Full text of U.S. Financial Data : Week Ending: April 10, 1974

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Week ending: April 10r 1974
LIBRARY
JUN 0 8 1979

The interest rate charged on prime bank loans con­
tinued upward in the past week, with many major banks setting
the rate at 10 percent. This is the same as the peak level
reached last year in mid-September. Other short-term rates
also continued upward movements begun in late February. In
this period of less than two months, the three-month Treasury
bill rate has risen about 150 basis points to average 8.57
percent in recent days. Yields on prime four- to six-month
commercial paper have risen 190 basis points since the week
ended February 22 to average 9.59 percent in the first part
of this week. Yields on large 90-day certificates of deposit
also have increased almost 200 basis points from 7.26 percent
in the week ended February 20 to 9.95 percent in the week
ended April 10.
Long-term interest rates also have risen substantially
in recent weeks. Yields on Aaa corporate bonds averaged 8.23
percent in the first part of this week, nearly 50 basis points
above the level reached last August. Yields on three- to fiveyear Government securities averaged 8 percent recently, within
20 basis points of the previous weekly average peak last August.
The monetary base has continued to increase rapidly in
recent months. In the past three months the base has risen at a
7.7 percent annual rate, compared to a 7.3 percent rate in the
previous nine months. Over the past year the monetary base has
increased 7.4 percent.
The money stock, measured as demand deposits and currency
in the hands of the public has increased 6.5 percent in the past
year. The money stock plus net time deposits has risen 9.2 percent
and the money stock plus total time deposits has increased 10.5
percent in the past year. Growth rates of money and the monetary
base over the past year have been similar to their respective
annual average growth rates over the previous three years.


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 12, 1974

2

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY

BILLIONS OF DOLLARS

THIS BANK

BILLIONS OF DOLLARS

1 10
MILLIONS

108

106

104

102

100

98

FEB

7 21
MAR

4

I*

2

16 50

15 27

JUN

II

25

« 22

5 19

5 17 31

JUL
1973

14 29 12 26

NOV

9 25

DEC

6 20
FEB

6 20
MAR

5 17
APR

1974

LATEST DATA PLOTTED WEEK ENDINGt APRIL 10, 1874
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 ■‘REVIEW* OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING-.
4/11/73

7/11/73

5.3
5.6
6.0
6.8
7.3
7.0
7.1
7.4

4.2
5.2
6.7
7.4
7.0
7.2
7.5

9/12/73 10/10/73

11/7/73 12/12/73

1/9/74

2/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
9/12/73
10/10/73
11/ 7/73
12/12/73
1/ 9/74
2/13/74
3/13/74
4/10/74


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

7.8
9.4
9.8
8.7
8.7
8.9

10.5
10.7
9.1
9.0
9.2

11.6
9.2
9.1
9.3

7.6
8.0
8.5

6.6
7.7

9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER v
FEDERAL RESERVE CREDIT*'
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO
2.9

2.8
MULTIPLIER

2 7

2.6

2.5
RATIO
2.575
2.574
2.578
2.591
J_I_L-1.J_L

-1-LLL
LATEST DATA PLOTTED WEEK ENDING: APRIL 3,

2.4

1974

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
1874 FROM

THE FO
FEB.
___JAN.
DEC
OCT
~ OCT
JUL
-----APR

WEEKS ENDING:

13,

1974
“
1973

3.8

FEDERAL RESERVE CREDIT

1973
1973
1973

1974

MILLIONS-

86

APR.

7 21

7 21

4

IS

2 16 50 13 27

JUN

II

25

• 22

5 19

LATEST DATA PLOTTED WEEK EI*>ING« APRIL 10,

3 17 31

14 26 12 26

9 23

6 20

6 20

3 17

FEB

JUL
1973

MAR

APR

1974

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND “ OTHER1* ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

BILLIONS OF DOLLARS
220

BILLIONS
209.8
212.7

21 l .6
211.3
211.0

215

212.6

210

205

200

7 21

T 21

4

18

2

16 30

5

13 27

19

5 17 31

H 28

NOV

12 26

9 23

6 20

6 20

3

17

DEC

1973

1974

LATEST DATA PLOTTED WEEK ENDING? APRIL 3, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING?
4/4/73

7/4/73

9/5/73

-2.5
-1.3
1.7
2.3
0.7
3.0
3.2

-1 .6
3.7
4.2
1 .4
4.5
4.5

10/3/73 10/31/73

12/5/73

1/2/74

2/6/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING?
9/ 5/73
10/ 3/73
10/31/73
12/ 5/73
1/ 2/74
2/ 6/74
3/ 6/74
4/ 3/74


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

7.5
5.4
5.0
6. 1
6.0
4.4
5.9
5.7

8. 1
7.4
3.0
6.4
6. 1

9.6
3. 1
7.3
6.8

-1 .9
5.3
5. 1

5. 1
4.9

13.6

PREPARED BY FEDSRAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
280 ---------- ,---------- ,--------

BILLIONS OF DOLLARS
-------- ---------- ---------- 280

272.3
275.8
27-4.8
274.5
274.3
276.0

I I I I
•4

FEB

MAR

1#

APR

2

l« SO 15 27

MAY

JUN

II 25

JUL
1973

#22

AUG

5 10

SEP

5 17 51

OCT

14 28

NOV

12 2#

DEC

0 25

JAN

A 20

A 20
__

FEB
MAR
1974

3 17

APR

LATEST DATA PLOTTED WEEK EWING, APRIL 3, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
4/4/73

7/4/73

9/5/73

10/3/73 10/31/73

12/5/73

1/2/74

2/6/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
9/ 5/73
10/ 3/73
10/31/73
12/ 5/73
1/ 2/74
2/ 6/74
3/ 6/74
4/ 3/74


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

7.4
5.8
5.4
6.4
6.5
5.2
6.5
6.5

-0.6
0.2
2.9
3.6
2.3
4.3
4.5

0.2
4.7
5.4
3. 1
5.7
5.8

8. 1
7.9
4.4
7.3
7. 1

10.2
4.8
8.2
7.9

0.9
6.7
6.6

6.4
6.4

13.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

380

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

r------ --------------

TOTAL TIME DEPOSITS

NET TIME DEPOSITS *

4

FEB

MAR

IS

2

1« SO 13 27

JUN

APR

II

25

0 22

5 10

S IT 51

H 2* 12 2«

NOV

JUL

0 25

DEC

« 20

« 20

5 IT

FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING* APRIL 3, 1874

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.fi RELEASE.
K NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN AOCIKJNTPLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF SI00,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BAM^S.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
4/4/73

7/4/73

9/5/73

10.9
10.9
11.7
11.6
11.6
12. 1
12.3
11.8

11.0
12.4
12. 1
12.0
12.7
12.9
12. 1

14.0
12.9
12.5
13.4
13.5
12.5

10/3/73 10/31/73

12/5/73

1/2/74

2/6/74

15.3
12.4

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
9/ 5/73
10/ 3/73
10/31/73
12/ 5/73
1/ 2/74
2/ 6/74
3/ 6/74
4/ 3/74


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

13.8
13. 1
14.0
14.0
12.7

1 1 .3
13.0
13.3
1 1.9

14. 1
14.1
12.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
670
660
650
640

MONEY STOCK PLUS TOTAL TIME DEPOSITS
630
620
610
600
590
580
570
560
550
MONEY STOCK PLUS NET TI ME DEPOSITS **
540
-M

7 21

7 21

4

18

2

16 50

13 27

JUN

11

25

CURRENT DATA APPEAR
** M2 IS DEFINED AS:

0

8 22

JUL
1973

1974

LATEST DATA PLOTTED WEEK END ING: APRIL 3,

1974

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/4/73

7/4/73

3/5/73

9.2
8.4
8.7
9.1
9. 1
8.8
9.5
9,2

5.2
6.4
7.6
7.9
7.6
8.7
8.4

7.2
8.9
9. 1
8.4
9.8
9.3

10/3/73 10/31/73

12/5/73

1/2/74

2/6/74

11.1
9.5

1 1 .7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 5/73
10/ 3/73
10/31/73
12/ 5/73
1/ 2/74
2/ 6/74
3/ 6/74
4/ 3/74


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

530

11.2
10.7
9.3
10.8
10.1

10.7
9.0
10.9
10.0

7.6
10.6
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS of DOLLARS

7 21

7 21

FEB

MAR

4 IS
APR

2 1« 30 IS 27 II 25
JUN
JUL
1973

S 22

5 IS

3 17 31

M 23

NOV

billions of dollars

12 2«

8 23

DEC

6 20

3 20

3

FEB

MAR

APR

17

LATEST DATA PLOTTED WEEK ENDINCi APRIL 3, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
ME GOT I ABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 3100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1974
FEB.

6
13
20
27
MAR.
6
13
20
27
APR.
3
10
17
24

CERTIFICATES
OF DEPOSIT
66.8

67.0
66.4
66.2
65.9
66.8
67.1
68.8
71 .2

BILLIONS
NET TIME
DEPOSITS*
306.4
307.2
308.0
308.8
308.9
309.0
309.5
309.6
310. 1

M2 m

577.3
579.1
582.6
581 .2
584.7
583.9
584.0
583.9
586. 1

* SEE FOOTNOTE PAGE 8.
MX SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST

LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
475

4S5

455

CREDIT PROXY ADJUSTED

1/
445

435

CREDIT PROXY
425

415

405

Q l L

4 1* i It so

3 27

11

25

8 22

5 IS

3

17 31

U 28

12 26

0 23

1973
LATEST DATA PLOTTED WEEK ENDING-. APRIL 3,

6 20

6 20

3

17

1974
1074

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.0 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

13I±

BULLIONS
CREDIT
PROXY

FEB. 27
MAR.
6
13
20
27
APR.
3


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

CREDlT
PROXY
ADJUSTED

447.1
450.2
44B.2
450.6
451.1
456.8

454.8
458.2
456.4
459.3
460.3
466.4

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
APRIL 3, 1974 FROM THE FOUR
WEEKS ENDING;
CREDIT
CRED1T
PROXY
PROXY ADJUSTED
FEB.
6,
JAN.
2,
DEC.
5,
OCT. 31,
OCT.
3,
JUL.
4,
APR.
4.

1974
1974
1973
1973
1973
1973
1973

7.3
8.0
8. 1
6.7
5.9
6.9
8.2

9.2
9.2
9.2
7.7
6.6
7.8
9.0

PREPARED BY FEDERAL RESERVE SANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
11.0

10.5

10.0

9.5

9.0

8.5
COMMERCIAL PAPER
8.0

CORPORATE

7.5

BONDS

7.0

PRIME BANK
LOAN RATE

6.5

6.0

5.5

5.0

MUNICIPAL

4.5

2

16

2

16 30 13 27

APR

11

25

6 22

6 20

3

17

31

14 28

12 26

8 23

MAY

7 21

I

JAN
1973

15

I

FEB.

MAR.

APR.

1
8
15
22
1
8
15
22
29
5
12 *
19
26

12 26

FEB
1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 12,

1974

15 29

1974

90 DAY
CD'S X6t9K

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS XGK

8.87
8.27
8.08
7.96
8.07
8.31
8.47
8.64
9.38
9.68
9.95

8.38
7.93
7.75
7.69
7.88
8.00
8. 18
8.50
9. 10
9.38
9.59

8.55
7.85
7.75
7.75
7.85
8.00
8. 10
8.60
9. 10
9.30
9.50

7.87
7.82
7.85
7.87
7.87
7.92
7.99
8.05
8. 1 1
8. 17
8.23

5.20
5. 16
5. 18
5.21
5.26
5.27
5.32
5.46
5.57
5.73
N.A.

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

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
11.5

11.0

FEDERAL FUNDS RATE
10.5

10.5

10.0
9.5
THREE-MONTH TREASURY
BILL MARKET YIELD

9.0

6.5

8.0

7.5

7.0

DISCOUNT RATE

6.5

6.0

5.5

5.0

2

16

2

16 SO

IS 27

APR

I

25

6 22

6 20

3 IT SI

14 28

12 26

8 25

T 21

MAY

4

18

JAN
1973

I 15 I 15 28 12 26
FEB
1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. APRIL 12,

1974
FEB.

MAR.

APR.

1
8
15
22
1
8
15
22
29
5
12 X
19
26

FEDERAL
FUNDS MK

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

9.47
9. 13
8.93
9.07
8.81
8.98
9.03
9.33
9.61
9.93
10.02

7.55
7.03
7.06
7.07
7.36
7.71
7.82
8.06
8.35
8.51
8.57

6.94
6.74
6.70
6.76
6.93
7.06
7. 16
7.48
7.69
7.91
8.00

1974

6.55
6.50
6.50
6.56
6.62
6.71
6.75
6.88
6.93
7.02
7.05

* 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.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

4.0
197-4

MILLIONS

MAR.

s.s

8

5.0
27

1713

3

1503

10

BORROWINGS

1195

APR.

2.5

2.0
1.5
-

1.0
0.5

7 *1

7 *1

4 19

IK M II IT II H

>22

S 19

I II II M N It M

9 28

« 29

« M

>17

1073
LATEST DATA PLOTTED WEEK END IN8t APRIL 10. 1974

BUSINESS LOANS

(COMMERCIAL

BILLIONS OF DOLLARS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

124
“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
—_APRIL 3. 1974 FROM THE FOUR
__ WEEKS ENDING!
BUSINESS
“
BUS I NESS
LOANS
—
LOANS. ADJUSTED
— FEB.
6
JAN.
2
~ DEC.
5
— OCT. 31.
— OCT.
3.
_JUL.
4.
APR.
4,

122
120
1 18

1974

28.2
24.2
19.6

29.0

1 16

____
1973
1973
1973

16.8

16.4

1 14

14.4

14.8

24.4

.BUSINESS LOANS ADJUSTED

1/

1 12
110
108

BUSINESS LOANS

106
104

MILLION?,
BUSINESS—
JSI NESS
LOANS LOANS
AtWTEQFEB. 27

102
100
68

115.621

96
94

7 21

4 19

1 II M IS P II II
JUN

9 22

5 19

14 ?t 12 2«
NOV

JUL

1973
LATEST DATA PLOTTED WEEK ENDINGt APRIL 3,

S IT 31

DEC

* 25

< 20

6 20

5 17

FEB

MAR

APR

I 974
1974

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBS ID1AS IES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

0