Full text of U.S. Financial Data : Week Ending: May 23, 1979

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Week ending: May 23, 1979
This week
the Board of Governors
released a revision of the money stock series
and related data to
incorporate
benchmark
adjustments for domestic nonmember banks.
The
benchmark adjustments, based on the September
1978 Report of Condition (Call Report), affect
weekly and monthly data back through July 1978.
The adjustments were minor,
lowering the level
of Ml about $400 million in September 1978 and
by lesser amounts in other months. The level of
M2 was lowered about $600 million in September
1978 and $100 million in April 1979. Because of
their small
size,
these revisions have a
negligible impact on the growth rates of Ml and
M2. All money stock data and related series
published in this release are on the revised
basis.
Ml and M2 grew sharply in April,
increasing at 19.2 and 15 percent annual rates,
respectively.
Even when one incorporates the
April increase, however, the growth of Ml in the
seven months since mid-October 1978 has been
significantly lower than in the preceding seven
months.
From the four weeks ending October 18,
1978 to the four weeks ending May 16, 1979, Ml
grew at only a 1.5 percent rate, compared to a
9.6 percent rate of increase in the prior
seven-month period.
Growth of M2 slowed to a
4.7 percent rate of increase from a 10.1 percent
rate over comparable periods.
Although the growth of the adjusted
monetary base also registered a sharp increase
in April, on balance, it has slowed in the most
recent seven months.
Between mid-October 1978
and
mid-May 1979, growth of the
adjusted
monetary base slowed to a 6.3 percent annual
rate, compared to a 9.9 percent rate in the
prior seven-month period.


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

Prepared by Federal Reserve Bank of St. Louis
Released: May 25, 1979

2

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

BILLIONS OF DOLLARS

.1878
APR.

BILLIONS OF DOLLARS
152

BILLIONS
150

145.4
145.2
145.7
145.5

MB

145. 1
146

140
15B

154

5 18

5 17 91

M 28 12 26

JUN

8 29

6 20

4 16

SEP

JUL

OCT

1

19 28 19 27 10 24

7 21

7 21

1978

1079

LATEST DATA PLOTTED WEEK ENDINGt MAY 23, 1979
THE ADJUSTED MONETARY BASE CONSISTS OFj ( 11 MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, (2) CURRENCY IN CIRCULATION ( CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COMMERCIAL BANKS 1, AND (31 AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANCES. 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 ENOINGt
5/24/78

8/23/78 10/25/78 11/22/78 12/20/78

1/24/79

2/21/79

3/21/79

4.2
5.1
5.2

4.9
5. 1

6.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/25/78
11/22/7S
12/20/78
1/24/79
2/21/79
3/21/79
4/25/79
5/23/79

10.5
0.7
9.3
9.0
8.7
8. 1
8.0
7.8


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

10.9
9.9
9.3
8.8
7,9
7.8
7.5

6.2
6.7
6.4
5.7
5.9
5.9

7.2
6.7
5.7
6.0
5.9

6,7
5.5
5.8
5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

2.9

2.9

MULTI PLIER

X/

i >79
APF .
MA>

!lll

i i m

mi

111 .nil •ILL LLLj Lilli 111

LATEST DATA PLOTTED WEEK ENDING. MAY 16,

mi

128
126

122

__

1

i i i;

in LLULlllLuii

BILLIONS OF DOLLARS

130

---------1------------1--------- 1---------COMPOUNDED ANNUAL Rj\TES
---- OF CHANGE, AVERAGE
THE FOUR WEEKS END 1 ■JG
“ MAY 23. 1979 FROM
THE FOUR WEEKS END 1 “4G« .
-

124

.

2.505
2.516
2.522
2.500
2.506
2.506

1979

BILLIONS OF DOLLARS

130

RATIC

11
18
25
2
9
16

MAR.
FEB.
— JAN.
_ DEC.
NOV.
_ MA Y*

21,
21,
24,
20,
22,
24!

1979
1979
1979
1978
1978
1978

128

ADJ USTED FEDERAiL RES ERVE CR EDIT
-

126

4.­
4.
4.
6.
7.
9.
9.

124
122
-

..

.jr.

r

V
BILLIONS ~

1979
APF ■ m

114

MA>

-

126.5
126.3
126.8
126.0
126.1
125.9

i

112

a
=in
APR

LLLL 111
MAY

JUN

in
JUL

1111
AUG

11L JLLL. mi LLLj LLLL. in
20
18
13 27 10 24
21

111

SEP

MAR

OCT

DEC

1978

JAN

FEB

7 21

Llll 11
4 18

APR

n

—
“
__

11111!

2 16 30 13 27

JUN

1979

LATEST DATA PLOTTED WEEK ENDING: MAY 23, 1979
1/ RATIO OF MONEY STOCK (Ml 1 / ADJUSTED MONETARY BASE
2/

CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS. FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACfING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES,'AM)
JUST ING THE SERES FOR RE­
SERVE REQUIREMENT RATIO CHANGES.
DATA ARE COMPUTE^ BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
billions

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

OF dollars

billions of dollars

-zn 905
886.6

890.9

892.8

■=

865

~ 850

5 IS

9 17 91

14 26 17 26

JUN

JUL

t 29

6 20

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING. MAY 16, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
5/17/78

8/16/76 10/18/78 11/15/78 12/13/78

1/17/79

2/14/79

3/14/79

1.3
4.4
5.9

6.6
8.0

10.2

TO THE AVERAGE
OF FOUR WEEKS
END 1NGi
10/18/76
11/15/78
12/13/78
1/17/79
2/14/79
3/14/79
4/16/79
5/16/79

10. 1
9.2
8.5
7.5
6.6
6.3
6.6
7.0


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

9. 1
7.9
6.4
5.3
5. 1
5.7
6.2

4. 1
3. 1
2.2
2.4
3.7
4.7

2.7
1.7
2.0
3.7
4.8

0.6
1.4
3.5
4.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
375 --------- 1------------,-----

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

B.IILIQNS
APR.

11

361.5
365.8
366.2

I I I I
5

19

APR

3

IT 51

MAY

14 28

JUN

12 26

JUL

9 Z3

AUG
1978

6 20

4

SEP

OCT

18

1

15 29

NOV

13 27

DEC

10 24

7

JAN

FEB

21

4

18

MAR
APR
1979

2

16 30

MAY

13 27

JUN

LATEST DATA PLOTTED WEEK ENDINGt MAY 16, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Mi
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
5/17/78
8/16/78 10/18/78 11/15/78 12/13/78 1/17/79 2/14/79 3/14/79
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/18/78
11/15/78
12/13/78
1/17/79
2/14/79
3/14/79
4/18/79
5/16/79

7.9
6.0
5.3
4.7
3.3
2.8
3.5
4.2


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

5.4
4.2
3.5
1.6
1.2
2.4
3.4

-1.8
-0.7
-2.4
-2.2

0.8
-2.0
-1.9
0.7
2.4

-0. 1

1.5

-3.0
-2.5
0.7
2.8

-4.8
0.6
3.3

4.6
7.0

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
12.5
12.0

'RIME BANK
.OAN RATE

1 1 .5
90 DAY CD'S!

11.0
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

1

APR

15 29

12

JAN

MAY

26

8 23

9 23

6 20

4

18

1

13

29

FEB

1978

1979

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 25. 1979

1979
APR.

6
13
20
27
MAY
4
11
18
25 S
JUNE 1
8
15
22
29

90 DAY
CD’S XBK*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BAKKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONOS **

9.99
10.09
10.27
9.94
9.94
10.21
10.19
10. 19

9.85
10.05
9.94
9.68
9.91
10.00
10.03
10.00

9.90
10.05
9.90
9.75
9.99
10.04
10.00
9.97

9.31
9.37
9.39
9.44
9.51
9.52
9.51
9.58

6.25
6.33
6.30
6.26
6.27
6.30
6.30
N. A.

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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
11.0

1 1.0

10.3
FEDERAL FUNDS RATE

DISCOUNT RA E

3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

7 21

3 19

APR

MAY

2 16 30 M 28 II 23

JUN

JUL

AUG
1978

8 22

SEP

6 20

3 IT

OCT

NOV

13 29 12 26

DEC

JAN

9 23

FEB

9 23

MAR

6 20

APR
1979

4 16

MAY

I

13 29

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOING: MAY 23, 1979

FEDERAL
FUNDS KX

1979
APR.

6
13
20
27
MAY
4
1 1
18
25 X
JUNE
1

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL seeK

1-YEAR
TREASURY
BILL

3-3 YEAR
TREASURY
SECUR1T1ES

SECURITIES

9.95
9.93
9.96
10.09
10.22
10.25
10.25
10.17

9.53
9. 70
9.41
9.23
9.58
9.63
9.60
9.71

9.50
9.57
9.63
9.30
9.57
9.62
9.46
9.60

9.26
9.37
9. 22
9.27
9.40
9.39
9.26
9.21

9.24
9.34
9.32
9.35
9.42
9.42
9.32
9.19

8.97
9.02
9.03
9.09
9.17
9.20
9.13
9.07

LONG-TERM
TREASURY

8

15
22

29

X AVERAGES OF RATES AVAILABLE.
« SEVEN-OAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
KXK NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BAW OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BAM( OF ST. LOUIS

7

8

NET TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1979

BILLIONS OF DOLLARS
540

BILLIONS

535

525. 1
525. 1
526.3
527.7
528.3
528.7

530
525
520
515
510
505
500
495
490
485
480

JUN

JUL

FEB
1978

MAR
1979

LATEST DATA PLOTTED WEEK ENDING: MAY 16, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS« SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF tl00,000 OR MORE BY LARGE WEEKLY REPORTING (X*AIERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
5/17/78

8/16/78 10/18/78 11/15/78 12/13/78

1/17/79

2/14/79

3/14/79

5.8
7.2
7.9

8. 1
8.8

9.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/18/78
11/15/78
12/13/78
1/17/79
2/M/79
3/14/79
4/18/79
5/16/79

11.7
1 1.5
10.8
9.5
9.0
8.8
8.8
9.0


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

1 1.9
10.7
8.6
8.0
7.8
8. 1
8,3

8.5
5.8
5.6
5. 8
6.5
7.0

3.9
4. 3
4. 8
5.8
6.5

3.2
4.2
5.6
6.5

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
----- ------------ ---------- 275

&1LLLQMS
APR.

261.7
263.8
264. 1
263.5

5 19

1 IT II 14 U 12 2ft
JUN
JUL

9 2ft

1 13 29 13 2T 10 M

SEP

11-LJ

T 21

OCT

1978
LATEST DATA PLOTTED WEEK
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.8 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGi
5/17/78
8/16/78 10/18/78 11/15/78 12/15/78 1/17/79 2/14/79 5/14/79
TO THE AVERAGE
OF FOUR WEEKS
ENOINGi
10/18/78
11/15/78
12/13/78
1/17/79
2/14/79
3/14/79
4/18/79
5/16/79

7.2
4.6
3.6
2.8
0.9
0. 4
1.4
2.4


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

3. 1
1.6
0.8
-1.6
-2.0
-0.3
1.1

-5.7
-1.3
-6.6
-6.2
-3.3
-1.0

-2.4
-6.1
-5.7
-2.3
0.2

-7.4
-6.5
-2.2
0.7

-9.3
-2.3
1.5

3.4
6.8

12.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

99.8
100. 1
100.2
100.4
100.4
100.6

5 18

3 IT 31

14 28 12

8 23

6 20

4 li

1

13 29 13 Z7 10 24

7 21

LATEST DATA PLOTTED WEEK ENDING: MAY 16, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
5/17/78

8/16/78 10/18/78 11/15/78 12/13/78

1/17/79

2/14/79

3/14/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/18/78
11/15/78
12/13/78
1/17/79
2/14/79
3/14/79
4/18/79
5/16/79

10.6
10.3
10.2
10.2
10.2
10.0
9.7
9.5


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

12.0
11.5
11.2
11.0
10.6
10.2
9.8

9.2
9.5
9.6
9.3
9.0
8.7

10.0
9.9
9.5
9. 1
8.7

9.9
9.4
8.9
8.5

9.0
8.4
8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

BILLIONS OF DOLLARS

— APR.

5 I#

IN THE NATION

AVfcKAGES OF DAILY FIGURES

3-5 r------ 1----------1----

BILLIONS OF DOLLARS
----- ------------ ------- =1 3.5

18

S 17 31

14 28 12 26

8 29

6 20

1

IS 29 IS 27

10 24

7 21

4 18

2 16 SO 13 27

LATEST DATA PLOTTED WEEK ENDING. MAY 23, 1979

BUSINESS LOANS

(COMMERCIAL AND INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
144 --------- ,------------ ,-----

BILLIONS OF DOLLARS
----- ------------ ---------- M4

~ COMPOUNDED ANNUAL RATES
— OF CHANCE. AVERAGE OF _ THE FOUR WEEKS ENDING
MAY 16. 1979 FROM
— THE FOUR WEEKS ENDING, *
Z.MAR. 14, 1979
FEB. 14, 1979
20.9
“ JAN. 17, 1979
— DEC. 13, 1978
_ NOV. 15, 1978
AUG. 16, 1978
14.0
““MAY 17. 1978
14.6

MlLLIQNS
APR. 11
139,403
140,049
140,678
5 19

SI

14 28 12 26

JUN

8 23

6 20

4 18

SEP

JUL

OCT

1

IS 28 IS 27 10 24

7 21

FEB

1978

U-LLL
7 21

1.1 1 1 I I I

MAR APR
1979

LATEST DATA PLOTTED WEEK EMJIMQi MAY 16, 18TS


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

PREPARED BY FEDERAL RESERVE SAMC OF ST. LOUIS

11

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
billions of

N0T

dollars

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

1978
LATEST DATA PLOTTED WEEK ENOINGt MAY 16,

billions of dollars

1979
1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS