Full text of U.S. Financial Data : Week Ending: November 14, 1979
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^9^ F//V/»/VC/>a/. O/lF/l Week ending: November 14, 1979 C-1PRARV tfuV 2 4 JjSBGrowth of the monetary aggregates has slowed during the pawl few weeks, thereby lowering their growth rates for the most recent two-month period. From the four weeks ending September 5 to the four weeks ending November 7, Ml and M2 grew at 3.9 and 9.3 percent annual rates, respectively, compared with 10.3 and 12.8 percent rates of growth in the previous two-month period. The reduction in M2 growth, however, was primarily the result of slower Ml growth, since growth of net time deposits in the most recent two months was little changed from its growth in the previous two months. In contrast, growth of both the currency and demand deposit components of Ml slowed substantially in the most recent two-month period. Growth of the adjusted monetary base (reserves plus currency in circulation), however, continued to grow at close to an 11.5 percent rate in the past two months. The slowing in currency growth in the most recent two months was offset by a more rapid growth of reserves, which reflected a sharp rise in October's member bank borrowings from the Federal Reserve. Beginning this past week (November 8-14) , U.S. branches and agencies of foreign banks were required to maintain reserves to meet the Federal Reserve's new 8 percent marginal reserve requirement on certain "managed liabilities." Although this marginal reserve requirement became effective in the statement week beginning October 11, the same week it became effective for member banks and domestic Edge Act corporations, these institutions did not have to begin maintaining reserves against managed liabilities until this past week. Consequently, during the reserve settlement period beginning November 8, the U.S. reporting office of a foreign bank's U.S. branch or agency was required to maintain reserves for all of the statement weeks beginning October 11, 18, and 25. These branches and agencies of foreign banks were given more time to begin meeting this new reserve requirement since this is the first time they have had to maintain reserves with the Federal Reserve Banks. The adjusted monetary base includes an adjustment for changes in reserve requirements in order to avoid "breaks" in the monetary base series that otherwise would occur. Since this new reserve requirement reduces the amount of money and credit that a given amount of monetary base can support, the reserve adjustment to the base includes a reduction for the amount of required reserves on managed liabilities. In the statement week ending November 14, these required reserves on managed liabilities amounted to a total of $845 million for member banks, domestic Edge Act corporations, and U.S. branches and agencies of foreign banks. ' O. S. Financial Data" will be mailed later than usual next week due to a holiday on November 22, 1979- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released. November , 16 1979 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS >56 ---------- ,---------- 1-------- OCT. 152.1 152.6 152.5 153.2 152.8 151 .8 10 NOV. 6 20 4 18 SEP OCT BILLIONS OF DOLLARS ------------------- ----------- 156 I 15 29 13 27 10 24 2 7 21 FEB MAR 16 30 13 27 11 25 8 22 5 19 3 17 31 14 28 APR 1978 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 14. 1978 Yijr .n „icTcn kJAycTiRY pice rnNSISTS OF* ( I ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE ^ In ClRCULAT ON C CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF coSSIAcial bank!* ai!o fsi an adjustment for reserve requirement ratio changes the ..< d cnnnrp nc tuc aa histfO MONETARY BASE IS FEDERAL RESERVE CREDIT. DATA ARE COi^UTED BY i/\ THIS BA^. A BItAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK. DATA DO NOT INCLUDE REGULATION K RESERVES OF EDGE ACT CORPORATIONS. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, l1/15/78 AVERAGE OF FOUR WEEKS ENDING: 2/14/79 4/11/79 5/16/79 6/13/79 7/11/79 8/15/79 5.7 5.2 7.0 7.5 8.5 9.0 8.6 7.4 9.8 9.7 10.7 11.0 10.2 9.3 9.4 10.7 11.1 10. 1 12.1 12.9 12.8 11.4 11.9 12. 1 10.5 13.5 10.9 9/12/79 TO THE AVERAGE OF FOUR WEEKS ENDING; 4/11/79 5/16/79 6/13/79 7/11/79 8/15/79 9/12/79 10/17/79 11/14/7# 5.0 6.0 5.7 6.8 7. 1 7.8 8.3 8. 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER^ ADJUSTED FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.9 RATIO 2.9 MULT PLIER r V f RAT 1C 1979 OCT | 'ill ■ 111 -U 1 1 111 111 i 111 J..J 1 j 11 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 132 COMPOUNDED ANNUAL R -----OF CHANGE, AVERAGE THE FOUR WEEKS END 1 ~ NOVEMBER 14, 1979 F THE FOUR WEfeKS END 1 - 130 SEP. AUG. — JUL. _ JUN. MAY 12 , 1979 15 , 1979 11 ,1979 13 ,1979 16 ,1979 _ 15 , 128 NOV. 1978 - NOV . 7 2.482 1 1 1 1 1 i i i i i i i i i i i i: 1111 J-LL 1 1 1 1979 BILLIONS OF DOLLARS 136 ---------- 1---------- 1------------- 1---------134 i BILLIONS OF DOLLARS 136 - *TES 134 'KS 10M 4G-. ___ 1 2. ( 13. 13. 13.C 11. ! x 132 - ADJ USTED FEDEf*AL RES :rve :red i t 130 128 9'. - 126 126 - - 124 124 - 122 BILUIC NS. _ 1aIS. - OCT • 120 i? m 24 132.6 'in in 1 1 1 1 4 I 18 OCT 111 XL LL -LLL XI .J 15 29 13 27 10 24 NOV 1978 DEC JAN 111 m i 2 7 21 7 21 4 18 FEB MAR APR LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 14, i 11 16 30 13 27 MAY JUN 1979 mil i ii i 11 JUL 25 8 22 AUG 120 m NOV • 1 18 j t_Li i i 3 17 31 OCT 118 111 i 14 28 NOV 1979 1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE 2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY DEPOSITS AT FEDERAL RESERVE BAWS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE SERVE REQUIREMENT RATIO CHANGES. DATA ARE COMPUTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 122 4 MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 950 945 940 936.7 939.6 938.7 935 937. 1 937.8 930 942.2 925 920 915 910 905 900 B95 890 885 880 875 870 865 860 855 850 I I I I 8 20 4 18 SEP OCT I IS 20 IS 27 10 24 7 21 FEB S MAR JUN APR 17 SI 14 28 JUL LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS CM2) COMPOUNDED ANNUAL RATES OF CHANGE, 11/B/78 AVERAGE OF FOUR WEEKS ENDING: 2/7/79 4/4/79 5/9/79 6/6/79 7/4/79 8/8/79 8. 1 7.7 8.9 9.7 10. 1 10.4 9.9 I 1.0 12.0 12.2 12.3 12.3 1 1.4 10.3 11.4 1 1 .6 1 1 .8 10.8 13.5 13.2 13.0 1 1 .6 12.8 12.7 11.0 12.5 10.3 9/5/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 4/79 5/ 9/79 6/ 6/79 7/ 4/79 8/ 8/79 9/ 5/79 10/10/79 11/ 7/79 2.6 4.8 5. 1 6. 1 6.9 7.5 8.0 7.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 390 BILLIONS OF DOLLARS - 24 - 31 \ A A 2 1 j 1 111 IT" 1.1 1 '\ 1 1 1 T V \ sj. | -------- z ' llll llll 7° V" A !!lll 6 20 SEP 1.11 -LLLL _LLL Mil 4 16 OCT I 15 29 IS 27 NOV DEC 10 24 JAN i 1 1 1 1 1 1 7 21 7 21 4 18 2 FEB MAR APR MAY 111 -LLLL 111 _LLL llll -LLL 11.1.1. 1.1.L 16 30 15 27 II 1978 JUN JUL 25 8 22 AUG 5 19 3 17 31 SEP OCT 14 28 NOV 1979 LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 7, 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B RELEASE. THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC. MONEY STOCK (Ml ) COMPOUNDED ANNUAL, RATES OF CHANGE 11/8/78 2/7/79 4/4/79 5/9/79 AVERAGE OF FOUR WEEKS ENDING: 6/6/79 7/4/79 8/8/79 10.5 10.6 10.4 7.8 10.3 10.2 7.0 10.3 5.9 9/5/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 4/79 5/ 9/79 6/ 6/79 7/ 4/79 8/ 8/79 9/ 5/79 10/10/79 11/ 7/79 -1.2 2.5 2.5 3.5 4.3 4.8 5.4 4.7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 390 1 1 B1LL1ONS 379.7 3B0.5 378.7 376.9 376.2 II _ 1979 ” OCT. 3 10 17 -L L L L i 7.3 6.2 7. 1 7.7 8. 1 8.3 7. 1 11.4 11.4 1 1 .0 10.9 10.8 8.8 6.8 8.0 8.6 9.0 7.0 3.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 16.0 rr PERCENT -=j 16.0 15.0 14.5 14.0 13.0 PRIME BANK LOAN RATE 11.5 90 DAY CD* Si COMMERCIAL PAPER CORPORATE Aaa BONDS MUNICI PAL 15 29 13 27 10 24 8 22 5 19 JAN 2 16 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 12 26 9 23 FEB SEP OCT 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 16, 1979 1979 SEP. 7 14 21 28 OCT. 5 12 19 26 NOV. 2 9 16 * 23 30 90 DAY CD1 S XXX PRIME COMMERC1AL PAPER 11.36 1 1 .84 12.03 11.94 12.01 12.75 13.61 14.37 14.44 14.52 14.29 11.24 11.70 1 1.74 1 1 .64 11.76 13. 18 13.32 14. 10 M. 18 II 14. 18 13.91 PRIME BANKERS' ACCEPTANCES 1 1.51 11.75 11.82 11.69 12.04 13. 49 13.59 14.32 14.11 14.20 13.74 CORPORATE Aaa BONDS 9.34 9.42 9.49 9.50 9.66 9.91 10.09 10.50 10.73 10.83 10.73 MUNICIPAL BONDS XX 6.47 6.49 6.57 6.56 6.64 7. 12 7. 18 7.38 7.26 7.27 N. A. * AVERAGES OF RATES AVAILABLE. ** BONO BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. **0* SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. N.A. - NOT AVAILABLE // Beginning November 1, 1979, data are 4-month commercial paper rates. 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 16.5 rr- PERCENT -ZJ 16.5 16.0 14.0 12.5 12.0 1 1.0 1 1.0 FEDERAL FUNDS RATE DISCOUNT RATE „ 3-5 YEAR TREASURY SECURITIES THREE-MONTH TREASURY BILL MARKET YIELD I 13 SEP 29 19 27 OCT 10 24 NOV 1978 8 22 3 DEC 19 JAN 2 18 FEB 2 16 MAR 30 !3 27 APR I I MAY 25 8 22 6 20 3 17 31 14 28 12 26 9 23 JUN 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 1 1979 SEP. 7 M 21 28 OCT. 5 12 19 26 NOV. 2 9 16 X 23 30 FEDERAL FUNDS «x 11.02 11.30 11.37 11.61 11.91 12.00 13.22 15. 1 4 15.61 13.77 13.30 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL Ktt* 10.20 10.45 10.26 10.14 10.43 11.62 1 1.91 12.60 12.07 12.25 12.00 9.78 10.29 10.32 10. 1 1 10.33 10.66 11.72 12.65 12. 19 12.09 11.95 1-YEAR TREASURY BILL 3-5 YEAR TREASURY SECURITIES 9.84 9.96 9.90 9.87 10.07 M .30 11.40 11.94 11.65 11.66 11.12 9.52 9.51 9.59 9.61 9.72 10.48 10.79 11.57 11.43 11.40 11.00 LONG-TERM TREASURY SECUR1T1ES 9. 12 9. 12 9. 13 9. 18 9.31 9.77 9.99 10.36 10.36 10.47 10.34 * AVERAGES OF RATES AVAILABLE. riSF""™ HSUS b?ll~y^eldsRonSd?scountRbasEs .ARE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ™*n date SHOWN. C0UPUTED eY THE FEDER*L RESERVE BANK OF ST. LOUIS. 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 570 p------- 1---------- .-------- EE oct. BILLIONS OF DOLLARS ------ ------------- ------- zn 570 557.0 559.2 560. 1 560.2 561.7 562.9 6 20 4 18 SEP OCT I 13 29 13 27 10 24 2 4 18 7 21 FEB MAR ill! in 11 25 16 30 IS 27 JUN APR 8 22 3 IB 3 17 31 14 28 JUL LATEST DATA PLOTTED WEEK ENDING*. NOVEMBER 7, 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. __ tilk ncpfwiTC ioc nccikjcn AS- SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, 11/8/78 AVERAGE OF FOUR WEEKS ENDING-. 2/7/79 4/4/79 5/9/79 6/6/79 7/4/79 8/8/79 9/5/79 8.6 8.9 10.2 11.1 11.5 1 1 .9 1 1.8 10.9 12.4 13.2 13.3 13.4 13.2 12.9 13.8 13.8 13.8 13.5 15.5 14.9 14.7 14.2 14.6 14.4 13.8 13.9 13.3 13.1 TO THE AVERAGE OF FOUR WEEKS ENDING*. 4/ 4/79 5/ 9/79 6/ 6/79 7/ 4/79 8/ 8/79 9/ 5/79 10/10/79 11/ 7/79 5.3 6.5 7.0 8.0 8.9 9.3 9.8 10.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BV FEDERAL RESERVE BARK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLION? 274.4 275. 1 273.5 271.7 270.6 273.3 8 20 4 18 1 IS 20 IS 27 10 24 7 21 FEB 4 18 MAR 2 18 SO APR IS 27 11 JUN 1979 25 8 22 5 19 3 17 31 14 28 JUL LATEST DATA PLOTTED WEEK ENDING-. NOVEMBER 7, 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE 11/8/78 2/7/79 4/4/79 5/9/79 AVERAGE OF FOUR WEEKS ENDING: 6/6/79 7/4/79 8/8/79 8.7 9.2 5.4 9.3 4.1 9/5/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 4/79 5/ 9/79 6/ 6/79 7/ 4/79 8/ 8/79 9/ 5/79 10/10/79 11/ 7/79 -4.7 0.2 0. 1 1.5 2.4 3.0 3.7 2.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.3 5.4 6.8 7.2 7.4 7.7 6. 1 12. 1 12.4 ! 1 .4 10.9 10.7 8.3 6.0 7. 1 7.5 8.0 5.6 10.7 10.0 10.0 6.7 2. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 CURRENCY COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars 108 BILLIONS 105.4 105.2 105.2 105.6 105.9 I I I I 6 20 4 18 SEP OCT I 15 29 IS 27 10 24 4 7 21 FEB MAR 18 2 18 SO JUN 1979 APR LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 7, IS 27 11 25 8 22 5 19 JUL 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. CURRENCY COMPOUNDED ANNUAL RATES OF CHANGE 11/B/78 AVERAGE OF FOUR WEEKS ENDING: 2/7/79 4/4/79 5/9/79 6/6/79 7/4/79 8/8/79 7.5 8.0 8.0 8.9 9.9 10. 1 9.6 8.4 8.3 9.6 10.8 10.9 10. 1 8.7 10.3 11 .7 1 1 .7 10.6 10.7 12.4 12.2 10.9 14.4 13.4 1 1.5 13.6 10.9 9/5/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 4/79 5/ 9/79 6/ 6/79 7/ 4/79 8/ 8/79 9/ 5/79 10/10/79 11/ 7/79 9.3 8.9 9.0 8.9 9.4 10.0 10.2 9.8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS billions of IN THE NATION AVERAGES OF DAILY FIGURES dollars billions of dollars 0 1£7& OCT. MILLIONS 10 17 24 31 7 14 1530 2960 3056 1928 1858 111.1 6 20 4 10 I IS 20 IS 27 10 24 7 21 7 21 FEB MAR I APR JUN 25 0 22 3 IB 3 17 31 14 20 JUL 1978 LATEST DATA PLOTTED WEEK EM)INC: NOVEMBER 14, 1979 BUSINESS LOANS ( COMMERCIAL AND BILLIONS OF DOLLARS 158 INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED -------- 1---------1-----------1--------I COMPOUNDED ANNUAL RA TES 156 OF CHANGE, AVERAGE 01 " THE FOUR *EEKS END 1 N(S 154 NOVEMBER 7, 1979 FR01U - THE FOUR WEEKS END INIB: 152 —" SEP. 5, 1979 8.1 8, 1979 11.4 150 — AUG. _ JUL. 4, 1979 16.5 6, 1979 17.6 148 _JUN. MAY 9, 1979 18.8 FEB. 7. 1979 20.3 146 17.3 _ NOV • 8, 1978 BILLIONS OF DOLLARS 158 - 156 - 154 L__ I 152 150 - 148 - 146 - 144 144 140 - - 142 - 140 138 - - - - 136 - 134 _ 142 136 - 134 - 132 - 130 - 128 132 - Illl 6 20 SEP 3 153,392 10 154,006 17 151,735 24 151,881 31 152,596 7 151,823 ILL -ILL. ,1111 111111111111 OCT. 126 0 MILLIONS 197 138 .ILL 111) 111 i n i... _LLL 1 1 1 4 10 l 15 20 13 27 10 24 OCT NOV DEC JAN 7 21 FEB 7 21 MAR 1 1 I 1 1 1 1 JUN 1979 APR 1978 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JUL AUG SEP OCT 1979 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 130 128 126 i 0 12 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS ILL IONS OF DOLLARS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS 4 18 FEB MAR LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 7. 2 10 SO IS 27 II 23 JUN JUL B 22 3 19 3 17 91 H 28 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIIC CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COUCRCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BAhK OF ST. LOUIS