Full text of U.S. Financial Data : Week Ending: December 6, 1978

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Week ending: December 6, 1978

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Effective June 1, 1978, commercial banks and thrift
tutions have been authorized to issue money market time
-^(MMTDs).
These are nonnegotiable time deposits
issued® *ih denominations of $10,000 or more with original
maturities of 26 weeks. The maximum permissible rate of
interest on new MMTDs issued by commercial banks is equal to
the discount yield (auction average) on the most recent weekly
six-month Treasury bill auction.
The interest rate ceiling
for new MMTDs issued by mutual savings banks and other thrift
institutions is one-quarter of a percentage point above that
for commercial banks.
The new issue rate on six-month
Treasury bills has risen from 7.16 percent for the week ending
June 2, 1978 to 9.22 percent this past week.
The continuing increase in the amount of MMTDs
issued, and the associated rise in the number of commercial
banks issuing them, is shown in the table below, as derived
from survey data covering the last Wednesday of each month.
By October 25, 1978, almost $13.9 billion of MMTDs had been
issued by 10,552 commercial banks--about 73 percent of all
insured commercial banks.
The growth in MMTDs shown in the table below
reflects the response of banks both to the prospect of
disintermediation (as market interest rates have risen above
interest rate ceilings on other time deposit categories) and
to the strong growth in demand for bank loans over this
period. Indicative of strong bank loan demand was the 9.7
percent annual rate of increase in business loans at weekly
reporting large commercial banks from the four weeks ending
May 31 to the four weeks ending October 25, despite the
increase in the prime rate from 8.50 percent on June 1 to 10
percent by October 25.
Money Market Time Deposits Issued By
All Insured Commercial Banks
Amount
Outstanding*

Number of Banks
Offering

June 28

$ 2,055

7,963

July 26

5,470

8,961

August 30

7,792

9,825

September 27

9,679

9,886

13,858

10,552

Date: 1978

October 25
* Millions of dollars

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

Prepared by Federal Reserve Bank of St. Louis
Released: December 8, 1978

2

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

— NOV

BILLIONS OF DOLLARS
146

M1.1
141.3
140.8
141.6
142.4
142.0

142

140

1111
5 19

2

11

16 30 14

DEC

25

JAN

8 22

8 22

5 19

3 17 31

14 28 12 20

JUN

FEB

LATEST DATA PLOTTED WEEK END INGt DECEMBER 6,

JUL

9 25

0 20

4 18

SEP

OCT

1

15 29 13 27

1978

THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION(CURRENCY HELD BYTHE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITSBETWF.EN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE
ARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BAKK. 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
12/7/77

3/8/78

9.0
9.0
10.0
9.7
9.2
9.8
9.9
9.6

7.4
9.5
9. 1
8.5
9.5
9.7
9.3

5/3/78

6/7/78

12.2
10.7
9.3
10.5
10.6
10.0

11.7
9.5
1 1.0
1 1.0
10.2

AVERAGE OF FOUR WEEKS ENDING!
7/5/78

8/9/78

9/6/78

10.3
10.6
9.4

13.2
10.8

10/4/78

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
5/
6/
7/
8/
9/
10/
11/
12/

3/78
7/78
5/78
9/78
6/78
4/78
8/78
6/78


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

6.5
9.4
9.8
9. 1

8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO
2.9

RATIO
2.9

2.8

MULTI PLIER
, y\

,

"V

“V___

i978
. 25
,
^

RAT 1C L
i:l|E
1:11?

if

2.2

2 ‘. §18
111. 1 U.L
111

1 1 1

ill

1 i 1 i

111

1111

111

III

iiii

Llll 1 m 11111’

111

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 29, 1978
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

126
COMPOUNDED ANNUAL RATES
----- OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
“ DECEMBER 6, 1978 FROM
___ THE FOUR WEEKS ENDING.

---- AUG.

4,
6,
9,
5,
7
8,
7,

1978
1978
1978
1978
1978
1978
1977

124
122

ADJUSTED FEDERAL RESERVE CREDIT

120

10.2

118

.1978

BILLIONS

112

110
108

I 1 I I I I I I I I I I 1 I I I
5 19

2 16 SO 14 28 11

DEC

JAN

25

8 22

8 22

5 19

3 17 31

FEB

14 28 12 28
JUN
JUL

9 23

6 20

4 18

SEP

OCT

1

IS 29 13 27

LATEST DATA PLOTTED WEEK EM) INGt DECEMBER 6, 1978
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 SUBTRACfING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AM) SHIFTS IN THE $AV€ 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

0

4

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

BILLIONS OF DOLLARS

=_ OCT

BILLIONS OF DOLLARS

865.2
871.1

5 10

2 16 30 14 28 II

25

JAN

8 22

8 22

5 10

3 17 St

FEB

14 28 12 26

JUN

0 23

JUL

6 20

4 16

SEP

OCT

I

-E

850

-=

845

-=

840

■=

835

—

830

■=

825

15 20 13 27

LATEST DATA PLOTTED VlEEK ENDING. NOVEMBER 29, 1978
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 ENDINGi
1/30/77

3/1/78

4/26/78

5/31/78

8/28/78

7.4
7.6
7.7
7.8
8. 1
8.6
8.4
8. 1

8.0
8.2
8. 1
8.5
9.2
8.9
8.3

8.5
8.4
8.9
9.8
9.3
8.5

8.4
9. 1
10.2
9.5
8.5

9.3
10.7
9.6
8.5

7/28/78

8/30/78

9/27/78

10,0
8.0

5.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/26/78
5/31/7B
8/28/78
7/28/78
8/30/78
9/27/78
11/ 1/78
11/29/78


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

1 1.9
10.1
8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

BILLIONS
__ OCT.

5 IB

2

25

358.8
361.2
362.3
361.4
359.3
358.6

16 SO 14 2S II

DEC

25

JAN

8 22

8 22

5 19

3 17 31

H 28 12 26

B 23

0 20

4 18

1

15 2B 13 27

FEB
1978

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 29, 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
1/30/77

3/1/78

AVERAGE OF FOUR WEEKS ENDINGt

4/26/78

5/31/78

6/28/78

7/26/78

8/30/78

9/27/78

10.0
8.6
8.2
9.8
8.5
6.5

7.5
7.4
9.6
8. 1
5.7

6.4
9.6
7.7
5.0

1 1.6
8.4
5.0

9. 1
4. 1

-1.3

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
4/26/78
5/31/78
6/28/78
7/26/78
8/30/78
9/27/78
11/ 1/78
11/29/78

8.4
8.8
8.9
8.4
8.3
9. 1
8.4
7.2


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

10.3
10.2
9.2
8.8
9.9
8.9
7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
12.0

PERCENT

12.0

11.5

11.5

11.0

I 1 .0

10.5

10.5

10.0

10.0

9.5

9.5

9.0

9.0
CORPORATE AAA BONDS

8.5

8.5
.PAN RATE

8.0

8.0

7.5

7.5
90 DAY CD’S***

7.0

7.0
COMMERCIAL PAPER

6.5

6.5

6.0

MUNICIPAL

6.0

5.5

5.5

5.0

5.0

0

0
OCT

NOV
1977

DEC

JAN

FEB

MAR

APR

MAY

JUN
JUL
1978

AUG

SEP

OCT

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 8,

1978
OCT.

/

6
13
20
27
NOV.
3
10
17
24
DEC.
1
8 *
15
22
29

90 DAY
CD'S *8K*
8.95
9.15
9.26
9.64
10.10
10.77
10.84
10.59
10.66
10.64

PRIME
COMMERCIAL
PAPER
4-6 MONTH
8.75
8.97
9.07
9. 19
9.68
10.27
10.38
10.22
10.28
10.33

PRIME
BANKERS’
ACCEPTANCES
8.89
9.06
9.33
9.59
10.46
10.63
10.47
10.40
10.52
10.39

CORPORATE
Aaa BONDS
8.81
8.85
8.88
8.94
9.04
9.06
9.02
9.00
9.04
9.05

DEC
1978

MUNICIPAL
BONDS *****
6.07
6. 10
6.14
6.21
6.22
6. 17
6. 1 1
6,16
6.29
N. A.

i

* AVERAGES OF RATES AVAILABLE.
« BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** 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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE

DISCOUNT RATE

THREE-MONTH TRIEASURY
BILL MARKET Yl ELD

2

OCT

NOV

16 30 13 27

JAN

10 2-1

10 24

FEB

7 21

5 19

APR

MAY

2

16 30

M 28 11

25

6 22

OCT

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt DECEMBER 8. 1978

1978
OCT.

NOV.

DEC.

6
13
20
27
3
10
17
24
1
8 x
15
22
29

FEDERAL
FUNDS X*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL asm

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.85
8.71
8.78
9.24
9.29
9.77
9.68
9.68
9.85
9,87

8.14
7.98
7.89
7.70
8.73
8.79
8.14
8.63
8.98
8.93

8.38
8.42
8.56
8.61
8.98
9,42
9.29
9.00
9.33
9.22

8.23
8.28
8.46
8.53
9.17
9.32
9.08
9.12
9.29
9.32

8. 48
8.47
8.56
8.69
9.05
9.04
8.93
8.87
9.01
9.01

8.55
B. 53
8.59
8.64
8.72
8.73
8.65
8.66
8.71
8.74

* 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.
M* NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
520

BILLIONS

515

506.3
507. 1
508.6
509.7
510.7
510.5

510
505
500

480
475
470
465

5 19

2 16 50 H 28 11

DEC

25

JAN

8 22

8 22

5 19

3 17 31

FEB

14 28 12 26

9 23

JUN
JUL
1978

1977

6 20

4

SEP

OCT

18

1

15 29 13 27

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 29, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COI*CRCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
11/30/77

3/1/78

4/26/78

5/31/78

6/28/78

7/26/78

8/30/78

9/27/78

6.4
6.7
7.4
8.3
8.8
9.0
9. 1

7.4
8.2
9.4
9.8
9.9
10.0

8.9
10.3
10.6
10.5
10.5

11.4
11.4
11.1
1 1.0

12. 1
11.4
11.3

10.8
10.8

10.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/26/78
5/31/78
6/28/78
7/26/78
8/30/78
9/27/78
11/ 1/78
11/29/78

6.7
6.8
6.9
7.3
7.9
8.3
8.5
8.7


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

270

OCT.
— NOV.

BILLIONS

of dollars

25
264.6
265.9
262.4

I I I I
5 19

2 10 90 M 28 11

DEC

25

JAN

8 22

8 22

5 19

9 17 91

14 28

12

JUL
JUN
1978

FEB

9 25

0 20

4 18

SEP

OCT

1

19 29 19 27

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 29, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE
11/30/77

3/1/78

AVERAGE OF FOUR WEEKS ENDING*

4/26/78

5/31/78

6/28/78

7/26/78

8/30/78

9.4
8.0
7.6
9.5
7.7
5.0

7.5
7.2
9.7
7.4
4.3

5.9
9.6
6.8
3.3

11.6
7.3
2.9

7.7
1.5

9/27/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
4/26/78
5/31/78
6/28/78
7/26/78
8/30/78
9/27/78
11/ 1/78
11/29/78

7.9
8.0
8.3
7.9
7.7
8.7
7.7
6.2


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

10.6
10.4
9.4
8.8
10.0
8.6
6.4

-5. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
100

B.JLLIQN5
95.8
96.4

5 10

2 16 30

14 28 11

DEC

25

JAN

8 22

8 22

5 19

3 17 31

FEB

14 28 12 26

JUN

0 25

6 20

SEP

JUL

OCT

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 29, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE
11/30/77

3/1/78

AVERAGE OF FOUR WEEKS ENDING:

4/26/78

5/31/78

6/28/78

7/26/78

8/30/78

9/27/78

12.0
9.5
9.8
11.0
10.6
10.5

7.3
8.5
10.3
10.0
10.0

7.7
10.3
9.9
9.9

13. 1
11.6
1 1.2

12.2
1 1.5

9.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/26/78
5/31/78
6/28/78
7/26/78
8/30/78
9/27/78
11/ 1/78
11/29/78

9.6
10.3
10.3
9.6
9.7
10.3
10.2
10. 1


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

9.7
9.8
8.7
9.1
10.0
9.9
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
billions

of

1978

5 19

AVERAGES OF DAILY FIGURES

dollars

2

billions

of

dollars

MILLIONS

16 SO 14 28 11

DEC

25

JAN

8 22

8 22

5 19

S 17 SI

H 28 12 26

JUN

FEB

9 23

JUL

6 20

4 18

SEP

OCT

1

1

29 IS 27

LATEST DATA PLOTTED WEEK ENDING« DECEMBER 6, 1978

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLABS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS

of dollars

" COMPOUNDED ANNUAL RATES
—OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
,NOVEMBER 29, 1078 FROM
140 —THE FOUR WEEKS END I NGi '
142

136
136

~ SEP.
“AUG.
- JUL.
—JUN.
_ MAY

27,
30,
26,
28,
31

1978
1978
1978
1978
1978

NOV. 30,

1977

13.3
11.3
10.2
8.7

OCT. 25
NOV.
1

130,837

5 19

SO 14 28 11

25

8 22

8 22

5 19

S 17 51

14 28 12 26
JUN
JUL

9 23

1 1 M J J.l I 1 1 i 11.

6 20

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 29, 1978


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

100 ---------1-----------1—

I I I I
DEC

JAN

JUN

FEB

LATEST DATA PLOTTED WEEK END IMGi NOVEMBER 29,

JUL

SEP

OCT

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.
PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS


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Federal Reserve Bank of St. Louis