Full text of U.S. Financial Data : Week Ending: October 31, 1979
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v F//v/>/vc//it o/ir/i 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