Full text of U.S. Financial Data : Week Ending: January 14, 1981
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F/A/>a A/u/>a/. Week ending: January 14, 1981 LIBRARY JAN 2 0 1981 The growth in the adjusted monetary base during 1980 shows three distinctive phases. From January to March, the adjusted base increased at a 9.5 percent rate. During the next three months, however, the adjusted base increased at only a 5.6 percent rate. The last half of the year was marked by a rapid acceleration in the adjusted base, increasing at a 10.3 percent rate from June to December. Growth of MlB followed a similar pattern in 1980. M1B increased at a 4.9 percent rate from January to March, then declined at a 0.3 percent rate during the next three months. During the period from June to December, MlB increased at a rapid 10.5 percent rate. Associated with these sharp changes in the growth of the monetary aggregates have been large swings in interest rates. For example, the 3-month Treasury bill rate rose by 320 basis points from January to March, the first phase of monetary growth. Then, during the second phase from March to June, the 3-month Treasury bill rate fell 813 basis points. However, this decline was more than offset by the 842 basis point increase which took place in the last half of the year. These large fluctuations in interest rates have not been confined to short-term rates, but have also occurred in longer-term rates (see pages 6 and 7). The Board of Governors released the following statement regarding the most recent monetary data: "The weekly monetary data must be interpreted with particular caution during the current period, when NOW accounts are being introduced on a nationwide basis at depository institutions, accompanied by heavy promotional efforts. Very large shifts of funds into interest-bearing checking accounts have been evident in early January and have distorted monetary statistics. The significance of these flows will be in substantial part dependent on the ultimate sources of the funds. Because of the regularity of deposits and other flows, it will take some time to assess the impact of these movements. Weekly data around year end are, in any event, subject to erratic fluctuations. As these extraordinary flows subside over the course of coming weeks, more reliable judgments will be possible about the trend of deposit growth." Prepared by Federal Reserve Bank of Sf. Louis Released: January 16, 1981 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 170 —r~~ —i— 168 166 1981 _ DEC. 10 17 — _ JAN. 31 7 14 SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 170 - BILLIONS 168 163.7 163.8 163.8 162.6 163.7 162.4 166 - 164 - V - - 162 160 - V 158 - - 156 156 - - 154 154 V - - 152 'V 152 150 77“ - 148 111 7 21 5 19 NOV DEC 1979 111. ■ 111 Mil. 1 1 1 16 30 13 27 12 26 JAN FEB MAR APR 1 1. L. in 7 21 4 JUN MAY LATEST DATA PLOTTED WEEK ENDING: JANUARY 14, 111 JUL 1980 mi i i i i 111 1111 1 1 1 AUG i M i SEP OCT NOV DEC JAN 1981 1981 THE ADJUSTED MONETARY BASE CONSISTS OF: 11) MEMBER BAMC RESERVES AT THE FEDERAL RESERVE BANKS? ( 21 CURRENCY IN CIRCULATION <CURRENCY HELD BY JHE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), AND ( 3 ) AN ADJUSTMENT FOR RESERVE REQUIREMENT RAT10 CHANGES. THE MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT. DATA £RE COMPUTED BY THIS BAIW. A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE , 1/16/80 4/16/80 6/11/80 6.2 6.6 7.6 8.3 8.2 9.0 9.0 8.0 7.2 8.8 9.7 9.3 10.3 10.2 8.7 10.9 1 1 5 10.6 11.7 11.2 9.3 7/16/80 AVERAGE OF FOUR WEEKS ENDING: 8/13/80 9/17/80 10/15/80 11/12/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/11/80 7/16/80 8/13/80 9/17/80 10/15/80 12/17/80 1/14/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.0 1 1.5 12.7 1 1.9 9.4 10.3 12.2 11.4 8.6 12.0 11.0 7.5 12.5 7.4 3.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ADJUSTED BANK RESERVES j/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 50 BILLIONS 47.3 47.5 47.4 45.7 47.0 I I I I 2 NOV DEC 1979 16 30 13 27 AUG 10 24 8 22 5 19 3 17 31 14 28 SEP 1980 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 198! 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 I/9/80 4/9/80 AVERAGE OF FOUR WEEKS ENDING: 6/4/80 7/9/80 8/6/80 6.7 14.2 11.5 11.1 14.0 10.5 18. 1 13.2 12.2 15.6 11.1 16.6 14.1 17.8 12.1 9/10/80 10/8/80 11/5/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/ 4/80 7/ 9/80 8/ 6/80 9/10/80 10/ 8/80 11/ 5/80 12/10/80 1/ 7/81 0.0 1 .4 2.0 5.4 5.2 5.5 7.6 6. 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0.0 1.4 7. 1 6.4 6.7 9.5 7.3 5.8 13.8 7.5 19.0 9.0 9. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY AD JUS I tLI BILLIONS OF DOLLARS 400 ---------- 1---------- 1--------- ONS OF DOLLARS --------- ----------- 400 BILLIONS 388.5 386.4 386.3 _ DEC. _ 380.9 382.5 — JAN. 5 18 NOV DEC I 1 I I 1 1 11 2 16 30 13 27 12 26 FEB MAR 8 23 7 21 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 4 18 2 18 30 13 27 10 24 AUG SEP 22 5 18 3 17 31 14 28 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. iii a 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: 1/9/80 4/9/80 6/4/80 7/9/80 8/6/80 -1 .8 0.6 2.4 4.2 4.8 5.5 5. ? 3.4 -0.3 3. 1 5.7 6.5 7.2 6.4 4.0 12.9 13.8 13.1 12.9 10.7 7. 1 15.2 13.8 13.4 10.6 6.3 13.3 12.9 9.7 4.8 9/10/80 10/8/80 11/5/80 11.4 7.6 1.9 6. 2 -0.7 -6.0 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/ 4/80 7/ 9/80 8/ 6/80 9/10/80 10/ 8/80 11/ 5/80 12/10/80 1/ 7/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( MlB ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUS ILD BILLIONS OF DOLLARS BILLIONS OF DOLLARS ------------------- ----------- 425 ---------- 1---------- 1--------ILL IONS 412.3 412. 1 409.3 NOV 5 19 DEC 2 16 30 13 27 12 26 FEB MAR I I I I 9 23 7 21 MAY 2 16 30 13 27 10 24 AUG SEP JUN 8 22 5 19 3 17 31 14 28 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7. 1981 CUBSENT DATA APPEAR 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 1/9/80 4/9/80 AVERAGE OF FOUR WEEKS ENDING: 6/4/80 7/9/80 8/6/80 16.6 17.3 16.5 16. 1 13.8 10.9 18.4 16.9 16.3 13.5 10. 1 16.4 15.8 12.5 8.7 9/10/80 10/8/80 14.0 10.2 6.0 11/5/80 8.7 3. 7 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/ 4/80 7/ 9/BO 8/ 6/80 9/10/80 10/ 8/80 11/ 5/80 1/ 7/81 -0.8 2. 1 4. 1 6. 1 6.8 7.5 7.2 6.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 .5 5.2 8.1 8.9 9.6 8.9 7.2 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 20.0 19.0 18.0 17.0 16.0 15.0 15.0 14.0 14.0 13.0 13.0 - COMMERCIAL PAPER CORPORATE A 12.0 Aaa 12.0 bonds 11.0 11 .0 10.0 90 DAY CD'S 9.0 8.0 MUNICIPAL 7.0 I I I I 16 30 14 28 II 25 8 22 7 21 4 MAR 2 APR 18 197-9 2 16 30 13 27 11 25 8 22 5 19 3 17 31 M NOV JUN JUL 1980 28 12 26 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 16, 90 DAY CD'S 1981 NOV. DEC. JAN. 7 14 21 28 5 12 19 26 2 9 16 * 23 30 14.98 14.95 15.79 16.97 17.58 19.93 20.23 17.60 16.99 16.55 17.32 9 23 DEC 1981 PRIME COMMERCIAL PAPER WWW PRIME BANKERS' ACCEPTANCES CORPORATE AAA BONDS CORPORATE Baa BONDS MUNICIPAL BONDS WW 14.48 14.44 15.25 16.17 16.84 18.62 18.68 16.72 15.80 15.43 16.28 14.68 14.64 15.46 16.58 17.28 19.23 19.24 16.84 16.28 16.03 17.03 12.96 12.93 12.96 13.03 13. 15 13.47 13.49 12.89 12.83 12.59 12.71 14.56 14.61 14.61 14.79 14.84 15.21 15.36 15. 19 15.09 14.93 14.96 9.64 9.50 9.50 9.61 9.84 10.42 10.56 9.99 9.76 9.49 N. A. * * AVERAGES OF RATES AVAILABLE. WW BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. WWW DATA ARE 4-MONTH COkMERCIAL 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 20.0 20.0 FEDERAL FUNOS RATE 19.0 19.0 18.0 17.0 16.0 16.0 15.0 14.0 14.0 13.0 13.0 12.0 12.0 DISCOUNT RATE 11.0 11.0 10.0 10.0 5-Y TREASURY SIECURITIES 9.0 8.0 3-MONTH TREASURY BILL 7.0 I I I I I I I I 2 ’6 30 14 DEC 28 11 25 JUN JAN NOV JUL DEC LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 16, FEDERAL FUNDS ## 1981 NOV. DEC. JAN. 1981 7 14 21 28 5 12 ig 26 2 9 16 * 23 30 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL K»* 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 13.99 14.65 15.22 17.43 1 7.72 18.82 19.83 19.44 18.45 20.06 19.64 13.28 13.29 13.98 14.31 14.98 16.76 16.21 14.62 14.31 14.31 15.20 13.27 13.23 13.92 14.03 14.55 15.07 15.42 14.03 13.41 13. 18 14.23 12.47 12.21 12.74 13.22 13.43 13.75 13.71 12.40 12.38 12.26 12.51 12.94 12.59 12.77 13.06 13.40 13.68 13.69 12.50 12.54 12.53 12.69 12.41 12.28 12.23 12.26 12.39 12.74 12.63 11.79 11.92 11.81 12.01 I/slvE^DAf AVERAGeSVFOBA*EEk ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 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!/ CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES 5tA5UNALLY ADJUSTED RATIO RATIO RATIO MONEY MULTIPLIERS JAN. BALLS I I I I I I I I I I I I I I I I LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 1981 BILLIONS OF DOLLARS 120 --------------,--------------,----------- BILLIONS OF DOLLARS ------------------------------- 120 ~ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF - THE FOUR WEEKS END ING JANUARY 7. 1981 FROM - THE FOUR WEEKS ENDING: —NOV. OCT. - SEP. AUG. —JUL. APR. - JAN. 5, 8, 10, 6, 9, 9, 9, 1980 1980 1980 1980 1980 1980 1980 6.7 8.7 8.9 9.0 9.9 9.7 9.3 CURRENCY IMi BILLIONS. 1 1 i I I I I I I I I I I 1 I I I NOV 5 19 DEC 2 10 50 13 27 12 26 9 23 7 21 MAY LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 4 18 JUN 2 16 30 13 27 10 24 AUG SEP 8 22 5 19 3 17 31 14 28 1981 1/ RATIO OF MONEY STOCK (MIA) OR ( MlB > 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 ADJUS I ED BILLIONS OF DOLLARS 285 ---------- .---------- 1-------- BILLIONS OF DOLLARS ------------------- ----------- 285 BILLIONS 272.3 270.3 269.9 267.0 264.0 265.8 7 21 NOV 5 19 2 16 30 DEC 13 27 FEB 12 28 9 23 3 7 21 4 MAR 18 2 16 30 13 27 10 24 8 22 5 17 31 14 28 19 1980 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 1981 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: 1/9/80 4/9/80 6/4/80 7/9/80 8/6/80 -5.6 -2.6 -0.4 2.0 2.9 3.8 3.3 1.0 -4.0 0. 1 3.9 5.0 5.9 5.0 1.7 13.0 14.7 13.9 13.6 10.9 5.8 16.5 14.9 14.2 10.7 4.7 14.9 14.0 9.8 3.0 9/10/80 10/8/80 11.7 6.9 -1.0 5.0 -4.5 11/5/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/ 4/80 7/ 9/80 8/ 6/80 9/10/80 10/ 8/80 11/ 5/80 12/10/80 1/ 7/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -11.1 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 477.3 477.6 477.7 478.0 479. I 477.9 =_ JAN. 460 455 450 445 I I I I I I I I 5 19 2 16 30 13 27 12 26 9 23 7 21 MAY I I I I I I I I 1 I I I 4 18 2 16 30 13 27 AUG JUN 10 24 8 22 5 19 I I I I 3 1 r 31 14 28 SEP I960 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 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: 1/9/80 4/9/80 6/4/80 7/9/80 8/6/80 8.5 9.3 9.9 9.8 9.5 9.7 10. 1 9.6 10.4 11.2 10.8 10. 1 10.4 10.8 10.0 13.2 1 1 .8 10.7 10.9 11.4 10.3 11.4 9.9 10.4 11.1 9.9 8.2 9.3 10.5 9.2 9/10/80 10/8/80 11/5/80 9.3 10.9 9.1 12.9 9.8 8.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/ 4/80 7/ 9/80 8/ 6/80 9/10/80 10/ 8/80 11/ 5/80 12/10/80 1/ 7/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 5.5 nz--------1---------- 1-------LL BILLIONS OF DOLLARS ---------------------------- =3 5.5 MILLIONS DEC. 10 1505 JAN. 7 5 19 NOV DEC 1979 I I I I 2 16 30 13 27 12 26 9 23 JAN FEB MAR APR 7 21 MAY LATEST DATA PLOTTED WEEK ENDING: JANUARY 14, 4 18 2 16 30 13 27 10 24 8 22 JUN JUL AUG SEP OCT 1980 5 19 NOV 3 17 31 14 28 DEC JAN 1981 1981 BUSINESS LOANS ( COMMERCIAL AND BILLIONS OF DOLLARS 178 ---------- 1---------- 1-------- INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED ILL IONS OF DOLLARS —I------------- ----------- 178 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ' - THE FOUR WEEKS ENOING — JANUARY 7. 1981 FROM • _ THE FOUR WEEKS ENDING: “NOV. 5, 1980 - OCT. 8, 1980 — SEP. 10, 1980 - AUG. 6, 1980 —_JUL. 9, 1980 _ APR. 9, 1980 __JAN. 9, 1980 MILLIONS DEC. NOV DEC 1979 I I I I I I I I 2 16 30 13 27 12 26 9 23 FEB MAR APR 3 171,234 171,905 172,165 170,367 172,168 I I I I I I 11 1.1 I I I I I 1 U 7 21 4 18 2 16 30 13 27 10 24 8 22 AUG SEP OCT JUN JUL 1980 5 19 NOV DEC JAN 1981 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 1981 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 BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 2'6 ------- ",---------1------- StASUNALLY ADJUSTED 1979 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, I960 IONS OF DOLLARS 1981 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 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
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