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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.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102