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F//V>4/V£;//liL DATA1

Week ending: May 27, 1981

Large commercial banks have increased business
loans rapidly since mid-March, following a two-month period
of contraction. From the four weeks ending March 18 to the
four weeks ending May 20, commercial and industrial business
loans increased at a 19.3 percent rate. In sharp contrast,
business loans contracted at a 10.5 percent rate from the
four weeks ending January 21 to the four weeks ending
March 18.
Commercial banks have actively sought funds to
meet the turnaround in business loan demand. An important
source of funds for bank loans is large time deposits (time
deposits issued in denominations of $100,000 or more). From
the week ending March 18 to the week ending May 20, large
time deposits have increased by $ 4.2 billion. On the other
hand, the level of large time deposits, which grew rapidly in
late January and early February, was essentially unchanged
from mid-January to mid-March.
Since rates paid on large time deposits are not
regulated, banks can raise the rates to attract additional
funds. Accordingly, the 90-day CD (certificate of deposit)
rate was 18.51 percent for the week ending May 22, over 400
basis points higher than the level for the week ending
March 20. The increased cost of such funds is an important
factor affecting the higher level at which banks have chosen
to set the prime lending rate. As of May 22, the prime
lending rate at most large commercial banks was
20.50 percent, 350 basis points above the most recent trough.

Prepared by Federal Reserve Bank of St. Louis
Released: May 29, 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

174
BILLIONS
APR.

172

165.5
166.0
166.2
166. 1

170

167.0

I I I I
2

16 30 14 28

11

25

9 23

6 20
AUG

3 17
SEP

LATEST DATA PLOTTED WEEK ENDING: MAY 27,

1981

THE ADJUSTED MONETARY BASE CONS I STS OF: ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COMdE&CIAL 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:
5/28/80

8/27/80 10/29/80 11/26/80 12/24/80

1/28/81

2/25/81

3/25/81

5.7
6.5
7.3

8.0
8.6

8.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/29/80
11/26/80
12/24/80
1/28/81
2/25/81
3/25/81
4/29/81
5/27/81

10.4
11.2
9.9
8.3
7.8
7.8
7.8
8.0


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

10.8
8.5
6.4
5.9
6.2
6.4
6.8

8.4
4.8
4.4
5.2
5.7
6.2

0.4
1.2
2.8
4.0
4.9

1.1
3.2
4.5
5.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES 1/
billions of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

dollars

BILL IONS
46.6
46. 1
46.7
46.7
46.6
47.0

I I I I
30 14 28 II

25

9 23

6 20

3

17

1980
LATEST DATA PLOTTED WEEK ENDING: MAY 20,

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,
5/21/80

AVERAGE OF FOUR WEEKS ENDING:

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

1/21/81

2/18/81

3/18/81

2.8
0.9
4.0

7.8
10.0

5. 1

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

10.5
13.6
1 1 .7
7.9
5.5
6.9
5.9
6.6


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

17.0
12.7
6.4
3. 1
5.5
4.3
5.4

15. 1
3.5
-0.7
3.3
2.2
3.8

-7.2
-9.1
-2.6
-2.5
0.0

-12.8
-3.4
-3.1
0.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
APR.

2

363.4
365.8
363.3
367.0
364.9
363.9

16 30 14 28 11

-L-LLL

25

9 23

6 20

3 17

JAN

FEB

1980
LATEST DATA PLOTTED WEEK ENDING: MAY 20,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

MIA CONSISTS OF CURRENCY AND COIN PLUS COMMERCIAL BANK DEMAND DEPOSITS HELD BY THE NONBANK
PUBLIC EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS.

MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE,
5/21/80

AVERAGE OF FOUR WEEKS ENDING:

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

1/21/81

2/18/81

3/18/81

-3.6
-2.9

-0.9

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

13.0
12.4
10.2
4.5
0.5
-0.2
-0.2
-0.3


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

10.9
7.4
-0.7
-5.5
-5.8
-5.0
-4.7

2.7
-8.5
-13.5
-12.4
-10.2
-9. 1

-15.4
-19.5
-16.8
-13.3
-11.6

-25.8
-20.5
-15.4
-13.0

-18.2
-1 1.9
-9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF OOLLARS
440

BILLIONS
=

APR.

435

427.9
432.2
427.8
431.1
428.6
427.4

430
425
420
415
410
405
400
395
390
385
380

I I I I

LATEST DATA PLOTTED WEEK ENDING-. MAY 20,
CURRENT DATA APPEAR

1981

IN THE BOARD OF GOVERNORS' H.6 RELEASE.

M1B CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY

INSTITUTIONS.

MONEY STOCK ( MIB )
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

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

15.8
15.3
12.9
11.1
1 1.0
1 1.3
12.0
11.1


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

14.3
10.4
8. 1
8.5
9.3
10. 4
9.5

5.3
3.6
5.2
6.8
8.9
7.8

-0. 1
3.0
5.6
8.2
7. 1

5.0
7.8
10.5
8.7

12.4
14.4
11.2

16.2
11.4

10.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

percent

21.0

21.0
PRIME BANK
LOAN RATE

20.0

19.0
90 DAY CD’S

18.0

COMMERCIAL
PAPER
14.0

14.0

13.0
CORPORATE
Aaa BONDS

12.0

1 1.0

MUNICIPAL
BONDS ae*

INI
2

16 30

13 27

JUN

II

25

8 22

5 19

3

17 3

14 28 12 26

NOV

JUL

9 23

6 20

6 20

3

FEB

DEC

MAR

APR

17

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 29,

1981
APR.

3
10
17
24
MAY
1
8
15
22
29 *
JUNE
5
12
19
26

1981

90 DAY
CD'S

PRIME
COMMERC1AL
PAPER *6KX

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
BAA BONDS

MUNICIPAL
BONDS x*

13.65
14.89
15.38
15.37
15.95
18.36
18.80
18.51
17.69

13.22
14.22
14.70
14.75
15.24
17.52
17.89
17.51
16.68

13.31
14.59
14.89
14.92
15.55
17.85
18. 18
17.89
16.91

13.41
13.72
13.89
14.02
14.26
14.50
14.53
14.18
14.07

15.25
15.42
15.61
15.71
15.80
15.94
15.96
16.01
15.92

10.21
10.45
10.70
10.80
10.94
10.90
10.83
10.73
N. A.

**ABONDG|uYER1S 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
21 .0
FEDERAL FUNDS RATE
20.0

18.0
0

0
15.0

13.0

5-YEAR
TREASURY SECURITIES

1 I .0

DISCOUNT
RATE

3.0
3-MONTH
TREASURY BILL

7.0

I I I I
4

18

2

16 30

13 27

It

25

8 22

5 19

3

17 31

14 28

12 26

9 23

1

6 20

FEB

15 29

12 26

MAR

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 29,

1981
APR.

3
10
17
24
MAY
1
8
15
22
29 *
JUNE 5
12
19
26

1981

FEDERAL
FUNDS xx

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECUR1T1ES

LONG-TERM
TREASURY
SECUR1T1ES

14.93
15.43
15.33
15.55
16.28
18.91
18.21
18.89
18.71

12.60
13.67
13.66
13.74
14.52
16.44
16.75
16.61
15.77

12.08
13.78
13.65
13.62
14.04
15. 10
15.53
15.03
15.68

11.86
12.53
12.80
13.05
13.41
14.44
14.68
14.42
13.83

13.46
13.84
14.01
14.14
14.36
14.94
14.88
14.54
14. 19

12.68
13.02
13.11
13.12
13.37
13.78
13.60
13.27
13.35

**AslvEN-DAYFAVERAGESVFORAWEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE

SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE,
ww mpw 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
MULTIPLIERS^
CURRENCY OF MONEY STOCK MEASURES 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

RATIO
APR.

MONEY MULTIPLIERS

MHO
APR.

15

_ MAY

J-L.J 1 I I II

111I III I I

LATEST DATA PLOTTED WEEK ENDING: MAY 20.

1981

BILLIONS OF DOLLARS
122 ----------------- ,------------- .-------

vr

v/nniwt,

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

«vcr\Muc ur

-----THE FOUR WEEKS ENDING
MAY 20, 1981 FROM
THE FOUR WEEKS ENDING:

-

----- MAR.
FEB.
- JAN.
DEC.
-----NOV.
AUG.
- MAY

18,
18,
21,
17,
19,
20
21

1981
1981
1981
1980
1980
-------1980

9.7
8.8
7.8
7.3
7.0
- ~

CURRENCY

1991
APR.

BILLIONS
1

118.6
119l 4
1 19! 3
1 19! 5
1 19.5
1 19! 6

111111
I

AUG
1980

15 29

SEP

LATEST DATA PLOTTED WEEK ENDING: MAY 20,

12 26

10 24

7 21

JAN

FEB

1981

1/ RATIO OF MONEY STOCK (MIA) OR (MIB) 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

BILL- IONS
__ APR.

2

244.8
246.4
244.0
247.5
245.4
244.3

16 30 14 28 11

25

9 23

6 20

AUG
1980

3

17

JAN

SEP

LATEST DATA PLOTTED WEEK ENDING: MAY 20,
CURRENT DATA APPEAR

FEB

MAR

1981

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE,
5/21/80

AVERAGE OF FOUR WEEKS ENDING:

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

1/21/81

2/18/81

3/18/81

-8.9
-8.0

-5.7

TO THF AVERAGE
OF FOUR WFFKS
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

14.0
13.3
10.4
2.5
-2.9
-3.9
-4.0
-4.2


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

12.0
7.2
-4. 1
-10.6
-10.9
-10. 1
-9.7

1.0
-14.4
-21.0
-19.6
-17.0
-15.6

-23.3
-28.6
-25.2
-21.1
-19.0

-36.5
-30.1
-23.9
-21.0

-27.4
-19.6
-16.6

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

10
SAVINGS PLUS SMALL TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500
1981
APR.
~ MAY

billions

495

484.4
483.9
484.7
485.4
486.2

490

485
480
475

470

465

lu_i
JAN

LATEST DATA PLOTTFD WEEK ENDING: MAY 20,
CURRENT DATA APPEAR
TIMF DEPOSITS

FEB

MAY

JUN

1981

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

ISSUED IN DENOMINATIONS OF LESS THAN $100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
5/21/80

AVERAGE OF FOUR WEEKS ENDING:

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

1/21/81

2/18/81

3/18/81

3.2
3.3
3.2

3.9
3.5

3.2

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

9.9
1 1 .0
10.9
10.0
9. 1
8.7
8. 1
7.7


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

10.5
10.5
9. 1
8.0
7.5
6.9
6.5

13.6
10. 1
8. 1
7.4
6.6
6. 1

7. 1
5.5
5.2
4.8
4.5

3.4
3.7
3.7
3.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
5.0

BILLIONS OF DOLLARS
---------------------- --------- =1 5.0

r:----------- 1------------1-----1981
APR.

MILLIONS
22
2278
1734
1975
2923

I I I I
2 16 30 14 28 11 25 9 23
APR
MAY
JUN
JUL

6 20
AUG

3 17
SEP

OCT

NOV

DEC

JAN

FEB

1980

MAR

APR

MAY

JUN

1981

LATEST DATA PLOTTED WEEK ENDING: MAY 27,

1981

BUSINESS LOANS
(COMMERCIAL AND
BILLIONS OF DOLLARS
178
1
1
176

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
178

1
- COMPOUNDED ANNUAL RAT :s
— OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
“ MAY 20, 1981 FROM

176

X

174
172
170
168

“ MAR. 18,
— FEB. 18,
JAN. 21 ,
DEC. 17,
— NOV. 19,
_ AUG. 20,
MAY 21,

981
981
981
980
980
980
980

t

19.3
7.1
4.2
3.6
8.0
12.1
9.9

/V V
/ v

\S—

-

/

-

\
V

(

—1

r

r

,

/

174
172

vy

170

168

-

162
160

-x

198

X

158

1 1 1

1 1 1

7 21
JAN

4 18
FEB

4 18
MAR

154

111.

111

1111

2 16 30 14 28 11 25 9 23
APR
MAY
JUN
JUL

1 l l

111

1 LL

1111

6 20
AUG

3 17
SEP

1 15 29 12 26 10 24
DEC
OCT
NOV


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

1

15 29 13 27 10 24
APR
MAY
JUN

1981

1980
LATEST DATA PLOTTED WEEK ENDING:

l l 1 l

_

170,070
APR. 15
22
171,678
29
173,312
—
MAY
6
175,469
13
174,831
20
174,862
,
11ii1111 ii ii'
1 1 1

156

'1111

MILLIONS

MAY 20,

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS

ILL IONS OF DOLLARS
---------------- ---------- 224

ILLIWS
__ APR.

JAN
I 980
LATEST DATA PLOTTED WEEK ENDING: MAY 20,

FEB

MAR
1981

1981

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

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