IX US. Financial Data

IX

US. Financial DataFederal Reserve Bank of St. Louis October 28,1983

LIBRARYNOV 1 m3

Over the past three years the composition of the money stock (Ml) has been altered by the introduction of NOW accounts on a nationwide basis in January 1981 and Super NOW accounts in January 1983. As shown in the table, these new checkable deposit accounts have grown to comprise roughly one-fourth of Ml. Since the end of 1980, demand deposits have declined by about 9 percent and, consequently, their share of Ml has fallen dramatically. The proportion of currency in Ml, however, has changed little during this period.

The rise of NOW accounts, from their nationwide introduction through the end of 1982, was reflected primarily by a decrease in the share of demand deposits. Super NOW accounts, on the other hand, initially reduced the shares of both demand deposits and NOW accounts: the 5.3 percentage point rise in the share of Super NOWs during the first half of 1983 was accompanied by a decline of 2.2 and 2.8 percentage points in the share of demand deposits and NOW accounts, respectively.In the most recent period, however, the NOW account proportion has changed little, and the rise in the Super NOW proportion has been matched by a decline in the demand deposit proportion.

—Mack Ott

Composition of the Money Stock Average Proportion of Ml held as:~^

Period CurrencyDemanddeposits

NOWplus ATS.?/

Super NOWs 3/

7/80-1/81 27.8% 64.5% 6.7% 0.0%1/81-7/81 27.8 57.1 14.1 0.07/81-1/82 27.9 54.2 16.9 0.01/82-7/82 28.1 52.0 19.0 0.07/82-1/83 28.0 50.4 20.7 0.01/83-7/83 27.6 48.2 17.9 5.37/83-9/83 27.4 47.4 17.7 6.5

1/ Ratios of average seasonally adjusted components to average Ml; sum of proportions is less than 100 percent due to omission of travelers' checks.

2/ Computed as other checkable deposits minus Super Nows.3/ Not seasonally adjusted.

Views expressed do not necessarily reflect official positions of this Bank or the Federal Reserve System.Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2

BILLIONS OF DOLLARS

ADJUSTED MONETARY BASEAVERAGES OF DAILY FIGURESSEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS

200

19S1 BILLIONS. SEP. 21 197.4

196.6— OCT

197.9198.0

I II I I I I I I I III IS 20 IS 27 10 24 8 22 S 10 2 IS 2 10 SO 13 27 II 25 8 22 6 20 3 17 31 \4 28 12 20 0 23

JAN FEB APR MAYOCT NOV

190

196

194

192

190

188

186

184

182

180

178

1982

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 26, 1983

THE ADJUSTED MONETARY BASE CONSISTS OF*. ( I I RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL DEPOSIT!^ INSTITUTIONS). 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:

10/27/82 1/26/83 3/23/83 4/27/83 5/25/83 6/29/83 7/27/83 8/24/83TO THE AVERAGE OF FOUR WEEKS ENDING:

3/23/83 12.34/27/83 11.5 14.35/25/B3 1 1.3 13.3 8.86/26/83 11.3 12.8 9.7 10.77/27/83 10.4 1 1.2 8. 1 8.2 7.48/24/83 9.9 10.4 7.6 7.5 6.8 4.19/28/83 9.4 9.7 7.2 7. 1 6.4 4.6 5.4

10/26/83 9.3 9.5 7.3 7.1 6.6 5.3 6.1 6.4

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ADJUSTED RESERVESAVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTEDBILLIONS OF DOLLARS 56 ------------- 1---------- 1--------

BILLIONS OF DOLLARS -------------------------------- 56

iasa BILLIONS SEP. 14 53.9

2 16 50 13 27 II 23 > 22 6 20 S 17 31 M 2* 12 2« S 23SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL

1982 , ge3

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 19, 1983

SSaS'PEJPWIIBM*® CURRENCY0HELD'BY^THE^NONBANK ?BET£ "ESERVE

ADJUSTED RESERVES

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:0/20/82 1/19/83 3/16/83 4/20/83 5/18/83 6/22/83 7/20/83 8/17/83

TO THE AVERAGE OF FOUR WEEKSENDING:

3/16/83 16.74/20/83 15.4 20.25/18/83 12.5 13.8 3.36/22/83 14.0 15.9 10.2 10. 17/20/83 12.2 12.9 7.3 6. 1 l 1.38/17/83 10.8 10.7 5.4 4. 1 6.9 -2.49/21/83 9.6 9. 1 4.4 3. 1 5.0 -1.5 -1.1

10/19/83 7.8 6.8 2.2 0.7 1.8 -3.9 -4.3 -5.2

PREPARED BY FEDERAL RESERVE BAAK OF ST. LOUIS

3Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4

BILLIONS OF DOLLARS

MONEY STOCK ( Ml )AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BILLIONS OF DOLLARS 525

515.6SEP. 14517.5518.4517.3519.8

I I II2 Ifl SO 13 27 II 25 0 22 fl 20 3 17 31 14 20 12 20 0 231 19 29 13 27 10 24 0 22 9 19 2 10

APR MAYJAN FEBOCT NOV

520

515

510

505

500

495

490

485

480

475

470

465

460


CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.B RELEASE.

^^LM^nS0^ Ift'fvraWWiJinffiiS ?M?,o«s,AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS’ CHECKS.

MONEY STOCK (Ml )

COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF FOUR WEEKS ENDINGi

10/20/62 1/19/83 3/16/83 4/20/83 5/18/83 6/22/83 7/20/83 8/17/83

TO THE AVERAGE OF FOUR WEEKSENDING:

3/16/83 16.04/20/83 13.4 14.65/18/83 13.9 15.2 9. 16/22/83 14.7 16. 1 12.6 18.47/20/83 13.6 14.3 10.8 14.0 12.68/17/83 13.3 13.8 10.8 13.2 12.0 7.69/21/83 11.6 11.3 8.2 9.5 7.8 3.7 3.3

10/19/83 11.1 10.7 7.8 8.8 7.3 4.1 3.9 1.0

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS


MONEY MULTIPLIERi/CURRENCY COMPONENT OF MONEY STOCK 2/

AVERAGES OF DAILY FIGURESSEASONALLY ADJUSTEDRATIO RATIO

RATIO

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 19, 1983

BILLIONS OF DOLLARS M6 ------------- 1---------- 1------

BILLIONS OF DOLLARS ----------------- -------------- 146

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING

AUG. 17, 1983 10.2JUL. 20, 1983

CURRENCY—JUN. 22, 1983MAY 18, 1983I I O , I 30JAPR. 20, 1983vftl’l • 1 7, I 900_ OCT. 20, 1982

iaaa eluusnsSEP. 14 142.8

143.6143.5

144.1

u 111111111111111IS 20 13 27 10 24 8 22 S 10 2 16 2 16 30 13 27 II 25 8 22 6 20 3 17 31 14 28 12 26 0 23

OCT NOV JAN FEB APR MAY SEP OCT


1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE

2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


6

YIELDS ON SELECTED SECURITIESAVERAGES OF DAILY RATES ENDED FRIDAY percent

MUNICIPALBONDS

i»111111 I I I I I I I I4 18 I 15 29 13 27 10 24 8 22 3 19 2 18 30 14 28 11 2510 24 T 21 4 183 17 1 15 29 12

May jun julJAN FEB MAR OCT NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FbR THE WEEK ENDING, OCTOBER 28. 1983

198390 DAY

CD’SHjjfr 90-DAY

BAKERS'ACCEPTANCES

CORPORATEAAA BONDS

CORPORATEBAA BONDS

MUNICIPAL BONDS MK

SEP. 2 9.73 9.34 9.58 12.54 13.65 9.759 9.54 9.33 9.41 12.47 13.60 9.67

16 9.43 9.28 9.31 12.40 13.55 9.6223 9.34 9. 16 9.20 12.31 13.51 9.4230 9. 17 8.97 9.08 12.22 13.49 9.46

OCT. 7 9. 13 9.01 9.02 12.20 13.44 9.4914 9.22 9.09 9.13 12.22 13.42 9.6721 9. 13 3:£ 9.00 12.21 13.42 9.6828 X

NOV. 4111825

9.25 9.14 12.33 13.50 N. A.

Jo^BONDÛYER’ÂvIrA^"iNDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.

N.A. - NOT AVAILABLEPREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


PERCENT 14.0 i—

SELECTED INTEREST RATESAVERAGES OF DAILY RATES ENDED FRIDAY PERCENT

— 14.0

13.0

12.0

10.0

0

--

A -

\ A//

-

N

A/i

>/ \1 /

TREASA5-Y

URY S ■CUR IT

\„ES/

-VJ

1 1 1 1

1 1 II 1

11

X AFUN1

5ERAL )S RATE

J a r' Q,\— 1

1 1

1

1 1

A

JV V 1

A/a

A\ A

ir—

1 1

1 1

\ -

V-.

J C 1SCOUN RATE

1 1

1 1

A/j ’

TREA2 Wt ILL

1 1

1 1

’“ill 1 1 1 1 111 1 1 1 1 -LLL i i.i -LLL INI 1 1 1 1 1 1 1 1 1 1 111 1111 -LLL ±uL'9 17 I 19 29 12 26 10 24 7 21 4 18 4 18 I IS 29 19 27 10 24 8 22 5 19 2 16 90 14 28 II 25SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV

1982 1983

13.0

12.0

11.0

10.0

9.0

8.0

7.0

0

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 28, 1983

1983FEDERAL

FUNDS XX

3-MONTHTREASURY

BILL

6-MONTH TREASURY BILL XXK

1-YEARTREASURY

BILL

5-YEAR TREASURY

SECURITIES

LONG-TERMTREASURY

SECURITIES

SEP. 2 9.44 9.26 9.53 9.64 11.73 11.899 9.53 9. 13 9.40 9.47 11.56 11.73

16 9.54 9.08 9. 14 9.33 11.46 11.6523 9.48 8.94 9.06 9. 15 11.37 11.5630 9.04 8.75 8.84 9.04 11.22 11.43

OCT. 7 10.00 8.62 8.92 8.93 11.15 11.3714 9.46 8.79 8.97 9. 10 11.36 11.6221 9.36 8.53 8.79 8.89 11.20 11.5028 X

NOV. 4111825

9.36 8.67 8.91 9.03 11.40 1 1 .69

II 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.15 RELEASE.

ca,PUTED BY THE federal reserve of st- louis-PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7


8

BILLIONS OF DOLLARS

TOTAL CHECKABLE DEPOSITSÂVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BILLIONS OF DOLLARS 380

BILLIONS.SEP. 368.0

369.8370.0369.0371.3

I 15 20 19 27 10 24 8 22 5 10 2 16 2 16 90 19 27 II 25 8 22 6 20 9 17 31 14 28 12 28 B 23SEP OCTOCT NOV JAN FEB APR MAY

375

370

365

360

355

350

345

1982 1983

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 19. 1983

1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOSITS

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDINGt

10/20/82 1/19/83 3/16/83 4/20/83 5/18/83 6/22/83 7/20/83 8/17/83TO THE AVERAGE OF FOUR WEEKSENDINGi

3/16/83 18.54/20/83 14.8 15.35/18/83 15.3 16. 1 8. 16/22/83 16.3 17.6 13.2 21.07/20/83 15. 1 15.6 1 1.3 15.9 14.68/17/83 14.8 15. 1 11.4 14.9 13.8 8.49/21/83 12.4 1 1 .7 7.9 9.7 7.7 2.4 1.3

10/19/83 11.7 10.8 7.2 8.6 6.9 2.6 1.9 -2.3



TOTAL TIME DEPOSITS 1/ALL COMMERCIAL BANKS

AVERAGES OF DAILY FIGURESBILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS of dollars

850 cr

19S1 BILL .LANS SEP. 14 701.4

701.4701.7703.0702.7703.3

I IS 20 IS 27 10 24 8 22 S 19 2 16 2 16 30 IS 27 II 25 8 22 6 20 S 17 SI 14 28 12 28 0 23OCT NOV APR MAY SEP OCTJAN FEB


1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

MMDAs, MMMFs and SUPER NOWs (billions of dollars, not seasonally adjusted)

MMDAs 1/ MMMFs 2/ SUPER NOWs 3/

September 7 $366.2 $176.9 $34.714 366.8 176.2 34.821 366.7 176.7 34.528 367.4 176.4 33.8

October 5 369.7 176.7 35.212 368.6 177.3 35.919 366.6 177.6 35.7

1/ Money market deposit accounts at all depository institutions, effective 12/14/82 2/ Total money market mutual fund balances.7/ NOW accounts at all depository Institutions, requiring a $2,500 minimum balance

and eligible to earn more than 5.25 percent, effective 1/5/83.



10

BILLIONS OF DOLLARS 460

450

440

430

420

410

400

390

380

370

360

350

340

330

320

310

300

0

SMALL TIME DEPOSITS^ COMMERCIAL BANK SAVINGS DEPOSITS

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS

460

=“ 1993 BJLLLLE-SEP. 14 336.= 21 337.7E— 28 338.= OCT. 5 339.2

====

= 19 344.2 |

1 |= E

= V =1 \

SMALL TIME >EPOSI=

E V TS=

| \ == == =E =E =E =s 1 1 1 1 in in 1111 111 .ILL -LUX in XLL XLLL XLL 1 1 1 1 1 1 1 XLL XLLL


390

360

370360

350

340

330

320310

.300

0

BILLIONS OF DOLLARS BILLIONS OF OOLLARSiq 190

ISSl Bi.LLi.QN5.SEP. 14 137.0

137.0 — 180136.7196.4136.2135.7

■= 170

— 165

— 160

SAVINGS DEPOSITS — 155

— 150

I 15 2B 15 27 10 24 • 22 5 IB 2 16 2 16 30 15 27 I 25 8 22 6 20 3 17 31 14 28 12 26 B 23OCT NOV JAN FEB SEP OCT


1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000.



BORROWINGS FROM FEDERAL RESERVE BANKSBILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS

1963 MILLIONS

SEP. 21 210928 128!

OCT.

I I I I15 29 13 2? 10 24 8 22 5 19 2 18 2 IS SO IS 27 II 25 8 22 8 20 3 17 31 14 28 12 26 9 23

OCT NOV JAN FEB

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1 .0

0.5

LATEST DATA PLOTTED HEEK ENDING*. OCTOBER 26, 1983


BUSINESS LOANS u ( COMMERC IAL AND I NDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/ SEASONALLY ADJUSTED BY THIS BANK

204

IS 29 15 27 10 24SEP OCT NOV DEC

1982


_ COMPOUNDED ANNUAL RATE _ OF CHANGE, AVERAGE OF _ THE FOUR WEEKS END 1NG

OCTOBER 19. 1983 FROM _ THE FOUR WEEKS ENDING

- AUG. 17, 1983 -4.7- JUL. 20, 1983 -1.3~ JUN. 22, 1983 -1.5“ MAY 18, 1983 0.2- APR. 20, 1983 -2.1

-S III,,

-

-L.L

J.,

“ OCT. 20, 982 -2.0

TTT N

\___ ^

TTT

-

T/~

1 1 1

_1983 k ILLION5 -

III! SEP. 14 215,037

21 215,064 _28 213,137 _

OCT. 5 214,129 ___12 215,261 -19 215,020 -

...................................tig

■I.-L1 1 _LLL 111 1111 111 j-i i i m m. -LLL 1 1 1 1 11116 30 13 27 II 25 8 22 6 20

JAN FEB MAR APR MAY JUN JUL 1983

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 19, 1983

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.

2/ BANKS WITH DOMESTIC ASSETS OF 8750 MILLION OR MORE

3 17 31 14 2AUG SEP

> 12 26 9 23OCT NOV


11


12

LARGE TIME DEPOSITS ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS

285

280

275

270

265

BILLIONS

I I I I I I I I

OCT NOV JAN FEB APR MAY1982 1983

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 19, 1983

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 OR MORE.



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IX US. Financial Data