U.S. Financial Data: February 13, 1986

RESEARCH LIBRARY Federal Re_nr*rvoqi reserve Bai;kJ---------------------------------------------------------

financial DataFEB 1 9 1986 February 13, 1986

Beginning with this issue, the seasonal factors for the adjusted monetary base have been revised for the period since February 1984. The revised seasonal factors reflect new seasonal patterns in the monetary base under contemporaneous reserve requirements, which have been in effect since February 1984. To derive the new seasonal factors, the weekly series for the adjusted monetary base for several years prior to 1984 has been modified to reflect the timing of reserve accounting under contemporaneous reserve requirements. That series was then combined with the data on the base as currently calculated since February 1984, and seasonal factors were derived. The table on the back of this release indicates that the incidence of large fluctuations in the base have been reduced substantially with the new seasonal factors.

Another change that begins with this issue is the publication of the adjusted monetary base for two-week reserve maintenance periods. Publication of the weekly series has been discontinued.

—R. Alton Gilbert

Money stock measures and related items recently have been revised by the Federal Reserve Board to incorporate benchmark adjustments and changes in seasonal adjustment factors.

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

2

ADJUSTED MONETARY BASEAVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANKBILLIONS OF DOLLARS 240 --------- .------------,-----

BILLIONS OF DOLLARS

lSfifi. BILLIONS_ DEC 235.0

234.5— JAN.

235.3

— FEB.

B 10 2 10 90 IS 27 IS 27 10 24 0 22 B 10 3 17 91 14 28 II 29 0 23 6 20 4 10 I 15 20 12 20DEC

1984JAN FEB MAR APR MAY JUN JUL

1985LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINOt FEBRUARY 12, I

AUG SEP OCT NOV DEC JAN19

THE ADJUSTED MONETARY BASE 18 THERESERVE BANKS. CURRENCY IN CIRCULATION < CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF'AI

ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL HELD_BY THE PUBLIC AND IN THE VAULTS OF ALL

.............. THE

RECENT DATA ARE PRELIMINARY.

ADJUSTED MONETARY BASE

COMPOUNDED ANNUAL RATES OF CHANGE,AVERAGE OF TWO MAINTENANCE PERIODS ENDING

2/13/85 5/8/85 7/17/85 8/14/85 9/11/85 10/9/85 11/6/85 12/18/85TO THE AVERAGE TWO MAINTENANCE PERIODS ENDING.

OF

7/17/85 7.78/14/85 7.7 9.89/11/85 8.3 10.5 10.1

10/ 9/85 7.6 8.9 7.5 7.311/ 6/85 7.3 8.3 6.9 6.6 3.712/18/85 7.9 8.9 8.1 8.2 6.9 8.91/15/86 7.5 8.3 7.3 7.3 6. 1 7.3 8. 12/12/86 7.4 8.1 7.2 7.1 6.2 7.0 7.6 4.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

MONEY STOCK ( Ml )AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTEDBILLIONS OF DOLLARS 640 =--------- ,--------- .-----

BILLIONS OF DOLLARS

DEC. 30 624.5

626.9627.3624.6

>

3 IT 31 14 28 II 25 II 25 8 22 6 20 3 17 I 15 20 12 26 0 23 7 21 4 18 2 16 SO 13 27 10 24JAN FEB MAR MAY JUN OCT NOV JAN FEB

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 3, 1086

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

by the nonbank pu“-,c- *“*•DeposiTs- other «<**'«

MONEY STOCK (Ml)

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt

2/4/85 5/6/85 7/1/85 8/5/85 0/2/85 0/30/85 11/4/85 12/2/85TO THE AVERAGEOF FOUR WEEKSENDINGt

7/ 1/85 13.38/ 5/85 12.3 15.30/ 2/85 13.8 17.3 15.00/30/85 13.7 16.4 14.2 18.3

11/ 4/85 1 1.5 12.5 9.3 9.9 4.012/ 2/85 12.2 13.5 11.2 12.2 8.6 7.01/ 6/86 12.2 13.2 11.3 12.0 9.5 8.6 15.32/ 3/86 11.2 11.8 9.8 10.2 7.8 6.8 10.5 6.5

Beginning January 6, 1986, data are; on the revised basis and are not comparableprior data; therefore, special caution should by taken in interpreting growth rates.


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

4

RATIO

MONEY MULTIPLIERi/CURRENCY COMPONENT OF MONEY STOCK*/

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO

1986 RATIO

NOV. 18 2.645DEC. 2 2.655

Ml MULTIPLIER

lary 6are not

LATEST DATA PLOTTED WEEKS ENDlNGt JANUARY 27, 1

BILLIONS OF DOLLARSBILLIONS OF DOLLARS

172

170

168

166

164

162

160

158

----------- 1--------- 1--------- 1---------

” COMPOUNDED ANNUAL R__ OF CHANGE. AVERAGETHE FOUR *EEKS END 1)- FEBRUARY 3. 1986 FR( THE FOUR wfeEKS END 11

DEC. 2, 1985 7.1- NOV. 4, 1985 7. *__ ggP. 30, 1985 7.1

■ may* S; ISsI t;

*TESIF •«M*3.

-

CURRE NCY-

- *Break iri.

series1— revise i data prior to

-

-danu£ ry 6, 1986 are lot available.

- issa b'illions -

. 30 171.0 —

. 6 171.313 171.7 -20 172.527 172.4 —

. 3 172.2i i i i l i i i 1 i i i’

-555

te 1 1 1 1 ■i 11 .in. _LLL. -11 Ll_ in 111 1111 111 1111 1 1 1

FEE

1 1 1

172

170

168

166

164

162

160

158

5 17 91 14 28 11 25 11 25 8 22 8 20 9 17 I 15 28 12 28 8 29 7 21 4 18DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV1984 1985

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 3. 1986 1/ RATIO OF MONEY STOCK (Ml) TO ADJUSTED MONETARY BASE 2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS" H.6 RELEASE.

2 18 90 19 27 10 24 DEC JAN FEB

1986

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS


TOTAL CHECKABLE DEPOSITSAVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS

DEC. 30 447.7— JAN. 452.3

448.2

449.0

3 17 31 14 28 11 25 II 25 8 22 8 3 17 1 15 28 12 28 0 23 7 21 4 18 2 16 30 IS 27 10 24JAN FEB MAR OCT NOV JAN FEB

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 3, 1086

TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS

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

2/4/85 5/6/85 7/1/85 8/5/85 9/2/85 9/30/85 11/4/85 12/2/85TO THE AVERAGE OF FOUR WEEKS ENDING*

7/ 1/85 15.38/ 5/85 13.9 17.39/ 2/85 15.9 20.0 17.19/30/85 15.8 19.2 16.7 22.4

11/ 4/85 12.7 13.8 9.8 10.5 3.012/ 2/85 13.9 15.4 12.6 13.9 9.5 6.91/ 6/86 13.9 15.2 12.8 13.9 10.8 9.4 19.12/ 3/86 12.5 13.2 10.7 11.2 8. 1 6.5 11.9 6.1

Beginning January 6, 1986, data are on the revised basis and are not comparable to prior data; therefore, special caution should be taken in interpreting growth rates.



6

YIELDS ON SELECTED SECURITIESAVERAGES OF DAILY RATESPERCENT

14.0 i—PERCENT

CORPORATE Aaa BONDS

PRIME BANK LOAN RATE

MUNICIPALBONDS

COMMERCIAL PAPER 90 DAY

CD’S

I I I II 15 20 12 26 10 24 7 21 5 19 2 16 30 15 27 11 25 8 22 6 20 5 17 31 14 28

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 14, 1986.

DEC1984

JAN FEB 1986

198690 DAYCD'S

30-DAY COMMERC1AL

PAPER

90-DAYBANKERS'

ACCEPTANCESCORPORATEAaa BONDS

CORPORATEBaa BONDS

MUNICIPAL BONDS *X

DEC. 6 7.94 7.94 7.78 10.43 11.87 8.5413 7.81 7.85 7.67 10.26 11.70 8.4220 7.67 7.79 7.56 10.05 11.43 8.3827 7.80 7.86 7.70 9.97 11.36 8.36

JAN. 3 7.74 7.89 7.65 9.92 11.36 8.3310 7.81 7.75 7.66 9.95 11.37 8.0417 7.91 7.84 7.72 10. 18 11.48 8. 1024 7.84 7.77 7.62 10.13 11.49 8.0531 7.76 7.72 7.61 10.00 11.43 7.86

FEB. 7 7.73 7.70 7.59 9.90 11.29 7.7314 * 2128

7.76 7.74 7.66 9.89 11.29 N.A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.15 RELEASE.* AVERAGES OF RATES AVAILABLE** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA

N.A. - NOT AVAILABLE



SELECTED INTEREST RATESAVERAGES OF DAILY RATESPERCENT

13.0 r-PERCENT —i 13.0

TREASURY S ■CUR ITIES

I 1 .0

FEDERAL.JNDS RATE

SCOUNTRATE

TREASUF

1-1 1 I 1 I I I4 18 1 15 I 15 29 12 26 10 24 7 21 3 19 2 16 SO 13 27 11 25 8 22 6 20 S 17 31 14

DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB '984 1985 1986

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 14, 1986.

1986FEDERAL

FUF®S**

3-MONTHTREASURY

BILL

6-MONTH TREASURY BILL netm

1-YEARTREASURY

BILL

5-YEARTREASURY

SECURITIES

LONG-TERMTREASURY

SECURITIES

DEC. 6 8.49 7.24 7.26 7.35 9. 12 10.0513 8.03 7. 10 7.02 7. 13 8.76 9.7420 8.05 7.06 7.01 7.07 8.55 9.5227 8.02 7.02 7.05 7.09 8.54 9.46

JAN. 3 9.55 7.04 7.07 7.12 8.50 9.4410 8.20 7.13 7. 11 7.21 8.65 9.5317 7.94 7. 17 7.28 7.32 8.86 9.7224 7.87 6.99 7. 14 7.21 8.75 9.6731 7T83 6.98 7.03 7. 11 8.56 9.52

FEB. 7 7.97 7.06 7.06 7.12 8.52 9.4614 * 2128

7.85 7.14 7.23 7. 19 8.49 9.41

N0TEl SySRI'S,19 THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY * AVERAGE^OF^ATES^VAILABLE0**^1^ BY ™'S BANK' TREASURr BILL YIELDS ARE ON A DISCOUNTBASIS.

. *VERAGES_F OR . WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN *888 AUCTI ON AVERAGE ( DI SCOUNT )



8

BILLIONS OF DOLLARS 415

COMMERCIAL BANK SMALL TIME DEPOSITS^/ LARGE TIME DEPOSITS 2/

AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED

405

385


1M BILLIONS

- DEC. 30 383.8_ JAN. 6 385.0

13 386.4

1 1 1 1

_ FEB27

3387.4 388.C

SMALL TIME DEPOSI TS

1 1

1 1

- *Bte3/c j

° se,

v ----.-

------

----

1 1 I 1

-

* Pri°r to

*y e,J9S6

ire a

J_LL

-

111 I.LL 111 1111 I 1 1 -LLL 1 1 1 1 1 1 1 1111 1 1 1 1 1 1 1 -LLL

III".ai

385

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 3, 1086


270

BILLIONS OF DOLLARS 295—--------- 1--------- 1--------- 1---------

“ 19BB BILLIONSDEC. 30 280.0

- JAN. 6 285.8- 13 288.4- 20 280.0“ 27 291.3

/f -

/|IiiiiIiiii3 203.0

A , z

n Serevis{

LARGE TIME DEPOSI TSAvJ

t ^

z

zd dat

3 PtL0r to

/Z

“A/ *986 Z

e. -

w 1 1 1 1 1 1 111 1111 -LLL -LLL -LLLL -LLL -LLLL 1 1 l,,i III 1 1 1 1 1 1 1 iii*

265

3 17 31 14 24 It 25 11DEC JAN FEB MAR 1984

8 22 6 20 3 17 I 18 29 12 26 9 23 7 21APR MAY JUN JUL AUG SEP OCT

1085

4 18 2 18 30 13 27 10 24NOV DEC JAN FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 3. 10861/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,0002/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 6100,000 OR MORE



COMMERCIAL BANK TOTAL TIME DEPOSITS

AVERAGES OF DAILY FIGURESSEASONALLY ADJUSTEDBILLIONS OF DOLLARS

810 ------------ ,--------- ,-----BILLIONS OF DOLLARS

---------------------------- 810

1.99.6 BULLIONSDEC. 30 789.3JAN. 6 796.3

801.3803.5805.7

3 17 31 14 28 II 2S II 29 8 22 6 20 3 17 I IS 28 12 20 0 23 7 21 4 18 2 16 SO 13 27 10 24JAN FEB MAR OCT NOV JAN FEB

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 3, 1986

TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGs2/4/85 5/6/85 7/1/85 B/5/85 9/2/85 9/30/85 11/4/85 12/2/85

TO THE AVERAGE OF FOUR WEEKSENDING:

7/ 1/85 4.38/ 5/85 2.5 -2.49/ 2/85 2. 1 -2. 1 -2.99/30/85 2.7 -0.3 0.2 3.2

11/ 4/85 3.0 0.7 1.5 3.9 6.012/ 2/85 3.2 1.2 2. 1 4.2 5.7 5.01/ 6/86 3.4 1 .9 2.8 4.6 5.8 5.3 5.62/ 3/86 4.6 3.6 4.8 6.7 8.2 8.3 9.7 11.8

Beginning January 6, 1986, data are on the revised basis and are not comparable toprior data; therefore, special caution should be taken in interpreting growth rates.


9


10

BORROWINGS FROM FEDERAL RESERVE BANKSAVERAGES OF DAILY FIGURES BILLIONS OF DOLLARSBILLIONS OF DOLLARS

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINOt FEBRUARY 12, 1086BILLIONS OF DOLLARSBILLIONS OF DOLLARS

8 156

SEASONAL BORROWINGSADJUSTMENT

I 18 29 12 202 16 90 19 27 19 27 10 24 8 22 5 19 9 17 91 14 29 11 28 9 29 6 20 4 198 19

NOV DECAUG SEP

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 12, 1086

1/ 95.767 FOR 11/27/85



MMDAS, MMMFS AND SUPER NOWS(BILLIONS OF DOLLARS. NOT SEASONALLY ADJUSTED)

MMDAs 1/ MMMFs 2/ Super NOWs 3/

December 9 $331.8 $241.0 $64.516 332.6 240.6 64.123 332.1 240.6 64.130 333.0 239.3 63.9

January 6 336.9 236.6 66.913 337.6 243.1 67.020 336.9 245.0 66.327 336.1 247.0 65.2

February 3 335.4 246.9 66.0

1/ Money market deposit accounts at commercial banks 2/ Total money market mutual fund balancesV NOW accounts at all depository institutions eligible to earn more than 5.25

percent

BUSINESS LOANS u(COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/atAWNALLT ADJUSTED BY THIS BANKBILLIONS OF DOLLARS

265 ------------,--------------- ,------BILLIONS OF DOLLARS ---------------------- ------------ 265

_ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF

_ THE FOUR WEEKS ENDINGJANUARY 29, 1------ ------------

_ THE FOUR W£EK

NOV. 27, 1985- OCT. 30, 1985

OCT. 2, 1985— AUG. 28, 1985

JUL. 31, 1985-MAY 1, 1985

JAN. 30, 1985

ENDING*

DEC. 25 252,918JAN. 1

257,01 I256,664

253,173

I 1 I I I 111 1 1 1 1S 19 2 16 30 13 27 13 27 10 24 8 22 5 1# 3 17 31 M 2. I| 25 9 23 s 20 4 13 I IS 29 12 23DEC JAN FEB MAR APR MAY JUN JUL '984 ,985

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 29, 1986

AUG SEP NOV DEC

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER

2/ BASKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION



Incidence of Large Changes in the Adjusted Monetary Base with Two Sets of Seasonal Factors

(February 1984 through December 1985)

Biweekly seriesPercentage of

periods in which Old Revisedthe absolute value Weekly series, old seasonal seasonalof changes exceed: seasonal factors factors factors

$1 billion 64.3% 75.0% 14.6%2 billion 35.7 25.0 2.13 billion 14.3 10.4 0


U.S. Financial Data: February 13, 1986

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