Full text of U.S. Financial Data : Week Ending: February 20, 1980

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mm

Week ending: February 20, 1980

LIBRARY

r 88
°

Both the discount rate and the prime rate were raised in
the past week. The discount rate—the interest rate charged by the
Federal Reserve for borrowing by its member banks—was increased
100 basis points to an historic peak of 13 percent. This discount
rate increase matches the increase on October 6, 1979, when the
rate was raised to 12 percent, and is the first increase since the
October 6 policy change.

Short-term interest rates adjusted upward following the
increase in the discount rate (pages 6 and 7). For example, the
interest rate cm large certificates of deposit (CDs)—an important
source of loanable funds to commercial banks—increased from
13.59 percent in the week ending February 15 to 14.81 percent in
the week ending February 22. Other short-term rates, such as
prime commercial paper and three-month Treasury bills, also
registered significant upward changes over this one-week period.
Prior to this past week, short-term interest rates had
remained fairly stable since the beginning of the year. However,
strong demand for business loans had developed during this period.
Commercial and industrial loans at weekly-reporting large
commercial banks grew at about a 30 percent rate from the four
weeks ending December 12, 1979, to the four weeks ending
February 13, 1980. In contrast, these loans declined at about a 3
percent rate from the four weeks ending October 6, 1979, to the
four weeks ending December 5.
The combined effects of a sharp rise in the cost of funds
for banks and continued strong demand for business loans
contributed to a rise in the prime rate—the rate charged by
commercial banks to corporate borrowers with the highest credit
rating—by 50 basis points to 15.75 percent. This increase raises
the prime rate to a level matching the previous peak which
prevailed from November 16 through November 29 of last year.


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

Prepared by Federal Reserve Bank of St. Louis
Released: February 25, 1980

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS
~ JAN.

16

155.0
155.2
155.2
157.1

3

17 31

14 26 14 28 11

FEB

MAR

25

6 20

4

18

1

15 20 12 26 10 24

7 21

S to

NOV

0 23

APR

DEC

2 16 30 13 27

FEB

12 26

MAR

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 20. 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
cSSiftciAL BANKS), AND ( 3 ) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES.
THE
MAJOR SOURCE OF Tlte 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.
2/21/79

5/23/79

7/18/79

8/22/79

7.8
8.2
8.7
8.9
8.5
8.3
8.5
8.5

10.5
10.9
10.7
9.8
9.3
9.4
9.3

1 1.0
10.7
9.4
8.8
9.0
9.0

10.9
9.1
8.4
8.7
8.7

AVERAGE OF FOUR WEEKS ENDING:

9/19/79 10/17/79 11/21/79 12/19/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/18/79
8/22/79
9/19/79
10/17/79
11/21/79
12/19/79
1/23/80
2/20/80


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

7.9
7.4
8.1
8.2

6.2
7.5
7.8

8.2
8.4

9.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERi/
ADJUSTED FEDERAL RESERVE CREDIT 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULTI PLIER

2.5

i980

RAT It i

JAN ■
'
°[ 111

111

111

111

MIL LLLL

111

1 1 1 1

LATEST DATA PLOTTED WEEK END!NG: FEBRUARY 13,

1 1 1

1 1 II

1 1 1

ig

iM

FEE .

6
13

2.41*
2.42

l;

_LLLLl_L_L1-1 l.-LL,

1980

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
140

COMPOUNDED ANNUAL RATES
----- OF CHANGE, AVERAGE OF
----- ----------------------------------------------------------------------THE FOUR iVEEKS ENDING
“ FEBRUARY 20, 1980 FROM
-----THE FOUR WEEKS ENDING: ______ ADJUSTED FEDERAL RESERVE CREDIT
-

DEC.
NOV.
-----OCT.
_
SEP.
AUG.
— MAY
_ FEB.
FEB.

19,
21,
17,
19,
22,
23,
21,
21,

1979
1979
1979
1979
1979
1979
1979

3.5
5.8
6.7
7.6
8.7
9.2
8.4

138
136

r---------h
T
W \J
---------------------------------------------------- ------------------------

134
132
130
128

iMO
JAN.

BILLION?

126

I
124

FEB.
122

-L-LL .1 1 1 I I

I I I I
3

17 31 FEB 28 MAR 28 APR 25
14
14
11

9 23

8 20

JUN

4 18

JUL

1

15 29

12 26 10 24

7 21

NOV

5 19
DEC

2

I

I I I

I

I I I

16 30 FEB 27 MAR 26
13
12

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 20, 1980
1/ RATIO OF MONEY STOCK (MIA) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS FLOAT
ASSETS.
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACT ING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES.
DATA ARE C0MPUTE6 BY THIS BANkT


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY STOCK ( MIA )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
385 ------------- 1---------- 1------

BILLIONS OF DOLLARS
------------------------------- 385

BILLIONS
373.6
371.4
373. 1
377.0
376.2

-LL1.1 I I 1 1
3

17 31

14 28

FEB

14 28

11

25

0 23

20

4

18

I

-Ll. il I 1 1

15 20 12 28 10 24

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

7 21

5 10

NOV

MAR

DEC

11J 1
2

18 30 13 27 12 26

FEB

MAR

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 NONBAhK
PUBLIC EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIALINSTITUTIONS.

MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/16/79

7/11/79

8/15/79

9.3
9.0
8.3
7.3
6.5
7.0
6.8

8.4
7.4
6.2
5.4
6.2
6. 1

6.6
5.3
4.4
5.6
5.6

9/12/79 10/10/79 11/14/79 12/12/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79
1/16/80
2/13/80

8.6
8.6
8.6
8.2
7.5
7.0
7.2
7. 1


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

4.0
3.3
5.0
5.2

2.5
5.0
5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
StASUNALLY ADJUSTED

BILLIONS OF DOLLARS
400 ---------—,---------,

BILLIONS OF DOLLARS
------------------- ----------- 400

BILL | QN§
— JAN.

3

17 31

JAN

390.3
388.9
387.7
389. I
393. I
392.8

14 28

FEB

H 28 II

MAR

25

APR

B 23

MAY

6 20

4

JUN

JUL

18

1

15 21

2

AUG

1979
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

16 30

13 27

FEB

12 28

MAR

1980

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
MlB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK ( MlB )
COMPOUNDED ANNUAL RATES OF CHANGE,
2/14/79

5/16/70

7/11/79

8/15/79

AVERAGE OF FOUR WEEKS ENDING:

9/12/79 10/10/79 11/14/79 12/12/79

TO THE AVERAGE
OF FOUR WEEKS
END ING:
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79
1/16/80
2/13/80

11.2
11.2
10.9
10.2
9.3
8.6
8.9
8.6


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

10.9
10.4
9.5
8.2
7.4
8.0
7.6

10. 1
8.7
7. 1
6.2
7.1
6.8

7.2
5.6
4.8
6.3
6.0

4.2
3.6
5.7
5.5

2.7
5.7
5.4

7.3
6.4

8.2

PREPARED BY FEDERAL RESERVE BANK OF ST.

5

LOUIS

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
16.5 rr

PERCENT
-q 16.5

—

15.5

-=

15.0

-=

14.5

12.5
PRIME BANK
LOAN RATE
COMMERCIAL PAPER
1 1.0
10.5

10.5

90 DAY CD'S

CORPORATE Aaa BONDS

7.5

—

6.5

E*

6.0

—

MUNICI PAL
BONDS**

5 10

2

JAN

FEB

10

2

16 50 13 27

II

25

8 22

6 20

3

17 31

M 20 12 20

SEP

0 23

OCT

7 21

DEC

1979

JAN
1980

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 22,

1980
JAN.

FEB.

MAR.

4
1 1
18
25
1
8
15
22 *
29
7
14
21
28

90 DAY
CD’S
13.45
13.38
13.33
13.42
13.36
13.43
13.59
14.81

PRIME
COMMERCIAL
PAPER XXX
12.98
12.82
12.88
12.97
13.01
13.01
13.13
14.14

PRIME
BANKERS’
ACCEPTANCES
13.29
13.09
13.04
13.24
13. 1 1
13. 13
13.33
14.51

1980

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS XX

10.88
10.91
10.99
11.22
11.49
11.95
12.19
12.73

7.32
7.30
7.28
7.33
7.52
7.71
7.75
N. A.

X AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA,
aaeo DATA ARE 4-MONTH C0M4ERCIAL PAPER RATES.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
16.0

FEDERAL FUNDS RATE
15.5
15.0

15.0

14.5
14.0

14.0

13.5
13.0

13.0

12.5
12.0
11.5

1 1.5

11.0
10.5

10.0
9.5
ITIES
9.0
THREE-MONTH TREASURY
BILL MARKET YIELD

8.5
8.0
7.5

i-LLLLi 1 L
5 IB
JAN

2 16
FEB

2 16 50 IS 27 II 25

8 22

6 20

S 17 31

14 28 12 26
SEP
OCT

8 23

7 21
DEC

4 18
JAN

1979

I

15 2B 14 28

1980

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. FEBRUARY 22,

1980
JAN.

4
1 1
18
25
FEB.
1
8
15
22 *
29
MAR.
7
14
21
28

1980

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

14.04
13.94
13.91
13.77
13.5-4
12.80
13.64
14.87

12. 10
1 1.72
1 1 .91
12. 17
12.15
12.05
12.36
13.37

11.88
11.86
11.78
11.89
11.85
11.99
12.26
13.03

10.97
10.78
10.83
11.05
11.23
1 1 .51
11 .91
13.05

10.59
10.58
10.66
10.87
11.13
11.66
1 1 .90
13.14

10.21
10.27
10.42
10.73
1 1 .01
1 1 .51
11.76
12.44

* AVERAGES OF RATES AVAILABLE.
« SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS' H.9 RELEASE.
JMM NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

7

LOUIS

0

8

SAVINGS PLUS SMALL TIME DEPOS TS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
445 ------------- 1---------- .------

BILLIONS OF DOLLARS
-------- ---------------------- 445

BILLIONS
— JAN.

436.0
436.0
439.8
439.2
440.6

— FEB.

3

17

JAN

31

JLUUlJU
25 9 23

6 20

4 10

APR

JUN

JUL

14 20 14 20 II

FEB

MAR

MAY

I

ill 1 I I I I

15 29 12 20 10 24

7 21

5 19

2

10 50 13 27 12 20

1979
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

1980

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,
2/14/79

5/16/79

7/11/79

8/15/79

AVERAGE OF FOUR WEEKS ENDING:

9/12/79 10/10/79 11/14/79 12/12/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79
1/16/80
2/13/80

8.5
9. 1
9.2
8.7
8.4
8.4
8.0
8.4


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

13. 1
12.4
10.8
10.0
9.9
9. 1
9.5

10.9
8.9
8.3
8.4
7.7
8.3

7.3
7. 1
7.5
6.8
7.8

5.7
6.6

7.7

6. 1

6.6

7.3

8.0

6.5
8.4

8.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
~

1

1

lias.
9
16
23
30
6
13

Bll, lftMC

1—
BILLIONS
266.4
265.0
264.1
265.4
268.8
268.3

275

II

1

- JAN.
“
“ m
- FEB.
-

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

oollars

1 .1 1 1

OF

-L L L L

billions

m

1

2

-

ii

A

r

-a

i

'TTTT

1111

A

.

A

260

M il

J
2

Jl

>—\J
V

255

M M

k

Fun
-l.i l
111 _LI_L -LLLL 111
3 17 3
14 2 14 2 11 2
9 23
JAN
FEB
MAR
APR
MAY
JUN

111 -LLLL .1 1 1
JUL

AUG

SEP

-LLLL -ILL
OCT

NOV

111

1111

DEC

JAN

1979
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

111

1 1 l”

FEB
1980

1980

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
2/14/79

5/16/79

7/11/79

8/15/79

8.5
8.2
7.9
7.3
6.6
6. 1
6.5
6.3

8.5
8.0
6.9
5.9
5.3
6.0
5.7

6.6
5.3
4.4
3.9
5.0
4.8

4.3
3.4
3.0
4.5
4.3

9/12/79 10/10/79 II/14/79 12/12/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/11/79
8/15/79
9/12/79
10/10/79
11/14/79
12/12/79
1/16/80
2/13/80


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

2.2
2.0
4. 1
4.0

1.8
4.6
4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

CURRENCY COMPONENT
OF MONEY STOCK MEASURES
BILLIONS OF

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

dollars

billions of dollars
i

107.2
107.1
107.3
107.7
08.2
107.9

JAN.

“

FEB

3

17 31

14 28 14 28 II

FEB

MAR

25

APR

9 23

6 20

4

JUN

18

1

15 29

12 26 10 24

7 21

JUL

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

2

16 30 13 27

FEB
1980

12 28

MAR

1980

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE,
2/14/79

5/16/79

7/11/79

8/15/79

8.8
9.5
10.0
10.3
9.7
9.0
9.0
9.3

11.2
1 1 .7
1 1.7
10.6
9.5
9.5
9.8

13. 1
12.7
10.8
9.3
9.3
9.7

12.6
10.0
8.2
8.4
9. 1

AVERAGE OF FOUR WEEKS ENDINGt

9/12/79 10/10/79 11 /M/79 12/12/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/11/79
8/15/79

9/12/79
10/10/79
11/14/79
12/12/79
1/16/80
2/13/80


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

8.6
6.7
7.4
8.4

4.5
6. 1
7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.0 r----------- ,---------- ,----1980
JAN.

ILL IONS OF DOLLARS
------------------------- Z3 4.0

MILLIONS
16

2194

3

17 31

JAN

I4 28

FEB

14 28

MAR

II

25

APR

8 23

MAY

8 20

4

18

I

JUN
JUL
1979

15 28 12 26

AUG

LATEST DATA PLOTTED WEEK ENDING; FEBRUARY 20,

SEP

10 24

7 21

5 18

OCT

NOV

DEC

2

16 30 13 27

JAN

FEB
1980

12 26

MAR

1980

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
164 ------------- ,---------- ,------

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
-------- ---------------------- 164

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF '
” THE FOUR WEEKS ENDING
— FEBRUARY 13, 1980 FROM '
- THE FOUR WEEKS ENDING;
—
_
_
_
__

DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

12,
14.
10,
12,
15,
16,
14,

1979
1979
1979
1979
1979
1979
1979

29.5
17.3
11.1
____
18.7

MILLIONS
JAN.

FEB.
I I I I

I I II
6 20

JAN

FEB

MAR

APR

MAY

4

18

1

JUN
JUL
1979

LATEST DATA PLOTTED WEEK ENDING; FEBRUARY 13,


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

15 28 12 26 10 24

AUG

SEP

OCT

7 21

NOV

9

6

156,714
156,856
157,415
158,051
159,422
160,908

11iI IU 1 I 1 I I I I II
5 18

DEC

2

16 30 13 27

JAN

FEB
1980

12 26

MAR

1980
PREPARED BY FEDERAL RESERVE BAM( OF ST. LOUIS

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS

ILL IONS OF DOLLARS

BILLIONS

FEB

MAR

NOV

APR

LATEST DATA PLOTTED WEEK ENDING-. FEBRUARY 13,

DEC

FEB

MAR

I960

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS