Full text of U.S. Financial Data : Week Ending: May 2, 1979

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

IKIJX f>Jd A £.
-v

n

s*-r s%

v

Week ending: May 2, 1979

PBRARY

The yields on short-term U.S. Treasury bills rose above the ceiling
interest rate on passbook savings deposits at commercial banks in June 19777
Since then the spread has progressively widened.
In March 1979, the rate on
3-month Treasury bills was nearly 450 basis points above the ceiling on
passbook deposits.
As the spread between these rates widened, the rate of
growth of savings deposits at commercial banks decreased.
Growth of these
deposits began to slow considerably in October 1977 when the ceiling rate was
116 basis points below the 3-month Treasury bill yield. As shown in the
table below, the growth of savings deposits has declined substantially in the
last six months.

Similarly, growth of net time deposits slowed in 1977 as yields on
longer-term Treasury securities rose above ceiling rates on deposits with
comparable maturities. However, although differentials between market rates
and deposit ceiling rates widened in mid-1978, growth of net time deposits
accelerated.
This reflects the introduction of money market certificates
(MMCs) whose celling varies with the discount yield on new issues of 6-month
Treasury bills. In the five months after their introduction, MMCs increased
517.7 billion, easily offsetting the $100 million decline in savings
deposits.
In the following four months, between December 1978 and March
1979, MMCs rose $13.2 billion.
Despite this increase, net time deposits
slowed during this period due to a further decline of $5.7 billion in savings
, deposits.
°

Growth Rates of Selected Commercial Bank Deposits
and Interest Rate Differentials
Net Time
Savings
Deposits
Deposits
(seasonally adjusted,
compounded annual rates)
1978
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

3.97.
1.1
1.6
4.4
6.1
3.8
- 3.7
5.0
10.1
- 1.6
- 9.2
- 7.3

1979
Jan.
Feb.
March

-12.2
-11.4
- 5.9

*
**

5.00 percent.
7.25 percent.


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

9.07.
7.6
6.2
8.0
9.1
10.6
10.5
14.8
13.2
10.4
9.8
3.6
1.6
6.7
5.7

Savings Deposit
Ceiling Rate* Less
Yield on 3-Month
Treasury Bill

4-6 Year Deposit
Ceiling Rate** Less
Yield on 3-5 Year
Treasury Securities

-1.447.
-1.45
-1.29
-1.29
-1.41
-1.73
-2.01
-2.08
-2.85
-2.99
-3.64
-4.08

-0.46%
-0.51
-0.51
-0.65
-0.85
-1.06
-1.29
-1.06
-1.13
-1.36
-1.72
-1.98

-4.35
-4.32
-4.48

-2.11
-1.91
-2.00

Prepared by Federal Reserve Bank of St. Louis
Released: May 4, 1979

2

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
152

BILLIONS
150

_

MAR.
APR.

144.2

-

MAY

'145.7

145.4

148

146

144

142

140

158

136

134

J-LLL
FEB

1978

MAR

APR

1979

LATEST DATA PLOTTED WEEK END I NO i MAY 2, 1979
THE ADJUSTED MONETARY BASE CONSISTS OF: (11 MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COkWERCIAL 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
3/3/78

8/2/78

RATES OF CHANGE,
10/4/78

AVERAGE OF FOUR WEEKS ENDING:

11/1/7B 11Z29/78

1/3/79

1/31/79

2/28/79

3.7
6.0

6.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/ 4/78
11/ 1/78
11/29/78
Fl/ 3/79)
tvrVTTffr.
i~zrz*rr9~~-------4/ 4/79
5/ 2/79

10.2
10.2
10.9
9.8
9.9
9.4
9.4
9.0—'—.—
8.2“
8.0
7.5
8.3
7.8


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

©
' ■~T?B—

Terr:
6.3
6.9

43

■

6.2
5.5
6.3

*.

1:1
5. Z
6.3

-

O
4.3
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER i/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULT PLIER

----

°l 111

-1 LL ■ i 1 1 1

III -Li 1 MMJ 1 -LLL -LI 1

LATEST DATA PLOTTED WEEK ENOINGi APRIL 25,

1 II 1 ..1 1 1

—

12]_2
MAR. 21
26
APR. 4
11
18
25
Mill 1 1 1 1 1 1 1

1979

BILLIONS OF DOLLARS
130
_
1
1---------------1------------ —

BILLIONS OF DOLLARS
130

COMPOUNDED ANNUAL RA1 ES
----- OF CHANCE, AVERAGE OF
THE FOUR WEEKS END INC
~ MAY 2. 1979 FROM
----- THE FOUR WEEKS END 1NC
1979
979
979
978
978
197R
1978

Ul
0UI

FEB. 28,
JAN. 31,
----- JAN.
3,
_
NOV. 29,
NOV.
1,
----- AUG.
2.
_ MAY
3,

AD. USTED

u.

-

RAT 1C
2.-496
2.495
2.495
2.505
2.514
2.521
1 1 M 1-U 11-i

^AL RES :rve

B.2
5.9
7.1
8.1
7.7
9 5
9.7

CREDIT

,
«._/

-

-

-

.

-

a.

r* V

-

-

-----------

1272

-

MAR.
APR.

MAY

s

-LL 1 1

111

Mill

1 13 iV u ib
MAR
APR

111 -LLL Mill

10 25 r 21
MAY
JUN

3 10
JUL

III -Ill
1 1 1 1
2 16 30 13 27 11 23 S 22
AUG
SEP
OCT
NOV

28
11
18
25

124.9
125.1
125.2
126.5
126.3
2 126.8

IM
-------

4

~
__

1 1 1

6 20
DEC

3 17 31 14 28 14 28 11 23 0 23
JAN
FEB
MAR
APR
MAY

1978
LATEST DATA PLOTTED WEEK END I NO» MAY 2,

BILLIONS

1979
1979

1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SFniR 1 tire


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

, „UIC

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

112
0

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS
900 rr------------1------------1------

seasonally adjusted

ILL IONS OF DOLLARS
—1------------------------ 900

BILLIONS
MAR.
APR.

879.7
880.7
883. 1

886.8
891.0
892.4

U-J_l I I I
16 50

13 27

l|

23

6 2Z

6 20

3

17 31

14

1978

26

14

28

11

1979

LATEST DATA PLOTTED WEEK ENDING: APRIL 25,

1979

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

MONEY STOCK PLUS NET
COMPOUNDED ANNUAL
4/26/78

7/26/78

TIME DEPOSITS ( M2 )

RATES OF CHANGE,
9/27/78 10/25/78

AVERAGE OF FOUR WEEKS

11/22/78 12/27/78

ENDING:

1/24/79

2/28/79

2.7
5.8

8.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/27/78
10/25/78
11/22/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79

10.8
10.2
9. 5
8.5
7.6
6.9
6.6
7. 1


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

11.0
9.6
7.9
6.7
5.8
5.6
6.4

6.0
4.7
3.5
3. 1
3.2
4.5

3.6
2.5
2.2
2.5
4. 1

1 . 4
1.5
2.0
4.0

0.9
1.8
4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
375 --------------- ,------------,------

1979
MAR.

BILL

JNS

359.7
358.8
359.8
361.5
365.6
366. 1

APR.

MAR

LLIONS OF DOLLARS
“1---------------------------

APR

MAY

JUN

3 19
JUL

2 1630 13 2T II 23 B 22
AUG
SEP
OCT
NOV

6 20
DEC

5 IT >1 M U 14 tl II » 9 23
JAN
FEB
MAR
APR
MAY

1978

1979

LATEST DATA PLOTTED WEEK ENDING, APRIL 23,

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MOfCY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBAfK PUBLIC.

MONEY STOCK (Ml
COMPOUNDED ANNUAL RATES OF CHANGE,
4/2G/7B

7/26/78

AVERAGE OF FOUR WEEKS ENDING,

9/27/78 10/25/78 11/22/78 12/27/78

1/24/79

2/28/79

3. 1

8.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
9/27/78
10/23/78
11/22/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79

10.0
8.7
7.3
6.2
5.3
4. 1
3.9
4.7


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

8.5
6. 1
4.7
3.5
2. 1
2. 1
3.4

0.0
0.0
-0.6
-1.6
-1.0
1.0

-0.6
-1.2
-2.2
-1.4
0.9

-1.1
-2.4
-1.4
1.4

-2.0
1.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

375

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
12.5

'RIME BANK
.OAN RATE

12.0
I 1 .5

90 DAY CD

I 1 .0

1 1.0
10.5

10.0
9.5

9.0

CORPORATE Aaa BONDS

8.5

8.0
COMMERCIAL PAPER
7.5

7.0

6.5

6.0
5.5
I I I I
OCT

0

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 4,

1979
MAR.

APR.

MAY

2
9
16
23
30
6
13
20
27
4 3*
1 1
18
25

90 DAY
CD'S ***
10.26
10. 14
10. 16
10.20
10.09
9.99
10.09
10.27
9.94
9.94

PRIME
COMMERCIAL
PAPER
4-6 MONTH
10.03
10.01
10.03
9.95
9.81
9.85
10.05
9.94
9.68
9. 89

PRIME
BANKERS'
ACCEPTANCES
10.03
9.97
10.00
9.97
9.82
9.90
10.05
9.90
9.75
9.96

1979

CORPORATE
Aaa BONDS

MUN1C1 PAL
BONOS **

9.36
9.35
9.38
9.38
9.35
9.31
9.37
9.39
9.44
9.50

6.42
6.35
6.30
6.29
6.28
6.25
6.33
6.30
6.26
N. A.

3K AVERAGES OF RATES AVAILABLE.
310* BONO BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA.
aee* seven-day averages of secondary market rates for the week ending Wednesday two days
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
1 I 0 r—

PERCENT

—I 11 .0

FEDERAL FUNDS RATE

10. 0

DISCOUNT RATE

3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

3

IT 31

M 28

2 26

9 23
JUL

AUG

I 13 29 13 27 10 ZA 8 22
SEP
OCT
NOV
DEC

3 19
JAN

2 H
FEB

1978

30

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: *
ENDINGs MAY A,

1979
MAR.

APR.

MAY

2
9
16
23
30
6
13
20
27
4 K
1 1
18
25

FEDERAL
FUNOS **
10.06
10.07
10.21
10.09
10.00
9.95
9.93
9.96
10.09
10.22
V

13 27

23

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *eee

1-YEAR
TREASURY
BILL

9.44
9.44
9.51
9.54
9.46
9.53
9.70
9.41
9.23
9.54

9.50
9. 42
9. 46
9. 48
9.44
9.50
9.57
9.63
9.30
9.57

9.50
9.40
9.43
9.37
9.29
9.26
9.37
9.22
9.27
9.38

1979

3-5 YEAR
TREASURY
SECUR1T1ES
9.32
9.24
9.24
9.24
9.23
9.24
9.34
9.32
N 9.35
9.42

LONG-TERM
TREASURY
SECURITIES
9.03
8.98
8.99
8.99
8.97
,6.97
* 9.02
9.03
V 9.09
9. 15

* AVERAGES OF RATES AVAILABLE.

wtssu?THAN

™


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

11

1979

* C0MPUTE° " ™E

MTE sho*n-

federal reserve bank

OF ST. LOU,S.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1979

BILLIONS OF DOLLARS
535

SILL 1 QMS.

530

520.0
521.9
APR.

525

525.4
525.4
526.3

520
515
510
505
500
495
490
485
480
473

1978

1979

LATEST DATA PLOTTED WEEK ENDINGs APRIL 25,

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COliAIERClAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
4/26/78

7/26/78

AVERAGE OF FOUR WEEKS ENDINGi

9/27/78 10/25/78 11/22/78 12/27/78

1/24/79

2/28/79

5.7
7.7

8.7

TO THE AVERAGE
OF FOUR WEEKS
END 1NG s
9/27/7B
10/25/78
11/22/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79

11.4
11.4
11.2
10. 1
9.3
8.9
8.6
8.9


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

13.0
12.2
10.3
9.0
8.6
8.2
8.6

10.6
8. 1
6.6
6.5
6.3
7. 1

6.6
5.2
5.5
5.4
6.5

3.2
4.3
4.5
5.9

4.3
4.6
6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
275

BILLIONS OF DOLLARS

---------------■------------.------

------ ------------ ---------------

BILL!QN§
MAR.

260.3
259.2
259.8
261.7
265.5
265.9

APR.

I

13 29

MAR

1Z

APR

26

10 2*

MAY

2

JUN

JUL

16 30

AUG

13 27

SEP

11

23

OCT

8 22

3

NOV

IT 31

H

28

1978

28

II

23

1979

LATEST DATA PLOTTED WEEK ENDING, APRIL 25,
CURRENT DATA APPEAR

14

|979

IN THE BOARD OF GOVERNORS* H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
4/26/78

7/26/78

AVERAGE OF FOUR WEEKS ENDING:

9/27/78 10/25/78 11/22/78 12/27/78

1/24/79

2/28/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
9/27/78
10/23/78
11/22/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79

9.8
8. 1
6. 1
4.8
3.5
1.9
1.8
2.9


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

7.2
4.0
2.5
0.8
-0.9
-0.7
1.0

-3.4
-4.2
-5.1
“4.5
-1.9

-5.2
-6.4
-5.2
-2.0

-4 Q
-6.6
-5.0
-1.3

-86
-5.9
-0.9

-5 2
1.2

8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

Z75

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF OOLLARS
|04 ------------- 1---------- 1-----

ILL IONS OF DOLLARS
—---------------------------

99.6
APR.

100.0

100. 1

100.2

3 18

2 16 30 13
SEP

27

11
OCT

23

8

22

6 20

3 IT 31

9 23

MAR

1979

LATEST DATA PLOTTED WEEK ENDINGt APRIL 25,
CURRENT DATA APPEAR

H 28 14 ZS It 23
FEB

1978
1979

IN THE BOARD OF GOVERNORS* H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE,
4/26/78

7/26/78

AVERAGE OF FOUR WEEKS ENDINGt

9/27/78 10/25/78 11/22/78 12/27/78

1/24/79

2/28/79

7.9
8.0

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
9/27/78
10/25/78
11/22/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79

10.4
10. 1
10.3
10. 1
10.2
10. 1
9.8
9.6


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

11.6
11.6
11.0
11.0
10.7
10.2
10.0

10.0
9.6
10.0
9.7
9.2
9. 1

10. 1
10.4
10.0
9.4
9.2

10.0
9.6
8.9
8.8

9.9
8.9
8.7

/

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

104

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
billions of

AVERAGES OF DAILY FIGURES

dollars

billions of dollars

3.5

Z

1979

millions

~ MAR. ZB

10BZ

Z MAY

1217

1

13 29

12

26

10

2*

7

21

3

19

2

16 30

13

27

11

23

6 22

6 20

3

17 31

M

26

14 26

II

1978
LATEST DATA PLOTTED WEEK ENDING, MAY Z,

1979

BUSINESS LOANS
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
144 ------------- *
1----------- 1----------- —
142
140
136

136
134

BILLIONS OF DOLLARS
144

" COMPOUNDED ANNUAL RA TES
— OF CHANGE, AVERAGE 0
_ THE FOUR WEEKS EM) IN 5
DECEMBER 27, 1978 FR OM
— THE FOUR WEEKS END IN

-

__ OCT.
SEP.
“ AUG.
— JUL.
_ JUN.
MAR.

-

25,
27,
30,
26,
28,
29,

1978
1978
1978
1978
1978
1978

142
-

140

4.7
7.9
7.7
7.7
6.8
11.9

138
-

136
-

134

NO NEW DATA AVAILABLE

132

-

132
-

-

-

-

-

-

-

------

130

130

128

128

126

126

124

iazj

122

MILLIONS
22
29
6
13
20
27

120
1 18
sim

111
111
111
2 16 30 14 28 11 25
8
NOV
DEC
JAN
FEB

iiii

22

22

8
MAR

-LLL
5 19
APR

-1. Ill

III -LLL 1111
8 IT 81 14 28 12 26 9 23
MAY
JUN
JUL
AUG

1977
LATEST DATA PLOTTED WEEK ENDING, DECEMBER 27,


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

1978

-LLL -LLLi
6 20 4 18
SEP

OCT

139,837
139,735
139,776
139,166
139,358
139,471

122

'

118

m 111111111 r
t 15 29 13 27 10 24
NOV
DEC
JAN
1979

1978
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

124

-----------

120

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

106
104

102
100

LATEST DATA PLOTTED WEEK ENDINGi APRIL 23,

197-9

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


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PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS