Full text of U.S. Financial Data : Week Ending: November 17, 1971
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Week ending: November 17, 1971 Growth of monetary aggregates has slowed in recent months, although their growth so far in 1971 has been rela tively rapid. The money stock has risen at a 7 per cent annual rate in the past ten months, compared with a trend growth rate of 3.4 per cent from 1957 to 1970 (page 5). Money has increased at only a 1.5 per cent rate the past four months, however, after increasing at an 11 per cent rate in the previous six months. Money stock plus net time deposits (M2) has risen at an 11 per cent rate in the past ten months, compared with a trend rate of 5.8 per cent from 1957 to 1970 (page 7). Over the past four months, M2 has risen at a 4.5 per cent rate, compared with a 17 per cent rate in the previous six months. Member bank borrowings from Federal Reserve Banks have declined sharply in recent months (page 12) . Borrowings averaged about $200 million for the two weeks ending November 17, compared with about $800 million in August. A decline in bor rowings subtracts from the monetary base, thus contributing to the recent slowing in the growth of monetary aggregates. Late last week the discount rate, which is charged on loans to mem ber banks from Federal Reserve Banks, was lowered at several banks from 5 per cent to 4.75 per cent. Preceding this reduc tion, the discount rate was approximately the same as the Federal funds rate, while in August the Federal funds rate averaged about 60 basis points above the discount rate. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Data contained in this release for the money stock and its components, the time deposit series, and the money plus time deposit series have been revised by the Federal Reserve to re flect the annual recalculation of seasonal factors and new benchmarks for nonmember bank deposits. The growth rate of money was revised upward by about 1 percentage point in the past four months, while in the previous six months the growth rate of money was lowered by about 1 percentage point. Prepared by Federal Reserve Bank of St. Louis Released: November 19,1971 MONETARY BASE v FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING NOVEMBER 17, 1971 FROMMONETARY BASE 1971 OCT. MILLIONS 13 78 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING NOVEMBER 17. 1971 FROMTHE FOUR WEEKS END INGi —JUN. 76 FEDERAL RESERVE CREDIT 16 74 10.2 72 70 MILLIONS 68 2 18 30 14 28 11 25 OCT NOV 1970 9 23 6 20 3 17 JAN FEB 3 17 31 1« 28 12 26 9 23 7 21 JUL 1 AUG 15 29 13 27 10 24 OCT NOV 1971 LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17, 1971 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC ANO NONMEMBER BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF THE BASE SEE THE AUGUST 1968 1'REVIEW" OF THIS BANK. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER" ASSETS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE T0 SHIFTS IN DEP6s|TS AMONG CLASSES OF BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 33.0 ----------------------- r- 3 BILL IONS OF DOLLARS ------ ---------- ---------- 33.0 32.5 32.5 32.0 31.5 31.5 30.0 29.5 29.5 29.0 29.0 28.5 28.5 2 16 30 M 26 11 25 9 23 6 20 3 17 JAN FEB 3 17 31 14 28 12 26 APR 9 23 4 18 1 15 29 13 27 10 24 MAY LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. X BREAK http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, 1970. ISLi OCT. NOV. 13 20 27 3 10 17 BILLIONS 31.7 31.7 31.4 31.7 31.4 32. 1 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING NOVEMBER 17. 1971 FROM THE FOUR WEEKS ENDING: SEP. AUG. JUL. JUN. MAY APR. MAR. 15, 18, M, 16, 19. M, 17, 1971 1971 1971 1971 1971 1971 1971 -5..3 1..3 5.,7 2.,3 3.,9 5..5 4.,9 PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS 174.9 175.0 175.4 175.0 2 16 50 14 28 11 25 9 25 OCT NOV 1970 6 20 5 17 JAN FEB 5 17 51 14 28 12 26 APR 9 25 7 21 4 18 1 15 29 15 27 10 24 OCT MAY NOV 1971 LATEST DATA PLOTTED *EEK ENDINGt NOVEMBER 10. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt 11/11/70 3/10/71 4/7/71 5/12/71 6/9/71 7/7/71 8/11/71 11.5 10.6 7.9 4.6 3.9 8.6 5.6 2.3 1.9 4.7 0.9 0.7 -3.6 -2.5 9/8/71 TO THE AVERAGE OF FOUR WEEKS ENDINGt 4/ 7/71 5/12/71 6/ 9/71 7/ 7/71 8/11/71 9/ 8/71 10/13/71 11/10/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.8 8.7 9.5 9.3 9.3 8.4 6.8 6.2 11.1 12.4 1 1.3 10.8 9.0 6.4 5.7 13.6 1 1.8 11.1 8.8 6.0 5.2 -3.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 235 226.9 227.2 230 227. 1 226.8 225 220 215 210 2 16 SO 14 2B II 25 9 25 OCT NOV 1970 6 20 5 17 JAN FEB 3 17 31 14 28 12 26 APR 9 23 7 21 4 18 1 15 29 IS 27 10 24 MAY OCT NOV 1971 LATEST DATA PLOTTED WEEK END INOi NOVEMBER 10, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi H/11/70 3/10/71 4/7/71 5/12/71 8/9/71 7/7/71 8/11/71 11.0 10.3 7.9 5.1 4.4 9. 1 6.4 3.4 2.9 5.2 1.8 1.5 -2.0 -1.2 9/8/71 TO THE AVERAGE OF FOUR WEEKS ENDINGi 4/ 7/71 5/12/71 6/ 9/71 7/ 7/71 8/11/71 9/ 8/71 10/13/71 11/10/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.0 8.6 9.2 9.2 9.2 8.3 7.0 6.5 10.5 1 1.2 10.7 10.3 8.8 6.6 5.9 12. 1 11.2 10.6 8.7 6.2 5.5 -2.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 270 r=--------- ---------- ----- BILLIONS OF DOLLARS ------------------ ------- a 270 TOTAL TIME DEPOSITS MET Tl ME DEPOSITS* 2 16 SO 14 20 II 29 OCT 0 29 NOV 6 20 9 17 JAN FEB 9 17 91 14 29 12 26 APR 0 29 MAY 7 21 4 19 JUL AUG 1 19 20 13 27 10 24 OCT NOV LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 10. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. ft NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 1100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi 11/11/70 3/10/71 25.3 22.9 22.0 20.6 18.2 16.8 16. 1 15.9 19.1 18. 1 16.4 13.1 1 1.7 1 1.5 11.8 4/7/71 5/12/71 6/9/71 7/7/71 8/11/71 13.3 9.2 7.9 8.5 9.3 6.4 5.7 7.0 8.2 3.4 5.9 7.6 7.6 9.5 9/8/71 TO THE AVERAGE OF FOUR WEEKS ENDINGi A/ 7/71 5/12/71 6/ 9/71 7/ 7/71 8/11/71 9/ 8/71 10/13/71 11/10/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14.6 13.4 10.4 9.2 9.5 10.0 12.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS * MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 500 rr---------- ---------- ------ BILLIONS OF DOLLARS -------- ---------- --------=i 500 MONEY STOCK PLUS TOTAL TIME DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS 2 16 30 14 28 11 25 9 25 OCT NOV 19/0 6 20 3 IT JAN FEB 3 !7 31 14 28 !2 26 APR 9 23 MAY 7 21 JUL 1 IS 29 13 27 10 24 AUG LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. ** fS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS l SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, 11/11/70 3/10/71 16. 1 15.4 15.3 14.6 13.5 12.4 11.4 11.0 14.7 14.6 13.5 11.7 10.2 9.0 8.8 4/7/71 AVERAGE OF FOUR WEEKS ENDING: 5/12/71 6/9/71 7/7/71 8/11/71 9/8/71 12.2 9.7 7.9 6.8 6.8 7.7 6.0 5.2 5.5 4.3 3.8 4.5 2.7 3.9 4.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/ 7/71 5/12/71 6/ 9/71 7/ 7/71 8/11/71 9/ 8/71 10/13/71 11/10/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.3 12.3 10.5 9.0 7.8 7.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 36 34 32 30 28 26 24 22 20 18 2 16 30 14 28 11 23 9 23 OCT NOV 1970 6 20 3 17 JAN FEB 3 17 31 14 28 12 26 APR 9 23 7 21 4 18 I 15 29 13 27 10 24 OCT MAY NOV 1971 LATEST DATA PLOTTED WEEK ENOINGj NOVEMBER 10, 1971 CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS' H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1971 SEP. OCT. NOV. 1 8 15 22 29 6 13 20 27 3 10 17 24 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOS1TS S« M2 m 31.0 31.0 31.1 31.8 32.5 32.7 32.9 32.9 32.7 32. 1 32.0 227.0 227.6 227.7 228. 1 228.5 229.6 229.8 230.7 231.2 231.5 231.7 454.8 455.3 455. 1 455.2 455.7 456.5 457.0 457.7 458.8 458.6 458.5 * SEE FOOTNOTE PAGE 6. SIB* SEE FOOTNOTE PAGE 7. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILi. IONS OF DOLLARS 365 355 CREDIT PROXY ADJUSTED 1/ 345 335 325 CREDIT PROXY - 315 305 2 1« 30 14 28 11 25 9 23 6 20 3 JAN FEB 17 3 17 3! 14 28 12 26 1970 9 23 7 21 4 18 1 '5 29 13 27 10 24 197! LATEST DATA PLOTTED WEEK END INGt NOVEMBER 10, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN OTHER NONDEPOS!T SOURCES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CREDIT pROXY 349. 1 348.8 349.8 350.6 352.6 352.2 CREDIT PROXY ADJUSTED 353.5 353.4 354.9 357.7 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING NOVEMBER 10, 197! cROM THE FOUR WEEKS ENDIN&s CREDIT CREDIT PROXY PROXY ADJUSTED SEP. AUG. JUL. JUN. MAY APR. MAR. 8, 11. T, 9, 12, 7. ’0, 1971 197! ! 971 ! 971 1971 1971 1971 3.5 8.6 8.6 7.4 8.4 8.9 9.3 5.7 9.6 9.0 8.0 8.6 8.0 7.8 PRFPARFD BY FEDERAL RESERVE BANK QF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY per cent CORPORATE Aaa BONDS RIME COMMERCIAL ,OAN RATE DISCOUNT RATE THREE-MONTH TREASURY BILL MARKET YIELD 4 10 2 16 SO 13 27 II NOV 1970 25 0 22 DEC 5 IB FEB 5 18 MAR 2 IS 50 14 20 11 25 MAY JUN 1971 8 23 6 20 AUG 3 17 SEP 1 15 28 12 20 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. NOVEMBER 19, 1971 1971 SEP. 3 10 17 24 OCT. 1 8 15 22 29 NOV. 5 12 19 * 26 CORPORATE AAA BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECUR1T1ES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS mm 7.45 7.42 7.44 7.44 7.46 7.44 7.42 7.37 7.31 7.25 7.24 7.27 4.47 4.62 4.79 4.74 4.65 4.51 4.45 4.47 4.36 4.18 4.18 4.13 5.89 5.94 6.00 6.01 5.91 5.84 5.68 5.62 5.53 5.41 5.47 5.40 5.58 5.51 5.59 5.59 5.52 5.47 5.44 5.47 5.43 5.33 5.37 5.36 5.39 5.36 5.38 5.48 5.24 5.17 4.99 4.97 5.1 1 4.99 5.19 N. A. * AVERAGES OF RATES AVAILABLE. *X BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT 9.0 ------- PER CENT ------- 9.0 COMMERCIAL PAPER 4-T0-6 MONTH FEDERAL FUNDS RATE LLLLl II 4 T8 SEP II II __LUJ__LLJ__LU__LLU 2 16 30 13 27 11 25 6 22 OCT NOV DEC JAN 1970 5 10 5 10 FEB MAR 2 16 30 U 28 11 25 0 23 6 20 APR MAY JUN JUL AUG 1971 3 17 SEP I 15 20 12 26 OCT NOV LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi NOVEMBER 19, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PRIME COMMERCIAL 1971 SEP. OCT. 3 10 17 24 1 8 NOV. 15 22 29 5 12 19 * 26 PAPER 4-6 MONTH FEDERAL FUNDS PRIME BANKERS' ACCEPTANCES 90 DAY CD'S IKK 5.70 5.75 5.75 5.75 5.75 5.75 5.63 5.45 5.25 5.03 4.88 4.96 5.70 5.75 5.42 5.48 5.35 5.25 5.35 4.98 5.25 5.13 4.83 4.88 5.50 5.50 5.50 5.50 5.40 5.23 5.03 4.98 4.88 4.78 4.75 4.75 5.56 5.55 5.60 5.66 5.62 5.53 5.44 5.29 5.18 4.99 4.91 4.88 1971 * AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE m DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS AND EXCESS RESERVES ALL MLMBER BANKS IN THE NATION bill, ions or dollars AVERAGES OF DA! Li' FIGURES billions of dollars 1 .£ \.2 BORROWINGS 0.8 0.4 EXCESS RESERVES -0.4 0.8 - NET FREE RESERVES 1.2 ■ 1.6 - ±LLL 2 16 30 14 28 11 25 9 23 6 20 3 17 JAN FEB 3 17 31 14 28 12 26 9 23 7 21 4 16 1 13 29 1 3 27 1 0 24 1971 1970 LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 17, 197’ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MILLIONS EXCESS RESERVES 1971 SEE. OCT. NOV. 1 8 ’5 22 29 6 ’3 20 27 3 ’0 17 24 324 205 247 227 343 214 49 210 44 413 19 24P BORROWINGS 706 765 457 329 424 309 449 332 41 4 215 '22 289 FREE RESERVES - 382 560 210 102 81 95 400 122 370 198 ’03 43 PREPARFD BY rFDrRA- RESERVE BANK OF ST. i_OU!S ■1 .6