Full text of U.S. Financial Data : Week Ending: February 28, 1973

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Week ending: February 28r 1973

On average, the nation's money stock in the past four weeks
was 7.4 percent greater than the comparable period a year ago.
This compares with a rapid 6.2 percent trend rate of growth in the
five years from early 1967 to early 1972. Growth of money since
early 1972 shows a decelerating pattern on a quarterly average
basis. Money rose at a 7.4 percent rate in the fourth quarter of
1972, compared with more rapid rates of 8.1 and 8.8 percent in the
third and second quarters respectively.
Growth of money in the past few months has been fairly
erratic. Money in the hands of the public rose sharply in
December, declined $3.9 billion from the first to the last week of
January, and rose $4.1 billion in the first three weeks of
February.
Reflecting the sharp increases in short-term market
interest rates, the prime rate (the interest rate charged by banks
on loans to their highest-rated business customers) and the
discount rate (the rate charged by Federal Reserve Banks on loans
to member banks) were recently raised by 1/4 and 1/2 percentage
points, respectively. These increases, however, are less than
recent increases in market interest rates. The prime bank loan
rate is now about the same as the 4- to 6-month commercial paper
rate, whereas it was 50 basis points above the commercial paper
rate in November. The discount rate, now 5-1/2 percent, remains
well below the 6.90 percent average rate for Federal funds and the
5.84 percent average yield on three-month Treasury bills in recent
days.
Member bank borrowings from the Federal Reserve averaged
$1.5 billion this week, somewhat below the average $1.7 billion
last week and the $2 billion two weeks earlier. Borrowings, on
balance, have risen substantially since last summer, the same
period in which the Federal funds rate has risen relative to the
discount rate. For example, borrowings averaged $200 million last
July, when the discount rate was about the same as the Federal
funds rate.


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

Prepared by Federal Reserve Bank of St. Louis
Released: March 2, 1973

2
MONETARY BASE ^
MULTIPLIERS

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
100

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
-- FEBRUARY 28. 1973 FROM
THE FOUR WEEKS ENDINGi
-

DEC.
NOV.
OCT.
— SEP.
AUG.
_ JUL.
MAR.

27
29
25
27
30
26
1

98

96
1972

MONETARY BASE
94

92
1973

MILLIONS
—

90

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 28. 1973
RATIO
2.9

RATIO

2.8

PLIER
2.7

2.6

2.5
RATIO
— 2.4

lllll
5 19

2 16

JAN

1

15 29 12 26 10 24

7 21

5 19

2 16 30 13 27 11

FEB

SEP

OCT

25

6 22

6 20

3 17 31

14 26 14 26

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 21, 1973
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC
NONMEMBER
BANKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THfe BASE SEE THE AUGUST 1968 •'REVIEW'* OF THIS BANK.
2/ RATIO OF MONEY STOCK 1 Ml 1 / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOS I TS 1/
ALL MEMBER BANKS

FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 28. 1973 FROM
THE FOUR WEEKS ENDING.

BILLIONS OF DOLLARS
31.5

31.0
RESERVES
30.5

30.0

29.5

29.5

29.0

29.0

311

28.5

BILLIONS

— 28.5

28.0

28.0
1

I I I 1 I I 1 I I

88

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 28, 1973 FROM
THE FOUR WEEKS ENDING.

84

OCT. 25, 1 972
-- SEP. 27, I 972

86

16.1
18.4

84

82

FEDERAL RESERVE CREDIT

80

an

MILLIONS
78

5 10

2 16

JAN

FEB

1

19 29 12 26 10 24

7 21

9 19

2 16 90 13 27 11

JUN JUL
1972

SEP

29

OCT

6 22

6 20

3 17 91

14 26 14 26

FEB
1973

MAR

LATEST DATA PLOTTED WEEK EM> ING. FEBRUARY 28, 1973
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND ”OTHER” ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.
3/ BEGINNING NOVEMBER 9, 1972 DATA ARE ADJUSTED DUE TO WAIVERS ASSOCIATED WITH THE EFFECTS
OF A CHANGE IN REGULATION J.
*

BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D.


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

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
205

BILUQNS
198.7
198.0
197.6
198.9
199.0
200.7

— FEB

200

195

190

185

180

5 19

2 16

JAN

FEB

1

IS 29 12 26 10 24

7 21

3 IS

2 1630 13 27 11

SEP

JUN JUL
1972

25

8 22

6 20

3 17 31

14 28 14 28

FEB

OCT

MAR

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 21. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/23/72

6/21/72

7/19/72

8/23/72

9/20/72 10/18/72 11/22/72 12/20/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/19/72
8/23/72
9/20/72
10/18/72
11/22/72
12/20/72
1/24/73
2/21/73


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

9.5
8.8
8.8

9.4
9.3

8.3
8. 1
7.9
7.7
7.3

8.1

7.9
7.5
7.3
6.8

7.4
6.4
6.6

6.6
6.8

6.4
6.4
5.9

6.5
6.5
5.9

5.8
5.7
5.9
5.3

6.4
6.4
5.6

6.0
5.0

4.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5
MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
-------------- 260

260 r------- 1---------- 1--------

BILLIONS
255.7
255.0
256.3
256.4

1

JAN

IS 29 12 26 10 24

FEB

3 19

JUN

2 16 SO IS 27 11 25

JUL

SEP

6 22

6 20

3 17 31

OCT

M 26 M 26

FEB

MAR

LATEST DATA PLOTTED WEEK ENDINOi FEBRUARY 21, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
2/23/72

6/21/72

7/19/72

8/23/72

9/20/72 10/18/72 11/22/72 12/20/72

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
7/19/72
8/23/72
9/20/72
10/18/72
11/22/72
12/20/72
1Z24/73
2/21/73


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

8.7
8.2

8.3
8.0

7,9
7.8
7.8
7.4

8.3
8.4
7.8
7.7
7.6
7.6
7. 1

7.2
6.8

6.9
6.9
7. 1
6.5

7.3
7.3
7.2
7.4
6.6

6.6

6.7
7.1
6.3

7.1
7.4
6.3

7.5
6.0

5.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

5 IS

2 16

JAN

FEB

1

15 29 12 26 10 24

T 21

3 19

2 16 30 13 27 11

JUN JUL
1972

SEP

25

8 22

6 20

3 17 31

OCT

H 26 M 26

FEB
1973

MAR

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 21, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/23/72

6/21/72

11.7
12. 1
12.3
12.3
12.3
1 1.9
12.4
11.9

12.5
12.5
12.4

7/19/72

8/23/72

9/20/72 10/18/72 11/22/72 12/20/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/19/72
8/23/72
9/20/72
10/18/72
11/22/72
12/20/72
1/24/73
2/21/73


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

12.2

12.5

13.6
13.3
12.9
12. 1
12.9

11.8

12.0

11.8

13.0
12.6

12.3

1 1.7
12.7
1 1.7

12.5
11.4

11.1

10.5
12.5
11.1

12.8
10.8

11.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

= 580
= 570
MONEY STOCK PLUS TOTAL TIME DEPOSITS
550

= 520
= 510
500
MONEY STOCK PLUS NET TIME DEPOSITS**
490
480
5 19

2 16

JAN

FEB

1

19 29 12 26 10 24

7 21

9 19

2 16 90 19 27 11 29

SEP

8 22

6 20

9 17 31

OCT

14 26 14 26

FEB

MAR

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 21, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
W( Mt IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (Mz)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
2/23/72
6/21/72 7/19/72 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/19/72
8/23/72
9/20/72
10/18/72
11/22/72
12/20/72
1/24/73
2/21/73


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

10.3
10.2

10.3
10.2
10.1

9.9
10.2

9.7

10.3
10.5
10. 1
10. 1
9.7
10. 1
9.4

10.3
9.9
9.9
9.5
10.0

9.2

10.0
10.0

9.4
10. 1
9.2

9.5
8.9
9.8
8.8

8.8
10. 1
8.8

10.2

8.3

8.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
50 ---- ----------

5 19

JAN

2 16

1

13 29 12 26 10 24

2 It 30 13 27 II 29

7 21

SEP

FEB

BILLIONS OF DOLLARS
--------------- 50

8 22

6 20

3 17 31

M 28 14 28

FEB

OCT

MAR

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 21. 1973
CURRENT DATA APPEAR IN THE BOARD 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
CERTIFICATES
OF DEPOSIT

1973
JAN.

3
10

17
24
31
FEB.
7
14
21

MAR.

BILLIONS
NET TIME
DEPOSITS*

43.5
44.0
43.9
44.5
45.5
47.3
48.2
49. 1

272.0
271.6
272.8
272.7
273.4
272.8
274.0
274.1

M2 m
530.2
526.2
528.5
527.8
527.7
529.0
530.4
532.5

28
7
14
21

28

* SEE FOOTNOTE PAGE 6.
»fSEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

23 ! T MEMBER BANK f BEP05I1S3 J3 ! Y
SUBJECT TBi'fRESERVE REQU IREMENTS
(CREDIT PROXY)
AVERAGES OF DAILY FIGURES
; SEASONALLY ADJUSTED

BILLMDNS OF DOLLARS
425 tr.. "... I-- =

BILLIONS OF DOLLARS
aGl/GO
—--~f

JTAP SIAOJ
CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

'■ TJSHA * J..HS

5 19

2 16 I

JAN

FEB

13 29 12 26 10 24

MAR

APR

7 21

3 19

2 16 30 13

MAY

JUN JUL
AUG
SEP
1972
LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 21, 1973

27 11

23 6 22

OCT

NOV

6 2(

DEC

FEB

MAR

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
MS?A?&,§?^'N§l!BI^Vri8US^RCI<L WES- aWOOCLW BORROWINGS OF

A ; 01 MUM
mz&m
1971

m r -me,
" M3MMR3VQ£
83!T IHL'.SK
billions

CREDIT
00, €
PROXY
so, e CREDIT
|
os.e PFQ*Y ADJUSTED
Jan. j,ir:c 404.8
409.4
24
404.4 - 409.1
31 * 405.1 . 409.8
FEB.
406.8
411.3
14
408.6
413.0
21
413.0
417.5

V i 3Y S-

00

33

ei .a
SS . 6
Ts.a
8f .6
oa .6
sa„e>
66.6
TO ,‘c
2T.8

• -

VSR

3T

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
ra.iii,18'3 from r*-FouR

a i. x

CREDIT
■PJW

OT

8<~
DECT,
NOV;
OCT.
SEP.
AUG.
JUL.
FEB.

20,
22.

18,
20.

23,
19,
23,

1972
1972
1972
1972
1972
1972
1972

12. 9
12. 4
11. 7
12. 1
11. 4
11. 4
11 . 9

CREDIT
PROXY
ADJUSTED
12.9
12.4
: «] |5.9

i

12.2

11.5
11,5
12.0

3J8AJ1AVA TOM - ,k,U
UJCj ,T8 40


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Federal Reserve Bank of St. Louis

3VR383R JAR3033. Y6 G3RAR9RR
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

:rcial
MUNICIPAL
BONDS**

DISCOUNT RATE

ITH TREASURY
:et YIELD

4 18

JAN

3 IT 31

M 26 12 26

APR

FEB

9 23

7 21

4 16

1

13 29 13 2T 10 24

OCT

MAY

6 22

NOV

5 19

2 16

JAN

FEB

2 16 30

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MARCH 2, 1973

CORPORATE
Aaa BONDS

1973

JAN.

5
12

19
26
FEB.
2
9
16
23
MAR.
2 X
9
16
23
30

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS **

7. 1 1
7.12
7.15
7.18
7.20
7.22
7.23
7.22
7.24

5.16
5. 19
5.40
5.67
5.70
5.56
5.43
5.58
5.84

6.16

5.72
5.83
5.98
6.08
6. 13
6. 16
6. 10
6. 15
6. 16

5.08
5.03
5.00
5.08
5. 16
5.16
5.06
5.13
N. A.

6.22

6.27
6.38
6.50
6.55
6.53
6.67
6.75

X AVERAGES OF RATES AVAILABLE.
** 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

11
SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

7 21

4

18

JAN

Mil
9

17 91

FEB

14 28

APR

12 26

I. 1X1

9 29

7 21

4

18

1

19 29 19 27

OCT

MAY

10 24

NOV

1 LU

8 22

9 19

2

JAN

FEB

18

2

16 90

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MARCH 2, 1973


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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

1973
JAN.

5
12

19
26
FEB.
2
9
16
23
MAR.
2 X
9
16
23
30

5.63
5.63
5.78
5.90
6. 10
6.20
6.22

6.25
6.25

FEDERAL
FUNDS

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD’S gw

5.75
5.63
5.95
6.23
6.38
6.08
6.99
6.07
6.90

5.38
5.43
5.58
5.80
5.98
6.13
6. 13
6. 13
6.25

5.60
5.68
5.72
5.83
5.98
6.15
6.28
6.30
6.38

X AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
**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

12
BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.0

131A MILLIONS
JAN. 24

1095
1309
1231
1993
1670
1479

1.5

1.0

0.5

BORROWINGS,

5 19

2 16

JAN

FEB

1

15 29 12 26 10 24

7 21

5 19

2 16 SO 19 27 II 25

SEP

6 22

6 20

3 17 31

OCT

4 28 14 28

FEB

1972

MAR

1973

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 28, 1973

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

100
_ COMPOUNDED ANNUAL RATES OF CHANGE
AVERAGE OF THE FOUR WEEKS ENDING
— FEBRUARY 21. 1973 FROM THE FOUR
WEEKS ENDING:
_
BUSINESS
BUSINESS
LOANS

98

—

-LOANS

AklUSIfE

96

32.7
28.0
24.5

25.0

94

21.0

21.7
92
BUSINESS LOANS ADJUSTED 1/
90

88

BUSINESS

LOANS
BUSINESS LOANS

BUSINESS___
LOANS
ADJUSTED _

JAN. 17

86
84

95.061
82

5 19

2 16

JAN

FEB

1

15 29 12 26 10 24

7 21

5 19

2 16 30 13 27 11

SEP

OCT

25

8 22

6 20

3 17 31

14 26 14 26

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 21, 1973
ALiVSs^iS3^


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Federal Reserve Bank of St. Louis

B"*s T0 o* subsioiw.es. fobe.sn bbwches.
PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS