Full text of U.S. Financial Data : Week Ending: January 19, 1977

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

Week ending: January 19, 1977

Otc.

2 3 197?


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

When the prime bank loan rate was lowered by
most large banks to the current level of 6.25 percent
on December 10, 1976, a small number of banks lowered
their prime rates to 6 percent. Recently these banks
raised their prime rates back to the more prevalent
6.25 percent. The prime rate is the interest rate
charged by banks on short-term loans made to their
large commercial customers with the highest credit
rating. Commercial paper is an alternative source of
short-term business credit, and the spread between the
interest rate on commercial paper and the prime rate is
one factor which affects the demand for business loans
from banks.

The table below shows the average spread
between the prime rate and the interest rate on prime
four- to six-month commercial paper for each level of
the prime rate since June 1976. The prime rate has
been about 150 basis points higher than the average
commercial paper rate during this period, even though
the prime rate has been lowered four times since June
1976. Such a large spread has been characteristic of
the current recovery, with the spread generally being
over 130 basis points since the trough of the recession
in March 1975. In three of the four previous recovery
periods, the average spread had fallen below 100 basis
points by the seventh quarter after the trough
(approximately the amount of time between the March
1975 trough and the end of 1976).

Average Spread Between the Prime Bank Loan Rate
and 4-6 Month Prime Commercial Paper Rate
(Basis Points)
Period (Prime Rate)
6/11/76 - 8/6/76
8/6/76 - 10/1/76
10/1/76 - 11/5/76
11/5/76 - 12/17/76
12/17/76 - 1/14/77

Average Spread
(7.25%)
(7.00%)
(6.75%)
(6.50%)
(6.25%)

149
154
152
156
156

Prepared by Federal Reserve Bank of St. Louis
Released: January 21, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY

BILLIONS OF DOLLARS
132 ----- 1------ 1-

adjusted by this bank

BILLIONS OF DOLLARS
--------------- 132

MILLIONS

_

JAN.

5 19

3 17 31

14 26 I I

JAN

25 10 24

7 21

5 19

2 16 30 14 2* II 25

JUL
1976

FEB

AUG

* 22

« 20

3 17

OCT

NOV

1

15 29 12 26

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19, 1977
.. ^ marriw o.cr f'mjc i cYo nr ucuoca BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
TFJ&gSKONpCURRENCYHELD BYTHE PUBLIC AND IN THE VAULTSOF COMMERCIAL BANKS). ADJUSTED
FfUCRFVRVF REQUIffiMENT R^10 S-IANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHFRF DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FFDFRA? RESERVE
IT AND THEGOLD STOCK? DATA ARE COMPUTED BY THIS BANK. A DETAILED DESCR*[ptVoN^OF THE SOURCESAND USESOFTHEMONETARY 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 ENDING:
1/21/76

4/21/76

6/16/76

7/21/76

8/18/76

10.2
8.3
8.2
8.3
8.0
8.2
8.2
7.6

6.3
6.6
7. 1
6.9
7.2
7.4
6.7

3.7
5.5
5.6
6.3
6.7
5.9

8.2
7.5
8.0
8.1
6.9

7.4
8.1
8.2
6.8

9/22/76 10/20/76 11/17/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/16/76
7/21/76
8/18/76
9/22/76
10/20/76
11/17/76
12/22/76
1/19/77


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

2

7.7
8.0
6.3

8.9
6.4

5.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

19ZL

MILO.

1 I I 11 11
LATEST DATA PLOTTED WEEK END INSs JANUARY 12, 1977
8ILL IONS OF DOLLARS

BILLIONS OF DOLLARS
118

COMPOUNDED ANNUAL RATES
OF CHANCE, AVERAGE OF
THE FOUR WEEKS ENDING
JANUARY 19. 1977 FROM
THE FOUR WEEKS EMJING:

116
114
112

1976
_

ADJUSTED FEDERAL RESERVE CREDIT

JUL. 21
APR. 21
JAN. 21

110
108
106

JL2ZZ.

MILLIONS

104
102
100

19 11
5 IS

3 17 31

14 28 11 25 10 24

JAN

FEB

7 21

5 19

APR

MAY

2 16 30 14 28 11 25

1975

JUL
1976

AUG

8 22

6 20

3 17

OCT

NOV

1

15 29 12 28

1977

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19, 1977
1/ RATIO OF MONEY STOCK ( Ml 1 / 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 (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
750 c----,------ ,-

BILLIONS OF DOLLARS
--------------=q 750

S1LUQN3.
737.6
739.0
740.5
740.3

5

19

3

17 31

14 28

JAN

11

25

10 24

7 21

5 IS

2

18 30 14 28

FEB

JUL

11

25

8 22

6 20

3

OCT

AUG

NOV

17

1

15 29 12 26

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12, 1977
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:
1/14/76

4/14/76

6/9/76

7/14/76

8/11/76

9/15/76 10/13/76 11/10/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/76
7/14/76
8/11/76
9/15/76
10/13/76
11/10/76
12/15/76
1/12/77


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

11.8
10.7
1 1.0
10.8
11.0
11.3
11.3
11.4

9.0
9.8
9.8
10.3
10.8
10.9
11.1

9.0
9.3
10. 1
10.8
10.9
11.2

11.1
11.6
12.2
12.0
12.2

11.1
12.0
11.9
12. 1

13.3
12.7
12.8

12.6
12.8

12.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
320 ----- 1------ ,-

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

320

BILLIONS
_

DEC

NOV
DEC
1975

311.3
311.1
312,3
312.3
314.7
314.0

JAN

FEB

MAR

APR

MAY

6 20

JUN

JUL
,i

3 17

OCT

AUG

NOV

1

15 29 12 26

1977

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12, 1977
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

MONEY STOCK (Mi >
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/14/76
4/14/76
6/9/76 7/14/76 8/11/76 9/15/76 10/13/76 11/10/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/76
7/14/76
8/11/76
9/15/76
10/13/76
11/10/76
12/15/76
1/12/77


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

7.5
5.8
6.4
5.8
5.9

5.3
6.6
5.6
5.7

4. 1
3.5
4.0

6.1

6.1

4.9

5.6

5.3

6.2

6.2

4.1
5.4

6.0

6.1
6.7
5.3

6.6

4.0
5.5
4. 1
5.9

7.4
4.8
6.9

4.2
7.2

6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

BONDS

CORPORATE

PRIbE BANK
LOAN RATE

MUNICIPAL

COMMERCIAL PAPER

S 19

NOV

2 16 90 19 27

DEC

FEB

12 2S

MAR

7 21

4 18

MAY

9 29

2 IS 90 IS 27 10 24

JUN

AUG

• 22

5 10

9 17 91

14 2*

SEP

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 21, 1977

1977
NOV.

5
12
19
26
DEC. 3
10
17
24
31
JAN. 7
14
21 X
28

6

90 DAY
CD’S mm

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS set

5.08
5.10
5.14
4.97
4.77
4.66
4.70
4.65
4.63
4.68
4.75
4.86

5.13
5.13
5.13
4.88
4.83
4.70
4.75
4.63
4.65
4.63
4.75
4.75

4.98
5.02
4.95
4.77
4.64
4.64
4.60
4.60
4.65
4.70
4.80
4.84

8.30
8.31
8.27
8.17
8.09
8.01
8.00
7.96
7.91
7.88
7.94
8.00

6.34
6. 39
6. 26
6. 16
6.03
5.96
5.95
5.93
5.63
5.75
5.89
N* A.

*KABONDGiuYER'SAAviRAGElliNDEX'0F 20 MUNICIPAL BOWS, THURSDAY DATA.
9BBK SEVEN-DAY AVERAGES OF 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.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
7.0 -

PERCENT
- 7.0

DISCOUNT RATE

THREE-MONTH TREAS
BILL MARKET YIELD

FEDERAL FUNDS RATE

111
7 21

11.1.. 1 1 1 1
5 19

NOV
DEC
1975

III. 1 1 1

1 1 1

1 1 1

2 16 SO IS 27 12 26
9 23 7 21
JAN
FEB MAR
APR
MAY

1111

4 19
JUN

1 111

1

1 1

1 1 1

1 II 1

2 16 SO IS 27 10 24 6 22
JUL
AUG
SEP
OCT

1 1 1

II 1 1

11 r

5 19
NOV

3 17 3 1

14 28
JAN

DEC

1976

0

1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 21, 1977

FEDERAL
FUKDS 9BK

1977
NOV.

5
12
19
26
DEC.
3
10
17

24
31
JAN.
7
14
21 X
28

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.06
4.98
5.02
4.90
4.78
4.67
4.68
4.63
4.69
4.47
4.55
4.65

4.83
4.92
4.80
4.60
4.42
4.41
4.33
4.27
4.34
4.49
4.58
4.66

5.12
5.19
5.05
4.79
4.66
4.66
4.66
4.60
4.62
4.76
4.93
5.08

6.51
6.55
6.44
6.09
5.92
5.94
5.99
5.96
5.98
6.12
6.48
6.56

7.57
7.57
7.58
7.44
7.31
7.22
7.23
7.18
7.11
7.14
7.35
7.40

* AVERAGES OF RATES AVAILABLE.
JBK SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO ! YE ( i'll 1FR THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD 01 GOVERNORS' i*
RATES ON LONG-TERM GOVERNMENT SECURITIES -if COMPUT
f'
••ERA' RESERVE BANK OF PI

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

FEL> •.A

f Sf v-

BANK ./?

lCUiS.

*

LOUIE

7

NET TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

435

BILLIONS

430

426.4
427.9
428.2
427.9
430.5
430.8

425
420
415
410
405
400
305
300
385
380
375
370
385
0

I I I I I I I 1 1 I 1 I I I I I I I 1 I I I 1 I I 1 I I I 1 I I I I I I I I I I I I I I 1 I I I I I I ll 1 I I I I I I
5 10

NOV

9 17 91

DEC
1075

14 28 11

JAN

25 10 24

FEB

MAR

7 21

5 10

APR

MAY

2 16 90 14 28 11

JUN
JUL
1076

25

AUG

8 22

SEP

6 20

9 17

1

OCT

NOV

DEC

15 20 12 28

JAN
1077

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12, 1977
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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
1/14/76

4/14/76

15.3
14.7
14.6
14.8
15.1
15.4
15.9
15.6

11.9
12.4
13.2
13.9
14.5
15.3
14.9

6/9/76

7/14/76

8/11/76

15.1
16.0
16.5
17.4
16.5

16.7
17.2
18.1
16.9

9/15/76 10/13/76 11/10/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/76
7/14/76
8/11/76
9/15/76
10/13/76
11/10/76
12/15/76
1/12/77

8

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

13.0
14.0
14.8
15.5
16.4
15.8

18.2
19.0
17.3

19.5
17.1

16.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
240 ----- 1------ ,-

1327.

BILLIONS OF DOLLARS
--------------- 240

BILLIONS
230.7
230.4
231.5
231.5
233.8
232.7

NOV
DEC
1975

JAN

FEB

MAR

APR

MAY

8 22

JUN

JUL
,i

e 20

9 17

OCT

AUG

NOV

1

15 28 12 26

LATEST DATA PLOTTED WEEK ENDING, JANUARY 12, 1977
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 ENDING:
1/14/76
4/14/76
8/9/76 7/14/76 8/11/76 9/15/76 10/13/76 11/10/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 9/76
7/14/76
8/11/76
9/15/76
10/13/76
11/10/76
12/15/76
1/12/77


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

5.8
4. 1
5.0

4.5
4.4
4.9
4.2
5.1

4.0
5.6
4.6
4.5
5.2

3.1
2.5

2.8

4.2

4.0
2.9

5.4

4.6

5.5
5.1

6. 1
4.2
6.1

2.6
4.7
2.8

6.8
3.4

3.1

5.3

6.4

7.2

6.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

5 1ft

3 17 31

14 28

JAN

11

7 21

5 IS

APR

25 10 24

FEB

MAY

1975

2

16 30

M 28

JUL
1976

11

25

BILLIONS

8 22

6 20

3 17

1

of dollars

15 2ft 12 26

AUG
1977

LATEST DATA PLOTTED KEEK ENDING: JANUARY 12, 1977
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.

1977
NOV.

3
10
17
24
DEC.
1
e
15
22
29
JAN.
5
12
19
26

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
62.7
62.5
82.7
63.0
63.4
63.7
63.8
64.1
65.3
65.3
63.7

61.3
61.5
62.0
62.4
62.8
83.1
63.4
63.7
64.9
65.2
84. 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
1.5 ----- ----------

SILL IONS OF DOLLARS
---,------- r---- 1.5

1SU.

MILLIONS.

DEC. 15

5 19

NOV

3 17 31

DEC
1975

14 28 11

JAN

25 10 24

FEB

MAR

7 21

5 19

2 16 30 14 29 11

APR

MAY

JUN

JUL
1976

25 9 22

AUG

SEP

« 20

3 17

!

OCT

NOV

DEC

15 29 12 26

JAN
1977

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19, 1977

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )
BILLIONS OF DOLLARS
124

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124

122

122

120

120

110
loe

106

106

100

104

104
1977

102

DEC.

100

5

19

NOV

3

17 31

DEC
1975

14 26

JAN

11

FEB

25

10 24

MAR

2 16 30 14 26 11

JUN

JUL
1976

AUG

25

8 22

SEP

MiLvlOuS
116,631
116,309
116,195
116,502
116,663
115,963
1

—

1Q2

-

100

15 28 12 26

DEC

JAN
1977

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12. 1977

* LEVELS OF BUSINESS LOANS BEGINNING DECEMBER 29 ARE NOT COMPARABLE TO PREVIOUS DATA.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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
FROM THE FOUR
WEEKS
PROXY

560

PROXY
ADJUSTED

550
E OCT

ii.a
540

E

JAN,

530

CREDIT PROXY ADJUSTED 1/

520

510
CREDIT PROXY
CREDIT
PROXY

530.9
534.6

I II I I
5 19

3

IT 31

14 24 11

JAN

FEB

23 10 24

7

21

APR

3

19

2

te 30 14 26 11

1975
LATEST DATA PLOTTED WEEK ENDING: JANUARY 12,

1978

23

500

490

539. 1
540.8
543.5
542.1

460

■lLlll
8 22

6 20

3 IT

OCT

MAY

CREDIT
PROXY
ADJUSTED

NOV

1

15 29 12 26

1977

1977

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
1/

12


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Federal Reserve Bank of St. Louis

INCLUDES hCMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER. EURODOLLAR BORROWINGS OF
U.S. BANKS, AM) CERTAIN OTHER NOM>EPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

1