB
MAR
1978

0 20
APR

4 18
MAY

1 15 29 IS 27 -LLJ I
10 24
JUN
JUL
AUG
,g79

7I I211
SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK EW

FEDERAL
FUNDS MR

1979
NOV.

2
9

16
23
30
7
14
21

28 »
JAN.
4

15.61
13.77
13.30
13. 10
12.46
13.77
13.79
13.90
13.61

3-MONTH
TREASURY
BILL

12.07
12.25
11.90
11.77
11.26
11.75
12.34
12.06
12.01

6-MONTH
TREASURY
BILL mm

12. 19
12.09
11.95
12.04
11.02

11.77
11.77
12.00
11.85

5 19

2 18 50 14 28 II 25

ING; DECEMBER 28,

1-YEAR
TREASURY
BILL

11.65
1 1 .66
11.12
11.25
10.74
10.86
11.10

10.85
10.86

1979

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

11.43
1 I .36
10.97
11.08
10.42
10.33
10.49
10.45
10.53

10.36
10.47
10.34
10.31
9.97
9.97
10.14
10.08
10. 13

1 I

18
25

* AVERAGES OF RATES AVAILABLE.
*** PRlW I oSUE RATE

NBM?


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

.*** C0“>UTED BY THE

™s«ve

of

«t. louis.

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

7

8
NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DA ILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
580 c---------- 1---------- 1-----

ILL IONS OF DOLLARS
—---------- ------- —3 580

BILLIONS
565. 1
564.6
564.8
565.8
566.3
567.5

I I I I Li

I

15 29 13 27 10 24

7 21
FEB

2 18 30 13 27 11 25
MAR

JUN

APR

8 22

5 19

3 17 31

JUL

14 28 12 28
NOV
DEC

» 23

LATEST DATA PLOTTED WEEK ENDING-. DECEMBER 19, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

NET TIME DEPOSITS
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

8/22/71

6.6
7.6
8.8
9.6
10.0
10.4
10.4
10. 1

11.1
12.2
12.8
12.9
13. 1
12.8
12. 1

14.0
14.3
14.1
14.1
13.6
12.5

15.4
14.8
14.7
13.9
12.6

14.1
14.2
13.3
11.9

13.8
12.8
11.1

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

12.5
10.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
285 ------------- 1---------- .-----

BiLLIONS OF DOLLARS
------------------------------ 285

BILL IPN$
272.6
274. !
272.9
273.6
274.0
273.5

1

15 20

15 27

10 24

7 21

FEB

4

MAR

18

2

16 50

APR

15 27

JUN

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 19.

II

25

8 22

5

18

5

17

JUL

51

14 28

NOV

12 26

9 25

DEC

1979

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

DEMAND DEPOS T COMPONENT Of MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE

AVERAGE OF FOUR WEEKS ENDING:

2/20/78

3/21/79

5/18/79

6/20/79

7/18/79

8/22/79

0.8
2.4
3.6
3.9
4.5
4.8
3.7
3.8

11.9
! 1 .9
10.4
10.3
10.0
7.7
7.3

10.5
8.7
8.9
8.7
6. 1
5.8

8.3
8.7
8.5
5.3
5.1

7.3
7.5
3.9
3.9

8.7
3.3
3.4

9/19/79 10/17/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/16/79
8/20/79
7/18/79
8/22/79
9/19/79
10/17/78
11/21/79
12/19/79


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

0.6
1.6

-1 .0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
------ ------------------------ 110

--------,------ 1—

_

DEC.

I

15 29 19 27

105.8
105.9
105.9
105.6

10 24

4 18

7 21

FEB

MAR

2 16 90 13 27

JUN

APR

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 10,

II 25

6 22

5 19

9 17 31

14 28 12 26

NOV

JUL

9 29

DEC

1979

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE

AVERAGE OF FOUR WEEKS ENDING*.

2/20/78

3/21/79

5/16/79

6/20/79

7/18/79

8/22/79

8.6
8.8
8.9
9.8
10.3
10.2
8.7
9. 1

8.3
8.6
10.0
10.7
10.5
9.9
9.0

9.6
1 1 .6
12.3
1 1 .7
10.6
9.4

12.6
13.2
12.2
10.8
9.3

15.0
13.2
11.1
9.3

1 1 .9
9.6
7.6

9/19/79 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

7.4
5.5

3.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
BILLIONS OF DOLLARS
4.0 r:---------- ,---------- ,-----19Z9

AVtKAGtS Oh

DAILY FIGURES

LLIONS OF DOLLARS
-i---------- -----------in 4.0

MILLIONS

NOV. 21

1810

1224

I

15 20 15 27

10 24

7 21

FEB

30 J3 27

MAR

APR

1I

25

8 22

5

IB

3

17 31

JUN
JUL
1979

1978

14 28 12 26

NOV

B 23

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 26, 1979

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
158
156

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

—
_COMPOUNDED ANNUAL RAT ES
OF CHANGE, AVERAGE OF
“ THE FOUR WEEKS ENDING
— DECEMBER 19, 1979 FROI
— THE FOUR WEEKS ENDING
— OCT. 17,
— SEP. 19,
_ AUG. 22,
— JUL. 18,
_ JUN. 20,
__MAR. 21 ,

1979
1979
1979
1979
1979
1979

BILLIONS OF DOLLARS
158
-

-A ,

-5.7
-0.6
5.0
9.6
12.0
16.6

-

a/

-

/
-

16.3

-

144
142

-

-

140
138

-

-

136

-

-

s/

-

-

130

1979

-

NOV. 14
2

128
126

151.070

-Li.l.L,JJ.-1. ,.1111
NOV
DEC
1978

JAN

111 -LLL _LLL J-LLL. -LLL -LI 1
FEB

MAR

APR

MAY

JUN
JUL
1979

LATEST DATA PLOTTED WEEK ENDING*. DECEMBER 19,


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

1 1 1 1
AUG

-

8

149,659
151,190
150,329
152,098

1 1 1 -LLil

i.i ....................
NOV

DEC

JAN
1980

1979
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

140
138
136
134
132

----128
H
—: 126

SEP

OCT

142

130

5
12
9

5

0

millions

144

0

12

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS

112 ----------- 1---------1-----

108

----

2 10 SO 13 27 It 25
NOV

DEC

JAN

FEB

MAR

APR

1978
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 19,

JUN

0 22

JUL

5 19

3 17 31 14 20 12 20
NOV DEC

9 23

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

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