Full text of U.S. Financial Data : Week Ending: November 4, 1981

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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Week ending: November 4, 1981

library
Both the discount rate and the prime rate were reduced in the

Nnv pail week- The basic discount rate — the interest rate that Federal
uv Rsfecnjjttf'Banks charge for borrowing at the discount window — was
reduced to 13 percent. This matches the rate that prevailed from early
last December to early May of this year. The current surcharge
applicable to large, frequent borrowers remains unchanged at 2 percent.
Short-term interest rates continued to decline, following the
change in the discount rate (pages 6 and 7). For example, the interest
rate on large 90-day certificates of deposit — an important source of
loanable funds to commercial banks — dropped from 15.14 percent in
the week ending October 30 to 14.27 percent in the week ending
November 6. Other short-term rates, such as 4-month commercial
paper and 3-month Treasury bills, also declined substantially last week.
The combined effects of the reduction in the cost of funds for
banks and the apparent easing in demand for business loans contributed
to a further decline in the prime rate. The prime rate was reduced at
most large commercial banks in the last week to 17.50 percent. Thus,
the present prime rate is 300 basis points below the recent peak that
prevailed from early July to mid-September.
In other interest-rate-related developments, the Depository
Institutions Deregulation Committee has changed the method of
determining interest rate ceilings on money market certificates.
Previous regulations limited the maximum interest rate on money
market certificates to the most recent auction average of the 6-month
Treasury bill discount rate plus 25 basis points. The new rule sets the
current ceiling rate at the higher of (a) the most recent auction discount
rate plus 25 basis points, or (b) the average of the discount rates for the
four auctions immediately prior to the date of deposit plus 25 basis
points. The committee believes that this alternative method of
determining money market certificate ceiling rates will enable banks
and thrift institutions to be more competitive with money market
mutual funds throughout the interest rate cycle. During periods of
generally declining short-term rates, money market mutual funds have
been able to pay higher than current market rates, since in such an
environment their portfolios contain assets yielding higher than current
market rates.

Prepared by Federal Reserve Bank of St. Louis


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

Released: November 6, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
176

BILLIONS OF DOLLARS
176

—1—1
Iasi
BILL IONS

_ SEP.30
OCT.
7
14
“
21
28
NU

-

168.
167. 8
168. 1
169. 1
168. 9
6

-

-

-

-A

A
y

-

y1

-

V

-

J

Jl

s

_

-

-

7

-

J
t

-

i

11J

1111

SEP

OCT

3 17

I

1 1 1

15 29 12 26

1 H 1

10 24

NOV
1980

DEC

1 1 1 ii. i.. l-LL 1 II 1
7 21

4

18

JAN

FEB

4 18

MAR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4,

1 l 1

1 1 1

1111 _LLL -LLLL l-LL -L-LL

MAY

JUN
1981

SEP

15 29 13 27

APR

10 24

8 22

5 19

2 16 30 14 28 11

OCT

NOV

1981

THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) 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 RATIO CHANGES.
THE m
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-.

11/5/80

2/4/81

4/1/81

5/6/81

6/3/81

7/1/81

8/5/81

4.8
5.8
5.9
5.6
5.9
5.8
4.8
4.6

8.6
8. 1
7.2
7.4
7.0
5.4
5. 1

8.4
6.7
7.2
6.7
4.7
4.4

4.8
6.2
5.8
3.6
3.4

6.0
5.6
3.0
2.9

6.8
2.9
2.8

0.0
0.7

9/2/81

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
4/
5/
6/
7/
8/
9/
10/
11/

1/81
6/81
3/81
1/81
5/81
2/81
7/81
4/81


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

-1 .0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of

dollars

billions

48.2
46.9
46.7
46.6
47.7
47.3

I I I I
1

15 29

13 27

10 24

8

22

5

19

2

16 30

14 28

II

25

1980
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 28,

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,

AVERAGE OF FOUR WEEKS ENDING:

0/29/80

1/28/81

3/25/81

4/29/81

5/27/81

4.9
3.5
4.6
4.6
3.8
5.6
3.8
2.8

4.4
6. 1
5.7
4.4
6.9
4.2
2.9

3.8
4.0
2.5
6.2
2.9
1 .4

7.7
4.4
8.8
4. 1
2.2

1.2
7.9
2.5
0.5

7/1/81

7/29/81

8/26/81

3.7
0.0

-9.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/25/81
4/29/81
5/27/81
7/ 1/81
7/29/81
8/26/81
9/30/81
10/28/81


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

10.0
1.7
-0.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400

BILLIONS
SEP.

23

5

2

359. 1
358.6
362.2
361.6
362. 1
358.9

I I I I
3

17

1

15 29

12 26

10 24

7 21

4

JAN

FEB

18

4

18

I

15 29

13 27

10 24

8 22

19

16 30 14 28

MAR

OCT

1980

II

25

NOV

1981

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 28,

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, AVERAGE OF FOUR WEEKS ENDING:
10/29/80

1/28/81

3/25/81

4/29/81

5/27/81

0.2
-4.4
-3.5
-2. 1
-3.2
-2. 1

-7.3
-5.2
-3.1
-4.2
-2.7

-7.0
-3.7
-4.9
-3.0

7/1/81

7/29/81

8/26/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/25/81
4/29/81
5/27/81
7/ 1/81
7/29/81
8/26/81
9/30/81
10/28/81

-14.7
-11.9
-10.5
-10.7
-9.7
-8.5
-8.4
-7.4


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

-10.3
-8.2
-9. 1
-7.8
-6.3
-6.5
-5.3

2.0
-2.0
-0.2

-2.7
-0.1

-2. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

19ftL

BILLIONS OF DOLLARS
455

BJ.LU_.QNS
431.4
429.2
434.9
434.4
431.1

425

420

I I I I

I I I I

LATEST DATA PLOTTED WEEK ENDING*. OCTOBER 28, 1981
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
MIB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK ( MIB )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

0/29/80

1/28/81

3/25/81

4/29/81

5/27/81

7/1/8 1

7/29/81

8/26/81

5.3
8.5
6.8
4.4
4.4
4.9
4.0
4. 1

14.0
9.5
5.0
5.0
5.6
4.2
4.4

10.3
3.0
3.4
4.4
3.0
3.3

-6.7
-3.3
-0.5
-1.1
-0. 1

3.0
0.6
0.5
0.5

7.0
2.9
3.5

2.0
3.1

0.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/25/81
4/29/81
5/27/81
7/ 1/81
7/29/81
8/26/81
9/30/81
10/28/81


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

21 .0

20.0

ME BANK
LOAN RATE

20.0
19.0

90 DAY CD'S

18.0

18.0
17.0

16.0

16.0
IRC I AL
15.0

14.0

14.0
13.0
CORPORATE
Aaa BONDS

12.0
11.0
10.0
ICI PAL
9.0
8.0

5

19

3

17 31

14 28

12 26

9 23

6 20

6 20

3

FEB

MAR

APR

17

I

15 29

12

26

10

24

7

0

21

AUG

SEP

1980
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 6,

1981
SEP.

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

90 DAY
CD'S
17.74
17.61
16.57
16.01
16.48
15.50
15.03
15.28
15.14
14.27

PRIME
COMMERC1AL
PAPER kxx
16.80
16.71
15.78
15.36
15.89
14.95
14.48
14.70
14.57
13.77

PRIME
8ANKERS'
ACCEPTANCES
17.07
16.78
15.89
15.44
15.83
14.91
14.53
14.81
14.57
13.73

1981

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KK

15.50
15.61
15.30
15.35
15.85
15.40
15. 18
15.36
15.51
14.96

16.77
16.96
16.88
16.87
17.24
17.09
16.99
17.09
17.19
16.95

13. 10
13.21
12.79
12.57
12.93
12.73
12.53
12.99
12.99
N. A.

* AVERAGES OF RATES AVAILABLE.
H8K 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

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

22.0 r—

—I 22.0

21.0

21.0
FEDERAL FUNDS RATE

20.0

20.0

3-MONTH
TREASURY BILL

12.0
5-YEAR
TREASURY SECURITIES

1 1.0

11.0

DISCOUNT
RATE

10.0

1 I 1 1 I I I I
3

17 31

14 28

NOV
1980

12 26

DEC

9 23

6 20

6 20

3

FEB

MAR

APR

17

1

15 29

12

26

10

24

7

21

AUG

4

18

2

16 30

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs NOVEMBER 6,

FEDERAL
FUNDS **

198!
SEP.

4

OCT.

18
25
2

NOV.

16
23
30
6 *
13
20
27

16.89
16.50
16.09
15.33
15.00
15.46
14.93
15.32
14.87
14.79

3-MONTH
TREASURY
BILL
15.59
15.14
14.35
14.29
14.37
13.81
13.41
13.37
13. 14
12.39

6-MONTH
TREASURY
BILL ***
15.65
15.80
14.66
14. 13
14.93
14.22
13.50
13.80
13.62
12.72

1-YEAR
TREASURY
BILL
15.05
14.80
14.21
14. 16
14.54
13.71
13.42
13.60
13.36
12.47

5-YEAR
TREASURY
SECURITIES
16. 13
16.07
15.70
15.73
16. 1 1
15.39
15. 14
15.45
15.36
14.47

1981

LONG-TERM
TREASURY
SECURITIES
14.64
14.29
14.49
15.05
14.42
14.34
14.61
14.72
13.87

* AVERAGES OF RATES AVAILABLE.

than date

NtW I bout RATE

shown'

TREASURY BIL^YIELDroNSDISCOUNT,BASli.ARE C0MPUTED BY ™E FEDERAL RESERVE BANK 0F ST' L0UIS'


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

13 27

SEP

8
MULTIPLIERS^
CURRENCY OF MONEY STOCK MEASURES v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0
2.9

RATIO
MONEY MULTIPLIERS

2.8
2.7

2.0
2.5
2.4
2.3
rati a

_ SEP.

2.2

2. 1
I I I I I I I I I I I I I I I I I
LATEST DATA PLOTTED WEEK ENDINGs OCTOBER 28,

1981
BILLIONS OF DOLLARS
128

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE ur
OF
ur
---- THE FOUR WEEKS ENDING
OCTOBER 28, 1981 FROM
- THE FOUR WEEKS ENDING:
—AUG. 26, 1981
JUL.
29, 1981
JUL.
I, 1981
MAY
27, 1981
- APR.
29, 1981
JAN.
28, 1981
OCT. 29, 1980

-

1.0
1.7
3.9
3.4
4.2
5.5

122
CURRENCY

120

1981.

BILLIONS

I 1 1 1 L-L-L
1

15 29

12

26

10 24

7

21

4

18

4

18

1

15 29

13 27

10 24

8 22

5

19

2

16 30

I I 1 1 I l 1
14

OCT

28

I I

25

NOV

1980
LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 28.

1981

1/ RATIO OF MONEY STOCK (MIA) OR (M1B) 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 DEPOSI T COMPONENT OF MONEY STOCK ( Ml A )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
280

R1.LUQN$
SEP.

275

23
233.2
236.8
235.8
236.4
232.9

270
265
260
255
250
245
240
235
230

I I I I
JAN

FEB

MAR

MAY

I I I I

JUN

1980
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 28,

1981

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( Ml A )
COMPOUNDED ANNUAL RATES OF CHANGE
10/29/80

1/28/81

3/25/81

AVERAGE OF FOUR WEEKS ENDING:

4/29/81

5/27/81

7/1/81

-12.2
-10.1
-7. 1
-8.3
-5.9

- 12.2
-7.7
-8.9
-6.0

-1 . 1
-5.4
-2.4

7/29/81

8/26/81

-5.5
-1.5

-3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/25/81
4/29/81
5/27/81
7/ 1/81
7/29/81
8/26/81
9/30/81
10/28/81

-23.2
-19.8
-18.0
-17.9
-16.7
-15.0
-14.7
-13. 1


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

-18.4
-15.5
-15.9
-14.4
-12.2
-12.2
-10.3

-4.4
-9.3
-8.4
-6.4
-7.4
-5.6

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

billions of

dollars

515

IT SEP

497.4
497.0
499.2
500.5
502.3
503.0

OCT.

I I I I
3

17

1

15

29

12 26

10 24

7

1

21

JAN

FEB

15 29

13 27

10 24

8 22

5

19

2

16 30

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 28,

14

28

OCT

MAR

II

25

NOV

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN t100,000.

SAV1NGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

0/29/80

1/28/81

3/25/81

4/29/81

5/27/81

7/1/81

7/29/81

8/26/81

8.0
7.0
6.6
6.5
6.5
7.0
6.8
7. 1

3.6
3.8
4.3
4.6
5.6
5.5
6. 1

3.5
4.4
4.9
6. 1
5.9
6.6

5.2
5.7
7. 1
6.6
7.3

6.2
7.9
7. 1
7.9

9. 1
7.6
8.4

8.0
9.0

7.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/25/81
4/29/81
5/27/81
7/ 1/81
7/29/81
8/26/81
9/30/81
10/28/81


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1981

BILLIONS OF DOLLARS
4.0

MILLIONS

— SEP. 30

3.5
1 146
3.0

2.5

2.0
1.5

1 .0
0.5

I

IS 29

12 26

10

24

7

21

JAN

FEB

MAR

MAY

OCT

JUN

NOV

1980
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 4,

1981

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
96

_ COMPOUNDED ANNUAL RATES
_ OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
OCTOBER 28, 1981 FROM
_ THE FOUR WEEKS ENDING:
“
“
-

AUG.
JUL.
JUL.
MAY
APR.
JAN.
OCT.

26,
29,
I ,
27,
29,
28,
29,

1981
1981
1981
------

10.8
16.0
17.0

1980

MILLIONS
168

SEP. 23
OCT.

7

187,911
187,965
187,030

■I LI 1-1 I 1 I. ill
10 24

1 11,1 1

7 21

1980
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 28,


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

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 28,

ILL IONS OF DOLLARS
275

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF «I00,000 OR MORE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS