Full text of U.S. Financial Data : Week Ending: June 9, 1982
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F//V/1 /\fC7fX\ Z_ Week ending: June 9,1982 LIBRARY JUN 1 4 1982 The fun<j|s rate represents the cost of overnight reserves to depository institutions, and is determined by the supply and demand for reserves. The initial impact of Federal Reserve actions is on the supply side of the reserve market. Thus, if the initial effects of Federal Reserve actions were the dominant factors affecting movements in the federal funds rate, one would expect to find rapid growth in the adjusted monetary base to be associated with a declining federal funds rate, and slow base growth to be associated with a rising funds rate. Growth of the adjusted monetary base over the past 11 months has been marked by two distinct phases. Base growth from early July 1981 to early November 1981 was very weak, with base growing at a 1.3 percent rate from the four weeks ending July 8 to the four weeks ending November 4. Base growth has been much more rapid since November, with base growing at a 9.6 percent rate from the four weeks ending November 4, 1981, to the four weeks ending June 9, 1982. Nearly all of the movements in the federal funds rate over these periods have been exactly the opposite of what would have occurred if Federal Reserve actions were the dominant factors affecting the federal funds rate. The federal funds rate declined by about 500 basis points, from early July to early November, despite the weakness in base growth (see pages 2 and 7). From early December 1981 to early May 1982, the federal funds rate rose, despite continued strong growth in the adjusted monetary base. There were only two very short periods over the last 11 months in which the positive relationship between base growth and movements in the federal funds rate were not observed. These two periods encompass November and May. In each of these periods, the federal funds rate fell while base growth accelerated. Prepared by Federal Reserve Bank of St. Louis Released: June 11, 7982 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 BILLIONS OF DOLLARS 180 BILLIONS 175.6 176.3 176.4 176.7 177.9 _ MAY _ 1 15 29 13 27 10 24 25 8 22 OCT 9 23 6 20 3 17 4 APR 1982 NOV 28 12 26 9 23 MAY LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1982 THE ADJUSTED MONETARY BASE CONS I STS OF: ( 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTI TUT IONS AT FEDERAL RESERVE BANKS? C2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). AND ( 3 ) AN ADJUSTMENT FOR R||£REQUIREMENT RAT 10 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 6/10/81 9/9/81 11/11/81 12/9/81 1/6/82 2/10/82 3/10/82 2. 1 3. 1 4.4 5.0 5.5 5.5 6. I 6.4 2.4 4.8 5.7 6.3 6.2 6.9 7.3 10.9 10. 1 10.0 9. 1 9.5 9.7 10.7 10.3 9. 1 9.6 9.8 9. 1 8.0 8.9 9.2 7.4 8.9 9.3 8.6 9.3 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ADJUSTED RESERVES AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars billions of dollars BILLIONS APR. ■48.8 48.9 49.4 49.0 I I I I 11 1 I OCT NOV 1982 LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 1982 ADJUSTED MONETARY BASE (RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS PLUS CURRENCY IN CIRCULATION) LESS CURRENCY HELD BY THE NONBANK PUBLIC. ADJUSTED RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, 6/3/81 9/2/81 -2.5 -0.4 0.4 1.9 4.0 4.4 4.6 4.7 -4.9 -2.5 0.5 3.8 4.4 4.7 4.8 AVERAGE OF FOUR WEEKS ENDING: 11/4/81 12/2/81 12/30/81 8.7 9.8 13.0 12.1 1 1 .0 10.3 8.9 13.4 12.2 10.9 10.0 17.0 14.3 12. 1 10.8 2/3/82 3/3/82 3/31/82 7.4 6.8 6. 1 TO THE AVERAGE OF FOUR WEEKS END 1 NG 11/ 4/81 12/ 2/81 12/30/81 2/ 3/82 3/ 3/82 3/31/82 5/ 5/82 6/ 2/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16.0 12.3 10.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY STOCK (Ml) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 470 n---------- 1---------1— BILLIONS OF DOLLARS ------ ----------- -----------“] 470 billions. = APR. MAY 449. 1 450.2 452.8 451.4 451.3 I I I I 5 19 AUG 1981 2 16 30 SEP 14 28 OCT LATEST DATA PLOTTED WEEK ENDING: JUNE 2, II 25 NOV 9 23 DEC 6 20 JAN 3 17 FEB 3 17 MAR 31 14 28 12 26 9 23 APR 1982 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 OFFICIAL INSTITUTIONS) AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS. MONEY STOCK ( Ml ) COMPOUNDED ANNUAL RATES OF CHANGE, 6/3/81 9/2/81 11/4/81 12/2/81 11.1 15.2 9.9 8.2 8.5 7.6 17.6 9.9 7.8 8.3 7.2 AVERAGE OF FOUR WEEKS ENDING: 12/30/81 2/3/82 3/3/82 3/31/82 6.0 4.5 6.0 TO THE AVERAGE OF FOUR WEEKS ENDING-. 11/ 4/81 12/ 2/81 12/30/81 2/ 3/82 3/ 3/82 3/31/82 5/ 5/82 6/ 2/82 2.4 3.5 4.6 7.0 5.6 5.2 5.7 5.3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.5 7.0 10.3 7.7 6.8 7.2 6.6 8.8 6.5 7.4 6.3 -2.2 2.2 2. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY MULTIPLIER is CURRENCY COMPONENT OF MONEY STOCK 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED ratio RATIO RATIO APR. 21 JUN. 2.556 2! 564 2!568 2:559 2.554 2.'545 Ml MULTIPLIER LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 1982 BILLIONS OF DOLLARS 1 30 BILL IONS OF DOLLARS ------------------------------ 130 I------------- 1------------- 1----------------- 1------------- ----------------- --------------r- - COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ___THE FOUR WEEKS ENDING JUNE 2, 1982 FROM _ THE FOUR WEEKS ENDING: MAR.31, 1982 -----MAR. 3, 1982 FEB. 3, 1982 _ DEC. 30, 1981 r~ r\r- r* - 10.0 1 981 1981 1981 -----JUN. CURRENCY 1982 APR. 28 BILLIONS ------ 126.9 126:9 127.4 127:7 1 28.' 3 I II I 30 APR MAY JUN JUL AUG SEP 14 28 OCT 11 25 9 23 6 20 3 JAN NOV 17 1111111111 12 17 31 14 28 FEB 3 26 1981 LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 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 PERCENT 22.0 — 21 .0 21 .0 20.0 20.0 19.0 90 DAY CD’S 18.0 18.0 PRIME BANK LOAN RATE 17.0 16.0 15.0 14.0 14.0 CORPORATE AAA BONDS 13.0 12.0 1 1 .0 COMMERCIAL PAPER 10.0 I 15 29 12 26 10 24 7 Li-LULj 4 18 21 AUG SEP 2 16 30 13 27 NOV II 25 8 22 2 16 30 14 28 11 25 DEC 1982 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 11, 90 DAY CD'S 1982 14.70 14.56 14.34 14.21 14.16 1 1 * 18 25 13.76 13.44 13.72 13.84 1982 PRIME COMMERC1AL PAPER ##* PRIME BANKERS' ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS *# 14.15 14.04 14. 10 13.81 13.69 13.65 13.32 13.23 12.94 13. 15 13.37 14.22 14. 17 14. 14 13.91 13.79 13.67 13.36 13.26 13.03 13.29 13.46 14.66 14.68 14.53 14.31 14.31 14.36 14.22 14.23 14.21 14.50 14.62 16.91 16.89 16.80 16.69 16.70 16.72 16.54 16.62 16.69 16.80 1 6.85 13.13 12.54 11.97 12.04 11.96 11.99 12.13 I*ABONDGBUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. *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 20.0 20.0 19.0 18.0 18.0 17.0 5-YEAR TREASURY SECURITIES 16.0 FEDERAL FUNDS RATE 14.0 DISCOUNT RATE 10.0 3-MONTH TREASURY BILL 1 15 29 12 26 10 24 7 21 NOV DEC LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE II, 1982 APR. 2 9 16 23 30 MAY 7 14 21 28 JUNE 4 1 1 * 18 25 FEDERAL FUNDS ft* 3-MONTH TREASURY BILL 6-MONTH TREASURY B1LL *** 1-YEAR TREASURY BILL 14.99 15.15 14.68 15.01 14.72 15.53 14.97 14.67 13.70 13.43 13.60 13.32 13. 10 12.77 12.39 12.42 12.54 12.38 11.90 11.54 12.09 12.08 13.24 12.80 12.90 12.72 12.64 12.78 12.24 12. 19 11.68 11.59 12. 12 12.76 12.69 12.59 12.38 12.30 12.29 12.11 11.83 1 1.71 12.09 12.21 1982 5-YEAR TREASURY SECURITIES 14.34 14.25 14.00 13.85 13.87 13.87 13.69 13.72 13.74 13.98 14.03 LONG-TERM TREASURY SECURITIES 13.56 13.50 13.18 13.07 13.12 13. 10 12.96 13.04 13.10 13.49 13.52 * AVERAGES OF RATES AVAILABLE. ** F0R WEEK END ING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. ^5R^L£AI£t£PPEAR IN THE B0ARD 0F GOVERNORS' H.I5 RELEASE, ww NEW I SSUt RATE BANK OF ST. LOUIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis computed by the feoeral reserve PREPARED BY FEDERAL RESERVE BANK OF ST. 7 LOUIS 8 TOTAL CHECKABLE DEPOSITS^ billions of AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED dollars billions of dollars PILL IONS _ APR. _ — JUN. 317.7 319. 1 321.5 319.5 319. 1 320.0 8 22 5 19 2 16 30 14 28 OCT II 25 9 23 6 20 3 17 3 17 31 14 28 12 26 9 23 NOV 1981 1982 LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 1982 1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS TOTAL CHECKABLE DEPOS TS COMPOUNDED ANNUAL RATES OF CHANGE, 6/3/81 9/2/81 11/4/81 AVERAGE OF FOUR WEEKS ENDING: 12/2/81 12/30/81 2/3/82 3/3/82 3/31/82 4.6 2.3 3.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/ 4/81 12/ 2/81 12/30/81 2/ 3/82 3/ 3/82 3/31/82 5/ 5/82 6/ 2/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.9 3.3 4.4 7.5 5.6 5.0 5.4 4.7 6.0 7.3 1 1 .7 8. 1 7.0 7.2 6. 1 1 1.5 17.7 10.6 8.4 8.5 6.9 20.5 10.3 7.7 7.9 6.2 9.8 6.5 7.2 5.3 -5.2 0.0 -0.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS TOTAL TIME DEPOSITS^ ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES StASUNALLY ADJUSTED BILLIONS OF DOLLARS 830 c---------- 1----------1— BILLIONS OF DOLLARS ----------------------------;□ 830 billions — JUN. 800.3 804.0 806.6 806.5 811.4 813.3 I I I I 2 16 30 M 28 11 25 9 23 6 20 JAN LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 3 3 FEB 17 31 MAR 14 28 12 26 APR 1982 1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS TOTAL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, 6/3/81 9/2/81 12.4 11.3 9.5 9.3 10.2 11.1 1 1 .9 12.2 6.5 4.6 5.3 7.3 8.9 10.3 10.9 AVERAGE OF FOUR WEEKS ENDING: 11/4/81 12/2/81 12/30/81 1.9 4.2 7.5 9.8 11.4 12. 1 3.6 8. 1 10.8 12.5 13.2 12.7 14.9 15.9 16. 1 2/3/32 3/3/82 3/31/82 19.5 19.2 18.6 19.2 18.5 17.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/ 4/81 12/ 2/81 12/30/81 2/ 3/82 3/ 3/82 3/31/82 5/ 5/82 6/ 2/82 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 IQ SMALL TIME DEPOSITS 1/ COMMERCIAL BANK SAVINGS DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS billions of dollars 410 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF the four Weeks ending JUNE 2, 1982 FROM THE FOUR WEEKS ENDING: MAR. 31, MAR. 3, FEB. 3, DEC. 30, DEC. 2, SEP. 2, JUN. 3, 1982 1982 1982 1981 1981 1981 1981 400 390 25.9 26.7 25.2 20.6 16.9 18.6 20.9 380 SMALL TIME DEPOSITS 370 360 350 340 1982 APR. BIUrlONS 330 21 320 310 JUN. 1 I I I 1 I I I I I I I 1 I I I I LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 1982 BILLIONS OF DOLLARS 185 BILLIONS OF DOLLARS 1982 APR. BILLIONS 180 21 175 170 SAVINGS DEPOSITS - COMPOUNDED ANNUAL RATES =L_ OF CHANGE. AVERAGE OF Z JUNE 2, 1982 FROM THE FOUR WEEKS ENDING: = Z — Z — — Z MAR. MAR. FEB. DEC. DEC. SEP. JUN. 31, 1982 3, 1982 3, 1982 30, 1981 2, 1981 2, 1981 3, 1981 -1.1 3V3 2.5 5.4 5.0 0.3 -5.9 __ — — LI I I I I I I I I I I 1 1 I I I I 1 I 1 I I I 1 I I I I I 30 14 28 11 25 9 23 6 20 4 APR LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 28 12 26 9 23 MAY 1982 1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 1100,000. 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 BILLIONS OF DOLLARS 1982 BILLIONS OF DOLLARS 5.0 MILLIONS 4.5 1500 1 120 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 23 3 JAN LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 6 20 FEB 17 3 17 31 14 APR 1982 28 12 26 9 23 0 MAY 1982 BUSINESS LOANS u (COMMERCIAL AND INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS 27 SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 216 212 208 204 200 196 BILLIONS OF DOLLARS 216 Z — — Z — COMPOUNDED ANNUAL RATE-S OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING JUNE 2, 1982 FROM THE FOUR WEEKS ENDING - Z — Z — — _ — MAR. 31 , MAR. 3, FEB. 3, DEC. 30, DEC. 2, SEP. 2, JUN. 3, z 1982 1982 1982 1981 1981 1981 1981 212 208 27.5 20.6 22.0 23.0 21.7 16.6 18.0 204 z 200 E 196 — 192 _ 192 z z E z Z E 188 188 184 180 184 180 z 1982 r 176 ' APR. 2 8 MAY 5 2 19 26 JUN. 2 / = 172 r 168 0 ‘lux I 15 APR 1 1 1 29 13 MAY 111 27 10 JUN 1111 24 8 JUL 22 111 19 AUG 1981 5 i ii i -i i..i 111 1111 16 30 14 28 11 25 9 23 OCT NOV DEC 2 SEP LATEST DATA PLOTTED WEEK ENDING: JUNE 2, --LLL .11 1 6 20 3 JAN FEB 17 ■ l.li-l 3 17 MAR 31 MILLIONS 204,322 _ ~ APR 1982 MAY JUN 1982 1/ BUSINESS LOANS INCLUDE BANKERS1 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. 11 176 206,602 172 207,023 ----207,901 209,521 _Z 168 209,897 111 ii 111111 F 0 14 28 12 26 9 23 LOUIS 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED ILL IONS OF DOLLARS DOLLARS BILLIONS. APR. 28 5 29 13 27 10 24 8 22 5 19 2 16 30 14 28 LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 25 9 23 6 20 JAN 3 17 FEB APR MAY 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