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F//V/1 /V£7/>a L

Week ending: May 20, 1981
library

Wif m
The growth rates of the adjusted monetary base continue to
fluctuate markedly. The past nine months can be broken into three equal
periods of rapid, slow, and then rapid base growth. From the four weeks
ending August 13 to the four weeks ending November 12, the adjusted
monetary base increased at an 11.4 percent rate, substantially faster than
in the subsequent three-month period, when It increased at a 1.2 percent
rate. More recently, from the four weeks ending February 11 to the four
weeks ending May 13, the adjusted monetary base again grew rapidly,
increasing at a 9.2 percent rate.
The growth rates of the monetary aggregates have followed a
pattern similar to the adjusted monetary base. The table below shows the
growth of the adjusted monetary base and M1B over the same periods, and
the growth of M2 over similar periods. The two periods of rapid base
growth are also characterized by rapid M1B and M2 growth, while the one
period of slow base growth is likewise characterized by slow growth of
M1B and M2. In the most recent period, M2, which should be unaffected
by the nationwide legalization of NOW accounts, has grown at a rapid
rate similar to that of M1B.

Growth Rates of Monetary Aggregates
(compounded annual rates, seasonally adjusted)

Monthly data

Weekly data
Adjusted
monetary
base

Period*

8/13/80-11/12/80
11/12/80-2/11/81
2/11/81-5/13/81

*

11.4%
1.2
9.2

M1B

Period

M2

15.5%
3.0
13.5

8/80-11/80
11/80-1/81
1/81-4/81

8.7%
5.4
13.0

Four-week average ending these dates.

Prepared by Federal Reserve Bank of St. Louis
Released: May 22, 1981


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

170

BILUQNS
APR.

15

— MAY

168

165.2
165.5
166.0
166.2
166. I

166
164
162
160
158

MAY

AUG

JUN

SEP

JAN

FEB

1980
LATEST DATA PLOTTED WEEK ENDING:

MAR
1981

MAY 20,

1981

THE ADJUSTED 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
COMMEnCIAL 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:
5/21/80

8/20/80 10/22/80 11/19/80 12/17/80

1/21/81

2/18/81

3/18/81

4.9
5.8
6.5

8.8
8.9

8.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/22/80
11/19/80
12/17/80
1/21/81
2/18/81
3/18/81
4/22/81
5/20/81

10. 4
11.2
10. 1
8.7
7.7
8.0
7.9
8.0


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

11.1
9.2
7.2
5.9
6.6
6.6
6.9

9,3
5.9
4.3
5.5
5.8
6.2

1.8
1.0
3.2
4. 1
4.9

0.0
3.2
4.3
5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES!/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

BILLIONS
APR.

46.6
46.7

— MAY

5

19

2

46.6

16 30

M

MAY

28

II

25

9 23

I

15

29

12

26

10 24

7

21

JUN

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: MAY 13, 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
5/14/80

AVERAGE OF FOUR WEEKS ENDING:

8/13/80 10/15/80 11/12/80 12/10/80

1/14/81

2/11/81

3/11/81

0.0
0.9
1.3

9.2
7.2

2.5

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
10/15/80
11/12/80
12/10/80
1/14/81
2/11/81
3/11/81
4/15/81
5/13/81

9.4
11.7
11.7
7.9
5.2
6.4
5.9
5.7


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

17. 1
15.8
8.7
4.5
6.3
5.7
5.4

18.3
5.4
0.0
3.3
3. 1
3. 1

-2.5
-6.7
-1.3
-0.5
0.0

- 13.9
-5.0
-3.0
-2.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml A )
averages of

400

daily figures

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----- ------------ ----------400

------------ 1--------------- 1------

BILLIONS.
366. I

__ APR.

365.8
363.3
366.9
365.0

I I I 1 I I I 1
5 19

2

16 30

14 28 l» 25
MAY
JUN

0 23

6 20
AUG

3 17
SEP

1

15 20

12 26 10 24

7 21
JAN

A

18

I

15 20 IS 27

FEB

1980
LATEST OATA PLOTTED WEEK ENDING, MAY 13,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

^gL^i!KD^C^gI^YHEffBf^R^UGa

H.6 RELEASE.

KMWS-

BY ™E ”

MONEY STOCK I MIA)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING
5/14/80

8/13/80 I0/I5/B0 11/12/80 12/10/80

1/14/81

2/11/81

3/11/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/15/80
11/12/80
12/10/80
1/14/81
2/11/81
3/11/81
4/15/81
5/13/81

13.0
12.6
10.9
6.0
1.2
0.4
-0.2
0.0


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

12.3
9.3
2.0
-4.2
-4.6
-4.7
-3.9

5.2
-5.0
-12.2
-11.4
-10. 1
-8.5

-1 1 .2
-18.2
-15.9
-13.5
-11.2

-25.2
-20.2
-16.2
-13.1

-20.8

-15.0
-11.2

-6. I

-3.5

-1.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

440
1981
APR.

BILLIONS
428.9
427.9
432.2
427.8
431 .0
425
420
415
410
405
400
395
390
385
380
1111111
4

JAN

LATEST DATA PLOTTED WEEK ENDING: MAY 13,
CURRENT DATA APPEAR

18

FEB

4

18

MAR

1981

IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MlB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK ( Ml B )
COMPOUNDED ANNUAL RATES OF CHANGE,
5/14/80

AVERAGE OF FOUR WEEKS ENDING:

8/13/80 10/15/80 11/12/80 12/10/80

1/14/81

2/11/81

3/11/81

14.4
13.6
13.6

13.5
13.5

13.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/15/80
11/12/80
12/10/80
1/14/81
2/11/81
3/11/81
4/15/81
5/13/81

15.3
15. 1
13.4
10.6
10.9
11.3
11.4
1 1.6


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

15.5
12.3
8.2
9. 1
9.8
10.2
10.5

8.0
3.0
5.5
7.2
8.2
8.9

-1.5
3.0
5.7
7.2
8. 1

3.3
6.6
8.2
9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
22.0
21 .0

21 .0

PRIME BANK
LOAN RATE

20.0

20.0

19.0
18.0
17.0
16.0
15.0
14.0
13.0
CORPORATE
AAA BONDS

12.0
1 1 .0
10.0

90 DAY CD'S

NICIPAL

9.0
8.0

7.0

3 27

MAR

JUN

APR

11

25

8 22

5

19

3

17

31

14 28

NOV

JUL

12

0

28

DEC

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 22,

90 DAY
CD’S

1981
MAR.

APR.

MAY

1981

6
13
20
27
3
10
17
24
1
8
15
22 X
29

PRIME
COMMERCIAL
PAPER aee*

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONOS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS «

15.74
14.92
13.53
13.82
13.65
14.89
15.38
15.37
15.95
18.36
18.80
18.44

15.11
14.30
12.96
13. 19
13.22
14.22
14.70
14.75
15.24
17.52
17.89
17.45

15.22
14.31
13.09
13.44
13.31
14.59
14.89
14.92
15.55
17.85
18. 18
17.88

13.61
13.31
13.06
13.32
13.41
13.72
13.89
14.02
14.26
14.50
14.53
14. 18

15.49
15.40
15.20
15.27
15.25
15.42
15.61
15.71
15.80
15.94
15.96
15.99

10.40
10.34
9.81
10.09
10.21
10.45
10.70
10.80
10.94
10.90
10.83
N. A.

X AVERAGES OF RATES AVAILABLE.
„
_
XX BONO BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
XXX 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
18.0
17.0
16.0

16.0

15.0
14.0
13.0

5-YEAR
TREASURY SECURITIES

12.0
11.0

11.0

DISCOUNT
RATE

10.0

9.0
8.0
3-MONTH
TREASURY BILL

7.0
I I I I

I I I I
2

16 30

13 27

JUN

11

25

8

22

5

19

3

17

31

14

28

12 26

9 23

6 20

FEB

JUL

MAR

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; MAY 22,

FEDERAL
FUNDS XX

1981
6
13
20
27
APR.
3
10
17
24
MAY
1
8
15
22
29

1981

MAR.

X

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

15.73
15.53
14. 13
13.48
14.93
15.43
15.33
15.55
16.28
18.91
18.21
18.89

14.44
13.79
12.63
12.91
12.60
13.67
13.66
13.74
14.52
16.44
16.75
16.59

14. 13
13.43
12. 10
12.27
12.08
13.78
13.65
13.62
14.04
15. 10
15.53
15.03

13.07
12.46
11.69
12.09
11.86
12.53
12.80
13.05
13.41
14.44
14.68
14.43

13.76
13.33
12.98
13.55
13.46
13.84
14.01
14. 14
14.36
14.94
14.88
14.48

12.88
12.51
12.20
12.74
12.68
13.02
13.11
13.12
13.37
13.78
13.60
13.26

X AVERAGES OF RATES AVAILABLE.
let SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
mmm 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

0

8
MULTIPLIERS^
CURRENCY OF MONEY STOCK MEASURES v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
MONEY MULTIPLIERS

RATIO

MAY
I I I I I I I I I I 1 I I I I I
LATEST DATA PLOTTED WEEK ENDING: MAY 13, 1981
BILLIONS OF DOLLARS
*22 --------- ,------------ ,-----

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

“

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
---- THE FOUR WEEKS ENDING
MAY 13. 1981 FROM
- THE FOUR WEEKS ENDING:
- MAR.
FEB.
- JAN.
DEC.
- NOV.
AUG.
- MAY

11,
11,
M,
10,
12,
13,
14,

1981
1981
1981
1980
1980
1980
1980

9.7
9.2
7.8
7.3
7.1
7.7
8.8

CURRENCY

1981

BILLIONS

LI I I I I I I I I I I I I I I
5

19

2

16 30

14

28

11

25

9 23

6 20

3

17

1

15 29

12

26

10 24

7

21

JAN

4

18

4

18

1

15 29

13 27

FEB

LATEST DATA PLOTTED WEEK ENDING: MAY 13, 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 DEPOSIT COMPONENT OF MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

280
BILLIONS
__ APR.

247.6
246.4
244.0
247.4
245.5

JAN

FEB

MAR

1980
LATEST DATA PLOTTED WEEK ENDING: MAY 13.
CURRENT DATA APPEAR

1981

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:
5/14/80

8/13/80 10/15/80 11/12/80 12/10/80

1/14/81

2/11/81

3/11/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/15/80
11/12/80
12/10/80
1/14/81
2/11/81
3/11/81
4/15/81
5/13/81

14. 1
13.6
1 1.3
4.6
-1.8
-3. 1
-3.9
-3.8


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

13.5
9.6
-0.4
-8.7
-9.6
-9.7
-8.9

3.9
-9.8
-19.2
-18.4
-16.9
-15. 1

-17.7
-26.7
-24.0
-21 . 1
-18.5

-35.4
-29.7
-24.8
-21.1

-30.6
-23.4
-18.9

-12.4
-9.3

-6.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
495

BJLLIQNS

490

484.3
484.4
483.6
483.9
484.7
485.5

485
480
475
470
465
460

I I I I
5

19

2

16 30

14

28

11

25

9 23

6

20

AUG
1980
LATEST DATA PLOTTED WEEK ENDING:

3

17

SEP

MAY 13,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1

H.6 RELEASE.

TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN *100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/14/80

8/13/80 10/15/80 11/12/80 12/10/80

1/14/81

2/11/81

3/11/81

2.9
3.8
3.0

4.2
3.0

3.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/15/80
11/12/90
12/10/80
1/14/81
2/11/81
3/11/81
4/15/81
5/13/81

10. 1
10.6
1 1 . 1
10. 1
9.4
8.7
8.4
7.7


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

9.8
10.8
9.3
8.4
7.6
7.3
6.5

13.9
10.2
8.5
7.3
7.0
6. 1

8.7
6.9
5.9
5.8
5.0

3.8
3.5
4.0
3.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

billions of dollars

1981

BILLIONS OF DOLLARS
5.5

MILLIONS

APR. 15
29

2278

20

5.0

1142

1975

4.5
4.0

3.5

3.5

-

3.0
2.5
2.0

1.5
1.0

1.0

-

0.5
I I I I
5

19

2

16 30

14 28

II

25

9 23

6 20

AUG
1980

3

0

17

SEP

LATEST DATA PLOTTED WEEK ENDING; MAY 20, 1981

BUSINESS LOANS
( COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
178
1
1
1
“ COMPOUNDED ANNUAL RA TES
176 — OF CHANGE. AVERAGE 0
_ THE FOUR WEEKS END IN G
MAY 13, 1981 FROM
174 “THE FOUR WEEKS END 1 NG: -----~~ MAR. 1 1 , 1981
14.4
172
FEB. 11, 1981
4.2
— JAN. 14, 1961
3.2
4.0
170 — DEC. 10, 1980
_ NOV. 12, 1980
7.9
AUG. 13, 1980
11.9
168
9. 1
MAT 14, 980

-

176
174
A/

V
y
r1

.

■A

\

—

1

172

H-

170

j

168

/

166
164

BILLIONS OF DOLLARS
178

-

166

r

-

-

164
-

v\ /N

162

-

-

162

160

V

158
156
154
152

160
-

/V.

198

-

111

8
170,400
15
170,070
22
171,678
29
173,312
MAY
6
175,469
13
174,831
INI 11111111111

7 21

4

JAN

FEB

-

!lll 1 1 IX 111 111 1111 _LLL 1.1 1 _U.il.. u i 1111
0
5 19
2 1 6 30 M 28 M 25
9 23 6 20
3 17
1 15 29 12 26 10 24
MAR

M1LL1QN5

APR.

APR

MAY
•

JUN

JUL

AUG
1980

SEP

OCT

NOV

DEC

18

4

18

MAR
1981

I

15 29

APR

~
_
~
r

13 27

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 13, 1981


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

158
156
154
152
0

12
LARGE TIME DEPOSITS

ALL COMMERCIAL

BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
224

ILL IONS

222

___APR.

220
218
216
214

212
210
208
206
204

202
200

192
190
188

I I I I

LATEST DATA PLOTTED MEEK ENDING: UAY 13,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 4100,000 OR MORE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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