Full text of U.S. Financial Data : Week Ending: July 11, 1973

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Week ending: July 11r 1973
LIBRarv

Ju" 0 8 1979

The money stock has increased at an 11 percent annual
rate in the past three months, quite rapid by historical stan­
dards. The demand deposit component of money has increased at a
similar rate. Since a year ago the total money stock has increased
7.3 percent, compared with a 6.3 percent rate of increase from
1967 to 1972 and 2.9 percent from 1957 to 1967.
Short-term market interest rates are currently at about
the same level as their peaks during the 1969-70 period. Yields
on three-month Treasury bills averaged 7.83 percent early this
week, up from the 5.19 percent of six months ago, and almost as high
as the 8.02 percent in early 1970. The prime bank interest rate on
loans to large business customers was recently increased to 8-1/4
percent. This rate, however, is still 60 basis points below the cur­
rent yield on four- to six-month commercial paper, compared with an
average of about 50 basis points above during 1972.
Long-term interest rates have increased somewhat in recent
months, but still remain well below their peak levels in mid-1970.
Corporate Aaa bond rates averaged 7.43 percent early this week, up
from 7.12 percent six months ago, but below the 8.6 percent in mid-1970.
The Bond Buyer's Index of 20 municipal bonds averaged 5.34 percent on
July 5, compared with its peak in 1970 of 7.12 percent.

Selected Market Interest Rates

Latest
Week
3-month Treasury Bills
4- to 6-month Commercial Paper
Federal Funds
3- to 5-year Government Securities
Corporate Aaa Bonds
Municipal Bonds

Six
Months
Ago

7.83%
8.88
9.52
7.26
7.43
5.34*

5.19%
5.63
5.66
6.22
7.12
5.08

Peak Week
of
1969/70
8.02%
9.08
9.68
8.26
8.60
7.12

* Thursday, 7/5/73


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis
Released: July 13, 1973

2
MONETARY BASE
MULTIPLIERS

v

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
102

_
on

M
9«

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
—JULY 11. 1973 FROM
THE FOUR WEEKS ENDINGi
- MAY
APR.
MAR.
—FEB.
JAN.
_ DEC.
JUL.

9, 1973
11, 1973
14, 1973
14, 1973
10, 1973
13, 1972
12, 1972

100

6.9
7.4
8.4
9.8
8.4
8.3
8.6

98
MONETARY BASE
96

94
1973

MILLIONS
92

I I I I I 111
LATEST DATA PLOTTED WEEK ENDING. JULY 11, 1973
RATIO

RATIO

MULTIPLIER

RATIO

3 17 51

14 23 12 26

JUN

JUL

9 25

6 20

4 16

SEP

OCT

1

7 21

7 21

4 16

FEB

IS 29 15 27 10 24

MAR

APR

2 1« 30 13 27 II 23

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGi JULY 4, 1973
1/ USES OF MONETARY BASE ARE MEMBER BAM< RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER
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 (Ml ) / MONETARY BASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^
ALL MEMBER BANKS

FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
SI.5 ----- ----- --

BILLIONS OF DOLLARS
--- ----- ----- 31.5

RESERVES

29.0

1973

BILLIONS —

28.5

92
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JULY 11, 1973 FROM
THE FOUR WEEKS ENDINGi
MAY
APR.
MAR.
FEB.

9,
11,
14,
14,

90

1973
3.8
1973
5.9
1973 8.9
1973 13.1

88
FEDERAL RESERVE CREDIT
86

84

82

1873. MILLIONS

80

78

9 17 31

14 26 12 26

JUN

JUL

9 23

6 20

4 16

SEP

OCT

1

15 29 13 27 10 24

7 21

7 21

4 16

FEB

MAR

APR

2 16 90 1 9 27 11 23

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGi JULY 11, 1973
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
2/ DEFINED oPbanks^1 HOLDINGS andSECURITIES, LOANS, FLOAT AND to shifts ASSETS6sits amongFOR
TO INCLUDE changes OF changes in requirements due ''OTHER’’ in dep ADJUSTED F
claIseI
3/ ofGaNchange°TnMrIgulAtion2jDATA are adjusted due to waivers associated with the effects
*

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


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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
210

210

1975
MAY
JUN.
205 —
JUL.

30
0
13
20
27
4

BILLIONS
201.8
203.9
203.8
204.5
203.5
205.0

205

rA

r

200

200

"A/
IBS

1B5

ISO

190

w

J_1 -Li JJ_L -L1.U
3 17 91 14 26 12 26 S 29 6 20
AUG
SEP
MAY
JUN JUL
1972

i-Ll J_LU
4 16
OCT

±i

_LL

i_L

1 15 29 19 27 10 24 7 21
NOV
DEC
JAN
FEB

_LL

7 21
MAR

i_LL

ii_L
4 16
APR
1973

2 16 90 19 27 11 29 ”
JUN JUL
MAY

LATEST DATA PLOTTED WEEK ENDING, JULY 4, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
7/5/72

11/1/72

12/0/72

6.9
8.8
6.3
6.5
5.3
5.3
6.4
6.8

10.4
4.4
5.2
3.4
3.6
5.5
6.3

4.8
5.8
3.3
3.6
5.9
6.7

1/3/73

2/7/73

3/7/73

1.7
2.6
6.5
7.5

0.0
5.9
7.4

4/4/73

5/2/73

10.9
11.3

14.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
12/
1/
2/
3/
4/
5/
0/
7/

6/72
3/73
7/73
7/73
4/73
2/73
0/73
4/73


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Federal Reserve Bank of St. Louis

0.3
-1.2
0.2
3.6
4.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL I QMS OF DOLLARS
270 ------ 1-----1-

BILLIONS OF DOLLARS
---- ----- ----- 270

260.8
263.2
263.9
262.7

9 17 91

M 26 12 26

8 29

6 20

4 16

SEP

OCT

1

19 28 19 27

10 24

7 21

7 21

4 19

MAR

APR

2

16 90 19 27

JUN

II 25

JUL

LATEST DATA PLOTTED WEEK ENDINGi JULY 4, 1873
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.fl RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi
7/5/72
11/1/72 12/8/72
1/3/73
2/7/73
3/7/73
4/4/73
5/2/73
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
12/
1/
2/
3/
4/
5/
8/
7/

fl/72
3/73
7/73
7/73
4/73
2/73
8/73
4/73


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Federal Reserve Bank of St. Louis

7.3
9.0
6.7
7.0
6. 1
6.2
7.0
7.3

11.3
5.4
6.3
4.9
5.2
6.6
7.1

5.4
6.6
4.7
5.2
6.8
7.4

1.6
0.6
2.2
4.8
5.7

3.9
5.0
7.6
8.2

2.8
7.0
7.9

11.0
11.0

12.7

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

no

NET TIME DEPOSITS ■

5 ir 91

M M It M

JUN

» 29

• 20

4 1«

SEP

JUL

OCT

I

IS tl 15 T 10 24

7 21

7 21

4 19

FEB

MAR

APR

2 II M IS 17 II IS

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING. JULY 4, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.B RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, TINE DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
7/5/72

11/1/72

12/6/72

1/3/73

2/7/73

3/7/73

8.4
8.9
9.1
8.6

9.3
9.5
8.7

4/4/73

5/2/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/
1/
2/
3/
4/
5/
6/
7/

8/72
3/73
7/73
7/73
4/73
2/73
8/73
4/73


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Federal Reserve Bank of St. Louis

12. 1
12. 1
12.1
11.6
11.3
11.2
11.0
10.6

11.4
1 1.5
10.7
10.4
10.3
10.2
9.7

12.0
10.7
10.3
10.2
10. 1
9.6

10.0
9.7
9.7
9.7
9.2

9.8
8.7

8.2

PREPARED BV FED ERA!. RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
620 c=---------- -

BILLIONS OF DOLLARS
--------- ----3 820

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

MAY

JUN

JUL

AUG
SEP OCT
NOV
DEC
1872
LATEST DATA PLOTTED WEEK EWING. JULY 4, 1873

4 l«

FEB

MAR

I 16 90 15 27 II 15

APR

JUN

JUL

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.fl RELEASE.
*■ M* IS DEFIED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS <SEE PAGE «).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
7/5/72
11/1/72 12/8/72
1/3/73
2/7/73
3/7/73
4/4/73
5/2/73
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/
1/
2/
3/
4/
5/
6/
7/

B/72
3/73
7/73
7/73
4/73
2/73
6/73
4/73


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Federal Reserve Bank of St. Louis

9.7
10.6
9.5
9.3
8.7
8.7
9. 1
9.0

1 1.3
8.6
8.5
7.7
7.8
8.4
8.5

9.0
8.7
7.6
7.8
8.6
8.5

5.7
5.2
6.0
7.3
7.5

6. 1
6.9
8.3
8.4

6.3
8.4
8.4

10.4
9.8

10.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
66
64
62
60
56
66
54
52
50
46
46
44
42
40
56
56

9 17 91

M 2* 12 t«

JUN

JUL

• 29

6 20

SEP
1972

4 If

1

IS 29 19 27

10 24

7 21

4 19

FEB

OCT

7 21

MAR

APR
1975

2

l« 90 19 27 11 29

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGi JULY 4, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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Federal Reserve Bank of St. Louis

MONEY AND TIME DEPOSIT DATA

1973
MAY

2
9
16
23
30
JUNE 6
13
20
27
JULY 4
11
18
25

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

M2*

59.3
61.1
61.8
62.3
62.6
61.3
61.9
61.6
62.6
63.1

279.0
278.8
279.9
280.7
281.0
281.6
281.9
281.9
281.9
282.6

538.4
538.3
541.2
541.2
541.8
544.6
545. 1
545.8
544.6
547. 1

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

0

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
( CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
445 j----- ------

ILL IONS OF DOLLARS
- ----- ----=1 4*s
-

CREDIT PROXY ADJUSTED

CREDIT PROXY

MAY

JUN

JUL

AUG

SEP

OCT

NOV

4

DEC

FEB

MAR

2 16 90 19 27 II 25

APR

JUN

1872
LATEST DATA PLOTTED WEEK ENDING) JULY 4, 1873

JUL

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.

4?mFSS

lflZi

«™.

BILLIONS

MAY 30
JUN. 6
13
20
27
JUL.
4


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Federal Reserve Bank of St. Louis

p^ffrgjuiiNifcrjKBPweeks46nd?ngiFROM the

CREDIT
PROXY

CREDIT
-EfiQXY

431.0
433.5
433.4
435.4
435.0
438.0

fou"

CREDIT
-PROXY

adjusted

425.3
427.8
427.9
429.7
429.2
432.0

EURODOLLAR BORROWINGS OF

MAY
APR.
MAR.
FEB.
JAN.
DEC.
JUL.

2.
4,
r,
7.
3.
o.
5.

1973
1973
1973
1973
1973
1972
1972

CREDIT
PROXY
ADJUSTED

12.1
1 1.5
13.7
15.fi
13.6
14.2
12.5

12.8
12. 1
14.5
16.2
14.2
14.7
12.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
9.0 --

PERCENT
-

CORPORATE Am BONDS

MUNICIPAL
BOND

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

5 19

2 16 90 14 29 II

MAY

JUN

JUL

25 9 22

AUG

SEP

6 20

9 17

1

OCT

NOV

DEC

15 29 12 26

JAN

9 29

FEB

1972

9 29

MAR

6 20

APR

4 19

I

MAY

JUN

15 29 19 27

JUL

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 13, 1973

1973
MAY

4
11
18
25
JUNE 1
8
15
22
29
JULY 6
13 *
20
27

CORPORATE
AM BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDSm

7.26
7.26
7.29
7.32
7.35
7.36
7.36
7.38
7.40
7.41
7.43

6.24
6.07
6.22
6.56
6.91
7.07
7.15
7.25
7.32
7.94
7.83

6.79
6.76
6.76
6.82
6.79
6.72
6.70
6.74
6.89
7.15
7.26

6.15
6.15
6.21
6.31
6.31
6.31
6.29
6.32
6.36
6.44
6.43

5.10
5.10
5.14
5.20
5.22
5.13
5.13
5.19
5.25
5.34
N.A.

* AVERAGES OF RATES AVAILABLE.
9BK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9.0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5 i-

PERCENT
—i 10.5

nrr

RIME BANK
OAN RATE
ICIAL PAPER

FEDERAL FUNDS RATE

5 19

2 16 30 14 2« II

JUL

25

AUG

« 22

0 20

3 17

OCT

NOV

1

IS 29 12 20

JAN

9 23

9 23

FEB

0 20

4 10

APR

MAY

1

13 29 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi JULY 13, 1973

1973
MAY

4
11
18
25
JUNE 1
8
15
22
29
JULY 6
13 *
20
27

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS JW

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD'S XK

7.13
7. 13
7.28
7.38
7.53
7.83
7.90
8.03
8.28
8.75
8.88

7.43
7.60
7.81
8.06
7.95
8.43
8.17
8.55
8.59
10.21
9.52

7.00
7.00
7.13
7.33
7.41
7.75
7.88
8.05
8.35
8.94
9.00

7.34
7.38
7.45
7.47
7.58
7.85
8.01
8.09
8.29
8.67
9.03

* AVERAGES OF RATES AVAILABLE.
3W FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR
THE BOARD OF GOVERNORS' H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
--------- -----i 3.0

5.0 |----- .-----1--

HZ! MILLIONS
15

1687

27
4

1648
2401
BORROWINGS

9 17

91

MAY

14 26 12 26

JtJN

JUL

I 29 6

20

4 16

1

OCT

AUG
SEP
1872

NOV

19 29 19 27

DEC

10 24

7 21

7 21

4 16

JAN

FEB

MAR

APR MAY
1873

2 16 90 19 27 11

JUN

29

JUL

LATEST DATA PLOTTED WEEK END I NOi JULY 11, 1875

BUSINESS LOANS
( COMMERCIAL
BILLIONS OF DOLLARS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
106

-_COMPOUNDED ANNUM. RATES OF CHANGE
_AVERAGE OF THE FOUR WEEKS ENDING
JULY 4. 1875 FROM THE FOUR
- WEEKS &NDINQt
BUSINESS
BUSINESS LOANS
IflAtfi. ADJUSTED
“MAY
- APR.
MAR.
“FEB.
- JAN.
DEC.
“JUL.

2,
4
7,
7,
5,
6,
5,

1875
1875
1875
1875
1875
1872
1972

106
104
102
BUSINESS LOANS ADJUSTED \/j

20.8

28.5

100

52.5

94
92
90

ress li
BUSINESS LOANS

MAY

as

50

SB
84

1 1 1 1 II
5 IT 91

14 26 12 26

JUN

JUL

9 29

6 20

SEP
1972

4 16

1

19 29 19 27 10 24

7 21

T 21

4 16

OCT

2 16 90 18 27 11 26

JUN

JUL

1975

LATEST DATA PLOTTED WEEK ENDINGt JULY 4, 1975
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS