Full text of U.S. Financial Data : Week Ending: January 13, 1982

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/VC//1 L

O X\T A

Week ending: January 13, 1982
LIBRARY
JAN 1 9 1982Beginning with the figures released on January 15, 1982, for the
week ending January 6, 1982, the Federal Reserve Board has discontinued
the MIA measure. The existing M1B measure has been relabeled Ml, and
the shift-adjusted M1B measure has been dropped. All of these changes
have been motivated primarily by the slowing of shifts from demand and
savings deposits into NOW accounts after the nationwide introduction of
NOW accounts in January 1981.
The patterns of MIA and M1B growth were markedly different in
1981. M1B grew at about a 6.0 percent rate from the four weeks ending
December 31, 1980, to the four weeks ending December 30, 1981, while
MIA declined at a 6.0 percent rate. Most of the divergence in these
growth rates reflects the shift in the public's asset holdings -- from
traditional checking accounts into interest-bearing NOW accounts — that
occurred during the first four months of the year. For example, MIA
decreased at a 15.6 percent rate from the four weeks ending
December 31, 1980 to the four weeks ending April 29, 1981, while M1B
increased at about a 14.0 percent rate. During this period, demand
deposits declined at about a 25.0 percent rate while other checkable
deposits increased substantially. The shift from checking to NOW accounts
is nearly complete, so that both series now have more similar growth
paths. For example, MIA declined at a 1.0 percent rate from the four
weeks ending April 29, 1981, to the four weeks ending December 30, 1981,
while M1B increased at a 2.6 percent rate.
The nationwide introduction of NOW accounts also motivated
individuals to shift deposits out of other types of accounts, such as savings,
into NOW accounts. As a result of these shifts, the Federal Reserve Board
introduced a new monetary aggregate earlier this year called
shift-adjusted M1B. It was argued that the shift out of nontransactions
savings accounts into NOW accounts introduced a nontransactions
component into measured M1B, which caused the growth rate of measured
M1B to overstate the growth in transactions accounts while the shift was
going on. Hence, an adjustment was applied to M1B (shift-adjusted M1B)
to account for this. Most of this effect appears to have taken place during
the first four months of the year. For example, M1B and shift-adjusted
M1B grew at about 14.0 percent and 6.0 percent rates, respectively, during
the first four months of 1981. As the year progressed, the size of the
shift was reduced. Consequently, M1B and shift-adjusted M1B grew
at 1.8 and 1.1 percent rates, respectively, from April to November 1981.
The MIA series on page 4 of this release has been discontinued.
The M1B measure on page 5 has been relabeled Ml.

Prepared by Federal Reserve Bank of St. Louis
Released: January 15, 1982

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

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
176

BllkLQNS
170. 1
170.0
170.5
70.7
172. 1
71 .0

DEC.

5

19

3

17 31

14 28

JAN

II

25

FEB

II

25

8 22

6 20

3

1

17

15 29

12 26

9 23

7 21

OCT

MAR

LATEST DATA PLOTTED WEEK ENDING: JANUARY 13.

NOV

1982

THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS
AT FEDERAL RESERVE 8ANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND
IN THE VAULTS OF COMMERCIAL 8ANKS ), 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,

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

4/15/81

6/10/81

7/15/81

8/12/81

9/16/81

6.5
5.6
6.5
5.6
4.7
4.9
4.9
5.2

5.7
7.2
5.7
4.3
4.6
4.6
5.0

6.4
4.3
2.6
3.3
3.6
4.3

5.7
2.9
3.7
4.0
4.7

-I .0
1.2
2.2
3.4

1.6
2.9
4.2

10/14/81

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
6/10/81
7/15/81
8/12/81
9/16/81
10/14/81
11/11/81
12/16/81
1/13/82


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

5.6
6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

BILLIONS OF DOLLARS
--------------------------------- 50

BILLION?
DEC.
47.3
47.2
46.6
47.8

5 19
NOV

3DEC
17 31 JAN
14 28 FEB
11 25 MAR
11 25 APR
8 22

6 20
MAY

3 17
JUN

1980

JUL

AUG

SEP

OCT

NOV

DEC

1981

LATEST DATA PLOTTED WEEK ENDING: JANUARY 6,

JAN

1982

1982

ADJUSTED MONETARY BASE (RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE
BANKS PLUS CURRENCY IN CIRCULATION) LESS CURRENCY HELD BY THE NONBANK PUBLIC.

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,
1/7/81

4/8/81

6/3/81

4.3
2.2
4.2
4.9
3.2
2.6
3.7
1 .9

2.6
6.0
6.7
3.9
3.0
4.5
2.0

3.7
5.6
1.9
1.0
3.3
0.4

AVERAGE OF FOUR WEEKS ENDING:

7/8/81

8/5/81

9/9/81

13.0
5.2
3.3
5.6
1.7

0.0
-0.8
3. 1
-1.0

-6.6
0.8
-3.8

10/7/81

11/4/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/
7/
8/
9/
10/
11/
12/
1/

3/81
8/81
5/81
9/81
7/81
4/81
9/81
6/82


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

6.3
-1.7

-1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400
1981
NOV.

BILLIONS
25

361.2
365.6
363.9
364.6
363.7

JAN

FEB

MAR

OCT

NOV

1980
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 30,

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,
12/31/80

4/1/81

-13.0
-12.8
-11.2
-9.5
-9.3
-8.0
-6.8
-6.0

-4.5
-3.5
-2.4
-3. 1
-2. 1
-1 . 1
-0.6

5/27/81

7/1/81

AVERAGE OF FOUR WEEKS ENDING:

7/29/81

9/2/81

9/30/81

10/28/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
5/27/81
7/ 1/81
7/29/81
9/ 2/81
9/30/81
10/28/81
12/ 2/81
12/30/81


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

-7.0
-4. 1
-4.8
-3. 1
-1.7
-1.0

0.8
-1.8
-0.2
0.9
1.4

- 2.5
- 0.2
1 . 1
1.6

- 1.3
1.0
1.7

4.9
4.6

4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
455

BILLIONS
441.2
442.3
440.6
441.8
440.4
450.2

1980
LATEST DATA PLOTTED WEEK ENDING: JANUARY 6,

1982

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml 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)
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELER'S CHECKS.

MONEY STOCK ( Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

1/7/81

4/8/81

6/3/8

7/8/81

8/5/81

9/9/81

10/7/81

11/4/81

9. 1
6.9
6.0
5.9
5.4
5. I
6.3
6.6

2. 1
1 .6
2.4
2.2
2.2
4.2
4.9

-0.9
1 .2
1.2
1 .4
4.2
5.0

2.9
2.3
2.3
5.5
6.3

3.4
3.0
6.8
7.5

1.7
7.4
8.2

10.3
10.5

14.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/
7/
8/
9/
10/
11/
12/
1/

3/81
8/81
5/81
9/81
7/81
4/81
9/81
6/82


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

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

PRIME BANK
LOAN RATE

21.0

20.0

20.0
19.0
90 DAY CD'S

18.0

18.0

17.0

17.0

16.0

16.0
COMMERCIAL
PAPER

15.0

14.0

14.0
CORPORATE
Aaa BONDS

13.0

12.0

12.0
1 1 .0
10.0
9.0

8.0
I I I I
NOV

I I I I

0

DEC

AUG

SEP

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 15t

1982
NOV.

DEC.

JAN.

6
13
20
27
4
1 1
18
25
1
8
15 #
22
29

90 DAY
CD'S
14.13
12.77
11.97
11.51
11.62
11.96
12.68
13. 16
13.03
12.91
13.20

PRIME
COMMERC1AL
PAPER ***
13.64
12.41
11.57
11.09
11.35
1 1 .61
12.34
12.71
12.71
12.70
13.03

PRIME
BANKERS'
ACCEPTANCES
13.54
12.34
1 1 .51
11.14
11.37
1 1.71
12.31
12.83
12.67
12.48
12.88

1982

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS **

14.88
14. 18
13.92
13.92
13.99
14. 16
14.11
14.36
14.50
14.81
15.20

16.87
16.41
16.20
16.08
16.15
16.42
16.55
16.75
16.86
16.95
17.09

12.44
11.43
1 1 .71
11.98
12. 18
12.89
13.00
13. 17
13.30
13.36
N. A.

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

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

22.0 r-

—

21.0

22.0
21.0

FEDERAL FUNDS RATE

20.0

20.0

18.0
'
3-MONTH
7—TREASURY BILL

M.O
DISCOUNT
RATE

5-YEAR
TREASURY SECURITIES
I I .0

10.0

22

5

19

3

NOV
DEC
1980

17 31

14

AUG

28

II

25

9 23

6 20

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 15,

1982
NOV.

DEC.

JAN.

6
13
20
27
4
18
25
1
8
15 #
22
29

FEDERAL
FUNDS **
14.79
14.01
13.17
12.42
12.48
12.04
12.26
12.43
12.54
12.98
12.42

3-MONTH
TREASURY
BILL
12.21
10.93
10.31
10.23
10.39
10.47
10.94
11.14
11.35
11.59
12.03

6-MONTH
TREASURY
B1LL ***
12.72
11.51
10.97
10.92
10.70
10.77
11.60
11.84
12.45
12.28
12.81

* AVERAGES OF RATES AVAILABLE.
** S!^iDNfo^rAA^lAS0fNTHKE
KHK3K NEW ISSUE RATE
KSSuK


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

1-YEAR
TREASURY
BILL
12.35
11.29
10.78
10.63
10.85
11.13
11.53
12. 16
12.23
12.34
12.81

than date

C0MPUTED Bv THE FEDERAL RESERVE

5-YEAR
TREASURY
SECURITIES
14.36
13.43
13. 12
12.81
13.03
13.47
13.44
14.03
14.04
14.46
14.77

LONG-TERM
TREASURY
SECURITIES
13.81

12.78

13.69
14.35

shown°E «■ '-o0'0-

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

1982
1982

8
MONEY MULTIPLIER 1/
CURRENCY COMPONENT OF MONEY STOCK u
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

DEC.
Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: JANUARY 6,

1982

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
JANUARY
6, 1982
FROM
jnraunn
i u,
iaoc rrwiw
THE FOUR WEEKS ENDING:
-----OCT.
"

jul!
APR.
-----JAN.

5,

1981
CURRENCY

1982

BILLIONS

DEC.

JAN.
5

19

3

17

1 I I I I 1 1 1 1 1 11

INI

I I I I
31

M

JAN

28

11

25

I I

25

8 22

6 20

3

17

I

15

29

12

26

9 23

7

2!

FEB

LATEST DATA PLOTTED WEEK ENDING: JANUARY 6,

1982

1/ RATIO OF MONEY STOCK ( Ml ) 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
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
280 r-----------------------------

BILLIONS OF DOLLARS
------1------------- 1--------=1 280
BILLIONS
239.0
236.9
235.9
235.0
244.6

I I I I
NOV

DEC
'980

JAN

FEB

MAR

APR

MAY

LATEST DATA PLOTTED WEEK ENDING-. JANUARY 6,

JUN

JUL
1981

AUG

SEP

OCT

NOV

DEC

JAN
]982

1982

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
1/7/81

AVERAGE OF FOUR WEEKS ENDING:

4/8/81

6/3/81

7/8/81

8/5/81

9/9/81

-8.3
-8.8
-7.7
-6.8
-6.0
-3.9
-2.8

-9.9
-7.8
-6.5
-5.5
-2.9
-1.5

-6.8
-5.3
-4.3
-1.3
0. 1

-2.9
-2.4
0.9
2. 1

-1.4
2.8
4.0

10/7/81

11/4/81

4.8
5.7

8.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/
7/
8/
9/
10/
11/
12/
1/

3/81
8/81
5/81
9/81
7/81
4/81
9/81
6/82

-21.7
-19.5
-18.4
-16.4
-15.0
-13.8
-11.6
-10.3


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10
SAV I NGS PLUS SMALL TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1982
IT DEC

Z

JAN.

BILLIONS OF DOLLARS
525

BILLIONS
510.5
51 1 .5
512.0
511.4
511.1
51 1 .7

505

500

495

490

485

1980

1981

LATEST DATA PLOTTED WEEK ENDING: JANUARY 6.

1982

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME OEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000.

SAV1NGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
1/7/81

4/8/81

6/3/81

4.3
4.4
4.9
5.7
5.6
6.4
7.4
7.0

4.0
5.0
6.3
6.0
7. 1
8.4
7.8

6.3
7.9
7. 1
8.4
9.8
8.9

AVERAGE OF FOUR WEEKS ENDING:

7/8/81

8/5/81

9/9/81

9.6
8.0
9.4
1 1 .0
9.7

7.9
9.8
1 1.6
10.0

9.3
12.0
9.8

10/7/81

11/4/81

15.5
1 1.5

10.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/
7/
8/
9/
10/
11/
12/
1/

3/81
8/81
5/81
9/81
7/81
4/81
9/81
6/82


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
billions of

Z

AVERAGES OF DAILY FIGURES

dollars

1982

— DEC.

billions of dollars

MILLIONS
9

I I I I
5

19

3

17 31

M 28

JAN

11

25

FEB

II

25

MAR

MAY

LATEST DATA PLOTTED WEEK ENDING-.

JANUARY 13,

OCT

JUN

NOV

1982

BUSINESS LOANS 17
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS V
SEASONALLY ADJUSTED BY THIS BANK

8 ILL IONS OF DOLLARS
196

1

BILLIONS OF DOLLARS
196

1

---------------------- 1------------------“ COMPOUNDED
ANNUAL
RA FES
“ OF CHANGE, AVERAGE 0
- THE FOUR WEEKS END 1N
- JANUARY 6, 1982 FROM
- THE FOUR WEEKS END 1N
1981
1981
1981
1981
1981
1981

IT

4,
7,
9,
5,
8,
8,

[

“ NOV.
“OCT.
- SEP.
- AUG.
-JUL.
-APR.

_

/

15.6
13.0
13.1
14.5
15.2
18.0

'j
t

i i i

III' III

r

“

J

i

i
i

,

198

N

J
Z
s

/

DEC.

2
2
9
16
23
30

MILL 10 NS

“

190,731
191,112
192,405
191,087
192,826

“
“
“
-

111 13 ILL
17 31_LL-L
M 28 1 I 1I 1 25 111
11 25 1111
8 22

III.

JAN.
6 193,994 INI
17 1 211 i i4 i 18i i i i i i i i i L
1 1 1 1.111.
111
15 29 12 26

NOV

MAY

JUN

DEC

JAN

FEB

MAR

APR

1980
LATEST DATA PLOTTED WEEK ENDING-. JANUARY 6,
1/ BUSINESS LOANS INCLUDE BANKERS'

JUL
1981

AUG

SEP

OCT

NOV

DEC

JAN
1982

1982

ACCEPTANCES AND COMMERCIAL PAPER.

2/ BANKS WITH DOMESTIC ASSETS OF 1750 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
BILLIONS OF DOLLARS

BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

LLIONS OF DOLLARS
265

BILLIONS

260
255
250
245
240
235
230
225

220
215

MAY
1980
LATEST DATA PLOTTED WEEK ENDING: JANUARY 6.

JUN
1981
1982

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