Full text of U.S. Financial Data : Week Ending: October 10, 1973

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Week ending: October 10, 1973
M&i

LIBRARY
JUN 0 8 1979

The nation’s money stock has changed little in the
past three months, after a rapid rate of increase of 11 percent
in the previous three months■> On average, the money stock has
increased at a 5.3 percent annual rate in the past six months,
the same as in the past year. For comparison, money increased
at a 6.3 percent average rate from 1967 to 1972.
The monetary base, the movements of which have a
dominant influence over movements of money, has also exhibited
slower growth recently.
The base has increased at a 4.3 percent
annual rate in the past three months, as compared with a 7.5
percent rate in the previous three months. From 1967 to 1972
the base grew at an average rate of 6.1 percent, about the same
as money.
Recently, several short-term market interest rates
have declined sharply. Three-month Treasury bill rates averaged
7.14 percent early this week, down substantially from the 8.94
percent in mid-September. Also registering large declines, the
secondary market 90-day CD rate averaged 9.70 percent this week,
compared with almost 11 percent three weeks ago.
In recent weeks long-term interest rates have
generally declined from their August peaks.
Yields on
long-term Government securities averaged 6.19 percent early this
week, down from almost 7 percent in early August.
Seasoned
corporate Aaa bond rates averaged 7.58 percent early this week,
down somewhat from 7.77 percent in the latter part of August.
The Bond Buyer's Index of 20 municipal bonds was 5<>04 percent in
early October, compared with 5.59 percent two months earlier.


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

Prepared by Federal Reserve Bank of St. Louis
Released: October 12, 1973

f •

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

MILLIONS

102

100

98

96

94

2 16 30 15 27

SEP

II

25

9 22

6 20

3 17 31

OCT
1972

14 26 14 26 II

FEB

MAR

25

0 23

APR

6 20

JUN
1973

4 16

1

15 2» 12 26 10 24

JUL

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 10. 1973
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1966 ’•REVIEW OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/11/72
2/7/73
3/7/73 4/11/73
5/9/73 6/13/73 7/11/73
8/8/73
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/ 7/73
4/11/73
5, 9/73
6/13/73
7/11/73
8/ 8/73
9/12/73
10/10/73


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

9.7
10. 1
9.9
9.3
9.2
8.8
8. 1
8.0

11.5
10.5
9.2
9. 1
8.4
7.5
7.3

10.3
8.8
8.7
8.0
7.0
6.8

7.2
7.5
6.9
5.9
5.9

7.0
6.4
5.3
5.4

6.6
5.1
5.3

3.7
4.3

4. 1

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

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

RATIO

RATIO

MULTIPLIER

RATIO
AUG. 29

2.591
2.61 1

OCT.
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1973
BILLIONS OF DOLLARS
94 ------ i----- ,-

BILLIONS OF DOLLARS
-------- ------ 94

COMPOUNDED ANNUAL RATES
__ OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
- OCTOBER 10, 1973 FROM
THE FOUR WEEKS ENDING:

~~ AUG.
8, 1973 -8.3
- JUL. 11, 1973 -4.2
JUN.
........... 1973-1.2
— MAY
1973
MAR.
1973

FEDERAL RESERVE CREDIT

1973
SEP.

MILLIONS

OCT.
2

16 30 13 27 11

25

6 22

6 20

3 17 St

14 26 14 26 ’.1

25

9 23

6 20

4 16

1

IS 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
77 DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND ''OTHER*' ARRETR An lllRTEn
cl*Ise! SI°Sawseni mtawe'seJonallv
smFT5 m °ep6sits


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Federal Reserve Bank of St. Louis

cob

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

1973

billions of dollars

billions

203.3
203.7
204.0
203.5

201.8
204.6

2 16 30 13 27 11 25

6 22

6 20

3 17 31 14 28 14 28 II 25

9 23

1972

6 20

4 18

1

15 29 12 26 10 24

1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES 0^ CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/4/72

1/31/73

2/28/73

5.7
4.0
4. 1
5.8
6. 4
6.2
5.2
4.4

2.7
3.3
6.7
7.7
7. 1
5.5
4.2

0.6
5.9
7.3
6.6
4.9
3.6

4/4/73

5/2/73

10.9
11.3
9.5
6.7
4.8

14.4
11.1
7.1
4.8

6/6/73

7/4/73

8/1/75

0. 3
-1.4

-3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/28/73
4/ 4/73
5/ 2/73
6/ 6/73
7/ 4/73
8/ 1/73
9/ 5/73
10/ 3/73


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

8.0
3.8
1.7

PREPARED BV FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
275 ------ ,----- ,-

BILLIONS OF DOLLARS
- ----- ------- 275
-

BILLIONS
AUG.

29
263.8
263.6
261.8
264.6

6 20

AUG

SEP

OCT
1972

NOV

DEC

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3,

MAR

4 18

JUN

APR

JUL

’

15 29 12 26 10 24

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

-

•

£T\f\3

-

€T\a

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS FNDING:
10/4/72
1/31/73 2/28/73
4/4/73
5/2/73
6/6/73
7/4/73
8/1/73

TO THF AVERAGE
OF FOUR WEEKS
ENDING:
2/28/73
4/ 4/73
5/ 2/73
6/ 6/73
7/ 4/73
8/ 1/73
9/ 5/73
10/ 3/73


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

6.6
5.3
5.6
6.8
7.2
6.8
6.0
5.3

4. 4
5.3
7.7
8.3
7.4
6. 1
5. 1

3.4
7. 1
8.0
7.0
5.5
4.5

11.0
11.0
9.1
6.8
5.3

12.7
9.6
6.6
4.9

6. 9
3.9
2.4

0.9
-0.2

-1.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

}

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS *

2 16 30 13 27 11 25

SEP

8 22

6 20

3 17 31

4 28 14 28 II 25

FEB

OCT

9 23

1972

6 20

4 18

JUN

MAR

JUL

!

15 29 12 26 10 24

1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 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 DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/4/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/28/73
4/ 4/73
5/ 2/73
6/ 8/73
7/ 4/73
8/ 1/73
9/ 5/73
10/ 3/73


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

1/31/73

2/28/73

4/4/73

5/2/73

6/6/73

11.0
10.8
10.7
10.5
10. 1
9,7
10.2
10.0

8. 1
8.6
8.9
8.5
8. 1
9. 1
9.0

9.9
9.8
9. 1
8.5
9.6
9.4

9.8
8.8
8. 1
9.6
9.3

8.4
7.5
9.5
9. 1

6.2
9.4
9.0

7/4/73

8/1/73

10.7
9.7

11.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
630

BILL TONS OF DOLLARS
630

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

2 16 30 13 27 11 25

AUG

SEP

OCT
1972

6 22

NOV

6 20

DEC

3 17 31 14 21 14 26 11 25

JAN

CEB

MAR

APR

9 23

MAY

6 20

JUN
1973

4 16

1

JUL

15 29 12 26 10 24

AUG

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS

H.6 RELEASE.
** Mz IS DEFINED AS: CURRENCY, DEMAND DEPOS1TS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/4/72

1/31/73

2/28/73

8.9
8.2
8.2
8.7
8.7
8.3
8.2
7.7

6.2
6.9
8.3
8.3
7.7
7.6
7.0

6.7
8.5
8.6
7.8
7.7
7.0

4/4/73

5/2/73

10.4
9.9
8.6
8.2
7.3

10.4
8.5
8. 1
7. 1

6/6/73

7/4/73

6.5
6.7
5.7

5.9
4.8

8/1/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
2/28/73
4/ 4/73
5/ 2/73
6/ 6/73
7/ 4/73
8/ 1/73
9/ 5/73
10/ 3/73


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Federal Reserve Bank of St. Louis

5. 1

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS ^

u

7

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

I I I I
25

2 16 30 15 27 1

6 22

6 20

5 17 91

14 26 14 26 H 25

CEB

MAR

9 25

6 20

4 16

1

lb 29 12 26 10 24

APR
'973

1972
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

MONEY ANO TIME DEPOSIT DATA

1973
AUG.

1
8
15
22
29
SEP.
5
12
19
26
OCT.
3
10
17
24
31

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

65.5
66.2
67.3
67.4
67.6
67. 1
67.4
68. 1
66.9
65.3

284.6
285.5
285.9
287.2
287.3
288.4
287.9
288. 1
289. 1
290.0

M2 m
548.4
549. 1
550.3
552. 1
550.2
552.2
551.9
551.6
550.9
554.6

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


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Federal Reserve Bank of St. Louis

t

I

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

BILLIONS OF DOLLARS
455 r----- ----- ---

BILLIONS OF DOLLARS
-------- ----- -] 455

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

2 16 30 13 27 11 25

8 22

6 20

3 17 31

14 28 14 28 11 25

9 23

1972

6 20

1

15 29 12 26 10 24

1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/

?E,P2?IJ2' BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1973

BILLIONS.
CRED1T
PROXY

AUG.
SEP.

29
5

12
19

26
OCT.


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

3

CRED1T
PROXY
ADJUSTED

435.7
437.9
439.8
439.0
437.3
440.7

443.2
445.2
446.7
446.6
444.8
447.8

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 3. 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
AUG.
JUL.
JUN.
MAY
APR.
FEB.
OCT.

1 .
4,
6,
2,
4,
28,
4,

1973
1973
1973
1973
1973
1973
1972

11.4
9.0
9.9
10.3
10.3
12. 1
12.2

12.2
10.4
11.1
11.4
1 1.3
13.1
12.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
9.5 -

PERCENT
--- 9.5

CORPORATE Aaa BONDS

THREE-MONTH TREASURY
BILL MARKET YIELD

MUNICI PAL
BONDS sat

DISCOUNT RATE

1 1 1

1 1 1

1 1 1

1 1 1

1 15 29 13 27 10 24 8 22
DEC
NOV
OCT
SEP
1972

1 1 1

5 19
JAN

1 1 1

2 16
FEB

1 1 1 1

III

1 1 1

1 1 1

2 16 30 13 27 11 25 8 22
MAY
JUN
MAR
APR
1973

1 1 1
6 20
JUL

1 1 1 1

III

i

ll.m

3 T7 3T 14- 26 T2. 26
AUG
SEP
OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGt OCTOBER 12, 1973

CORPORATE
Aaa BONDS

1973
AUG.

SEP.

OCT.

3
10
17
24
31
7
14
21
28
5
12 *
19
26

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS s*

7.53
7.61
7.71
7.77
7.73
7.64
7.63
7.65
7.60
7.59
7.58

8.30
8.70
8.88
8.71
8.62
8.80
8.94
8.38
7. 13
7.42
7.14

8.02
8.16
7.80
7.50
7.35
7.27
7.45
7. 10
6.85
6.87
6.77

6. 90
6.97
6.83
6.74
6.62
6. 45
6.52
6.43
6. 28
6.27
6.19

5.59
5.58
5.47
5. 44
5.34
5. 18
5.18
5.05
5,00
5.04
N. A.

* AVERAGES OF RATES AVAILABLE.
it* 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

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

11.0 r—

— n.o

10.0

FEDERAL FUNDS RATE
PRIME BANK
LOAN RATE

COMMERCIAL PAPER

4 18

1

15 29 13 27 10 24

8 22

5 19

2 16

JAN

FEB

2 16 30 13 27 11 25

1972

8 22

6 20

3 17 31 14 26 12 26

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 12, 1973

1973
AUG.

3
10
17
24
31
SEP.
7
14
21
28
OCT.
5
12 *
19
26

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS x*

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD’S *%

9.88
10.05
10.25
10.25
10.45
10.38
10.48
10.45
9.65
9.38
9. 13

10.57
10.39
10.39
10.52
10.79
10.79
10.74
10.80
10.84
10.72
9.87

9.85
10.15
10.25
10.25
10.25
10.25
10.35
10.43
9.75
9.50
9.38

10. 14
10.52
10.81
10.71
10.93
10.93
10.90
10.97
10.37
9.63
9.70

* AVERAGES OF RATES AVAILABLE.
5Blf FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
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

*?
J

.

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
1973

IN THE NATION

AVERAGES OF DAILY FIGURES

billions of dollars

billions of dollars

MILLIONS
2363

BORROWINGS

1707
1519

2 16 30 13 27 11 25

8 22

6 20

3 17 31 M 28 14 28 11 25

9 23

6 20

JUN
l 973

1972

4 16

1

IS 29 12 26 10 24

JUL

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 10, 1973

BUSINESS LOANS

BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
114

~ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ OCTOBER 3, 1973 FROM THE FOUR
WEEKS ENDING:
—
BUS I NESS
—
BUSINESS
LOANS
_
LOANS AQJ.USIED

112
1 10

108
BUSINESS LOANS ADJUSTED 1/

~ AUG. 1
— JUL. 4
_ JUN. 6
MAY
2
— APR. 4
—_FEB. 28
_ OCT. 4

106
16.4

104
102
100

98
96
MILLIONS
94

BUSINESS LOANS

BUSINESS
BUS I NESS LOANS
LOANS
ADJUSTED'
AUG. 29
SEP. 5

92
90

88
86
I I I I I I
2 16 30 13 27 11 25

8 22

6 20

3 17 31

14 28 14 28 II

9 23

6 20

4 18

1

15 29 12 26 10 24

1973
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 3, 1973
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