Full text of U.S. Financial Data : Week Ending: July 16, 1980
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#^//V/l /V£7/>4 Week ending: July 16, 1980 3<0'oh§ The sharP decline in the prime lending rate (page 6)—from 20 percent in April Hi BtSiHHb ercent currently—reflects the general decline in interest rates during this period — and, consequently, the decreasing cost to banks of obtaining additional loanable funds. Because large, negotiable certificates of deposit (CDs) are an important source of additional funds to banks, changes in the interest rate on CDs have a substantial effect on the costs to banks of obtaining additional loanable funds. When calculating the cost of additional loanable funds, a bank must consider not only the explicit interest cost of issuing new CDs, but also the reserve requirements on such funds. To calculate the "effective" rate on new CDs for member banks, the market interest rate on CDs is divided by one minus the appropriate reserve requirement. The member bank reserve requirement on time deposits with initial maturities of 30-179 days is 6 percent for time deposits in excess of $5 million. From November 1978 until mid-July of this year, an additional 2 percent reserve requirement on time deposits in denominations of $100,000 or more was in effect. Also, some banks have been subject to varying marginal reserve requirements on managed liabilities during the period used in the table below. As demonstrated in the table, the effective cost of obtaining additional loanable funds has declined markedly since April. This decline reflects the drop in the interest rate on 90-day CDs and recent changes in reserve requirements. Interest Rates on 90-Day Certificates of Deposit Effective rate_________ Period: Week ending April 11 18 25 May 2 June 9 16 23 30 6 13 20 July 27 4 11 18 Market rate* 17.65 % 16.62 14.79 12.89 10.26 9.70 9.43 8.43 8.92 8.34 8.25 8.41 8.70 8.63 8.72 With marginal reserve requirement** 21.52 % 20.27 18.04 15.72 12.51 11.83 11.50 9.69 10.25 9.59 9.48 9.67 10.00 9.92 9.28 Without marginal reserve requirement*** 19.18 % 18.07 16.08 14.01 11.15 10.54 10.25 9.16 9.70 9.07 8.97 9.14 9.46 9.38 9.28 * ** All rates represent five-day averages for the week ending date shown. Because of changes in regulations, the reserve requirement used for this category was eighteen percent effective the week beginning April 3, thirteen percent effective the week beginning May 22, and six percent effective the week beginning July 10. *** Basedon areserve requirement of eight percent, except for the week beginning July 10 when a rate of six percent is used. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: July 18, 1980 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 164 ------------ .--------- ,----- ----- ---------------------- BILLIONS JUN. 158.6 159.4 159.8 159.5 160.2 160.5 — JUL. 2 16 30 MAY 13 JUN 27 11 JUL 25 8 22 5 19 AUG SEP 1979 3 17 31 OCT 14 28 NOV LATEST DATA PLOTTED WEEK ENDING: JULY 16. 12 26 DEC 9 23 JAN 6 20 5 19 2 FEB MAR APR 1980 16 30 14 20 M MAY 25 9 23 JUN I960 THE ADJUSTED MONETARY BASE CONSISTS OF: II) MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF C0U4ERCIAL 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, AVERAGE OF FOUR WEEKS ENDING: 7/18/79 10/17/79 12/19/79 1/16/80 2/13/80 3/19/80 4/16/80 5/14/80 7.3 5.8 5.6 6.2 6.7 6.9 6.3 6.8 7.3 3.8 5.5 6.4 6.8 7.6 8.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/19/79 1/16/80 2/13/80 3/19/80 4/16/80 5/14/80 6/18/80 7/16/80 9.0 9.4 8.6 8.9 8.2 7.9 7.9 8.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8. 1 7.0 7.8 7.0 6.7 6.9 7.2 7.4 8.6 7. 1 6.7 7.0 7.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 164 ADJUSTED BANK RESERVES l/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 52 1 1 1980 - — JUL 4 11 18 25 2 9 BILLIONS 48.8 48.0 48.4 48.7 48. 1 48. 6 - “ 1 ---------- ------------ 50 JUN. BILLIONS OF DOLLARS 1 rV / r> --- s/ ff jA 'V 4 -A V A V - - j 111 li-L 111 nil 2 16 SO IS 27 II 3 AUG MAY JUN JUL 111 .LULL 1 1 1 i i i SEP OCT NOV DEC 1111 ILL 111 1 1 IL FEB APR 1980 MAR 1979 1 1 1 Llll 1 Li-L3 B 2S 8 11 5 MAY JUN LATEST DATA PLOTTED WEEK ENDING: JULY 9. 1980 «' “°"eR BA*RESERVES" ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING-. 7/M/79 10/10/79 12/12/70 1/9/80 2/8/80 3/12/80 4/9/80 4.9 4.3 1 .9 2.5 3.0 8.8 4.3 4.3 4.5 -1.3 0.8 I .9 0.0 1.7 S/7/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/12/79 1/ 9/80 2/ 6/80 3/12/80 4/ 9/80 5/ 7/80 6/11/80 7/ 9/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.0 9.4 7.3 8.2 7.7 6.4 6.2 6. 1 1 1 .7 7.4 8.9 7.9 6.0 5.8 5.8 2.8 6.9 5.9 3.7 3.8 4.1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ( 3 4 MONEY STOCK ( Ml A ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 385 fiLLLLQNS 369 7 369-? 3/2.6 371.6 37 1 I 3/1.8 5 JUN 18 3 17 31 14 28 12 26 8 23 6 20 5 19 2 16 30 JUL 14 MAY 28 I 1 25 8 23 JUN 1980 LATEST DATA PLOTTED WEEK ENDING: JULY 9, I960 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 FORE.GN BANKS Ah® OFFICIAL INSTITUTIONS. MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE 7/11/7S 10/10/79 12/12/79 1/9/BO AVERAGE OF FOUR WEEKS ENDING: 2/6/80 3/12/80 4/9/80 1.6 -4.7 -2. 1 0.4 -11.4 -5.5 -1.5 -5.6 -0.4 5/7/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/12/79 1/ 3/bO 2. 6/80 3,12/80 4/ */80 5/ /'80 6/,ifl0 7, a/80 5.0 5.9 5.3 5.5 4.4 2.2 2.4 3.2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.0 4. 1 4.8 3.2 0.2 0.9 2.0 6.0 6.5 3.6 -0.7 0.3 1.8 4.6 1.5 -3.3 -1.5 0.5 8. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( M1B ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 405 81LLI QMS — JUN. 388. 7 388.6 392.4 391.4 390.8 392.3 JUL . I I I I 2 16 50 I I I I 13 27 II 25 0 22 5 10 3 17 31 14 20 12 26 9 23 6 20 5 FEB MAR 19 2 16 30 14 28 II 25 9 23 1980 LATEST DATA PLOTTED WEEK ENDING-. JULY 9, 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 7/11/79 10/10/79 12/12/79 1/9/80 AVERAGE OF FOUR WEEKS ENDING: 2/6/80 3/12/80 4/9/80 5/7/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/12/79 1/ 9/BO 2/ 6/80 3/12/80 4/ 9/80 5/ 7/80 6/11/80 7/ 9/80 5.8 6.9 6.2 6.5 5.5 3.4 3.5 4.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.7 4.7 5.5 4.2 1 .4 1.9 3.2 7. 1 7.6 5.0 0.9 1.6 3.4 5.3 2.7 -1.7 -0.3 2.0 3.2 -2.8 -0.7 2.0 -9.1 -4.0 0.2 -4.5 1.2 9.3 PREPARED BY FEDERAL RESERVE BANK OF ST. 5 LOUIS 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 21.0 21.0 c —] 20.0 20.0 19.0 18.0 16.0 16.0 PRIME BANK LOAN RATE 15.0 14.0 14.0 90 DAY CD’S 13.0 12.0 12.0 COMMERCIAL PAPER CORPORATE BONDS Aaa 10.0 Cl PAL 2 16 30 14 28 II 25 8 22 7 21 JUN 1979 1980 MAY 2 9 16 23 30 JUNE 6 13 20 27 JULY 4 1 1 18 * 1 JUL I 980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JULY 18, 1980 90 DAY CD’S PRIME COMMERC 1 AL PAPER Hi PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL 12.89 10.26 9.70 9.43 8.43 8.92 8.34 8.25 8.41 8.70 8.63 8.72 12.31 9.92 9.32 9.06 8. 19 8.69 8.03 7.92 8.00 8.38 8.31 8.38 12.46 10.04 9.60 9.08 8.42 8.68 8.06 8.08 8.33 8.66 8.58 8.57 11.38 10.93 10.96 11.02 10.90 10.88 10.53 10.34 10.53 10.84 10.94 11.11 .3.68 13.20 13. 10 13.11 13. 10 12.92 12.82 12.60 12.48 12.66 12.61 12.70 7.96 7. 1 1 7.44 7.72 7.73 7.67 7.53 7.55 7.76 7.88 7.95 N.A. bonds mm 25 1________________ __ * AVERAGES OF RATES AVAILABLE. BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONOS, xea DATA ARE 4-MONTH COMMERCIAL PAPER RATES. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of\St. Louis THURSDAY DATA, PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 20.0 20.0 19.0 18.0 17.0 16.0 FEDERAL FUNDS RATE 15.0 15.0 14.0 14.0 13.0 3-MONTH V TREASURY BILL 12.0 I I .0 I I .0 10.0 10.0 5-YEAR TREASURY SECURITIES 9.0 8.0 7.0 6.0 1111 1111 0 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 18, 1980 MAY 2 9 16 23 30 JUNE 6 13 20 27 JULY 4 1 1 18 X 25 FEDERAL FUNDS KX 3-MONTH TREASURY BILL 6-MONTH TREASURY 1-YEAR TREASURY BILL 15.12 12.96 10.85 10.71 9.46 10.74 9.68 8.99 9.08 9.41 9. 26 8.98 10.47 9. 14 8.53 8.15 7.70 7.51 6.44 6.76 7.42 7.92 8.08 7.99 10.79 9.50 8.78 8.92 7.75 8. 17 6.94 6.66 7. 1 1 8. 10 8. 1 1 8. 1 1 9.99 9.00 8.72 8.34 8.03 7.91 7.23 7.30 7.65 7.86 7.91 7.95 1980 5-YEAR TREASURY SECURITIES 10.63 9.94 9.94 9.89 9.79 9.58 9.08 8.90 9.23 9.47 9.46 9.45 LONG-TERM TREASURY SECURITIES 10.51 9.94 10.20 10.22 10.13 10.08 9.64 9.45 9.74 10.05 10. 13 10.25 K AVERAGES OF RATES AVAILABLE. ** SEVEN-DAY AVERAGES FOR WEEK END ING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. Bn 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 BAf* OF ST. LOUIS 7 8 MULTIPLIERS!/ CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO RATIO MONEY MULTIPLIERS PAim 1111 1.1111 1 I 1 1 I 1 1.1. LATEST OATA PLOTTEO WEEK ENDING: JULY 9, 1980 BILLIONS OF DOLLARS in ------------- 1--------- 1— BILLIONS OF DOLLARS —---------- ------------- m COMPOUNDED ANNUAL RATES OF OF ur CHANGE. i-nniiui:, AVERAGE ur -----THE FOUR WEEKS ENDING JULY 9, 1980 FROM - THE FOGr WEEKS ENDING: ---- MAY APR. - MAR. FEB. - JAN. OCT. - JUL. 7, 1980 9, 1980 12, 1980 6, 1980 9, 1980 10, 1979 11, 1979 9.9 9.1 8.4 8.3 8.6 7.9 9.0 CURRENCY ILLIQNS I I I I I I 111 1 I 2 MAY JUN JUL AUG SEP 1979 OCT LATEST DATA PLOTTED WEEK ENDING: JULY 9. NOV DEC JAN FEB MAR 16 SO M 28 APR 1980 MAY II JUN 25 9 23 JUL 1980 1/ RATIO OF MONEY STOCK (MIA) OR (MiB) 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 BAhK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS TTTT TTTT TTTT 280 r M l-LI_L. V 7J i\ TTTT t______ r• — 7^ 1 1 "T T T T j =—i— — I 1M BILL - JUN. 4 259. 3 ii 258. 5 18 261. 5 25 260. 5 -JUL. 2 259. 7 9 260. 2 - 1 1 M “ rN LL M 1 1 l 1.1 !llu .1 IX .ILL 1111 -LLL 1 1 IJ 1. 1 1 1 1 1 1111 17 31 M 28 12 26 2 16 M MAY 13 27 ION II 111 111 1 til i i i 1 1 1 mi APR MAY JUN JUL i 22 I AUG JUL SEP OCT NOV DEC JAN 1980 1979 LATEST DA IA PLOTTED WEEK ENDING: JULY 9, I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 7/11/79 10/10/79 12/12/79 1/9/80 2/6/80 3/12/80 -0.4 -9. 1 -5.8 -2.7 -18.0 -10.4 -5.4 4/9/80 5/7/80 ru lilt AVtKAlyt OF FOUR WEEKS END 1 NG -. 12/12/79 1/ 9/80 2/ 6/80 3/12/80 4/ 9/80 5/ 7/80 6/11/80 7/ 9/80 3.4 4.5 3.5 4. 1 2.6 -0.5 -0. 1 0.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.4 2.7 3.7 1.6 -2.6 -1 .8 -0.4 3.8 5. 1 i .5 -4.4 -3.0 -1.0 2.9 -1 . 1 -7.6 -5.2 -2.6 -10.9 -4.2 7.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 280 10 SAV NGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUS ItU BILLIONS OF DOLLARS 465 r-----------1----------1----- BILLIONS OF DOLLARS ----------------------------“I 465 BILLIONS 453.6 454.6 455.7 456.0 457.7 JUL. I I 1 I 2 16 30 13 27 II 25 8 22 5 19 3 17 31 14 28 NOV 12 26 9 23 6 20 5 19 2 IB 30 14 28 I I 25 9 23 DEC 1980 LATEST DATA PLOTTED WEEK ENDING: JULY 9, 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 1100,000. SAVING? PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 5/7/80 4/9/80 1/9/80 2/6/80 3/12/80 7/11/79 10/10/79 12/12/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/12/79 1/ 9/80 2/ 6/80 3/12/80 4/ 9/80 5/ 7/80 7/ 9/80 10. 1 9.4 9.0 8.5 9.0 9. 1 9.0 9.3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.3 7.9 7.3 8.3 8.6 8.5 8.9 6. 1 5.8 7.6 8.2 8.2 8.7 6.0 8.2 8.8 8.7 9.2 8.9 9.4 9.1 9.6 12. 1 10.6 10.9 9.3 10.2 9.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS 1980 JUN. IN THE NATION AVERAGES OF DAILY FIGURES billions of dollars billions of dollars MILLIONS 11 NOV FEB DEC MAR 1979 LATEST DATA PLOTTED WEEK ENDING: JULY 16, 1980 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 168 ---------- i---------- 1-------- INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS ------------------- ----------- 168 COMPOUNDED ANNUAL RATES “OF CHANGE. AVERAGE OF * “ THE FOUR WEEKS ENDING — JULY 9, 1980 FROM - THE FOUR WEEKS ENDING: “MAY 7, “ APR. 9, — MAR. 12, - FEB. 6, — JAN. 9, - OCT. 10, _ JUL. II, 1980 1980 1980 1980 1980 1979 1979 -4.0 -6.6 -4.9 Ml LL I or JUN. 4 JUL. 2 158,218 157,757 157,798 I JUN JUL 15 29 AUG 12 26 10 24 SEP 1979 OCT 7 21 5 19 NOV DEC LATEST DATA PLOTTED WEEK ENDING: JULY 9, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 IS 50 JAN IS 27 FEB 12 26 MAR 9 23 1 J. LLLU-l.i l 1 I 1 I I I 7 21 APR MAY 1980 2 JUN 16 30 JUL 13 27 AUG I960 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 12 LARGE ALL TIME DEPOSITS COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED ILL IONS OF DOLLARS : i 11.1 LLi 1979 LATEST DATA PLOTTED WEEK ENDING: CURRENT DATA APPEAR '980 JULY 9. 1980 IN THE BOARD OF GOVERNORS’ H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS