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L^_ #^//V>a A/C/>a L tDATA I— Week ending: September 10, 1980 ibrary Since April, the MIA multiplier (MIA divided by the adjusted monetary base) has remained relatively stable, reflecting the interaction of two important components: the ratios of currency and time deposits to demand deposits (k- and t-ratios).* These ratios reflect decisions by the public concerning the form in which money is held. For example, the k-ratio indicates the public's desire to allocate its money holdings either tc currency or demand deposits. The t-ratio reflects the allocation of funds to time and demand deposits. As shown in the table below, the k- and t-ratios have remained fairly constant since April. Consequently, the MIA multiplier has remained relatively stable since April. Because the MIA multiplier relates changes in the adjusted monetary base to movements in MIA, the recent surge in the growth of MIA, given the stable multiplier, reflects the rapid growth in the adjusted monetary base during the past few months. For example, since May, the adjusted monetary base increased at an 11.9 percent rate and MIA increased at a 13.7 percent rate. Monthly Values of MIA Multiplier, k- and t-Ratios (Averages of daily figures, seasonally adjusted) Period k-ratio t-ratio MIA multiplier April May June July August 0.422 0.427 0.426 0.428 0.426 2.504 2.521 2.494 2.485 2.425 2.335 2.328 2.331 2.328 2.337 * k-ratio: currency/demand deposits t-ratio: total time deposits/demand deposits Prepared by Federal Reserve Bank of St.Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Released: September 12, 1980 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 166 ---------- 1------------- 1------ ILL IONS OF DOLLARS ---------------------------- 166 BILL IQN5 AUG. 1 162. 1 161.9 163.0 163.0 163.6 164.0 15 20 12 26 10 24 7 21 4 SEP OCT 1979 FEB MAR APR MAY 18 2 16 30 JUL 13 27 AUG 10 24 SEP 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 10, I960 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 C0M4ERCIAL 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: 9/12/79 12/12/79 2/13/80 3/12/80 4/9/80 7.7 8.3 8.0 7.3 7.3 7.4 7.9 8.6 8.6 8.0 6.9 7.0 7.2 7.9 8.8 8.7 6.6 6.8 7.2 8. 1 9.2 4.2 5.5 6.2 7.6 8.9 5.3 6.2 7.9 9.4 5/7/80 6/11/80 7/9/80 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/13/80 3/12/80 4/ 9/80 5/ 7/80 6/11/80 7/ 9/80 8/13/80 9/10/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.9 9.5 11.0 10.6 12.4 14. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ADJUSTED BANK RESERVES v AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 1980 BILLIONS OF DOLLARS BILLIONS 48.8 48.7 49.0 49.8 I I I I I I I I FEB MAR 1979 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1980 1/ ADJUSTED MONETARY BASE LESS CURRENCY HELD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT FEDERAL RESERVE BANKS ( + ) CURRENCY HELD BY COMMERCIAL BANKS). ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES OF CHANGE 9/5/79 12/5/79 2/6/80 3/5/80 AVERAGE OF FOUR WEEKS ENDING: 4/2/80 4/30/80 6/4/80 7/2/80 6.1 11.2 15.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/ 6/80 3/ 5/80 4/ 2/80 4/30/80 6/ 4/80 7/ 2/80 8/ 6/80 9/ 3/80 7.3 8.4 7.6 7.0 5.8 5.5 5.9 7. 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.8 7.3 6.4 4.7 4.5 5. 1 6.9 8.5 6.5 3.9 3.7 4.7 7.0 2.7 0.8 1.3 3.0 5.9 0.0 0.8 3.0 6.5 0.0 3.1 7.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY STOCK ( Ml A) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars 373.2 382.9 378.6 378.9 379.5 380.7 __ JUL — SEP. 15 29 12 26 10 24 7 21 5 19 NOV I DEC 2 16 SO IS 27 FEB LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 12 26 7 21 4 MAY B 23 MAR JUN 18 2 16 SO 13 27 AUG 10 24 SEP I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. MIA CONSISTS OF CURRENCY ANO COIN PLUS COMMERCIAL BAh*( DEMAND DEPOSITS HELD BY THE NONBANK PUBLIC EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS. MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE 9/5/79 12/5/79 4.3 4.9 4.0 1 . 1 1 .3 2.2 3.4 4. 1 6.3 4.5 -0.3 0.2 1 .6 3.3 4.3 2/6/80 3/5/80 AVERAGE OF FOUR WEEKS ENDING: 4/2/80 4/30/80 6/4/80 7/2/80 12.9 12.9 13.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/ 6/80 3/ 5/80 4/ 2/80 4/30/80 6/ 4/80 7/ 2/80 8/ 6/80 9/ 3/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.2 -4.6 -2.5 -0. 1 2.5 3.9 -10.3 -5.6 -1.9 1.6 3.2 -7.4 -2.0 2.3 4.1 6.3 9. 1 9.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( M1B ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 415 1980 ai.LU.PNS JUL. 404.5 400.4 400.8 401.5 403.0 2 16 30 13 27 12 26 9 23 7 21 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1980 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 ( MlB ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*. 9/5/79 12/5/79 4.9 5.6 4.8 2.3 2. 1 3.3 4.7 5.5 7.7 5.8 1.6 1.4 3.2 5.1 6. 1 2/6/80 3/5/80 4/2/80 4.6 -2.3 -1 .4 1.6 4.5 5.9 -7.7 -4.5 -0.2 3.6 5.3 -6.5 -0.2 4.4 6.3 4/30/80 6/4/80 7/2/80 16.6 16.2 16.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/ 6/80 3/ 5/80 4/ 2/&0 4/30/80 6/ 4/80 7/ 2/80 8/ 6/80 9/ 3/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7. 1 10.7 11.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 21.0 r PERCENT —j 21.0 20.0 19.0 PRIME BANK LOAN RATE 90 DAY CD’S 13.0 12.0 COMMERCIAL PAPER CORPORATE Aaa BONDS Cl PAL I I 1 I I. 111. 14 28 12 26 9 23 7 21 I 15 29 14 28 II 25 MAR APR 9 23 6 20 4 IS 1 13 29 12 26 1979 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 12, 90 DAY CD’S 1980 JULY 25 AUG. SEP. 1980 29 5 12 X 19 26 PRIME COMMERCIAL PAPER XXX PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS XX 8.70 8.63 8.70 8.50 8.93 9.29 9.46 10.13 10.80 10.72 10.86 8.38 8.31 8.37 8.31 8.64 8.90 9. 16 9.93 10. 44 10.39 10.58 8.66 8.58 8.55 8.44 8.97 9. 1 4 9.39 10. 14 10.77 10.63 10.76 10.84 10.94 11.09 11.11 11.33 11.44 11.57 11.70 11.88 11.88 11.89 12.66 12.61 12.66 12.65 12.70 12.97 13.07 13.28 13.37 13.55 13.57 7.88 5*AB0NDGBUYER’S AVERAGE 8.03 8. 19 8.59 8.61 8.53 8.68 8.85 N. A. INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. XXX 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 20.0 20.0 19.0 18.0 17.0 17.0 16.0 FEDERAL FUNDS RATE 15.0 14.0 14.0 13.0 3-MONTH V TREASURY BILL 12.0 DISCOUNT RATE 11.0 10.0 10.0 5-YEAR TREASURY SECURITIES 9.0 8.0 7.0 6.0 0 DEC JAN I 979 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 12, 1980 JULY 4 1 1 18 25 AUG. 1 8 15 22 29 SEP. 5 12 * 19 26 FEDERAL FUNDS M6K 9.41 9.26 8.98 8.68 8.98 9.60 8.85 9.35 10.03 10.47 10.22 3-MONTH TREASURY BILL 7.92 8.08 7.98 7.93 8.44 8.58 8.60 9.41 10.01 9.78 10.06 6-MONTH TREASURY BILL KKX 8. 10 8. 1 1 8. 1 1 7.91 8.28 8.87 8.89 9.77 10.25 10.25 10.23 1-YEAR TREASURY BILL 7.86 7.91 7.93 7.94 8.43 8.61 8.94 9.85 10.28 9.84 10. 10 5-YEAR TREASURY SECUR1T1ES 9.47 9.46 9.44 9.46 9.92 10. 12 10.47 11.21 11.69 11.23 11.25 1980 LONG-TERM TREASURY SECUR1T1ES 10.05 10. 13 10. 16 10. 17 10.51 10.65 10.86 11.02 11.26 11.03 11.13 » AVERAGES OF RATES AVAILABLE. X* SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO OAYS 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 JUL. MONEY MULTIPLIERS 2.31 30 MIB RATIO 1980 . 442 ! 463 SEP. 1 1 1.1 1.1 ML I I I I 1 I LL LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1980 BILLIONS OF DOLLARS ------------------------------- 1 16 BILLIONS OF DOLLARS "6 ---------- .------------- 1------ . 114 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ur unniwt, «vc.r\^wc. i -----THE FOUR WEEKS ENDING SEPTEMBER 3, 1980 FROM - THE FOUR WEEKS ENDING: 1980 1980 APR. 30 1980 1980 APR. ----- MAR ................ r 1980 DEC. 5, 1979 SEP. 5, 1979 13.2 12.1 11.5 10.0 9.8 CURRENCY 9.6 9.0 1980 SEP. 1 15 29 12 26 10 24 7 21 NOV 5 19 DEC 2 18 30 13 27 FEB 12 26 9 23 MAR 3 11111 1111 mi 7 21 4 18 BILLIONS 2 n 11111111 16 30 13 27 AUG 10 24 SEP LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1980 1/ RATIO OF MONEY STOCK (MIA) OR (MIB) 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 280 ---------- ,-------------1----- BILLIONS OF DOLLARS -------- ---------------------- 280 BILLIONS 260.6 269.5 265.7 265.7 265.9 266.9 — AUG. 1 15 29 12 26 10 24 SEP OCT 1979 7 2 21 NOV DEC 16 SO JAN LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3. CURRENT OATA APPEAR IN THE BOARD OF GOVERNORS' 13 27 FEB 12 26 0 23 7 21 MAY 1930 MAR I960 H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 9/5/79 12/5/79 2/6/80 2.7 3.6 2.4 -1.5 -1 .4 -0.2 1 .2 2. 1 5.3 2.8 -3.6 -3.0 -1 . 1 0.9 2.2 1 .7 -8.7 -6.4 -3.2 -0. 1 1 .7 3/5/80 4/2/80 4/30/80 6/4/80 7/2/80 13.0 13.3 14. 1 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/ 6/80 3/ 5/80 4/ 2/80 4/30/80 6/ 4/80 7/ 2/80 8/ 6/80 9/ 3/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -16.4 -10.6 -5.8 -1.6 0.7 -13.0 -6. 1 -0.9 1.7 4.8 8.0 9.3 PREPARED BY FEDERAL RESERVE BANK OF ST. 9 LOUIS 10 SAV NGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF OOLLARS BILLIONS OF DOLLARS 475 B.1LL IQNS — SEP. 470 460.8 462.4 462.9 463.7 464.9 465.2 465 460 455 450 445 430 425 2 It 30 13 27 12 26 9 23 7 21 I960 1979 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1980 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN •100,000. SAVINGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE 9/5/79 12/5/79 7.7 7.2 7.7 8.5 8.2 8.6 9.2 9.2 5.8 7.0 8.4 8.0 8.6 9.3 9.4 AVERAGE OF FOUR WEEKS ENDING: 2/6/80 3/5/80 4/2/80 7.6 9.9 8.9 9.5 10.4 10.3 12.7 10.3 10.7 1 1.5 11.3 10.0 10.7 1 1 .6 1 1 .3 4/30/80 6/4/80 7/2/80 13.2 12.2 12.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/ 6/80 3/ 5/80 4/ 2/80 4/30/80 6/ 4/80 7/ 2/80 8/ 6/80 9/ 3/80 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.9 10.8 10.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES billions of dollars 1980 billions of dollars MILLIONS I I I I 4 NOV 18 2 16 30 13 27 AUG DEC 10 24 SEP 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 10, 1980 BUSINESS LOANS ( COMMERCIAL AND BILLIONS OF DOLLARS INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS of dollars COMPOUNDED ANNUAL RATES “OF CHANGE, AVERAGE OF ' — the four Weeks ending — SEPTEMBER 3, 1980 FROM _ THE FOUR WEEKS ENDING: “ JUL. 2, 1980 “ JUN. 4, 1980 — APR. 30, 1980 — APR. 2, 1980 5, 1 980 — MAR. -DEC. 5, 1979 _ SEP. 5 ----- “1979 15.8 10.1 3.4 1.5 1.5 8.6 7.8 ' ‘ . JUL. 30 AUG. 6 SEP. 3 159,085 160,572 161,251 162,427 162,939 I I I I I II I I I 1 1 1 I 1 1 29 12 26 10 24 7 21 5 19 2 16 30 13 27 FEB LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12 26 MAR 0 23 7 21 30 13 27 AUG 10 24 SEP 1980 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED I ILL IONS OF DOLLARS BILLIONS OF DOLLARS 208 LLIONS 206 204 202 200 198 196 194 192 190 184 182 180 178 176 174 1979 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3. I960 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE TIME DEPOSITS ISSUED IN DENOMINATIONS OF SIOO.OOO OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS