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Week ending: November 18r 1981
tJB
The composition of commercial bank savings and small time
NOV
deposftf'has changed during the past few months. The average level of
savings deposits at commercial banks decreased by $9.5 billion from July
to October, while the average level of small time deposits increased by
$21.0 billion. Deposit shifts from passbook savings to small time
deposits normally occur when market yields, to which ceiling rates on
some categories of small time deposits are linked, are substantially
above fixed passbook rates. However, the most recent shift in the
composition of these deposits apparently has been stimulated by two
actions of the Depository Institutions Deregulation Committee. On
August 1, 1981, the interest rate "caps" on 30-month small savers
certificates were removed, thus allowing the rate paid on small savers
certificates to fluctuate with the rate on 30-month Treasury securities.
On October 1, 1981, the tax-exempt All-Savers Certificate (ASC), a new
class of small time deposits with a one-year maturity, was introduced.
These actions have made the rates on small time deposits relatively
more attractive than the passbook ceiling rate.
The recent growth in small time deposits, coupled with a
slowdown in the growth of business loans at large weekly reporting
commercial banks, has made it unnecessary for banks to be as active in
seeking additional loanable funds by issuing large negotiable certificates
of deposit. Consequently, the average level of large time deposits at
commercial banks increased by $5.3 billion from July to October,
compared with an increase of $19.2 billion from April to July.

Changes in Selected Categories of Commercial Bank Deposits
(billions of dollars, seasonally adjusted)

Savings
deposits

Period

Small
time deposits

Large
time deposits

$-7.3

July - October

$ 13.8

$ 19.2

-9.5

April - July

21.0

5.3

NEXT WEEK THIS RELEASE WILL NOT
BE PUBLISHED DUE TO THE HOLIDAY

Prepared by Federal Reserve Bank of St. Louis

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

Released: November 20, 1981

1

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

BILLIONS OF DOLLARS
176 ---------- ,------------- I-----

BILLIONS OF DOLLARS
-------- ----------------------1 176

BILLIONS
_ OCT
_

168.2
169.3
169.0
168.7
169.6
169.8

OCT

NOV
I960

JAN

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 18,

JUN
1981

SEP

OCT

NOV

1981

THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS
AT FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND
IN THE VAULTS OF COMMERCIAL 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,
11/19/80

AVERAGE OF FOUR WEEKS ENDING:

2/18/81

4/15/81

5/20/81

6/17/81

7/15/81

9. 1
7.7
6.8
7.5
6.5
5. 1
5.4

6.8
5.7
7.0
5.7
4.0
4.5

3.2
5.9
4.5
2.7
3.5

7.1
4.9
2.6
3.6

5.7
2.5
3.7

8/19/81

9/16/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/15/81
5/20/81
6/17/81
7/15/81
8/19/81
9/16/81
10/21/81
11/18/81

4.0
5. 1
4.9
4.7
5.4
4.9
4.0
4.3


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

-

.7
1.2

1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

*• %

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1981

BILLIONS OF DOLLARS

BILLIONS
46.7
47.9
47.4
47.0
47.8

JAN

FEB

MAR

1980
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER II,

1981

ADJUSTED MONETARY BASE (RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE
BANKS PLUS CURRENCY IN CIRCULATION) LESS CURRENCY HELD BY THE NONBANK PUBLIC.

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,
11/12/80

AVERAGE OF FOUR WEEKS ENDING:

2/11/81

4/8/81

5/13/81

6/10/81

9.0
9.6
5.5
8.0
7.7
4.2
5.0

9.0
2.6
7.0
6.7
2.5
3.6

0.0
7.0
6.7
1.5
3.0

5.0
5.2
-0.6
1.5

7/8/81

8/12/81

9/9/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 8/81
5/13/81
6/10/81
7/ 8/81
8/12/81
9/ 9/81
10/14/81
11/11/81

0.0
1.3
2.6
1.0
3.2
3.4
1.4
2.2


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

13.0
2.4
4.4

-5.9
-0.8

-3.6

PREPARED BY FEDERAL RESERVE BANK OF ST.

3

LOUIS

4
MONEY STOCK ( Ml A )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

BILLIONS OF DOLLARS
-------- 1---------- 1---------- 400

362. I
361.8
362.0
358.3
360. 1
360.3

NOV.

15

OCT

29

12

NOV
1980

26

10 24

7 21

DEC

JAN

I

FEB

MAR

15 29

APR

13 27

MAY

10 24

8 22

5

JUN
1981

19

2

16 30

SEP

14

20

OCT

II

25

NOV

LATEST DATA PLOTTED WEEK ENDING-. NOVEMBER II, 1981
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
MIA CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
HELD BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS)
PLUS TRAVELER'S CHECKS OF NONBANK ISSUERS.

MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE,
11/12/80

2/11/81

4/8/81

AVERAGE OF FOUR WEEKS ENDING:

5/13/81

6/10/81

-7.7
-5.0
-4.8
-4.0
-3.5

-1.7
-2.5
-2.1
-1.9

7/8/81

8/12/81

9/9/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 8/81
5/13/81
6/10/81
7/ 8/81
8/12/81
9/ 9/81
10/14/81
11/11/81

-15.4
-12.2
-12.2
-11.1
-9.9
-9.3
-8.5
-7.9


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

-3.3
-5.4
-5.0
-4.2
-4.2
-3.8
-3.4

-4.2
-3.9
-3.0
-3.2
-2.8
-2.6

-2.2
-1.8
-1.6

-2.5
-2.0

-1 .0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
455

BILLIONS
“ OCT.

450

435.0
433.5
434.5
430.8
433.3
435.6

445

440

435

430

425

420

415

JAN

FEB

MAR

MAY

JUN

OCT

NOV

1980
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 11,

1981

CURRENT DATA APPEAR 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,
11/12/80

AVERAGE OF FOUR WEEKS ENDING:

2/11/81

4/8/81

5/13/81

6/10/81

7/8/81

8/12/81

9/9/81

15.2
7.9
6.4
5.9
5.4
4.7
4.6

2.7
2.1
2.5
2.4
2. 1
2.3

-6.4
-2.7
-1.6
-1.0
-0.3

2.2
2.2
1.8
2.2

2.9
2.2
2.5

1.5
2.2

2.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 8/81
5/13/81
6/10/81
7/ 8/81
8/12/81
9/ 9/81
10/14/81
11/11/81

5.6
7.7
4.7
4.2
4. 1
3.9
3.6
3.6


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

22.0

22.0

21 .0

PRIME BANK
LOAN RATE

21 .0
20.0
19.0

90 DAY CD'S
18.0
17.0

17.0

16.0
COMMERCIAL
PAPER

15.0
14.0

CORPORATE
BONDS

Aaa

13.0

12.0

12.0

1 1.0

1 1 .0
MUNICIPAL
BONDS KK

10.0

10.0
9.0
8.0

5

19

3

IT 31

14 28

NOV

12

26

9 23

6

20

6 20

3

17

1

15 29

12 26

10 24

7 21

4

18

2

16 30

13 27

DEC

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 20,

90 DAY
CD'S

1981
SEP.

OCT.

NOV.

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

17.74
17.61
16.57
16.01
16.48
15.50
15.03
15.28
15.14
14. 13
12.77
12.04

PRIME
COMMERC1AL
PAPER ***
6K*
16.80
16.71
15.78
15.36
15.89
14.95
14.48
14.70
14.57
13.64
12.41
11.64

PRIME
BANKERS'
ACCEPTANCES
17.07
16.78
15.89
15.44
15.83
14.91
14.53
14.81
14.57
13.54
12.34
11.54

CORPORATE
Aaa BONDS
15.50
15.61
15.30
15.35
15.85
15.40
15.18
15.36
15.51
14.88
14. 18
13.93

CORPORATE
Baa BONDS
16.77
16.96
16.88
16.87
17.24
17.09
16.99
17.09
17. 19
16.87
16.41
16.25

1981

MUNICIPAL
BONDS XX
13. 10
13.21
12.79
12.57
12.93
12.73
12.53
12.99
12.99
12.44
11.43
N. A.

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

0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY
22.0
21 .0

21 .0
FEDERAL FUNDS RATE

20.0

20.0
19.0

18.0
'
T~

3-MONTH
TREASURY BILL

17.0

16.0

15.0

14.0

DISCOUNT
RATE

13.0

12.0

5-YEAR
TREASURY SECURITIES

11 .0
10.0

10.0

9.0

3

17 31

14 28

NOV
1980

12

28

9 23

6

20

20

3

17

1

IS 29

12 26

10 24

DEC

AUG

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 20,

FEDERAL
FUNDS xx

1981
SEP.

OCT.

NOV.

1981

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

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

16.89
16.50
16.09
15.33
15.00
15.46
14.93
15.32
14.87
14.79
14.01
13. 17

15.59
15. 14
14.35
14.29
14.37
13.81
13.41
13.37
13. 14
12.21
10.93
10.36

15.65
15.80
14.66
14. 13
14.93
14.22
13.50
13.80
13.62
12.72
11.51
10.97

15.05
14.80
14.21
14. 16
14.54
13.71
13.42
13.60
13.36
12.35
11.29
10.82

16. 13
16.07
15.70
15.73
16. 1 1
15.39
15. 14
15.45
15.36
14.36
13.43
13. 18

14.64
14.63
14.29
14.49
15.05
14.42
14.34
14.61
14.72
13.81
13. 16
12.79

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.I5 RELEASE.
*** NEW ISSUE RATE

MB3.H ^-^lMs!^cSRi^i.ARE C0MPUTED BY THE FE0ERAL RESERVE BANK 0F ST-L0UIS-


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 a/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

M1 A
1S&L
OCT.

RAT IQ
7

2.158

MONEY MULTIPLIERS

MIB
1981
OCT.

RATIO
7

2.592

U-Ll 1. U1 1.1 11 1.1.1.1 1
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER II, 1981
BILLIONS OF DOLLARS

-

BILLIONS OF DOLLARS

NOVEMBER II. 1981 FROM
THE FOUR WEEKS ENDING:

-----SEP.
AUG.
- JUL.
JUN.
- MAY
FEB.
- NOV.

1980
CURRENCY

1991
OCT.

BILLIONS
7

12

.1

I I I I I I I

I I I I
JAN

FEB

MAR

MAY

JUN

OCT

NOV

1980
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER II, 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
&iku.QN$
OCT.

236.6
235.8
236. 1
232. I
233.8
233.8

275
270
265
260
255
250
245
240
235
230
225

220
I I I I

1980
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 11,

1981

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

DEMAND DEPOS1T COMPONENT OF MONEY STOCK ( Ml A )
COMPOUNDED ANNUAL RATES OF CHANGE,
1/12/80

2/11/81

4/8/81

5/13/81

-9.4
-11.4
-10.5
-9.6
-9.4
-8.3
-7.9

-9. 1
-8.3
-7.5
-7.7
-6.5
-6.3

-12.2
-9.7
-9.4
-7.6
-7. 1

AVERAGE OF FOUR WEEKS ENDING:

6/10/81

7/8/81

8/12/81

9/9/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 8/81
5/13/81
6/10/81
7/ 8/81
8/12/81
9/ 9/81
10/14/81
11/11/81

-24. 1
-20.3
-19.9
-18.4
-16.9
-16. 1
-14.7
-13.9


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

-5.9
-6.7
-5.2
-5. 1

-6.8
-4.9
-4.8

-4.5
-4.5

-2.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

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

BILLIONS OF DOLLARS
515 ---------- 1------------- 1-----1981

BILLIONS OF DOLLARS
---------------------------- “1 5,5

BILLIONS
499.3
500.5
502.5
505.0
507.5

SEP

OCT

NOV
1980

DEC

JAN

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 11.

APR

MAY

JUN
1981

JUL

AUG

SEP

OCT

NOV

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN $100,000.

SAV1NGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
11/12/80

AVERAGE OF FOUR WEEKS ENDING:

2/11/81

4/8/81

5/13/81

6/10/81

7/8/81

8/12/81

3.5
4.5
4.3
5.3
5.9
5.8
6.9

4.1
4.0
5.5
6.3
6. 1
7.4

5.8
7. 1
7.8
7.2
8.6

6.8
7.8
7.0
8.8

9.6
8.0
9.9

7.2
10. 1

9/9/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 8/81
5/13/81
6/10/8I
7/ 8/81
8/12/81
9/ 9/81
10/14/81
11/11/81

6.4
5.4
5.7
5.5
6.0
6.3
6.2
7.0


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

10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
billions of

AVERAGES OF DAILY FIGURES

dollars

1981

billions of dollars

MILLIONS

— OCT.

14

— NOV.

4

I

1 110
1255

15 29 12 26 10 24

7 21

1

15 29 13 27

10 24

8 22

5

19

2

I<

1980
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 18,

1981

BUSINESS LOANS u
( COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
96

TTT

BILLIONS OF DOLLARS
196
_ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 11, 1981 FROK
_ THE FOUR WEIlKS ENDING
9, 1981
12, 1981
8, 1981
10, 1981
13, 1981

- NOV . 12,

980

2

8.7
11.1
13.8
16.6
16.7

p

V

rs,

12. 1

r

TTT

T —'

r

_

N il

“SEP.
— AUG.
- JUL.
“ JUN.
“MAY

-

E
„

/

TTT

/v
198

r"
Eii
1

SEP

-LI.L

1 1 1 1

15 29 12 26 10 24

OCT

-

187,911
187,963
187,965
187,021
188,219
187,555

_
_
_
-

7
14
21
28
NOV.
4
11

-V
1111

IILLION5

OCT.

NOV
1980

DEC

i i.i
7 21

JAN

JXL 1 1 1 -LI IX J.J 1 JXL -L1.I 1
4

18

FEB

4

18

15 29 13 27

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER II,

MAY

10 24

JUN
1981

8 22

JUL

11 1
5 19

MINI.................
2

16 30 14 28 1 1

SEP

OCT

2

NOV

1981

1/ BUSINESS LOANS INCLUDE BANKERS’ ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF *750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS
275 pr-------- 1-------------- 1------

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ILL IONS OF DOLLARS

BILLIONS

I I I I
15 29 13 27 10 24
JAN

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER II,

MAY

8 22

5 19

2 16 30 14 28 II

23

JUN

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS