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Week ending: October 31, 1979

L.I

On October
ind deposit component of the money stock reported for the
Jctober 3 and October 10.
While small week-to-week revisions
are common, last week’s correction was unusually large because of a
reporting error by a large New York bank.
The correction lowered Ml by
$700 million for the week ending October 3 and by $3 billion for the
week ending October 10.
This revision, however, did not substantially
reduce the previously-reported growth rates of the monetary aggregates
when measured for periods of three months or longer.
For example, the
growth of Ml from the four weeks ending July 11 to the four weeks ending
October 10 was reduced from the previously-reported 10.7 percent rate to
a 9.5 percent rate.
Beginning this past week (October 25-31), member banks and
domestic Edge Act corporations were required to maintain reserves to
meet the Federal Reserve's new 8 percent marginal reserve requirement on
certain "managed liabilities."* This reserve requirement must be met by
U.S. branches and agencies of foreign banks in the statement week of
November 8-14.
Under the lagged reserve accounting system, required
reserves held in the current week are based on liabilities held two
weeks earlier.
The reserve requirement applies to the amount by which
the total of certain managed liabilities exceeds a base amount of $100
million or the average amount of such managed liabilities held as of the
two statement weeks ending September 26, whichever is larger.
Managed
liabilities include short-term large certificates of deposit, Eurodollar
borrowings,
and short-term repurchase agreements and federal funds
borrowings from nonmember institutions.
In the statement week ending
October 31, required reserves on these managed liabilities were $356
million.
The adjusted monetary base published in this release includes
an adjustment for changes in reserve requirements in order to avoid
"breaks"
in
the monetary base series
(reserves plus currency
in
circulation)
that
would
otherwise
occur.
Because
new
reserve
requirements reduce the amount of money and bank credit that a given
amount of monetary base can support, the reserve adjustment magnitude
(RAM) in the statement week ending October 31 includes a reduction of
$356 million for the amount of required reserves on managed liabilities.
Domestic Edge corporations, now subject to the new marginal
reserve requirement, already were subject under Regulation K to reserve
requirements on deposits.
As of this week, the Board of Governors has
reclassified these Regulation K reserves and included them with member
bank reserves in "total reserves."
This reclassification will revise
data on total reserves and, consequently, will affect data on the
adjusted monetary base.
This revision has only small effects on the
level and growth rates of the adjusted monetary base during the past
year.**
*
**

Edge Act and Agreement corporations are corporations formed to
finance international commerce.
Since historical data were not available in time for publication in
this release, data on.the adjusted monetary base (page 2) are on the
"old" basis.


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

Prepared by Federal Reserve Bank of St. Louis
Released: November 2, 1979

2

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
156

BILLIONS
154

151 .6
151 .6
152.1
52.6
52.5

6 20

4

18

I

15 29

152

13 27

10 24

7 21

FEB

4

18

2

16 30 13 27

MAR

JUN

II

25

8 22

5 19

3

17 31

14 28

JUL

1978
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31,

1979

THE A°JUSTSD .MONETARY BASE CONSISTS OF: (II MEMBER BAN< RESERVES AT THE FEDERAL RESERVE
BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
AL BAWS J AND €31 AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES.
THE
MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT. DATA ARE COMPUTED
?Y,JHi?.5ANKA DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM
'HI 5 BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
11/1/78

1/31/79

5.5
6.2
5.7
6.7
7.0
7.5
8. 1
8.4

5.7
5.0
6.7
7. 1
7.9
8.6
8.9

3/28/79

5/2/79

AVERAGE OF FOUR WEEKS ENDING:

5/30/79

7/4/79

8/1/79

11.1
11.9
11.9

13. 1
12.7

8/29/79

TO THE AVERAGE
OF FOUR WEEKS
END 1 NG •.
3/28/79
5/ 2/79
5/30/79
7/ 4/79
8/ 1/79
8/29/79
10/ 3/79
10/31/79


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

6.2
8.5
8.7
9.4
10. 1
10.3

8.2
8.5
9.6
10.4
10.6

1 1 .2
11.8
12.2
12. 1

12.6

PREPARED BY FEDERAL RfV-^ BANK OF ST. LOUIS

MULTIPLIER iy
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULT PLIER

AJ

i979

SEP ■

RATIO

IS
2|

OCT

isl 11

...11.1, 1111

111

III!

111

111

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24,

iii .-1111 .-Li.i

2.494
2.491
2.504

17
2.482
24
2.475
11111 J 1 1 1 1 M 1 1_lll!

iii

1979

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
136

COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
OCTOBER 31,

134

1979 FROM
132

AUG.

29,
1979

MAY

1979
1979

30

—JAN.
NOV.

31,

ADJUSTED FEDERAL RESERVE CREDIT

15.5
14.9
11.4

130
128
126

xaza

SEP.

2!

billions
31 .4

120
I 18

J-LJ.l 1 I I I I I I I 1 I I I I
a 20

4

IS

I

15 20

13 27

10 24

7 21

FEB

2

MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31,

16 30

APR

13 27

JUN
1979

I I

25

8

22

5

19

3

17

31

14

28

JUL

1979

1/ RAT 10 OF MONEY STOCK ( Ml ) / ADJUSTED MONETARY BASE
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES,, LOANS, FLOAT
AND OTHER ASSETS.
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACfING 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

4

MONEY STOCK PLUS NET TIME DEPOSITS ( M2 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
950

BILLIONS

945

931.6
93?.9
936.7
939.7
938.9
937.7

940
935
930
925
920
915
10
905
900
895
890
885
880
875
870
865
860
855
„ 850
I I I I

I

SEP

15 29

IS 27

OCT

10 24

7 21

FEB

SO IS 27

MAR

II

25

8 22

5

0

19

APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24.

1979

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

MONEY STOCK PLUS NET TIME DEPOSITS ( M 2 )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

10/25/78

1/24/79

3/21/79

4/25/79

5/23/79

6/27/79

2.4
4.3
4.7
5.9
6.6
7. 1
7.7
7.9

6.0
6.3
8.0
8.7
9. 1
9.6
9.7

10. 1
11.4
1 1.8
11.8
1 1 .9
11.7

10.9
11.5
11.6
11.8
1 1.6

13.5
13.0
12.9
12.4

12.5
12.5
12.0

7/25/79

8/22/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/21/79
4/25/79
5/23/79
6/27/79
7/25/79
8/22/79
9/26/79
10/24/79


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

12.2
1 1.7

1 1.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

OCT.

1 1111

19
26
3
10
17
24

BILL 1 QN$
377.
377. 7
379. 6
380. 5
378. 8
377.

11

SEP.

--------

5

r^

\

=

A1

1

_
-

i

1

Z_

BILLIONS OF DOLLARS

M

—i
isza

TTTT

BILLIONS OF DOLLARS
390

„_
_

j
NJ

V
1

_

1

1

,--------- /

f

TTTT

TTTT

i

r

r

—

11

ii

A
A___

1
11

1

II

L

TTTTj

11

1
1

K

1 1 1

OCT

MIL. 29111
13
13

1 1 1

SEP

NOV
1978

1111. 111

JAN

FEB

WAR

APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24,

111

1111

111

MAY

1111 71 21 _L1X 4111
IX 7 21
18

27 10 24

DEC

JUL

AUG

SEP

JUN
'979

1 1 IX 1 1 1
OCT

NOV

1979

CURRENT DATA APPEAR IN THE BOARD Of GOVERNORS' H.B RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK I Ml I
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS END INGi

10/25/78

1/24/79

3/21/79

4/25/79

5/23/79

6/27/79

7/25/79

8/22/79

-1.6
1.2
1.6
3.4
3.9
4.3
5.0
5.0

3.5
3.7
6. 1
6.5
6.7
7.3
7.1

9.7
11.4
10.8
10.3
10.4
9.7

9.9
9.6
9.2
9.6
8.9

12.0
10.7
10.7
9.7

8.4
9.3
8.3

9.5
8.2

8.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/21/79
4/25/79
5/23/79
6/27/79
7/25/79
8/22/79
9/26/79
10/24/79


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

PREPARED BY FEDERAL RESERVE BANK Of ST. LOUIS

5

6

ELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
16.0
15.5

15.5

15.0
14.5
14.0
13.5
13.0
12.5
PRIME BANK
LOAN RATE

12.0
11.5
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
BONDSxx

6.5
6.0
0

1

15 29 13 27

10 24

5 22

5 19

2

16

2 16 30 13 27 I I

25

8 22

6 20

3 17 31

14 28

12

SEP
OCT
JAN
FEB
OCT
NOV
1979
1978
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 2, 1979

SEP.

OCT.

NOV.

7
14
21
28
5
12
19
26
2
9
16
23
30

X

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS XX

11.36
11.84
12.03
1 1.94
12.01
12.75
13.61
14.37
14.44

11.24
11.70
1 1 .74
11.64
11.76
13. 18
13.32
14.10
14. 17

1 1.51
11.75
11.82
11.69
12.04
13.49
13.59
14.32
14.02

9.34
9.42
9.49
9.50
9.66
9.91
10.09
10.50
10.70

6.47
6.49
6.57
6.56
6.64
7. 12
7. 18
7.38
N. A.

•

AVERAGES OF RATES AVAILABLE.
XX BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
___ _______
XXX SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK END ING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
N.A. - NOT AVAILABLE
X


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

rt.

90 DAY
CD'S *BCK

1979

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY
16.0

16.0

15.5
15.0

15.0

13.5

12.0

FEDERAL FUNDS RATE
10.0
SCOUNT RATE

3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

1111 l.LUL
15 29 13 27

10 24

8 22

5 19

2

16

2

16 30

13 27

11

25

8 22

6 20

3

17 31

14 28

111 1 LLLL
12 26

0 23

1978
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 2.

FEDERAL
FUNDS XX

1979
SEP.

OCT.

NOV.

1979

7
14
21
28
5
12
19
26
2 *
9
16
23
30

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

11.02
11.30
11.37
11.61
1 1 .91
12.00
13.22
15. 14
15.61

10.20
10.45
10.26
10.14
10.43
11.62
11.91
12.60
12.07

9.78
10.29
10.32
10. 1 1
10.33
10.66
11.72
12.65
12.19

9.84
9.96
9.90
9.87
10.07
11.30
11.40
11.94
11.64

9.52
9.51
9.59
9.61
9.72
10.48
10.79
11.57
11.45

9. 12
9. 12
9. 13
9. 18
9.31
9.77
9.99
10.36
10.31

* 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.
XXX 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
570

BILLIONS

565

554.3
555. I
557. I
559.2
560.2
560.3

560
555
550
545
540
535
530
525
520
515
510
505
500
495

FEB

MAR

4 18
APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24.

2

16 SO JUN 27 JUL 25
13
11

8

22

5

19

3 17 31

14 28

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
X 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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COfcidERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/25/78

1/24/79

3/21/79

4/25/79

5/23/79

6/27/79

7/25/79

8/22/79

7.7
8.1
9.3
10.3
10.9
1 1.2
1 1.5

10.2
1 1.3
12.4
12.8
12.9
13. 1

11.5
13.0
13.4
13.4
13.5

14.7
14.7
14.3
14.3

15.5
14.7
14.6

13.9
14.0

13.7

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
3/21/79
4/25/79
5/23/79
6/27/79
7/25/79
8/22/79
9/26/79
10/24/79


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

5.4
6.5
6.8
7.7
8.6
9.2
9.6
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
285 ---------- .---------- 1--------

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

BULLION?
272.6
272.9
274.3
275. 1
273.5
272.2

I

15 28 13 27

10 24

7 21

FEB

5 IS

MAR

APR

JUN

3

17 31

14 28

JUL

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STACK
COMPOUNDED ANNUAL RATES OF CHANGE ,
10/25/78

1/24/79

3/21/79

-5.5
-1.6
-1.0
1.3
2. 1
2.3
3. 1
3.2

1.7
2.0
5. 1
5.6
5.6
6.2
5.9

10.4
12.6
1 1.7
10.4
10.3
9.5

4/25/79

AVERAGE OF FOUR WEEKS ENDING:

5/23/79

6/27/79

12.9
10.4
10.3
9. 1

6.7
8 0

7/25/79

8/22/79

7.7
6.5

7.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
3/21/79
4/25/79
5/23/79
6/27/79
7/25/79
8/22/79
9/26/79
10/24/79


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

10.3
9.8
8.6
8.9
8. 1

7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

LLIONS OF DOLLARS

BILLIONS OF DOLLARS
------------------- ----------- 108

BILLIONS
104.7
104.8
105.3
105.4
105.2
105.2

i I I I
SEP

OCT

I 15 20 13 27 10 2A
NOV
DEC
JAN
1978

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24,

MAY

JUN
1979

JUL

AUG

SEP

OCT

1979

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE,
110/25/78

1/24/79

3/21/79

9.3
9.0
8.8
9.0
9.0
9.7
10. 1
9.9

8.0
8.0
8.4
8.5
9.5
10.2
9.9

7.8
8.5
8.7
10.0
10.7
10.3

4/25/79

AVERAGE OF FOUR WEEKS ENDING:

5/23/79

6/27/79

7/25/79

12.8
13.2
11.9

15.0
12.7

8/22/79

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/21/79
4/25/79
5/23/79
6/27/79
7/25/79
8/22/79
9/26/79
10/24/79


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

9.0
9. 1
10.8
1 1 .5
10.9

9.5
1 1 .6
12.2
11.4

II.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

: DOLLARS
-

1979

SEP. 26
- OCT.
3
10
17
=
24
“
31

6 20

4

BILLIONS OF DOLLARS
—------------- -------- =3 4.0

MILLIONS
161
1119
938
1530
2960
3056

18

I

15 29

13 27 10 24

7 21
4

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 31,

18

2

16 30 13 27

II

23

8 22

5

19

3 17 31

1979

BUSINESS LOANS

BILLIONS OF DOLLARS
158
156
154

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
158

_COMPOUNDED ANNUAL RATES
-

the

-

156

FOUR *EEKS ENOING

-

- THE FOUR WEEKS ENDING:

-

152
150
148
146

- AUG. 22,
— JUL. 25,
_ JUN. 27,
__MAY 23,
_ APR. 25,
JAN. 24,

1979
1979
1979
197i
1979
1979

15.3
18.4
21 .0
21 .3
22.5
22.3
18.5

r

-

r-------

-

/

-

144
142
140
138
136
134
132
130
128

-

-

-

-

-

s
f*

-

f

-

s/

-

SEP.

-

~ OCT.

-

126

sin
20

111

1111

4 19

I

OCT

111

nil

111

111

111
4 If

NOV
1978

APR

III!
2

18 30

MAY

1 1 1 -11 1
13 17 II

JUN

JUL

MILLIONS

148

146
144
142
140
138
136

19

152,605

3
10
17

153,392
154,006
151,735

134
-

AUG

5 19

3 17 SI

SEP

OCT

-

14 29

NOV

1979
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

130
128

11111111111111111;

28 • 22

132

-

1979

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 24.


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

152

150

-

1979

-

-

0

154

126

0

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

billions of dollars

112
BILLIONS

1 10
108
106
104

102
100
98
96
94
92
90
88
86

84
82
80
°

I I I 1 1 I

0 20

4 IS

SEP

OCT

I 15 29 IS 27 10 24

NOV
1978

DEC

JAN

7 21

7 21

4 IS

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 24.

2 18 30 13 27 II 23
MAY

JUN
1979

JUL

8 22
AUG

5 19
SEP

I3 I 17 I 31 14 28
I
OCT

NOV

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100.000 OR MORE BY LARGE
WEEKLY REPORTING COfctCRCIAL BAW<S.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS