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z_

11
Week ending: June 24, 1981
The Board of Governors has released a revision of the money stock
measures and related data to include "benchmark" adjustments for the June,
September and December 1980 call reports. In addition, travelers checks of
nonbank issuers have been added to the historical series for MIA and the
broader aggregates. Inclusion of travelers checks raises the levels of the
money stock measures, but affects the growth rates only minimally. The
revisions also incorporate daily deposits data for foreign-related institutions,
other checkable deposits at thrift institutions and deposits data for
institutions with total deposits between $2 million and $15 million. Daily
data of nonmember banks with total deposits greater than $15 million were
incorporated in the last benchmark revision in January 1981.
The benchmark revision has lowered the level of demand deposits.
The downward revisions of late 1979 and 1980 lowered the monthly level of
demand deposits by less than $1 billion. Much larger downward revisions to
demand deposits for the first five months of 1981 reflect the new reports of
quarterly reporting institutions. The benchmark revision has also raised the
other checkable deposit component of M1B.
As illustrated by the table below, the revisions have had only a
minor effect on the monthly growth rates of MIA and M1B in most months in
1980. The pattern of growth of M1B in 1981, however, has been altered, with
slower growth in the revised series in January and February, and faster growth
in April. All money stock data and related series in this release are on the
revised basis.
Growth Rates of MIA and M1B: Old and Revised Series
(compounded annual rates of change; seasonally adjusted)

Old

Period
4/80
5/80
6/80
7/80
8/80
9/80
10/80
11/80
12/80
1/81
2/81
3/81
4/81
5/80

5/80
6/80
7/80
8/80
- 9/80
- 10/80
- 11/80
- 12/80
- 1/81
2/81
3/81
4/81
5/81
_

-

-

5/81

MIA
Revised

1.3%
13.2
10.2
19.9
10.9
11.9
5.7
-11.1
-29.6
-19.5
-5.1
0.3
-4.5

1.0%
10.9
10.1
21.6
11.9
12.1
3.8
-10.5
-32.7
-22.5
-4.5
2.7
-5.4

-0.9

-1.5

Old

M1B
Revised

1.2%
13.5
14.4
23.8
14.3
14.4
9.4
-9.4
14.6
9.0
11.8
20.4
-4.9

0.9%
11.6
14.2
25.4
15.4
13.9
8.4
-9.6
10.9
5.9
13.9
24.7
-5.9

10.5

10.3

THIS RELEASE WILL NOT BE PUBLISHED NEXT WEEK
DUE TO A HOLIDAY ON FRIDAY, JULY 3, 1981.

Prepared by Federal Reserve Bank of St. Louis

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

Released: June 26, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
174

i
198L
172

-

MAY
JUN.

170

_

BILLIONS OF DOLLARS
174

r—i—
B1LL1ONS

20
27
3
10
17
24

172

166.6
166.9
166.1
166.7
166.3
167.3

170

wA/

-

-

166

-

-

164

-

S

x—V

-

-

-

-

J1

-

-

-

s

111

.111
18

JUN

11 .i, i

111

111

1111

2 16 30 13 27 10 24

JUL

AUG

SEP
1980

8 22

OCT

111

1111

5

3 17 31

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 24,

DEC

J LL

14 28

JAN

1 li _LLL 1 1 1 1 —LI. 1
II

25 11

FEB

MAR

25

8 22

APR
1981

6 20

MAY

111

Mil'

3 17

I 15 29
JUL

JUN

1981

II^£DJU5TED 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 ,
6/25/80

9/24/80 11/26/80 12/24/80

AVERAGE OF FOUR WEEKS ENDING:

1/21/81

2/25/81

3/25/81

4/22/81

4.7
5.8
6.7
5.6

8.2
8.6
6.7

8.8
6.2

5.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/26/80
12/24/80
1/21/81
2/25/81
3/25/81
4/22/81
5/27/81
6/24/81

11.1
9.6
8.3
7.3
7.4
7.5
7.7
7. 1


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

8.0
6. 1
5. 1
5.6
5.9
6.4
5.8

0.8
1.2
2.8
3.9
4.9
4.3

1 . 1
3.2
4.4
5.5
4.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES u
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

LLLJONS
46.7
47.0
46.6
47.0
46.4

MAY

JUN

AUG

SEP
1980

JAN

FEB

MAY

JUN

1981

LATEST DATA PLOTTED WEEK ENDING-. JUNE 17.

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, 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

2.5
1.7
3.2
2.6

10.4
9.0
6.8

3.8
2.6

3.8

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

14.5
12. 1
8.4
5.4
7.0
6.3
6.4
5.9


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

9.0
3.4
0.0
3. 1
2.7
3.3
2.9

-6.7
-8.3
-1.9
-1.6
0.0
0.0

-1 1.7
-2.5
-1.9
0.0
0.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml A )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS
— MAY

365.9
364.8
364.3
361.6
362.0

2

16 30

13

27

10 24

8

22

5

19

3

17

31

14

28

11

25

11

25

8

22

6 20

1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 17.

1981

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

MONEY STOCK (MIA)
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

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

12.7
9.7
4.8
-1.6
-2.2
-2. 1
-1.8
-2.7


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

5.0
-2. 1
-10. 1
-9.7
-8.6
-7.3
-7.8

-14.0
-21.7
-18.6
-15.6
-12.6
-12.6

-28.0
-22.3
-17.9
-13.9
-13.6

-22.5
-16.5
-12.0
-12.0

-4.7
-2.6
-4.9

-0.2
-4.0

-5. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( M1B )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
440

BILLIONS
435

432.4
430.9
430.8
428.3
429.2
429.0

430
425
420
415
410

MAY

JUN

JAN

LATEST DATA PLOTTED WEEK ENDING-. JUNE 17,

FEB

MAR

1981

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

MONEY STOCK (MIB)
COMPOUNDED ANNUAL RATES OF CHANGE,
6/18/80

9/17/80 1 /19/80 12/17/80

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

2/18/81

3/18/81

16.5
13.3
7.2

12.1
4.7

4/15/81

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

16.0
12.7
10.2
9.9
10.5
11.1
10.8
9.0


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

7.8
4.7
5.5
7.0
8.3
8.3
6.3

-4.3
0.4
3.8
6.3
6.6
4.2

2.2
6.3
8.7
8.6
5.5

1 1 .6
13.3
1 1.9
7.5

-0.4

PREPARED BY FEDERAL RESERVE BANK OF ST.

5

LOUIS

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

22.0

22.0

21 .0

21 .0
PRIME BANK
LOAN RATE

20.0

19.0

19.0
90 DAY CD’S

18.0

18.0

17.0

17.0
16.0
:rcial

15.0

15.0

14.0

14.0

13.0

13.0
CORPORATE
Aaa bonds

12.0
1 1 .0
10.0
MUNICIPAL
BONDS**

9.0
8.0
7.0
0

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; JUNE 26,

1981
MAY

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

90 DAY
CD’S
15.95
18.36
18.80
18.51
17.57
17.37
16.72
16.60
16.92

PRIME
COMMERC1AL
PAPER ***
15.24
17.52
17.89
17.51
16.55
16.56
15.91
15.65
15.91

PRIME
BANKERS'
ACCEPTANCES
15.55
17.85
18. 18
17.89
16.73
16.77
16. 17
16. 15
16.29

1981

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS **

14.26
14.50
14.53
14.18
14.00
13.84
13.73
13.61
13.72

15.80
15.94
15.96
16.01
15.90
15.78
15.76
15.75
15.80

10.94
10.90
10.83
10.73
10.64
10.59
10.63
10.73
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** DATA ARE 4-MONTH COKWERCIAL 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
18.0

17.0

17.0
16.0
15.0
14.0

13.0

13.0

5-YEAR
-----------1
TREASURY SECURITIES
J

12.0

12.0
11.0

DISCOUNT
RATE

10.0

10.0

9.0
8.0
3-MONTH
TREASURY BILL

7.0
0

1980

1981

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 26,

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

3-MONTH
TREASURY
BILL
14.52
16.44
16.75
16.61
15.61
15.69
14.79
14.31
14.45

6-MONTH
TREASURY
BILL ***
14.04
15. 10
15.53
15.03
15.68
14.49
14.00
13.36
13.94

1-YEAR
TREASURY
BILL
13.4!
14.44
14.68
14.42
13.67
13.53
13. 15
13.03
13.22

1981

5-YEAR
TREASURY
SECURITIES
14.36
14.94
14.88
14.54
14.09
14.06
13.83
13.81
14.02

LONG-TERM
TREASURY
SECUR1T1ES
13.37
13.78
13.60
13.27
13.01
12.93
12.73
12.62
12.77

* 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.
X*X 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
MULTIPLIERSu
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

RATIO
2.203

MONEY MULTIPLIERS

RATIO
2.603
2.586
2158
2:579

_ JUN.

2:575
2:580

LiJJ J 1 1 1 I I I
LATEST DATA PLOTTED WEEK ENDING: JUNE 17,

1

BILLIONS OF DOLLARS
122
1---------- 1------------- 1---------- 1---------“

-

BILLIONS OF DOLLARS
122

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF

-

JUNE 17, 1981 FROM
THE FOUR WEEKS ENDING:

MA R.
- FE B.
JA N.
-----DE
SE P.
- JU N.

18,
18,
14,

1981
1981
1981

’
17 ,
18 ,

i 980
1980

CURRE

7.
7.
6.
7.
7.

-

-

-

-

- y

1981
MAY

JUN ■

1 1 1 -Mil
7

21

MAY

4

18

JUN

16 30

JUL

111

111

AUG

SEP
1980

13 27

-LLLL

10 24

OCT

111

1111

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: JUNE 17,

3

_LI_L III

17 31

14 28

JAN

II

Mill

1 1 1
25

FEB

II

MAR

25

1 1 1

8 22

6 20

APR
1981

BILL1 ONS

13
20
27
3
10
17

19.4
'9.6
n 3
!
19.6
19.9
l

1 1 1
3

17

_
_
_

1 1 1

l
1

\‘

15 29

JUL

1981

1/ RATIO OF MONEY STOCK (MIA) OR (M1B) 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 DEPOSIT COMPONENT OF MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1981

BILLIONS OF DOLLARS
285

BILLIONS
242. I
240.8
239.7
238.6
237.7
237.9

265

260

255

250

245

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: JUNE 17.

1981

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( MIA )
COMPOUNDED ANNUAL RATES OF CHANGE,
6/18/80

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

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

2/18/81

3/18/81

4/15/81

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

13.8
9.8
2.8
-5.9
-6.8
-6.9
-6.5
-7.5


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

3.3
-6.6
-17. 1
-16.7
-15.6
-13.9
-14.3

-22.2
-31.8
-28. 1
-24.6
-20.8
-20.5

-39.7
-32.9
-27.6
-22.6
-22.0

-32.9
-26.0
-20.2
-19.8

-1 1.2
-8. 1
-10.6

-5. 1
-9.3

-10.0

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 DOLLARS
500

B.ILLIONS
495

485.2
~ JUN.

486.4
487.4
488.4

490

485

1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 17,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
6/18/80

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

AVERAGE OF FOUR WEEKS ENDING:

1/14/81

2/18/81

3/18/81

4/15/81

4.3
4.6
3.9
4.6

5.0
3.8
4.7

3.4
4.7

4.5

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

11.5
11.2
10.2
9.3
8.8
8.5
7.8
7.8


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

1 1.7
9.7
8.4
7.8
7.5
6.7
6.8

6.5
5.5
5.3
5.3
4.7
5. 1

3.8
4. 1
4.4
3.8
4.4

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
1981
MAY

MILL!ONS
20
27
3
10
17
24

4.5

1975
2923
1954
2207
1895
2305

4.0
3.5
3.0
2.5

2.0
1.5

1.0
0.5
I I I I
2

MAY

16 30

JUN

13 27

AUG

10 24

8 22

5

19

3

17

31

14

28

11

25

11

25

8 22

6 20

LATEST DATA PLOTTED WEEK ENDING: JUNE 24,

3

MAY

SEP
1980

0

JUN

17

1981

BUSINESS LOANS
(COMMERCIAL AND

BILLIONS OF DOLLARS
178
176
174
172
170
168

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

“ APR. 15, 1981
— MAR. 18, 1981
FEB.
18, 1981
JAN.
14, 1981
— DEC. 17, 1980
_ SEP. 17, 1980
JUN.
18, 1980

A/
/

v

.

\/— -\

L,

_____t

-

r"

-

176

/

174

1

172

N

r/

166

-

22.9
18.2
9.0
6.3
5.3
11.1
11.6

164

BILLIONS OF DOLLARS
178

J

“ COMPOUNDED ANNUAL RA TES
— OF CHANGE, AVERAGE 0
THE FOUR WEEKS END IN G
~ JUNE 17, 1981 FROM
— THE FOUR WEEKS END IN

170

1

168

/

166
164

/’

162

162

-

-

160

160
1981

MILLIONS

_

158
MAY

156
154
0

1 1 1 -L1 1 1
7

21

MAY

4

18

JUN

2

16 30

JUL

1 1 1
13

AUG

27

ILL. .Hu
10 24 8 22

SEP
1980

OCT

111
5

LATEST DATA PLOTTED WEEK ENDING: JUNE 17,


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

19

NOV

III!
3

17

DEC

31

1 1 1
14

JAN

28

in. 111
II

FEB

25

II

MAR

25

13
174,831
20
174,861
27
175,799
—
JUN. 3
176,447
10
176,348
17
177,752
,
ii 1111111111!
1 1 1 1
8 22

APR
1981

6 20

3

MAY

JUN

17

I

15 29

JUL

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

158
156
154
0

12
LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
245

240

235

230

225

220
215

210
205

200

195

I I I I
1980
LATEST DATA PLOTTED WEEK ENDING: JUNE 17,

1981

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 «T. LOUIS

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