Full text of U.S. Financial Data : Week Ending: October 10, 1979

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

F/A/4/VC/zaL

£7/17-4

Week ending: October 10, 1979
LIBRARY

In an effort to strengthen its control over the
recent expansion of money and credit, the Federal Reserve
on October 6 announced three major policy actions.
The
Federal Open Market Committee (FOMC) unanimously approved
a change in operating procedures, placing greater emphasis
on the supply of bank reserves—a major component of the
adjusted monetary base—and less emphasis on confining
short-term fluctuations in the federal funds rate.
Under
the new operating procedures, the Federal Reserve noted
that wider day-to-day or week-to-week fluctuations in the
federal funds rate may occur.
The Board of Governors also unanimously approved
an increase in the discount rate from 11 percent to 12
percent.
This is the fourth increase in the discount rate
since late July 1979, and is the largest increase in this
rate since November 1, 1978.
Finally,
the Board established an 8 percent
marginal reserve requirement on increases in "managed
liabilities," which include large certificates of deposit,
Eurodollar borrowings, repurchase agreements, and federal
funds borrowing from nonmember institutions.
The new
reserve requirement applies to increases in the total of
these managed liabilities above a base amount.
In response to these policy actions, short-term
interest rates rose sharply.
Large commercial banks
raised the prime rate by 100 basis points to 14.50
percent.
Interest
rates
on
other
short-term
instruments—those with a term-to-maturity of one year or
less—also increased dramatically (see pages 6 and 7) .
For example, both the prime commercial paper rate and the
three-month Treasury bill rate increased by more than 100
basis points.


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

Prepared by Federal Reserve Bank of St. Louis
Released: October 12, 1979

2

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

BILLIONS OF DOLLARS
156 ------ ,----- 1---

BILLIONS OF DOLLARS
-------- ------- 156

BILLIONS
SEP.

2

150.5
150.7
151.3
151.6
151.6
152.3

16 30 13 27

AUG

SEP

II

25

OCT
1978

8 22

NOV

6 20

DEC

3 17 31

JAN

14 28 14 28

FEB

MAR

11

25

APR

0 23

MAY

6 20

JUN
1979

4 18

JUL

1

15 29 12 28 10 24

AUG

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10. 1979
THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, (2 I CURRENCY IN CIRCULATI ON < CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COfcWEAciAL 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
10/11/78

1/10/79

3/7/79

4/11/79

6.7
5.8
6.9
6.2
7. 1
7.4
8.0
8.4

4.0
6.4
5.4
6.8
7.3
8. 1
8.6

7.5
5.5
7.6
8. 1
9.0
9.5

7.4
9.8
9.9
10.7
1 1.0

AVERAGE OF FOUR WEEKS ENDING:
5/9/79

G/:3/79

7/11/79

12.7
12.9
12.9

11.9
12.2

8/8/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 7/79
4/11/79
5/ 9/79
6/13/79
7/11/79
8/ 8/79
9/12/79
10/10/79


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

7.8
8.5
9.8
10.4

13. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER iv
ADJUSTED FEDERAL RESERVE CREDIT^/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

MULTIPLIER

1979

RATIO
.507

:.494
51 o
-Lll L i i i i

i-LLL

I

i i

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1979
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
136

COMPOUNDED ANNUAL RATES
-- OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
l~ OCTOBER 10, 1979 FROM
__ THE FOUR WtEKS ENDING:
AUG.
--...
—JUN. 13,
_
MAY
9,
APR. II,
-- JAN. 10,
OCT. r

1979
1979
1979
1979
1979
---1978

14.2
14.5
13.7
10.6
11.0
“ “

134
132
130

ADJUSTED FEDERAL RESERVE CREDIT

128
126
124

1979

BILLIONS

122
120
118

I I I I

I I I I I I I I

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1979
1/ RATIO OF MONEY STOCK ( Ml ) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS. FLOAT
««a2Tt!R *'tSI§I™ ADJUSTED ^DERAL RESERVE CREDIT IS COMPUTED BY SUBTRACf ING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES. DATA ARE C0MPUTE6 BY THIS BANK.


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

BILLIONS OF DOLLARS

1979

BILLIONS OF DOLLARS
940

&1LLJQN5.
924.0
928.9
931.3
931.6

930
925
920

935.4

915
910
905
900
895
890
885
880
875
870
865
860
855
850
2

16 30

13 27

II

25

8

0

22

FEB

MAR

APR

JUN

JUL

1978
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

MONEY STOCK PLUS NET T ME DEPOSITS ( M 2 )
COMPOUNDED ANNUAL RATES OF CHANGE
10/4/78

1/3/79

2/28/79

AVERAGE OF FOUR WEEKS ENDING:

4/4/79

5/2/79

6/6/79

7/4/79

8/1/79

11.0
12.0
12.4
12.3
12.3

10. 2
11.3
1 1.5
1 1.6

14.0
13.2
12.9

12.8
12.6

12.0

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
2/28/79
4/ 4/79
5/ 2/79
6/ 6/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79

3.0
3. 2
4.8
5.2
6. 1
6.8
7.3
7.7


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

2. 1
5.2
5.6
6.9
7.8
8.4
8.8

9.4
8.6
9.8
10.5
10.8
10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

r~

374. 3
377. 3

-

12

378. 2

-

19
26

377. 3
377. 7

II

B1U IONS

__ AUG. 29
-SEP.
5

1

1979

BILLIONS OF DOLLARS
390

1

_

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

TTTT

BILLIONS OF DOLLARS
390 1
1

-

'

11

7°

11

r

h

A

in i
___

TTTT

~

T

V\

TTTT

r—

~

s 1 111

1 1 1

111 -in. i,

AUG

SEP

OCT
1978

8 22

NOV

111

1111

B 20

DEC

-111

17 31

JAN

111

JJJL 1 1 1 1

14 26 14 28

FEB

MAR

II

25

APR

1 l I

111

JUN
1979

JUL

0 23

MAY

1111 ju -LLLL
I

15 29 12 26 10 24

AUG

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3. 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 (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
10/4/78

1/3/79

2/28/79

4/4/79

AVERAGE OF FOUR WEEKS ENDING:
5/2/79

B/6/79

7/4/79

1 1.7
10.6
10.6

10.3
10.4

8/1/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/28/79
4/ 4/79
5/ 2/79
6/ 6/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79

-1.6
-1.0
1.6
2. 1
3.0
3.8
4.3
4.8


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

-2.2
2.7
3.2
4.4
5.4
5.9
6.3

9.7
7.9
8.6
9.3
9.2
9.3

11.4
11.4
11.6
10.9
10.9

7.5
9.0
8.9
9.2

9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0

14.5

14.5

14.0

14.0

13.5

13.5

12.5

12.5

13.0

PRIME BANK
LOAN RATE

12.0
1 1.5
11.0

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
MUNICIPAL
BONDS**

6.5
6.0
0

8

22

5

19

JAN

2

16

FEB

2

16 30

13 27 11
APR
MAY

25

8 22

6

20

3

17

31

14

28

12

26

1979
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 12, 1979

1979
AUG.

3
10
17
24
31
SEP.
7
14
21
28
OCT.
5
12 *
19
26

90 DAY
CD'S ***

PRIME
COMMERC1AL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

MUNICIPAL
BONDS **

10.23
10.25
10.53
10.81
11.08
11.36
11.84
12.03
11.94
12.01
12.75

9.98
10.07
10.32
10.56
10.87
11.24
11.70
1 1 .74
11.64
11.76
13. 12

10 11
10 27
10.60
10.82
11.11
1 1 .51
11.75
11.82
11.69
12.04
13.50

9.24
9.20
9.20
9.23
9.30
9.34
9.42
9. 49
9.50
9.66
9.83

6. 14
6.13
6. 16
6.23
6.36
6.47
6.49
6.57
6.56
6.64
N.A.

.

EARLIER THAN DATES SHOWN.
N.A. - NOT AVAILABLE


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

xsTfoisra* rstss ^

^day ™ days
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

percent

13.0

11.0

10.5
FEDERAL FUNDS RATE
10.0
DISCOUNT RATE

3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

I

15

29

13

OCT
1978

27

10

24

NOV

8

22

5

19

JAN

2

16

2

16 30

FEB

13 27

APR

11

25

8 22

6 20

3

17

31

SEP

MAY

OCT

1979

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. OCTOBER 12, 1979

1979
AUG.

3
10
17
24
31
SEP.
7
14
21
28
OCT.
5
12 *
19
26

FEDERAL
FUNDS H8K

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL noac

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECUR1T1ES

LONG-TERM
TREASURY
SECURITIES

10.75
10.67
10.80
11.04
11.16
11.02
11.30
11.37
11.61
1 1 .91
12.00

9.23
9.40
9.52
9.55
9.74
10.20
10.45
10.26
10.14
10. 43
11.92

9.30
9.32
9.48
9.50
9.65
9.78
10.29
10.32
10.11
10.33
10.66

8.93
8.95
9.15
9.28
9.41
9.84
9.96
9.90
9.87
10.07
11.36

8.98
8.95
9.02
9. 12
9.30
9.52
9.51
9.59
9.61
9.72
10.49

8.88
8.85
8.87
8.90
8.98
9. 12
9.12
9. 13
9. 18
9.31
9.70

* AVERAGES OF RATES AVAILABLE.
KX SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
K*6K 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 DOLLARS

BILLIONS OF DOLLARS
565

BILLIONS
AUG.

29

560

549.6
551.6

555

554.3
555. 1
555.8

550
545
540
535
530
525
520
515
510
505
500

I I I I
6

SEP

20

3

17

OCT

31

14

28

FEB

14

28

1 I

25

9 23

MAR

6 20

4

JUN

JUL

18

1

15

29

12

26

10 24

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 3, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING C0M4ERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/4/78

1/3/79

2/28/79

4/4/79

5/2/79

6/6/79

7/4/79

8/1/79

10.9
12.4
13.0
13.3
13.2

12.2
13.2
13.4
13.3

15.5
14.9
14.5

14.6
14.1

13.6

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
2/28/79
4/ 4/79
5/ 2/79
6/ 6/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79

6.3
6.3
7. 1
7.5
8.3
8.9
9.4
9.7


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

5. 1
6.9
7.5
8.7
9.5
10.2
10.5

9.0
9.2
10.6
11.4
1 1.9
12. 1

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

285
BILLIONS
— SEP.

270.5
272.5
272.6
272.8
274.4

2

16 30 13 27

1

25

8 22

6 20

3 17 31

14 28 14 28 II

25

1978

1979

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

OCTOBER 3,

1979

IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/4/78
1/3/79 2/28/79
4/4/79
5/2/79
6/6/79
7/4/79
8/1/79
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/28/79
4/ 4/79
5/ 2/79
6/ 6/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79

-5.5
-4.5
-0.9
-0.4
0.9
1.9
2.3
2.9


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

-5.9
0.7
1 .1
2.8
4. 1
4.3
4.9

10.7
7.6
8.8
9.5
8.8
9.0

12. 1
12.4
12.5
10.9
10.8

7.0
8.7
7.8
8.3

12.9
10.0
10.1

8.7
9.3

7.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1979
106

BILLIONS
103.9
104.8
104.4

— SEP.

104.8
105.3

OCT.

2

BILLIONS OF DOLLARS

16 30 13 27

SEP

II

25

8 22

6 20

3

17 31

14 28 14 28 II

FEB

OCT
1978

25

9 23

6 20

MAR
1979

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/4/78

1/3/79

2/28/79

4/4/79

5/2/79

6/6/79

7/4/79

8/1/79

8.4
8.3
9.2
10.8
10.7

9.0
9.9
11.7
11.5

10. 1
12.4
12.0

14.4
13.2

13.7

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
2/28/79
4/ 4/79
5/ 2/79
6/ 6/79
7/ 4/79
8/ 1/79
9/ 5/79
10/ 3/79

9.6
9.2
8.9
9.0
3.9
9.2
9.9
10.0


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

8.9
8.4
8.7
8.6
9. 1
10. 1
10. 1

7.2
8. 1
8. 1
8.8
10.2
10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

IONS OF DOLLARS
--------- =] 3-5

3.5 r-----------,---------- ,------

1979

SEP.

2

MILLIONS

5

Ifl 30

AUG

13 27

SEP

11

OCT
1978

25

8 22

NOV

8 20

DEC

3 17 31

JAN

14 28 14 28

FEB

MAR

11

25

0 23

APR

8 20

4

JUN

JUL

18

1

15 29 12 26 10 24

LATEST DATA PLOTTED WEEk ENDING. OCTOBER 10. 1979

BUSINESS LOANS

( COMMERCIAL AND

BILLIONS OF DOLLARS
156 ------ T-----TR­

:d

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

ILLIONS OF DOLLARS

annual rates.

“OF Cl
~ THE FOUR
— OCTOBER 3
- THE FOUR WEEKS ENDING:
AUG.

1.

23.4
25.9

~ JUN.

- MAY
— APR.

27.4
23.8

MILLIONS
AUG. 29
SEP. 5

OCT.
2 16 30

AUG

8 22
6 20 3 17
SEP13 27
OCT11 25 NOV
DEC
JAN
1978

6 20

FEB

MAR

3

-1-L..J I 1
4 18

I

151,701
151,806
152,605
153,070
153,348

L1J..L.]. 1 I,

IS 29 12 26 10 24

APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3. 1979


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
CERT IF I CATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
106

BILLIONS

2B II

25

9 23

6 20

4 16

I

13 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

PREPARED BY FEDERA. RESERVE BANK OF ST. LOUIS