Full text of U.S. Financial Data : Week Ending: October 28, 1981

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F//V/1/VCI/1I.

OAT A

mm

Week ending: October 28r 1981
L.1&RAHY

W

3 tW
Borrowings from the discount window at Federal Reserve
Banks have decreased in recent months. From the middle of July to the
middle of October, for example, the average level of borrowings has
been $1.4 billion, while for the prior three month period the average
level of borrowings was $1.9 billion.
Borrowing by depository institutions from the discount window
and in the federal funds market are alternative sources of short-term
funds used to meet reserve requirements. Borrowings at the discount
window usually fall with decreases in the spread between the federal
funds rate and the rate charged at the discount window. Discount
window borrowings during the past few months have been consistent with
this pattern. For example, over the past three months of relatively low
discount window borrowings, the federal funds rate has averaged about
300 basis points above the basic discount rate ( and 68 basis points below
the discount rate plus surcharge). Over the previous three months of
high discount window borrowings, in contrast, the federal funds rate
averaged about 450 basis points above the basic discount rate (and 78
basis points above the discount rate plus surcharge).
This relative decrease in the federal funds rate has affected
seasonal and adjustment borrowings even more than the above numbers
suggest, because the level of borrowings cited (and given on page 11) now
includes extended credit granted to depository insitutions. Since
mid-August, the Federal Reserve has allowed depository institutions
facing short-run liquidity problems to borrow from Federal Reserve
Banks for periods longer than it grants for normal adjustment
borrowings. Loans granted for this extended credit purpose have risen
from about $150 million in the week ending August 26 to about $420
million in the week ending October 14. Total borrowings less extended
credit have fallen from an average of $1.9 billion, from mid-April to
mid-July, to an average of $1.3 billion, from mid-July to mid-October.
Moreover, in the week ending October 14 such borrowings were only
$687 million.

Prepared by Federal Reserve Bank of St. Louis
.. ---- —----------- -- Released: October 30, 1981


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

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
_ SEP.
_

169.2
168.0
167.8
168. 1
169. 1
68.9

8 22
JAN

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 28.

MAY

S 19

2 16 30 14 28 11 25

JUN

1981

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 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,

AVERAGE OF FOUR WEEKS ENDING:

10/29/80

1/28/81

3/25/81

4/29/81

5/27/81

7/1/81

7/29/81

8/26/81

5.5
5.9
6.3
5.9
5.9
6.2
5.3
4.6

7.3
7.7
6.7
6.6
6.9
5.5
4.9

8.4
6.5
6.5
6.9
5. 1
4.3

5.7
5.9
6.6
4.5
3.7

4.6
5.9
3.5
2.7

7.6
3.6
2.6

2.4
1.4

-1.7

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

ADJUSTED BANK RESERVES 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
50 ---------- 1------------- 1--------

mi
SEP.

16

BILLIONS OF DOLLARS
--------------------------------- 50

BILLIONS
47.4
48.2
46.7
47.7

1

15 29 12 26 10 24

7 21
JAN

FEB

MAR

LATEST DATA PLOTTED WEEK ENOINGt OCTOBER 21,
]/

1981

BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT
FEDERAL RESERVE BANKS <♦> CURRENCY HELD BY COMMERCIAL BANKS).

ADJUSTED BANK RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE
10/22/80

AVERAGE OF FOUR WEEKS ENDING:

1/21/81

3/18/81

4/22/81

5/20/81

6/24/81

7/22/81

8/19/81

3.5
6. 1
6.3
3.5
6. 1
4.9
2.6

5. 1
5.7
1 .9
5.7
4.2
1.4

10.4
3.5
8. 1
5.7
2.2

-1.2
6.1
3.7
0.0

5.6
2.6
-1.9

8.9
0.9

-8.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/18/81
4/22/81
5/20/81
6/24/81
7/22/81
8/19/81
9/23/81
10/21/81

4.4
3. 1
4.6
4.9
3.2
5.0
4.3
2.6


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

3

LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400
PtlUPNg
361.0
359. I
358.6
362.2
362. 1

I I I I
I 15 29 13 27 10 24
JAN

FEB

8 22

5 19

2 16 30 14 28 I I 25

MAR

1980
LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 21,

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,
10/22/80

1/21/81

AVERAGE OF FOUR WEEKS ENDING:

3/18/81

4/22/81

5/20/81

6/24/81

7/22/81

8/19/81

-0.2
-4.6
-3.7
-2.6
-3. 1
-2.3

-7.6
-5.6
-3.6
-4.1
-3.0

-7.2
-4.2
-4.6
-3.2

1,1
-1.5
-0.4

-1.9
-0.3

-1.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/18/81
4/22/81
5/20/81
6/24/81
7/22/81
8/19/81
9/23/81
10/21/81

-14.0
-1 1.3
-10. 1
-10.4
-9.4
-8.3
-8.0
-7.2


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

-12.8
-10.3
-10.7
-9.3
-7.7
-7.4
-6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MIB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
455 r---------,------------- ,------

BILLIONS OF DOLLARS
---------------------------- -i 455

BILUON?
SEP.

16
431.4

— OCT.
433.3

I

15 29 12 26 10 24

7 21
JAN

5 19
FEB

2 16 30 14 28 11 25

MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 21,

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:

10/22/80

1/21/81

3/18/81

4/22/81

5/20/81

6/24/81

7/22/81

8/19/81

5.5
8.5
7.5
4.9
4.7
4.9
4.4
4.2

14.8
11.4
6.3
5.8
5.9
5.1
4.8

12. 1
3.9
3.7
4.3
3.6
3.4

-5.0
-2.6
-0.4
-0.2
0. 1

-4. 1
-0.8
-0.5
0.0

5.0
3.2
3.0

3.3
2.9

1.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/18/81
4/22/81
5/20/81
6/24/81
7/22/81
8/19/81
9/23/81
10/21/81


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

PERCENT

22.0

22.0

21 .0

21 .0
20.0

ME BANK
LOAN RATE

20.0

19.0

19.0
90 DAY CD'S

18.0

18.0
17.0

17.0

16.0

16.0
:rcial
15.0

15.0

M.O

M.O
13.0

13.0
CORPORATE
Aaa bonds

12.0

12.0

1 1 .0

I 1 .0

10.0

10.0
MUNICIPAL
BONDS#*

9.0

9.0
8.0

8.0

0

0
SEP

OCT
NOV
1980

DEC

JAN

FEB

MAR

APR

MAY

JUN
1981

JUL

AUG

SEP

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 30,

OCT.

NOV.

1981

90 DAY
CD’S

1981
SEP.

NOV

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

PRIME
COMMERCIAL
PAPER *X*

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS N0K

17.74
17.61
16.57
16.01
16.48
15.50
15.03
15.28
15.20

16.80
16.71
15.78
15.36
15.89
14.95
14.48
14.70
14.63

17.07
16.78
15.89
15.44
15.83
14.91
14.53
14.81
14.66

15.50
15.61
15.30
15.35
15.85
15.40
15. 18
15.36
15.65

16.77
16.96
16.88
16.87
17.25
17.09
16.99
17.09
17.22

13. 10
13.21
12.79
12.57
12.93
12.73
12.53
12.99
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

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—i 22.0

jT m

21 .0

m r

22.0 i—

21.0

z

FEDERA . FUNDS RATE
20.0

z
TTTT! TTTT1 TTTT]

19.0

18.0

17.0

<

i

E

\

M il

J

(

12.0

E

5-MONT H
\SURY

\

V

,A

\
\

V

;
*\ \

17.0

z
16.0

rJ

AA

\

18.0

\

l

./

15.0
z

f

M.O

“w

~
13.0

J

12.0

2

DISCOU NT
RATE

IN I

10.0

1
\

J

19.0

^ As j
V

±_
_
5-YE \R
TREASU RY SE :urit ES

zj
I I .0

l_i

\

A.
A

20.0

=

1

\

//
£A
/
V

M.O

A
1 \

'

J

1

E
13.0

v

i

l-LL

15.0

/
/

1

16.0

/\ ?\

1 1.0

2
10.0

3----E

9.0
s
0

111
5 IS
SEP

i i.i i

111 -L1.1. 1111

3 17 31 14 28 12 26 8 23
OCT
NOV
DEC
JAN
1980

i.i i _LLL in

6 20
FEB

6 20
MAR

3 17
APR

1111 -LU. -U.J.I

1 15 29 12 26
MAY
JUN
1981

10 24
JUL

111

7 21
AUG

111

4 18
SEP

1111

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 30,

OCT.

NOV.

1981

FEDERAL
FUNDS **

1981
SEP.

111;

2 16 30 13 27
OCT
NOV

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

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL **»

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

15.59
15.14
14.35
14.29
14.37
13.81
13.41
13.37
13.24

15.65
15.80
14.66
14. 13
14.93
14.22
13.50
13.80
13.62

15.05
14.80
14.21
14. 16
14.54
13.71
13.42
13.60
13.51

16. 13
16.07
15.70
15.73
16. 1 1
15.39
15. 14
15.45
15.61

14.64
14.63
14.29
14.49
15.05
14.42
14.34
14.61
14.84

IK 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.9 RELEASE.
##* 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

0

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

RATIO
3.0
2.9

MONEY MULTIPLIERS

2.8
2.7

2.6
2.5
2.4
Ml B
1981

2.3
RATIO,

_ SEP.

2.2
2.1

I I I I I I I I I I I I 1 11
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 21,

1981
BILLIONS OF DOLLARS
128

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
OCTOBER 21, 1981 FROM
THE FOUR WEEKS ENDING:
AUG.
JUL.
JUN.
MAY
APR.
JAN.
OCT.

19,
22,
24,
20,
22,
21,
22,

1981
1981
1981
1981
1981
1981
1980

0.5
2.3
4.4
3.8
4.4
5.4
5.8
CURRENCY

1 18

1981

I
JAN

FEB

MAR

15 29 13 27 10 24
MAY
JUN

I I I I
8 22

BILLIONS

I I I I I I I I I I 1 I LLLi
OCT

NOV

1980
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 21, 1981
1/ RATIO OF MONEY STOCK (MIA) OR < MlB > 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
BILLIONS

1981
SEP.

16

235.5
233.8
233.2
236.8
235.9
236.3

275
270
265
260
255
250
245
240
235
230
225

220

3 17

I I I I
I 15 29 12 26 10 24

I

7 21
FEB

MAR

LATEST DATA PLOTTED WEEK ENDING; OCTOBER 21,

2 16 30 14 28 II 25
OCT
NOV

15 29 13 27 10 24
MAY
JUN
1981

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( MIA )
COMPOUNDED ANNUAL RATES OF CHANGE
10/22/80

1/21/81

3/18/81

AVERAGE OF FOUR WEEKS ENDING;

4/22/81

5/20/81

-12.4
-10.4
-8. 1
-8.2
-6.3

- 12.2
-8.6
-8.6
-6.3

6/24/81

7/22/81

8/19/81

-3.0
-5.1
-2.9

-4.8
-2.0

-2.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
3/18/81
4/22/81
5/20/81
6/24/81
7/22/81
8/19/81
9/23/81
10/21/81

-22. 1
-19.0
-17.4
-17.3
-16.2
-14.8
-14.2
-12.9


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

-21.5
-18.2
-17.9
-16. 1
-14.2
-13.4
-1 1.7

-5. 1
-9.5
-8.7
-7.2
-7.4
-6.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

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

BILLIONS OF DOLLARS
-------- ------------------- Zl 5,5

BILLIONS
SEP.

16

497.5
497.4
497.0

— OCT.

500.5
502.3

3 17

I

15 29 12 26 10 24

7 21
JAN

1
FEB

15 29 13 27 10 24
MAY
JUN

8 22

5 19

2 16 30 14 28 11 25

1980
LATEST DATA PLOTTED WEEK ENDING*. OCTOBER 21,

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,

AVERAGE OF FOUR WEEKS ENDING:

10/22/80

1/21/81

3/18/81

4/22/81

5/20/81

6/24/81

7/22/81

8/19/81

8.2
7.4
6.7
6.8
6.5
7.0
7.0
7.0

4.0
3.7
4.4
4.4
5.4
5.6
5.8

3.4
4.7
4.6
5.9
6. 1
6.3

5. 1
4.9
6.5
6.6
6.7

5.9
7.6
7.5
7.5

8.0
7.7
7.6

9.2
8.6

7.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/18/81
4/22/81
5/20/81
6/24/81
7/22/81
8/19/81
9/23/81
10/21/81


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
4.0 r=--------1------------- !-----198i

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
---------------------------- -i 4.0

MILLIONS

SEP. 23
30
7

OCT.

1446
1448
I 146

I 187

1

IS 29 12 26 10 24

7 21
JAN

4 18
FEB

4 18
MAR

I

15 29 13 27 10 24
MAY
JUN

8 22

5 19

2 18 30 14 28 11 25
OCT
NOV

1980
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 28.

1981

BUSINESS LOANS
( COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
196
.
,
1 ----------1---------_ COMPOUNDED ANNUAL RATES
_ OF CHANGE, AVERAGE OF
__ the four weeks ending
1, laai rKUM
_ THE FOUR WEEKS ENDING

- 0C1 ■ 22',

13! 2

1

980

~

14.1
16.6
19.6
18.9
20.7

/V'-V
r-v

XI

r-—''

..L I

981
981
981
981
981

-

r

III

19,
22,
24,
20,
22,

M il

AUG.
JUL.
JUN.
MAY
APR.

-

1

y T-

1

1 1

“
~
“
“
“

BILLIONS OF DOLLARS
196

1

.1 1

1

111

"V

/v

7m
3 17
SEP

INI
111
Ml |
1 15 29 12 26 10 24
OCT
NOV
DEC
1980

1 1 1
7 21
JAN

1 1 1
4 18
FEB

111
4 18
MAR

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 21,


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

198’

tiIILL101US

-

SEP. 16
186,115
23
185,518
“
30
187,658
_
7
187,911
_
14
187,963
21
187,957
11111111111 L
1111
111 XIJ .1111 .1111
1 15 29 13 27 10 24 8 22
1C 30 M 28 II
APR
MAY
JUN
JUL
SEP
OCT
NOV
1981
1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of

dollars

BILLIONS

1
JAN

FEB

15 20 15 27 10 24

8 22

5 19

2 16 30 14 28 I I 25

MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 21,

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 1100,000 OR MORE.


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