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F//V/1 A^CT/>a/.

tDX\ T

Week ending: March 31, 1982
L.IBRARSY

APR 6

1982

The Federal Reserve has not changed the discount rate since
December 4, 1981, when it was reduced from 13 to 12 percent. Meanwhile, the
federal funds rate has increased substantially from its December 1981 level.
Financial institutions tend to increase their borrowings from the Federal Reserve
when the federal funds rate rises relative to the discount rate. For example, the
rate spread averaged 268 basis points for the four weeks ending March 31, 1982,
compared with 28 basis points for the four weeks ending December 30, 1981. For
the same periods, borrowings averaged $1555 million and $630 million, respectively.
For most of the period since the last discount rate change, borrowings
have followed the movement of the federal funds rate (compare the charts on pages
7 and 11). Usually, this close correspondence between borrowings and the rate
spread is due to movements in adjustment borrowings. Seasonal and extended credit
borrowings tend to be less responsive to movements in the rate spread. Since
December 1981, however, both seasonal and extended credit borrowings have
increased substantially as the rate spread widened. During this period, the
relationship between adjustment borrowings and the rate spread has been highly
variable. For example, adjustment borrowings averaged $1079 million during the
five weeks ending March 31 compared with $1621 million during the previous
five-week period, despite the relatively small 12 basis-point difference between the
average rate spreads for these periods.
Borrowings from Federal Reserve Banks by Categories H
and the Rate Spread
(amounts in millions of dollars)

Week ending

Extended
credit

Seasonal
borrowings

Adjustment
borrowings?./

Rate
spread-*/

December

9
16
23
30

$ 125
71
161
80

$ 30
70
70
75

$ 463
257
390
728

-10
26
43
54

January

6
13
20
27

193
194
195
199

59
53
70
96

1202
753
685
2176

98
42
96
198

February

3
10
17
24

212
225
227
222

110
114
134
146

1525
1325
1547
1532

277
319
361
186

M arch

3
10
17
24
31

288
306
301
311
324

147
151
187
173
200

1131
990
976
1170
1129

207
235
289
248
299

Weekly averages of daily figures.
Total borrowings less extended credit and seasonal borrowings.
Difference between the federal funds rate and the discount rate in basis points.


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 2, 1982

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

— MAR

173.0
173.3
173.2
174.2
174.1
173.9

5

FEB

BILLIONS OF DOLLARS
176

19

2

16 30 14 28 II

MAR

OCT

LATEST DATA PLOTTED WEEK ENDING*. MARCH 31,

25

9 23

6 20

3

17

3

17 31

14 28

NOV

1982

THE ADJUSTED MONETARY BASE CONSISTS OF*. < 1 ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS
AT 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.
DAT,
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,
4/1/81

7/1/81

5.9
4.3
3.7
4.2
4.9
5.3
5.8
5.8

1 .7
1.3
2.6
3.9
4.6
5.4
5.5

9/2/81

9/30/81

AVERAGE OF FOUR WEEKS ENDING:

10/28/81

12/2/81

12/30/81

2/3/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
9/ 2/81
9/30/81
10/28/81
12/ 2/81
12/30/81
2/ 3/82
3/ 3/82
3/31/82


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

-1.9
1 .4
3.7
4.7
5.8
5.8

3.8
6.1
6.7
7.6
7.4

8.9
8.7
9.4
8.8

9.6
10.3
9.3

9.9
8.7

9.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1982

BILLIONS OF DOLLARS

BILLIONS
48.9
48.6
48.5
49.2
48.9

I I I I

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

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, AVERAGE OF FOUR WEEKS ENDING:
3/25/81

6/24/81

5. 1
0.4
-1 . 1
0.0
2.0
1 .8
3.9
4.5

-5.0
-6.3
-3.5
0.0
0.0
3.2
4.0

8/26/81

9/23/81

10/21/81

1 1/25/81

12/23/81

1/27/82

-1 .2
5.2
3.7
8.3
8.7

13. 1
8.2
13.0
12.7

9.0
15.4
14.4

12.8
12.3

20.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/26/81
9/23/81
10/21/81
11/25/81
12/23/81
1/27/82
2/24/82
3/24/82


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

-16.4
-8. 1
-1 .9
-1.5
3.0
4.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

455
450

-

1
1982

FEB.
MAR.

BILLIONS

448.0
445. 1
448.8
448.9
445.9

17
2

17
24

Z

BILLIONS OF DOLLARS
465

n

z

H rA

z

r

A
1

J

llll

A

-LLLL

^

18

420

415
z

s;
-I-L.1 _LLL mi
FEB

425

llll

r

m r

430

TTTT

435

J

llll llll llll llll

440

M il

445

llll llll llll

460

E
Z
-

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

JILL JILL

BILLIONS OF DOLLARS
465

4

18

MAR

1

111

MAY

llll

hi

15 29 13 27

APR

10 24

JUN

8 22

JUL
1981

LATEST DATA PLOTTED WEEK ENDING

1 1 1
S

1 1.I...L 1 1 1

19

2

AUG

MARCH 24,

..Mi

16 30 14 28

SEP

OCT

11

ini
25

NOV

9 23

-i i.i

111

JAN

FEB

DEC

6

20

3

17

1111

3

17 31

MAR
1982

14 28

APR

1982

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
2!L£¥B5Effi2. HEl_D BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
EkiLLC-r‘EX£LUDING ™OSE 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,

AVERAGE OF FOUR WEEKS ENDING:

3/25/81

6/24/81

8/26/81

9/23/81

10/21/81

11/25/81

12/23/81

4. 1
3.7
3.5
4.2
5. 1
7.0
6.0
5.7

2.9
2.8
4.0
5.4
8.1
6.6
6.2

2.0
4.3
6.5
10.0
7.7
7.0

5.6
8.0
12.0
8.9
7.8

10.6
14.8
10.4
8.9

18.7
11.2
9.0

10.1
7.7

1/27/82

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
8/26/81
9/23/81
10/21/81
11/25/81
12/23/81
1/27/82
2/24/82
3/24/82


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

-0.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

Ratio

mar.

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

1982
BILLIONS OF DOLLARS
128

BILLIONS OF DOLLARS

—

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___THE FOUR WEEKS ENDING
MARCH 24, 1982 FROM
_ THE FOUR WEEKS ENDING:
JAN.
— DEC.
NOV.
OCT.
“ SEP.
JUN.
— MAR.

27,
23,
25,
21,
23,
24,
25,

1982
1981
1981
1981
1981
1981
1981

5.9
7.4
8.3
7.2
6.4
6.0
6.2

CURRENCY

19Q2

BILLIONS

MAR.

1 1 1 1 I 1 1 1 1 1 1 1
FEB

MAR

MAY

JUN

OCT

NOV
1982

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

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

22.0

21.0

PRIME BANK
LOAN RATE

21 .0

20.0

20.0
19.0
90 DAY CD’S
18.0

17.0
16.0

16.0

15.0
14.0

14.0
CORPORATE
Aaa BONDS

13.0

12.0

12.0
1 1.0
MUNICIPAL
10.0

9.0

12 26

FEB

MAR

10 24

7 21

4

AUG

APR

SEP

18

2

16 30

13 27

NOV

1!

DEC

25

8 22

5

IS

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 2,

1982

90 DAY
CD'S

FEB.

5
15. 1 1
12
15.40
19
15.66
26
14.03
MAR.
5
13.99
12
13.92
19
14.40
26
14.20
APR.
2 *** *** 14.70
9
16
23
30

PRIME
COMMERC1AL
PAPER ***
14.65
14.82
15.05
13.53
13.55
13.40
13.89
13.67
14. 16

PRIME
BANKERS’
ACCEPTANCES
14.68
14.93
15.01
13.63
13.53
13.57
13.95
13.81
14.23

CORPORATE
Aaa BONDS
15.34
15.49
15.34
14.92
14.61
14.55
14.55
14.53
14.67

5

IS

2

16 30

FEB
MAR
1982

CORPORATE
Baa BONDS
17. 18
17.28
17.29
16.98
16.84
16.74
16.84
16.79
16.92

1982

MUNICIPAL
BONDS KK
13. 13
13.09
12.96
12.70
12.53
12.53
12.99
13.04
N. A.

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

0

- -4

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY
22.0

22.0

21.0

21 .0
FEDERAL FUNDS RATE

20.0

20.0
19.0

19.0

18.0
1
3-MONTH
j— TREASURY B

17.0

17.0

5-YEAR
TREASURY SECURITIES
15.0

13.0

V..

v.

12.0
1 I .0

10.0

10.0

I I I I I 1 I I
1

15 29

12 26 10 24

7 21

AUG

4

18

2

SEP

16 30 13 27

NOV

11

DEC

25

8 22

5 II

FEB
MAR
1982

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*. APRIL 2,

1982
FEB.

5
12
19
26
MAR.
5
12
19
26
APR.
2 X
9
16
23
30

3-MONTH
TREASURY
BILL

FEDERAL
FUNDS XX
14.77
15.19
15.61
13.86
14.07
14.35
14.89
14.48
14.99

1982

-

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

13.68
14. 12
14.06
12.31
12.26
12.47
12.85
12.72
13.34

13.85
13.93
14.36
12.70
12.79
12.06
12.96
12.67
13.24

13.19
13.43
13.37
12.56
12.27
12.30
12.58
12.50
12.79

14.73
14.91
14.58
14.02
13.76
13.82
14.04
14.03
14.40

14.28
14.50
14.01
13.54
13.29
13.37
13.39
13.31
13.60

X AVERAGES OF RATES AVAILABLE.
XX SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 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 DEPOS I TS 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
330 ---------- 1---------- 1--------

BILLIONS OF DOLLARS
------------------- ----------- 330

&JLLIONS
_ FEB.
_

318.7
316.5
319.7
319.6
319.6
316.4

I

15 29

13 27

10 24

8 22

5 19

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

2

16 30 14 28

II

25

9 23

6 20

1982

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

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

3/25/81

6/24/81

8/26/81

9/23/81

10/21/81

11/25/81

12/23/81

3.2
2.8
2.8
3.8
4.9
7.3
5.9
5.6

2. 1
2.2
3.9
5.6
8.9
6.8
6.3

1.5
4.7
7. 1
1 1.5
8.2
7.3

6.6
9.2
14. 1
9.7
8.4

12.3
17.6
1 1.3
9.5

22. 1
1 1.9
9.4

10.4
7.6

1/27/82

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
8/26/81
9/23/81
10/21/81
11/25/81
12/23/81
1Z27/82
2/24/82
3/24/82


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

-3.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS!/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
800

BILLIONS
FEB.

17

790

774.6
774.9
781 .0
783.2
783.7
786.8

780

770

760

750

740

I I I I
1

FEB

15 29

13 27

10 24

8 22

5

19

2

16 30

14 28 11

25

9 23

6 20

3

17

3

17

14 28

MAR
1982

LATEST DATA PLOTTED WEEK ENDING: MARCH 24, 1982
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

3/25/81

6/24/81

8/26/81

9/23/81

0/21/81

14. 1
13.3
12.2
11.4
10.2
9.7
10. 1
10.9

14.7
12.3
11.1
9.2
8.7
9.4
10.5

7.3
7. 1
5.3
5.5
6.8
8.6

6. 1
4.0
4.6
6.4
8.4

3.6
4.5
6.6
9.0

11/25/81

12/23/81

1/27/82

9.8
13.0

17.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/26/81
9/23/81
10/21/81
11/25/81
12/23/81
1/27/82
2/24/82
3/24/82


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

3.2
6.5
9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
380 i---------,---------- ,-------- COMPOUNDED ANNUAL RATES
Z_OF CHANGE. AVERAGE OF
------ vr un«iNUL. m vcrvMUC ur
- THE FOUR WEEKS ENDING
Z MARCH 24, 1982 FROM
_ THE FOUR WEEKS ENDING'
~ JAN. 27, 1982 22.8
= DEC. 23, ------4 • - NOV. 25,
- OCT. 21
- SEP. 23
- JUN. 24
19.4
H— MAR. 25
19.3

BILLIONS OF DOLLARS
—------------- --------Zl 380

SMALL TIME DEPOSITS

1982

BILLIONS

MAR.

ll
3

367.6

24

FEB-

372

111:?

$
I I I I I I I I I I I
LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

1982

BILLIONS OF DOLLARS
190 r-----------------------------

BILLIONS OF DOLLARS
------1------------- 1---------] 190
1982

BILLIONS

SAVINGS DEPOSITS

-----COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
_ MARCH 24, 1982 FROM
Z_THE FOUR WEEKS ENDING:
- JAN. 27,
=
DEC. 23,
-----NOV. 25,
- OCT. 21,
Z
SEP. 23,
—JUN. 24,
Z
MAR. 25,

ii

1982
6.3
1981 10.1
1981
8.2
■
1981
7.3
1981
3.1
1981 -6.3
1981 -7.6
1111111111 11111111
I

FEB

MAR

15 29 13 27

APR

MAY

10 24

JUN

8 22

JUL
1981

5

19

AUG

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

2

H

30 M 28 11

SEP

OCT

NOV

25

9 23

DEC

20

JAN

3 17

FEB

3

17 31

MAR
1982

14 28

APR

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
billions of

Z

AVERAGES OF DAILY FIGURES

dollars

1331

dollars

MigiONS

— FEB. 24

1900
1566

15 29 13 27

10 24

8 22

5

19

2

16 30

14 28 11

OCT

MAR

LATEST DATA PLOTTED WEEK ENDING: MARCH 31,

I I I I

I I I I

I I I I

I I I I
I

FEB

billions of

25

9 23

20

JAN

NOV

3

17

3 17 31

14 28

FEB

1982

BUSINESS LOANS 17
( COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS
204 ---------- 1---------- 1-------- COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
200 —THE FOUR WEEKS ENDING - MARCH 24, 1982 FROM
- THE FOUR WEEKS ENDING:
196
1QO
192

188

—JAN. 27, 1982
- DEC. 23, 1981
- NOV. 25, 1981
“ OCT. 21 , 1981
— SEP 23, 1981
I JUN. 24, 1981
_ MAR. 25, 1981
---------- --------------------

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
------ ------------- ----------- 204

17.6
18.8

MILLION?
FEB. 17
MAR.

199,298
199,350

3
199,219
199,394

I I I I
4 18

4

FEB

18

1

15 29 13 27 10 24

8 22

5

19

2 16 30

14 28 11

25

9 23

I I I I I I I I I I I I I I I I
6 20

3

JAN

MAR

FEB

17

3

17 31

14 28

1982
LATEST DATA PLOTTED WEEK ENDING: MARCH 24, 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
LARGt TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DA ' L.Y FI GURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
265

BILLIONS
260
255
250
245
240
235
230

II 1 1 I I I
1

15 29 13 27 10 24

8 22

5 19

2 18 30 H 28 11 25

9 23

6 20

3 17

1981
LATEST DATA PLOTTED WEEK ENDING: MARCH 24. 1982
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 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