View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

/^//v /x /vc/^ t

o/i r>a

Week ending: July 11, 1979
Library

The savings deposit component of M2 consists
of three different types of accounts:
the passbook
savings account against which no checks may be written;
the automatic transfer service (ATS) account from which
funds may be transferred to a checking account; and the
Negotiable Order of Withdrawal (NOW) account against
which negotiable drafts may directly be written.
ATS
accounts were introduced
at
commercial banks
in
November 1978.
NOW accounts were initially introduced
at mutual savings banks in Massachusetts and New
Hampshire in 1972, and were extended to both commercial
banks and thrift institutions in all New England s.tates
in 1975, and to all financial institutions in New York
State in November 1978.
As shown in the table below, deposits in ATS
accounts and in NOW accounts in New York State have
grown dramatically since their introduction in November
1978.
Balances in ATS accounts have increased to $6.7
billion, while those in NOW accounts in New York have
risen to $1.7 billion.
In comparison, between November
1978 and May 1979, NOW account balances at commercial
banks in New England increased $139 million.
Prior to July 1,
deposits in both ATS and
NOW
accounts were treated similarly
by
Federal
regulators of financial institutions.
Both accounts at
commercial banks were subject to the same reserve
requirements and to the same interest rate ceiling.
Effective July 1, however,
the ceiling rate that
commercial banks are allowed to pay on passbook savings
accounts and ATS accounts was increased 25 basis points
to 5.25 percent.
The maximum rate payable on NOW
accounts remained at 5 percent.
Balances in NOW and ATS Accounts
at Commercial Banks
(Millions of Dollars)
NOW Accounts
____
New York State
New England

December 1972
December 1973
December 1974
December 1975
December 1976
December 1977
December 1978
June 1979

$

0
0
65
359
1,267
1,884
2,343
2,418 **

$

239
1,710

ATS Accounts *

$ 3,245
6,745

* Excludes commercial banks in the New England states.
** May data (latest available).


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

Prepared by Federal Reserve Bank of St. Louis

Released:

July 13,1979

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
---- ----- ----- 154

BILLIONS OF DOLLARS
154 ------ 1----- [-

1979

BILLIONS.
146.2
146.3
147.0

JUN.

147.7

3 IT 31

14 28 12 26

0 23

6 20

SEP
1978

4 IB

1

15 29 13 27 10 24

4 16

7 21

FEB

OCT

MAR

2 16 30 rS 27 11 25

APR
1979

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 11. 1979
Tup >n iijcTtn MONETARY BASE CONSISTS OF: ( I ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BYJ?HIS°BANKBY THIS BAW<
THIS BAM<.

A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
5/9/79
7/12/78 10/11/7812/13/78 1/10/79 2/14/79 3/14/79 4/11/79
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/13/78
1/10/79
2/14/79
3/14/79
4/11/79
5/ 9/79
7/11/79

9.0
8.8
8.4
7.8
7.2
7.8
7.2
7.8


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

7.6
7.2
6.5
5.8
6.9
6.2
7.0

6.7
5.8
4.8
6.6
5.7
6.0

5.0
4.0
6.4
5.4
6.7

2.8
6.5
5.2
6.9

7.9
5.7
7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO
2.9

RATIO
2.9

MULT 1PLIER
v,

^

1979

BAIii

MAY
JUN

JUL
‘mi

A

2! 50'

1 1 1 1 -11-1 I 11 XU, 1 111 XIIX. 111 XXL J-L.l.J Mill J_1±JJJ 1 t
LATEST DATA PLOTTED WEEK ENDING: JULY 4, 1979
J_LL -11 1

BILLIONS OF DOLLARS
132

128

-

126

MAY
APR.
— MAR.
- FEB.
JAN.

9,
11,
14,
14,
10,

1979
1979
1979
1979
1979

ADs USTED

5. 1
7.6
5.7
5.7
6.2

"EDERA L RESE

<
m

130

BILLIONS OF DOLLARS
132

—
------- 1----- 1----- r
COMPOUNDED ANNUAL RA' ES
—OF CHANGE. AVERAGE OF
THE FOUR *EEKS END INC
JULY II. 1979 FROM
— THE FOUR WEEKS END INC

128

EDIT

•s

r

126
-

124
_

JUL

12,

1978

124

8.5
-

122

122
-

-

120

120
z^j

-

118
116

-

V

1973

B ILL IONS

1 18

JUN

----- *£

1 16

“in,

111

111

MAY

JUN

JUL

1 I 1

1 1 1

XLLL

111

1111

111
7 21

1 1 1 XLXlxxllI 1 1 1 1 1 1 l’
7 21
18 2 16 30 13 27 II 2

AUG
SEP
1978

OCT

NOV

DEC

JAN

FEB

MAR

1 1 1 i

APR
1979

MAY

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 11, 1979
1/ RATIO OF MONEY STOCK (Ml > / ADJUSTED MONETARY BASE
2/

AND OTHER ASSET'*.

FfOfRAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY ^lIRTIurtinr tri^a^iibv


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

sm jmaMh S

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

895.3

903.4
902.8
904.6
905.6
908.8

JUL.

3

17

31

14

JUN

28

12

26

9 23

6

20

4

2 16 30 13 27 11 25

18

FEB

JUL

MAR

APR

1978
LATEST DATA PLOTTED WEEK ENDING-. JULY 4,

1979

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

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE
7/5/78

10/4/78

12/6/78

8.6
7.7
6.2
5.9
5.8
6.7
6.7
7.3

4.4
2.8
3.0
3.2
4.8
5.2
6.0

0.5
1.5
2.2
4.7
5.2
6.3

1/3/79

AVERAGE OF FOUR WEEKS ENDING-.
2/7/79

3/7/79

4/4/79

5/2/79

10.0
8.9
10.1

11.0
11.9

10. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/
1/
2/
3/
4/
5/
6/
7/

6/78
3/79
7/79
7/79
4/79
2/79
6/79
4/79


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

1 . 1
2. 1
5.2
5.6
6.9

4.2
8.0
7.7
8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

385

B.1LL1QN?
_ MAY

364.0
371.1
368.5
369.8

3 IT 31

14 28 12 26

8 23

6 20

4 18

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: JULY

1

IS 20 T3 27 10 24

7 21

4 18

MAR

2 16 30 13 27

APR

1979

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
7/5/78

10/4/78

12/6/78

0.2
-1 .7
-1.5
-1 .0
1.6
2. 1
2.9

-2.5
-2.0
-1.1
2.7
3.1
4. 1

1/3/79

AVERAGE OF FOUR WEEKS ENDING:
2/7/79

3/7/79

4/4/79

10.8
8.4
9.0

1 1.4
1 1.2

TO THE AVERAGE
DF FOUR WEEKS
ENDING:
12/
1/
2/
3/
4/
5/
6/
7/

6/78
3/79
7/79
7/79
4/79
2/79
6/79
4/79

4.9
4.5
2.7
2.3
2.2
3.8
3.9
4.4


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

-3.9
-2.2
2.7
3.2
4.3

0.5
6.8
6.2
7.0

7.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
12.5
12.0

’RIME BANK
-OAN RATE

I 1.5
90 DAY CO

II .0
10.5

10.0
9.5

9.0
CORPORATE AAA BONDS
8.5

8.0
COMMERCIAL PAPER
7.5

7.0

MUNICIPAL

6.5

6.0

5.5

5

19

2

16 30

M 28

11

23

I

S 22

13 29

12

26

JAN

9

23

9

23

1 1 LI

6 20

FEB
1979

1978

LATEST DATA PLOTTEO ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 13,

1979

1979

90 DAY
CD’s me*

PRIME
COMMERCIAL
PAPER
1-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS XX

9. 94
10.21
10.19
10.19
10.08
10.09
9.99
9.90
9.89
9.81
9.91

9.91
10.00
10.03
9.98
9.91
9.88
9.7 l
9.61
9.61
9.62
9.72

9.99
10.01
10.00
9.91
9.93
9.90
9.73
9.76
9.72
9.73
9.93

9.51
9.52
9.51
9.19
9.18
9.11
9.25
9.23
9.23
9. 16
9. 17

6.27
6.30
6.30
6.21
6.16
6.09
6. 1 1
6. 18
6. 12
6.08
N.A.

MAY

1
1 1
18
25
JUNE
1
8
15
22
29
JULY
6
13 X
20
27

* AVERAGES OF RATES AVAILABLE.
XX BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
SMM SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
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

I 1.0

FEDERAL FUNDS RATE

DISCOUNT RATE

3-5 YEAR
TREASURY SECURIT

THREE-MONTH TREASURY
BILL MARKET YIELD

I I I I
5

19

Z

16

30

14

28

11

23

8

I I I I

22

OCT

NOV

197B
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 13,

1979
MAY

4
1 1
IS
25
JUNE
1
8
15
22
29
JULY
6
13 *
20
27

1979

FEDERAL
FUNDS hex

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

3-3 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

10. 22
10.25
10.25
10. 17
10.28
10.23
10.23
10.28
10.32
10. 42
10.28

9.58
9.63
9.60
9.64
9.55
9.36
8.97
8.96
8.83
9. 10
9.28

9.57
9.62
9.46
9.60
9.41
9.43
9.05
8.87
8.90
8.87
9. 16

9.40
9.39
9.26
9. 14
9.05
8.94
8.74
8.84
8.64
8.70
8.80

9.42
9.42
9.32
9. 14
9.08
8.97
8.85
8.93
8.78
8.71
8.82

9. 17
9.20
9. 13
9.03
8.98
8.90
8.81
8.85
8.76
8.74
8.80

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

1979

BILLIONS OF DOLLARS
545

BILLIONS

540

531.3
535

534.3
535.8
537. 1
Z_ JUL.

530
525
520
515
510

I I I I
3 17 31

14 21 12 26

JUN

0 23

8 20

4 18

I

15 2fl 13 27 10 24

4 18

7 21

2 IB 30 13 27 11 25

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 4,

JUL

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
K 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 1100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/5/78

10/4/78

12/6/78

7.5
6. 1
6.3
6.3
7. 1
7.5
8.3

2.6
4.0
4.5
6.0
6.7
7.9

/3/79

2/7/79

3/7/79

4/4/79

5/2/79

4.7
5. 1
6.9
7.5
8.7

6.7
8.7
8.9
10.2

9.4
9.4
10.9

10.9
12.4

12.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/
1/
2/
3/
4/
5/
6/
7/

6/78
3/79
7/79
7/79
4/79
2/79
6/79
4/79

1 1.3
9.9
8.7
8.6
8.3
8.7
8.8
9.3


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
280 ------ 1----- .---

D1

_________________

BILLIONS OF DOLLARS

BILLIONS
262.7

267.3
267.4
266.6
267.9

3

17 31

MAY

14

JUN

28

12

JUL

2A

0 23

AUG

I

SEP

OCT

13 29

NOV

13 27

10 24

7

DEC

21

2 18 30 13 27 II 29

MAR

APR

JUN

1978
LATEST DATA PLOTTED WEEK ENDING* JULY 4,

JUL

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK

TO THE AVERAGE
OF FOUR WEEKS
ENOINGi
12/
1/
2/
3/
4/
5/
8/
7/

8/78
3/79
7/79
7/79
4/79
2/79
6/79
4/79

COMPOUNDED ANNUAL RATES OF CHANSE, AVERAGE OF FOUR WEEKS
ENOINGi
7/5/78
10/4/78
2/6/78
1/3/79
2/7/79
3/7/79
4/4/79
5/2/79

2.8
2.4
-0. 1
-0.6
-0.5
1.7
1.8

2.6


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

-3.0
-5.7
-5.3
-4.5
-0.9
-0.4
0.8

-7.0
-6. 1
-4.6
0.6
0.9
2.4

-8.7
-5.9
0.7
'-I
2-7

-1.7
6.7
5.4
6.7

12 4
8.4
9.4

12.1
12.2

6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
billions

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

OF dollars

billions of dollars

106

B.HUQNS.
01.3
101.4
101.2
101.4
10! .8
101.9

I

JUN

SEP

JUL

15 28 13 27

10 24

7

2

21

MAR

OCT

IS 30

13 27

JUN

APR

11

25

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 4, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE
7/5/78

AVERAGE OF FOUR WEEKS ENDING:

10/4/78

12/6/78

1/3/79

2/7/79

3/7/79

4/4/79

5/2/79

9.6
10.0
9.7
9.2
8.9
9.0
8.9

10.6
9.8
9. 1
8.7
8.9
8.8

9.9
8.9
8.4
8.7
8.6

7.5
7.2
8.0
8.0

6.7
7.9
7.9

8.4
8.3

9.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/
1/
2/
3/
4/
5/
6/
7/

6/78
3/79
7/79
7/79
4/79
2/79
6/79
4/79

10.8
10.6
10.7
10.4
!0.0
9.7
9.7
9.6


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

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
3.5 r=----- ■----- .1M HI LLI QN§
— JUN.

3 J7 31

MAY

ILL IONS OF DOLLARS
—----- ---- Z 3-5

6

14 28 12 28

JUN

JUL

9 23

6 20

AUG
SEP
1978

4 IB

OCT

I

15 29 13 27 10 24

NOV

DEC

JAN

7 2T

7 21

FEB

MAR

APR
1979

MAY

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGt JULY II, 1979

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

billions of

dollars

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

billions of dollars

“ COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF _ THE FOUR WEEKS ENDING
JULY 4. 1979 FROM
“THE FOUR WEEKS ENDINGt '

MAR.

— FEB
_ JAN.
OCT.
— JUL.

2, 1979
4, 1979
7. 1979
7, 1979
3, 1979
4, 1978
5, 1978

26.9

22.0
21.9
14.5

MAY 30
JUN. 6

JUL. 4
11111111

I I I I
3 17 31

14 28 12 28

JUN

JUL

9 23

8 20

4 18

SEP

1

15 29 13 27 10 24

OCT

I 42,033
142,959
143,209
143,872
144,625

U_LLLL

7 21

FEB

MAR

APR

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING. JULY 4, 1979


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
106

BILLIONS

104
102
100

84
82
80

14 28 12 26

B 23

6 20

4 18

I

LATEST DATA PLOTTED WEEK ENDING: JULY 4,

IS 29 13 27 10 24

7 21
FEB

7 21
MAR

APR

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.8 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COkACRCIAL BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102