Full text of U.S. Financial Data : Week Ending: July 4, 1979

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rsICI A. L. DX\TA

Week ending: July 4, 1979
L,BR?ARy

Growth of the adjusted monetary base accelerated in
recent weeks, reversing a slowing which began in October 1978.
From the four weeks ending March 28 to the four weeks ending June
27, the adjusted monetary base grew at an 8 percent annual rate, a
marked acceleration from the 5.5 percent rate of the previous five
months.
Associated with this acceleration of the growth of the
adjusted monetary base has been an increase in the growth rates of
the monetary aggregates. As shown in the table below, growth of
Ml increased at an 11.8 percent rate in the most recent period,
after declining at a 1.2 percent rate in the October-March period.
Similarly, growth of M2 accelerated at an 11.5 percent rate from
its previous 2.7 percent rate of increase.
The faster growth of the aggregates reflects the rapid
rowth of their .major components. The growth of demand deposits,
or example, showed the most pronounced acceleration, increasing
at a 13.2 percent rate in the most recent three-month period,
after declining at a 4.8 percent rate in the previous five months.
Growth of net time deposits, the largest component of M2, also
accelerated substantially in the most recent three-month period.

?

Growth Rates of Monetary Aggregates
Seasonally Adjusted Data
(Compounded Annual Rates of Change)

3/28/79
to
6/27/79*
Adjusted Monetary Base

8.0 %

10/25/78
to
3/28/79*
5.5 %

Ml
M2

11.8
11.5

- 1.2
2.7

Net Time Deposits
Demand Deposits
Currency

11.3
13.2
7.4

5.4
- 4.8
9.4

*Four-week averages ending these dates.


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

Prepared by Federal Reserve Bank of St. Louis

Released: July 6, 1979

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
154

BILLIONS
_

MAY
JUN.

145.7
146.2

146.3
147.0

150

147.2

147.7
148

140

138

136

3

17 31

14 28 12 26

9 23

6 20

4

18

FEB

MAR

APR

1979
LATEST DATA PLOTTED WEEK ENDING: JULY 4,

1979

THE ADJUSTED MONETARY BASE CONSISTS OF: ( 1 ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COfcMEftciAL BANKS), AND (3 ) AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES.
THE
^
MAJOR SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT.
DATA ARE COMPUTED
BY THIS BANK.
A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM
THIS BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
7/5/78

10/4/78

12/6/78

8.3
7.8
6.9
6. 1
6.8
6.3
7. 1

7.6
6. 1
5. 1
6.2
5.7
6.8

1/3/79

AVERAGE OF FOUR WEEKS ENDING:
2/7/79

3/7/79

4/4/79

5/2/79

2.3
5.2
4.8
6.5

6.5
5.4
7.4

7.0
9.2

8.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/
1/
2/
3/
4/
5/
6/
7/

6/78
3/79
7/79
7/79
4/79
2/79
6/79
4/79

8.9
8.8
8.5
7.8
7.2
7.6
7.2
7.7


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

5.0
4.0
5.7
5.2
6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER u
ADJUSTED FEDERAL RESERVE CREDIT u
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

MULTIPLIER

RATIO

I I I I I I I I I I I I

I I I I
LATEST DATA PLOTTED WEEK ENDING-. JUNE 27,
BILLIONS OF DOLLARS
132 ------- 1----- 1
130
128

BILLIONS OF DOLLARS
132

—

“ COMPOUNDED ANNUAL RAT ES
-- OF CHANGE. AVERAGE OF
THE FOUR WEEKS END 1NG
” JULY 4, 1979 FROM
__ THE FOUR WEEKS END 1NG
-

126

1

1979

MAY
APR.
— MAR.
_FEB.
JAN.

2,
4,
7,
7,
3,

1979
1979
1979
1979
1979

4.7
6.9
5.5
5.2
6.3

_

5[

1978

8! 3

12 4
JUL

130
AD.. USTED

128

■EDER/ L RESEF1VE CF EDIT

v/

\ t

126
124
-

122

122
-

-

120

120
. A.
\T

1 18

1

116

JUL .
s

111.

1111.
3

17 31

MAY

1 1 1

14 28 12 26

JUN

JUL

1 1 1 1
9 23

AUG

j-i i
5 20

SEP
1978

111

1111

4 18

OCT

XLL
XI.
L 1. L LX XXL
13 27 10 24
7 21
21

IS 29

NOV

LATEST DATA PLOTTED WEEK ENDING: JULY 4,

DEC

JAN

FEB

MAR

ILL 10 te 2
30 a. |:j
6

4

I. Ill 1.1

111.
18

APR
1979

LuxLux28

16 30 13 27 II

MAY

JUN

JUL

1979

1/ RATIO OF MONEY STOCK (Ml ) / ADJUSTED 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.
DATA ARE COk*»UTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

118

m

MA)a
JUh1.

-

116

4

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

8 ILL IONS OF DOLLARS

BILLIONS OF DOLLARS
915

ftl.LU.QMS

910

894.4
895.3
903.4
902.9
904.9
905.3

905
900
895
890
885
880
875
870
865
860
855
850
845
840
835
830

3

17 31

14 28 12 28

JUN

0 23

JUL

6 20

4

SEP

OCT

IS

I

15 20 13 27 10 24

MAR

1978
LATEST DATA PLOTTED WEEK ENDING: JUNE 27,

2 IS 30 IS 27

4 IS

7 21

JUN

APR
1979

0
11

25

JUL

1979

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

MONEY STOCK PLUS NET T IME DEPOSITS <M2)
COMPOUNDED ANNUAL RATES OF CHANGE ,
6/28/78

9/27/78 11/29/78 12/27/78

AVERAGE OF FOUR WEEKS ENDING:
/24/79

2/28/79

3/28/79

4/25/79

2.7
6.0
6.2
7.9

8.8
8.0
9.8

9.8
11.7

10.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11Z29/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79
5/30/79
6/27/79

8.9
7.9
6.8
6. I
5.9
6.6
6.6
7.3


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

4.7
3.6
3.2
3.3
4.6
4.9
6.0

1.3
1.4
2.0
4.2
4.7
6. 1

1 .0
1 .9
4.6
5. 1
6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
385

1979
364.0
371.1
368.5
368.9
368.6

3

17 31

14 28 12 26

JUN

8 23

JUL

6 20

4 18

SEP

OCT

2

MAR

LATEST DATA PLOTTED WEEK ENDING: JUNE 27,

16 30 13 27

APR

JUN

11

25

JUL

1979

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 ,
8/28/78

9/27/78 11/29/78 12/27/78

AVERAGE OF FOUR WEEKS ENDING:
/24/79

2/28/79

3/28/79

4/25/79

8.8
6.6
9.4

8.5
11.6

9.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/29/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79
5/30/79
6/27/79

5.3
4.6
3.7
2.5
2.5
3.6
3.6
4.7


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

0. 1
-0.5
-1.4
-0.8
1.2
1 .5
3.2

-0.7
-2.2
-1 . 1
1.9
2. 1
4.2

-3.6
-1 .8
2.0
2.3
4.7

-1.4
3.5
3.4
6. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
12.5

PRIME
LOAN RATE

12.0

11.5

11.5
DAY CD

I 1 .0
10.5

10.0

10.0
9.5

9.0
CORPORATE

BONOS
8.5

8.0
COMMERCIAL PAPER
7.5

7.0

MUNICIPAL

6.5

6.0
5.5

5 IQ

2 16 30 M 21 II 29 8 22
JUL
AUG
1978

8 20
OCT

8 17
NOV

I

IS 29 12 26

JAN

Q 23

FEB

Q 23

8 20

APR
1979

4

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 6.

90 DAY
1979
MAY

4
1 1
18
25
JUNE
1
8
15
22
29
JULY
6 *
13
20
27

mm

CD'S
9.94
10.21
10. 19
10. 19
10.08
10.09
9.99
9.90
9.89
9.84

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE

9.91
10.00
10.03
9.98
9.91
9.88
9.71
9.61
9.61
9.60

9.99
10.04
10.00
9.94
9.93
9.90
9.73
9.76
9.72
9.69

9.51
9.52
9.51
9.49
9.46
9.41
9.25
9.23
9.23
9. 17

Aaa bonds

0

18

MAY
1979

MUNICIPAL

m*

BONDS
6.27
6.30
6.30
6.21
6. 16
6.09
6. 1 1
6. 18
6. 12
N. A.

m

**AVERAGES
BOND BUYER’S
AVERAGE
INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
OF RATES
AVAILABLE.
*** 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
1 1.0

FEDERAL FUNDS RATE

10.0

DISCOUNT RATE

3-5 YEAR
TREASURY SECUR

THREE-MONTH TR ;asury
BILL MARKET Yl

11

25

8

22

6

OCT

I

15 20

NOV

12 26

JAN

B 29

B

29

6 20

4

18

FEB

1978

1979

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGt JULY 6.

1979
MAY

4
1 1
18
25
JUNE
1
8
15
22
29
JULY
6 *
13
20
27

1979

FEDERAL
FUNDS KX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL KXS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

10.22
10.25
10.25
10. 17
10. 28
10.23
10.23
10.28
10.32
10.40

9.58
9.63
9.60
9.64
9.55
9.36
8.97
8.96
8.83
9.00

9.57
9.62
9.46
9.60
9.41
9.43
9.05
8.87
8.90
8.87

9.40
9.39
9.26
9. 14
9.05
8.94
8.74
8.84
8.64
8.66

9.42
9.42
9.32
9. 14
9.08
8.97
8.85
8.93
8.78
8.70

9. 17
9.20
9. 13
9.03
8.96
8.90
8.81
8.85
8.76
8.73

»

anAVERAGES
SEVEN-DAY
FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN OATE SHOWN.
OF AVERAGES
RATES AVAILABLE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
RATEJ^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

8

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

BILLIONS OF DOLLARS
545

ILL IONS OF DOLLARS
--- ---------- D 545

r-

------V----- 1--.979
BULLIONS
530.0
531.3
532.4
535.9
536.7

I I I I
3

17 31

MAY

I II I
14 28 12 2#

JUN

JUL

9 23

8 20

AUG
SEP
1978

4

18

OCT

1

15 29 13 27 10 24

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 27,

DEC

JAN

7 21

FEB

MAR

APR
1979

MAY

JUN

JUL

1979

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 #100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE,
6/28/78

9/27/78 11Z29/78 12/27/78

AVERAGE OF FOUR WEEKS ENDING:

1/24/79

2/28/79

3/28/79

4/25/79

5.7
7.7
8.2
9.3

8.7
8.9
10.2

10.7
11.8

1 1.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/29/78
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79
5/30/79
6/27/79

1 1 .6
10.3
9. 1
8.7
8.3
8.7
8.8
9.2


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

8. 1
6.6
6.5
6.3
7. 1
7.4
8. 1

2.6
4.0
4.2
5.7
6.4
7.4

4.3
4.6
6.4
7.0
8.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
280
i

BILLIONS OF DOLLARS
280 =—1
1

m

isza

7

7

6
3
5
7

i

1111

263.
262.
269.
267.
267.
266.

nr

1

am IONS

i

23
30
6
13
20
27

i

- MAY
“ JUN.
-

i
i

1 1

LL

i

1111

K
\ L

V

a

.nil

_L_U_I_

TTTT

F w ^

£7

Mil

Mil
SW

MAY

111

III JLLLL 1 1 1

1 1 1

JUN

JUL

AUG
SEP
1978

OCT

1 1 LI- 111
NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 27.

1-Li-l- III-

DEC

JAN

FEB

111

111

ini

111

MAR

APR
1979

MAY

JUN

1 1

il

JUL

1979

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
6/28/78

9/27/78 11/29/78 12/27/78

AVERAGE OF FOUR WEEKS ENDING:

1/24/79

2/28/79

3/28/7S

4/25/79

9.4
6. 1
9.9

8.5
12.7

10.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/29/7S
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79
5/30/79
6/27/79

3.4
2.6
1.3
-0.3
-0.2
1.4
1.4
2.9


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

-3.1
-4.0
-5.3
-4.3
-1 .6
-1.2
1 . 1

-4. 1
-6.2
-4.6
-0.6
-0.2
2.6

-8.3
-5.5
-0.3
0.0
3.2

-5.0
1.7
1.6
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
106 ------- ,----- 1—

LLIONS OF DOLLARS
—------- -------

100.8

101.3
101.4

101.2

101.4
101.9

3

17 31

14 28 12 26

JUN

0 23

JUL

8 20

SEP
1978

4 18

I

15 29

13 27 10 24

7 21

4 18

2

16 30 13 27

11

25

OCT
1979

LATEST DATA PLOTTED WEEK ENDING. JUNE 27,

1979

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE,
6/28/78

9/27/78 11/29/78 12/27/78

AVERAGE OF FOUR WEEKS ENDING:

1/24/79

2/28/79

3/28/79

4/25/79

8.5
8.0
8.2
8.4

7.5
7.9
8.3

7.8
8.3

9.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/29/7B
12/27/78
1/24/79
2/28/79
3/28/79
4/25/79
5/30/79
6/27/79

10.8
10.4
10.5
10.3
10. 1
9.7
9.6
9.6


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

9.6
10.0
9.7
9.5
9. 1
9.0
9. 1

9.8
9.4
9. 1
8.7
8.7
8.8

9.9
9.4
8.7
8.7
8.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

106

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
3.5

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
---- ---------- =] 3-5

r----- ■---- ■-1979
— MAY

MILLIONS
30

2290

1676

11 1 Ml 1.1
MAY

JUN

JUL

AUG
SEP
1978

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: JULY 4,

DEC

JAN

FEB

MAR

APR
1979

MAY

JUN

JUL

1979

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
148

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENOING
JUNE 27. 1979 FROM
— THE FOUR WEEKS ENDING:
June
, iso rnuw
__ APR. 25,
MAR. 28
27.8
FEB. 28
— JAN. 24,
_ DEC. 27,
21 .8
SEP. 27.
16.6
JUN. 28,
14.4

146
144

t-1

142
140
138
136
134
132
130
128

MILLIONS
MAY

23

126

140,814
142,033

124
142,950
122

■LLLL.n.1 1.1 1 I I 1 I 1
3

17 31

14 28 12 28

9 23

8 20

I

IS 20 13 27 10 24

7 21

FEB
1978
LATEST DATA PLOTTED WEEK ENDING:


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

JUNE 27.

MAR

APR
1979

30 13 27

11

JUN

JUL

25

1979
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

LL1LL
JUN

LATEST DATA PLOTTED WEEK ENDING. JUNE 27,

JUL

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.8 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF •100.000 OR MORE BY LARGE
WEEKLY REPORTING COiUERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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