Full text of U.S. Financial Data : Week Ending: January 9, 1980

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Week ending: January 9r 1980
LIBRARY

This week the Board of Governors released a revision of
stock series and related data to incorporate benchmark
adjustments based on December 1978 and March 1979 Reports of
Condition (Call Reports). These adjustments affect data back
through mid-1978. The December 1978 adjustment for Ml raised
the level of that series about $300 million, and the March 1979
benchmark led to an additional upward adjustment of that series by
about $700 million. The revised Ml series is about $1.9 billion
higher than the original series by year's end 1979. The level of the
M2 series was raised by about $3.2 billion in December 1978 and
about $4.4 billion in March 1979. By the end of 1979, the adjusted
M2 series was about $5.5 billion greater than the previously reported
series.

*M*ley

The benchmark adjustments had little impact on the
annual growth rates of Ml and M2. On a quarterly basis, growth
rates of Ml changed by less than one percentage point, with the
largest revision occurring in the first quarter of 1979. In that
period, Ml declined at a 2.1 percent annual rate on the original basis
and a 1.3 percent rate on the revised basis. The largest revision in
the quarterly growth rates of M2 also occurred in the first quarter
of 1979, changing from a 1.8 percent rate of increase on the original
basis to a 2.9 percent rate of increase on the revised basis. Thus,
revised data indicate a more modest slowing in both Ml and M2
growth in the beginning of 1979 them was evident in the original
figures.
GROWTH RATES OF Ml AND M2
(Compounded Annual Rates of Change)

Period

7.8 %
4.8

1978
1979
1978
1979

Original

IV
I
n
m
IV


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

4.2
-2.1
7.8
10.1
4.8

Ml
Revised
7.8 %
5.2
4.3
-1.3
8.4
10.1
5.1

Original

M2
Revised

8.6 %
7.5

8.6 %
8.0

7.8
1.8
8.9
12.6
9.0

8.8
2.9
9.1
12.5
9.2

Prepared by Federal Reserve Bank of St. Louis
Released: January 11, 1980

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

160

BILLIONS
158

153.1
53.7
53.6
54.4
154.7
155.2

156

154

152

150

148

146

144

1978

1979

LATEST DATA PLOTTED WEEK ENDING: JANUARY 9,

I

1980

THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS. (2) CURRENCY IN CIRCULATION (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 MONETAR» 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:
1/10/79

4/11/79

5.3
6.8
7.3
8. 1
8.5
8.7
8. 1
8.3

9.8
9.9
10.7
10.8
10.8
9.6
9.8

6/6/79

7/11/79

8/8/79

9/12/79 10/10/79

11/7/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 6/79
7/11/79
8/ 8/79
9/12/79
10/10/79
11/ 7/79
12/12/79
1/ 9/80

*


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

12. I
12.5
12.4
12. 1
10.3
10.5

1 1.9
1 1.9
1 1.6
9.6
9.9

12.7
12. 1
9.4
9.8

1 1.3
7.9
8.8

6.3
7.9

6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

MULTIPLIER

RATIO
jV.

21

.484

.476
11 1 1.1 I I I I I I 1

I I I I
LATEST DATA PLOTTED WEEK ENDING-. JANUARY 2,

1980

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
138

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
FROM
JANUARYi 9. i 1980
jniwnn
sow rnuM

136

__ THE FOUR WEEKS ENDING:
NOV.
------------— SEP.
_ AUG.
JUL.
— APR.
_ JAN.

7,
.0,
12,
8,
11,
II,
10,

1979
1979
1979
1979
1979
1979
1979

134

9.5
11.4
11.9
12.3
12.8
11.0
9.5

ADJUSTED FEDERAL RESERVE CREDIT

132
130
128
126
198.Q

124

BILLIONS

DEC.

122
120

I I I I

I I I I

1 1 1 I 1 I 1 1 I I I I

I I I I
4

FEB

MAR

18

2

18 30

13

27

II

APR

LATEST DATA PLOTTED WEEK ENDING: JANUARY 9,

25

8

22

5

10

3

17

31

4

NOV

28

12

26

9

23

DEC

1980

1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
ANO 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

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY AUJUSltL)

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
------ ---------------------- =3 965

965 =---------- 1---------- 1----BILL l QMS.
NOV.

28

948.4

951.2

951.8
954. 1

1

15 29

13 27

10 24

2

7 21

16 30

13 27

JUN

11

25

8 22

5 19

3

17 31

14 28

NOV

JUL

12 26

9 23

DEC

1978
LATEST DATA PLOTTED WEEK END 1 NG: JANUARY 2, 1980
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
1/3/79

4/4/79

5/30/79

AVERAGE OF FOUR WEEKS ENDING:

7/4/79

8/1/79

9/5/79

12.7
12.7
1 1.5
10.4
9.6

12. 1
10.7
9.6
8.8

10. 1
8.8
7.9

10/3/79 10/31/79

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
5/30/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79
10/31/79
12/ 5/79
1/ 2/80

5.5
7.2
8.0
8.6
9.0
8.8
8.6
8.4


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

12.0
12.4
12.3
12.3
1 1 .7
11.0
10.4

14.3
13.4
13.2
12.2
11.1
10.4

7. 1
6.6

6

PREPARED BY FEDERAL.RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

r

BILLIONS OF DOLLARS

aim

i

380.3
380.5
381.6
381.2
383.0

1

__ ____

1
1980
I_ NOV. 28
- DEC.
5
12
19
26

TTTT TTTT

BILLIONS OF DOLLARS
390

^ Ai

s'

Vi

-

=

A->

m

/

2

i

1111

TTTT

A

\
---- J

r

l\Ss.

J

1

1 1 1

1 1

1

II

TTTT

V f\
A

1 1

-

1

!llll 111
1

15

NOV

28

13

DEC

1111
27

10

24

JAN

1 1 1
7

21

FEB

1 1 1
7

21

MAR

111

1111

4

2

18

APR

111

16 30

MAY

111

13 27

JUN

1978

11

1111
25

JUL

8

22

AUG

111

INI

S

3

IB

SEP

OCT

1979

LATEST DATA PLOTTED WEEK ENDING: JANUARY 2,

II 1

17 31

14 28

NOV

1111s

1 1 1
12

26

DEC

B 23

JAN

1980

1980

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
1/3/79

4/4/79

5/30/79

7/4/79

AVERAGE OF FOUR WEEKS ENDING:
8/1/79

9/5/79

10/3/79 10/31/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/30/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79
10/31/79
12/ 5/79
1/ 2/80

2.8
4.8
5.9
6.3
6.7
6.0
5.7
5.7


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

11.5
11.8
11.1
1 1 . 1
9.4
8.4
8.2

13.3
1 1 .6
11.5
9. 1
7.9
7.7

10.6
10.7
7.9
6.7
6.6

9.6
6.4
5.3
5.5

4.9
4.1
4.5

1.2
2.7

4.2

PREPARED BY FEDERAL RESERVE BANK OF ST.

5

LOUIS

390

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
16.5

16.5

16.0
15.5
15.0
14.5
14.0
13.5

13.5

13.0

13.0
12.5

12.5
PRIME BANK
LOAN RATE

12.0

12.0
COMMERCIAL PAPER

11.5

I 1.5
I 1 .0

11.0
10.5

10.5

90 DAY CD'S

10.0
9.5
9.0

CORPORATE Aaa BONDS

8.5
8.0
7.5
7.0
MUNICIPAL
BONDS**

6.5
6.0

l-LLL
1

15 29

12 26

9 23

9 23

I

6 20

1978

15 29 13 27

10 24

7 21

5

19

2

16 50 14 28

1979

NOV.

DEC.

JAN.

2
9
16
23
30
7
1 4
21
28
4
1 1 *
18
25

25

1980

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JANUARY 11,

1980

11

1980

90 DAY
CD'S

PRIME
COMMERC1AL
PAPER ***

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS *X
** ***

14.45
14.53
14.09
13.95
12.96
13.09
13.63
13.56
13.43
13.45
13.41

14. 18
14.18
13.70
13.44
12.58
12.79
13.29
13.41
13.18
12.98
12.94

14.11
14.20
13.72
13.46
12.62
12.83
13.58
13.47
13.42
13.29
13. 15

10.73
10.83
10.75
10.83
10.63
10.58
10.70
10.79
10.87
10.88
10.91

7.26
7.27
7.31
7.38
7.26
7.17
7.26
7.22
7.23
7.32
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

0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY
16.0

PERCENT
16.0

15.5

15.5

15.0

5.0

14.5

14.5
14.0
13.5

13.5

13.0
12.5

12.5

12.0

2.0
1.5

11.5

FEDERAL FUNDS RATE

1 1.0

I .0

10.5

0.5
0.0
DISCOUNT
RATE

9.5
9.0
3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREr.TURY
BILL MARKET Y I EL

8.5
8.0
7.5

I

15 29 12 26

9 23

9 23

6 20

4

0

18

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY II,

1980
NOV.

DEC.

JAN.

2
9
16
23
30
7
.14
21
28
4
1 1 X
18
25

1980

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
SILL XXX

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

15.61
13.77
13.30
13.10
12.46
13.77
13.79
13.90
13.61
14.04
13.94

12.07
12.25
11.90
11.77
11.26
1 1 .75
12.34
12.06
11.99
12. 10
1 1 .80

12.19
12.09
11.95
12.04
11.02
11.77
1 1 .77
12.00
11.85
11.88
11.86

11.65
11.66
11.12
11.25
10.74
10.86
11.10
10.85
10.86
10.97
10.82

11.43
11.36
10.97
11.08
10.42
10.33
10.49
10.45
10.55
10.59
10.58

10.36
10.47
10.34
10.31
9.97
9.97
10.14
10.08
10. 13
10.21
10.27

X AVERAGES OF RATES AVAILABLE.
XX SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
XXX 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

8

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

580 m--------- 1----------1-----

----------------------------=3 580

bjllions

NOV.

I

568.2
569.2
569.6
570.6
571 . I
571.1

IS 29

NOV

13 27

10 24

DEC

JAN

2

FES

MAR

APR

16 30

MAY

13 27

JUN

1978

II

JUL

25

8 22

AUG

5 19

SEP

3

17 31

OCT

14 28

NOV

12 26

DEC

1979

LATEST DATA PLOTTED WEEK ENDING: JANUARY 2,

9 23

JAN

1980

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 6100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/3/79

4/4/79

7.3
8.7
9.5
10. 1
10.5
10.8
10.6
10.2

12.3
12.8
13. 1
13.2
13.3
12.7
11.9

5/30/79

7/4/79

8/1/79

9/5/79

14.4
14.2
14.0
12.9
11.7

14.0
13.9
12.6
11.2

13.7
11.9
10.3

10/3/79 10/31/79

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
5/30/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79
10/31/79
12/ 5/79
1/ 2/80

.


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

14.8
14.6
14.4
14.3
13.3
12.2

11.1
9.3

7.4

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

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

BILLIONS OF DOLLARS
285 ------------- 1---------- 1-----

BILLIONS OF DOLLARS
------------------------------- 285

BILLIONS
280

NOV.
— DEC.

274.3
274.9
275.4
275.0
276.5
276.3

I 1 1 LLL
1

15 29 13 27

10 24

7 21

4 18

2

16 30 13 27 II

25

8 22

5 19

3

I I 1

17 31

M 28

NOV

LATEST DATA PLOTTED WEEK ENDING: JANUARY 2.

11
12 26

9 23

DEC

1980

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
1/3/79

4/4/79

AVERAGE OF FOUR WEEKS ENDING:

5/30/79

7/4/79

8/1/79

9/5/79

14.8
11.4
11.2
8.4
7.2
7.0

9. 1
9.6
6.4
5.5
5.4

7.7
4.2
3.7
4.0

3.4
3.0
3.5

10/3/79 10/31/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/30/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79
10/31/79
12/ 5/79
1/ 2/80


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

0.9
3.6
4.9
5.0
5.5
4.7
4.4
4.5

12.7
13.0
11.2
1 1 . 1
9. 1
8. 1
7.8

-0.2

1.5

3.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
I 10

BJLLIONS
NOV.
— DEC.

106.0
105.6
106. 1

106.2
JAN.

106.5
106.8

FEB

MAR

NOV

1978

DEC

1979

LATEST DATA PLOTTED WEEK ENDING: JANUARY 2,

1980

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE
1/3/79

4/4/79

5/30/79

AVERAGE OF FOUR WEEKS ENDING:

7/4/79

8/1/79

14.4
13.2
11.9
10.3
9.7

13.7
11.8
9.9
9.2

9/5/79

10/3/79 10/31/79

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
5/30/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79
10/31/79
12/ 5/79
1/ 2/80

8.0
8. 1
8.7
9.7
9.8
9.6
9. 1
8.9


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

8.3
9.2
10.8
10.7
10.3
9.5
9.2

10. 1
12.3
11.9
11.1
10.0
9.5

9. 1
7.5
7.2

6.2
6.2

5.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

of

DOLLARS

MILLIONS

JAN.

2

I I I I
1

15 20

13 27

10 24

7 21

FEB

4

MAR

18

2

16 30 IS 27

APR

II

25

8 22

S

10

3

17 31

14 28

JUN
JUL
1979

LATEST DATA PLOTTED WEEK ENDING: JANUARY 9,

NOV

12 28

0 23

DEC
1980

I960

BUSINESS LOANS
< COMMERCIAL AND

BILLIONS OF DOLLARS
158
156
!54

INOUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
158
156
154
/
152

_ COMPOUNDED ANNUAL RAT :s
OF CHANGE. AVERAGE OF
~ THE FOUR WEEKS ENDING
- DECEMBER 26± '979 FRO
- THE FOUR WE^KS ENDING

152
150
M8
146

- OCT. 24,
_ SEP. 26.
_ AUG. 29,
JUL. 25,
_ JUN. 27,
MAR. 28,
_ DEC. 27,

1979
1979
1979
1979
979
979
978

-2.0
-0.2
6.1
9.8
12.5
17.3
16.9

150

/—^

-

r

—

Data on E usi n ess Loans wer • not
in t 1me f or p ubl 1 catlo n 1n this

ava 11 ab le_^
rel ease

144
142
140
138
136
134
132
130
128
126

148
146
144

-

-

-

-

-

-

-

-

-

I 979

-

NOV. 2

-

III!
15 29

L1 1. 1 1 II
'3 27

NOV
DEC
1978

1 1 1

1 1 1

i i i

I I I I

FEB

MAR

APR

MAY

10 24

JAN

-LLL i i i

16 SO

LATEST DATA PLOTTED WEEK ENDING- DECEMBER 26,


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

IS 27

II

JUN
JUL
1979

.1 1.1-L
6 22

AUG

in.
5 '9
SEP

MILLIONS
!

150,756

8
DEC. 5
2
19
6
MillM 1 1
3 17 SI

OCT

~

149,659
151,190
150,329
152,247
153,058
1 1 1 1 1 1

14 28

NOV

12 26

DEC

_
------------;
11 I'
9 25

JAN
I960

'979
PREPARED BY cEDERAL RESERVE BANK OF ST. LOUIS

11

142
140
138
136
134
132
130
128
126
0

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1 10
108
106

104
102
100

98
96
94
92

84
82
80

0

LATEST DATA PLOTTED WEEK ENDING: JANUARY 2,

1980

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