Full text of U.S. Financial Data : Week Ending: August 19, 1970
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<i{gO Mfrj jj ■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