Full text of U.S. Financial Data : Week Ending: November 17, 1976
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7 LJ. ss. jl /vc/^a mdjxtax Week ending: November 17, 1976 DEC - 5 197? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The money stock (Ml), which has displayed very volatile short-run behavior, has, on balance, grown at a 5.5 percent annual rate over the last three months, compared to a 5.3 percent rate from early November 1975 to early August 1976. The more broadly defined monetary aggregate M2 has grown at a 12 percent rate in the current period, somewhat faster than the 10.2 percent rate during the previous nine months. The monetary base, the aggregate whose growth underlies the growth of both Ml and M2, has also risen at a somewhat faster rate — about 8 percent since early August, compared to about a 7 percent rate recorded in the previous nine months. On balance, both long- and short-term interest rates have continued to drift downward over the last three months. This is a continuation of the pattern of interest rate movements that has prevailed since the end of June. Currently short-term rates are about 50-80 basis points below their June levels. Three- to five-year Government securities are about 100 basis points below their June levels. Municipal and long-term Government bond yields are currently about 50 and 25 basis points, respectively, below their June averages. As the cost of borrowing Federal funds has been below the discount rate in the current period, member bank borrowings from Federal Reserve Banks have continued to remain at a low level. This is a continuation of a pattern that has prevailed since the end of October 1975. Since the fall of 1975, the federal Reserve Banks have lowered their discount rates only once, from 6 percent to 5.5 percent in mid-January of this year. Since January the Federal funds rate has remained well below the discount rate, except for the period from late May to early July when the spread between the Federal funds rate and the discount rate was, on average, about zero. THIS RELEASE WILL BE MAILED LATER THAN USUAL NEXT WEEK DUE TO A HOLIDAY ON THURSDAY, NOVEMBER 25, 1976. Prepared by Federal Reserve Bank of St. Louis Released. November 79, 7976 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS ISZfi. BILLIONS OF DOLLARS 130 MILLIONS 128 126 124 122 120 118 3 17 1 15 29 12 26 10 24 7 21 4 16 JAN FEB 3 17 31 14 28 12 26 APR 9 23 MAY 1975 7 21 4 18 JUL AUG 1 15 29 13 27 TO 24 1976 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, 1976 THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MOhETARY BASE ARE FEDERAL RESERVE CREDIT AM) THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE SCRIPTION OF THE SOURCES AM) USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM THE FEDERAL RESERVE BANK OF ST. LOUIS. MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt 11/19/75 2/18/76 4/14/76 5/19/76 6/16/76 7/14/76 8/18/76 9/15/76 8.8 9.7 8. 1 7.6 7.9 7.6 7.8 10.0 7.2 6.8 7.3 7.1 7.4 6.9 6.5 7.2 6.9 7.3 3.7 5.5 5.6 6.3 7.4 6.9 7.5 7.6 8.1 7.5 TO THE AVERAGE OF FOUR WEEKS ENDING. 4/14/76 5/19/76 6/16/76 7/14/76 8/18/76 9/15/76 10/20/76 11/17/76 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.1 7.2 8.0 7.2 7.0 7.2 7.1 7.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIERi/ ADJUSTED FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO 2.8 MULTIPLIER 1876 OCT. LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 10, BAT IQ 6 2.441 1976 BILLIONS OF DOLLARS 118 ----------,-------------,----- BILLIONS OF DOLLARS -------- ---------- ----------- 118 COMPOUNDED ANNUAL RATES — OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING ~ NOVEMBER 17, 1976 FROM __ THE FOUR WEEKS ENDING. - SEP. AUG. 15, 18, 1976 1976 8.0 8.4 ADJUSTED FEDERAL RESERVE CREDIT 1376 s 17 1 15 29 12 26 10 24 7 21 4 16 JAN FEB 3 17 31 14 26 12 26 APR 1975 9 23 MAY 7 21 4 18 JUL AUG 1 MILLIONS 13 29 13 27 10 24 OCT NOV 1976 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, 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 AM) SHIFTS IN THE §AME TYPE OF DEPOSITS BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THISBANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars BILLIONS 723.8 725.7 724.4 727.6 730.8 3 17 1 15 29 12 28 10 24 7 21 4 15 JAN FEB 3 17 31 14 25 12 26 APR 9 23 4 IS ! 15 29 13 27 10 24 OCT MAY NOV LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 10, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING* 11/12/75 2/11/76 10.1 11.1 10.6 9.9 10.2 10.1 10.4 10.6 12.2 11.0 9.9 10.3 10.1 10.5 10.9 4/7/76 5/12/76 6/9/76 7/7/76 9.0 8.9 10.1 10.8 10.7 1 1.5 12.0 8/11/76 9/8/76 TO THE AVERAGE OF FOUR WEEKS ENDING* 4/ 7/76 5/12/76 6/ 9/76 7/ 7/76 8/11/76 9/ 8/76 10/13/76 11/10/76 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.7 9.6 10.3 10.1 10.6 11.0 6.2 8.4 8.5 9.5 10.2 11.1 12.0 13.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 315 ---------- ,-------------,----- ILL IONS OF DOLLARS ----- ---------- ---------- 315 310.0 310.8 308.7 310.0 310.5 310.4 SEP OCT NOV 1975 DEC JAN FEB MAR 1 APR MAY JUL AUG 15 29 IS ZT 10 24 OCT NOV LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. Tl* MONEY STOCK CONSISTS OF DEMAN) DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC MONEY STOCK (Mi ) TO THE AVERAGE OF FOUR WEEKS ENDING. 4/ 7/76 5/12/76 6/ 9/76 7/ 7/76 8/11/76 9/ 8/76 10/13/76 11/10/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING* 11/12/75 2/11/76 4/7/76 5/12/76 6/9/76 7/7/76 8/11/76 9/8/76 3.6 6.2 5.7 4.7 5.3 4.9 5.1 5.3 10.7 8.6 6.5 7.0 6.2 6.2 6.5 10.7 6.6 7.3 6.2 6.2 6.5 0.0 3.5 3.0 3.7 4.5 4.1 3.2 4.0 4.9 5 7 5.9 6.5 4.0 5.5 7.4 V PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YI ELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT —i 10.0 10.0 r9,5 9.5 9.0 9.0 CORPORATE 6.5 8.5 6.0 6.0 7.5 7.5 MUNICIPAL 7.0 7.0 6.5 6.5 COMMERCIAL PAPER 6.0 6.0 5.5 5.5 5.0 5.0 4.5 4.5 4.0 4.0 0 5 IB 3 17 SI M 24 12 28 NOV B 23 DEC 6 20 3 IB FEB MAR 2 16 30 14 26 II 25 MAY JUN B 23 6 20 3 17 AUG SEP 1 15 28 12 28 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* NOVEMBER 19, 1976 1976 SEP. OCT. NOV. 3 10 17 24 1 8 15 22 29 5 12 19 X 26 90 DAY CD’S M9BR PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS' ACCEPTANCES AM BONDS CORPORATE MUNICIPAL BONDSm 5.33 5.34 5.35 5.28 5.33 5.28 5.17 5.04 5.08 5.08 5.10 5.14 5.45 5.50 5.50 5.38 5.38 5.38 5.22 5.13 5.13 5.13 5.13 5.13 5.28 5.31 5.30 5.26 5.25 5.22 5.05 4.93 5.01 4.98 5.02 4.99 8.41 8.38 8.39 8.36 8.37 8.33 8.31 8.31 8.33 8.30 8.31 8.29 6.52 6.52 6.50 6.52 6.47 6.33 6.25 6.30 6.33 6.34 6.39 N.A. * AVERAGES OF RATES AVAILABLE. BBK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. XXX SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES Fofc THE WEEK END ING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 6 N.A. “ N0T AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT DISCOUNT RATE FEDERAL FUNJS RATE 5 19 3 17 31 14 26 12 26 NOV 9 23 B 20 S 19 2 16 SO 14 2B 11 25 MAY DEC JUN 9 23 6 20 3 17 AUG SEP 1 15 29 12 26 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK EICiNGi NOVEMBER 19, 1976 1976 SEP. 3 10 17 24 OCT. 1 8 15 22 29 NOV. 5 12 19 X 26 FEDERAL FUNDS XX 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 5.28 5.25 5.22 5.21 5.32 5.17 5.02 4.97 4.99 5.06 4.98 5.02 5.09 5.11 5.10 5.05 5.06 5.04 4.86 4.84 4.90 4.83 4.92 4.85 5.56 5.53 5.52 5.43 5.48 5.31 5.09 5.11 5.19 5.12 5.19 5.09 6.91 6.88 6.89 6.80 6.80 6.61 6.35 6.39 6.56 6.51 6.55 6.43 7.72 7.70 7.66 7.62 7.63 7.56 7.50 7.55 7.59 7.57 7.57 7.60 m AVFRAGFS OF RATES AVA11 ABLE » SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS am BILLIONS OF DOLLARS 425 420 billions 413.8 415 415.7 417.6 418.7 420.4 410 405 400 395 390 385 380 375 370 365 360 355 3 17 1 15 29 12 28 10 24 7 21 4 18 JAN FEB 3 17 51 14 28 12 28 APR 9 23 MAY 7 21 4 18 JUL AUG 1 15 29 15 27 10 24 OCT NOV LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 10, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, 1\ME DEPC»ITS 0?EN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 11/12/75 2/11/76 15.5 15.1 14.6 14.2 14.2 14.3 14.7 14.9 13.5 13.0 12.7 13.0 13.2 13.9 14.3 4/7/76 5/12/76 6/9/76 7/7/76 13.0 13.5 14.8 15.4 14.5 15.8 16.3 8/11/76 9/8/76 TO THE AVERAGE OF FOUR WEEKS ENDING. 4/ 7/76 5/12/76 6/ 9/76 7/ 7/76 8/11/76 9/ 8/76 10/13/76 11/10/76 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.4 12.1 12.7 13.1 14.0 14.5 11.3 12.4 13.0 14.2 14.8 16.7 17.1 18.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 1376 BILLIONS OF DOLLARS 240 BILLIONS OCT 230.1 231.1 235 230.5 230.5 230.2 230 225 220 215 3 17 t IS a 12 26 10 24 7 21 4 1« S 17 31 14 a 12 26 APR MAY S 23 7 21 4 18 1 15 28 IS 27 10 24 OCT NOV 1975 LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 10, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi 11/12/75 2/11/76 4/7/76 5/12/76 6/9/76 7/7/76 8/11/76 9/8/76 TO THE AVERAGE OF FOUR WEEKS ENDINGi 4/ 7/76 5/12/76 6/ 9/76 7/ 7/76 8/11/76 9/ 8/76 10/13/76 11/10/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.3 4.4 3.9 2.9 3.7 3.3 3.5 4.0 9.4 7.2 5.0 5.6 5.0 4.9 5.5 10.0 5.5 6.5 5.3 5.2 5.8 -1.7 2.3 1.8 2.4 3.6 3.1 2.1 2.8 4.1 5.0 4.9 6.0 2.6 4.8 7.1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS BILLIONS OF DOLLARS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS II11 9 17 1 15 29 12 28 10 24 7 21 4 18 JAN FEB 5 17 91 14 28 12 26 APR 1975 9 29 MAY 7 21 JUL 1 AUG 15 29 15 27 10 24 OCT NOV 1976 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 1976 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. 1976 SEP. OCT. NOV. 10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 8 15 22 29 6 13 20 27 3 10 17 24 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 65.7 65.3 64.9 65.1 65.8 65.5 64.8 64.1 63.3 62.7 62.5 62.8 62.4 62.0 62.2 62.9 62.7 62.4 62.0 61.4 61.3 61.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES 'ollars billions of dollars 1.5 m — — —_ 1.0 J 976 OCT. 13 20 27 NOV. 3 10 17 __ 0.5 MILLIONSL - 47 48 120 202 51 54 - — _ - 1.0 0.5 1 1 1 1 111 9 17 SEP 1 IN . 1 1 1 1 1 1 1 1 1 1 1 J_LL 1 I 1 1 15 29 12 26 10 24 7 21 OCT NOV 1975 DEC JAN 4 16 FEB 5 17 91 MAR 1 1 1 1 1 1 ,1111 _LLL JLLL Mill 1 1 1 14 28 12 26 APR MAY 9 25 JUN 1976 7 21 JUL 4 18 1 AUG i i.i 15 29 15 27 10 24 SEP OCT NOV LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 17, 1976 BUSINESS LOANS BILLIONS OF DOLLARS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 124 122 120 118 116 114 112 110 108 106 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF — THE FOUR WEEKS ENDING — NOVEMBER 10. 1976 FROM — THE FOUR WEEKS ENDING: . ~ SEP. 8 — AUG. 11 — JUL. 7 _ JUN. 9 MAY 12 ~ FEB. 11 1976 104 102 22.5 15.5 100 98 -4.8 96 mil 9 17 1 15 29 12 26 10 24 7 21 4 18 JAN FEB 9 17 31 14 28 12 26 APR 1975 9 29 MAY 7 21 4 18 JUL AUG 1 15 26 19 27 10 24 OCT NOV 1976 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 10, 1976 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 FEDERAL RESERVE BANK OF ST. LOUIS P. 0. BOX 442 ST. LOUIS, MISSOURI 63166 RETURN POSTAGE GUARANTEED FIRST CLRSSI11RIL PRESORTED MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 570 p------- ,------------ ,-----! CONFOUNDED AfM-AL RATES OF CHANGE, = AVERAGE of the four weeks ending 560 FR0“ « F0UR CREDIT fflOXY. = SEP. -AUG. = UIL. — JUN. 8, 11, 7, 9, 1878 1978 1976 1976 IE, 1976 1975 CREDIT PROXY ABJUSJE& CREDIT PROXY ADJUSTED 1/ CREDIT PROXY CREDIT 518.5 520.0 520.2 593.1 3 17 I 13 99 12 28 10 24 CREDIT PROXY ADJUSTED 597.1 529.2 529.7 559.6 539.0 N I I I I I I I II I 7 21 A 18 JAN FEB 3 IT 31 H 28 12 28 APR 8 23 MAY 7 21 « 18 JUL AUG 1 15 29 13 27 10 2« OCT NOV LATEST DATA PLOTTED WEEK ETCINGi NOVEMBER 10, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE. ]/ 12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CEfTrAl^oWlEH• N^§ttT§$u$£?,C'^ PAPEfi' EUR000LLAR BORROWINGS of PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS