Full text of U.S. Financial Data : Week Ending: June 17, 1981

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Week ending: June 17, 1981
Business loans at large weekly-reporting banks have
increased rapidly in recent months, rising at about a 20 percent
annual rate from the four weeks ending March 25, 1981 to the
four weeks ending June 10. In contrast, business loans declined
sharply from early February of this year through late March
(seepage 11). Banks increase the transactions balances of
borrowers when making additional loans. Given this connection
between lending and money creation, an increase in the rate of
money growth tends to accompany increased lending by banks,
as long as the Federal Reserve supplies the reserves necessary
to support the rise in transactions deposits. This process
appears to have been in effect during April. The money supply
(M1B) rose at a 20.5 percent rate from the four weeks ending
March 25, 1981 to the four weeks ending April 22, while
business loans at large commercial banks rose at a 16 percent
rate.
Since late April the continued expansion of business
loans has not resulted in a matching expansion of transactions
deposits. Because total reserves have not grown, banks have
had to issue more large time deposits in order to continue
expanding business loans. The growth in time deposits has
come at the expense of transactions deposits. As the banks
raised their offering rates on large CDs, the public was induced
to hold more time deposits relative to transactions deposits.
Consequently, the money supply has declined at about
4 percent rate since last April, even though business loans have
continued to increase.
Growth Rates of the Money Supply and Business Loans
(compounded annual rates, seasonally adjusted)

M1B

Period*

Business loans at
large weekly-reporting
commercial banks

3/25/81 - 4/22/81

20.5

16.1 %

4/22/81 - 6/10/81

-4.0

27.1

*

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: June 19, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

174
BILLIONS
172

166. I
166.6
166.9
166. I
166.7
166.2

170
168
166
164
162
160
158

AUG

FEB

SEP

MAR

1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 17,

1981

THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) 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 , AVERAGE OF FOUR WEEKS ENDING:
6/18/80

9/17/80 11/19/80 12/17/80

1/14/81

2/18/81

3/18/81

4/15/81

4.3
5.0
6.2
5.5

8.7
8.9
7.3

8.0
6.2

6. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
11/19/80
12/17/80
1/14/81
2/18/81
3/18/81
4/15/81
5/20/81
6/17/81

11.2
9.9
8.6
7.3
7.6
7.5
7.7
7.3


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

8.5
6.7
5.0
5.9
5.9
6.4
6.0

2.0
1.0
3.2
3.9
4.9
4.5

0.0
3.2
4.0
5.2
4.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES

is

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
50 --------------1---------- 1--------

BILLIONS OF DOLLARS
--------------------------------- 50

B.lkU.QNS
46.7
46.6
47.0
46.5
46.9
47.0

— JUN.

I I I I
2

16

APR

30

14

MAY

28

II

JUN

25

9

23

JUL

AUG
1980

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: JUNE 10,

NOV

DEC

JAN

FEB

MAR

APR
1981

MAY

JUN

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,
6/11/80

9/10/80 1 /12/80 12/10/80

AVERAGE OF FOUR WEEKS ENDING:
1/7/81

2/11/81

3/11/81

4/8/81

10.4
8.1
8.3

3.8
5.3

6.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/12/80
12/10/80
1/ 7/81
2/11/81
3/11/81
4/ 8/81
5/13/81
6/10/81

12. 1
12. 1
8.4
4.7
6. 1
5.8
5.6
5.9


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

10.0
4. 1
-0.5
2.2
2.3
2.6
3.2

-1.4
-6.7
-1.3
-0.5
0.4
1.5

-13.9
-5.0
-3.2
-1.5
0.0

-1.2
0.0
1.3
2.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( MIA )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400 ------------ 1----------1-----

---------------------------- 400

BILLIONS
367.0
364.9
363.8
363.5
361.3
360.5

__ MAY

APR

MAY

AUG

JUN

SEP

OCT

NOV

DEC

MAR

1980

APR

1981

LATEST DATA PLOTTED WEEK ENDING: JUNE 10.

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:
6/11/80

9/10/80 11/12/80 12/10/80

1/7/81

2/11/81

3/11/81

-6.7
-3.5
-5. 1

-1.6
-4.3

4/8/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/12/80
12/10/80
1/ 7/81
2/11/81
3/11/81
4/ 8/81
5/13/81
6/10/81

12.7
10.6
6.8
0.0
-0.8
-1.2
-0.9
-1.7


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

7.2
1.5
-7.5
-7.5
-7.3
-6.0
-6.5

-7.8
-18.2
-15.9
-14.0
-11.2
-11.0

-25.2
-20.2
-17.0
-13. 1
-12.6

-22.5
-17.6
-12.6
-12.2

-3. 7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
440

BILLLOaS

435

431 . I
428.7
427.4
427.5

430

JUN.
425.4

425
420
415
410
405
400
395
390
385
380

1980

1981

LATEST DATA PLOTTED WEEK ENDING: JUNE 10,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
MlB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK (MlB )
COMPOUNDED ANNUAL RATES OF CHANGE
6/11/80

9/10/80 11/12/80 12/10/80

AVERAGE OF FOUR WEEKS END 1NG:
1/7/81

2/11/81

3/11/81

4/8/81

12.6
13.5
7.3

13.0
5.1

2.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/12/80
12/10/80
1/ 7/81
2/11/81
3/11/81
4/ 8/81
5/13/81
6/10/81

16.0
13.8
10.6
11.0
11.3
11.3
11.7
9.8


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

10.3
5.6
7.3
8.4
8.7
9.6
7.3

-2.9
3.0
5.7
6.6
8. 1
5.4

3.3
6.6
7.6
9.2
5.9

13.9
12.9
13.5
8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

22.0

PERCENT
-Zj 22.0

r—

21.0

21 .0

20.0

PRIME BANK
LOAN RATE

20.0

19.0
90 DAY CD'S
17.0

17.0
16.0
COMMERCIAL
PAPER

15.0

15.0
14.0
13.0

CORPORATE
Aaa bonds

12.0

1 1.0
10.0

10.0
MUNICI PAL

APR

MAY

JUN

JUL

AUG
1980

SEP

OCT

NOV

DEC

JAN

FEB

MAR
APR
1981

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JUNE 19,

1981
APR.

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

90 DAY
CD'S
13.65
14.89
15.38
15.37
15.95
18.36
18.80
18.51
17.57
17.37
16.72
16.33

PRIME
COMMERC1AL
PAPER

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

13.22
14.22
14.70
14.75
15.24
17.52
17.89
17.51
16.55
16.56
15.91
15.49

13.31
14.59
14.89
14.92
15.55
17.85
18.18
17.89
16.73
16.77
16. 17
16.00

13.41
13.72
13.89
14.02
14.26
14.50
14.53
14. 18
14.00
13.84
13.73
13.54

CORPORATE
Baa BONDS
15.25
15.42
15.61
15.71
15.80
15.94
15.96
16.01
15.90
15.78
15.76
15.74

MAY

JUN

1981

MUNICIPAL
BONDS **
10.21
10.45
10.70
10.80
10.94
10.90
10.83
10.73
10.64
10.59
10.63
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
**0K 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

21 .0

21.0
FEDERAL FUNDS RATE
20.0

20.0

19.0

19.0
18.0
17.0
16.0
15.0
14.0

14.0
13.0

13.0

5-YEAR
TREASURY SECURITIES

12.0

12.0

I 1 .0

11.0

DISCOUNT
RATE
10.0
9.0
8.0
3-MONTH
TREASURY BILL

7.0
0

4

18

2

16 30

13 27

II

25

22

5

19

3

17

31

14

28

12

26

FEB

MAR

APR

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 19,

1981

1981

FEDERAL
FUNDS **

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *ae*

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

14.93
15.43
15.33
15.55
16.28
18.91
18.21
18.89
18.71
18.40
19.33
19.10

12.60
13.67
13.66
13.74
14.52
16.44
16.75
16.61
15.61
15.69
14.79
14. 17

12.08
13.78
13.65
13.62
14.04
15. 10
15.53
15.03
15.68
14.49
14.00
13.36

11.86
12.53
12.80
13.05
13.41
14.44
14.68
14.42
13.67
13.53
13.15
12.97

13.46
13.84
14.01
14. 14
14.36
14.94
14.88
14.54
14.09
14.06
13.83
13.62

12.68
13.02
13.11
13.12
13.37
13.78
13.60
13.27
13.01
12.93
12.73
12.47

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

APR.

**ASEVEN^DAYFAVERaIeSVFORAWEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE

SHOWN.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
www MFW

ISSUE RATE

RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

7

8
MULTIPLIERS^
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SLASUNALLY ADJUSTED

RATIO

RATIO

RATIO
MONEY MULTIPLIERS

JUN.

. 163

RATIO

~ JUN.

I I I I I I I I I I I I I I I I 1 I I I
LATEST DATA PLOTTED WEEK ENDING: JUNE 10,

1981

LLIONS OF DOLLARS

BILLIONS OF DOLLARS
-------- ---------- ----------- 122

“ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
----- THE FOUR WEEKS ENDING
JUNE 10, 1981 FROM
- THE FOUR WEEKS ENDING:

---- APR.
MAR.
- FEB.
JAN.
- DEC.
™
JUN.

8,
II,
II,
7,
10,
11,

1981
1981
1981
1981
1980
------1980

7.6
7.7
7.8
6.8
6.7
7.3
8.0

CURRENCY

1981

2

16 30

14 28

II

25

9 23

6 20

3

17

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING: JUNE 10,

BILLIONS

ill I I I I I 1 I I I 1 I I I
IS 29

12

26

10 24

7

21

JAN

1

15 29

13

27

10 24

FEB

1981

1/ RATIO OF MONEY STOCK (MIA) OR (MlB ) 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

DEMAND DEPOSI T COMPONENT OF MONEY STOCK ( Ml A )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

280
BILLIONS
__ MAY

247.5
245.4
244.2
243. 1
242. I
240.8

1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 10,

1981

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/11/80

9/10/80 11/12/80 12/10/80

1/7/81

2/11/81

3/11/81

4/8/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/12/80
12/10/80
1/ 7/81
2/11/81
3/11/81
4/ 8/81
5/13/81
6/10/81

13.8
1 1.2
5.9
-3.3
-4.6
-5.2
-5.0
-5.9


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

6.6
-1.3
-13.2
-13.4
-13.2
-1 1 .8
-12.2

-13.3
-26.7
-24.0
-21.8
-18.5
-18. 1

-35.4
-29.7
-25.8
-21.1
-20.3

-32.5
-26.6
-20.7
-19.8

-13.1
-9.3
-10.S

-6.8
-9.6

-8.8

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

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

BILLIONS OF DOLLARS

1981

BILLIONS OF DOLLARS
500

BILLIONS
495

484.7
485.4

JUN.

490

486.6
487.7
488.6

485

480

JAN

FEB

1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 10.

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN t100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/11/80

9/10/80 11/12/80 12/10/80

1/7/81

2/11/81

3/11/81

4/8/81

3.2
4.0
3.2
4.0

4.3
3.0
4.2

3.2
4.6

4. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/12/80
12/10/80
1/ 7/81
2/11/81
3/11/81
4/ 8/81
5/13/81
6/10/81

10.9
11.4
10.4
9.4
8.7
8.4
7.6
7.7


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

11.1
9.4
8. 1
7.2
7.0
6.2
6.4

9. 1
6.9
5.9
5.9
5.0
5.4

3.8
3.5
4.0
3.3
4. 1

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

5.0 r=--------- 1--------- 1----— 1981 MILLIONS
13
20
27
3
10
17

-------- -------------------3 5-°

1734
1975
2923
1954
2207
1895

I I I I
2

16 30

APR

I I I I
14 28

MAY

II

JUN

25

9

23

JUL

6

20

AUG
I 980

3

17

SEP

OCT

NOV

DEC

JAN

FEB

MAR
APR
1981

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: JUNE 17, 1981

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
h
—
I
~
—

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
178

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING
JUNE 10, 1981 FROM
THE FOUA WEEKS ENDING: -

“ APR. 8,
— MAR. 1 1 ,
_ FEB. I I ,
JAN. 7,
— DEC. 10,
_ SEP. 10,
JUN. 11,

1981
1981
1981
1981
1980
1980
1980

176
174

21.2

172
170

____
11.2

168
166
164
162
160

JUN.
I I I I

3

158

175,469
174,831
174,861
175,799
176,447
176,355

156
154

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

JAN

FEB

MAR

15 29

13 27

MAY

10 24

JUN

1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 10, 1981


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
AVERAGES OF DAILY FIGURES
SEASONALLY AUJUbltU

BILLIONS OF DOLLARS
228 -------------- 1----------- 1------

IONS OF DOLLARS

BILLIONS

_

JUN.

2

16 90 14 28 II 25

9 23

6 20

3

AUG

SEP

17

LATEST DATA PLOTTED WEEK ENDING: JUNE 10.
CURRENT DATA APPEAR
TIME DEPOSITS ISSUED

JAN

FEB

MAR

1981

IN THE BOARD OF GOVERNORS' H.6 RELEASE.
IN DENOMINATIONS OF 9100,000 OR MORE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS