Full text of U.S. Financial Data : Week Ending: September 2, 1981
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s. rvcrtxi l o>ar/» Week ending: September 2, 1981 L.IBRARV »*■ asr Since early May of this year, the federal funds rate has moved in a sharply contrasting manner to other short-term interest rates. For example, the federal funds rate rose from a level of about 19 percent in the week ending May 8 to nearly 20 percent in the week ending July 10. Since then the federal funds rate has fallen to about 17 percent. In contrast, the 3-month Treasury bill rate fell nearly 150 basis points from the week ending May 8 to the week ending July 10, but since then has risen about 80 basis points. These interest rate patterns may strike some who have observed a close correlation between the federal funds rate and other short-term interest rates as peculiar. However, under the new Federal Reserve operating procedures established in October 1979, these patterns are not unexpected. The federal funds market provides the primary avenue for depository institutions to minimize their holdings of excess reserves, which yield no return. Most importantly, the bulk of funds in this market are exchanged on an overnight basis, with funds lent out one day and paid back the following day. The extremely short nature of these exchanges is due to the significant daily variation in the assets and liabilities of individual banks, which lead to corresponding fluctuations in their reserve position. Since federal funds have a much shorter maturity date than other short-term credit instruments, factors that affect the daily federal funds rate need not have an equal effect on the daily movement of other short-term instruments. With the Federal Reserve presently targeting open market operations on nonborrowed reserves rather than the federal funds rate, factors affecting the federal funds market will not necessarily alter perceptions of the future course of interest rates and thus need not affect other short-term rates. Prepared by Federal Reserve Bank of St. Louis Released: September 4, 1981 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 174 BILLIONS 172 168.3 AUG. 168.9 169.2 169.3 168.2 170 166 164 160 158 2 16 30 13 27 10 24 22 5 19 LATEST DATA PLOTTED WEEK ENDING: 3 17 31 14 28 SEPTEMBER 2, II 25 II 25 1981 THE ADJUSTED MONETARY BASE CONSISTS OF: ( I ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE ™.N«K£a,.( 2 } CURRENCY I N CIRCULAT I ON ( CURRENCY HELD BY THE PUBL IC AND IN THE VAULTS OF AND (3) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES. THE Is FEDERAL RESERVE CREDIT. DATA ARE COMPUTED ?LIHI?J2ANKA DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM IHIS BANK. ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, 9/3/80 AVERAGE OF FOUR WEEKS ENDING: 12/3/80 2/4/81 3/4/81 4/1/81 4/29/81 6/3/81 7/1/81 1.7 3.0 4.0 4.7 4.4 5.0 4.9 7.4 7.7 7.7 6.7 7.0 6.7 7.8 7.8 6.5 6.9 6.6 8.0 6.2 6.8 6.4 5.4 6.4 6.1 5.7 5.4 6.8 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/ 4/81 3/ 4/81 4/ 1/81 4/29/81 6/ 3/81 7/ 1/81 8/ 5/81 9/ 2/81 . 0 ' 5.7 6.0 6.2 6.4 6.6 6.2 6.4 6.3 ' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ADJUSTED BANK RESERVES v AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 50 ------------- 1---------- 1-------1981 JUL. BILLIONS OF DOLLARS --------------------------------- 50 BILU0N9 47.9 47.2 47.8 8 22 SEP OCT 5 19 NOV J 17 31 DEC 14 28 JAN II I FEB MAR MAY 1981 1980 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, JUN IS 29 JUL 12 20 AUG 9 23 SEP 1981 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, AVERAGE OF FOUR WEEKS ENDING: 8/27/80 11/26/80 /28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 5.8 3.6 6.2 5.0 5.6 5.6 4.3 5.8 -9.0 -1.9 -2.0 0.0 0.7 -0.3 2.0 7.2 3.5 5.4 5.4 3.0 5.7 9. 1 9.9 8.9 5.2 8.0 3.8 4.3 1.2 5.1 8.7 2.6 7.4 -1.2 6.1 6.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 7/29/81 8/26/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 JUL. 22 AUG. 8 22 5 19 3 17 31 14 28 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, 11 25 1! 25 359.7 360.4 363.8 363.8 360.3 361.3 8 22 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, 8/27/80 11/26/80 1/28/81 AVERAGE OF FOUR WEEKS ENDING: 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 -1.6 -1.4 -4.6 -3.8 -2.7 0.2 -4.5 -3.5 -2.2 -7.9 -5.2 -3.2 -7.0 -3.9 1.1 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 7/29/81 8/26/81 -4.0 -8.0 -7.6 -6.4 -5.9 -6.7 -6. 1 -5.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -23.0 -19. 1 -14.9 -12.9 -13. 1 -11.4 -10.0 -16.8 -10.3 -8.2 -9.4 -7.8 -6.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( M1B ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 450 BILLIONS 1981 445 428.6 428.6 433.7 434.3 430.6 432. 1 JUL. 440 435 430 425 410 405 I I I I 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, CURRENT DATA APPEAR 11 25 11 I 25 15 29 12 26 9 23 1981 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, 8/27/80 11/26/80 AVERAGE OF FOUR WEEKS ENDING: 1/28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 8.7 14.0 9.5 5.5 5.0 5.4 19.6 11.8 6.2 5.5 5.9 10.3 3.5 3.4 4.3 -7. 1 -3.3 -0.7 -3.0 0.3 5.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 7/29/81 8/26/81 7.7 6.9 8.0 10.0 8.5 6.6 6.2 6.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0.7 3.9 8.0 6. 1 3.7 3.7 4. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 22.0 PERCENT 22.0 21.0 21.0 20.0 ME BANK AN RATE 20.0 19.0 19.0 90 DAY CD'S 18.0 18.0 17.0 17.0 16.0 16.0 COMMERCIAL PAPER 15.0 15.0 14.0 14.0 13.0 13.0 CORPORATE Aaa bonds 12.0 12.0 I 1.0 I 1.0 10.0 10.0 NICIPAL 9.0 9.0 8.0 8.0 7.0 7.0 0 0 JUL AUG SEP OCT 1980 NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP 1981 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 4, 90 DAY CD'S 1981 JULY AUG. SEP. 3 10 17 24 31 7 14 21 28 4 * 1 1 18 25 17. 10 17.68 17.47 18. 18 17.82 18.04 17.88 18.03 18.02 17.72 PRIME COMMERC1AL PAPER XX* 16.07 16.60 16.55 17. 13 16.77 17.16 16.95 17. 15 16.94 16.79 PRIME BANKERS' ACCEPTANCES 16.58 17.03 16.86 17.55 17.26 17.41 17.23 17.34 17.24 17.08 * AVERAGES OF RATES AVAILABLE. *X BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, DATA ARE 4-MONTH COMMERCIAL PAPER RATES. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CORPORATE Aaa BONDS 14.04 14. 19 14.25 14.55 14.61 14.82 14.62 14.78 15.21 15.47 CORPORATE Baa BONDS 15.97 16.05 16. 15 16.30 16.25 16.31 16.21 16.25 16.54 16.72 1981 MUNICIPAL BONDS XX 10.85 10.97 11.09 11.34 11.44 11.63 11.94 12.49 12.97 N. A. THURSDAY DATA. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 22.0 22.0 21.0 21.0 FEDERAL FUNDS RATE 20.0 20.0 19.0 19.0 18.0 . 3-MONTH -f— TREASURY 17.0 BILL 16.0 15.0 15.0 14.0 13.0 12.0 5-YEAR TREASURY SECURITIES 1 1.0 DISCOUNT RATE 10.0 10.0 9.0 8.0 7.0 I I I I 4 18 1 IS 29 12 26 10 24 7 0 21 AUG SEP 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 4, FEDERAL 1981 FUNDS JULY AUG. SEP. 3 10 17 24 31 7 14 21 28 4 * 1 1 18 25 mm 18.84 19.93 18.76 19.05 18.54 18.25 18.29 18. 19 17.41 16.89 1981 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL *e*# 1-YEAR TREASURY BILL 5-YEAR TREASURY SECUR1T1ES LONG-TERM TREASURY SECURITIES 14.34 14.82 14.56 15.50 15.07 15.43 15.25 15.63 15.71 15.60 13.62 14.05 14.23 15.32 14.79 15.57 15.12 15.64 15.85 15.65 13.30 13.58 13.56 14.40 14.25 14.63 14.43 14.70 14.99 15.06 14.28 14.48 14.53 15. 17 15. 13 15.45 15.13 15.51 16.04 16. 1 1 13.22 13.28 13.29 13.74 13.76 14.06 13.71 13.89 14.45 14.68 * 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. mmm NEW ISSUE s RATE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis computed by the federal reserve bank °f st- louis- PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 8 MULTIPLIERS is CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 3.0 MIA 1981 2.9 RATIO MONEY MULTIPLIERS 2.8 AUG. 2.7 2.3 RATIO JUL. 22 2.2 2.1 .1. 1111111 I I I I 1 1 I 1 I 1 1 1 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, 1981 BILLIONS OF DOLLARS 124 BILLIONS OF DOLLARS 124 -------------1---------- 1---------- 1------------- - COMPOUNDED ANNUAL RAT ES OF CHANGE. AVERAGE OF -----THE FOUR WEEKS ENDING AUGUST 26, 1981 FROM - THE FOUR WEEKS ENDING —JUN. MAY - APR. MAR. - NOV AUG 24, 27, 29, 25, 26; 27, 1981 1981 1981 1981 - 8.0 5.1 6.0 7.2 1980 1980 - 6! 5 7.0 - CURRE NCY 1 18 I 16 - - - . 1981 JUL ■ 11 B ILL 1 0 NS. 111:8 _ AUC . a* l l l l 111 111 1111 2 16 30 13 27 10 24 8 22 JUL AUG SEP OCT 1980 111 iiii NOV 3 17 31 14 28 11 25 11 25 8 22 DEC JAN FEB MAR APR 111 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, 111 111 iiii 111 iii 6 20 3 MAY 1981 17 5 121.2 12 121.1 ____ 19 121.1 26 121.2 _ i i i i i i i M i i i i i! I 15 29 12 26 9 23 JUL AUG SEP 1981 1/ RATIO OF MONEY STOCK (MIA) OR (MlB ) 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 285 [----------- ----------------- BILLIONS OF DOLLARS ------I---------- 1---------- =1 285 JUL. 22 AUG. 234.6 235. 1 238.5 238.5 235.0 236.0 I I I I 22 JUL AUG SEP OCT 5 19 NOV 3 IT DEC 31 14 28 JAN 11 25 FEB 11 25 MAR 8 22 APR 1980 MAY JUN JUL AUG SEP 1981 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOS1T COMPONENT OF MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE, 8/27/80 11/26/80 -8.8 -14.4 -13.9 -12.5 -11.8 -12.5 -1 1.9 -10.8 -33.7 -28.9 -23.8 -21.2 -20.9 -19.0 -16.9 1/28/81 AVERAGE OF FOUR WEEKS END 1NG: 2/25/81 3/25/81 -6.8 -6.4 -9.5 -8.8 -7.0 -4.4 -9.2 -8.4 -6.4 4/29/81 5/27/81 -12.4 -10.1 -7.1 -12.2 -7.7 6/24/81 TO THE AVERAGE OF FOUR WEEKS END 1NG: 1/28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 7/29/81 8/26/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -26.5 -18.4 -15.5 -16.2 -14.4 -12.2 -2.2 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 BILLIONS of dollars S ILL I ONS AUG. 490.8 491 .8 492.7 495. 1 495.6 496.0 22 5 19 3 17 31 14 28 JAN II 25 11 25 8 22 6 20 3 17 FEB 1980 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ TIME DEPOSITS H.6 RELEASE. ISSUED IN DENOMINATIONS OF LESS THAN *100,000. SAVINGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE 8/27/80 11/26/80 1/28/81 2/25/81 4. 1 3.6 3.8 4.4 4.6 5.6 4.3 4.3 4.9 5. 1 6. 1 AVERAGE OF FOUR WEEKS ENDING: 3/25/8 4/29/81 5/27/81 6/24/81 5.6 5.7 7. 1 6.2 8.0 8.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/28/81 2/25/81 3/25/81 4/29/81 5/27/81 6/24/81 7/29/81 8/26/81 9. I 8.0 7.8 7. 1 6.8 6.8 6.7 7. 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.9 4.4 4. 1 4. 1 4.5 4.7 5.4 3.5 4.6 4.9 6. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS of DOLLARS 4.0 1981 — JUL. AUG. MILL IONS 29 5 3.5 3.0 1448 2.5 2.0 I .5 1.0 0.5 I I I I 7 AUG 31 SEP 14 28 JAN II 25 FEB 11 25 MAR I MAY 15 29 12 26 9 23 JUN 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 2, 1981 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 196 LL BILLIONS OF DOLLARS 196 INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED 1 1 1 1 - COMPOUNDED ANNUAL RATE-S - OF CHANGE, AVERAGE OF - AUGUST 26, 1981 ENDING THE FOUR WEEKS FROM - THE FOUR WEEKS ENDING 1 LL 26.0 22.6 25.4 22.7 16.2 12. 1 14.5 P's. x T------- 180 _ I 1 1 11 1 1 -LI 11 1 . / K/ 172 168 1SS1 _ 164 184 1 - 176 >1 1 1981 1981 1981 1981 1981 1980 1980 L 24, 27, “ APR. 29, ~ MAR. 25, ~FEB. 25, _ NOV. 26, _ AUG. 27, — 1 — - JUNL -MAY MILLIONS - — - 29 5 12 19 26 1 1 1 1 1 II 1 AUG. — 160 _ 'MM 1 1 1 111 1 1 M 2 16 30 13 27 10 24 8 22 JUL AUG SEP OCT 1 11 5 19 NOV 1 1 1 111 1 11 l I l l 3 17 31 14 28 11 25 II 25 8 22 DEC JAN FEB MAR APR INI, i i i 6 20 MAY 3 17 JUN 181,375 184,785 184,478 “ 183,887 -----184,520 1 1 1 1 1 1 1 1 l' 1 15 29 12 26 9 23 JUL AUG SEP 1980 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1981 PREPARED BY FEDERAL RESERVE BANK OF ST. 11 LOUIS 172 168 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY AOJUS ItU ILL IONS OF DOLLARS 2 16 30 13 27 10 24 8 22 5 19 3 17 31 H 28 11 25 II 25 LATEST DATA PLOTTED WEEK ENDING: AUGUST 26, 8 22 IONS OF DOLLARS 6 20 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
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