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1/
RES . . . . , 1 Fed^.*-•

t‘-5Y

Week ending: April 12, 1972

»-»*- -■" dank

of St. Louis
W6 2 1 1998
The money stock (M^) has risen at a 10.9 percent
annual rate in the past three months, after little change in
the previous five months. Money has grown 6.3 percent over
the past year, slightly faster than the trend growth rate of
5.9 percent from fourth quarter 1966 to fourth quarter 1971.
Money plus net time deposits (M2) has increased at a 13.5
percent rate in the past three months, and 9.6 percent in the
past year.
In comparison, M grew at an 8.1 percent trend
rate from the end of 1966 to^the end of 1971.
Business loans at large commercial banks, adjusted
to include outstanding loans sold to affiliates, have increased
recently, but growth of these loans in the past ten months has
not kept pace with corresponding periods after most other reces­
sions. Business loans have increased at an 8.9 percent rate
in the past two months but at only a 2.3 percent rate in the
past ten months. In the six months following the November
1970 trough, loans were about unchanged. In previous post-war
economic recoveries, business loans were little changed in the
first six months of the recovery phase (except 1954) , while in
the subsequent ten months, growth of these loans ranged from
a -2.5 percent rate to a rapid +47 percent rate.

Business Loans
(Annual Rates of Change)

Trough

Trough to Six
Months Later

Subsequent
Ten Months

Oct.

*49

- 0.6%

+46.9%

Aug.

* 54

+11.7

+21.3

Apr.

'58

- 1.0

- 2.5

Feb. '61

+ 1.4

+ 4.9

+ 2.9

+17.7

- 0.1

+ 2.3

Average
Nov.


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

'70

Prepared by Federal Reserve Bank of St. Louis
Released: April 14,1972

fONETARY BASE
MULTIPLIER 2/

v

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94

_

92

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- APRIL 12, 1972 FROM
THE FOUR WEEKS ENDING.

DEC.

15,

92

1971

90
MONETARY BASE

AUG.

11

88

86
1972

MILLIONS.

84

I 1.1.111
LATEST DATA PLOTTED WEEK ENDING. APRIL 12, 1972
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5

— 2.4

3

17

3

17 31

14 28

APR

12 26

MAY

9 23

7 21

4

JUL

AUG

18

1

15 29

13 27

OCT

10 24

8 22

5

19

2

16

1

IS 29

12 26

NOV

LATEST DATA PLOTTED WEEK ENDING. APRIL 5, 1972
1/ 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 TH£ 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

ALL MEMBER BANKS

't'

1st

IN THE TIATI ON

FEDERAL RESERVE CREDIT*/
BILUONS

of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

dollars

- COMPOUNDED ANNUAL RATES
Z_ OF CHANGE. AVERAGE OF _
- THE FOUR WEEKS EWING
APRIL 12, 1972 FROM
Z THE FOUR WEEKS ENOINGi
32.5 ~ FEB,
9, 1972
Z JAN. 12, 1972 11.9
- DEC. 15, 1971
- NOV. 10, 1971
t OCT. 13, 1971
h SEP. 15, 1971
31.5 lZ_ AUG. 11, 1971

BILLIONS OF DOLLARS
33.5

33.0
32.5

32.0

- 3’ .5

RESERVES

3< .C
30.5

-1 30.5
J97£

B|LL|QNS

30.0

30.0
32.5

29.5

82
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
80

0.6

-

— JAN

78
FEDERAL RESERVE CREDIT
76

— AUG

74

1972

72

MILLIONS

70
12
3

17

3

17 31

H 28

APR

12 26

9 25

7 21

4

18

1

15 29

13 27

10 24

5

19

2

7

16

1

IS 29

12 26

MAY
1971

1972

LATEST DATA PLOTTED WEEK ENDING. APRIL 12, 1972
1/ ‘CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

4
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
185

180.2
180. 1
ITS.5

180

175

170

165

3 IT

3 IT 31

14 2* 12 26

9 23

T 21

4 IS

JUL

AUG

1

IS 29 19 22 10 24

OCT

• 22

3 19

2 16

JAN

NOV

FEB

I

15

12 26

LATEST DATA PLOTTED KEEK ENDINGi APRIL 5, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi
4/7/71
8/4/71
9/8/71 10/6/71 11/3/71 12/8/71
1/5/72
2/2/72
TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
9/
10/
11/
12/
1/
2/
3/
4/

8/71
6/71
3/71
8/71
5/72
2/72
8/72
5/72


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

8.8
6.7
6.0
5.0
4.4
4.6
5.5
6. 1

-1.6
-0.7
-0.7
-0.7
0.3
2.4
3.6

-1.5
-1 . 1
-1.0
0.3
2.7
4. 1

0.3
0.0
1.4
4. 1
5.4

-0.7
1.4
4.7
6.2

2.6
6.8
8.2

10.3
11.2

13.5

PREPARED BY FEDERAL RESERVE BA*K OF ST. LOUIS

#

MONEY STOCf

BILLIONS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

of dollars

BILLIONS OF DOLLARS
240

31LU£NS
231.4
232.5
233.9
233.8
233.4
234.9

235

230

225

220

215

3

17

3

17 31

14 28

12 28

9 23

7 21

4

18

1

15 29

13 27

10 24

8 22

5

19

JAN
1971

2

16

1

15

12 26

FEB

1972

LATEST DATA PLOTTED WEEK ENDINGi APRIL 5, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
4/7/71

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
9/ 8/71
10/ 6/71
11/
12/
1/
2/
3/
4/


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

3/71
8/71
5/72
2/72
8/72
5/72

8.7
6.8
6.2
5.2
4.8
5.0
5.8
6.3

8/4/71

9/8/71

-0.5
0.4
0.1
0.3
1.2
3.0
4. 1

-0.3
-0.4
0.0
1.2
3.4
4.6

10/6/71

11/3/71

0.8
0.9
2.2
4.5
5.8

0.3
2. 1
5.0
6.4

12/8/71

1/5/72

2/2/72

10.0
10.9

13.0

3.8
7.2

8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

• me deposits
ALLXOMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

3 17

3 IT 31 14 28 12 26

9 23

T 21
JUL
1971

4 18
AUG

1 15 29 13 27 10 24
OCT NOV

8 22

3 19
JAN

2 16 1 15 29 12 26
FEB
1972

LATEST DATA PLOTTED WEEK ENDING: APRIL 5, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 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, AVERAGE OF FOUR WEEKS ENDING:
4/7/71

8/4/71

9/8/71

9.2
9.4
10.0
10.8
11.9
12.8
13.4
13.0

6.6
8.8
10.7
12.7
14. 1
14.7
14.0

12.0
13.5
15.4
16.7
17.0
15.9

10/6/71

11/3/71

12/8/71

15.0
17. 1
18.3
18.3
16.8

18.6
19.7
19.2
17.3

22. 1
20.6
17.7

1/5/72

2/2/72

19.9
16.4

13.9

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

8/71
6/71
3/71
8/71
5/72
2/72
8/72
5/72


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS T I ME”EPOS I TS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

3

17

3 17 31

14 28 12 26

APR

7 21

4

18

1

13 29 13 27

10 2*

5 19

2

JAN

9 23

MAY

16

I

IS 29

12 26

FEB

6 22

LATEST DATA PLOTTED WEEK END INGi APRIL 5, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
*X M2 IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET T IME DEPOSITS CM2)
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
4/7/71

8/4/71

9.0
8.0
8. 1
8.0
8.4
8.9
9.5
9.6

3.0
4.6
5.4
6.5
7.6
8.8
9.0

9/8/71

10/6/71

11/3/71

12/8/71

7.8
9.0
10. 1
1 1.3
11.2

9.3
10.7
12.0
11.8

12.7
13.8
13. 1

1/5/72

2/2/72

14.9
13.5

13.3

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

8/71
6/71
3/71
8/71
5/72
2/72
8/72
5/72


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

5.7
6.4
7.6
8.8
10.0
10. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

certif#:ates of

deposit

#

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
36 ----------- ,---

3 IT

3 17 31 H 28 IZ Z6

9 23

7 2]

1 13 29 13 27 10 24
OCT NOV

BILLIONS OF DOLLARS
--- ------ ----- 36

8 22

3 19

2 16

JAN

FEB

1 IS 29 12 26

1972
LATEST DATA PLOTTED WEEK ENDING. APRIL 5, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
WEEKLYAREPOr}'IngCCOMMERCULSBANKSEPOSIT ISSUED IN DEN0MINAT10NS OF 6100,000 OR MORE BY LARGE


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

MONEY AND TIME DEPOSIT DATA

1972
FEB.

1

2
9
16
23
MAR.
1
8
15
22
29
APR.
5
12
19
26

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSJTS *

M2 m

33.4
33.5
33.8
34.3
33.8
33.7
33.0
33.1
33.7
33.4

242.4
243.0
244.4
245.0
245.9
245.7
246.8
246.4
246.5
247.7

472.2
473.3
475.6
477.2
477.3
478.1
480.7
480. 1
479.9
482.6

* SEE FOOTNOTE PAGE 6.
m SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
385 r---- ------ ---

BILLIONS OF DOLLARS
- ------ ----=1 385
-

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

3 IT

3 IT 31

14 28 12 26

APR

S 23

T 21

4 18

I

15 29 13 2T 10 24

8 22

3 19

2 16

JAN

MAY

FEB

1

15 29 12 26

LATEST DATA PLOTTED WEEK ENDING: APRIL 5, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
.INCLUDES MEMBER BANK DEPOSITS. BANK-RELATED COMMERCIAL PAPER. EURODOLLAR BORROWINGS OF
U.S. BAFTS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1311

BILLIONS
CREDIT
PROXY

MAR.

1
8
15
22
29
APR. 5


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

CREDIT
PROXY
ADJUSTED

364.7
366.2
368.7
368.9
369.5
372.2

368.3
369.9
372.5
372.7
373.4
375.8

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
APRIL 5. 1972 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.
AUG.

2,
5,
8.
3,
6,
8.
4.

1972
1972
1971
1971
1971
1971
1971

14.4
12.8
14,4
13.6
12.2
10.8
10.5

13.,7
12. 8
12.,7
12..6
1 1.,8
10.,7
10.. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

MUNICIPAL
BONDS**

RIME COMMERCIAL
OAN RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

3 19

5 19

FEB

MAR

2

16 30 14 28 II 23

MAY

JUN

9 23

3 17

I

13 29 12 26 10 24

SEP

7 21

4 IB

JAN

6 20

AUG

FEB

3 17 31

14 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL 14, 1972

1972
FEB.

4
1 1
18
25
3
MAR.
10
17
24
31
APR.
7
14 *
21
28

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS jok

7.25
7.29
7.28
7.26
7.25
7.24
7.22
7.24
7.24
7.25
7.27

3.35
3.09
3.04
3.22
3.44
3.57
3.85
3.81
3.82
3.80
3.79

5.55
5.51
5.47
5.50
5.50
5.57
5.84
5.83
5.92
6.07
6.07

5.70
5.71
5.65
5.63
5.62
5.62
5.67
5.68
5.69
5.73
5.75

5.35
5.27
5.24
5.28
5.29
5. 18
5.32
5.34
5.40
5.49
N.A.

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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11
SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY*

PERCENT

PERCENT

COMMERCIAL PAPER
4-TQ-6 MONTH

FEDERAL FUNDS RATE

5 19
FEB

5 19
MAR

2 16 30 14 26 11 25

9 23

6 20
AUG

1 15 29 12 26 10 24

3 17
SEP

7 21
JAN

4 16
FEB

3 17 31 14 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL 14, 1972


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

1972
FEB.

4
11
18
25
MAR.
3
10
17
24
31
APR.
7
14 X
21
28

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S XX

3.98
4.00
3.93
3.88
3.90
4.00
4.20
4.30
4.33
4.50
4.63

3.20
3.28
3.50
3.19
3.28
3.60
3.93
3.98
4.18
4.29
4.12

3.75
3.50
3.45
3.44
3.60
3.73
4.03
4.13
4.13
4.40
4.50

3.82
3.67
3.61
3.54
3.65
3.70
3.86
4.09
4.28
4.39
4.56

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
HOI DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

BORROW I NG® AND EXCESS RESERvft
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1.6

1.2

BORROWTFI55'

0.8

0.4

0

EXCESS RESERVES

-0.4

-0.4

-

0.8

-

0.8

NET FREE RESERVES
-

1.2

1.2

-

1.6

-

-

1.6

3 17

3 17 31 14 26 12 26

APR

9 23

7 21

4 IS

1 IS 29 IS 27 10 24

OCT

MAY

NOV

S 22

9 19

2 16

JAN

1 19 2* 12 26

FEB

LATEST DATA PLOTTED WEEK ENDING. APRIL 12, 1972


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

MILLIONS
1972
FEB.

2
9
16
23
MAR.
1
8
15
22
29
APR.
5
12
19
26

EXCESS
RESERVES
245
50
31 1
130
82
176
393
74
310
396
212

BORROWINGS
16
42
18
14
67
103
13
115
155
141
13

FREE
RESERVES
229
8
293
1 16
15
73
380
- 189
155
255
199

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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