Full text of U.S. Financial Data : Week Ending: October 7, 1981
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■- — -------F^v^SfiZTi 9= //V /\ /V a X\ L. , r* 4k-r s% Week ending: October 7, 1981 Bw 0ver lon8er periods of time the growth of the adjusted monetary nominates the growth of money (M1B). For example, over the last 9 fTCnths monetary base and M1B have both grown at about a 5 percent rate. However, during shorter periods of stable base growth, fluctuations in currency growth will be associated with fluctuations in bank reserve growth. These short-run fluctuations in reserve growth will in turn lead to short-run fluctuations in the growth of bank deposits. For example, the adjusted monetary base and the adjusted bank reserve series published in this release recently have shown somewhat dissimilar growth rates. From the four weeks ending July 22 to the four weeks ending September 23, the adjusted monetary base increased at a 3.9 percent rate, while adjusted bank reserves increased at a 7.6 percent rate. The latter increase represents a sharp turnaround in reserve growth, whereas the cited base growth is similar to that observed over the prior two-month period. This discrepancy is associated with the fact that the growth of currency has slowed markedly in the last two months. Over the recent period from the four weeks ending July 22 to the four weeks ending September 23, currency held by the nonbank public increased at a 2.9 percent rate. In contrast, from the four weeks ending May 20 to the four weeks ending July 22, currency holdings increased at a 5.9 percent rate. Since the recent slowdown in currency growth has not coincided with a slowdown in adjusted monetary base growth, reserve growth has accelerated. The recent increase in adjusted bank reserve growth has coincided with a similar turnaround in M1B growth resulting from an increase in transaction deposits. However, the adjusted bank reserve growth over the last two months is still faster than the growth of M1B over the same period. In part, this phenomenon is explained by the increase in the growth of savings plus small time deposits at commercial banks, detailed in the table below. Some of the recent reserve growth is being held against the increases in these deposits, as well as increases in the transaction deposits included in M1B. Growth Rates of Adjusted Monetary Base and Bank Reserves and Selected Components of Money Stock Measures Period Adjusted monetary base 5/20/81 7/22/81 4.2 % 7/22/81 9/23/81 3.9 Adjusted bank reserves -1.2 7.6 % Currency held by non-bank public 5.9 2.9 % Savings plus small time deposits at commercial banks M1B -4.1 % 3.7 Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Released- October 9, 1981 5.9 9.2 % ' 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 174 BILL I ONS, — SEP 172 168.5 168.5 168.6 169.2 168.1 167.7 170 168 166 160 158 AUG SEP JAN FEB LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 7, MAR 1981 THE ADJUSTED MONETARY BASE CONS I STS 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 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: 10/8/80 1/7/81 3/4/81 4/8/81 5/6/81 6/10/81 7/8/81 8/5/81 5.8 5.8 6.4 6.4 5.8 6.2 6.0 5.2 4.8 5.9 6. 1 5.2 5.9 5.6 4.6 7.6 7.2 5.7 6.6 6. 1 4.8 8.0 5.7 6.8 6. 1 4.5 3.9 5.9 5.3 3.6 5.6 4.9 2.8 6.8 3.4 0.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/81 4/ 8/81 5/ 6/81 6/10/81 7/ 8/81 8/ 5/81 9/ 9/81 10/ 7/81 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---------- ILL IONS OF DOLLARS ----- ------------------------- 50 BILLIONS 47.6 47.0 46.9 6 20 AUG 3 17 SEP I IS 29 12 26 10 24 OCT NOV 1980 DEC 7 21 JAN 4 18 FEB 4 18 MAR LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, 11 I 1 I I I I 1 / 1981 !/ FEDERAPRES^VrBAKiE(iE)SCURRENCYCHELDLBYBC0»!»lRC?ALAB!5NKSB)L,C ‘ MEMBER BANK RESERVES AT ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES CHANGE, AVERAGE OF FOUR WEEKS ENDING: 10/1/80 12/31/80 3/4/81 4/1/81 4/29/81 5/27/81 2. 1 2.2 2.3 3.3 3.5 2.9 4.5 2.8 0.9 1.3 3.2 3.5 2.6 4.8 2.6 2.8 5.7 5.4 3.8 6.6 3.4 7.2 6.2 4.0 7.3 3.5 7.7 4.4 8.3 3.6 1.2 7.3 1.9 7/1/81 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/81 4/ 1/81 4/29/81 5/27/81 7/ 1/81 7/29/81 9/ 2/81 9/30/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.9 0.9 7/29/81 2.5 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 AUG. JAN FEB 26 361.6 360.9 359.8 360.9 358.9 358.4 MAR LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, 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, 10/1/80 12/31/80 3/4/81 4/1/81 -20.4 -15.5 -13.0 -12.8 -11.2 -9.5 -9.4 -1 .9 -1 .6 -4.8 -4.0 -3.0 -3.7 0.7 -4.4 -3.5 -2.4 -3.3 AVERAGE OF FOUR WEEKS ENDING: 4/29/81 5/27/8 1 7.3 5.2 3.4 4.3 -7.0 -4. 1 -5.0 7/1/81 7/29/81 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/81 4/ 1/81 4/29/81 5/27/81 7/ 1/81 7/29/81 9/ 2/81 9/30/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -1 1.5 -10.7 -9. 1 -8. 1 -8.7 -7.9 -7.0 -7. 1 0.6 -2. 1 -2.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( MlB ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 450 r---------1---------- ,-------- BILLIONS OF DOLLARS ------------------- -------- =3 450 BULLIONS AUG. 432.6 431.8 432.7 433.6 429.3 I I I I JAN FEB MAR 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. M1B CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS. MONEY STOCK ( Ml B ) COMPOUNDED ANNUAL RATES OF CHANGE, 10/I/80 12/31/80 5.9 6.7 9.2 7.6 5.3 5.2 5.3 4.7 1 1.0 14.6 10.8 6.7 6.5 6.4 5.5 3/4/81 4/1/81 18.5 10.6 4.4 4.5 4.8 3.8 10.5 2.6 3. 1 3.8 2.8 AVERAGE OF FOUR WEEKS ENDING: 4/29/81 5/27/8 1 7/1/81 7/29/81 6.7 3.3 0.8 1.0 -3.0 0. 1 -0.4 5.5 3. 1 2.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/81 4/ 1/81 4/29/81 5/27/81 7/ 1/81 7/29/81 9/ 2/81 9/30/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. 5 LOUIS 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 22.0 22.0 21 .0 2t .0 PRIME BANK LOAN RATE 20.0 20.0 19.0 90 DAY CD'S 18.0 17.0 16.0 COMMERClAL PAPER 15.0 15.0 14.0 14.0 13.0 13.0 CORPORATE Aaa BONDS 12.0 11 .0 10.0 10.0 9.0 8.0 7.0 5 NOV 19 2 16 30 13 27 13 27 10 24 8 22 5 16 3 17 31 14 28 11 25 S 23 DEC LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; OCTOBER 9, 1981 I9B1 AUG. SEP. OCT. 7 14 21 28 4 1 1 18 25 2 9 * 16 23 30 90 DAY CD'S PRIME COMMERC1AL PAPER *X* PRIME BANKERS' ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS ** 18.04 17.88 18.03 18.02 17.74 17.61 16.57 16.01 16.48 15.55 17. 16 16.95 17. 15 16.94 16.80 16.71 15.78 15.36 15.89 14.98 17.41 17.23 17.34 17.24 17.07 16.78 15.89 15.44 15.83 14.98 14.82 14.62 14.78 15.21 15.50 15.61 15.30 15.35 15.85 15.43 16.31 16.21 16.25 16.54 16.77 16.96 16.88 16.87 17.25 17. 1 1 11.63 11.94 12.49 12.97 13. 10 13.21 12.79 12.57 12.93 N.A. IK 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 0 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 22.0 22.0 rr E E EDERA L FUND. RATE \ v i = 13.0 TTTT TTTT 14.0 E / / E 10.0 9.0 \ A v \ K t t—• J \ \ 17.0 Vi =A 16.0 15.0 “w*** *** 14.0 E A l 5-YE/ TREASU RY SEC:\R ur 1 T 1 ES 13.0 12.0 z 1 l .0 DISCOU NT RATE =/, Z \ z> 1 1.0 \ JA ^-------\ \ ,A \ E \ 3-MONT H ASURY f J TTTT 12.0 / / j' 19.0 E J 18.0 \ \ l\ 16.0 > J = J \, f 17.0 15.0 T V ' ______\ 1 t 20.0 1 < 18.0 J i l l J in 19.0 21 .0 IN I E in i 20.0 E z V 21.0 — Z / E J 10.0 9.0 E 8.0 E E 7.0 0 7.0 Lux. 1AUG 15 .ILL 1111 28 SEP12 2610 OCT24 111 7 21 NOV 111 .ini 5 19 DEC 2 16 JAN 111 .1 LL _LLL INI 30FEB 13 27MAR 13 27APR 10 24 1980 8 MAY 22 111 5 19 JUN 1111 3 17 JUL 111 111 31AUG 14 28SEP 11 AUG. SEP. OCT. 7 14 21 28 4 t 1 18 25 2 9 Hi 16 23 30 FEDERAL FUNDS KX 18.25 18.29 18. 19 17.41 16.89 16.50 16.09 15.33 15.00 15.46 0 25 9 23 OCT 1981 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 9, 1981 w 3-MONTH TREASURY BILL 15.43 15.25 15.63 15.71 15.59 15.14 14.35 14.29 14.37 13.93 6-MONTH TREASURY BILL Hum. 15.57 15.12 15.64 15.85 15.65 15.80 14.66 14.13 14.93 14.22 1-YEAR TREASURY BILL 14.63 14.43 14.70 14.99 15.05 14.80 14.21 14.16 14.54 13.80 5-YEAR TREASURY SECURITIES 15.45 15.13 15.51 16.04 16.13 16.07 15.70 15.73 16.11 15.50 1981 LONG-TERM TREASURY SECURITIES 14.06 13.71 13.89 14.45 14.64 14.63 14.29 14.49 15.05 14.47 * 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 8 MULTIPLIERS!/ CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO MONEY MULTIPLIERS RATIO I I I I I I I I I I I I I I II LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, 1981 BILLIONS OF DOLLARS 124 ---------- .---------- 1-------- BILLIONS OF DOLLARS ------------------- ----------- 124 ~ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ---- THE FOUR WEEKS END ING SEPTEMBER 30, 1981 FROM THE FOUR WEEKS ENDING: JUL. JUL. MAY APR. APR. DEC. OCT. 29, 1, 27, 29, I, 31, 1, 1981 1981 1981 1981 1981 1980 1980 1.9 4.8 3.9 4.8 5.9 5.8 6.5 CURRENCY Mi AUG. I I I I I I I I I I I I I I I I I I I I I 1 AUG SEP OCT 1980 NOV DEC JAN FEB MAR LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, 15 29 APR BILLIONS 26 13 27 10 24 MAY JUN 1981 8 22 5 19 AUG 2 1i SEP 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 DEPOSIT COMPONENT OF MONEY STOCK (MIA) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 280 BILLIONS AUG. 26 - 235.8 235.7 234.0 235.5 233.8 233.3 275 270 265 260 255 250 245 240 235 230 JAN FEB MAR MAY JUN 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, 10/1/80 12/31/80 3/4/81 4/1/81 AVERAGE OF FOUR WEEKS ENDING: 4/29/81 5/27/81 7/1/81 7/29/81 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/81 4/ 1/81 4/29/81 5/27/81 7/ 1/81 7/29/81 9/ 2/81 9/30/81 -19.2 -18.2 -16.2 -15.0 -15.3 -14.4 -13.1 -12.9 -30.8 -24.9 -21.5 -20.7 -18.8 -16.4 -15.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -7.4 -6.7 -10.0 -9.1 -7.5 -8.0 -3.7 -9.2 -8.3 -6.6 -7.3 -12.2 -10. 1 -7.5 -8.2 -12.2 -8.2 -8.8 -2.6 -5.3 -5.3 PREPARED BY FEDERAL RESERVE BANK OF ST. 9 LOUIS 10 SAVINGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 510 r--------- 1---------- 1-------- BILLIONS OF DOLLARS ------------------- -------- =1 5,0 billions = sep! 495.8 496.4 497. I 497.7 497.3 497.0 1 AUG SEP OCT 1980 NOV DEC JAN FEB MAR LATEST DATA PLOTTED WEEK ENDING:, SEPTEMBER 30, 15 29 13 27 APR MAY 10 24 8 22 5 19 JUN 1981 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 10/1/80 12/31/80 AVERAGE OF FOUR WEEKS ENDING: 3/4/81 4/1/81 4/29/81 5/27/81 7/1/81 7/29/81 4.3 4.3 4.8 5. 1 6.3 6.0 3.3 4.3 4.8 6.3 6.0 5.2 5.7 7.2 6.7 6.2 8.0 7.2 9.2 7.7 8.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/ 4/81 4/ 1/81 4/29/81 5/27/81 7/ 1/81 7/29/81 9/ 2/81 9/30/81 8.0 7.8 7.0 6.7 6.6 6.6 7. 1 6.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.7 4.1 4. 1 4.5 4.8 5.7 5.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS IMi BILLIONS of dollars MILLIONS — SEP. 1446 6 20 3 AUG SEP IT I 15 28 12 26 10 24 7 21 JAN 15 29 FEB 13 27 10 24 8 22 5 18 2 16 30 14 28 MAR LATEST DATA PLOTTED WEEK ENDING: OCTOBER 7, 1981 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 196 BILLIONS OF DOLLARS 196 ~ 1 1 COMPOUNDED ANNUAL R TES OF CHANGE. AVERAGE F THE FOUR WEEKS END IN SEPTEMBER 30. 1981 ROM THE FOUR WEEKS END INIG: 1 - INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED 184 - JUL. - JUL. “ MAY “ APR. ~ APR. _ DEC. _ OCT. 29, 1, 27, 29, 1, 31, 1, 1981 1981 1981 1981 1981 I960 1980 18.2 18.8 19. 1 21.8 20.4 10.7 13.2 /Sy^J = 180 176 - E 176 , 172 168 / 172 "V I 198 SEP. ■in 111 u 11 111 1111 OCT 1980 j 11, -LI 1 ■111 1 APR LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 30, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 1 1 I 7 21 JAN 15 i i i 111 29 13 27 10 24 MAY JUN 1981 MILLIONS 26 2 9 16 23 30 184,503 186,282 185,384 186,115 185,518 187,724 5 - Z “ “ Mill XLLLLLLLLLLL 8 8 22 JUL 5 19 AUG 2 16 30 14 28 SEP OCT 198! PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 168 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars 275 p- 15 29 13 27 10 24 JAN FEB 8 22 5 19 2 16 30 14 28 MAR LATEST DATA PLOTTED WEEK ENDING-. SEPTEMBER 30, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS