Full text of U.S. Financial Data : Week Ending: May 12, 1976

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Week ending: May 12, 1976

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LIBRARY

Although many indicators of economic activity have
DEC 2 S 1973 picked up in recent months, the level of business loans at
commercial banks has continued to drop. Since the beginning of
the year these loans at large commercial banks have declined by
about $6 billion on a nonseasonally adjusted basis. This decline
is a continuation of the fairly steady decrease that began in
December 1974. Despite the continued decline in business loans
since January, the prime bank loan rate at most banks has
remained at 6.75 percent over the greater part of this period.
Recently, a few banks have announced a 6.50 percent prime loan
rate.
Over the last four months the spread between the prime
bank loan rate and the interest rate on prime four-to six-month
commercial paper, an alternative source of short-term credit for
business, has been wider than over the previous four months.
Since January the prime rate has averaged around 150 basis points
above the prime commercial paper rate, compared to an average
spread of 135 basis points from September to December 1975. The
volume of commercial paper has increased slightly since the
beginning of the year as businesses have taken advantage of the
more attractive price on this type of credit.
In contrast to the pattern of business loan volume,
other types of bank loans have shown some increase since the
beginning of the year. On a nonseasonally adjusted basis consumer
loans at large commercial banks have increased by $118 million
and real estate loans have risen by $561 million.
In the face of relatively weak bank credit demands and
some uncertainty about the future levels of short-term interest
rates, commercial banks have not been aggressively seeking
short-term funds to expand their loan portfolios. Large
certificates of deposit have decreased by about $14 billion since
the beginning of the year, compared to a $9.4 billion decline
during all of 1975. Likewise, member bank borrowings from the
Federal Reserve Banks have averaged only $62 million since
January, compared to about $200 million during 1975. The low
level of member bank borrowings is attributable in part to the
fact that since January the Federal funds rate has averaged about
70 basis points below the discount rate.


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

Prepared by Federal Reserve Bank of St. Louis

Released: May 14, 1976

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
126

MILLIONS

124

122

120

1 18

116

114

5 19

2

IS SO 14 29 11

MAY

25

9 23

• 20

9 17

1

13 29 12 26

10 24

JUN

7 21

4 19

JAN

FEB

1975

3 17 31

14 28 12 28

APR

MAY

1976

LATEST DATA PLOTTED WEEK ENDING. MAY 12,

1976

THE MONETARY BASE CONSISTS OF kCMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULAT'ON t CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKSK ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
JMERE DIFFETOENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASEARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
5/14/75

8/15/75 10/15/75 11/12/75 12/10/75

1/14/76

2/11/76

3/10/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/15/75
11/12/75
12/10/75
1/14/76
2/11/76
3/10/76
4/14/76
5/12/76

7.9
7.8
8.8
7.3
6.8
7.9
7.7
8.0

6.5
8.6
6.3
5.7
7.5
7.2
7.6

11.4
6.4
5.4
8.0
7.5
8.0

6. 1
4.9
8.2
7.6
8.2

0.4
6.0
5.8
6.8

10.7
8.7
9.3

11.6
11.5

8.0

L
2


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING: MAY 5, 1976
BILLIONS OF DOLLARS
i ie

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
OF CHANCE. AVERAGE OF
THE FOUR WEEKS ENDING
MAY 12, 1976 FROM
THE FOUR WEEKS ENDING:
MAR.

10,

1976
1976
1976
1975
1975
1975
1975

114

112

8.6
12.1
9 .4
7.0
8.8
8.6
8.6

no
108
106
104

ADJUSTED FEDERAL RESERVE CREDIT

102

1976 MILLIONS
APR. 7 04,269

100
98
96

5 10

2 16 SO 14 20 11 25

MAY

JUN

0 23

6 20

AUG
1975

9 17

1

SEP

15 20 12 26 10 24

7 21

4 16

JAN

FEB

9 17 31

14 26 12 26

APR

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 12, 1976
1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS. FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
695
690

683.2

686.6

685

691.1
691.0
691.2
692.4

680
675
670
665
660
655
650
645
640
635
630
625
620

S 18

2 16 50 14 28 11

25

9 23

6 20

3 17

1

15 29 12 26

10 24

7 21

4

16

8 17 31

14 26 12 26

APR
1975

MAY

1976

LATEST DATA PLOTTED WEEK ENDING: MAY 5, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE,

MONEY STOCK PLUS NET TIME DEPOSITS CM2)
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
5/7/75

8/6/75

10/8/75

11/5/75

12/3/75

1/7/76

2/4/76

3/3/76

14. 1
12.1
13.2

11.4
13.0

12.4

TO TIC AVERAGE
OF FOUR WEEKS
ENDING:
10/
11/
12/
1/
2/
3/
4/
5/

4

8/75
5/75
3/75
7/76
4/76
3/76
7/76
5/76


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

9.9
9.4
9.7
8.7
9.2
9.7
9.6
10.2

5.2
6.9
5.9
7.1
8.0
8.2
9.0

9.3
6.8
8.4
9.5
9.4
10.4

7.0
9.0
10.3
10.0
11.0

7.6
9.6
9.4
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1976

BILLIONS OF DOLLARS
310

BILLIONS
298.6
300.0
303.3
303.7
302.3
303.1

305

300

295

290

285

5 18

2

16 30

14 28 11

25

9 23

6 20

AUG
1975

3 17

1

15 29

12 26

10 24

SEP

7 21

4

JAN

FEB

16

3

17 31

14 26

APR

12 26

MAY

1976

LATEST DATA PLOTTED WEEK ENDING: MAY 5, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
5/7/75
8/6/75 10/8/75 11/5/75 12/3/75
/7/76
2/4/76
3/3/76
TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
10/
11/
12/
1/
2/
3/
4/
5/

8/75
5/75
3/75
7/76
4/76
3/76
7/76
5/76


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

6.9
6.1
6.6
5.3
4.8
5. 1
5.2
6.4

2.2
4.0
2.6
2.3
3.0
3.5
5. 1

5.7
2.6
2.2
3.2
3.8
5.9

3.2
2.5
3.7
4.2
6.6

-0.8
1.8
3.0
6.0

4.3
5.0
8.5

6.8
11.0

12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
0.5

10.0
9.5
CORPORATE Aaa BONDS

9.0

8.5
PRIME BANK
LOAN RATE

8.0
7.5

7.0

___ f

6.5

6.0
COMMERCIAL PAPER
5.5

5.0

4.5

4.0

2 16 30 IS 27 11 25
JUN
JUL

4 18
APR

MAR

6 22

5 19

3 17 31

14 28 12 26
NOV
DEC

9 23

6 20
FEB

5 19
MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MAY 14,

7976
MAR.

APR.

MAY

5
12
19
26
2
9
16
23
30
7
14 X
21
28

2 16 30 14 28

1976

90 DAY
CD’S mat

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDSWK

5.32
5.41
5.38
5.27
5.19
5.20
5.10
5.04
5.13
5.20
5.31

5.38
5.38
5.45
5.35
5.30
5.38
5.19
5.13
5.15
5.30
5.38

5.26
5.21
5.19
5.12
5. 10
5.05
5.01
4.94
5.07
5.21
5.34

8.55
8.55
8.54
8.50
8. 46
8.42
8.36
8.36
8.41
8. 48
8.54

7.04
6.98
6.92
6.72
6.69
6.65
6.54
6.55
6.55
6.71
N.A.

*'AVERAGES OF RATES AVAILABLE.
„
SBK BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
nee* SEVEN-DAY AVERAGES CF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.

6

N.A.


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

NOT AVAILABLE

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.0 ----

PERCENT
----- 8.0

IN I

-

7.5

7.5

-

7.0

7.0
-

THRIEE-MONT 1 TRE>VSURY
BILL. MARKE T YIEl.D

6.5

6.5

-

5.5

8.0
—j
H
_j
5.5

_v

\

FE DERAL FUNDS RATE

r/

V

■—
~

J -

-

4.0

4.0

ss
0

5.0

4.5

i i

4.5

&
L <v
V
Vv

/

D1SCC UNT RATE

- in i

5.0

-

~ rr

6.0

-

y V/1
rv

5

111

111

1111 _L_LL 111 -1.J. 1.1 JJ_L_ -1..1.J.1 -L.1J

7 21
MAR

4 18 2 18 30 13 27 11 25
8 22 5 19
APR MAY
JUN
JUL
AUG
SEP

1 1 1

..1.1 1 1

3 17 31 14 28 12 26 9 23
OCT
NOV
DEC
JAN

1 1 1 _Li_L_ J..1.11. _LUL
8 20
FEB

1975

5 19 2 16 SO 14 28
MAR
APR
MAY

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MAY 14,

1976
MAR.

APR.

MAY

5
12
19
26
2
9
16
23
30
7
14 IK
21
28

1976

FEDERAL
FUNDS *8K

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.95
4.86
4.77
4.79
4.84
4.73
4.77
4.78
4.93
5.03
5.02

5.20
4.99
4.98
4.87
4.97
4.91
4.80
4.78
4.88
4.91
5.09

5.98
5.86
5.82
5.67
5.76
5.59
5.36
5.47
5.61
5.68
5.85

7.36
7.30
7.25
7.14
7.14
7.04
6.88
6.92
7.04
7. 1 1
7.26

6.96
6.91
6.89
6.80
6.78
6.72
6.65
6.70
6.80
6.88
6.98

* AVERAGES OF RATES AVAILABLE.
)(« SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY two DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
395

BILLIONS
390

384.5
386.6
387.8
387.2
388.6
389.3

385
380
375
370
365
360
355
350
345
340

5 19

2 H 30 14 a 11 25

9 23

6 20

3 17

1

15 29 12 26 10 24

7 21

4 19

JAN

FEB

1975

3 17 31

14 29 12 26

APR

MAY

1976

LATEST DATA PLOTTED WEEK ENDING. MAY 5, 1976
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 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/7/75

8/6/75

12.4
12. 1
12.4
11.7
12.9
13.6
13.3
13.3

7.7
9.2
8.8
11.1
12.2
12.1
12.2

10/8/75

11/5/75

12/3/75

1/7/76

2/4/76

3/3/76

22.3
17.9
16.9

15.0
14.6

12.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/
11/
12/
1/
2/
3/
4/
5/

8/75
5/75
3/75
7/76
4/76
3/76
7/76
5/76

8

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

12.3
10.4
13.6
14.8
14. 1
14.0

10.3
14.5
15.8
14.7
14.6

14.7
16.3
14.9
14.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
235 ---------- 1-------------,-----

BILLIONS OF DOLLARS
-------- ---------- -------- -I 235

BILLIONS

222.8

223.8
226.7
226.6
225.5

4 1«

AUG
7975

3 17 31

14 tt 12 28

SEP
7 976

LATEST DATA PLOTTED WEEK ENDING, MAY 5.

1976

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

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING*
5/7/75

8/6/75

10/8/75

17/5/75

12/3/75

7/7/76

2/4/76

3/3/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
70/
77/
72/
7/
2/
3/
4/
5/

8/75
5/75
3/75
7/76
4/76
3/76
7/76
5/76


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

6.5
5.3
5.7
4.2
3.5
3.7
3.8
5. 1

0.9
2.7
1.0
0.5
1.2
1.6
3.5

3.6
0.4
-0. 1
0.9
1.5
4.0

1. 1
0.2
1.4
2.0
4.9

-3.3
-0.7
0.7
4.2

1 .8
2.7
6.9

4.8
9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

5 18

2 16 30 14 28 11 25

MAY

9 23

JUN

6 20

3 17

AUG

SEP

1

BILLIONS OF DOLLARS

4 18

15 28 12 26 10 24

JAN

FEB

3 17 31

14 28 12 26

APR

MAY

LATEST DATA PLOTTED WEEK ENDING. MAY 5. 1976
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.

1976
MAR.

3
10
17
24
31
APR.
7
14
21
28
MAY
5
12
19
26

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
71.3
71.1
71.6
72.0
72.4
71.5
69.9
68.6
67.5
67.2

73.8
73.0
73.0
73.0
73.3
73.2
72.0
70.8
69.7
69. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10


http://fraser.stlouisfed.org
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

2.0

—i
jLSIfi. MILLIONS
APB 7
OA
MAY

IN I.

0.5

14
21
26
5

12

1.5

—

-Li I -LLJ.I
APR

I 1 1

1 1 1 JJ 1 1

1 1 1

1 1 1 JLLLi . 1 1 1 _LLLL -111, -1.1 1 J.1.1 1 JJ_L ..I LL
21
4 18
3 17 SI 14 28 12 28

MAY

JUN

AUG

SEP

JUL

OCT

NOV

DEC

JAN

FEB

MAR
1976

1975
LATEST DATA PLOTTED WEEK ENDINGt MAY 12.

APR

MAY

1976

BUSINESS
LOANS
AND
INDUSTRIAL

( COMMERCIAL

BILLIONS OF DOLLARS
130 ----------------------- ------

1.0

0.5

J

-

MAR

61
40
53
-in
56

_

H ill

1.0

TTTT

1.5

)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
-------- ---------- ----------- 150

MILLIONS
MAR. 31

5 18

2 18 30 14 26 11

25

9 23

6 20

3 17

AUG

SEP

1975
LATEST DATA PLOTTED WEEK ENDINGi MAY 5.

'

15 29 12 28 10 24

7 21

4 18

JAN

FEB

3 17 31

14 28 12 28
APR
MAY

1976
1976

* LEVELS OF BUSINESS LOANS BEGINNING JANUARY 7 ARE NOT COMPARABLE TO PREVIOUS DATA

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

FEDERAL RESERVE BANK OF ST. LOUIS
P. O. BOX 442
ST. LOUIS, MISSOURI 63166

FIRST CLASS MAIL
U. S. POSTAGE

PERMIT 444

RETURN POSTAGE GUARANTEED

FIRST CLASS (MIL

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

billions of dollars

billions of dollars

= COMPOUNDED ANNUAL RATES OF CHANGE,
= AVERAGE OF THE FOUR WEEKS ENDING
= MAY 5, 1976 FROM THE FOUR
-WEEKS ENDING:
=
CREDIT
—
CREDIT
PROXY
ADJUSTED
PROXY
1.5------------------------------------------------------------

1976
1976
1976
1975

= FEB

AUG.

2.2
1.6
1.0
3.4
3.3

1975

----------------------------------------------------------CREDIT PROXY ADJUSTED 1/

3.4

CREDIT PROXY
BILLIONS
CREDIT
PROXY
507.0
510.2
510.7
511.6

CREDIT
PROXY
ADJUSTED
515.3
517.3
517.9
519.6
515.2

508.6

U 1111
5 19

2

16 30

14 28

11

25

9 23

6 20
AUG

3 17
SEP

LATEST DATA PLOTTED WEEK ENDING. MAY 5,
CURRENT DATA APPEAR
1/

1

15 29 12 26 10 24

7 21
JAN

418

S 17 31

14 28 12 26

FEB

1976

IN THE BOARD OF GOVERNORS'

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12


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Federal Reserve Bank of St. Louis