Full text of U.S. Financial Data : Week Ending: January 7, 1981
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Jc gjwtgffs F//V/1 /VC/>4 #_ DATA. Week ending: January 7, 1981 jflg t 2 The differential between the federal funds rate and the discount rate is a primary determinant of the level of discount window borrowings. When the federal funds rate is above the discount rate, eligible depository institutions are more inclined to meet their short-term requirements for liquid balances by borrowing from the discount window than when the discount rate is above market rates. As a general rule, the greater this interest differential, the greater the dollar amounts these institutions borrow at the discount window. Spreads between the federal funds rate and the discount rate have been relatively large since October 1979. In the year prior to October 1979, the Federal Reserve usually changed the discount rate before the federal funds rate deviated more than 100 basis points from the discount rate. The weekly average federal funds rate was within 100 basis points of the discount rate in all but one of the 52 weeks prior to October 6, 1979. The spreads between the federal funds rate and the discount rate have been larger since October 6, 1979. Even after adjusting the discount rate for any applicable surcharge, the weekly average federal funds rate has exceeded the discount rate by more than 100 basis points in 40 of the 65 settlement weeks since October 6, 1979. In a number of weeks since October 1979, the federal funds rate has also been substantially below the discount rate. The federal funds rate deviated from the discount rate (either above or below) by more than 100 basis points in 54 of the past 65 weeks. Spread between the Federal Funds Rate and the Discount Rate Federal funds rate less the discount rate * (Differential in basis points) 300 or more 200 to 299 100 to 199 50 to 99 0 to 49 -50 to -1 -100 to -49 -200 to -99 -299 to-199 -300 or less Number of weeks 65 weeks 52 weeks after prior to Oct. 6, 1979 Oct. 6, 1979 1 37 14 14 4 22 3 5 1 2 6 6 2 * The discount rate adjusted upward for any applicable surcharge. Prepared by Federal Reserve Bank of St. Louis Released: January 9, 1980 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I— 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 170 BILLIONS 168 163.5 163.7 163.8 163.8 162.6 163.9 166 164 162 160 158 156 154 152 150 30 NOV DEC 13 27 FEB 12 26 9 23 7 21 AUG MAR SEP 1980 LATEST DATA PLOTTED WEEK ENDING: JANUARY 7. 1981 THE ADJUSTED MONETARY BASE CONS I STS OF: t1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS, (21 CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMEAcIAL 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 1/9/80 4/9/80 5.7 6.3 7.2 8.3 8.2 8.6 8.9 8.3 6. 1 7.8 9.3 9. 1 9.5 9.7 9.0 AVERAGE OF FOUR WEEKS ENDING: 6/4/80 7/9/80 8/6/80 10.9 12.3 11.2 11.4 11.4 10.2 14. 1 12. 1 12. 1 11.9 10.4 1 1.5 11.7 11.6 9.9 9/10/80 10/8/80 11/5/80 9.8 10.4 8.5 1 1.7 8.8 7.4 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 ADJUSTED BANK RESERVES u AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 50 BILLIONS 47. 1 47.3 47.5 47.4 47.0 7 21 NOV 5 19 2 16 30 13 27 12 26 9 23 DEC 7 21 MAY JUN LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, AUG SEP 1980 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 1/2/80 4/2/80 5/28/80 0.0 2. 1 5.4 7.4 5.9 8.8 7.9 9.6 12.4 13.7 10.5 13.6 11.7 7/2/80 AVERAGE OF FOUR WEEKS ENDING: 7/30/80 9/3/80 10/1/80 (0/29/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/28/80 7/ 2/80 7/30/80 9/ 3/80 10/ 1/80 10/29/80 12/ 3/80 12/31/80 -1.7 0.5 1 .6 3.7 5.2 4.4 6.6 6.1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.8 15.2 10.7 14.4 12. 1 18. 1 11.2 15.6 12.6 7.4 14.9 11.2 13.3 9.0 14.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUfS 3 4 MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLION? 388.9 388.5 386.4 386.3 383.7 381.4 __ NOV. I I I I I I I I 5 NOV 19 2 16 DEC 30 13 27 FEB 12 26 9 23 2 7 21 16 30 13 27 10 24 8 22 5 19 3 \7 31 14 28 MAR LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 1980 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: 1/2/80 4/2/80 5/28/80 7/2/80 7/30/80 9/3/80 10/1/80 10/29/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/28/80 7/ 2/BO 7/30/80 9/ 3/80 10/ 1/80 10/29/80 12/ 3/80 12/31/80 -1.3 0.6 1.6 4.0 5.0 5.6 5.7 3.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2.0 0.2 4.4 5.8 6.5 6.5 4. 1 8.8 12.6 12.8 12.6 11.4 7.7 14.3 14.2 13.6 11.9 7.4 17.0 15.4 12.8 7.2 12.8 10.3 3.8 8.7 0.9 -3.5 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 414.0 414.0 412.3 412. 1 409.3 406.8 I 1 1 1 I I I 7 21 5 NOV 19 2 16 30 13 27 DEC 12 26 9 23 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 1980 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. Ml B CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS. MONEY STOCK ( MlB ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/2/80 4/2/80 5/28/80 7/2/80 7/30/80 9/3/80 10/1/80 10/29/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/28/80 7/ 2/80 7/30/80 9/ 3/80 10/ 1/80 10/29/80 12/ 3/80 12/31/80 -0.3 2. 1 3.3 5.9 7.0 7.6 7.8 6.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -0.2 2.4 6.7 8.2 9.0 9.0 6.5 12.4 15.8 16.2 15.8 14.5 10.5 17.4 17.4 16.6 14.8 10.1 20. 1 18.2 15.5 9.8 15.7 13.0 6.4 11.1 3.2 -1.3 PREPARED BY FEDERAL RESERVE BANK OF ST. 5 LOUIS 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT ~Z\ 22.0 22.0 21.0 21.0 PRIME BANK LOAN RATE 20.0 19.0 18.0 17.0 17.0 16.0 15.0 14.0 14.0 13.0 13.0 -COMMERCIAL PAPER 12.0 CORPORATE Aaa BONDS 12.0 1 1 .0 10.0 90 DAY CD’S MUNICI PAL BONDS** 2 16 30 14 28 11 25 8 22 7 21 4 18 2 16 30 13 27 11 25 8 22 3 17 31 14 28 1980 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 9, 1981 NOV. 7 14 21 28 DEC. 5 12 19 26 JAN. 2 9 *** *** 16 23 30 90 DAY CD’S PRIME COMMERCIAL PAPER *** PRIME BANKERS' ACCEPTANCES 14.98 14.95 15. 79 16.97 17.58 19.93 20.23 17.60 16.99 16.40 14.48 14.44 15.25 16.17 16.84 18.62 18.68 16.72 15.80 15.24 14.68 14.64 15.46 16.58 17.28 19.23 19.24 16.84 16.28 15.50 CORPORATE BONOS CORPORATE Baa BONDS 12.96 12.93 12.96 13.03 13. 15 13.47 13.49 12.89 12.83 12.56 14.56 14.61 14.61 14.79 14.84 15.21 15.36 15. 19 15.09 14.93 Aaa 12 26 8 23 1981 MUNICIPAL BONDS ** 9.64 9.50 9.50 9.61 ^9.84 10.42 10.56 9.99 9.76 N. A. * AVERAGES OF RATES AVAILABLE. _ ** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BOfCS, 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 21.0 21.0 20.0 20.0 FEDERAL FUNDS RATE 19.0 19.0 18.0 18.0 17.0 16.0 16.0 15.0 15.0 14.0 14.0 13.0 13.0 12.0 12.0 DISCOUNT RATE 11.0 1 1 .0 10.0 10.0 5-YEAR TREASURY SECURITIES 9.0 8.0 3-MONTH TREASURY BILL 2 16 30 14 28 It 25 8 22 7 21 2 16 30 13 27 11 25 8 22 5 7.0 19 3 17 31 14 28 12 26 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 9. FEDERAL FUNDS ** 1981 NOV. DEC. JAN. 7 14 21 28 5 12 19 26 2 9 * 16 23 30 13.99 14.65 15.22 17.43 17.72 18.82 19.83 19.44 18.45 20.06 3-MONTH TREASURY BILL 13.28 13.29 13.98 14.31 14.98 16.76 16.21 14.62 14.31 14.09 1981 6-MONTH TREASURY BILL X** 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 13.27 13.23 13.92 14.03 14.55 15.07 15.42 14.03 13.41 13.18 12.47 12.21 12.74 13.22 13.43 13.75 13.71 12.40 12.38 12.14 12.94 12.59 12.77 13.06 13.40 13.68 13.69 12.50 12.54 12.37 12.41 12.28 12.23 12.26 12.39 12.74 12.63 11.79 11.92 11.70 * 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. WH6V 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 MULTIPLIERS is CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.9 RATIO MONEY MULTIPLIERS RATIO NOV. 21 2!50; 1 1 I I I I I LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 1980 BILLIONS OF DOLLARS 120 ------------- ,------------- ,----------- BILLIONS OF DOLLARS ------------------- ----------- 120 “ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF -----THE FOUR WEEKS END ING DECEMBER 3‘I , -----------------1980 FROM i sou rnuM THE FOUR WEIrKS ENDING: ---- OCT. -----JUL. 1980 1980 1980 10.3 CURRENCY -1980 BILLIONS I I I I I I I I I I I I I I I I I 30 NOV DEC 1979 JAN 13 FEB 27 12 MAR 26 9 23 APR 7 21 MAY 30 JUN JUL 1980 13 27 AUG 10 24 SEP 8 22 OCT 5 19 NOV 3 17 31 DEC 14 28 JAN 1981 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 1980 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 DEPOSI T COMPONENT OF MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 285 1980 — DEC. NOV BILUQNS 272.9 272.3 270.3 270.0 267.0 264.5 DEC FEB MAR 1979 1980 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 1980 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: 1/2/80 4/2/80 -5.3 -2.6 -1.5 1.6 3. 1 3.8 4.0 1.7 -6. 1 -3.4 2.0 4. 1 5.0 5. 1 1 .9 5/28/80 7/2/80 7/30/80 9/3/80 10/1/80 10/29/80 13.9 10.6 1.8 8.0 -2.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/28/80 7/ 2/80 7/30/80 9/ 3/80 10/ 1/80 10/29/80 12/ 3/80 12/31/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.9 13.0 13.8 13.3 11.8 6.7 14.8 15.4 14.4 12.3 6.2 20. 1 17. 2 13.9 6.3 -7.8 PREPARED BY FEDERAL RESERVE BANK OF ST. 9 LOUIS 10 SAVINGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 490 i-------- 1----------1-------- BILLIONS OF DOLLARS --------- ---- =1 BILLIONS DEC. NOV DEC 1979 477. 1 477.3 477.6 477.7 478.0 480.4 JAN FEB MAR APR MAY JUN JUL 1980 AUG SEP OCT NOV DEC JAN 1981 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31. 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN tlOO.OOO. SAVINGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/2/80 4/2/80 8.3 8.9 9.7 9.7 9.4 9.6 10. 1 9.7 10.7 1 1.6 11.2 10.5 10.7 11.2 10.6 5/28/80 7/2/80 7/30/80 9/3/80 10/1/80 10/29/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/28/80 7/ 2/80 7/30/80 9/ 3/80 10/ 1/80 10/29/80 12/ 3/80 12/31/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.0 1 1 .9 10.8 10.9 1 1.6 10.7 12.0 10.4 10.7 11.5 10.6 8.6 9.5 10.9 9.8 9.3 11.2 9.8 13.2 10.7 10.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 490 BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS ISfil BILLIONS OF DOLLARS 5.5 millions DEC. 3 10 17 24 31 JAN. 7 5.0 2M2 1786 1505 1649 1627 1117 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 I I I I 7 21 5 19 2 NOV DEC 1979 16 JAN 30 13 27 FEB 12 26 MAR 9 23 7 APR 21 MAY 4 18 JUN LATEST DATA PLOTTED WEEK ENDING: JANUARY 7, 2 16 30 JUL 1980 13 27 AUG 10 24 8 22 5 OCT SEP NOV 19 3 17 31 DEC 14 28 JAN 1981 1981 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 178 176 174 172 170 168 162 160 158 156 — “ — — — — OCT. 29, I960 OCT. 1 , 1980 SEP. 3, 1980 JUL. 30, 1980 JUL. 2, 1980 APR. 2, 1980 JAN. 2. 1980 - 176 - 174 - 21.6 19.0 19.5 20.3 18.1 8.9 11.0 1 0 - - - a - kj - / - - - / / ^-v > 198C ,/s/ 150 148 - — / A’ - lu. JJ 1 .ini 7 21 5 19 NOV DEC 1979 .111 16 30 JAN 13 27 FEB 1 1 1 1 1 MAR APR i , . l 12 26 1 1 1 1 1 1 Mil 16 30 MAY JUN LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 172 170 - - 154 152 BILLIONS OF DOLLARS 178 COMPOUNDED ANNUAL RA TES “OF CHANGE. AVERAGE 0 “ THE FOUR WEEKS END IN G — DECEMBER 31, 1980 FR — THE FOUR WEEKS END IN G: 166 164 INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED JUL 1980 1 1 1 13 27 AUG 1 1 1 MILLIONS 10 24 SEP - 170,547 ~ NOV. 26 DEC. 3 171,234 ~ 10 171,905 17 172,165 24 170,367 " 31 171,990 — 1 1 1 1 ............... .................. 3 OCT NOV 17 31 DEC 14 28 JAN 1981 1980 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 168 166 164 162 160 158 156 154 152 150 148 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS BILLIONS OF DOLLARS 216 ---------1---------1------- AVERAGES OF DAILY FIGURES SEASONALLY ADJUS ItU ILL IONS OF DOLLARS BILLIONS I I I 1 111 5 19 NOV DEC 2 10 30 13 27 12 20 FEB MAR 9 23 7 21 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 31, 2 10 SO 13 27 10 24 AUG SEP 0 22 3 10 ii i i i 3 17 Si 14 28 10B0 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF 0100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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