Full text of U.S. Financial Data : Week Ending: August 19, 1970

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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■3:1- ■

The money stock, consisting of private demand
deposits and currency in the hands of the public, has
increased at a 5.3 per cent annual rate since the four
weeks ending March 11 (page 5). By comparison, money
rose at only about a 1 per cent rate from June 1969
to early March. The demand deposit component of money
has risen at a 4.4 per cent rate in the last five months,
following little net change in the previous nine (page 4)
Since early March, Federal Reserve credit
has increased at a 7 per cent rate and the monetary
base at a 7.5 per cent rate (page 2). From June 1969
to early March they rose at rates of about 1 per cent
and 2 per cent, respectively. These magnitudes are the
major influence on member bank reserves, which have
increased at a 6.4 per cent rate since early March
(page 3).
Commercial bank time deposits have rebounded
during the past six months from the disintermediation
experienced during 1969 (page 6). Since early February
time deposits have risen at a 19 per cent annual rate,
compared with decline at a 5.4 per cent rate from
,
December 1968 to last February. The rapid increase in
t-'me deposits stems from declines in short-term market
l arest rates since January and relaxation of Regulation
in late January and again in late June. Such an influx


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

of funds to banks, sometimes called reintermediation,
absorbs reserves which might otherwise support private
demand deposits. The Federal Reserve Board has announced
a reduction in reserve requirements from 6 per cent to
5 per cent on that part of a member bank’s total time
deposits in excess of $5 million, effective October 1, 1970.
A 5 per cent reserve requirement on commercial paper
issued by bank affiliates will take effect at the same
time. These two actions are expected to result in a net
$350 million reduction of required reserves for the bank­
ing system.
Market interest rates in general have recently
moved lower (pages 10 and 11). Yields on highest-grade
corporate bonds averaged 8.11 per cent in the three days
ending August 19, after climbing from about 7.90 per cent
in the first four months of the year to a high of 8.60 per
cent in late June. The rate on prime commercial paper
has averaged 8 per cent since the beginning of August, down
from the slightly higher level maintained from May through
July and 9 per cent at the turn of the year. Yields on
three-month Treasury bills and on bankers' acceptances have
declined since early June and are about one and one-half
percentage points below early January levels.

Prepared by Federal Reserve Bank of St. Louis

Released: August 21, 197G

llior
84

Dollars
Annual rates of change, average of
four weeks ending August i9, 1970 from

MONETARY BASE LL
FEDERAL RESERVE CREDIT 12
Averages of Daily Figures
Seasonally adjusted by this bank

84

j-

four weeks ending:
83
Monetary
Base
June 17, 1970 + fc-3
May 2 0, 1970 ■IrJS'
+ -?•?
Apr. 22, i970
1970
+7-5
Mar. 18,

83

82

Feb. 18, 19701
Jan. 21, 1970 +5-7
81

F.R.
C redit

■hL.3
■f-O'S
++7
+ 7.0

Monetary Base
81

+ 3-?
+ 7.7

+ 3.*7

1957 -1969

82

80

Uses of the monetary base are member bank
•reserves arid currency held by the public
Ld nonmember banks, adjusted for reserve
tquirement changes and shifts in deposits.
jj. a description of the base see the August
■

80

7S

)68 Review of this bank.

79

.78
78

69

m
68

77
Federal Reserve Credit
78

67

67

/ 7 7i

-Tlu^C

66

66
65
65
Defined to include holdings of securities
loans, float, and ’bther" assets, adjusted
for reserve requirement changes and changes tn
requirements due to shifts in deposits among

64
Latest data plotted week ending.August 19,
0


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

3 17
Sept.

1

15 29
Oct.

12 26

classes of banks
4

18
Mar.

.............................
' ' 13 27 ’ 10 24 8 22 ' 5 ' 19
May

June

, July
1970

64

0
2

Aug.

1969
Prepared by Federal- Reserve Bank of St. Louis

RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars
30. 5* rm TTT

Billions of Dollar
30.5

Seasonally Adjusted

| Annual rates of change, average of four weeks
-- ending August 19, 1970 from four weeks ending:
June 17, 1970

-f*

May 20, 1970
Apr. 22, 1970
Mar. 18, 1970
Feb. 18, 1970
Jan. 21, 1970

-f-

30.0

3-6

29.5

£■•!
+
+ 3,-1
+

29.0

28.5

28.0

27.5

27.0

26.5

26.0

25.5
* Break in series due to changes in
Regulations M and D effective October
25.0

Current data appear in the Board's
H.9 release.

Latest data plotted week ending: August 19, 1970

24.5
0

9

23

6


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

20

3

17 1
Sept.

15

29

12 26

10 24

7

21

4

18

4

18

15 29

13

27 10 24
June

8

22

5

19

2

16 30
Sept.

14 28

11 25

Prepared by Federal Reserve Bank of St. Louis

9

23

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

: Dollars

4
Billions

of

Dol

174
173
172

Annual rates of change, average of four weeks ending.
4/15/70
5/13/70
3/11/70
2/11/70
1/14/70

12/10/69

172

6/10/70

171

171

170
to average
of four
weeks ending:

170
169
168

169
168

11/70
11/70
15/70
13/70
10/70
15/70
12/70

167
166
165
164

TE:

167
166
165
164
Rates of change for less than a two-month period
are not presented here

163

163
162

162

161

161

160

160
159
159

158

iS 7- ?

158

157

157

156

156

155

155

154

154

153

153

-m

152

U70

152

3

l$U-H

151

1o

150

Si

>££■ 1
HL-O
lii-3

149

2

JS7.£

148

IS
AX

147

J

11
/

/£

146

150

/-%■<£

149
148
147

lSh-1
IS 77

146
145

145

Current data appear in the Board's H.6 release
j
Latest
data plotted week ending: Aug. 12, 1970

144
0

151

i

i


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

i

i

i

i

i

i

i

i

3 17
Sept.

i

i

1

i

i

i

i.. i___I

I

1

i. i

i

i

15 79 12 26 10 24
Oct.
Nov.
Dec.
1969

144
'

i --1—

15 29

13 27 10 24 8 22
May
June
July
1970

16 30
Sept

14 28
Oct.

11 25
Nov.

n—taHorol Reserve Bank of St. Louis

0

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
219

219

218

218
217

Annual rates of change, average of four weeks ending:
1/14/70
2/11/70
3/11/70
4/15/70
5/13/70

12/10/69

217

6/10/70

216

216
215

215

to average
of four
weeks ending:

214
213

214

2/11/70
3/11/70
4/15/70
5/13/70 '
6/10/70
7/15/70
8/12/70

212
211
210

0.9
1.4
6.9
4.3
4.8
4.1
3.8

213

.
+
+
+
+
+

4.2
5.0
2.2
3.2
2.7
2.6

212

+12.9
+ 6,6
+ 6.8
+ 5.4
+ 4.8

+
+
+
+

8.7
8.2
6.2
5.3

211

+ 0,6

+ 0.4
+ 0.7

+ 3.5
+ 3.0

210
+ 0.9
209

209
NOTE:

208
207

Rates of change for leas than a two-month period
are not presented here.

204
203
202
201

t 1 0 ..

'

.i

r-

~r

Js

L
-H
rrr

-

199
198
197
196
195

nr
j/’TiL* ■
■-

—

i4U $ * VL
rr
r i V . . A* J

• 7.

H

ea4

-7

|i
\ 4|

203

r

202

¥

201

j

|

L UL

200

j

1

Lu /
u

-

204

Sf

7

1

...

206
205

L.
i\
\

V

JJ

!r
?
s

i

pr~
Jr*'
j
t
1 "T
-p
rrr
rr

*

t

_

\

200

207

_

-r

206
205

208

199
198

l T7
r

—

H

7 9-7^
.,„

r>
'7
av

-

194

•]
20.y
“1
•goj’.f. —

.

193

[

J

191
190
189

1S5

• • 1

J? •

193

^0^ l

192

196

194

/

a

197

it (26

■»

192

*r. j
-/• 5

191

/

1

190

Mill] M 1 1 i 1 I i'l i I II j I 1 i 1 1 I 1 I

189

' Current data ^jjpear ^in the Board* s^ H. 6^ release.
Latest data plotted week ending: Aug.
lC" ■ Mill TT V~T~! ~! I I I T'l I I I 1 1 T
9 23 6 20
3
17 1 15 29 12 26
July
Aug.
Sept.
Oct,
Nov.
1969


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

12, 1970
I ! I J..1 J10 24
7 21
Dec.
Jan.

0
4

18
Feb.

4 18
Mar.

1

15 29 13 J 7 10 24 8 22
Apr.
May
June
July
' 1970 '

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6

20
Jan.
1971

TIME DEPOSITS
All Commercial Bonks
Averages of Daily Figures

Billions of Dollars

§
Billions of Dollars

Seasonally Adjusted
Annual rates of change, average of four weeks
ending Aug. 12, 1970 from four weeks ending:
June 10, 1970 +3^.7
May 13, 1970 + 2.1.5
Apr. 15, 19701-30.0
Mar. IX, 1970-h <2d.9
Feb. 11, 1970 9Jan. 14, 1970 t

!T.t
H-S

Current data appear in the Board's H.6 release.

1 1 i 11 1 1 11 i 1 m Mini m i .Li 1

Latest data plotted week ending: Aug. 12, 1970
9

23

6

20
Aug.


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

3 17
Sept.

1

15

29 12

26 ZS 24

7

21

4

18

4

18

1' 15

29 13

2 7 10 24
June

8

22
July

5

19
Aug.

16 30
2
Sept.

14 2 8 11

25

9

23

6

20
1971

Prepared by Federal Reserve Bank of St. Louis

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

.11 io: ; of Dollars
432

Billions oi

430
428
426
424
422
420
418
416

430

Annual rates of change, average of four weeks
ending Aug. 12, 1970 from four weeks ending:

428
426

June 10, 1970 9-/V-4
May 13, 1970 +IS..I
Apr. 15, 1970-+/o-a
Mar. 11, 1970+(3-O
Feb. 11, 1970 + U-7
Jan. 14, 1970 + V-3

424
422
420
418

HH-O1957-1969

416

•hto-SL

414

414

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

394

392

392

390

390

Jin.o

388

;

3

386

i

ic .

384
—Feclu

382
380

388

Ho V. /

Ha 3,9

386 '

Y4V-&
VA?-/

384.

/7i
-S1/
/ i

H0&-&

!5

■‘/jo-3

X

Y; <5. /

.382

£9s.\ Hio./j

380

378

■?

378

376

72+

374
372

Current data appear in the/Board’s H.6 release.
1 1 1 1 i i i i i i i i l l I .1 ! I I ! I II | I
% Latest data plotted week ending: Aug. 12, 1970
! n I I ! I mi M I I I 1 I 1 I I ! I 1 I
9 23 6 20 3 17 1
15 29 12 26 10 24 7 21
July
Aug. Sept.
0ct,
Nov.
Dec,
Jan.


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

1969

v/y 7

Hn-o

376
374
372

4

18
Feb.

4

18 1
Mar.

15 29
Apr.

13 27
May

10 24
June

8
22
July

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

1970
Prepared by Federal Reserve Bank of St. Louis

9

23
Dec,

6

20
Jan.

i97i

'

0

ion

CERTIFICATES OF DEPOSIT H
Large Commercial Banks
Wednesday Figures

Dollars

Billions of

26

24

22

20

18

16

14

12

10
Millions of Dollars

Suruc

8

6

4

2

Current and year ago data appear in the
Board's H.4.2 release.
„
1/ Negotiable time certificates of deposit

Latest data plotted week ending: Aug. 12, 1970


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

6

20

3

17 1
Sept.

15

29 12

2i

10 24

7

21

4

4

18

1

15

29 13

27

10 24
June

8

22
July
1970 '

5

19
Aug.

Prepared by Federal Reserve Bank of St. Louis

r

j :

/o j /a,

9

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS

»

(CREDIT PROXY)
ions )f Dollars
323
11 1 _1_i 1
Annual rates of change, average of
four weeks ending Aug. 12, 1970 from

326
324

Billions of

Averages of Daily Figures

328

-Seasonally Adjusted

326
324
322

four weeks ending:
322
320
Credit
Proxy

318

June 10, 1970 -t-19-0
May 13, 1970 r- \H-0
Apr. 15, 1970 4- <9
Mar. 11, 1970+
Feb. 11, 1970 -f /<><?

316
314
312

Credit
Pr oxy
Adjusted

320

Tm

316

318

+ ix 6

CREDIT
PROXY
ADJUSTED

314

,,

-

312
310

310

308

30S
306

306
■,;

304

304

302

302

300

300

29S

298

296

296

294

CREDIT
FROXY

294

292

292

290

290

288'
288
286

286
284
CREDIT
PROXY

282
280

At9,9.

270-3
2^7-9
a °ii3
817
339't-

278
276
274

£79

272
270
268
0

Current data appear in the Board's H 9 release,
i J i i l_1
t i j i i i i i i i i . i i l 1 _1
Latest data plotted week ending: Aug. 12, 1970
i l l l l l l i i ' i i i i 1 i i 1...I
3 17 1 15 29 12 26 10 24
Jan.
Sept.
Oct.
Nov.
1969


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

3VO- to .
301- >J

CREDIT
PROXY
ADJ.

310-9
3 in i to
311 ■ /
3 !0'S
31XZL
3i f-JL
JUf-f
319-9
31?-1/
37-0-3

1/ Total member bank deposits plus nondeposit items
is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
adjusted, but nondeposit items are includedin the
series on a seasonally unadjusted basis due to the
short period for which most Items are available.
Nondeposit items included in the seriea are as folI lows: gross liabilities of banks to own foreign
branches and to branches in U.S. territories and pos---sessions; Euro-dollars borrowed directly from for
eign banks or through brokers and dealers; com­
mercial paper issued by bank holding companies or
other bank affiliates; and loans or participations
in pools of loans sold under repurchase agreement
to other than banks and other than banks' own
affiliates or subsidiaries.

I I I I I I I M l I I j l l l [ ] I I 1 j I.I..1.J-J-1
15 29 13 27 10 24 8 22
Apr.
May
June
July
1970

14 28
Oct

Prepared by Federal Reserve Bank of St. Louis

.fan.

284
282
280
278
276
274

272

to

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

H,oo
3-Month
T reasury
Bill

10.50

3-5 Year

Long-Term Corporate
Aaa

10.50

10.00

10.00

9.50

.3T./7

9.00

9.00
Prime Commercial
Loan Rate

Corporate
Aaa Bond3

8.50

8.00

3-5 Year
Govt. Sec.

7.50

7.00

Three-Month ^
Treasury Bill
Market Yield

6.50

Discount Rate

6.00

6.00

5.50

Latest data plotted, are averages of rates available for the week ending: Aug. 21, 1970

5.00 ■
11

25

8

22
Aug.

5 19
Sept.

Digitized for *FRASER
AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3
1969

17

31 .14

28

12 26

9

23
J an.

6

20
Feb.

6

20
Mar.

15 29 12 . 26 10 24
May
June
July
1970

5.00
7

21
Aug.

4

18 2
Sept.

16 30

13 27. 11
Nov.

Prepared by Federal Reserve Bank of St. Louis

25

4 22
Jan.
1971

0

SELECTED SHORT-TERM'INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent
12.00
Prime
Commercial”
11.50

4-6 Month

11.00

115
9-St
■ T3S

Per Cent
12.00

Prime
'
'
Bankers' I
Acceptances

q.! 3 ' "
f/5

90 Day
CD'S **

I

j

*

11.50

3.5

11.00

10.50

10.50

10.00

10.00

9.50

9.50

9.00

9.00
Commercial Paper
4-to-6 Month

8.50

8.00

8.00

------- Bankers'
------- Acceptances

Federal Funds Rate
6.50
_Latest data plotted are averages c£ rates available for the week ending: Aug. 21, 1970
_
II ~ | j || || 1 1 I-1
“]
' —1
■
hi
}
|
|
Discount Rate

25

22

203
Sept.

Oct.

Nov.

”29

l226
June

Aug.

18
Sept.

16

30

* AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE' DAYS AVAILABIE

Digitized for
**FRASER
DATA ARE SECONDARY MARKET RATE. WEEKLY AVERAGES ENDING .
http://fraser.stlouisfed.org
WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN
THE
BOARD’S-H.
9 REIEASE.
Federal Reserve
Bank
of St. Louis

Prepared by Federal Reserve Bank of St. Louis
'

11 25

8

22

lion:

BORROWINGS AND EXCESS RESERVES
AH Member Banks in the Nation
Averages of Daily Figures

of Dollars

,200

3,200

Mil
EXCESS

FREE
RESERVES

175
/ 35
<2 7 3
79

>03,7
-73!
375
-7J9
~7)<t

,000
,800

12
Millions of Dollars

li 7O
3
/a

-TuYve_

,600
,400

7V

99
1*9^

irl

lb?)

—/V5/

/ 3 lb

-14° /
1/3 7
- VSY
-995

P7A

,200

JL3Q

,000

99

155.
S-X7/

_

,800

ISL

tXkH
%'3 7
(.£ S'

7/

,600

3,00C
2,800
2,600
2,400

-/axe

1*3/
loc 9

1/75

5 80

2,200
2,000
1,800

£.07

1.600
Borrowings

,400

1,400

,200

1,200

,000

1,000

800
600
Excess Reserves

400
200
0
'200
400
600
800
000

1.000

200

-

Net Free Reserves

400

1,200

- 1,400

600

1,600

800

-•1,800

000

-

2,000

200

-

2,200

400

- 2,400

600

- 2,600

800

- 2,800

Latest data clotted week ending: Aug. 19, 1970

M I I I I I I II 1 ! I I I I II H
9 23
July

6

20
Aug.


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

3

17 1
15 29
Sept.
Oct.
1969

12

26 10 24
Nov. Dec.

7

21
Jan.

4

18
Feb.

4

18
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June.
July
1970

5

19
Aug.

2

16 30
Sept.

14

28 11 25
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis