Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. CONFIDENTIAL (FR) CLASS II - FOMC December 17, 1980 SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System TABLE OF CONTENTS Page THE DOMESTIC NONFINANCIAL ECONOMY Housing starts and permits . . . . . . . . . . . . . . . . . . .. . ...... . Capacity utilization in manufacturing Manufacturing and trade inventories . . . . . . . . . . . . . 1 . . . 1 . 2 . 3 TABLES: Private housing activity . Business inventories Inventory/Sales ratio . . . . . . . .... . . . . . . . . . . . .. 4 .............. 4 THE DOMESTIC FINANCIAL ECONOMY TABLES: Monetary aggregates . . . . . . . . Selected financial market quotations . .. . . . . . . . 5 . . . . . .. . 6 Commercial bank credit and short- and intermediate-term business credit . . . .......... . . .. . 7 APPENDIX A: Senior loan officer opinion survey on bank lending practices . . ................ . . . A-1 A-4 SUPPLEMENTAL NOTES Housing starts and permits Total private housing starts in November were 1.56 million unit seasonally adjusted annual rate, virtually unchanged from both September and October. Starts of single-family units declined 4-3/4 percent, while multifamily-unit starts rose 8-1/2 percent. Total new housing permits issued rose 3 percent in November on a seasonallyadjusted basis. New permits issued for multifamily units rose 12 per- cent in November, following a 21 percent decline in October, and permits for single-family units declined 3 percent further. Both starts and new permits issued declined in the singlefamily sector in November. The strength in housing activity for both starts and permits was concentrated in the South and the West. According to the seasonally adjusted data, November starts and permits were 2 and 7 percent above their November 1979 levels. (On an unadjusted basis total starts were down 6 percent from a year earlier in November; permits issued fell 3 percent year-over-year on a not adjusted basis.) Capacity utilization in manufacturing Capacity utilization in manufacturing increased 0.9 of a percentage point in November to 78.8 percent. Producers of industrial materials operated at 79.6 percent of capacity, up 1.3 percentage points from the October rate. Despite substantial gains since July, the November operating rates for both manufacturing and materials were almost 9 percentage points below their highs in 1979. The utilization rate for the primary processing industries rose 1.7 percentage points in November to 79.0 percent, and the rate for the advanced processing industries increased 0.5 of a percentage point to 78.9 percent. These advances reflected sharp increases in output of primary metals, both iron and steel and nonferrous metals, and a sizable rise in production of motor vehicles and parts, respectively. Manufacturing and trade inventories The book value of total manufacturing and trade inventories increased at a $33-1/2 billion annual rate in October, slightly above the increases during the second and third quarters. The October rise in inventories was accompanied by a 2-1/4 percent gain in nominal shipments and sales. As a result, the stock-sales ratio for all manufacturing and trade fell to 1.40, continuing the decline which began last June. The book value of retail trade inventories rose in October at a seasonally adjusted annual rate of $18-1/2 billion, the same as the sharply higher September rate. The October rise was accompanied by only a moderate increase in sales. As a result, the inventory to sales ratio for all retail trade edged up slightly, the first increase since April. Most of the October increase was in inventories of nondurable goods. These stocks rose at a $15-3/4 annual rate, somewhat below the exceptional $20 billion rise in the previous month. Stocks at general merchandisers rose substantially; however, unlike the previous month when sales fell, sales of general merchandisers rose over 4 percent and the stocks/sales ratio for these stores edged down a trifle. Inventories of durable goods retailers rose at about a $2-1/2 billion annual rate in October after declining slightly in the previous month. PRIVATE HOUSING ACTIVITY (Seasonally adjusted annual rates, millions of units) 1980 Sept. Oct. Nov. 1 1.56 1.54 1.33 1.56 1.37 1.56 .85 .98 .91 1.06 .82 1.04 .79 .99 .62 3.11 .57 3.38 .55 3.30 n.a. n.a. 1979 Q1 Q2 Q3 All units Permits Starts 1.55 1.75 1.14 1.26 .90 1.05 1.39 1.41 Single-family units Permits Starts .98 1.19 .68 .80 .53 .67 Sales New homes Existing homes .71 3.74 .53 2.98 .45 2.40 Multifamily units Permits .57 .45 .37 .54 .65 .51 .58 Starts .55 .46 .38 .44 .48 .52 .57 .28 .26 .18 .22 .24 .25 n.a. Mobile home shipments 1. Preliminary estimates. n.a.--not available. BUSINESS INVENTORIES (Change at annual rates in seasonally adjusted book value; billions of dollars) 1979 Manufacturing and trade Manufacturing Trade, total Wholesale Retail Durable Auto Nondurable 1980 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Sept.(r) 50.7 29.7 21.0 13.2 7.8 6.2 3.9 1.6 54.2 32.8 21.5 4.7 16.8 11.1 9.1 5.8 48.6 29.6 19.0 12.6 6.4 -1.4 -3.7 7.8 35.1 27.7 7.5 6.1 1.4 -3.9 -4.7 5.3 46.1 41.1 5.0 7.2 -2.1 -3.2 -5.3 1.1 30.8 20.4 10.4 7.7 2.7 -2.5 -4.1 5.2 30.1 -.1 30.2 17.9 12.3 2.4 1.3 9.9 31.4 1.2 30.2 12.0 18.2 -1.7 -2.8 19.9 Oct. (p) 33.4 -3.6 37.0 18.6 18.4 2.6 1.3 15.8 Totals may not add due to rounding. r = revised p = preliminary INVENTORY/SALES RATIOS 1979 Manufacturing and trade Manufacturing Trade, total Wholesale Retail r = revised p = preliminary 1980 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Sept.(r) Oct.(p) 1.42 1.50 1.34 1.23 1.45 1.44 1.55 1.34 1.18 1.50 1.43 1.55 1.31 1.17 1.46 1.42 1.57 1.29 1.15 1.44 1.42 1.57 1.27 1.15 1.40 1.52 1.71 1.34 1.22 1.46 1.47 1.64 1.30 1.19 1.43 1.43 1.59 1.30 1.15 1.41 1.40 1.55 1.27 1.13 1.42 MONETARY AGGREGATES (Based on seasonally adjusted data unless otherwise noted)1 Q1 02 Sept. Oct. Nov. Percentage change at annual rates ---- ---Money stock measures 1. M-1A 2. M-1B 3. M-2 4. M-3 Q3 '79 to Nov. '80 QIV 1980 -3.9-2.4 5.5 5.7 11.0 13.5 15.5 12.6 12.6 15.8 8.6 9.2 9.4 11.5 9.3 11.0 7.1 9.3 11.0 15.9 5.7 7.7 10.0 10.0 11.3 10.8 63.2 5.3 15.8 71.2 6.3 49.8 -37.2 7.0 7.6 6.1 9.3 15.7 6.2 19.7 16.5 36.0 -30.3 12.6 8.0 46.6 8.6 12.0 -12.3 10.0 9.4 10.9 8.3 6.6 44.8 11.6 43.4 -6.2 13.8 -7.5 28.1 10.6 -19.3 25.1 51.2 51.6 51.9 11.1 9.4 4.2 52.4 10.8 18.4 91.1 9.9 -3.0 20.8 6.1 -5.7 12.4 11.3 6.2 45.9 Selected components 5. Currency 6. Demand deposits 7. Other checkable deposits, NSA 2 8. M-2 minus M-1B (9+10+11+14) 7.0 8.3 3.4 -8.3 29.1 S31.8 7.7 8.1 Overnight RPs and Eurodollars, NSA 3 - 7.5 -72.0 Money market mutual fund shares, NSA 151.9 82.7 Commercial banks 6.9 9.8 savings deposits -19.3 -22.6 29.1 33.9 small time deposits -0.3 3.7 14. Thrift institutions -22.5 -27.1 savings deposits 15. 12.0 19.3 16. small time deposits 17.8 10.6 7. Large time deposits 7.4 9.9 at commercial banks, net4 8 72.6 28.9 at thrift institutions 19. -31.9 -19.4 20. Term RPs, NSA 9. 10. 11. 12. 13. -Average 16.2 132.7 75.7 10.7 26.4 0.6 9.8 25.8 2.5 -11.1 -15.8 14.6 46.7 10.0 5.5 12.1 16.8 10.7 47.6 54.4 4.2 monthly change in billions of dollars-- MEMORANDA: 21. 22. 23. 24. 25. 26. Managed liabilities at commercial banks (22+23) Large time deposits, gross Nondeposit funds Net due to related foreign institutions, NSA Other 5 U.S. government deposits at commercial banks6 7.9 3.1 4.8 -6.4 0.0 -6.4 -0.4 0.3 -0.7 9.2 4.5 4.7 8.9 2.5 6.4 n.a. 7.8 n.a. n.a. 1.7 n.a. 1.6 3.3 -6.1 -0.3 -1.9 1.2 -1.4 6.2 2.4 4.0 -4.8 n.a. -2.2 n.a. -0.2 0.4 1.3 0.9 1.4 -6.6 -0.1 1. Quarterly growth rates are computed on a quarterly average basis. 2. Consists of ATS and NOW balances at all institutions, credit union share draft balances, and demand deposits at mutual savings banks. 3. Overnight and continuing contract RPs issued to the nonbank public by commercial banks, net of amounts held by money market mutual funds, plus overnight Eurodollar deposits issued by Caribbean branches of U.S. member banks to U.S. nonbank customers. 4. Net of large denomination time deposits held by money market mutual funds and thrift institutions. . Consists of borrowings from other than commercial banks in the form of federal funds purchased, 2curities sold under agreements to repurchase and other liabilities for borrowed money (including oorrowings from the Federal Reserve), loans sold to affiliates, loan RPs, and other minor items. 6. Consists of Treasury demand deposits at commercial banks and Treasury note balances. n.a.--Not available. SELECTED FINANCIAL MARKET QUOTATIONS 1 (Percent) ___ Change from: 1980 Mar-Apr High Mid-June** Low FOMC Nov. 18 Dec. 16 I Mar-Apr I High Mid-June Low FOMC Nov. 18 Short-term rates Federal funds 2 19.39 8.99 15.22 19.76P .37 10.77 4.54 16.00 15.64 14.58 6.18 6.60 7.00 13.69 13.54 12.59 16.70 15.51 14.06 .70 -.13 -.52 10.52 8.91 7.06 3.01 1.97 1.47 18.00 17.69 17.25 7.98 7.78 7.59 15.29 15.36 14.98 20.44 19.81 17.25 2.44 0 12.46 12.03 9.66 5.15 4.45 2.27 17.87 18.59 18.47 7.96 7.90 7.66 15.37 15.70 15.50 21.05 20.62 18.65 3.18 2.03 .18 13.09 12.72 10.99 5.68 4.92 3.15 Eurodollar deposit 2 1-month 3-month 19.04 19.60 8.88 8.99 15.54 15.85 22.88P 21.34P 3.84 1.74 14.00 12.35 7.34 5.49 k prime rate 20.00 12.00 16.25 21.00 1.00 9.00 4.75 14.53 13.65* 12.85* 8.56 9.47 9.49 13.25 12.62 12.29 14.41 13.51 12.95 -.12 -.14 .10 5.85 4.04 3.46 1.16 .89 .66 9.44 7.44 14.22 14.12 10.53 10.79 16.35 Mar-Apr Low 12.35 Mid-Oct High Treasury bills 3-month 6-month 1-year Commercial paper 1-month 3-month 6-month Large negotiable CDs 1-month 3-month 6-month 2.12 3 Intermediate- and longterm rates U.S. Treasury (constant maturity) 3-year 10-year 30-year Municipal (Bond Buyer) Corporate Aaa New issue Recently offered Primary conventional mortgages 10.42 4 2.98 13.726 14.535 14.98 6 4.00 4.19 14.186 FOMC Nov. 18 14.836 Dec. 16 9.504 5 Stock Prices 759.13 972.44 997.95 Dow-Jones Industrial 55.30 77.24 80.48 NYSE Composite 357.98 363.33 215.69 AMEX Composite 124.09 199.43 203.76 NASDAQ (OTC) e-day quotes except as noted. 4. erages for statement week closest to date shown. 5. Secondary market. 6. ** Highs reached on February 26. -1.52 Mar-Apr Low 2.48 Mid-Oct High .65 FOMC Nov. 18 158.96 -54.35 -79.86 918.09 19.57 -2.37 -5.61 74.87 -22.94 119.35 -28.29 335.04 67.79 - 7.55 -11.88 191.88 One-day quotes for preceding Thursday. Averages for preceding week. One-day quotes for preceding Friday. Most lows occurred on or around June 13. COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT (Percentage changes at annual rates, based on seasonally adjusted data) 1 Q1 Q2 ---------1. .2. Total loans and investments at banks 2 Q3 '79 to Nov. '80 QIV 1980 Sept. Oct.e Nov.e Commercial Bank Credit ------ ------- 11.5 -4.4 13.5 14.1 13.3 16.1 8.0 7.3 11.0 21.6 12.3 13.7 12.1 12.9 Investments 3. Treasury securities 3.0 10.6 39.6 25.3 14.6 13.3 15.4 4. Other securities 9.4 11.2 12.9 5.8 13.3 11.4 11.6 12.8 -9.6 10.7 14.6 13.2 17.4 -9.6 14.4 18.2 23.0 23.7 -10.1 -22.9 39.0 60.4 6.2 11.4 10.8 7.8 0.0 n.a. n.a. 5. Total loans 2 6. Business loans 16.4 7. Security loans -32.8 8. Real estate loans 9. Consumer loans 11.9 1.0 3.7 -21.5 - 10. 11. Total short- and intermediateterm business credit (sum of lines 13,14 and 15) -23.8 -7.1 22.0 -12.6 9.9 15.6 n.a. n.a. -13.5 18.8 26.6 26.0 10.0 -22.5 -37.6 -53.4 -21.9 35.6 8.8 11.8 17.0 20.6 12.5 7.0 n.a. n.a. 17.1 n.a. n.a. 2.6 17.6 Commercial paper issued by nonfinancial firms 3 76.2 86.9 13. Sum of lines 11 & 12 23.1 -0.5 14. Finance company loans to business 4 -2.8 -4.0 -7.5 Total bankers acceptances outstanding 4 54.1 32.3 20.2 15. 10.0 Short- and Intermediate-Term Business Credit -- Business loans net of bankers acceptances1 12. -0.7 6.3 -10.8 -12.2 26.2 1. Average of Wednesdays for domestic chartered banks and average of current and preceding ends of months for foreign-related institutions. 2. Loans include outstanding amounts of loans reported as sold outright to a bank's own foreign branches, unconsolidated nonbank affiliates of the bank, the bank's holding company (if not a bank), and unconsolidated nonbank subsidiaries of the holding company. Average of Wednesdays. Based on average of current and preceding ends of months. n.a.--not available. _--estimated. APPENDIX A* SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES One-third of the 117 respondents to the November 15th Senior Loan Officer Opinion Survey on Bank Lending Practices reported that business loan demand had risen over the previ us three months; a greater proportion, about half, of very large banks (those having domestic assets of $5 billionor more) reported such strengthening. Looking to the future, however, less than one-quarter of all respondents anticipated stronger business loan demand in the next three months, while about half as many expected weaker demand. In the interim since the previous survey, the prime rate had risen over five percentage points. However, money market rates had risen even more over this period, and the spread of the prime rate over the commercial paper rate had become unusually narrow, enhancing the attractiveness of bank loans for short-term financing, while high bond yields continued to deter business from issuing longer-term debt. Despite a parallel narrowing in the spread between the prime rate and large deposit rates, respondents to the survey on balance indicated that their willingness to make most types of loans had either declined only slightly or stayed constant, and that their nonprice terms on business loans had remained about unchanged or had eased slightly. By contrast, the mid-August survey indicated a shift over the preceding three months toward greater willingness to lend and a more noticeable easing of nonprice terms, as banks adjusted to the removal of the credit restraint measures that had been imposed in the spring. The number of respondents reporting a reduction in compensating balance requirements declined from the substantial minority that so reported in August. Similarly, in November, a smaller minority of banks indicated an easing of standards to qualify for the prime rate or for a given spread above prime, although such banks continued to outnumber those reporting a tightening of standards. Whereas in the May-August period respondents on balance had broken the trend toward reduced willingness to make short-term, fixedrate loans which had been evident since February 1978, they resumed this stance in the August-November period. In addition, they continued to show less willingness to offer fixed rates on long-term loans, likely because they remain uncertain regarding long-run interest rate trends. In this connection, a very large California bank reported in its supplementary comments a disappointing borrower response to its variable rate mortgage program. * Prepared by Warren T. Trepeta, Economist, Banking Section, Division of Research and Statistics. A-2 Respondents indicated an unchanged stance on lending to established and local business customers. Respondents' descriptions of lending policies toward new and nonlocal customers-typically a bellwether of banks' lending policy trends--suggest that tighter policies may be forthcoming. After easing standards somewhat for new and nonlocal customers in the May-August period, respondents maintained unchanged standards for new customers and slightly tightened standards for nonlocal customers over the last three months. Although following the elimination of the special deposit requirement on covered consumer credit almost half of the respondents to the August survey had indicated greater willingness to make consumer installment loans, in November respondents on balance were somewhat less willing to make such loans. In November, respondents also indicated unchanged or slightly reduced willingness to make most other types of loans after evincing unchanged or slightly greater willingness in August. Respondents' inclination to lend increased in November only in the case of participation loans with correspondent banks. A-3 TABLE PAGE 1 SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. (STATUS OF POLICY ON NOVEMBER 15, 1980 COMPAREDTO THREE MONTHS EARLIER) (NUMBER OF BANKS & PERCENT OF TOTAL BANKS ANSWERING QUESTION) LOAN DEMAND SIZFNGh OF D14AND FCO CCSERCIAL AND Z;DDST?:AL LCASS (ATTIB ALLOWA.CE FOR BANS5 GSOAL SEASCPAL VARI::CSN): EAlIE 1. COMPARED TO THBEE ICNTldS 2. AIICIPATIE DEMRADTI NEXI SNiT EZ E S T SlliARDS OF CBED:T NORI:;INSS: 3 MONTHS P 0 L ATE C T TO QUALIT! 4. TO QUALITY FOR SPRII1 ABOVE PRIME PATE 5. SHORT-1TER 6. LOCG-TIRI C R DIT A I D C LCOAS: TEA?) (UNDER CE (ONE TEAR OR LCSNGI) AVAILAB P R I C IL IT B S T E RIVEINING CIRDIT LINES CR LOAN APPLICATIONS ?OR: ESSENTIALLY UNCHANGED NODERATELY SUL- EASIER EASIE TOTAL ANKS BANKS PCT BANKS 1 0.9 42 35.9 65 55.6 9 7.7 117 0 0.0 25 21. 78 66.7 13 11.2 117 MUCH FIHERt PCT NODERATEL FiRiER BANKS PCT PCT ESSINTALLL UNCELANGED BANKS PCT BARKS PCT BANKS PCT 1.8 5 4.3 99 84.7 11 9.5 2 1.8 5 4.3 94 80.4 16 13.7 BA1KS MODERATELY GREATER ESSE TIALLI UNCHANGED ?CT 'SWEPING BANKS SOIREATELT EASIER 2 COISIDERIBLY GREATER NILLIINGISS TO MAKE PIXED RAT NODERATEL SIROHGER PCT BANKS BANKS 3. FOR PITS MUCH STRONGER 00BK D 0 BODIEBAELY LESS BANKS PCT PCT BANKS PCI 1 0.9 10 8.6 78 66.7 21 18.0 7 6.0 0 0.0 3.5 68 38.2 26 22.3 19 16.3 BUCB PISNER BANKS PCT 4 RODEIATELT FIBE BAK1S PCT BANKS ISSENTIALLT UNCHANGED BANKS PCT BANKS IUCH LESS PC HODEEATELY EASIE BAEKS PCT 80CB EAS:ER BANKS P 7. ESTABLISEED CUSTORIRS 1 0.9 3 2.6 110 94.1 3 2.6 0 8. >IN CUSTOIERS 3 2.6 3 2.6 102 87.2 9 7.7 0 0 9. LOCAL S3SYTIC 1 0.9 4 3.5 102 88.0 9 7.8 0 0 2 * 1.8 7 6.1 106 91.4 1 0.9 0 0 0 0.0 84 71.8 0 0 105 89.8 3 C 10. 1ARi COSTOBRBS IOILOCAL SERVICZ 1I11 CUSTOnEES 0 COMPENSATING BALANCE IEQ IPIEENTS FOR: 11. COINERCIAL 12. LOANS INDOSETAL LOANS TO FINANCE CORIPIES 0 • 0.0 COSIDEABLY GREATER IILLINIGNSS TO 13. BAKE OTBIE TTPES OF LOIAS: SBCORED CCNSTIEOCT!O 9 LAID DVLPHNT SECOID BIAL ESTATE LOINS: RESIDEITIAL 14. 1-4 FASILT 15. BILTI-IAILY RNSZDENTIAL PROPERTY 16. 17. PROPERTLES CBNEICIAL & :INDOSTBI&L PROPERBT ZIISILtNBIT LCANS TO TEDITIDUALS COBBENCIAL AID IDUOSTBILL LOANS OF: 18. 1-5 TIAES NATURITY 19. OTER S TlEAS B&TUEIT 20. LOANS TC FINANIC CORPANIES 21. LOL1S TC SECURITIES BIOKERS C DIALEES 22. PAIICInITICI LC1AS RITE CORPISPCVDEIT BANKS BANKS 0 PCT 0.0 MODERATELY GREAT E. SAINS 6 PCT 5.2 ESSZETIALLY UNCHANGED BANKS PCT 93 79.5 NOCENATILT LESS BANKS 17 PCT 14.6 SUCH LESS BANKS P PAGE TABLE 2 COMPARISON OF (NUMBER OF SIZE OF SANK -L 0 1 A D r i AN D UOCH STOIGER ITPIENGT OF DEMANDFOR CC'ITCIAL AND IIDUSTRIAL LOANS (AFTEr ALLOWANCE FOB BANKS USUAX SIASONAL VARIATION) : HlOsTS 1. COMPAR D TO TBREE 2. ATICIPATID DELaID TI NEXT 3 8011IS ODEV ATELT STRONGER S5 UNDER S OVHR S5 EARLIER S P II AT 0 L I 1 48 0 0 17 3. 4. RATE UALIFY FOR SPREID ABOVE PRIBE UNDER iILLI1IESS IC BAKE FIXED RITE LCANS: SRONT-7sRN 6. LOWG-TER C I DI T AVA A I D I O R Os LCNGEI) I I C E I I TE 8. 9. tO. IDZE IS $5 & OVER ONDER S5 $5 OVER OIDER 15 52 56 0 10 0 0 100 100 22 74 65 9 12 0 1 100 100 ESSEITIALLY ONCRAWGED BoCH EASIER ~0DSESATLT EASIIER TOTAL $5 6 OVER sDER $5 30IOCAL StEVICE ARA COSTOBERS S5 OVER $5 OUIDE $5 S5 & OVER OUDER $5 S5 & 03KI OIOUNDER 55 5 96 82 * 11 0 0 100 100 0 5 91 78 9 15 0 0 100 IU00 mODELATELY GREATER S5 UNDER S5 S OVER ESSENTIALLY UNCANGED oUDEs 15 $5 C OVER UNDE $5 BOClERAT ELYI LESS & $5 OVER UIDER S5 COWSIDERABLT LESS 15 & Ova UNDER S5 TOTAL $5 C OVTS 30DER $5 4 0 9 9 74 65 13 19 0 7 100 100 0 0 * 3 65 56 17 23 13 17 100 100 $5 $ OVER AREA COSTOBERS UODER 0 MODlERATELI UiDER SS S5 SOV1ID ODERAT EL EASIER SSENTIALL3 UNCHANGED FlSH 1a CUSCNENS 15 9 OVER 2 CEB ESTAEBISNED COSTIOBBS LOCAL SVETIC SOVE OvF. 2 T I S ETNsIZB: CREDIT LINES O0 LOAI APPLICATIONS FOs: 7. t 0 $5 S OTER (OUNDI ONE IEAR) (ONE TEI UNDER iS MUCH REAKEE 0 COISIDEEIBLT GREATER 5. $5 & OVER BILLIONS 1/ BOD2RATELL WEAKER 33 ODIERATEZ FPINER E1SS: 0t COALIPT FoR PRIB TO UNDE! $5 TOTAL DOBESIC ASSETS I ESSENTIALLY IaCHANGED C S5 SIANDARDS OF CREDIT WOIT $5 S OVER 0 IBCH I I TE 2 CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DOMESTIC ASSETS (STATUS OF POLICY ON NOVEMBER 15, 1980 COMPARED TO THREE MONTHS EARLIER) BANKS ANSWERING EACH QUESTION AS OF PERCENT TOTAL NUMBER OF BANKS ANSWERING QUESTION) QUARTERLY ODEB $5 *5 & OVER UNDER S5 $5 S OVER NUCH U1SIER IUDER S5 t $5 OVE UIDBE IS5 S5 & OVER UDERB $5 0 1 0 3 96 94 4 2 0 0 3 0 3 100 84 0 10 0 1 0 4 95 86 5 9 6 2 0 7 100 89 0 1 0 0 9 10 78 20 0 100 100 0 0 4 6 91 4 0 100 100 0 100 100 0 0 100 100 0 0 100 100 0 0 100 100 CONPENSATIZG BALANCE REQUISNIERTS FOR: S IWDUStIIIL 11. COHEMRCIAL 12: LOAIS 10 FIINCE COBFANIIS LOANS COISIDEABLI GREATER IILLINGNESS TO NINE OTNI CF LOINS: 13. SICIRE $5 4 Owls TYPES CONSTIOCTION I LAND DVLPHIT 0 OIDUE $5 * OVER SS 0 ESSIvTIALLT UNCHANGED BODERATELY GEIATER OIDER 5 $5 UNDER S OVER s5 BOtCIEATEL LESS $5 & OVER UNDER S5 S5 5 OVE IUDER S5 0 1 2 0 1 * 4 5 87 78 9 COlSIDERABLt LESS 1 $5 5 OtE 100 sNDER i5 $00 SECURED VIAL ESTATE LOANS: L PROPEITIES 0 14. 1-4 FrILY RESIDETIAr 15. HULTI-FAILT RESIDIETIAL PIOPFE7T 0 16. COIIgECIAL & IBNDSTRIAL PROPEET 0 i1DIVI0DULS 0 17. IStALLSENT LOAIS TO CORNBacIAL AND IIDOS IAL LOIAS Or: 18. 1-5 IEARS RATURITY 0 0 1i. OT1E 5 TEIAS B1TUrTT 0 4 1 0 0 0 0 0 1 0 0 3 0 1 0 0 12 0 0 20. LOANS TC FINANCE COBPAIIES '1. 10ANS TO SECURITIES IDOKERS 22. PtIZCIPITIC LCAIS RITE COlISPCIDINT tANS DIALERS I/ IS 01 SEPT. 30, 1978 , THERE VZNE 21 BANKS RATV!T DOMESTIC ASSETS Or S5 BILLIOI Oa aCRt. THE11 CORBIRED DONRESTC ASS TS, CO URCIAL ANKIS. IZ BILIUCIS, 72TALLED 1325, COBPARED t0 S511 FOR THE tlTIRE PAMSL Of 8IPORTING BEAKS AND $1198 FIO ALL Z1ISU- 

Federal Reserve (1980, December 18). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19801219_part1

@misc{wtfs_greenbook_19801219_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1980},
  month = {Dec},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19801219_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}