Week ending: January 28, 1981

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Louise Short
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1 F//V>4 /VC//II. 7>a TjCK /' &Ui*V /Jf Week ending: January 28, 1981 LIBRARV ^ Large commercial banks have increased business loans rapidly since July of 1980, following the turnaround in economic activity. From the four weeks ending July 16, 1980 to the four weeks ending January 14,1981, for example, business loans (commercial and industrial) at large weeklyreporting commercial banks increased at a 17.9 percent rate. In contrast, business loans increased at only a 2.3 percent rate from the four weeks ending January 16, 1980 to the four weeks ending July 16, In addition, the growth of business loans has slowed only slightly in the last three months. Business loans at large commercial banks increased at a 17.0 percent rate from the four weeks ending October 15, 1980 to the four weeks ending January 14,1981, compared with an 18.9 percent rate increase from July 16, 1980 to October 15, The growth of business loans and total loans at all commercial banks have followed a pattern over the last year similar to that of business loans at large weeklyreporting banks, as illustrated in the table below. The total loans measure includes, in addition to business loans, real estate and consumer loans. Growth Rates of Selected Loans (Compounded annual rates of change, seasonally adjusted) Large weeklyreporting banks All commercial banks Period* Business loans Period Business loans Total loans** 1/16/80 4/16/ % 1/80 4/ % 6.2 % 4/16/80 7/16/ /80 7/ /16/80 10/15/ /80 10/ /15/80 1/14/ /80 12/ * Fourweek averages ending on dates shown ** Excluding domestic interbank loans Prepared by Released: January 30, 1981

2 2 ADJUSTED MONETARY BASE BY THIS BANK 170 BILLIONS I I I I FEB MAR MAY JUN JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY 28, 1981 THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS, 12) 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 COMPUTED BY THIS BANK. A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK. TO THE AVERAGE OF FOUR WEEKS ENDING: ADJUSTED MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/30/80 4/30/80 6/25/80 7/30/80 8/27/80 10/1/80 10/29/80 11/26/80 6/25/ /30/ /27/ / 1/ /29/ /26/ /31/ /28/

3 ADJUSTED BANK RESERVES 1/ ILL IONS OF DOLLARS 50 BJLUQNS DEC JAN 'FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY 21, / ADJUSTED MONETARY BASE LESS CURRENCY HELD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT FEDERAL RESERVE BANKS ( + ) CURRENCY HELD BY COMMERCIAL BANKS). TO THE AVERAGE OF FOUR WEEKS ENDING: ADJUSTED BANK RESERVES COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF FOUR WEEKS ENDING: 1/23/80 4/23/80 6/18/80 7/23/80 8/20/80 9/24/80 10/22/80 1 1/19/80 6/18/ /23/ /20/ /24/ /22/ /19/ /24/ /21/

4 billions MONEY STOCK ( Ml A ) 400 DEC LATEST DATA PLOTTED WEEK ENOING: JANUARY 21, 1981 I I I I I I I I T II 25 AUG SEP CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS H.6 RELEASE. JAN FEB MIA CONSISTS OF CURRENCY AND COIN PLUS COfcl*RCIAL BANK DEMAND DEPOSITS HELD BY THE NONBANK PUBLIC EXCLUDING THOSE HELD BY FOREIGN BAhEs AND OFFICIAL INSTITUTIONS. TO THE AVERAGE OF FOUR WEEKS ENDING: MONEY STOCK (MIA) COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF FOUR WEEKS ENOING: 1/23/80 4/23/80 6/18/80 7/23/80 8/20/80 9/24/80 10/22/80 11/19/80 6/ /23/ /20/ /24/ /22/ /19/ /24/ /21/

5 billions DEC MONEY STOCK ( M1B ) 425 I I I I MAY JUN JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY 21, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. MIB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS. TO THE AVERAGE OF FOUR WEEKS ENDING: MONEY STOCK CM1B) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/23/80 4/23/80 6/18/80 7/23/80 8/20/80 9/24/80 10/22/80 11/19/80 6/18/ /23/ /20/ /24/ /22/ /19/ I.0 12/24/ /21/

6 6 PERCENT 22.0 rj YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PRIME BANK LOAN RATE PERCENT CORPORATE AAA BONDS COMMERCIAL PAPER 90 DAY CD S MUNICIPAL Mil tt MAR APR JUN JUL NOV DEC LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 30, DAY CD S PRIME COMMERC1AL PAPER XXX PRIME BANKERS ACCEPTANCES CORPORATE Aaa BONDS CORPORATE BAA BONOS MUN1C1 PAL BONDS xx DEC JAN Mi (6S 30 X N. A. FEB * AVERAGES OF RATES AVAILABLE. X* BOND BUYER S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. XXX DATA ARE 4MONTH COMMERCIAL PAPER RATES. N.A. NOT AVAILABLE

7 21.0 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY FEDERAL FUNDS RATE DISCOUNT RATE YEAR TREASURY SECURITIES 3MONTH TREASURY BILL I I I I I II NOV DEC 1980 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; JANUARY 30, FEDERAL FUNDS WW 3MONTH TREASURY BILL 6MONTH TREASURY BILL WWW 1 YEAR TREASURY BILL 5YEAR TREASURY SECUR1T1ES LONGTERM TREASURY SECURITIES DEC JAN * FEB * AVERAGES OF RATES AVAILABLE. WW SEVENDAY AVERAGES FOR WEEK ENOING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.9 RELEASE. WWW NEW ISSUE RATE RATES ON LONGTERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. TREASURY BILL YIELDS ON DISCOUNT BASIS. 7

8 8 MULTIPLIERS^ CURRENCY OF MONEY STOCK MEASURES 2/ RATIO 2.9 RATIO MONEY MULTIPLIERS RATIO I I I I I I I I I I I I I I I I LATEST DATA PLOTTED WEEK ENDING: JANUARY 21, COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF 120 JA NUARY 21, 1981 FR( )M THE FOUR WIEKS END 1 4G:. NO V. 19, OCT. 22, SE P. 24, AUG. 20, JU AP R. 23) ) JAN. 23, ^" CURRE NCY r / NS "" 1981 B ILIO DEC. 17. JAN. 7 jt 6» _LLL LllJ DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY 21, / RATIO OF MONEY STOCK (MIA) OR (MlB ) TO ADJUSTED MONETARY BASE 2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

9 DEMAND DEPOSIT COMPONENT OF MONEY billions of dollars STOCK ( Ml A ) 285 BILLIQNS I I I I IT JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.6 RELEASE. TO THE AVERAGE OF FOUR WEEKS ENDING: DEMAND DEPOSIT COMPONENT OF MONEY STOCK ( MIA ) COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF FOUR WEEKS ENDING: 1/23/80 4/23/80 6/18/80 7/23/80 8/20/80 9/24/80 10/22/80 1/19/80 6/18/ /23/ /20/ /24/ /22/ /19/ /24/ /21/81 1.!

10 10 SAVINGS PLUS SMALL TIME DEPOSITS ALL COMMERCIAL BANKS 490 BILLIONS DEC I I LATEST DATA PLOTTED WEEK ENOING: JANUARY 21, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN *100,000. JAN FEB TO THE AVERAGE OF FOUR WEEKS ENDING: SAVINGS PLUS SMALL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/23/80 4/23/80 6/18/80 7/23/80 8/20/80 9/24/80 10/22/80 11/19/80 6/18/ /23/ /20/ /24/ /22/ /19/ /24/ /21/

11 BORROWINGS FROM FEDERAL RESERVE BANKS billions of dollars billions of dollars MILLIQNS 5.0 DEC JAN DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY 28, BUSINESS LOANS (COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF 176 THE FOUR WEEKS ENDING _ THEFOUR'wtEKS 'en'dvngs 172 NOV. 19, y\i OCT. 22, SEP. 24, AUG. 20, APF. 23; / 166 JAFi. 23, r r^' f MILLIONS 154 ~ / 154 V DEC , ,367 ~ ,168 JAN , , \i: Illl 1 LJ ini ,951 DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB LATEST DATA PLOTTED WEEK ENDING: JANUARY 21,

12 12 Ll'QNS LARGE TIME DEPOSITS ALL COMMERCIAL BANKS LATEST DATA PLOTTED»EEK ENDING: JANUARY 21, 1981 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE.

Week ending: August 3, 1977

Week ending: August 3, 1977 Week ending: August 3, library DEC 2 6 1973 The monetary base, the prime determinant of the money stock, has increased at a more rapid rate since the beginning of June than during the first five months