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Week ending: June 16, 1982
LIBRARY

JUN 2 1 t982
The growth of the adjusted monetary base has been rapid
since November 1981. The base increased at about a 9 percent
rate from the four weeks ending November 11, 1981 to the four
weeks ending April 7, 1982, then accelerated to about an 11
percent rate during the nine-week period ending June 9.
The rapid base growth from early November to early April
was associated with rapid money growth, with Ml growing at an
8.7 percent rate. The growth of Ml since early April, however,
has not accelerated with monetary base growth. Ml increased at
only a 4.7 percent rate during the nine-week period ending June 9.
Divergent growth in Ml and the monetary base is reflected
in changes in the money multiplier, which summarizes the effect
of all factors other than the base on the money supply. Substantial
short-run movements in the money multiplier are usually
associated with changes in the public's desire to hold currency and
time deposits relative to checkable deposits (the k- and t-ratios,
respectively). As shown in the table below, the sharp decline in
the money multiplier since early April again has been associated
with increases in these ratios.
Ml multiplier, k-ratio and t-ratio
(seasonally adjusted)
Week ending
April

May

June

Ml multiplier

7
14
21
28
5
12
19
26
2
9

2.609
2.588
2.585
2.556
2.564
2.569
2.560
2.555
2.546
2.550

k-ratio

t-ratio

.390
.390
.390
.399
.397
.395
.399
.400
.401
.398

2.456
2.477
2.465
2.528
2.521
2.510
2.525
2.545
2.543
2.536

Prepared by Federal Reserve Bank of St. Louis
Released: June 18, 1982


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

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
>80 I------------- 1---------- 1-----

BILLIONS OF DOLLARS
------------------- --------------- 180

BILLIONS

1982

176.3
176.4
176.7

_ MAY

177.9
178.2
178.5

I I I I I I L-L
15 29

13

27

10 24

22

5

30

19

LATEST DATA PLOTTED WEEK ENDING-.

JUNE 16,

14

28

II

25

9 23

6 20

3

JAN

I

17

J

FEB

17 51

M 28

APR

12 26

9 23

MAY

1982

Ti_ir- *r. ii icTcrn unMFTARY racp PONR I ^TS OF- ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS
I^FFOFRAI^ RFSFRVE BANKS (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND
IN THF 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, AVERAGE OF FOUR WEEKS ENDING:
6/17/81

9/16/81 11/18/81 12/16/81

1/13/82

2/17/82

3/17/82

4/14/82

8.6
10.3

12.2

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
11/18/81
12/16/81
1/13/82
2/17/82
3/17/82
4/14/82
5/19/82
6/16/82

2.0
3.4
4. 1
5.2
5.4
5.5
6.0
6.6


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

3.9
5.0
6.6
6.7
6.6
7.2
7.9

10. 1
10.9
10.0
9.2
9.5
10. 1

10.7
9.5
8.7
9. 1
9.9

9.9
8.7
9.2
10.1

6.6
8.1
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
ShASONALLY ADJUSTED

BILLIONS OF DOLLARS

52

BILLIONS OF DOLLARS
------- ---------------------- 52

------ ------ -----------,------BILLIONS

49. 4
49.0

49.0
49.6
50.0

3

OCT
LATEST DATA PLOTTED WEEK ENDING:

JUNE 9,

NOV

JAN

FEB

1982

17

31

14 28

APR
1982

12 26

9

23

MAY

RESERVE

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,
6/10/81

9/9/81 11/11/81

11/11/81
12/ 9/81
1/ 6/82
2/10/82
3/10/82
4/ 7/82
5/12/82
6/ 9/82

-2.5
-0.4
0. 4
2.5
4.3
3.6
4.6
4.7


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

-0.8
0.6
4. 1
6.5
5.2
6.4
6.3

8.7
1 1 .6
13.7
10.4
11.0
10.2

AVERAGE OF FOUR WEEKS ENDING:
1/6/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:

11.6
14.3
10. 1
10.9
10.0

18.4
11.5
12.0
10.8

2/10/82

8.4
10.4
9.2

3/10/82

2/7/82

6. 1
5.9

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUS ItU

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----------------- ----------- “I 470

470 r------------1----------1—

L.UQNS
450.3
452.9
451.5
451 .4
453.0
454.4

1

15

29

13

27

10 24

8 22

5

1'

2

16 30

14

28

11

25

9 23

26
JAN

3

17

3

17

31

14

28

12

26

9 23

FEB
1982

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

1982

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
HELD BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFF!6 IAL INST I TUT IONS )
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS CHECKS.

MONEY STOCK 1 Ml 1
COMPOUNDED ANNUAL RATES OF CHANGE,
6/10/81

9/9/81

11/11/81

12/9/81

3. 1
4.3
5.6
6.8
6.0
5.8
5.8
5.6

6.5
8.3
9.6
7.9
7.3
7.2
6.7

12.9
13.4
9.8
8.7
8.2
7.5

14.4
9.4
8.0
7.7
6.9

AVERAGE OF FOUR WEEKS ENDING:
/6/82

2/10/82

3/10/82

4/7/82

1.3
3.3
3.1

5.3
4.5

4.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/11/81
12/ 9/81
1/ 6/82
2/10/82
3/10/82

6/ 9/82


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

7.1
6. 1
6.2
5.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIER is
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
StASUNALLY ADJUSTED

RATIO

1982

RATIO

RATIO
2.564

2!546
2:550

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

1982

BILLIONS OF DOLLARS
'30 ------------- ,---------- ,---------- ,------------- ,---------- ------------- ---------- r-

BILLIONS OF DOLLARS
------1---------- 1------------- '30

COMPOUNDED ANNUAL RATES
OF
wi CHANGE, AVERAGE OF
iniTOL, nvciTHUC Ur
-----THE FOUR WEEKS ENDING
JUNE 9, 1982 FROM
_ THE FOUR WEEKS ENDING:

APR.
-----MAR.
FEB.

_

JAN.

1982
1982
1982

11.6
10.7

___

DEC.
9, 198
SEP.
9, 198
-----JUN. 10, 198

CURRENCY

BILLIONS -----126.7
I27M
127:7
128:3
128:2
1 1 1 ri 1 1 1 I 1
20

JAN

3

17

3

17 31

ill 11 I 1111
4 28

12 26

9 23

FEB
1982

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

1982

1/ RATIO OF MONEY STOCK (Ml ) 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

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
22.0 r—

PERCENT
—

22.0
21 .0

21 .0

20.0

20.0

19.0
90 DAY CD’S
18.0
PRIME BANK
LOAN RATE

17.0

17.0

16.0
15.0

15.0

CORPORATE
Aaa BONDS
13.0
BOND:

12.0

COMMERCIAL
PAPER
10.0

AUG
1981

SEP

NOV

DEC
1982

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JUNE 18,

90 DAY
CD’S

1982
APR.

30
MAY

JUNE
1 |
18 *
25

PRIME
COMMERC1AL
PAPER ***

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
AAA BONDS

14.70
14.56
14.60
14.34
14.21
14.16
13.82
13.76
13.44
13.72
13.83
14.43

14. 15
14.04
14. 10
13.81
13.69
13.65
13.32
13.23
12.94
13.15
13.39
13.86

14.22
14. 17
14.14
13.91
13.79
13.67
13.36
13.26
13.03
13.29
13.46
14.05

14.66
14.68
14.53
14.31
14.31
14.36
14.22
14.23
14.21
14.50
14.62
14.71

1982

CORPORATE
BONDS

MUNICIPAL
BONDS X*

16.91
16.89
16.80
16.69
16.70
16.72
16.54
16.62
16.69
16.80
16.85
16.90

13. 13
12.99
12.54
12.29
11.97
12.04
12.04
11.96
11.99
12.13
12.40

Baa

**ABONDGBUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
K*X 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

22.0

22.0

21 .0

21 .0

20.0

20.0

19.0

16.0

18.0

17.0
5-YEAR
TREASURY SECURITIES
16.0

FEDERAL FUNDS RATE
15.0

15.0

M.O

13.0

13.0

12.0

12.0

DISCOUNT
RATE

1 1 .0

10.0

3-MONTH
TREASURY BILL

4

AUG
1981

18

SEP

2

16 30

13 27

NOV

II

25

8 22

DEC
1982

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 18,

1982
APR.

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

1982

FEDERAL
FUNDS xx

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
B1LL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

14.99
15. 15
14.68
15.01
14.72
15.53
14.97
14.67
13.70
13.43
13.60
14.24

13.32
13.10
12.77
12.39
12.42
12.54
12.38
11.90
1 1 .54
12.09
12.06
12.39

13.24
12.80
12.90
12.72
12.64
12.78
12.24
12. 19
11.68
11.59
12.12
12.50

12.76
12.69
12.59
12.38
12.30
12.29
12.11
11.83
1 1 .71
12.09
12.20
12.60

14.34
14.25
14.00
13.85
13.87
13.87
13.69
13.72
13.74
13.98
14.04
14.34

13.56
13.50
13. 18
13.07
13. 12
13. 10
12.96
13.04
13. 10
13.49
13.51
13.79

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK END ING WEDNESDAY TWO DAYS EARL IER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 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. LOUIS

7

8
TOTAL CHECKABLE DEPOSITS^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

335
B1LLIONS
__ MAY

319. I
321.6
319.6
319.2
320. I
321.8

20

3

17

3

17

31

14

APR
1982
LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

28

12

26

9 23

MAY

1982

1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES DF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/10/81

9/9/81 11/11/81

12/9/81

1/6/82

2/10/82

3/10/82

4/7/82

3.5
1.9

1 .8

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
11/11/81
12/ 9/81
1/ 6/82
2/10/82
3/10/82
4/ 7/82
5/12/82
6/ 9/82

2.7
4.2
5.6
7. 1
6.0
5.7
5.6
5.0


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

7.5
9.2
0.9
8.6
7.7
7.3
6.3

13.8
15.0
10.5
8.8
8.0
6.7

16.0
9.7
7.9
7.1
5.7

7.6
5.8
5.5
4.2

-0.6
1.4
0.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS

is

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
830

BILLIONS
=

MAY

820

804.6
807. 1
807.0
812.4

810

816.2

800
790
780
770
760
750
740
730
720

APR

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

MAY

1982

1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSI TS
COMPOUNDED ANNUAL RATES OF CHANGE,
6/10/81

9/9/81 11/11/81

12/9/81

AVERAGE OF FOUR WEEKS ENDING*.
1/6/82

2/10/82

3/10/82

20.7
19.9
18.9

19.7
18.5

4/7/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/11/81
12/ 9/81
1/ 6/82
2/10/82
3/10/82
4/ 7/82
5/12/82
6/ 9/82

11.8
10.6
9.0
9. 1
10.2
11.2
12.0
12.3


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

5.8
4. 1
5.5
7.6
9.3
10.6
11.1

1.5
4.7
8.2
10.5
12.0
12.6

5.0
9.5
12. 1
13.6
13.9

14.6
16.5
17. 1
16.9

17.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10
SMALL TIME DEPOSITS^
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
410

- COMPOUNDED ANNUAL RATES
=~OF CHANGE, AVERAGE OF
Z THE FOUR WEEKS ENDING
- JUNE 9, 1982 FROM
- THE FOUR WEEKS ENDING:

=

APR.

- MAR.

-

FEB.

=
Z

JAN.

.

____

390

23.3

10,

1982
1982

400

24.9
21.3
17.4

6,

1982

380
SMALL TIME DEPOSITS

370

SEP.

20.6

360

giiuoN?

330

383.7
320
310
I I I I
LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

I I I I I I I

I I I 1 I I I I I

1982

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
185
1982

BILLIONS
180
175
60:8
170

SAVINGS DEPOSITS

- COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
= JUNE 9, 1982 FROM
Z_ THE FOUR WEEKS ENDING:
=
-

APR.
7,
MAR. 10,
FEB. 10,
JAN.
6,
dec.
°

1982
1982
1982
1982

155
150

-0.7
2.8
" ~

145

- SEP.

140

Z JUN.
-5.4
1111111111111111
I

15 29

13 27

10

24

8

22

5

19

2

H

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

1982

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

3 ILL IONS OF DOLLARS
1982

BILLIONS OF DOLLARS
5.0

MILLIONS

4.5

1120
4.0
3.5
3.0
2.5
2.0
1.5
1 .0
0.5
I I I I
1

15

29

13 27

10 24

8 22

2

16 30

14 28

OCT
LATEST DATA PLOTTED WEEK ENDING: JUNE 16,

II

25

9

23

6

20

JAN

NOV

3

17

3

17

31

14

28

12

26

9 23

0

FEB

1982

BUSINESS LOANS u
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS &
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
Z
—
Z
—

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JUNE 9, 1982 FROM
THE FOUR WEEKS ENDING:

— MAR. 10,
Z FEB. 10,
JAN. 6,
— DEC. 9,
SEP. 9,
JUN. 10,

1982
1982
1982
1981
198

23.0
21 .3
23.6

22.2
18.3

MILL1ONS

1982

•JUN.

206,602
207,023
207,901
209,521
209,897
211,481

2

I 1 I I I I I I
3

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

OCT

JAN

NOV

FEB

17

31

14 28

APR
1982

12

26

9 23

MAY

1982

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF *750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
IILL IONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS
270

1981
LATEST DATA PLOTTED WEEK ENDING: JUNE 9,

1982

CURRENT DATA APPEAR 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

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