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r^irsiArsjcixxL. d l »»* Week ending: September 23, 1981 Library fCPtt fjgf In response to the general decline in market interest rates, the Federal Reserve Board has lowered the discount rate surcharge that applies to large depository institutions that borrow frequently from Federal Reserve Banks. The surcharge, set at 4 percent on May 5, has been reduced to 3 percent. The basic discount rate of 14 percent remains unchanged. In addition, the Board modified the rules governing the applicability of the surcharge. The surcharge still applies only to frequent borrowers of short-term adjustment credit with deposits of $500 million or more. Under the old rule, the surcharge applied to these institutions either when they borrowed in two or more consecutive weeks or in more than four weeks of a calendar quarter. The surcharge will continue to apply when an institution borrows for a second consecutive week. However, under the modification which becomes effective October 1, 1981, the surcharge on borrowing in excess of four weeks will apply during a moving quarter rather than a calendar quarter. In other words, the surcharge will apply for a large institution borrowing more than four times within the current and preceding 12 weeks. This change will eliminate the incentive for large institutions to borrow at the end of each calendar quarter. In other interest rate developments, the prime rate charged by commercial banks has been lowered for the second week in a row. Most large commercial banks have lowered their prime lending rate to 19.50 percent during the past week. Banks' decisions to lower their prime rates have been affected by declines in both the interest rate on 90-day certificates of deposit (an important source of loanable funds for banks) and the interest rate on short-term commercial paper (an alternative source of credit for large corporations that borrow from commercial banks). Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Released: September 25, 1981 2 ADJUSTED MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 174 BILLIONS 169.2 172 168.5 168.5 168.6 170 168 166 164 162 160 158 156 6 20 3 AUG SEP 17 I 15 29 12 26 10 24 7 21 4 JAN FEB 18 4 18 1 15 29 13 27 MAR MAY 10 24 8 22 5 19 2 16 30 14 28 JUN 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 23, 1981 THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS, C2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC ANO IN THE VAULTS OF COKWEfcClAL BANKS), AND C3) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES. THE MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT. DATA ARE COMPUTED BY THIS 8ANK. 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: 9/24/80 12/24/80 2/25/81 3/25/81 4/22/81 5/20/81 6/24/81 7/22/81 5.4 6.0 6.2 6.6 6. 1 5.9 6.3 5.6 3.5 4.4 5.4 4.8 4.8 5.5 4.6 8.2 8.8 6.9 6.5 7. 1 5.7 8.6 6.2 5.9 6.7 5.2 5.7 5.4 6.6 4.8 3.5 5.7 3.7 7.5 4. 1 3.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/25/81 3/25/81 4/22/81 5/20/81 6/24/81 7/22/81 8/26/81 9/23/81 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 StASUNALLY ADJUSTED BILLIONS OF DOLLARS 1ML AUG. BILLIONS OF DOLLARS --------------------------------- 50 BULLIONS 12 47.8 48.0 SEP. I AUG 15 29 12 26 SEP 10 24 7 21 JAN FEB MAR LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 16, 1981 *' <ME“BER BANK RESERVES *T ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 9/17/80 12/17/80 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 1.0 4.0 3.4 3.4 4. 1 2.6 4.0 3.7 -2.5 -1.9 -1 . 1 0.9 -0.7 1 .6 1.4 10.3 7.8 8.2 4.4 6.6 5.7 1 .4 4.4 0.7 4.1 3.5 6.3 0.9 5.0 4.1 0.0 5.7 4.4 3.7 2.6 9.0 TO THE AVERAGE OF FOUR WEEKS ENDING*. 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 8/19/81 9/16/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 4 MONEY STOCK (MIA) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS •400 B-I-LL1-QNS AUG. AUG JAN SEP FEB 12 364.0 360.6 361.6 360.9 359.8 360.9 MAR 1980 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 16, 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 1 COMPOUNDED ANNUAL RATES OF CHANGE, 9/17/80 12/17/80 -10. 1 -9.7 -8.6 -7.3 -7.9 -7.3 -6.5 -6.4 -22.3 -17.9 -14.2 -13.7 -12.2 -10.4 -9.9 AVERAGE OF FOUR WEEKS ENDING: 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 -4.7 -2. 1 -5.0 -4.4 -3.4 -3.6 0.9 -4. 1 -3.5 -2.6 -2.9 5.3 - 4.2 2.8 3.2 -7.3 -4.5 -4.6 -0.3 -1.8 -1 .7 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 8/19/81 9/16/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( MlB ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 450 &1LLJQNS 445 434.5 431.1 432.6 431 .8 440 433.7 435 430 425 420 415 410 405 400 I 15 29 12 26 10 24 7 21 JAN FEB 1980 1981 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 16, 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, 9/17/80 12/17/80 AVERAGE OF FOUR WEEKS ENDING: 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 16.5 16. 1 7.2 6.2 6.0 5.5 16.2 4.7 4.0 4.3 3.9 0.4 0.3 1 .6 1.7 -5.7 -2.0 -1.1 3.7 3.2 3.8 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 8/19/81 9/16/81 5.5 7.0 8.3 9. 1 6.3 5.8 5.8 5.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.3 8.7 9.9 5.5 5.0 5.0 4.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 22.0 22.0 21 .0 20.0 PRIME BANK LOAN RATE 20.0 19.0 90 DAY CD'S 18.0 17.0 17.0 16.0 15.0 15.0 14.0 13.0 CORPORATE Aaa BONDS 12.0 11.0 10.0 MUNICI PAL BONDS XK 9.0 8.0 7.0 I >5 29 12 26 10 24 5 19 NOV 2 16 30 13 27 DEC FEB 13 27 10 24 MAR 8 22 5 19 APR 3 17 31 14 28 11 AUG 25 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. SEPTEMBER 25. 1981 AUG, 7 14 21 28 SEP. 4 1 1 18 25 * OCT. 2 9 16 23 30 90 DAY CD'S 18.04 17.88 18.03 18.02 17.74 17.61 16.57 16.00 PRIME COMMERC1AL PAPER KK* 17. 16 16.95 17. 15 16.94 16.80 16.71 15.78 15.36 PRIME BANKERS' ACCEPTANCES 17.41 17.23 17.34 17.24 17.07 16.78 15.89 15.39 9 23 SEP 1981 CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS K* 14.82 14.62 14.78 15.21 15.50 15.61 15.30 15.20 16.31 16.21 16.25 16.54 16.77 16.96 16.88 16.80 11.63 11.94 12.49 12.97 13. 10 13.21 12.79 N. A. * 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 22.0 r— 21 .0 21 .0 FEDERAL FUNDS RATE 20.0 3-MONT TREASURY TREASURY SECURITIES DISCOUNT RATE HI 1 1 I I | | 1 15 28 12 26 10 24 7 21 5 NOV DEC 19 2 |6 30 13 27 FEB 13 27 10 24 MAR 8 22 5 19 3 17 31 APR M 26 AUG II LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER FEDERAL FUNDS ** 1981 AUG. SEP. OCT. 7 M 21 28 4 11 18 25 18.25 18.29 18. 19 17.41 16.89 16.50 16.09 15.33 2 3-MONTH TREASURY BILL 15 15 15 15 15 15 14 14 43 25 63 71 59 14 35 29 6-MONTH TREASURY BILL XSKX 15 15 15 13 15 15 14 14 57 12 64 85 65 80 66 13 I-YEAR TREASURY BILL 14.63 14.43 14.70 14.99 15.05 14.80 14.21 14.08 25 5-YEAR TREASURY SECURITIES 15.45 15. 13 15.51 16.04 16. 13 16.07 15.70 15.57 25, 1981 LONG-TERM TREASURY SECURITIES 14.06 13.71 13.89 14.45 14.64 14.63 14.29 14.24 9 16 23 30 * AVERAGES OF RATES AVAILABLE. 2*SktF*™ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis than mte I.ARE C0MPUTED BY THE FEDEn*L "“ERVE sHomOF ST. LOU IS. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 9 23 SEP 8 MULTIPLIERS!/ CURRENCY OF MONEY STOCK MEASURES 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUS IEU RATIO RATIO RAfifl AUG. MONEY MULTIPLIERS I SEP. RATIO. _ AUG. I I I I I I I II I I 1 LLL LATEST DATA PLOTTED WEEK END IMGt SEPTEMBER 16, 1981 BILLIONS OF DOLLARS ------------------- ----------- 124 BILLIONS OF DOLLARS 124 ---------- 1---------- 1-------- COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF —the four Weeks ending SEPTEMBER 16, 1981 FROM - THE FOUR WEEKS ENDING: —JUL. JUN. - MAY APR. - MAR. DEC. - SEP. 15, 17, 13, 15, 18, 17, 17, 1981 1981 1981 1981 1981 1980 1980 4.4 5.5 4.9 6.1 6.4 6.1 6.8 CURRENCY ■IML BILLIONS AUG. I I I I 1 I I I 1 I I I I 1 AUG IS 20 12 26 10 24 SEP 1 7 21 JAN 15 29 13 27 10 24 8 22 5 19 111 1 2 1-LL 16 30 14 28 FEB LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 16, 1981 1/ RATIO OF MONEY STOCK (Ml A ) 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 BILLIONS OF DOLLARS 280 BILLIONS AUG. 12 SEP. 238.5 235.0 235.8 235.7 234.0 235.5 275 270 265 260 255 250 245 240 235 4 JAN 18 FEB 4 18 I IS 29 IS 27 10 24 8 22 5 19 MAR 1980 LATEST DATA PLOTTED WEEK ENDING-. SEPTEMBER 16, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA ) COMPOUNDED ANNUAL RATES OF CHANGE, 9/17/80 12/17/80 2/18/81 -17.1 -16.7 -15.6 -13.9 -14.3 -13.5 -12.5 -12.1 -32.9 -27.6 -23. 1 -22.0 -19.9 -17.7 -16.8 -1 1.2 -7.8 -10.6 -9.6 -8.4 -8.3 3/18/81 AVERAGE OF FOUR WEEKS END 1NG: 4/15/81 5/13/81 - 10.0 -8.6 -7. 1 -7.2 -12.0 -8.9 -8.7 6/17/81 7/15/81 -4.0 -5.3 -5.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/18/81 3/18/81 4/15/81 5/I3/81 6/17/81 7/15/81 8/19/81 9/16/81 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -4.2 -9.3 -8.4 -7.2 -7.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 SAVINGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 510 r—------- 1---------- ,-------- BILLIONS OF DOLLARS ---------------------------- =1 51° BILLIONS AUG. 12 495. 1 ~ SEP 497.0 497.7 6 20 AUG 3 17 SEP 1 OCT 1980 NOV DEC JAN FEB MAR IS 29 APR 13 27 10 24 MAY JUN 1981 8 22 JUL S 19 AUG SEP OCT LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 16, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000. SAV1NGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE 9/17/80 12/17/80 AVERAGE OF FOUR WEEKS ENDING: 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 5.0 3.6 4.7 4.5 5.7 6.0 3.0 4.7 4.5 5.9 6.2 4.5 4.3 6.0 6.4 5.9 7.6 7.6 7.6 7.7 9.4 TO THE AVERAGE OF FOUR WEEKS ENDING; 2/18/81 3/18/81 4/15/81 5/13/81 6/17/81 7/15/81 8/19/81 9/16/81 8.4 7.8 7.5 6.7 6.8 6.5 6.9 7.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.1 4.4 3.7 4.4 4.3 5.2 5.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS BILLIONS OF DOLLARS 4.0 r---------,---------- ,-------1991 AUG. AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS ------ ------------- ---------i 4.0 MILLIONS 19 1448 1446 1 AUG SEP 15 2B 12 26 10 24 OCT 1980 NOV DEC 7 21 4 18 4 JAN FEB MAR 18 1 15 20 13 27 MAY 10 24 8 22 5 10 2 16 30 14 28 JUN LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 23, 1981 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 196 _ - 1 1 1 COMPOUNDED ANNUAL RA TES OF CHANGE. AVERAGE 0 F THE FOUR WEEKS END IN SEPTEMBER 16, 1981 F ROM THE FOUR WEEKS END IN Gt “ ~ JUL. JUN. MAY APR. 15, 17, 13, 15, 176 1981 1981 1981 1981 18.7 22.0 20.9 22.5 1980 1980 10.6 13.7 BILLIONS OF DOLLARS 196 - 192 188 “ A' 184 /—•" TTT _ DEC . 17, _ SEF . 17, INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED 1 1 1 / r-' 172 A > = 168 / v **\ .r 180 T -------176 172 N - 1 1 198 - 184,478 183,887 184,503 186,282 185,384 186,218 i i i i i i i i Z ~ 168 1 MILLIONS 164 -j 160 S 1 1 1 111 -LLLI 111 ii 11 111 111 XIX III! XU AUG SEP NOV DEC JAN FEB OCT MAR APR 1980 MAY xu_ JUN 12 19 26 SEP. 2 9 16 i i i mil 5 JUL AUG 16 30 SEP _ i: 14 28 OCT 1981 LATEST DATA PLOTTED WEEK ENDING; SEPTEMBER 16, 1981 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 164 160 12 LARGE TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES ILL IONS OF DOLLARS SEASONALLY ADJUS ItD ILL IONS OF DOLLARS BILLIONS I AUG IS 20 12 26 10 24 SEP I 7 21 JAN FEB IS 28 13 27 10 24 8 22 5 10 2 16 30 14 28 MAR LATEST DATA PLOTTED WEEK ENDING; SEPTEMBER IB, 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
@FedFRASER