Full text of U.S. Financial Data : Week Ending: November 28, 1979
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\—''' F//V/l/VC/>»t t 0»r>l Hgj. Week ending: November 28, 1979 < tlBRARY in* CJWr **m . — interest rates have risen sharply since October 6, 1979, deposits in interesPsensitive accounts at commercial banks have increased relative to other types of deposits. For instance, money market certificates—time deposits whose ceiling rates may fluctuate with market forces—increased by about $14 billion during the month of October. Similarly, large denomination certificates of deposits, which are free of any interest rate ceiling, increased by about $3 billion. Consequently, even though all other time and savings deposits fell by over $8 billion, total time deposits increased by almost $9 billion in October. The effect on the money stock (Ml) of such a sharp rise in time deposits is reflected in the t-ratio (the ratio of total time deposits to demand deposits) component of the money multiplier. As shown in the table below, total time deposits have grown relative to demand deposits causing the t-ratio to increase sharply since the week ending October 3. As a consequence of this rising t-ratio, the money multiplier dropped precipitously during the last three weeks of October and reached its lowest level for the year in the week ending October 31 (see chart on page 3). Since then, as short-term interest rates have declined and long-term interest rates have remained stable or declined, the increase in time deposits relative to demand deposits has moderated. Consequently, in more recent weeks the multiplier has rebounded somewhat from its sharp drop in October. DEMAND AND TOTAL TIME DEPOSITS AT COMMERCIAL BANKS (Averages of Daily Figures; Billions of Dollars)* Total Time Deposits Week Ending Demand Deposits t-Ratio** Multiplier September 5 12 19 26 $ 638.2 640.3 642.7 644.1 $ 272.5 273.8 272.6 272.9 2.342 2.339 2.358 2.360 2.507 2.510 2.494 2.491 October 3 10 17 24 31 646.3 649.0 650.9 652.1 654.2 274.5 275.1 273.4 271.6 270.6 2.354 2.359 2.381 2.401 2.418 2.505 2.502 2.482 2.471 2.456 November 7 14 21 656.9 659.5 659.9 273.5 272.6 273.9 2.402 2.419 2.409 2.485 2.484 2.482 ♦Seasonally Adjusted Data **t-Ratio = Total Time Deposits Demand Deposits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: November30, 1979 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 160 BILLIONS. 152.4 153.0 1 15 29 13 27 10 2 24 16 30 13 27 11 25 8 22 5 19 3 17 31 NOV LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 28. DEC 1979 THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) MEMBER BANK RESERVES AT THE 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 RAT 10 CHANGES. TH| ___ 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. data do not include regulation k reserves of edge act corporations. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING-. 11/29/78 2/28/79 4/25/79 5/30/79 6/27/79 7/25/79 5. 1 6.8 7.8 8.4 9. 1 9.5 8.6 8.3 9.4 9.9 10.6 10.8 9.6 8/29/79 11.8 12.3 11.5 12.3 12.3 12. I 12. 1 12.0 12.6 10.4 10. 1 9.7 9. 1 9/26/79 TO THE AVERAGE OF FOUR WEEKS END I NG -. 4/25/79 5/30/79 6/27/79 7/25/79 8/29/79 9/26/79 10/31/79 11/28/79 5.7 5.6 6.5 7. 1 7.6 8.2 8.5 8.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.2 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 An 11ira OCT • l7 24 . H RATIO 1:11 ~ if 111 1 1 II J..11 ■J. 111.. 111 111 -ill -LLLL 1 1 1 .1.1 1 -LLLL diil 11111 1 1 1 l 1 1 i‘ LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 21, 1979 BILLIONS OF DOLLARS 138 ---------- 1------------- 1---------- 1------------- — BILLIONS OF DOLLARS 136 COMPOUNDED ANNUAL RA1[ES -----OF CHANGE. AVERAGE OF THE FOUR I^EEKS END 1 NC ~ NOVEMBER 28, 1979 FRC M -----THE FOUR WEEKS END 1N( - SEP. AUG. —JUL. _ JUN. MAY _ NO V. 26, 29, 25, 27, 30, 29| 1979 1979 1979 1979 1979 1978 - TT 10.1 11.6 11.9 12.8 11.6 ADj USTED FEDERA L RESERVE ;red 1 t - 9.2 Y - - XT "s. r - - - 124 L379 - OCT • 122 B ILL IONS 124 24 122 NOV 14 120 120 Mil 111 j..i 11 111 111 111 NOV 1978 DEC FEB MAR APR j..i 11 111 111 -U.il 11 JAN LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 28, MAY JUN JUL 1979 28 jjjJ Mill J_U_j 17 91 AUG OCT dill' 14 2t 12 2 NOV DEC 1979 1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED MONETARY BASE 2/ fEDERAL_RESERyL.cREDcITuCONg,STSEOFLFEDERW?ERES|RVE HOLDINGS,OF SECURITIES, ..LOANS, FLOAT AND DEPOSITS OTHER ATFEDERAL ASSETS RESERVE BANKS' ErSTTHIS SERIES '«I°ADJuItins ThTsER I ES^OR^rI^ DEPOSITS AT FEDEl_________________ ---------------------------------------------------------DATA ARE coupuTE|j gy TH(J gANK cn “ run SERVE REQUIREMENT RATIO CHANGES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 0 4 MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED LLIONS OF DOLLARS BILLIONS OF DOLLARS ------------------------- =, 965 BILLIQNS OCT. 17 NOV. 938.7 937.0 942.4 944.5 I I I I I 15 20 13 27 10 24 4 7 21 FEB MAR 18 2 16 30 JUN APR LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 21, 13 27 11 25 3 8 22 17 31 M 28 NOV JUL 12 26 DEC 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: 2/21/79 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 11/22/78 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 10/24/79 11/21/79 3.5 4.6 5.7 6.7 7.4 7.8 8. 1 7.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.9 9. 1 10. 1 10.4 10.7 10.7 10.2 11.1 12. 1 12.0 12. 1 11.8 1 1.0 13.7 13.0 12.9 12.4 1 1.3 12.9 12.8 12.2 1 1.0 12. 1 11.6 10.3 11.4 9.6 8.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED - lflza - OCT. NOV. BILL IQNS 378. 7 376. 8 376. 2 379. 5 378. 5 IIII - 17 24 31 7 14 BILLIONS OF DOLLARS 390 1111 BILLIONS OF DOLLARS 390 i— 1111 A T T I" = 1 'V A = K 1111 r m m \___ - in i »s/ >\yN. * 1 in i .1.1 % \ iiii _LLLL 1 Illl ..Li 11 -LLL ILLL ILL .111. J_LL 1 1 1 1 4 18 OCT I 15 20 13 27 NOV 1978 DEC 10 24 JAN 7 21 FEB 7 21 4 18 MAR APR 2 LATEST DATA PLOTTED WEEK ENOING: NOVEMBER 21, 111 in 18 30 13 27 MAY II 1111 in AUG SEP 2 JUN JUL 1979 IIII 3 17 31 OCT 111 ML 14 28 12 28 NOV DEC 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 ENDING: M/22/78 2/21/79 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 0.5 2. 1 3.5 4.4 4.9 5.4 5.4 4.9 6.5 8. 1 8.7 8.6 8.9 8.4 7.4 1 1 .0 11.1 10.2 10.3 9.5 8.0 12.4 10.7 10.7 9.6 7.8 9.5 9.8 8.7 6.8 9.2 8.0 5.9 8.0 5.0 2.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/1 S/79 5/23/79 6/20/79 7/1 S/79 S/22/79 9/19/79 10/24/79 11/21/79 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 16.0 15.5 15.5 15.0 14.5 14.0 14.0 13.5 13.0 12.5 12.5 PRIME BANK LOAN RATE 12.0 11.5 I 1.5 11.0 I I .0 10.5 90 DAY CD'S*** 10.0 COMMERCIAL PAPER 9.5 CORPORATE Aaa BONDS 9.0 8.5 8.0 7.5 7.0 MUNICI PAL BONDS «x 6.5 6.0 I OCT JAN NOV FEB APR 15 2B 13 27 10 24 0 7 21 MAY 1979 1978 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 30, 1979 OCT. NOV. DEC. 90 DAY CD'S x*W PRIME COfcMERC 1AL PAPER PRIME BANKERS' ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDS MX 12.01 12.75 13.61 ~ 14.37 14.44 14.52 14.29 14.05 13.42 11.76 13. 18 13.32 14. 10 14.18# 14.18 13.70 13.44 12.68 12.04 13. 49 13.59 14.32 14.11 14.20 13.72 13.46 12.61 9.66 S. 91 10.09 10.50 10.73 10.83 10.75 10.83 10.64 6.64 7. 12 7. 18 7.38 7.26 7.27 7.31 7.38 N. A. 5 12 19 26 2 9 16 23 30 * 7 14 21 28 * AVERAGES OF RATES AVAILABLE. ** BONO 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. ~ N.A. - NOT AVAILABLE # Beginning November 1, 1979, data a^e 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 16.0 rr PERCENT -za 16.0 15.5 15.0 14.5 14.0 14.0 12.5 12.0 11.5 10.5 FEDERAL FUNDS RATE 10.0 10.0 DISCOUNT RATE 3-5 YEAR TREASURY SECURITIES THREE-MONTH TREASURY BILL MARKET YIELD 9 OCT NOV 1978 DEC JAN 23 FEB 9 23 MAR 6 20 4 APR MAY 18 JUN AUG JUL SEP OCT NOV 1979 OCT. NOV. DEC. 5 12 19 26 2 9 16 23 30 * 7 DEC 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. NOVEMBER 30, FEDERAL FUNDS xx 1 1 12 13 15 15 13 13 13 12 91 00 22 14 61 77 30 10 46 3-MONTH TREASURY BILL 10 1 1 1 1 12 12 12 1 1 1 1 1 1 43 62 91 60 07 25 90 77 18 6-MONTH TREASURY BILL *ae« 10 10 1 1 12 12 12 1 1 12 1 1 33 66 72 65 19 09 95 04 02 1-YEAR TREASURY BILL 10 1 1 1 1 1 1 1 1 1 1 1 1 1 1 10 07 30 40 94 65 66 12 25 69 3-5 YEAR TREASURY SECUR1T1ES 9 10 10 1 1 1 1 1 1 10 1 1 10 72 48 79 57 43 36 97 08 40 1979 LONG-TERM TREASURY SECURITIES 9.31 9.77 9.99 10.36 10.36 10.47 10.34 10.31 9.96 21 28 * AVERAGES OF RATES AVAILABLE. ** S£XI£:PAY AYERAGES F0R WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. KXX 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 8 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS1 580 =—I— 565 - NOV. 560 17 24 31 7 14 21 iiu i SILL 1979 OCT. 560. 1 560. 561 . 562. 565. 1 564. 7 TTTT TTTT 570 =- E <0"4f\ 575 BILLIONS OF DOLLARS 580 e 575 / 555 _ llll lili z z TTTT TTTT / / z E E *1 | | 4 18 OCT llll 1 1 1 llll 1 15 29 13 27 10 24 DEC NOV JAN 1 1 1 7 21 FEB 1 1 1 7 21 MAR 1 1 1 4 18 APR iiii 111 LLJI 111 2 16 30 IS 27 11 25 8 22 JUL JUN AUG MAY LATEST DATA PLOTTED WEEK ENDING-. NOVEMBER 21. 111 5 19 SEP llll 1 1 I 1 | 3 17 31 14 28 12 28 OCT NOV DEC 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, T\ME DEPOSITS OPENI ACCOUNTr PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 11/22/78 2/21/79 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 5.7 6.4 7.3 8.3 9. 1 9.5 9.9 10.0 8.9 9.8 11.0 1 1 .7 1 1.9 12.2 12.1 11.2 12.7 13.3 13.3 13.4 13. 1 14.6 14.7 14.4 14.2 13.7 15.4 14.8 14.5 13.9 14. 1 14.0 13.3 13.6 12.8 12.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 10/24/79 11/21/79 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 555 550 545 525 520 E TTTT 515 ^ / TTTT 520 560 llll 525 565 z / TTTT TTTT 530 E TTTT E 550 E 570 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars billions of dollars BILUQNS OCT. 4 18 1 273.4 271.6 270.6 273.5 272.6 273.9 15 29 13 27 10 24 7 21 7 21 4 18 2 16 30 IS 27 JUN 1978 II 25 8 22 3 17 31 JUL 14 28 NOV 12 26 DEC 1979 LATEST DATA PLOTTED WEEK ENOING-. NOVEMBER 21. 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 11/22/78 2/21/79 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 -2.4 -0.2 1.7 2.9 3.2 3.8 3.9 3.2 6.0 8. 1 8.8 8.2 8.3 7.9 6.5 12.0 12.0 10. 1 10.0 9. 1 7.2 13.5 10.4 10.2 9.0 6.8 8.3 8.7 7.7 5.3 7.3 6.5 3.9 7.0 3.3 0.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 10/24/79 11/21/79 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 CURRENCY COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 110 ------------,--------------- r— BILLIONS OF DOLLARS -------- ---------------------- NO billions _ NOV. 105.2 105.2 105.6 105.9 105.8 105.9 I I I I 4 FEB MAR 18 2 16 30 APR 13 JUN 27 11 25 8 22 3 17 JUL LATEST DATA PLOTTED WEEK ENDING-. NOVEMBER 21. 31 14 28 NOV 1978 12 28 DEC 1979 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. CURRENCY COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 11/22/78 2/21/79 9.0 8.7 8.8 8.8 9.6 10. 1 9.9 9.6 7.9 8.3 8.5 9.8 10.4 10. 1 9.7 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/18/79 5/23/79 6/20/79 7/18/79 8/22/79 9/19/79 10/24/79 11/21/79 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.4 8.7 10.5 1 1.2 10.7 10. 1 9.4 1 1.6 12.3 11.4 10.6 12.6 13.2 1 1.8 10.8 15.0 12.6 11.1 11.1 9.6 7.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES billions of dollars billions of dollars o 1979 MILLIONS OCT. ?4 2960 3056 1928 1858 1865 I IS 20 13 27 10 24 7 4 21 FEB MAR 18 2 16 30 13 27 11 25 8 22 5 10 3 17 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 28, 31 14 28 NOV JUN JUL 1979 APR 12 28 DEC 1979 BUSINESS LOANS (COMMERCIAL AND INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 58 BILLIONS OF DOLLARS 158 --------- 1------------1--------- 1-----------156 154 152 150 148 146 — ANNUAL RATI:s AVERAGE OF “ COMPOUNDED OF CHANGE, “ THE FOUR WEEKS ENDING NOVEMBER 21. 1979 FRO» — - THE FOUR WEfcKS ENDING ~ — _ _ SEP. AUG. JUL. JUN. MAY FEB. “ NOV . 19, 1979 22, 1979 18, 1979 20, 1979 23, 1979 21. 1979 978 22, V cL 3.1 8.6 13.4 15.6 16.2 18.4 16.6 - zL - 144 142 140 138 136 134 132 130 - - 0 154 152 150 148 146 144 142 140 - - - 1979 MILLIONS _ OCT. 17 24 31 151,474 151,882 152,596 - - ■ - 138 136 134 132 - 130 128 128 126 156 14 21 i.i 4 18 1 11. 1 l-L 1 1 II 15 2» NOV 1978 13 27 DEC LI 1 10 24 7 JAN FEB 21 L-LL 7 21 I 1 1 MAR APR 1 11 1 111 HM 111 AUG SEP 151,070 150,739 - 1 M 1 M 1 1 1 HI 1 4 DATA PLOTTED WEEK ENDING: NOVEMBER 21, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 1 1 MAY JUN JUL 1979 OCT NOV DEC 1979 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 126 0 12 CERTIFICATES OF DEPOSIT LAR3E COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS ILL IONS OF DOLLARS 1 12 BILLIONS 106 104 96.2 102 100 NOV LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 21, CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' DEC 1979 H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF •100,000 OR MORE BY LARGE WEEKLY REPORTING COfcftCRCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS