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F//V/l/VC//aL

DXKTAI

Week ending: January 30, 1980
Data on the adjusted monetary base, adjusted Federal Reserve
C.I BOA
business loans have been revised by this Bank to incorporate
jBfew8s498Jnal adjustment factors. In addition, the monetary base has
been revised to capture the effects of the Federal Reserve's
reclassification of Regulation K reserves. Data for the series as
published in this release are on the revised basis.
Regulation K reserves are those held against deposits of Edge
Act and Agreement corporations that are formed to finance
international commerce. Under Regulation K, the deposits of these
corporations are subject to the same reserve requirements imposed on
deposits of member banks. Beginning in the last week of October 1979,
the Board of Governors reclassified these Regulation K reserves,
including them with member bank reserves in "total reserves." This
reclassification revises total reserves and, consequently, affects data on
the adjusted monetary base. This revision has only relatively small
effects on the levels and growth rates of the adjusted monetary base.
GROWTH RATES OF THE ADJUSTED MONETARY BASE
(Compounded Annual Rates of Change)
Revised

Three-Month Periods*

Old

1/24/79-4/25/79

4.8 %

5.7 %

4/25/79-7/25/79

9.4

9.7

7/25/79-10/24/79

11.8

10.1

10/24/79-1/23/80

7.8

7.6

♦Growth rates are calculated using four-week averages ending dates
shown.
Next week the Board of Governors will announce redefinitions
of the measures of money stock. Also beginning next week,
data on money stock measures will be released on Friday
afternoon instead of Thursday. To allow time to •‘-'corporate
these changes, this release will not be published next week.
Publication will resume the following week.


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

Prepared by Federal Reserve Bank of St. Louis
Released: February 1, 1980

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
DEC.

8 20

26

3 17 31

154.5
154.5
155.3
155.0
154.7
155.3

14 28 14 28 1 I 25
FEB
MAR
APR

0 23

8 20
JUN

4 18
JUL

1

15 20 12 28 10 24

7 21
NOV

5 10
DEC

2 16 30 13 27

1978
LATEST DATA PLOTTED WEEK ENDING: JANUARY 30, 1980
THE AOJUSTED MONETARY BASE CONSISTS OF; ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, < 2 ) CURRENCY IN CIRCULATION I CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COMMERCIAL BANKS), 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,
1/31/79

5/2/79

6/27/79

7.2
8.0
8.4
8.6
8.8
8.3
8.4
8.4

9.4
9.8
9.9
9.9
9.0
9.1
9.0

11.1
10.7
10.5
9.2
9.4
9.2

8/1/79

AVERAGE OF FOUR WEEKS ENDING:

8/29/79

10/3/79 10/31/79 11/28/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/27/79
8/ 1/79
8/29/79
10/ 3/79
10/31/79
11/28/79
1/ 2/80
1/30/80


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

10.5
10.3
8.7
9.0
8.8

10.0
8.0
8.5
8.4

6.6
7.9
7.9

7.0
7.3

9.0

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

MULTIPLIER^
ADJUSTED FEDERAL RESERVE CREDIT 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULT PLIER

2.5

1380
DEC

:
i i i i

-LLL 1 1.1 J_LL 1111 -LLL J-LL

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23,

III!

1 1 1

.

m
m

JAN

!lll

RATIC

j
.1,1 IJ _mJ111111111

—

-LLL

1980

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
MO

COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF

138

jwiunn i ju. I sou rr\UM
___THE FOUR WEEKS ENDING:
NOV.
iUG.
AUG.
_

JAN.

28,
3,
29,
1,
2,
31,

1979
1979
1979
1979
1979

136

1979
ADJUSTED FEDERAL RESERVE CREDIT

134
132
130
128

12fi£

BILLlQN$

126
124
122

l.li I 1 I 1 I I I I I I 1 I I
e 20

3 17 31

14 28 14 28 I
23
FEB
MAR
APR

B 23

8 20
JUN

LATEST DATA PLOTTED WEEK ENDING: JANUARY 30,

4 18
JUL

I

15 2B 12 26 10 24

7 21
NOV

5 IB
DEC

2 16 30 13 27

1980

1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS 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 C0MPUTE6 BY THIS BANK?


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

0

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
•

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSltU

BILLIONS OF DOLLARS
970

BILLIONS OF DOLLARS
--------------------------- 3 970
---------------------------- E

965

B1LL1QL&
951 .8
953.6
955.6
957.5
954.9

6 20

3 17 31

M 28 14 28 1 I 23
FEB

MAR

8 23

APR

6 20
JUN

4 18
JUL

1

2 IB 30 13 27

13 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23. 1980
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:

1/24/79

4/25/79

6/20/79

7/25/79

8/22/79

7.7
8.9
9.2
9.7
9.7
9.4
8.9
8.6

1 1 .5
11.5
1 1.8
11.5
10.8
10.0
9.5

12.8
12.7
12.2
1 1 .0
9.9
9.3

12. 1
11.5
10.2
9.0
8.4

11.5
9.8
8.5
7.9

9/26/79 10/24/79

I/21//9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/20/79
7/25/79
8/22/79
9/26/79
10/24/79

1/23/80


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

8.0
7.0
6.5

5.6
5.5

5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

965

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
390

1
BILLIONS
381.2
383.0
382.9
382.6
383.2

'A

ls/\

=

J

------J

ii.

, 1
1

1
1

IX

jTTTT

. VV, r\ /V/V.

-

A

llll

r

,

-L U L L

llll

K

/

1

TITT

AJ

1 .1L

= 1
- I98Q
I_ DEC. 19
- JAN. 25
2
9
16

TTTPTTTT "I'lTT

BILLIONS OF DOLLARS
390

s 111 llll 31 111 28 111 28 111 25 llll i6 i 20 14 1 18 . 11 1 15 20 in 26-LULL ..111 11.1 Mill 30 1 13 1 2J
i
1
L.l. 12 10 24 7 21 5 10 2 16
1
3 17
14
14
11
0 23
DEC
1978

JAN

FEB

MAR

APR

MAY

JUN
JUL
1979

LATEST DATA PLOTTED WEEK ENDING-. JANUARY 23,

AUG

SEP

OCT

NOV

DEC

JAN
FEB
1980

I960

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml
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

6. 1
7.0
7. 1
7.7
7.3
6.5
6.3
6.0

9.7
9.2
9.7
8.9
7.5
7.0
6.5

9.4
10. 1
8.8
7.0
6.5
5.9

9.7
8. 1
5.9
5.5
5.0

8.3
5.3
5.0
4.5

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

1.7
2.7
2.6

1.8
2.0

3.4

PREPARED BY FEDERAL RESERVE BAt* OF ST. LOUIS

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
16.5 cr

PERCENT

-zi 16.5

16.0

16.0

15.5
15.0
14.5

14.5
14.0

13.0
12.5
PRIME BANK
LOAN RATE

12.0
COMMERCIAL PAPER
11.0

10.5

90 DAY CD'S

CORPORATE

Aaa

BONDS -

MUNICIPAL
BONDS**

1
JAN

FEB

APR

15 29 13 27 10 24

7 21

MAY

1978

1979

5 19

2 16 30 14 28 II 25 8 22
DEC
JAN
1980

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 1,

1980
DEC.

JAN.

FEB.

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

90 DAY
CD’S
13.09
13.63
13.56
13.43
13.45
13.38
13.33
13.42
13.39

1980

PRIME
C0I44ERC1 AL
paper netex

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa 80NDS

MUNICIPAL
80NDS KX

12.79
13.29
13.41
13.18
12.98
12.82
12.88
12.97
13.03

12.83
13.58
13.47
13.42
13.29
13.09
13.04
13.24
13. 13

10.58
10.70
10.79
10.87
10.88
10.SI
10. S9
11.22
11.40

7. 17
7.26
7.22
7.23
7.32
7.30
7.28
7.33
N. A.

* AVERAGES OF RATES AVAILABLE.

** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
46ie« 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 nr

PERCENT

~zi 16.0
FEDERAL FUNDS RATE
15.5

15.0
14.5

13.5

11.5

11.5

10.5
DISCOUNT
RATE
_
3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

I

15 29 12 26

9 23

9 23

6 20

4 18_

APR

MAY

I

15 29 13 21 10 2A

T 21

2 16 30 14 28 II 25

8 22

1980
LATEST DATA PLOTTED ARE AVERASES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY I, I960

1980
DEC.

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

FEDERAL
FUNDS K*
13.77
13.79
13.90
13.49
14.04
13.94
13.91
13.77
13.54

3-MONTH
TREASURY
BILL
11.75
12.34
12.06
1 1 .'99
12.10
1 1.72
1 1 .91
12.17
12.19

6-MONTH
TREASURY
B1LL Betels
11.77
11.77
12.00
11.85
11.88
11.86
11.78
11.89
11.85

1-YEAR
TREASURY
BILL
10.86
11.10
10.85
10.86
10.97
10.78
10.83
11.05
11.22

3-5 YEAR
TREASURY
SECUR1T1ES
10.33
10.49
10.45
10.55
10.59
10.58
10.66
10.87
11.12

LONG-TERM
TREASURY
SECUR1T1ES

10. 13

10.99

* AVERAGES OF RATES AVAILABLE.
**
averages for week ending Wednesday two days earlier than date
SHOWN.
SI,,PAI\£PPEAB IN THE BOARD OF GOVERNORS' H.9 RELEASE.
NtW 1SSUfc RATE
treHur? ^tr^HiAs^Los^¥R^i.flRE C0MPUTE°BY T* FEDERAL RESERVE
BANK OF ST. LOUIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
585

BILLIONS OF DOLLARS
““
580

580
570.6
571.1
570.6
573.0
574.3
574.7

575
570

575
570

565

565

560

560

555

555

550

550

545

545

540

540

535

535

530

530

525

525

520

520

515

515

510

510

®

6 20
DEC
1978

3 17 31
JAN

14 28 14 28 II 25
FEB

MAR

APR

9 23
MAY

6 20

4 18

I

JUN
JUL
1979

LATEST DATA PLOTTED WEEK ENDING*. JANUARY 23.

15 29 12 26 10 24

AUG

SEP

OCT

7 21

5 19

NOV

DEC

2 18 30 13
JAN
FEB
1980

1980

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
K NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABIJ TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF •100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
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

8.8
10. 1
10.7
11.1
11.4
1 1.3
10.8
10.5

12.8
13.2
13.3
13.4
13.0
12.0
1 1.5

15.2
14.6
14.5
13.8
12.3
1 1.7

14.0
14. 1
13.3
1 1 .6
10.9

13.9
12.9
10.9
10.3

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

12.4
9.9
9.3

8.1
7.8

6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1980

BILLIONS

of dollars

BILLIONS
275.0
276.5
276.2
275.5
276. 1
272.9

FEB

MAR

APR
1979

1978

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23.

1 980
1980

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:

1/24/79

4/25/79

6/20/79

7/25/79

8/22/79

5.4
6.6
6.3
6.9
6.5
5.5
5.4
4.9

9.9
8.6
9.0
8. 1
6.4
6.2
5.4

8.5
9.2
7.8
5.6
5.5
4.5

7.7
6.3
3.8
4.1
3.2

7.2
3.6
4.0
3.0

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

-0.5
1.6
0.9

0.8
0.1

2.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
BILLIONS

of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

OOLLARS

billions of dollars

1 10
BILLIONS
106.2
106.5
107.2
107.1
107.4

I 1 I I
I

FEB

MAR

APR

JUN

15

29

12 26

10 24

7

2

21

16 30

13 27

JUL
1980

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23. 1980
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
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

7.7
8. 1
9.2
9.8
9.6
9.4
8.6
9.0

8.7
10.4
11.2
10.7
10.3
9.0
9.4

12.6
13.0
1 1.8
11.1
9.3
9.8

15.0
12.7
11.5
9.3
9.8

11.1
10.0
7.7
8.7

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

7.7
5.5
7.2

4.5
7.0

6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS IN THE NATION
BILLIONS

AVERAGES OF DAILY FIGURES

DOLLARS

of

1M

billions of

dollars

MILLIONS

- DEC. 26
JAN.
2

6 20

3 17 31

14 28 14 28 11 25
FEB
MAR
APR

B 23

6 20
JUN

4 18
JUL

1

15 20 12 20 10 24

7 21
NOV

5 10
DEC

2 IB 30 13 27

LATEST DATA PLOTTED 6€EK ENDING: JANUARY 30. 1980

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
160
158
156
154
152
150
148

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

_COMPOUNDED ANNUAL RA TES
OF CHANGE. AVERAGE 0 F
“ THE FOUR WEEKS END 1N G
— JANUARY 23, 1980 FRO
- THE FOUR WEEKS END ING:
—
_
__
_
__
_

NOV. 21,
OCT. 24,
SEP. 26,
AUG. 22,
JUL. 25,
APR. 25,
JA7< . 24,

1979
1979
1979
1979
1979
1979
979

142
140
138
136
134
132
130
128

158
-

T—

-

/

-

156
154
152
150
148

-

146

/

-

-

144
-

-

-

140

/"

-

-

)
-

x

-

20
DEC
1978

138

-

- ■ J
-v/

198
DEC. 19
26
2
JAN.
9
16

„

in.
0

-

16.5
10.4
8.7
12.9
14.8
17.6
18. 2

146
144

BILLIONS OF DOLLARS
160

millions

_

153,865
154,920
155,957
156,714
156,856

-

130
128

1111
111
111
III
INI
III
111
3 17 31 14 28 14 28 II 25
0 23 8
JAN
FEB
MAR
APR
MAY
JUN
JUL
1979

LATEST DATA PLOTTED WEEK ENDING; JANUARY 23.


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

1111 ■II1
1111
IS 20 12 28 10 24
AUG
SEP
OCT

.... .............................................
7 21 5 10 2 16 30 13 27
JAN
FEB
1980

1980
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

0

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS
112 ---------|----------- r—

WEDNESDAY FIGURES
NOT SEASONALLY ADJUS I ED

ILL IONS OF DOLLARS

BILLIONS

8 20

3 17 31

25
14 28 14 28 I
FEB
MAR
APR

INI

9 23

8 20
JUN

LATEST DATA PLOTTED WEEK ENDING. JANUARY 23,

4 18
JUL

I

IS 29 12 28 10 24

7 21
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