Full text of U.S. Financial Data : Week Ending: January 23, 1980
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rngj I F/A/za/VCT/ZlL mom? DATA. Week ending: January 23, 1980 US) ^QR Tm operating strategy that emphasizes control of bank reserves as the means of controlling money growth requires a greater willingness on the part of the Federal Reserve to periodically permit greater fluctuations in the effective federal funds rate.* Such a policy does not necessarily imply, however, that large week-to-week fluctuations in the funds rate will be the norm. In the period immediately following the announcement of such a major change in operating procedures, one would expect to see large variation in the funds rate. As the banks become accustomed to the new procedure, such large changes could become less common. For example, following the October 6, 1979 announcement by the Federal Open Market Committee, the absolute value of the change in this rate from the week ending October 17 to the week ending October 24 was 192 basis points—the largest week-to-week change for the yew. Over the eight-week period following the October 6 announcement, the average absolute value of the week-to-week changes was about 101 basis points. In contrast, the average change was only 19 basis points over the previous eight-week period. Recent week-to-week changes in the federal funds rate, however, have decreased relative to the immediate post-October 6 levels. Over the most recent seven-week period, for instance, the absolute values of week-to-week changes in the effective rate averaged about 19 basis points. This average change is similar to the average fluctuation for the corresponding seven-week period ending January 24, 1979 when it was about 24 basis points. Although week-to-week fluctuations have decreased in recent weeks, daily trading ranges and day-to-day changes in the effective rate have remained substantially larger compared with those before October 6. CHANGE IN WEEKLY AVERAGE EFFECTIVE FEDERAL FUNDS RATE (in basis points) Week Ending Change in Rate From Previous Week (Absolute Values) 10/17/79 10/24/79 10/31/79 11/07/79 11/14/79 11/21/79 11/28/79 12/05/79 122 192 47 184 47 20 64 131 Week Ending . Change in Rate From Previous Week (Absolute Values) 12/12/79 12/19/79 12/26/79 1/02/80 1/09/80 1/16/80 1/23/80 2 11 41 55 10 3 14 *The daily effective federal funds rate, which is based on transactions made through brokers in New York City, is an average of rates occurring during each day weighted by the amounts that were traded. The weekly federal funds rate reported in this release (page 7) is a seven-day average of daily effective rates for the week ending on Wednesday. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: January 25, 7980 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 160 ---------- ,------------- 1------ DEC. LLIONS OF DOLLARS —i------------- ----------- 160 153.6 IQ 155.3 155.2 I I I I 6 20 3 17 31 14 28 FEB 14 28 MAR II 25 © 23 6 20 4 JUN APR 5 LATEST DATA PLOTTED WEEK ENDING; JANUARY 23. 18 2© 12 28 10 24 JUL 7 21 NOV 5 1© 2 18 50 13 27 DEC 1980 THE ADJUSTED MONETARY BASE CONSISTS OF; ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS <2 VCURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COACACIAL BANKS). AND < 3 ) AN ADJUSTMENT FOR RESERVE REQUIREMENT RAT 10 CHANGES THE MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT. DATA ARE COMPUTED BY THIS BAM(. 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-. 1/24/79 4/25/79 6/20/79 7/25/79 8/22/79 5.8 7. 1 7.4 8.4 8.7 8.3 8. 1 8.5 9.4 9.4 10.6 10.6 9.9 9.4 9.7 11.1 12.5 12.1 10.8 10.0 10.3 12.3 11.8 10.3 9.3 9.8 13. 1 10.6 9.4 9.9 9/26/79 10/24/79 11/21/79 TO THE AVERAGE OF FOUR WEEKS ENDING; 6/20/79 7/25/79 8/22/79 9/26/79 10/24/79 11/21/79 12/26/79 1/23/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.0 7.3 8.5 5.8 7.8 9.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER is ADJUSTED FEDERAL RESERVE CREDIT AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO 2.9 2.9 MULTI PLIER 2.6 2.4 1980 BALLS DEC . 111 i 111 in 111 in ■ IUI. in LATEST DATA PLOTTED WEEK ENOING; JANUARY 16, 1 1 1 XI .1 1 111 1111 2? 1:475 ■LI 1 9 2.464 ~ 16 2.475 I i i i I i i i i i i i i! I960 BILLIONS OF DOLLARS 138 ---------1------------1--------- 1--------136 13-4 132 130 BILLIONS OF DOLLARS 138 COMPOUNDED ANNUAL R/kTES ---- OF CHANGE. AVERAGE THE FOUR WEEKS END 1 4G “ JANUARY 23. 1980 FRC)M THE FOUR WEEKS END 1 - NOV. OCT. — SEP. _ AUG. JUL. _ 21, 24, 26, 22, 25, JA n: 24: 136 r ~ ADJ USTED FEDEf*AL RES LRVE - :redit 134 /J 1979 11.2 1979 10.7 1979 11.S 1979 12.2 1979 12.4 1979 2.3 2.48J 1. JAh 2.2 jg 132 130 9.; - 128 128 - A___ t 126 126 124 V BILLIO MS. ~ 1asu DEC 122 JAhi. - 124 122 2 135. J 120 120 !m DEC 1978 11II 111 JAN FEB XL in XX. MAR APR 111 111 XLLL i i i 13 29 12 26 JUN JUL 1979 AUG SEP 1111 111 10 24 7 21 OCT Lil i 11111 Lxi: 3 10 2 16 30 13 27 JAN FEB 1980 LATEST DATA PLOTTED WEEK ENDING: JANUARY 23, 1980 1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE 2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE MOLDINGS OF SECURITIES. LOANS. FLOAT AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE SERVE REQUIREMENT RATIO CHANGES. DATA ARE COITUTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 965 960 BILLIONS 955 951.2 951.8 954. I 953.6 955.6 958. I 950 945 940 935 930 925 920 915 910 905 900 895 890 885 880 875 870 .865 fl 20 3 17 31 14 28 FEB 14 28 MAR 11 25 0 23 APR 8 20 4 18 I 15 29 12 26 10 24 7 0 21 JUN JUL 1979 1978 LATEST DATA PLOTTED WEEK ENDING: JANUARY 16, I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/17/79 4/18/79 6/13/79 7/18/79 8/15/79 6.9 8.3 8.7 9.2 9.5 9. 1 8.7 8.6 12. 1 1 1.9 12. 1 12.0 11.1 10.3 10.0 13. 1 12.9 12.7 11.2 10.2 9.8 12.0 12.0 10.3 9.2 8.9 12.2 9.9 8.8 8.5 9/19/79 10/17/79 11/14/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/13/79 7/18/79 8/15/79 9/19/79 10/17/79 1 1/14/79 12/19/79 1/16/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.4 7.3 7.3 5.4 5.9 6.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVbKAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 390 --------- ,------------1----- LLIONS OF DOLLARS 1------------ ---------- 390 BILLIONS 381 .6 383.0 382.9 382.6 383.6 6 20 3 17 31 14 28 14 28 II FEB MAR 25 0 23 0 20 4 18 I IS 29 12 26 10 24 LATEST DATA PLOTTED WEEK ENDING: JANUARY 16, 7 21 5 NOV APR DEC 19 2 16 30 13 27 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. THE MONEY STOCK CONSISTS OF DEMAW DEPOSITS PLUS CURRENCY ANO COIN HELD BY THE NONBAI* PUBLIC. MONEY STOCK (Ml ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/17/79 4/18/79 6/13/79 7/18/79 8/15/79 4.8 6.2 6.4 7.0 7. 1 6.0 5.9 6.0 11.1 10.3 10.4 10. 1 8. 1 7.5 7.5 10. 1 10.4 10.0 7.2 6.7 6.8 9.3 9. 1 5.8 5.5 5.8 9.8 5.2 5.0 5.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/13/79 7/18/79 8/15/79 9/19/79 10/17/79 11/M/79 12/19/79 1/16/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19/79 10/17/79 11/14/79 1.9 2.9 3.9 0.5 2.5 5.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT -zn 16.5 16.5 pr 13.5 13.0 PRIME BANK LOAN RATE COMMERCIAL PAPER 1 I .0 90 DAY CD'S BONDS CORPORATE MUNICI PAL BONDSXX 'Mil 1 15 DEC 1978 20 12 26 0 23 JAN FEB 0 23 6 20 MAR APR 4 18 MAY I 15 20 13 27 10 24 JUN JUL 1979 AUG 7 21 SEP 5 10 OCT 2 IB 30 NOV 14 28 II DEC JAN. FEB. 1980 90 DAY CD'S 1980 7 14 21 28 A 18 25 * 1 8 15 22 29 8 22 198C LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 25, DEC. 25 JAN PRIME COMMERCIAL PAPER XXX PRIME BANKERS' ACCEPTANCES CORPORATE AAA BONDS MUNICIPAL BONDS am 13.09 13.63 13.56 13.43 13.45 13.38 13.33 13.41 12.79 13.29 13.41 13. 18 12.98 12.82 12.88 12.97 12.83 13.58 13.47 13.42 13.29 13.09 13.04 13.23 10.58 10.70 10.79 10.87 10.88 10.91 10.99 11.17 7.17 7.26 7.22 7.23 7.32 7.30 7.28 N. A. X AVERAGES OF RATES AVAILABLE. am BONO BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA. XXX 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 16.0 FEDERAL FUNDS RATE 15.5 15.0 14.5 14.5 M.O 14.0 13.5 13.5 13.0 12.5 12.0 1 I .5 11.5 1 1.0 10.5 10.5 10.0 DISCOUNT 9.5 3-5 YEAR TREASURY SECURITIES 9.0 THREE-MONTH TREASURY BILL MARKET YIELD 8.5 8.0 7.5 I 15 20 12 26 JAN 0 23 9 23 FEB 6 20 4 APR MAY 18 15 20 13 27 10 24 5 10 2 16 30 14 28 11 25 8 22 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 25, 1980 DEC. JAN. FEB. 7 14 21 28 4 1 1 18 25 * 1 8 15 22 29 I960 FEDERAL FUNDS am 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL mm 1-YEAR TREASURY BILL 3-5 YEAR TREASURY SECUR1T1ES LONG-TERM TREASURY SECUR1T1ES 13.77 13.79 13.90 13.49 14.04 13.94 13.91 13.77 1 1.75 12.34 12.06 11.99 12. 10 11.72 11.91 12.14 11.77 11.77 12.00 11,35 11.88 11.86 1 1 .78 11.89 10.86 11.10 10.85 10.86 10.97 10.78 10.83 10.98 10.33 10.49 10.45 10.55 10.59 10.58 10.66 10.81 9.97 10. 14 10.08 10. 13 10.21 10.27 10.42 10.66 * AVERAGES OF RATES AVAILABLE. ** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. mm 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 0 8 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 580 569.6 570.6 571.1 570.6 573.0 574.6 535 530 525 520 515 510 6 20 3 17 31 14 28 FEB 14 28 MAR II 23 0 23 6 20 4 JUN APR JUL LATEST DATA PLOTTED WEEK ENDING: JANUARY 16, 18 1 15 29 12 28 10 24 7 21 NOV 5 10 2 16 30 13 27 DEC 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMhCRCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/17/79 4/18/79 6/13/79 7/18/79 8/15/79 15.2 14.7 14.6 14.0 12.6 1 1.9 13.9 14.0 13.5 1 1.9 11.1 13.9 13.2 1 1.3 10.5 9/19/79 10/17/79 11/14/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/13/79 7/18/79 8/15/79 9/19/79 10/17/79 11/14/79 12/19/79 1/16/80 8.3 9.8 10.3 10.8 11.2 11.2 10.7 10.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.7 13. 1 13.2 13.4 13. 1 12.2 1 1 .6 12.9 10.5 9.6 8.9 8.2 6.7 PREPARED BY FEDERAL RESERVE BAM( OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS I LL IQN5 275.5 275.0 276.5 276.2 275.5 276.5 6 20 3 17 31 14 2B 14 28 II FEB MAR 28 0 23 APR 6 20 4 18 I IS 20 12 26 10 24 JUN JUL 1979 1978 LATEST DATA PLOTTED WEEK ENDING: JANUARY 16. 7 21 NOV DEC I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/17/79 4/18/79 6/13/79 3.6 5.5 5.4 5.9 6.2 4.7 4.8 4.9 12. 1 10.4 10. 1 9.8 7.2 6.9 6.9 9.7 9.5 9.2 5.8 5.7 5.8 7/18/79. 8/15/79 9/19/79 10/17/79 11/14/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/13/79 7/18/79 B/15/79 9/19/79 10/17/79 11/14/79 12/19/79 1/16/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.3 7.6 3.7 4.0 4.3 8.8 3.3 3.8 4.2 -0.2 1.8 2.8 - 1 .0 1.2 5.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 CURRENCY COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 1 10 ---------- 1------------- ,------ BILLIONS OF DOLLARS ------------------------------- 1 10 BILLIPN? 106. I 106.2 _ 106.5 106.7 JAN. 107.2 107.1 6 20 DEC 1978 3 17 JAN 31 M FEB 26 14 28 MAR II 25 APR 0 23 MAY 6 20 1 JUN JUL I 979 AUG LATEST DATA PLOTTED WEEK ENOING: JANUARY 16, 15 29 12 26 SEP 10 24 7 OCT NOV 21 DEC JAN FEB 1960 I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. CURRENCY COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/17/79 4/:4/79 6/13/79 7/18/79 8/15/79 8.0 8. 1 9.0 9.8 9.8 9.4 8.8 9.0 8.7 10. 1 1 U.2 10.9 10.3 9.2 9.5 1 1.3 12.7 11.8 10.8 9.3 9.6 15.0 13.2 11.5 9.5 9.8 12.4 10.5 8.3 8.9 9/19/79 10/17/79 11/14/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/13/79 7/18/79 8/15/79 9/19/79 10/17/79 11/14/79 12/19/79 1/16/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.7 5.9 7.2 4.5 6.6 6.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION billions BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES OF DOLLARS 0 1980 MILLIONS DEC. 19 JAN. 2 6 20 DEC 1978 1684 I I I I 23 3 17 31 14 28 14 28 11 2S JAN FEB MAR APR MAY 6 20 4 15 20 12 26 10 24 LATEST DATA PLOTTED WEEK ENDING-. JANUARY 23, 7 21 5 NOV I 18 JUN JUL 1979 DEC 19 2 16 30 13 27 1980 BUSINESS LOANS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 158 ----------1------------- 1--------- r——t " COMPOUNDED ANNUAL RA 156 — OF CHANGE, AVERAGE 0 - the four Weeks endin< 154 — JANUARY 16, 1980 FROf4 - THE FOUR WEEKS END 1 N<it 152 IT NOV. 14. 1979 11.9 17,1979 6.6 150 _OCT. _ SEP. 19,1979 7.8 __ AUG. 15,1979 11.3 148 JUL. 18,1979 13.8 146 _ JAN. \7\ i 979 BILLIONS OF DOLLARS X.- / - 150 1 48 46 18.5 - - - y 142 - - - - - - 140 138 136 132 - 130 _— 128 126 - - las 5 /• - - 0 17 31 DEC JAN MILLIONS _ 144 142 140 138 136 134 132 r 1111 152 ... 144 134 154 l-LL FEB MAR 1111 11 L 1 1 1 14 28 1978 14 28 11 APR 20 25 MAY INI OCT NOV DEC JAN FEB 1980 1980 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 130 128 126 0 4 I; JUN JUL 1979 LATEST DATA PLOTTED WEEK ENDING: JANUARY 16, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 111 SEP i in 111 111 151,195 DEC. 12 19 153,108 26 154,159 155,497 — JAN. 2 9 156,248 16 156.921 — 111111111 ii 11111' 12 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 112 110 108 106 104 102 100 98 96 94 92 90 FEB MAR APR LATEST DATA PLOTTED WEEK ENDING: JANUARY 16, NOV DEC 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS