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iyKftUB;

Week ending: April 13, 1977
April 6 iQ77
u
WCekS ended April 7’ 1976 t0 the fo™ weeks ended
Sibuteh?! ^^
PerCfnt °f the Freese in the monetary base was
attributable to an increase in adjusted Federal Reserve credit (page 3

LIBRARY
DEC

2 6 1979

and table below). The largest positive influence on the growth of adlusted
Federal Reserve credit was the change m Federal Reserve Kings of
oneraM™”*1*^ aeaurities> whlch represents the effect of open market
MMit^drc^MTrtfke\b^ the Federal ^serve.
The reserve adjustment
Z^e credT rT
VSubataatiai P^itive effect on adjusted Federal
d
’ P i“arily due t0 the Bering of reserve requirements on
demand deposits in January 1977. Federal Reserve loans to member banks had

SStirStTS?^?£hiB PSri0d* -

' ba^ b^rroSgs

d

1
Wi ^ h® discount Mte generally above the Federal
iTfLf ?
Tre“ury deP°alta at Federal Reserve Banks (which are subtracted
dL S SSenSa^jStSeFeferal
Cred±t) ±ncreased over this period,
116
large part t0 t*1® alower than expected rate of Federal spending.
accounted
sccomts of the Treasury and Federal Reserve
accounted for the other 17 percent of the increase in the monetary base
2in
T”““ry CUrrenCy 81111 coin
the issuing of Ts.
,SDR. ■. Public circulation, while the increase in Special Drawing Rights
during thi£ p«iod
"“ftizatlon af/m additional $700 million of SDR's
a
! P!51 d‘ SDR 8 ar® monetized when the Federal Reserve issues
deposit to the Treasury in exchange for SDR certificate credits
In late
£? **rl319.76> $20° ■lulo° »£ SM'° “»

$i00 million was monetized during October 1976.

®>otner

CHANGES IN FACTORS INFLUENCING
TADJUSTED FEDERAL RESERVE CREDIT AND THE MONETARY BASE^
(Sign Indicates Effect on Adjusted Federal Reserve Credit and Monetary Base)

4/7/76 - 4/6/77
(Millions of Dollars)
Sources:
U.S. Government Securities
Loans
Float and Other F.R. Assets
Treasury Deposits at F.R. Banks
RAM 3/

$ 6,988
77
- 116
- 916
1.116

Adjusted Federal Reserve Credit
Treasury Currency
Special Drawing Rights
Gold, Treasury Cash, and Other Factors

$ 7,149
534
700
278

Monetary Base
? 0,001

17 Data are not seasonally adjusted.

2/

iD ava^age of
for four weeks ended these dates.
3/ Zd stlfZ ii3T?£ fKr the e5feet 0f rea®^® requirement ratio changes
ratiosfnniv
^
ben bank8 where different reserve requirement
ratios apply. RAM is computed by this Bank.


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 15, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

134 r—---- ,-------------.-----

----- ------------- -------- -1 134
MILLIONS

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

5

OCT

19

2

16

2

16 30

13 27

NOV

1976
LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 1977

mmsmmmm

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,

4/14/76

7/14/76

7.0
7.3
7.4
7.3
6.7
6.9
7.0
7, 1

7.6
7.6
7.5
6.5
6.9
6.9
7.2

AVERAGE OF FOUR WEEKS ENDING:

9/15/76 10/13/76 11/10/76 12/15/76

1/12/77

2/16/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:

9/15/76
10/13/76
11/10/76
12/15/76
1/12/77
2/16/77
3/16/77
4/13/77


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

8.4
7.9
6.2
6.8
6.9
7.2

7.4
5.3
6.3
6.5
6.9

4.3
6.0
6.3
6.8

5.3
6.0
6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

RATIO

I I I. LLi
LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

1977
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
120 ----------1-------------1-----

---- -------------------

120

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
APRIL 13, 1977 FROM
THE FOUR WEEKS ENDING:
FEB.
JAN.
DEC.
NOV.
OCT.
JUL.
APR.

16,
12,
15,
10,
13,
M,
M,

1977
1977
1976
1976
1976
1976
1976

8.3
8.1
6.2
6.0
6.6
6.9
7.0

ADJUSTED FEDERAL RESERVE CREDIT

1977

MILLIONS

MAR.

4

18

3

17 31

14 28

APR

12 26

MAY

9 23

7 21

4

JUL

AUG

ie

LATEST DATA PLOTTED WEEK ENDING: APRIL 13,

1

15 29

13 27

OCT

10 24

NOV

8 22

5

19

JAN

2

16

2

16 30

13 27

FEB

1977

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FL0A1
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 AND SHIFTS IN THE SAME 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

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

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
—---------------------=j 765

765 >=------ 1-------------1----BILLIONS
750. 1
755.2

4 IB

3 17 31

M 28 12 26

9 23

7 21

1

15 29 13 27 10 24

OCT

8 22

5 19

2 16

JAN

NOV

FEB

1976

2 16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

1977

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

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
4/7/76

7/7/76

9/8/76

9.9
10.5
11.0
11.0
11.3
10.9
10.6
10.6

11.7
12.4
12. 1
12.4
11.5
11.1
11.0

14.2
12.9
13.2
11.8
11.2
11.1

10/6/76

AVERAGE OF FOUR WEEKS ENDING:

11/3/76

12/8/76

1/5/77

2/9/77

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

8/76
6/76
3/76
8/76
5/77
9/77
9/77
6/77

4

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

12.6
13. 1
11.4
10.8
10.7

12.4
10.5
9.9
10.0

10.2
9.5
9.8

7.5
8.5

9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
325 ----------1-------------1-----

BILLIONS OF DOLLARS
----- ------------- ---------- 325

BILLIONS
314.7
316.4
315.2
314. 1
319. 1

-I

18

3

17 31

M 28

12 26

9 23

7

1

21

JUL

15 ZS

AUG

LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

13 Z7

OCT

10 24

NOV

8 ZZ

5

19

JAN

Z

16

Z

16 30

13 Z7

FEB

1977

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 ,

AVERAGE OF FOUR WEEKS ENDING:

4/7/76

7/7/76

9/8/76

10/6/76

11/3/76

12/8/76

1/5/77

2/9/77

6.0
6.3
6.8
5.8
6.5
5.8
5.6
5.9

6.2
7.2
5.5
6.6
5.7
5.4
5.8

9.0
5.5
7.2
5.6
5.3
5.8

4.6
7. 1
5.2
4.9
5.5

5.5
3.8
3.7
4.6

5.9
5. 1
6.0

1.9
4.0

6.2

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

8/76
6/76
3/76
8/76
5/77
9/77
9/77
6/77


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

10,0 r-

—

CORPORATE AAA BONOS

PRIME BANK
LOAN RATE

COMMERCIAL PAPER

8 20

5

FEB

IS

2

16 30

M 26

1!

25

9 23

MAR

6 20

3

AUG

SEP

IT

!

15 29

12

26

10 24

7 21

4

JAN

FEB

16

1

15 29

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL

1977
FEB.

4
1 I
18
25
MAR.
4
1 1
18
25
APR.
1
8
15 *
22

15,

1977

90 DAY
CD'S ***

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

Aaa BONDS

MUNICIPAL
BONDS 3t0K

4.90
4.83
4.78
4.79
4.88
4.87
4.83
4.80
4.81
4.85
4.84

4.88
4.80
4.78
4.84
4.35
4.85
4.88
4.88
4.88
4.88
4.88

4.90
4.82
4.78
4.84
4.83
4.84
4.81
4.79
4.78
4.79
4.76

8.03
8.01
8.04
8.08
8. 10
8. 12
8.09
8.09
8. 10
8. 10
8.09

5.93
5.86
5.83
5.92
5.92
5.92
5.90
5.88
5.85
5.79
N. A.

CORPORATE

29

* AVERAGES OF RATES AVAILABLE.
**
s, AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
ff^EN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK ENDING WEDNESDAY TWO DAYS
N A E-RNOTRAVAtLABLEES SH0WN*
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

10.0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
6.5 -----

PERCENT
----- 6.5

•3C0UNT RATE

FEDERAL FUNDS RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

2

16 30 M 28 II

25

3 23

6 20

3~ 17

1

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE

MAR.

APR.

29

12

26

10

24

JAN

FEB

MAR
1977
FOR THE WEEK ENDING: APRIL 15

FEDERAL
FUNDS **

1977
FEB.

!5

4
1 1
18
25
4
1 1
18
25
1

8
15 *

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
SILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.60
4.66
4.70
4.74
4.68
4.63
4.62
4.77
4.74
4.60
4.65

4.7!
4.62
4.63
4,71
4.66
4.63
4.59
4.57
4.57
4.58
4.57

5.24
5. 1 1
5.08
5.22
5.23
5.22
5. 18
5.17
5.15
5. 14
5.09

6.78
6.64
6.60
6.76
6.76
6.77
6.71

7.52
7.49
7.51
7.59
7.60
7.60
7.56
7.55
7.56
7.55
7.52

22

6.68
6.70
6.70
6.61

29

* AVERAGES Of RATES AVAILABLE


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

of

LOUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

NET TIME DEPOSITS
ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
450

BILLIONS

445

436.9
438.2
439. 1
440.0
440.6

440
435
430
425
420
415
410
405
400
395
390
385
380
375

4

18

3

17

31

14 28

12 26

9 23

7 21

4

1

18

IS 29

13 27

10 24

8 22

5

19

JAN

2

16

2

16 30

13 2T

FEB

1976

1977

LATEST DATA PLOTTED WEEK ENDING: APRIL 6, 1977
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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/7/76

7/7/76

9/8/76

12.9
13.8
14.3
15. 1
15. 1
14.7
14.5
14.2

16.0
16.4
17.2
16.9
16. 1
15.6
15.1

18.2
18.8
17.9
16.6
15.9
15.2

10/6/76

11/3/76

12/8/76

1/5/77

2/9/77

12.0
11.8

1 1.5

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

8

8/76
6/76
3/76
8/76
5/77
9/77
9/77
6/77


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

18.9
17.7
16.2
15.3
14.7

17.7
15.7
14.8
14.2

13.5
12.9
12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
245

BILLIONS
231.1
232.4

_

240

232.6
231.2
235.9

APR

235

230

225

220

4

16

3

17 31

14 28

12 26

9 23

7

21

4

18

1

15 29

13 27

OCT

10 24

8 22

5

19

2

16

2

16 30

13 27

NOV
1977

1976
LATEST DATA PLOTTED WEEK ENDING: APRIL 6.

1977

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE ,

AVERAGE OF FOUR WEEKS END 1NG:

4/7/76

7/7/76

9/8/76

10/6/76

11/3/76

12/8/76

5.1
5.3
6.2
4.8
5.9
4.8
4.6
4.9

5.2
6.8
4.6
6. 1
4.6
4.3
4.8

9.2
4.5
6.9
4.5
4.2
4.8

3.6
7.0
4. 1
3.8
4.5

4.9
1.9
2.0
3.2

4.6
3.9
5.0

1/5/77

2/9/77

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

8/76
6/76
3/76
8/76
5/77
9/77
9/77
6/77


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

-0.7
2.1

5.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
80
78
76
74
72
70
68
66
64
62
60
58
56
54

1

18

3

17

31

14 28

APR

12 26

9 23

7 21

4

18

1

15 29

13 27

10 24

8 22

5

19

JAN

MAY

2

16

2

16 30

13 27

FEB
1977

1976
LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

1977

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.

1977
FEB.

MAR.

APR.

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

CERT 1F1 CATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
62.0
61.9
61.7
60.8
60.3
60.5
60.5
60.8
61.6
61.4

62.8
63.5
63.7
63. 1
62.7
62.4
62.0
61.8
62.5
62.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION

BILLIONS OF DOLLARS
^
1.5

_L_LU_. J-l.

1.0

AVERAGES OF DAILY FIGURES

_______

1.5

I977
-

MILLIONs.
MAR.

9

---------

20
24

10

23
30
APR. 6
13

1
1

1.0

339
58
65
39

.

0.5

_____

0.5
-

-L i
i

—1®

-r

FEB

-LLLL

3 17 3
MAR

-LLiJ

_LLL -LLL1.. -LLL -LLL -LLLL -U.I.
9
12 21} JUN23 T 7\ A 1ft
MAY

1 1 1

Jill

1 1 1

NOV

DEC

JAN

14 21
APR

JUL
AUG
SEP
1976
LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 1977

OCT

-LLL -LLLL -LLL
FEB

MAR

APR

1977

BUSINESS LOANS

( COMMERC!AL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124

wr

uvu

124

-

122
122
120

120
118

*

^

1 16

'

tmrn

1 18
116

114

-

114
112

112

—*

110
1 10
108
108

106

—

—
_ wuivn uuiucu

«WUrtU HA [ES
OF CHANGE, AVERAGE 01
"THE, FOUR *EEKS ENDIN1
^ APRIL 6, 1977 FROM
102 — THE FOUR WEEKS ENDINtit

106

104

100
98
96
0

" FEB.
9, 1977
JAN.
5, 1977
DEC.
8, 1976
— NOV.
3, 1976
_ 0C1.
6, 1976
JUL. 7, 1976
~ APR.
7, 1976
1 M 1 11 1 1 1 1 1 1
—
—

4 18

3 17 31

!

104
M 1 Ul- 1 UN?

9.4
6.1
3.7
6.1
8.6
5.2
1.9
I 1 1 1

14 28 12

MAR.

2
9
16
23
30
APR. 6

-LLLL -LLL -LLL -LLLL -LLL J-J-L -LLLL J-l
28
7 21
4 Ifi 1 1 9C

117,479
117,381
117,631
117,569
117,025
117,460

102
~

100
“

98

~
~

96

1 1 1 1 1 1-LL.I 1 1 1 1 1;s

K

9 23

1976
LATEST DATA PLOTTED WEEK ENDING: APRIL 6,


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

—

JAN
1977

0
FEB

MAR
1977

APR

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

Plin
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE _REQU I REMENTS
( CREDIT
..........
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
570 r—--------,------------- ,------


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

h'?U FR0M

the four

CREDIT

ADJUSTED

1977
1977
1976
1976
1976

7,

PROXY

I.RQXL
9,
3,
8,
3,
6.

BILLIONS OF DOLLARS
—------------- -------- =i 570

1976

4.5
2.7
4.6
6.2
7.0
5.6
5.2

-CREDIT PROXY ADJUSTED 1/
>
—'

CREDIT PROXY
BILLIONS

PROXY

CREDIT
PROXY
ADJUSTED

532.6

540.3

CREDIT

536. 1
535.3
533.7
539.1

^

18

FEB

3

17 31

MAR

H 26

APR

12 26

MAY

9 23

JUN

7 21

4

JUL

AUG

18

1

13

SEP

OCT

NOV

JAN

FEB

1976
LATEST DATA PLOTTED WEEK ENDING-. APRIL 6, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
"

OERTAIN’oTItR’NONDffOSiT^URttsP10'AL PAP“' EURODOLLAR BORROWINGS OF
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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