u.s. financial data: week ending: april 18, 1979 · 4/18/1979 · 144.3 145.5 i i i i i 13 1 13 29...

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Week ending: April 18, 1979

The adjusted monetary base, as computed by this Bank, into account the effects of changes in legal reserve

ratios. When reserve requirement ratios are raised, a Egivfti amount of reserves can support a smaller volume of deposits. Hence, the reserve adjustment magnitude (RAM) decreases. Over short periods of time, especially at times when reserve requirement ratios are changed, changes in RAM can be a large component of the changes in the adjusted monetary base. As shown in the table below; RAM declined $2.5 billion between October and December 1978. This period includes the establishment of the supplementary 2 percent reserve requirement on large-denomination time deposits at member banks.

During periods when legal reserve requirement ratios are unchanged, however, changes in RAM are a small component of the changes in the adjusted monetary base. In the seven-month period prior to the November 1978 reserve requirement change, the adjusted monetary base increased $8.7 billion, only $325 million of which was attributable to a change in RAM. In the three months since the change in reserve requirements, RAM has had essentially no effect on the change in the adjusted base. The change in the adjusted base in both of these periods was dominated by a change in Federal Reserve holdings of U.S. Government securities.

Changes in Factors Influencing the Adjusted Monetary Base

(Not Seasonally Adjusted, Millions of Dollars)

March 1978 October 1978 December 1978to to to

October 1978 December 1978 March 1979

Federal Reserve Credit $18,425 $-3,943 $-3,083U.S. Government 15,541 -6,099 -4,450

SecuritiesLoans 917 - 387 124Float plus other 1,967 2,543 1,243

Federal ReserveAssets

Other Factors -10,024 10,923 - 685Treasury Deposits -10,243 11,017 811

with FederalReserve

Other Items* 219 - 94 - 126

Source Base 8,401 6,980 -2,398RAM 325 -2,504 1Adjusted Monetary Base 8,726 4,476 -2,397

*Includes gold stock, SDRs held by Federal Reserve Banks, Treasury currency outstanding, Treasury cash holdings, and other Federal Reserve liabilities and capital accounts.

Prepared by Federal Reserve Bank of St. LouisReleased: April 20, 1979

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

2

BILLIONS OF DOLLARS

ADJUSTED MONETARY BASEAVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS M8

1 46 MAR.

144.2___ APR.144.3145.5

I I I I5 19 2 16 30 IS 27 n 25 8 22 6 20 3 17 31 14 2B 14 28 11 25I 13 1 13 29 12 26 10 24 T 21

SEP OCTJUN JUL

! 46

144

142

140

138

136

134

132

130

LATEST DATA PLOTTED WEEK ENDINGs APRIL 18. 1979

THE ADJUSTED MONETARY BASE CONSISTS OFi ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), AND (3) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES. THE MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT. DATA ARE COMMUTED BY THIS BANK. A DETAILED DESCRIPTION OF THE ADJUSTED MOtETARY BASE IS AVAILABLE FROM THIS BANK.

ADJUSTED MONETARY BASE

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING!

4/19/78 7/19/78 9/20/78 10/18/78 11/15/78 12/20/78 1/17/79 2/21/79

TO THE AVERAGE OF FOUR WEEKS ENDINGi

9/20/78 9.610/18/78 10.4 10.311/15/78 10. 1 9.7 11.312/20/78 9.5 8.8 9.2 6.81/17/79 9.3 8.6 8.8 7.0 6.72/21/79 8.9 8.2 8.2 6.7 6.5 6.73/21/79 8.5 7.7 7.5 6.2 5.8 5.8 5.04/18/79 8.2 7.4 7. 1 5.9 5.6 5.5 4.8 4. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


RATIO 2. 9

MULTIPLIERSADJUSTED FEDERAL RESERVE CREDIT*/

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED

MULT IPLIER

1B2.a RATIO

MAR. 7142128

41 1

-LLli

2.4982.4952.4962.4952.4952.506

J-Mllll*“I 1 1 ■ 1111 111 Jill. 111 -LI. 1 jj 11 -11 1 1 1 1 -11J 1 1 1 1

APR.

Mill

RATIO2.9

BILLIONS OF DOLLARS 128 r--------- ,------------- ,------ ILL IONS OF DOLLARS

----------------- ----------- 128COMPOUNDED ANNUAL RATES

-----OF CHANGE. AVERAGE OFTHE FOUR WEEKS ENDING

“ APRIL 18, 1979 FROM ADJUSTED FEDERAL RESERVE CREDIT-----THE FOUR WEEKS END INGi

- FEB. 21, 1979 3.2JAN. 17, 1979 4.9

— DEC. 20, 1978 6.6_ NOV. 15, 1978 7.1

OCT. 18, 1978 7.8-----JUL. 19, 1978 8.9_ APR. 19, 1978 9.5

iai9. amtPNs

MAR. 14 124.925.324.9

APR.

U 1 I I I I I I I I I U I I1 15 I 13 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25FEB MAR APR MAY JUN JUL AUG SEP OCT

1978LATEST DATA PLOTTED WEEK ENDING: APRIL 18, 1979

8 22 6 20 3 17 31 14 28 14 28 11 25FEB MAR

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUTS

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

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6*9 8*9 l *9\r’i 9*8 6*6 V * l l

6*961/1l/V6*961/M/C9*161/*l/Z9*861/01/1l *681/Cl/ZlO’Ol81/8 /ll1*0181/1l/Ol9 ‘0181/C 1/6

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

MONEY STOCK (Ml )AVtrtAbtS Of- DAILY FIGURES

SEASONALLY ADJUSTEDBILLIONS OF DOLLARS 370 ---------- r—--------- r— BILLIONS OF DOLLARS

-------- ---------------------- 370SILLIONS

__ MAR. 360.2358.8

358.8359.8361.6

i-l I 1 I 1 I1 13 1 13 29 12 26 10 24 7 21 3 10 2 16FEB MAR APR MAY JUN JUL AUG

1978LATEST DATA PLOTTED WEEK ENDING: APRIL 11, 1979

3 17 31 M 28 14 28 11 23SEP OCT

1979

CURRENT DAT* APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN MELD BY THE NONBANK PUBLIC.

MONEY STOCK (Mi )

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:4/12/78 7/1Z/7B 9/13/78 10/11/78 1/8/78 12/13/78 1/10/79 2/14/79

TO THE AVERAGEOF FOUR WEEKSENDING.

9/13/78 9.910/11/78 10. 1 9.511/ 8/78 8.5 6.8 4.812/13/78 7.0 4.9 2.4 -1 . 41/10/79 6.5 4.4 2.2 -0. 42/14/79 4.9 2.5 0. 1 -2.3 -2.5 323/14/79 4.3 2.0 -0.2 -2.24/11/79 4.4 2.4 0.6 -1.0 -0.9 -0.8 -L5 2.0



6

YIELDS ON SELECTED SECURITIESAVERAGES OF DAILY RATES ENDED FRIDAY

PRIME BANK LOAN RATE

90 DAY CD’S***1 1 .0

10.0

CORPORATE Aaa BONDS

COMMERCIAL PAPER

1978 1979

PERCENT 12.5

12.0

1 1.5

1 1 .0

10.5

10.0

9.5

9.0

8.5

8.0

7.5

7.0

6.5

6.0

5.5

0

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 20, 1979

197990 DAY

CD'S xxx

PRIME COMMERC1AL

PAPER4-6 MONTH

PRIMEBANKERS'

ACCEPTANCESCORPORATEAaa BONDS

jMUNICIPAL BONOS XX

FE5. 2 10.20 10.07 9.92 9. 19 6.229 10. 13 9.99 10.03 9.23 6.31

16 10.17 1 0.02 9.96 9.25 6.3323 10.16 1 0.03 10.06 9.28 6.38

MAR. 2 10.26 10.03 10.03 9.36 6.429 10. M 10.01 9.97 9.35 6.35

16 10. 16 10.03 10.00 9.38 6.3023 10.20 9.95 9.97 9.38 6.29 ,30 10.09 9.81 9.82 9.35 6.28

APR. 6 9.99 9.85 9.90 9.31 6.2513 10.09 10.05 10.05 9.37 6.3320 * * *** 27

10.27 10.08 9.98 9.39 N. A.

* AVERAGES OF RATES AVAILABLE.it* BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS

EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. N.A. - NOT AVAILABLE

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUISDigitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SELECTED INTEREST RATESAVERAGES OF DAILY RATES ENDED FRIDAY

10 5

FEDERAL FUNDS RATE

10.0

DISCOUNT RATE

3-5 YEARTREASURY SECURITIES

THREE-MONTH TREASURY BILL MARKET YIELD

3 17 3 17 31 14 28 12 26 8 23 7 21

JAN FEB1978

PERCENT11.0

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt APRIL 20, 1979

1979FEDERAL

FUNDS 1(9*

3-MONTHTREASURY

BILL

6-MONTH TREASURY BILL *e*9K

1-YEARTREASURY

BILL

3-5 YEAR TREASURY

SECUR1T1ES

LONG-TERM TREASURY

SECUR1T1ES

FEB. 2 10.12 9.28 9.38 9.31 9.02 8.819 10.06 9.24 9.31 9.34 9.07 8.90

1 6 10.15 9.28 9.34 9.35 9.16 8.9623 9.97 9.41 9.37 9.49 9. 25 9.00MAR. 2 10.06 9.44 9.50 9.50 9.32 9.03

9 10.07 9.44 9.42 9.40 9.24 8.9816 10.21 9.51 9.46 9.43 9.24 8.9923 10.09 9. 54 9.48 9.37 9.24 8.9930 10.00 9.46 9. 44 9.29 9.23 8.97

APR. 6 9.95 9.53 9.50 9.26 9. 24 8.971 3 y. 93 9.70 9.57 9.37 9. 34 9.0220 * 27

9.96 9.48 9.63 9.24 9.32 9.03

* AVERAGES OF RATES AVAILABLE.** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN

^2R^cIiicAIatcFPEAR IN THE B0ARD 0F GOVERNORS’ H.9 RELEASE. '*** NEW ISoUE RATE

C0W,UTED BY THE FEDERAL RESERVE 8ANK 0F ST-L0UIS-



8

NET TIME DEPOSITS ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS

530

520.3520.0521.9523.3525.2

I I I II I I I7 21 3 19 2 16 30 13 27 II 23 8 22 6 20 3 17 31 14 28 14 28 11 231 13 1 13 29 12 26 10 24

FEB MAR APR1978

525

520

515

510

505

500

495

490

485

480

475

470

LATEST DATA PLOTTED WEEK ENDING: APRIL 11. 1979

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

* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:

4/12/78 7/12/78 9/13/78 10/11/78 11/8/78 12/13/78 1/10/79 2/14/79

TD THE AVERAGE OF FOUR WEEKS ENDINGi

9/13/7B 1 1.210/11/78 11.2 12.911/ 8/78 11.1 12.2 10.712/13/78 10.6 11.2 9.6 8.91/10/79 9.6 9.6 7.5 6.5 4.82/14/79 9.0 8.8 6.9 5.9 4.7 3.13/14/79 8.8 8.5 6.8 6.0 5.1 4.1 5.44/11/79 8.7 8.5 7.0 6.3 5.6 5.0 6.2 7.3



DEMAND DEPOSIT COMPONENT OF MONEY STOCKAVERAGES OF DAILY FIGURES

billions OF DOLLARS SEASONALLY ADJUSTED billions of dollars

SILL .IONS260.7259.7

259.2APR. 259.8

261.8

11.1 I 11.111 15 I 15 29 12 26 10 24 7 21 5 19 2 16 30 15 27 11 25 8 22 6 20

1978 1979

LATEST DATA PLOTTED WEEK ENDING: APRIL 11, 1979

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK

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

4/12/78 7/12/78 9/13/78 10/11/78 11/8/78 12/13/78 1/10/79 2/14/79TO THE AVERAGE OF FOUR WEEKS ENDING:

9/13/78 10.010/11/78 10.2 8.711/ 8/78 8.0 5.2 2.712/13/78 6.0 2.8 -0.3 -5.11/10/79 5.3 2.2 -0.5 -3.8 -3.22/14/79 3.0 -0.4 -3.5 -6.5 -6.8 -7.83/14/79 2.3 -0.9 -3.7 -6.2 -6.4 -6.9 -9.54/11/79 2.6 -0.3 -2.5 -4.5 -4.4 -4.2 -5.2 0.0



10

BILLIONS OF DOLLARS

CURRENCY COMPONENT OF MONEY STOCK

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS

IOZ

BILLIONS

99.5

99.499.6

APR 100.099.8

3 10 2 16 30 13 27 11 23l 13 29 12 26 10 24 7 21

1978

LATEST DATA PLOTTED WEEK ENDING: APRIL 11, 1979

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

CURRENCY

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS END 1NGi

4/12/78 7/12/78 9/13/78 10/11/78 11/8/78 12/13/78 1/10/79 2/14/79

TO THE AVERAGE OF FOUR WEEKS ENDINGt

9/13/78 9.610/11/78 10. 1 11.711/ 8/78 9.9 10.9 10.812/13/78 10.0 10.7 10.5 9. 41/10/79 9.9 10.6 10.4 9.5 10.02/14/79 9.9 10.5 10.3 9.7 10.0 9.93/14/79 9.7 10. 1 9.7 9. 1 9.3 8.9 8.64/11/79 9.6 9.9 9.5 9.0 9.1 8.8 8.4 7.5



BORROWINGS FROM FEDERAL RESERVE BANK ALL MEMBER BANKS IN THE NATION

AVERAGES OF DAILY FIGURES BiLLiOh DOLLARS3.5

BILLIONS OF DOLLARS 3 5 r---------1------------- 1-----

1979 MILLIONS

I I 1 I27 11 23 « 22 6 20 3 17 31 14 28 14 28 11 25I 15 1 13 29 12

FEB MAR19791978

LATEST DATA PLOTTED WEEK ENOING. APRIL 1 1979

BILLIONS OF DOLLARS144

HZ

MO

138

136

134

132 130

128 126

124

122 120 1 18

0

BUSINESS LOANS( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS

144" COMPOUNDED ANNUAL RA— OF CHANGE, AVERAGE 0 _ THE FOUR WEEKS END 1 N<

DECEMBER 27, 1978 FR “ THE FOUR WEEKS END 1 N<I. OCT. 25, 1978 4.7

SEP. 27, 1978 7.9- AUG. 30, 1978 7.7

1—JUL. 26, 1978 7.7_ JUN. 28, 1978 6.8

MAR. 29, 1978 11.9

[ES -

5m -

-

-

-

NO NEW DATA AVAILSUiLE -

- -

- -

- -

- -iSL5 HlimtB

22 139,837 -----29 139,735 -6 139,776 -----

13 139,16620 139,35827 139,471 (11111111111111

-

-

m .mi J.I..I 1111 ui. iiii 111 -I..I I. ■ Ul 1 -l-LL -ui-2 16 SO 14 28 II 23 8 22 8 22 3 1W 3 17 31 14 28 12 26 9 23 6 20 4 18 I 13 29 13 27 10 24NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV OEC JAN

1977 1978 1979

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 27, 1978


142

140

138

136

134

132

130

128

126

124

122 120 I 18

0


12

BILLIONS OF DOLLARS

CERTIFICATES OF DEPOSITLARGE COMMERCIAL BANKS

WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED IONS OF DOLLARS

104

10Z

100

98

1978

LATEST DATA PLOTTED '•EEK ENDINQ. APRIL H, 1979CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.


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u.s. financial data: week ending: april 18, 1979 · 4/18/1979 · 144.3 145.5 i i i i i 13 1 13 29...

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