Full text of U.S. Financial Data : Week Ending: May 24, 1978

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

/VC7//11_

Week ending: May 24r 1978
'
DEC

'Beginning with last week's issue, the size of this release was
tedtiSSd to conform with proposed postal requirements concerning
first class mail. We made this change prior to the required date in
order to realize the cost savings associated with the new printing
process.
We
would
appreciate
receiving coranents from our
subscribers concerning the new format.
.
Member bank
borrowings might appear to be a relatively
insignificant factor in monetary control, since such borrowings are a
small proportion of Federal Reserve credit, the major share being System
holdings of U.S. Treasury securities.
Mamber bank borrowings were never
larger than 1.7 percent of total Federal Reserve credit during the past
year, even during the weeks of peak borrowings in August and October of
last year and May of this year.
In periods when the spread between the
Federal funds rate and the discount rate is small, fluctuations in menber
bank borrowings are also small. However, when the spread between the
Federal funds rate and the discount rate undergoes substantial changes,
fluctuations in menber bank borrowings from week to week are at times
large in relation to changes in total Federal Reserve credit. During the
periods covered in the table below — periods surrounding changes in the
discount rate — changes in borrowings from one week to the next, ignoring
the positive or negative signs, were larger than changes in Federal
Reserve credit for five weekly periods.
Changes in Member Bank Borrowings from
Previous Meek and Changes in Federal Reserve Credit
(Millions of dollars, not seasonally adjusted)

Period
(Week Ending)
1977 Aug. 24
31
Sept. 7
14
Oct. 12
19
26
Nov. 2
9

Change in
Menber Bank
Borrowings

764
-272
-757
-299
168
810
-417
-331
-226

Change in
Federal
Reserve
Credit*

- 241
- 54
- 286
629
- 829
2,280
- 821
23
- 249

Period
(Week Ending)
1978 Apr. 26
May 3
10
17
24

Change in
Member Bank
Borrowings

570
856
23
-821
-166

Change in
Federal
Reserve
Credit*

- 825
938
- 503
664
-527

* The series on Federal Reserve credit from which these differences are
derived is calculated in the sane way as the series on page 3 of this
release except no adjustment is made for changes in reserve requirements
and data are not seasonally adjusted.


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

<

Prepared by Federal Reserve Bank of St Louis
Released: May 26, 1978

2

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
138 ---- ,---- ,----

BILLIONS OF DOLLARS
-- ------ ----- 138

MILLIONS
_ APR.

19
133.8
134.8
134.6
134.7

• 20

4 1®

APR

MAY

1

15 29 13 27

JUN

JUL

10 24

AUG
1977

7 21

3 19

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: MAY 24,

2

16 30 14 28 11

NOV

DEC

25

JAN

8 22

FEB

8 22

MAR

5 19

3 17 31

14 28

APR
1978

1978

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 MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/25/77

8/24/77 10/26/77 11/23/77 12/21/77

1/25/78

2/22/78

3/22/78

7. 1
7.2
7.9

5,8
7.1

8.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/26/77
11/23/77
12/21/77
1/25/7B
2/22/78
3/22/78
4/26/78
5/24/78

9.9
9.6
9.3
10,0
10. 1
9,5
9.3
9.3


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

9.2
8,7
10.0
10. 1
9.2
9.0
9.1

7.9
10.4
10.4
9. 1
8.8
9.0

1 1.2
11.0
9.3
8.8
9.0

12.6
9.9
9.2
9.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERi/
ADJUSTED FEDERAL RESERVE CREDIT 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

2.0

2.9

2.7

MULT PLIER
2.6

2.5
2.5
2.4

11iZfi
APR

2.3

RATIO

2.2

’III

111

mi. lU_L i i i i j.i,i -U1

INI -LLL 1 1 1 -LLL Mill " 1 1 1 I 1 I 1 1 1 l!

BILLIONS OF DOLLARS
120
1----- 1------- 1----- —

116
116

COMPOUNDED AWUAL R.ATES
-- OF CHANGE. AVERAGE OF
--THE FOUR AEEKS ENDI NG
MAY 24, 1078 FROM
-- THE FOUR WEEKS ENDI UGi

_

DEC.
NOV.
— AUG.
_ MA Y

1978
1978

21 . 1977
23 ,1977
24 . 1977
25 , 1977

ADv USTED

8.
7.
11. r
11.
11.
11.

118
-

s

MAR. 22,
FEB. 22,

-

u.

-

114
112

BILLIONS OF DOLLARS
120

0_ RES ERVE

116

:red i
r*

✓--■v

114
-

—

112
-

110
-

-

106
“

106
li3TB

-

BILLICns.

APR

104

•*}
MAY

102

!!

11:1
11:1

106

104

102
'm
. »
APR

1 1 1
.1*
MAY

1111
1 1 1 j.i.11
1 IS 1. IS 27 10 24
JUN
JUL
AUG

111
7 21
SEP

1 1 1
S IS
OCT

iiii

1 1 1
1 1 1
i 11
2 !« SO M 2S 11 2 5 8 2
NOV
DEC
JAN
FEB

1977
LATEST DATA PLOTTED SEEK ENDING. MAY 2.,

I...9

iiii

8 22 5 19
MAR
APR
1978

3 17 91 14 21
MAY
JUN

1978

1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SFCURITIFS

**■* DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.


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

i

c, ft.T

DATA ARE COMPUTED BY THISBAt!^

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

0

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
845 p-

BILLIONS OF DOLLARS
845
840

825.8
827.8

835
830

833.6
830.2

825
820
815
810
805
800
795
790
785
780
775
770
765
760
I I I I

6 20

4 18

1

0

15 20 13 27 10 24

7 21

SEP

5 10

OCT

LATEST DATA PLOTTED WEEK ENDING: MAY 17,

2 16 30 14 28 11

DEC

JAN

25

8 22
FEB

8 22

5 10

1978

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

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
5/18/77

AVERAGE OF FOUR WEEKS ENDING*

8/17/77 10/19/77 11/16/77 12/14/77

1/18/78

2/15/78

3/15/78

5.3
6.7
7.7

6.8
8.0

9.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
10/19/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78
4/19/78
5/17/78

9.9
9.4
8.9
8.7
8.5
8.1
8.2
8.4


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

8.3
7.7
7.7
7.5
7.1
7.4
7.7

6.0
6.7
6.7
6.2
6.7
7.3

6.9
6.7
6. 1
6.8
7.4

7.2
6.3
7.0
7.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
StASONALLY ADJUSTED

BILLIONS OF DOLLARS
360

BILLIONS OF DOLLARS
-- ------ ----- 360

------1------,----

APR.

12

343.8
350.5
346.3

2 16 30 14 28 11

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

25

JAN

6 22

• 22

5 10

S 17 SI

14 20

FEB

1977
LATEST DATA PLOTTED WEEK ENDINGt MAY 17.

1978

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 ENDINGt
5/18/77
8/17/77 10/19/77 11/16/77 12/14/77 1/18/78 2/15/78 3/15/78
TO THE AVERAGE
OF FOUR WEEKS
END 1NGi
10/19/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78
4/19/78
5/17/78

8.8
7.8
7.1
7.6
7.1
6.3
6.9
7.8


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

7.5
6.5
7.3
6.6
5.6
6,5
7.7

2.8
5.5
4.9
3.8
5.4
7.1

6.9
5. 7
4.2
6.0
7.8

6.9
4.5
6.6
8.7

1.2
5.3
8.3

6.3
9.9

15.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

percent

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

90 DAY CD'suae*

COfcArfERCIAL PAPER

MUNICI PAL
BONDS**

1

IS 29 13 27

10 24

8 22

5 19

2

18 30 14 28 11

OCT

25

9 23

NOV

6 20

3 17

JAN

FEB

3

17 31

14 28 12 26

9 23

1977
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 26, 1978

1978

90 DAY
CD’ S 5*9*9*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUN1C1 PAL
BONDS *e*

6.95
6.99
6.94
7. 14
7.24
7.27
7.45
7.48

6.83
6.85
6.86
6.91
6.99
7.05
7. 15
7.21

6.85
6.84
6.92
7.06
7.18
7.27
7.35
7.45

8.53
8.56
8.57
8.59
8.62
8.65
8.69
8.74

5. 76
5.74
5.79
5.89
5.98
5.99
5.98
N. A.

APR.

7
14
21
28
MAY
5
12
19
26 *
JUNE 2
9
16
23
30

* AVERAGES OF RATES AVAILABLE.
»6K BOND BUYER'S AVERAGE INOEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
XXX SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK END ING 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

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.5 --

PERCENT

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET Yl ELD

1

15 29 13 27

APR

MAY

10 24

JUN

8 22

JUL

5 19

AUG
1977

2

16 30 14 28 11

SEP

OCT

NOV

25

9 2

DEC

JAN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE

FEDERAL
FUNDS **
APR.

JUNE

7
14
21
28
5
12
19
26

6.86
6.74
6.78
7.00
7.27
7.32
7.34
7.43

FEB

WEEK ENDING: MAY 26, 1978

3-MONTH
TREASURY
BILL

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.37
6.29

6.94
6.91
6.93
7.06
7.16
7.25
7.32
7.37

7.87
7.87
7.87
7.98

8.21
8.23
8.20
8. 27
8.31
8.38
8.36
8.39

6.22
6.26
6.38
6.37
6.32
6.47

2

8.02
8.09
8. 10
8. 14

9
16
23
30

* AVERAGES OF RATES AVAILABLE.
^KB0^N8FWlg«S^.E^IL^'ER ™AN MTE »»»*■

treasury biu“yields'w^iIcouStRbIsIi.ARE


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

C0MPUTED BY THE fe6eral reserve

°R ST. LOUIS.

PREPARED BY FEDERAL RESERVE 8AMC OF ST. LOUIS

7

8

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
405

BILUPNS.

400

481.9
482.9
483.0
483.1
484.0

485

480

475

470

465

460

455

450

445

440
I I I I
6 20

4 IB

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

SEP

OCT

2 16 30 14 28 11

DEC

25

JAN

8 22

8 22

5 19

3 17 31

14 28

FEB

1977

1978

LATEST DATA PLOTTED WEEK ENDINGi MAY 17, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS, TI ME 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 ENDINGi
5/18/77

8/17/77 10/19/77 11/16/77 12/14/77

1/18/78

2/15/78

3/15/78

8.2
7.7
7.2

7. 1
6.7

6.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING!
10/19/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78
4/19/78
5/17/78

10.8
10.6
10. 1
9.6
9.5
9.3
9.1
8.8


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

8,9
8.6
8. 1
8.2
8.1
7.9
7.7

8.3
7.5
7.8
7.8
7.6
7.3

6.9
7.5
7.5
7.3
7.1

7.5
7.5
7.3
7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
265

BILLIONS OF DOLLARS
-- ------ ----- 265

----- ,----- 1----

_

APR.

5 20
APR

12

4 IS
MAY

253.0
253. 7
255.1
258.7

1

15

JUN

20 15 27 10 24 7 21

5 ID

2 IS

JUL

OCT

NOV

AUG

SEP

DEC

JAN

FEB

1977

1978

LATEST DATA PLOTTED WEEK ENDING. MAY 17,

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
5/18/77

8/17/77 10/19/77 11/18/77 12/14/77

1/18/78

2/15/78

3/15/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/19/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78
4/19/78
5/17/78

8.4
7.1
6.3
6.7
6. 1
5.1
8.0
7.0


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

1

6.6
5.4
6.2
5.3
4.1
5.4
6.9

0.8
3.9
3. 1
1.8
4.0
6.0

5.7
4. 1

2.2
4.8
7.0

5.2
2.4
5.5
8.0

-1.6
4. 1
7.7

5.7
10.0

16.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

APR.

12

BILLIONS OF DOLLARS

90.8
91.8
91.9

6 20

4

APR

MAY

18

1

15 29 13 27 10 24

7 21

5 19

SEP

OCT

2 16 30 14 28 11

DEC

23

JAN

8 22

8 22

5 19

3 17 31

14 28

FEB

1977

1978

LATEST DATA PLOTTED WEEK ENDING: MAY 17,

1978

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE,
5/18/77

AVERAGE OF FOUR WEEKS ENDING:

8/17/77 10/19/77 11/16/77 12/14/77

1/18/78

2/15/78

3/15/78

10.1
9.7

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/19/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78
4/19/78
5/17/78

9.9
9.8
9.7
9.9
10.0
9.9
10.0
9.9


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

10.2
10.0
10.3
10.3
10.2
10.3
10.1

9.3
10.0
10.2
10.0
10.1
10.0

10.3
10.4
10.1
10.3
10.1

11.0
10.4
10.5
10.2

9.9
10.3
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS
1978
APR.

6 20
APR

IN THE NATION

averages of daily figures

: DOLLARS

ILL IONS OF DOLLARS
—|------- ---- 2.5

MILLIONS
19

4

18 1 15 29 13 27 10 24
MAY
JUN
JUL
AUG

7 21
SEP

5 19

OCT

2

h

JAN

5 19

FEB

3 17 31

14 28

1977
LATEST DATA PLOTTED WEEK ENDING: MAY 24, 1978

BUSINESS LOANS
8 ILL IONS OF DOLLARS
134
132
130

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

BILLIONS OF DOLLARS

134

-

/

-

_
_

—

128

128

—

_
-

124

_
—

122

_
—

120

_
—

1 18

_

116

_

112
110
108
106

104

— COMPOUND ED ANNU AL RA TES
_ UP UMANGfc. AVERAGE 0
__ THE FOUR WEEKS END 1 Nl
MAY 17, 1978 FROM
the four weeks end ini3:
— MAR. 15, 1978
19.5
— FEB. 15, 1978
20.7
_ JAN. 18, 1978
20.8
_DEC.
14, 1977
17.8
NOV. 16, 1977
14.5
“ AUG. 17, 1977
13.0
— MAY
18, 1977
11.7
lll l 1.1 1 1 111 illHI

0

O C«
APR

4 18 l 13
MAY JUN

126
124
122
120
1 18
1 16

—

114

_
197£

MILLIONS

-

129.585
129,951
130,350
130,999
131.88-3
132,549

“
~
-

112
110

_ APR.

MAY

J_1 1 L 1 1 1

29 13 27 10 24
JUL
AUG

7 21
SEP

1 1 1 Jill
3 19
OCT

LATEST DATA PLOTTED WEEK ENDING: MAY 17,


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

130

_

__✓

126

114

132

1 1 1

1 1 1

2 16 30 14 28 11 2
NOV
DEC
JAN

1 1 1
8 2
FEB

» 22
MAR

12
19
26
3
10
17
si#
APR

a tr ii i« a
MAY
JUN

1978
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

108
106
104
0

12

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

88
86

84
82

78
76
74
72
70

68
66
64
62

58

APR

MAY

SEP

OCT

DEC

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING. MAY 17. 1978
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.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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