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F//V/1/VC//W.

0/1 T/a

Week ending: February 4, 1981
libra

FEB 9

1!
Financial data are revised regularly at the beginning of each
calendar year to incorporate new seasonal adjustment factors.
Seasonally adjusted data reported in 1980 were based on seasonal
patterns in 1979 and before. These seasonal adjustment factors have
been revised to incorporate data for 1980.
Data on the adjusted monetary base, adjusted bank reserves
and business loans have been revised by this Bank to incorporate new
seasonal adjustment factors. In addition, the business loan series has
been amended to include an adjustment factor to offset the cumulative
effects of mergers and other changes involving the large
weekly-reporting banks. The adjustment factor released by the Board
of Governors for 1980 is an upward adjustment of $354 thousand. Data
for the adjusted monetary base, adjusted bank reserves and business
loans published in this release are on the revised basis. As indicated in
the table below, the revisions have a minimal effect on the growth rates
of these series.
Growth Rates of Old and Revised Series
(Compounded annual rates of change)
Adjusted
monetary base
Old

Period*

Revised

Adjusted
bank reserves
Old
8.5%

Revised

Business
loans**
Old

9.5 %

1/23/80 - 4/23/80

6.8%

7.1%

4/23/80 - 7/23/80

7.5

7.5

-1.8

-1.8

7/23/80 - 10/22/80

11.8

11.2

12.2

10/22/80 - 1/21/81

6.4

5.9

7.2

8.9%

Revised
8.4%

-4.8

-4.7

10.3

19.8

19.5

5.4

17.0

16.3

* Growth rates calculated using four-week averages ending dates shown.
** Business loans at large weekly-reporting banks, excluding
domestic interbank loans.

Prepared by Federal Reserve Bank of St. Louis


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

Released: February 6, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

19&1
DEC.
JAN.

31
7

BILLIONS OF DOLLARS
1 TO

BilUQNS

1M

162.3
163.4
162.7

166

162.2

160
158
156
154

30 13 27 12 26
FEB
MAR

9 23

7 21
MAY

4

18

2 16 30 13 27 10 24
AUG

JUN

Mil
8 22

5 19

3 17 31

SEP

14 28 11 25
JAN
FEB

1980

1979

LATEST DATA PLOTTED WEEK ENOING: FEBRUARY 4,

1981

THE ADJUSTED MONETARY BASE CONSISTS OF: l I I MEM8ER BANK RESERVES AT THE FEDERAL RESERVE
BANKS. (21 CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND N JHf VAULTS OF
COMME^CIAL BANKS), AND I 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 DETA1LE0 DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM
THIS BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
2/6/80

5/7/80

7/2/80

8/6/80

10.0
10.9
10.5
10.3
10.5
9.0
7.7

12.9
11.5
11.0
11.1
9. 1
7.4

11.2
10.6
10.9
8.5
6.6

AVERAGE OF FOUR WEEKS ENDING:
9/3/80

10/1/80

11/5/80

9.0
9.9
7.3
5.3

10.6
6.9
4.6

5.5
2.8

12/3/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

2/80
6/80
3/80
1/80
5/80
3/80
7/81
4/81

7.9
8.7
9.4
9.3
9.3
9.5
8.6
7.6


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

-1 .1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

BJLLJONS.

46.0
45.4
46.8
46.2
45.3

5

19

2

16

30

13 27

FEB

12

26

MAR

JAN

FEB

1979
LATEST DATA PLOTTED WEEK ENDING:

JANUARY 28,

1981

I/.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:

1/30/80

4/30/80

6/25/80

7/30/80

8/27/80

7.6
5.6
7.3
8.3
6.8
9.3
6.8
6.2

0.9
4.9
7.0
5.0
8.7
5.4
4.8

6.6
9.4
5.9
10.9
6. 1
5.3

16.6
9.3
15. 1
8. 1
6.8

5.2
13.9
5.9
4.8

10/1/80 10/29/80 11/26/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/80
7/30/80
8/27/BO
10/ 1/80
10/29/80
11/26/80
12/31/80
1/28/81


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

13.5
2.6
2.0

6.5
4.5

-7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ONS OF DOLLARS

BILLIONS OF DOLLARS

-------- -------------------- 400
BILLIONS
383.3
380.4
382.5
374.0
370.6
367.3

_ DEC.
JAN.

I I I 1 I I 1
5 19

2

16 30

13 27 12 26
FEB
MAR

9 23

7 21

I I 1 I

4 18

2 16 30 13 27 10 24

6 22

3 19

3 17 31 JAN 28 FEB 25
14
11

1980
LATEST DATA PLOTTED WEEK ENDING:

JANUARY 28.

1981

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 NONBANK
PUBLIC EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS.

MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE

AVERAGE OF FOUR WEEKS ENDING:

1/30/80

4/30/80

6/25/80

7/30/80

8/27/80

0. 1
1.6
4.5
5.3
5.9
6. 1
4.0
0.9

7.9
1 1.8
11.5
1 1.5
10.9
7.3
2.7

15.4
13.6
13.2
12. 1
7.2
1.5

16.9
15.3
13.3
7.0
0.3

11.0
9.8
3.3
-3.8

10/1/80 10/29/80

1/26/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/80
7/30/80
8/27/80
10/ 1/80
10/29/80
11/26/80
12/31/80
1/28/81


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

9.5
0.7
-7.5

-3.8
-12.8

-20.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

425
BILLIONS
— DEC.
_

JAN.

410.3
407.2
418.9
416.9
416.0
413.4

JAN
1979

FEB

1980

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

JANUARY 28,

1981

IN THE BOARD OF GOVERNORS’

H.6 RELEASE.

M1B CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY

INSTITUTIONS.

MONEY STOCK ( MlB)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/30/80

4/30/80

6/25/80

1.8
3.7
6.8
7.8
8.4
8.6
6.5
7.3

10. 1
14.2
14. 1
14.2
13.7
9.9
10.7

7/30/80

19.3
17.4
16.7
15.5
10.3
11.2

8/27/80

10/1/80 10/29/80 11/26/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/80
7/30/80
8/27/80
10/ 1/80
10/29/80
11/26/80
12/31/80
1/28/81


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

20.2
18.5
16.5
9.8
11.0

14.3
13.0
6. 1
8. 1

12.4
3.2
6.4

-1.5
4.0

1.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

22.0

22.0

21.0

21.0
PRIME BANK
LOAN RATE

20.0
19.0
18.0

17.0
16.0
15.0
14.0

14.0

13.0

12.0

CORPORATE
Aaa BONDS

1 1 .0
:rc IAL

10,0

10.0
90 DAY CD'S

9.0
8.0
7.0

15 29 12 26

10 24

7 21

5 19

NOV

1

JUN
JUL
1980

DEC

2 16 30 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 6,

90 DAY
CD'S

1981
DEC.

JAN.

FEB.

5
12
19
26
2
9
16
23
30
6 *
13
20
27

17.58
19.93
20.23
17.60
16.99
16.55
17.42
17.82
17.03
16.37

1981

PRIME
COMMERC1AL
PAPER m

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS nr

16.84
18.62
18.68
16.72
15.80
15.43
16.33
16.67
15.94
15.54

17.28
19.23
19.24
16.84
16.28
16.03
17.08
17.38
16.38
15.89

13.15
13.47
13.49
12.89
12.83
12.59
12.76
12.92
12.98
13.05

14.84
15.21
15.36
15. 19
15.09
14.93
14.96
15.08
15. 15
15.29

9.84
10.42
10.56
9.99
9.76
9.49
9.57
9.68
9.91
N.A.

* AVERAGES OF RATES AVAILABLE.
W* BOND BUYER'S -AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
warn 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
21 .0

20.0
FEDERAL FUNDS RATE

18.0
17.0

M.O

12.0
DISCOUNT
RATE

1 1.0

5-YEAR
TREASURY SECURITIES

3-MONTH
TREASURY BILL

NOV
1979

DEC

1980

1981

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 6.

1981
DEC.

5
12
19
26
JAN.
2
9
16
23
30
FEB.
6 #
13
20
27

FEDERAL
FUNDS **
17.72
18.82
19.83
19.44
18.45
20.06
19.64
19.35
18. 12
17. 19

3-MONTH
TREASURY
BILL
14.98
16.76
16.21
14.62
14.31
14.31
15. 19
15.65
15.01
14.79

6-MONTH
TREASURY
BILL *¥*
14.55
15.07
15.42
14.03
13.41
13. 18
14.23
14.47
14. 12
13.74

1-YEAR
TREASURY
BILL
13.43
13.75
13.71
12.40
12.38
12.26
12.50
13.03
12.68
12.80

5-YEAR
TREASURY
SECURITIES
13.40
13.68
13.69
12.50
12.54
12.53
12.69
13.01
12.89
13.10

1981

LONG-TERM
TREASURY
SECURITIES
12.39
12.74
12.63
11.79
11.92
11.81
12.02
12.21
12.22
12.40

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK END ING WEDNESDAY TWO DAYS EARL IER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
*** 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

8
MULTIPLIERS 1/
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
DEC.

24

JAN.

MONEY MULTIPLIERS

2.356

2i299
2.271

1981

BATLQ

DEC.
JAN.

U_l_lJJ_Li-iJ_LLJ-J-l_L
LATEST DATA PLOTTED WEEK ENDING:

JANUARY 28,

1981

BILLIONS OF DOLLARS

120

BILLIONS OF DOLLARS

120

----------1------------- 1---------- 1---------- 1
-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF

-

JANUARY 28, 1981 FR()M
THE FOUR WEEKS END 1 «3:

—NOV.
OCT.
- OCT.
AUG.
-

AP R'.
JA N.

26,
29,
1,
27,
301
30,

1980
1980
1980
1980

-

-

4.
5.
6.?
7.

-

9!
s.e

1980
1980

CURRE NCY

ry

-

-

-

rV

-

-

B U-IO NS

1981

V

DEC .
.
JAh

24
37
14

ILLL 1111
DEC
1979

-LL L

111

1111

2 16 30 13 27 12 26 9 22
JAN
FEB
MAR
APR

LATEST DATA PLOTTED WEEK ENDING:

111

111

Mil

4

2 16 30 13 27 10 24

18

JUN

JUL
1980

JANUARY 28,

1 1 1
AUG

1 1 1
SEP

Mil
8 22

OCT

1

M

b

28
I
"1
111 1 1 M 1 1 111 Li. 11
5

19

NOV

3 1T 31

DEC

14 28 II

2

JAN
FEB
1981

1981

1/ RATIO OF MONEY STOCK (MIA) OR (MlB ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*


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

H.6 RELEASE.

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

BILLION^
266.6
263.5
265.8
257.5
254.0
250.6

275

265

255

I I I I
5 19

2 16 30

13 27

FEB

12 26

0 23

7 21

4 18

2

16 90 13 27

AUG

MAR

LATEST DATA PLOTTED WEEK ENDING: JANUARY 28,

10 24

8 22

5 10

9

17 31

14 28 11

JAN

SEP

25

FEB

1981

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
CHANGE, AVERAGE OF FOUR WEEKS ENDING:

COMPOUNDED ANNUAL RATES
1/30/80

4/30/80

6/25/80

7/30/80

8/27/80

10/1/80 10/29/80 11/26/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/80
7/30/80
8/27/80
10/ 1/80
10/29/80
11/26/80
12/31/80
1/28/81

-2.9
-1.3
2.5
3.7
4.4
4.7
2.0
-2.2


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

6.2
1 1.5
1 1.5
1 1.4
10.9
6. 1
-0. 1

16.1
14.4
13.7
12.5
5.9
-1.7

19.6
16.9
14.6
6.0
-3.0

11.3
10. 1
1.2
-8. 1

9.3
-2.5
-13.2

-8.0
-19.6

-29.3

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

BILLIONS OF DOLLARS

490
BILLIONS

JAN.

485

480. 1
481.5
480. 1
481.3

480
475
470
465
460

5 19

2 16 30 13 27

12 26

9 23

7 21
MAY

4 18

2

16 30 13 27

10 24

8 22

OCT

JUN

5 19

3

17 31

NOV

14 28 11 25
JAN
FEB

1980
LATEST DATA PLOTTED WEEK ENDING:

JANUARY 28,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’

H.6 RELEASE.

TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/30/80

4/30/80

6/25/80

7/30/80

8/27/80

9.2
10.2
10.3
10.0
10.2
10.7
10.5
9.7

11.3
1 1.3
10.4
10.7
11.4
1 1.0
9.8

13. 1
11.1
11.3
12.3
11.5
10.0

9.3
10. 1
11.6
10.8
9. 1

9.6
1 1.7
10.7
8.7

10/1/80 10/29/80 11/26/80

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/80
7/30/80
8/27/80
10/ 1/80
10/29/80
11/26/80
12/31/80
1/28/81


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

14.3
11.9
9.0

11.8
8.1

4.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-------- ----------------- =1 5-5

5.5 p------- 1------------- 1----1981
MILLIONS
= DEC. 31

3.5

—

2.0

—

■E

1.5

-E 0.5

I I I I
5 19

2

16 30 13 27

FEB

12 26

9 23

30 13 27

7 21

MAY

MAR

AUG

JUN

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 4,

-

10 24

8 22

5 19

3 17 31

14 28 II

JAN

SEP

25

FEB

1981

i

BUSINESS LOANS
( COMMERCIAL AND

BILLIONS OF DOLLARS
178 --------- 1------------r
176
174
172
170
168
166

~
—
—
-

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED
i

-

r.oupniiNDFn annual rates
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
JANUARY 28, 1981 CRUM -----THE FOUR WEEKS ENDING:

NOV .
_ OCT .
— OCT.
- AUG.
— JUL
_ APR .
___ IAN

'

26,
29.
1,
27,

1980
1980
1980
1980

30,

1980

/

10.7
16.0
15.2
17.2
17.7
10. 1

A

160
158

/

-

r

_

1981

-

DEC
1979

“

171,393
172,687
171,513

“
“

21

111

MILLIONS

DEC. 24
31
JAN. 7

152

0

-

-

154

148

-

-

r"

156

150

-

-

II LL 111
JAN

FEB

1 1 1

1111

111

APR

MAY

JUN

1 1 1 1

111

MAR

LATEST DATA PLOTTED WEEK ENDING: JANUARY 28,


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

ILL 1 LL
AUG

JUL
1980

SEP

1 1 IL ......................
OCT

172,258

“

1111111s
JAN
FEB
1981

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

174

170

-

/

'

176

172

v

____ J

164

h62

BILLIONS OF DOLLARS
178

i

168
166
164
162
160
158

12
LARGE TIME DEPOSITS

ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

■LL.LflNl

216
214
212
210
208
206
204
202
200

198
196

1979

'980

LATEST DATA PLOTTED WEEK ENDING: JANUARY 28,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' 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

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