Full text of U.S. Financial Data : Week Ending: July 22, 1981

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DATA

\<£

Week ending: July 22, 1981
JBrarv
After increasing at a relatively rapid rate in the early part of
IUL 2 7 ,ft&-year, the adjusted monetary base grew more slowly in the last two
rrrcmhs. From the four weeks ending May 13 to the four weeks ending
July 15, the adjusted monetary base increased at a 3.5 percent rate.
This growth rate is much below the 9.1 percent rate observed from the
four weeks ending February 18 to the four weeks ending May 13. Over
the full year ending July 15, 1981, the adjusted monetary base increased
at a 7.0 percent rate.
The recent slowdown in the growth of bank reserves and
currency, as evidenced by the adjusted monetary base, has had the direct
impact of slowing the growth of the monetary aggregates. In fact,
because the M1B money multiplier has also shown some decline over the
last two-month period (see page 8), M1B has contracted at a 5.6 percent
rate over the most recent period of slow base growth. This contraction
is in sharp contrast to the rapid growth of M1B during the first few
months of the year. From the four weeks ending February 18 to the
four weeks ending May 13, M1B grew at a 16.1 percent rate. Over the
last year, the M1B multiplier has been fairly stable, so the growth rate
of M1B (8.3 percent) has been more similar to that of the adjusted
monetary base (7.0 percent) than for periods as short as a few months.
As the table below indicates, M2, a broader monetary aggregate, also
has followed a growth pattern similar to that of the adjusted monetary
base.
Growth Rates of Selected Monetary Aggregates
(compounded annual rates, seasonally adjusted)

Weekly data_______________
Adjusted
monetary
base

Period*
2/18/81 - 5/13/81
5/13/81 - 7/15/81

9.1 %
3.5

7/16/80 - 7/15/81

7.0

M1B
16.1 %
-5.6
8.3

Monthly data

Period

M2

1/81-4/81
4/81-6/81

14.2 %
4.1

6/80-6/81

10.1

* Four-week averages ending these dates.

Prepared by Federal Reserve Bank of St. Louis


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

Released: July 24, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
174 ---------- .---------- 1--------

BILLIONS OF DOLLARS
------------------------------ ,74

BILLIONS
JUN.

166.3
167.3
166.6
166.7
167.2
168.4

I I I I
MAY

JUN

JUL

AUG
SEP
1980

OCT

LATEST DATA PLOTTED WEEK ENDING:

NOV

JULY 22,

DEC

JAN

FEB

MAR

APR
1981

1981

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 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,
7/23/80

10/22/80 12/24/80

AVERAGE OF FOUR WEEKS ENDING:

1/21/81

2/25/81

3/25/81

4/22/81

5/20/81

4.7
5.8
6.5
5.6
5.5

8.2
8.5
6.7
6.3

8.6
6.2
5.9

5.4
5.2

3.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/24/80
1/21/81
2/25/81
3/25/81
4/22/81
5/20/81
6/24/81
7/22/81

10. 1
8.5
7.4
7.5
7.6
7.7
7.2
7.0


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

5.9
4.8
5.4
5.8
6.2
5.7
5.6

1 . 1
3.2
4.4
5.3
4.7
4.7

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

ADJUSTED BANK RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

v
BILLIONS

of dollars

BU.UONS
47. 1
46.5
47.3
46.4
45.9
46.7

I I I I

1980
LATEST DATA PLOTTED WEEK ENDING:

JULY 15,

1981

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,
7/16/80

10/15/80 12/17/80

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

2/18/81

3/18/81

4/15/81

5/13/81

2.5
1.7
2.7
2.6
1.3

10.4
8.8
6.8
4.4

2.8
2.6
0.7

3.8
0.9

-1.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/17/80
1/14/81
2/18/81
3/18/81
4/15/81
5/13/81
6/17/81
7/15/81

13.3
8.7
5.3
7. 1
6.4
6.3
5.9
5.0


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

5.4
0.6
4.2
3.5
3.8
3.6
2.6

-11.7
-2.5
-1 .9
-0.5
0.0
-0.7

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
400

billions

— JUN.

4

361.3
361.8
361.3
361.1
365. 1
360.4

18

2

16 30

13

27

10

24

8

22

5

19

3

17

31

14

28

11

25

FEB

1

MAR

MAY

JUN

1980
LATEST DATA PLOTTED WEEK ENDING:

JULY 15,

1981

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:
7/16/80

10/15/80 12/17/80

1/14/81

2/18/81

3/18/81

-4.7
-2. 1
-5.0
-4.3

0.9
-4. 1
-3.5

4/15/81

5/13/81

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
12/17/80
1/14/81
2/18/81
3/18/81
4/15/81
5/13/81
6/17/81
7/15/81

9.7
4. 1
-2.9
-3.5
-3.3
-2.7
-3.7
-3.5


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

-5.7
-14. 1
-13.0
-1 1.3
-9.5
-9.8
-9.0

-28.0
-22.3
-17.9
-14.2
-13.7
-12.2

-22.5
-16.5
-12.2
-12. 1
-10.5

-5.3
-4.1

-7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( M1B )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

450

BILLIONS

=

JUL.

429. I
429. 1
428.6
427.6
434.8
428.9

440

425

420
415
410
405

30 13 27

10 24

8 22

5

19

3

17

31

14 28

11

25

11

22

25

6

20

3

17

1980
LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

JULY 15,

1981

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

MlB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY

INSTITUTIONS.

MONEY STOCK ( Ml B )
COMPOUNDED ANNUAL RATES OF CHANGE,
7/16/80

10/15/80 12/17/80

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

2/18/81

3/18/81

4/15/81

5/13/81

1 1.6
13.3
13.7
7.5
6.6

6.5
6. 1
7.3
6.3

16.2
4.8
4.1

-0.3
0.4

-5.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
12/17/80
1/14/81
2/18/81
3/18/81
4/15/81
5/13/81
6/17/81
7/15/81

13.0
10.0
9.7
10.4
11.1
11.5
8.9
8.3


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

2.0
3.7
5.9
7.5
8.5
5.5
5. 1

2.2
6.3
8.7
9.9
5.5
5.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
22.0 r—

PERCENT

-n 22.0

21.0

21.0

20.0

PRIME BANK
LOAN RATE

19.0
18.0

90 DAY CD'S

18.0

17.0
16.0
COMME■RCIAL
PAP’ER

15.0
14.0
13.0

CORPORATE
Aaa BONDS

12.0

12.0

1 1.0

11.0

10.0
MUNICIPAL
BONDS**

2

16 30

13 27

JUN

11

25

8

22

5

19

3

17

31

14

28

12

26

9 23

6

JUL

20

FEB

6

20

3

17

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

90 DAY
CD'S

1981
MAY

1
8
15

29
5
12
19
26
JULY
3
10
17
24 *
31
JUNE

15.95
18.36
18.80
18.51
17.57
17.37
16.72
16.60
16.97
17. 10
17.68
1 7.47
18.18

PRIME
COMMERCIAL
PAPER ***
15.24
17.52
17.89
17.51
16.55
16.56
15.91
15.65
15.92
16.07
16.60
16.55
17. 16

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
BONDS

Aaa

15.55
17.85
18. 18
17.89
16.73
16.77
16. 17
16. 15
16.26
16.58
17.03
16.86
17.59

14.26
14.50
14.53
14.18
14.00
13.84
13.73
13.61
13.77
14.04
14. 19
14.25
14.55

1

15 29

12

26

10 24

MAR
JULY 24,

CORPORATE
Baa BONDS
15.80
15.94
15.96
16.01
15.90
15.78
15.76
15.75
15.84
15.97
16.05
16.36
16.30

1981

MUNICIPAL
BONDS **
10.94
10.90
10.83
10.73
10.59
10.63
10.73
10.74
10.85
10.97
11.09
N. A.

* AVERAGES OF RATES AVAILABLE.
£»?DA?ABARl^MONfHA£SM*S!V%$ErKAL BmDS’ THURS°Ar
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
22.0

22.0
21.0

21 .C
FEDERAL FUNDS RATE

20.0

20. C

19.0

19.C

18.0

18.0

17.0

17.0
16.0

15.0

15.0

14.0

14.C
5-YEAR
TREASURY SECURITIES

13.0
12.0

1 1 .0

11.0

DISCOUNT
RATE

10.0
9.0
8.0
3-MONTH
TREASURY BILL

7.0
0
NOV

DEC

1980

1981

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUlY 24,

1981
MAY

1
8
15
22
29
JUNE
5
12
19
26
JULY 3
10
17
24 *
31

FEDERAL
FUNDS K*** ***
16.28
18.91
18.21
18.89
18.71
18.40
19.33
19. 10
19.20
18.84
19.93
18.76
19.05

3-MONTH
TREASURY
BILL
14.52
16.44
16.75
16.61
15.61
15.69
14.79
14.31
14.39
14.34
14.82
14.56
15.60

6-MONTH
TREASURY
BILL *6K*
14.04
15. 10
15.53
15.03
15.68
14.49
14.00
13.36
13.94
13.62
14.05
14.23
15.38

1-YEAR
TREASURY
BILL
13.41
14.44
14.68
14.42
13.67
13.53
13. 15
13.03
13.20
13.30
13.58
13.56
14.46

1981

5-YEAR
TREASURY
SECURITIES
14.36
14.94
14.88
14.54
14.09
14.06
13.83
13.81
14.05
14.28
14.48
14.53
15.24

LONG-TERM
TREASURY
SECUR1T1ES
13.37
13.78
13.60
13.27
13.01
12.93
12.73
12.62
12.92
13.22
13.28
13.29
13.76

* 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.
*** 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.

7

LOUIS

i

1
1
j

8
MULTIPLIERS!'
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

2.9

RATIO
JUN.

MONEY MULTIPLIERS

RATIO

.574
! 580
__

JUL.

! 608
2.565

I 1 I I I I I I I I I 1 1 I I 1
LATEST DATA PLOTTED WEEK ENDING:

JULY 15,

1981

BILLIONS OF DOLLARS

124

BILLIONS OF DOLLARS

124

---------- 1---------- 1------------- 1---------- 1-----------

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF

-

JULY 15
THE FOU

----- MAY
APR.
L MAR.
FEB.

13 f
15 ,
18 ,
18 ,

OC T.
JU L.

15 !
16 ,

-

-

1981 FROM
WEEKS END 1 vIG:
1981
1981
1981
1981
1980
1980

7s

5.
7.
7.
7.

CURRE

6.

7A

-

-

-

-

1981
JUN .

-

1 1

MAY

B ILL 1 pNS
10

Y

,
JUL .

71

"

1 1 1
JUN

1 1 1 1

1 1 1

1 1 1

III!

16 30 13 27 10 24
JUL
AUG
SEP
OCT

1 1 1

1 1 1 1

NOV

3 17 31 14 28 II 25 11 25 8 22
DEC
JAN
FEB
MAR
APR

1 1 1

1 1 1

1 1 1

1980
LATEST DATA PLOTTED WEEK ENDING: JULY 15,

1111

1
8
15

119. 6
118: 8
120.
120.
120. 5

1 1 1 1 1 1 1
6 20

-

I

3 17
JUN

_
s
XI. 1 1
1

15 29
JUL

1981
1981

1/ RATIO OF MONEY STOCK (MIA) OR (MlB ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR


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

IN THE BOARD OF GOVERNORS1

H.6 RELEASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

285
BILLIONS

=~ JUL.

280

237.6
237.9
237.4
236.7
240. I
235.7

275
270

265

260

255

250
245

240

JAN

LATEST DATA PLOTTED WEEK ENDING:

JULY 15,

FEB

1981

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE,
7/16/80

10/15/80 12/17/80

1/14/81

AVERAGE OF FOUR WEEKS ENDING:

2/18/81

3/18/81

4/15/81

-4.2
-9.3
-8.4

-10.0
-8.6

5/13/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/17/80
1/14/81
2/18/81
3/18/81
4/15/81
5/13/81
6/17/81
7/15/81

9.7
1.8
-7.8
-8.6
-8.5
-7.8
-8.8
-8.5


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

-11.3
-22.2
-20.9
-19.0
-16.8
-16.8
-15.7

-39.7
-32.9
-27.6
-23. 1
-22.0
-19.9

-32.9
-26.0
-20.7
-19.8
-17.8

-1 1.2
-7.8
-10.6
-9.6

-12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10
SAVINGS PLUS SMALL TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF OOLLARS
500

billions

495

488.5
488.2
488. 1
488.2

490

490.3
485

480
475

470

465

460

455

I I I I

I I I I

1980
LATEST DATA PLOTTED WEEK ENDING:

JULY 15.

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*
TIME DEPOSITS

H.6 RELEASE.

ISSUED IN DENOMINATIONS OF LESS THAN *100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
7/16/80

10/15/80 12/17/80

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

2/18/81

3/18/81

4/15/81

5/13/81

4.3
4.6
3.7
4.6
4.4

5.0
3.6
4.8
4.5

3.0
4.8
4.5

4.6
4.3

5.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/17/80
1/14/81
2/18/81
3/18/81
4/15/81
5/13/81
6/17/81
7/15/81

11.1
9.9
8.9
8.4
8. 1
7.4
7.4
7. 1


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

11.0
9.0
8.2
7.7
6.8
6.9
6.6

3.8
4. 1
4.4
3.7
4.4
4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
-

1981

MILLIONS

- JUN. 17
Z
24
- JUL.
I

1895
2305
1735

2

MAY

BILLIONS OF DOLLARS

16 30

13 27

AUG

JUN

10

24

8

22

5

19

3

17 31

14 28

11

25

11

25

SEP
1980

LATEST DATA PLOTTED WEEK ENDING-. JULY 22,

1981

BUSINESS LOANS
( COMMERCIAL AND
BILLIONS OF DOLLARS
184
182
180
178
176
174

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
184
-

~ COMPOUNDED ANNUAL RA TES
— OF CHANGE. AVERAGE 0
_ THE FOUR WEEKS END 1N G
JULY 15, 1981 FROM
— THE FOUft WEEKS END ING:
“ MAY 13, 1981
23.3
APR. 15, 1981
25.1
“ MAR. 18, 1981
20.9
— FEB. 18, 1981
12.7
_ JAN. 14, 1981
9.6
OCT. 15, 1980
12.2
JUL ■ 16. 1980
13.7

182
r* ■

178
176

-

170

A

168

/Av

L

174

-

,

"Y

172

/

N

170
168

/

-

166

166
164

/’
-

r

198

162
160
158
7 21

-

172

a_LLL

180

1

111

1 1 1 1

1 1 1

1 1 1

1111

111

1 1 1 1
3

4 18

JUL

AUG

SEP
1980

LATEST DATA PLOTTED WEEK ENDING: JULY 15,


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

17

DEC

111. .LI 1

11.1

i

MILLIONS

10
17
24
JUL.
1
8
15

176,348
177,762
178,216
181,053
180,815
180,615

i.j

ii 11111111

11 11

31

6

JAN

FEB

MAR

164

APR
1981

MAY

17

JUN

~
_
_
~
15 29

JUL

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

250
6 ILLIQNS

245
240
235
230
225
220
215
210
205
200

195

1980
LATEST DATA PLOTTED WEEK EM>ING-.

JULY 15,

1981

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

IN DENOMINATIONS OF $100,000 OR MORE.


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