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,i\i£ Rjjyi

'•'5:. J?:

Week ending: February 23, 1977
D£C 2 6 197i| The shaPe of the yield curve for U.S. Treasury securities, which
indicates the yield/maturity relationship, is more steeply upward-sloping
over the short to intermediate maturity range as of February 15, 1977, than
it was in late November 1976. While the yields on Treasury securities of
all maturities have increased since the end of 1976, they are still below
the yields recorded a little over a year ago (January 23, 1976). Yields on
the intermediate-term securities (with maturities of 2 to 5 years) have
increased by a larger amount since November 1976 than either the shorteror longer-term issues. As a result, the shape of the yield curve is cur­
rently more typical of the yield curves generally observed for U.S. Treasury
securities: steeply upward-sloping over the shorter-term range of maturities
but flattening out over the longer-term range. This contrasts with the yield
curve in November 1976 which was more steeply upward-sloping over the longer-term
range of maturities than over the shorter-term range.
The factors which influence the shape and position of the yield curve
include:
(1) the composition of current credit demands relative to supplies
for the various ranges of maturities, (2) changing expectations of the com­
position of future credit demands relative to supplies, (3) changing assess­
ments of risk, and (4) changing expectations of future inflation.


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

Yields on U,S. Government Securities
Ptrctat

Prepared by Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis
Released: February 25, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

M.1LU QNS132

130

128

126

124

122

120

4 16

3 17 31

14 26 12 26

APR

S 23

MAY

7 21

JUL
1976

4 IS

1

13 2* 13 27 10 24

AIKS

OCT

• 22

5 IB

2 16

JAN

NOV

FEB
1977

2 16 SO

LATEST DATA PLOTTED WEEK END INS* FEBRUARY 23, 1977
THE MOtCTARY 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 CHAN9ES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE SOLD 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.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/25/76

5/26/76

7/21/76

8/25/76

7.7
7.9
8.3
7.4
6.8
6.9

7.4
8.1
7.0
6.3
6.6

9/22/76 10/20/76 11/24/76 12/22/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING)
7/21/76
8/25/76
9/22/76
10/20/76
11Z24/76
12/22/76
1/26/77
2/23/77

2


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

7.4

7.6
7.5
7.6
7.8
7.4
7.0
7.1

7.3
7.1
7.3

7.7
7. 1
6.7
6.8

8.9
7.2
6.3
6.6

6.7

5.7
6.2

3.7
5.0

5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO
2.8

lan

I I I I 1 I

M1IQ

Lli. i 11

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1977
BILLIONS OF DOLLARS
118 ----------,----------,--------

BILLIONS

DOLLARS

COMPOUWED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
THE FOUR <EEKS ENDING
~ FEBRUARY 23. 1977 FROM
-----THE FOUR WEfcKS ENDING:
NOV.

_

24,

1976

AUG.
MAY
FEB.

25
26
25

1976
1976

ADJUSTED FEDERAL RESERVE CREDIT

3IL

7 21

4 16

JAN

S 17 31

FEB

MAR

14 28 12 26

APR

MAY

9 23

JUN

7 21

4 18

1

JUL

AUG

SEP

Ml LI I QMS. ~

Hi I I I I 1 I I I I

15

OCT

NOV

JAN

FEB

1976
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 23, 1977
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SFPlIRlTlF^ l
ci jut
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT LSCOMPUTED BYSUBTRArt I
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES AhD/U) JUST I NO THF SFRI
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSI TSBFTWFFN^RAwir^
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY? DATA ARE COMPUTED BY THlF&M*^


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
746.0
745.6
745.9
745.7
748.5
750.5

7 21

4 16

JAN

FEB

3 17 31

9 23

MAY

7 21

4 16

JUL

14 2« 12 26

APR

AUG

1

15 29 13 27 10 24

OCT

5 10

2 16

JAN

6 22

NOV

FEB

2 16 30

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1977
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.
2/18/76

5/19/76

7/14/76

8/18/76

9.3
9.8
9.8
10.2
10.7
10.7
1 1.0
10.6

8.4
8.8
9.6
10.5
10.5
10.9
10.3

11.1
11.8
12.4
12.1
12.4
11.4

11.6
12.6
12.1
12.4
11.3

9/15/76 10/13/76 11/17/76 12/15/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/14/76
8/18/76
9/15/76
10/13/76
11/17/76
12/15/76
1/19/77
2/16/77

4


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

13,8
12.7
13.0
11.6

12.5
12.9
11.2

12.2
10.1

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
325 ----------,---------- 1--------

BILLIONS OF DOLLARS
----- ---------- ------------- 325

BILLIONS
_

JAN

314.6
312.9
312.7
313.6
315.0

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

• 22

OCT

NOV

3 10

2 10

JAN

FEB
1977

1976
LATEST DATA PLOTTED WEEK ENDING) FEBRUARY 16,

2 16 SO

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 (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING)
2/18/76
5/19/76 7/14/76 8/18/76 9/15/76 10/13/76 11/17/76 12/15/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/14/76
8/18/76
9/15/76
10/13/76
11/17/76
12/15/76
1/19/77
2/16/77


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

5.8
6.4
5.9
6.0
6.3
5.6
6.5
5.7

3.7
3.4
4. 1
4.9
4.0
5.5
4.6

6.0
6.5
7.0
5.4
7.1
5.7

4.8
6.2
4.3
6.6
5.0

8.0
4.9
7.6
5.6

3.8
7.7
5.1

7 3
3.9

6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

—I 10.0

10,0 i—

CORPORATE AM B0W>S

7.5

PRIME BANK
LOAN RATE

MUNICIPAL
BONDS***

7.0

6.5
COMMERCIAL PAPER

6.0

5.5

5.0

90 DAY CD'S

I I I II
IT

2 16 90 IB 27 12 26

JAN

FEB

MAR

8 23

APR

7 21

4 16

2 16 30 13 27 10 24

MAY

JUN

AUG

JUL
1976

SO3

6 22

OCT

5 18

3 17 31

NOV

DEC

14 2# 11 25 II 25

JAN

FEB

MAR

1S377

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 25, 1977

1977
JAN.

FEB.

MAR.

7
14
21
28
4
11
18
25 X
4
1 1
18
25

90 DAY
CD’S SM*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS*
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BOfOSSB*

4.68
4.75
4.86
4.88
4.90
4.83
4.78
4.79

4.63
4.75
4.75
4.83
4.88
4.80
4.78
4.82

4.70
4.80
4.84
4.87
4.30
4.82
4.78
4.84

7.88
7.94
7.99
8.01
8.03
8.01
8.04
8.06

5.75
5.89
5.90
5.92
5.93
5.86
5.83
N.A.

tS$!£iiP&T!f£ofc THE^EK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.

6

N.A. - NOT AVAILABLE


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

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS

H.9 RELEASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4.5

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
7.0 -----

PERCENT
----- 7.0

-

6^5

6.5

-

-

6.0

6.0
-

5.5

5.0

V- V

/

-

1

DISCC UNT RATE

L

V-

-

a

TEE-MO*
8! -L MARK

IV

5.5

5.0

a.D

-

/
V

FEDEF AL FU NDS RAi E
4.5
—

4.5

_

4.0

4.0

iS
_LLLL JLLL ..1-11. _LL1_L .ILL JJLL J_LLL JJ_L -in.. -LULL
2 16 30 13 27 12 26 0 23

JAN

FEB

MAR

APR

7 21

4 16

MAY

JUN

2 16 30 13 27 10 24

JUL
1976

AUG

SEP

JJ-LL -LU_ JJLL

8 22 S 19

OCT

NOV

3 17 31

DEC

llL

14 28 11 23 11 23

JAN

FEB
MAR
1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 25. 1977

1977
JAN.

7
14
21
28
FEB.
4
11
18
25 *
MAR.
4
11
18
25

FEDERAL
FUNDSM

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TEW
GOVERNMENT
SECURITIES

4.47
4.55
4.65
4.72
4.60
4.66
4.70
4.74

4.49
4.58
4.65
4.72
4.71
4.62
4.63
4.70

4.76
4.93
5.08
5.18
5.24
5.11
5.08
5.18

6.12
6.48
6.57
6.71
6.78
6.64
6.60
6.70

7.14
7.35
7.40
7.49
7.52
7.49
7.51
7.58

X AVERAGES OF RATES AVAILABLE.

33K 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
445 r-------- ,----------,--------

BILLIONS OF DOLLARS
----- --------------------- =3 445

billions

431.9
433.0
434.9
435.5

4 1«

JAN

FEB

4 17 91

MAR

14 24 12 U

APR

MAY

8

23

JUN

7 21

4 1*

JUL

AUG

1

15 28 13 27 10 24

OCT

NOV

* 22

5 18

2 1*

JAN

FEB

2 1* 90

1976
LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 16, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*2j£T

DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
1T 0TMER 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.
2/18/76

5/19/76

7/14/76

8/18/76

9/1S/76 IO/lfl/76 11/17/76 12/15/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/14/76
8/18/76
9/15/76
10/13/76
11/17/76
12/15/76
1/19/77
2/16/77


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

12.1
12.4
12.9
13.6
14.2
14.7
14.5
14.3

12. 1
13.0
14.0
14.9
15.6
15.2
14.8

14.9
16.0
16.7
17.3
16.4
15.9

17.3
17.6
18.4
17.0
16.3

18.4
19.0
17.2
16.3

19.3
16.9
15.8

16.0
14.8

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

BILLIONS
232.3
231.1
231.0
231.8

7 21
JAN

4 16

3 17 31

FEB

14 26 12 26

APR

9 23

7 21

1

15 29 13 27 10 24

MAY

OCT

8 22

NOV

1976

1977

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16,

1S77

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
2/16/76

5/19/76

7/14/76

8/18/76

4.4
5.4
4.7
4.9
5.4
4.4
5.6
4.6

2.7
2.2
2.9
4.0
2.8
4.7
3.4

5.5
5.6
6.5
4.3
6.6
4.7

3.2
5.4
2.8
5.9
3.7

AVERAGE OF FOUR WEEKS ENDING:

9/15/76 10/13/76 11/17/76 12/15/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/14/76
8/18/76
9/15/76
10/13/76
11/17/76
12/15/76
1/19/77
2/16/77


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

7.6
3.6
7.1
4.3

2.6
7.5
4.0

6.7
2.1

5.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
84

82
80
78

BILLIONS OF DOLLARS

84

1

-

-

-\
- \
-

\
—

76
74
72
70

68
66
64
62
60
58

-

—

-

-

-

-

-

—

-

-

-

\

/

-

—
-

-

-

6111

11 i

1111

111

111 - L L..1 1 J_U_ 1 1 I - J-L.J L , .111

11 1

FEB

MAR

APR

MAY

NOV

i

1 1 1 1 -L I I -LL1- -i-1—1—16 22

JAN

JUN

JUL
1976

AUG

SEP

OCT

DEC

3

IB

JAN

2

16

FEB

2

16 30

MAR

1 077

LATEST DATA PLOTTED WEEK END IMSt FEBRUARY 16,

1977

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

vIeSly'woJtme'cSHeilaApowir081 r


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

1977
JAN.

5
12
19
26
FEB.
2
9
16
23
MAR.
2
9
16
23
30

ISSUEC ,N DENG“"“TI"‘S * •'<».«» « mc*£ by laboe

CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.

CERTIFICATES
OF DEPOSIT
SEAS. ADJ.

65.3
63.7
62.7
62.3
62.0
61.9
61.8

64.7
63.3
62.4
62.5
62.8
63.5
63.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

82
80
78
76
74
72
70
68

66
64

62
60
56

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

billions of dollars

billions of dollars

1.5

1

1

1911

MILLIONS.

JAN. 19
26
Ft■B. 2
9
16
23

109
on
87
73
129
37

-

1.0
—-

-

-

1

1.5

=
~
_

1.0

-

1

'

1

—

0.5

1

1

0.5

111

111 Jill

111

111

III 1 J..LL ■ Ill

1 1 II

1J 1 -til -1.1 1 1 JJ.1 J.1 1 J.1 11

4

JAN

FEB

MAR

APR

MAY

JUN
JUL
1976

AUG

SEP

OCT

NOV

•

22

DEC

5 (•

2 16

JAN

FEB
1977

2 16 60

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 23, 1977
BUSINESS
( COMMERCIAL

BILLIONS OF DOLLARS
124 ---------- ---------- --------

LOANS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
----- ---------- ------------- 12«

_ COMPOUNDED ANNUAL RATES
["OF CHANGE. AVERAGE OF
— THE FOUR *EEKS EM) ING
— FEBRUARY 16, 1977 FROM
— THE FOUR WEEKS ENDING. .

AUG. 18,

MILLIONS

1976

FEB.

2

-2.7
1-11 1 1
7 21

4 16

JAN

FEB

3 17 31

14 26 12 26

APR

MAY

9 23

7 21

JUL
1976

4 16

AUG

1

15 29 13 27 10 24

OCT

NOV

6 22

5 19

2 16

JAN

FEB
1977

2 16 30

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 16, 1977


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. 0. BOX 442
ST. LOUIS. MISSOURI 63166

FMtSTXLASS

RETURN POSTAGE GUARANTEED

FERMI

FIRST CLASS mRIL

PRESORTED

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

CO*tf*OUNDED AMVUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
FEBRUARY 16. 1977 FROM THE FOUR
WEEKS ENDIN&t
---------------------.............................. —
CREDIT
CREDIT
WIOXt
PROXY
ADJUSTED
DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

15, 1970
17, 1976
13, 1976
13, 1976
18, 1978
19, 1976
18, 1976

5.4
7.2
8.5
8.5
7.0
6.5
4.9

5.7
9.1
7.S
7.9
8.3
6.5

360

550

----------------------------------- -----------------

540

CREDIT PROXY ADJUSTED 1/
4.9
I|

550

520

CREDIT PROXY

510

CREDIT

CREDIT
PROXY

PROXY

BBJySIEG.
541.7

500

490

540.0

480

till.
7 21
JAN

11

4 1*
FEB

Li3J 17

1 ill
91 14 28 12 M
APR
MAY

9 25

7 21
JUL

4 15
AUG

1 IS 29 IS 27 10 24
OCT
NOV

t 22

5 19
JAN

2 19
FEB

11LU
2 16 50

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 18, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.

12

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

1/ INCLUDES^MEMBOJ BANK DEPOSES,^BjgK^ILATI^^C^MERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102