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/^//VA /V£7/A L.

*

ED XX TXX

Week ending: April 11, 1973
LIBRARY
The nation's money stock, defined to include private
demand deposits and currency in the hands of the nonbank public,
averaged $256.8 billion in the four weeks ending April 4. The
money stock rose at a 5.3 percent annual rate in the last six
months and at a 6.9 percent rate in the previous six months.
The monetary base, a prime determinant of the trend growth of
money, rose at a 10.1 percent rate in the most recent six months
and at a 6.1 percent rate in the previous six months. The recent
slower money stock growth reflects a decrease in the money mul­
tiplier resulting from increased growth of currency, time de­
posits, and U. S. Government deposits at commercial banks, relative
to private demand deposits.
A rapid rise in large negotiable certificates of
deposit at large commercial banks partly accounts for the de­
cline in the money multiplier. Large CDs have risen about $12.5
billion in the past three months. Interest rates paid on large
CDs have risen relative to other short-term interest rates
(ceilings on large CDs of maturities from 30-89 days have been
suspended since June 1970) as commercial banks have increased
their demand for funds to meet an increased demand for bank
loans. The current secondary market rate on 90-day CDs averaged
7.3 percent early this week, about 18 basis points higher than
the rate on 4- to 6-month prime commercial paper. Business loans
at commercial banks (adjusted to include loans sold to affiliates)
grew at a 53 percent annual rate in the past three months. In
this same time period, the prime bank loan rate declined relative
to the commercial paper rate by about one percentage point.
Member bank borrowings averaged $1.5 billion in the
week ended Wednesday, April 11. This compares with average
borrowings of about $1 billion in early January 1973 and $575
million six months ago. The large increase in member bank
borrowing reflects both an increase in demand for funds by
commercial banks and a decline in the relative cost of borrowing
funds from the Federal Reserve compared to the cost of funds
from other sources. The Federal funds rate rose from about 5
percent in October to 6.84 percent in the current week. The
interest rate differential between the Federal funds rate and
the discount rate rose from about one-half of one percent in
October to 1.3 percent in the recent week.


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 13, 1973

MONETARY BASE 1/
MULTIPLIERS

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
___ THE FOUR WEEKS ENDING
APRIL 11, 1973 FROM
THE FOUR WEEKS ENOING!
FEB.
— JAN.
DEC.
NOV.
“
OCT.
SEP.
-----APR.

14,
10,
13,
8,
11,
13,
12,

1973
1973
1972
1972
1972
1972
1972

14.0
9.4
9.0
9.6
10.1
9.8
8.1
MONETARY BASE

1373

LATEST DATA PLOTTED WEEK END INGt APRIL 11,

MILLIONS

1973

RATIO

RATIO

2.9

2.8
MULTIPLIER

2.7

2.6

2.5
RATIO

2.4

2 16

1

15 26 12 26 10 24

7 21

5 18

JUN

JUL
1972

2 16 50 13 27 11

LATEST DATA PLOTTED WEEK ENDING-. APRIL 4,

25

6 22

6 20

3 17 51

U 26 14 26 II 25

FEB
MAR
1973
1973

1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND N0M6EMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 •’REVIEW OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITSi/
ALL MEMBER BANKS

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

BILLIONS OF DOLLARS
31.5 ----------------------- r- COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
---- THE FOUR WEEKS ENDING
I APRIL I I, 1973 FROM
THE FOUR WEEKS ENDING:

“

BILL IONS OF DOLLARS
------ ---------- ---------- 1 31.5

31 ,0
RESERVES

DEC.
30.0

29.0

1215.

BILLIONS

MAR.

29.85
29.30
29.68

APR.

30.09
29.40

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
APRIL 11, 1973 FROM
THE FOUR WEEKS ENDING:
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.

14,
10,
13,
8,
11,
13,

1973
1973
1972
1972
1972
1972

26.0
23.4
21.5
19.3
19.9
18.4

FEDERAL RESERVE CREDIT

.1973

MILLIONS

MAR.

1

FEB

13 29 12 26 10 24

MAR

APR

MAY

7 2

JUN

2 16 30 13 27 11 23

JUL
1972

AUG

LATEST DATA PLOTTED WEEK ENDING: APRIL Tl,

SEP

6 22

6 20

3 17 31

14 26 14 26 11 25

OCT

1973

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H-9 RELEASE.
2^ OEF l-NEO TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND 1 1 OTHER* ' ASSETS adjusted
CLaIseI
CHANCES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEP6SITS AMONG
3/ OF^A^HANGE^H^REGULATION^J°ATA A*E ADJUSTED OUE TO WAIVERS ASSOCIATED WITH THE EFFECTS
*

BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D.


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

PREPARED BY FEDFRAL RESERVE BANK OF ST. LOUIS

28.5

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
205

BILLIONS
198.6
199.8
198.3
199.5
198.2

200

195

190

185

? 16

5 29 12 26 10 24

7 21

5 19

2 16 30 13 27 II 25

8 22

6 20

3 17 91

14 28 14 26

FEB
MAR
1973

1972
LATEST DATA PLOTTED WEEK END ING; APRIL 4,

1 25

APR

1973

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

COMPOUNDED ANNUAL RATES OF CHANGE ,
6/5/72

8/2/72

9/6/72

10/4/72

7.7
7. 1
7.2
6.7
7.9
6.3
6.5
5.6

6.9
5.7
5.2
7.6
5.0
5. 4
4.3

5.8
5.0
8.2
4.9
5. 4
4. 1

5.5
9.6
5. 1
5.7
4. 1

AVERAGE OF FOUR WEEKS ENDING-.

11/1/72

12/6/72

1/3/73

2/7/73

TO THE AVERAGE
OF FOUR WEEKS
END 1NGi
9/
10/
11/
12/
1/
2/
3/
4/

6/72
6/72
1/72
6/72
3/73
7/73
7/73

4/73


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

10.4
4.4
5.2
3.5

4.8
5.8
3.5

0.3
-1.0

2.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
266 ----------1-------------,-----

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

BILLIONS
255.9
257.6
256. 1
257.5
256. 1
257.5

2 16

1

IS 20 12 26 10 24

7 21

5 10

JUN

JUL

2 16 SO 13 27 11 25

8 22

6 20

3 17 31

14 28 14 26 11 25

FEB
MAR
1973

APR

LATEST DATA PLOTTED VKEEK ENDING: APRIL 4. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.fl RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
4/5/72

8/2/72

9/6/72

10/4/72

AVERAGE OF FOUR WEEKS ENDING:

11/1/72

12/6/72

1/3/73

2/7/73

TO THE AVERAGE
of Four weeks
ENDING!
9/
10/
11/
12/
1/
2/
3/
4/

6/72
4/72
1/72
6/72
3/73
7/73
7/73
4/73


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

7.2
6.9
7.0
6.8
8.0
6.5
6.8
6. 1

5.5
6.3
6. 1
8.3
5.8
6.3
5. 4

6.7
6.2
9. 1
5.9
6.4
5.3

6.6
10.3
6.0
6.6
5.3

11.3
5.4
6.3
4.9

5.4
6.6
4.7

1.6
0.6

3.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

2 16

1

IS 29 12 26 10 24

7 21

5 19

2 16 SO IS 27 11 2S

6 22

6 20

S 17 31

14 26 14 26 11 2S

FEB
MAR
1973

1972

APR

LATEST DATA PLOTTED WEEK ENDING. APRIL 4, 1973
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 DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
4/5/72

8/2/72

9/6/72

11.9
11.9
12.0
11.8
11.9
11.9
11.5
11.3

13.8
13.6
12.8
12.7
12.5
11.9
11.6

12.3
11:7
11,8
11.8
H.2
10.9

AVERAGE OF FOUR WEEKS ENDING:

10/4/72

11/1/72

11,8
11.9
11.9
11.1
10.8

11.4
11.5
10.7
10. 4

12/6/72

1/3/73

2/7/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/
10/
11/
12/
T/
2/
3/
4/

6/72
4/72
1/72
6/72
3/73
7/73
7/73
4/73


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

12.0
10.7
10.3

10.0
9.7

8.4

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
600
590
580
570

MONEY STOCK PLUS TOTAL TIME DEPOSITS
580
550
540
530
520
510
500

MONEY STOCK PLUS NET TIME DEPOSITS *«■

490
480

2 16

1

15 29 12 26 10 24

T 21

5 10

JUL

2 16 30 13 27 11 25

AUG

LATEST DATA PLOTTED WEEK ENDING: APRIL 4,

SEP

8 22

6 20

3 17 31

OCT

14 28 14 28 11 25

FEB
MAR
1973

APR

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
** Ml IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS l SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/5/72

8/2/72

9/8/72

9.5
9.3
9.6
9.3
10.0
9.2
9.2
8.8

9.6
10.0
9.4
10.6
9.3
9. 1
8.5

9.7
9.0
10.6
9.0
8.9
8.2

10/4/72

11/1/72

12/6/72

9.2
11.2
9. 1
8.9
8.2

11.3
8.6
8.5
7.7

9.0
8.7
7.6

1/3/73

2/7/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/
10/
11/
12/
1/
2/
3/
4/

6/72
4/72
1/72
S/72
3/73
7/73
7/73
4/73


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

5,7
5.2

6.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

2 16

1

/ 21

15 29 12 26 10 24

5 19

2 16 SO 13 27 11 25

6 22

BILLIONS OF DOLLARS

6 20

3 17 31

14 29 14 26 11 23

FEB
MAR
1973

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 4, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY ANO TIME DEPOSIT DATA

1973
FEB.

MAR.

APR.

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

CERT 1F1 CATES
OF DEPOSIT
47.3
48.2
49. 1
50.7
52.2
54.5
55.2
56.3
57.8

BILLIONS
NET TIME
DEPOS1TS ***
272.8
274.0
274. 1
274.4
275.3
275.6
276.2
276.9
276.6

M2 Ml
529.0
530.4
532.3
530.3
533.0
531.7
533.7
532.9
534. 1

* SEE FOOTNOTE PAGE 6.
** 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

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

2 16

I

IS 29 12 26 10 24

5

19

2 16 30 13 27

11

25

6 22

6 20

3 17 31

1972
LATEST DATA PLOTTED WEEK ENDING. APRIL 4,

14 28 14 28 11

FEB
MAR
1973

25

APR

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1973

aill IONS
CREDIT
PROXY

FEB.
MAR.

APR.

28
7
M
21
28
4


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

CRED1T
PROXY
ADJUSTED

412.4
414.0
414.8
418.3
418.6
421.1

417.2
418.8
419.9
423.2
423.6
426.0

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
APRIL 4, 1973 FROM THE FOUR
WEEKS ENDING:
CRED1T
CREDIT
PROXY
ADJUSTED
PROXY
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.
APR.

7,
3,
6,
1 ,
4,
6,
5,

1973
1973
1972
1972
1972
1972
1972

22.6
15.8
16.4
14.9
14.2
14. 1
12.5

23.1
16.3
16.7
15. 1
14.5
14.3
12.7

PREPARED BY FEDERAL RESERVE BANK OP ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

4 16

3 17 31

14 28 12 26

APR

9 23

MAY

7 21

4

JUL
1972

AUG

16

1

15 29 13 27 10 24

OCT

6 22

5 19

2 16

2 16 30 13 27

NOV
1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 13,

1973
FEB.

MAR.

APR.

2
9
16
23
2
9
16
23
30
6
13 X
20
27

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS XX

7.20
7.22
7.23
7.22
7.25
7.27
7.29
7.31
7.31
7.27
7.26

5.70
5.56
5. A3
5.58
5.81
5.85
6.05
6.31
6.29
6.45
6.20

6.50
6.55
6.53
6.67
6.76
6.84
6.90
6.91
6.79
6.77
6.66

6. 13
6. 16
6. 10
6. 15
6. 16
6.18
6.22
6.24
6.18
6. 16
6. 09

5. 16
5. 16
5.06
5. 13
5.22
5.27
5.34
5.35
5.26
5.22
N. A.

* AVERAGES OF RATES AVAILABLE.
SBtS BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS,
N.A. - NOT AVAILABLE


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

1973*

THURSDAY DATA.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM
PERCENT
8.0

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

----

---- 8.0

7.5

COMMERCIAL PAPER
4-T0-6 MONTH
FEDERAL FUNDS RATE

I I I I I I I I I I I I I I i-U U I I 1 I I I I I I I I I I I I I I I I I I I I
4 1«

3 17 31

FEB

MAR

14 28 12 28 9 23

APR

MAY

JUN

7 21

4 IS

1

JUL
1972

AUG

SEP

15 29 13 27

OCT

10 24

NOV

S 22

3 19

DEC

JAN

2

18

FEB

2 18 30 13 27

MAR
1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING? APRIL 13,

1973
FEB.

MAR.

APR.

2
9
16
23
2
9
16
23
30
6
13 *
20
27

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS *K

PRIME
BANKERS'
ACCEPTANCES

6.35
6.21
6.58
6.79
6.75
7.02
7.13
6.96
7. 1 1
7.18
6.84

5.98
6. 13
6. 13
6. 13
6.30
6.65
6.83
7.00
7.00
7.00
7.00

5.98
6. 1 5
6.28
6.31
6.38
6.60
6.85
7.05
7.23
7.27
7.31

* AVERAGES OF RATES AVAILABLE.
FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR
THE BOARD OF GOVERNORS' H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.


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

1973

90 DAY
CD'S 3QK

6.10
6.20
6.22
6.25
6.30
6.53
6.85
7.08
7. 13
7. 18
7.13

APR

IN

PREPARED BY FEDERAL RFSFRVF BANK OF ST. LOUIS

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

ILLIONS OF DOLLARS

1973
MAR.

BILLIONS of dollars

MILLIONS.
7

BORROWINGS

2 IS

1

15 29 12 26 10 24

5)9

7 21

2

16 30 1.3 27

i1

25

8 22

6 20

3

17

14 28 14 26 11

FEB

MAR

25

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 11, 1973

BUSINESS LOANS

(COMMERCIAL AND
JILL IONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
104

— COMPOUNDED ANNUAL RATES OF CHANGE
AVERAGE OF THE FOUR WEEKS ENDING
— APRIL 4, 1973 FROM THE FOUR
_ WEEKS ENDING:
BUS I NESS
—
BUSINESS
LOANS
LOANS
ADJUSTED
^_FEB.
JAN.
— DEC.
NOV.
— OCT.
_ SEP.
APR.

7,
3,
6,
1,
4,
6,
5,

1973
1973
1972
1972
1972
1972
1972

102
100
98

52.0
35.7
32.4
29.2

96
19.3

94
92
BUSINESS LOANS ADJUSTED 1/.
90
MILLIONS

88

BUSINESS
BUSINESS
LOANS
LOANS
ADJUSTED

86

BUSINESS LOANS

84

82
2 16

1

15 29 12 26 10 24

7 2!

JUN

5 19

2

16 30 IS 27

JUL
1972

11

25

8 22

6 20

3 17 31

(4 28 14 28 11

FEB
MAR
1973

25

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 4, 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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