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AS

u.s. rinnncmL

drth

Week ending: April 15, 1970
library

The money stock increased at a 4.8 per cent annual
rate from the four weeks ending January 7 to the four weeks
ending April 8, compared with about no change from June to
December 1969 (page 5). Large jumps in the demand deposit
component of money contributed to high four-week average
figures in late December and early January and again in late
March and early April. Demand deposits have increased at a
3.9 per cent annual rate in the last three months, after
essentially no change from June to December 1969.
The monetary base has risen at a 4.8 per cent rate
in the last six months, following little change from May to
September 1969 (page 2). By comparison the base increased
at a 6.4 per cent annual rate in 1967 and 1968.
Most short-term market interest rates have changed
little during April, after declining in the previous three
months (pages 10 and 11). The three-month Treasury bill
rate averaged 6.34 per cent in the three days ending April 15,
compared with about 8 per cent in early January. Yields
on prime four- to six-month commercial paper averaged 8 per
cent in the three days ending April 15, compared with about
9 per cent in early January.


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

Yields on longer-term Government securities have
also moved down on balance since the beginning of the
year. Long-term Government bond yields averaged 6.42 per
cent in the three days ending April 15, compared with
7 per cent in early January. Yields on three- to fiveyear Government securities averaged 7.34 per cent in
the first half of this week, compared with 8.26 per
cent in early January. Yields on highest-grade seasoned
corporate bonds have changed little since late December
1969 and averaged 7.82 per cent in the three days ending
April 15.
Time deposits at commercial banks have increased
since the beginning of February and show a 3.3 per cent
annual rate of growth in the last three months, compared
with a 5.3 per cent rate of decline in the previous year
(pages 6 and 8). Lower short-term market interest rates
and higher ceilings on rates banks may pay for time de­
posits have increased the ability of banks to compete for
these funds.

Prepared by Federal Reserve Bank of St. Louis

Released: April 17,1970

Seasonally adjusted by this bank

nio

TMonetaryr
Base

7*. 131
7*. 791

tiiv,
78, *71
78,833 ■

7% 7
J une 11,

P

Monetary Base

'-hi.y

T

T

79

r

T-W *

t

80

Annual rates of change, average of
four weeks ending April 15, 1970 from
four weeks ending:
MonetaryF.R.
Base
Jan. 14, 1970
+-S.I
Oct. 15, 1969
+ ^.8
July 16, 1969
+- 3-4
Apr. 16, 1969 + 3- 3

r

81

I I I I I I I I I I I 1-i L I I I I M II I |

Billions of

I

82

of Dollars

-r- T -r

(ill

MONETARY BASE [1
FEDERAL RESERVE CREDIT \2
Averages of Daily Figures

78

77

iiilllllll

76

75

Uses of the 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.

Federal Reserve Credit

74

65

njo

64

63

62
0

illill

ill!

bf, 939
If, 73 C

l4,83C

Defined to include holdings of securities,
loans, float, and 'father" assets, adjusted
for reserve requirement changes and changes in
requirements due to shifts in deposits among
classes of banks.
— 1—
.1 11 L.
-L I
17 1 15 29 12 ~%6 10 24 7 21 4 18 4 18

Latest data preliminary
Latest data plotted week ending: Apr. 15, 1970
i i i i j 111
-J—I— 11114 l~~l
8 22 5 19 5 19
2 16 30 14 28 Jl 25 9 23 6 20 3
Jan.
Feb.
Mar.
Apr.
Ma;June
July
Aug. Sept.
1969


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

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

7 P-

1

15

—I—l—i—i
i
29 13 27 l 10 24

Apr.
1970

Prepared by Federal Reserve Bank of St.Louis

May

June

8

?2

July

RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars

Billions of

■ol 1 ars

Seasonally Adjusted

Annual rates of change average of four weeks
ending April i5, 1970 from four weeks ending:

30.0
Jan.
Oct.
July
Apr.

14,
15,
16,
16,

1970
1969
1969
1969

29.5

-June 11, t969
1959-1969

29.0

28.5

TOTAL
28.0

27.5

27.0

26.5
Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability, back data have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
include all "bills payable checks" and so-called
"London checks" as deposits subject to reserve .
requirements.

TOTAL
RESERVES

26.0

27.-JL
2.7./
25.5

Data exclude increase in required reserves of
about $400 million due to changes in Regulations
M and D effective Oct. 16, 1969.
Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H. 9 release.

"Latest data preliminary
Latest data plotted Apr. 15, 1970
^1.1 I I I I I I I I I I | I
8

22


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

5

19

5

19

2

!

30 14 28
May

11 25
June

9

23
July
1969

Aug.

25.0

24.5

3

17

Sept.

1

15

29 12

20

10 24

7

21

4

18

1

15 29 13 27 10 24
Apr.
May
June
1970

Prepared by Federal Reserve Bank of St. Louis

8 22
July

0

i IX i

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures

of Dollars

Billions of Dollars

171
170
169
168
167
166

J

Jan.
Oct.
July
Apr.

7,
8,
9,
9,

169
168

1970
1969
1969
1969

167
166

- 4.

165

Dec. 17 - March 25

=fc

164

162

170

Annual rates of change,
— ending April 8, 1970 from four weeks ending:

165

163

171

I
average of four weeks

164

June 11 - Dec. 17
163
■ 1957-1969

162

161

161

160

1

—
-

\

158
157

160

fr

-

159

159
158

457.7 ~

157

—j

156

156

155

155

154

154

153

L

153

152

152

151

151

150

150

149
.7
yy
j/
o? 9
JuJr ¥
//
/?
JS
Tha*. i
//
/g

v

147
146
145
144
143

Current data appear in the Board's H.6 release.

142
141
0

-

ma-

148

148

AT h ■ S’
/Si,./
/js.s
/<5q2 9
/■SZ.-1
/S4.A.
/S3- 1
/S3-1
/ j y J.
/sj. i

1Z

r


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

19
Feb.

5

19
Mar.

Apr.

May

June

July
1969

Aug.

if.

_
_
_
_
_
_
P

7
' 1
_ 10 24 8 22
15 29 13 27
Apr.
May
June
July
1970
J

~H I I I 1 14 1 I I I I 1 II I I i 11 I l .. . . . . . . . . . . . . . I. . . i. . i i I i
5

i

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

4 18
Mar.

1

Prepared by Federal Reserve Bank of St. Louis

rJ

147
146

i£3.s
" Latest data preliminary Apr. 8, 1970
Latest data plotted week ending:

149

145
144
143
142
141

0

MONEY STOCK
Averages of Daily Figures

of Dollars

215

rt
T ITTT r X I TTrrrr
1
1
1
i
1 1
1 1 1 1 1 1 1
1
1
i
Annual rates of change , average of four weeks
1970 from four weeks endine:
r
i

214
213
212

Jan. 7, 1970
Oct. 8. 1969
July 9, 1969
7 1969

211

210

Billions of Dollars
215

T

214
213
212

•t
3-1
A- a L

AP

211

209
17 - March 25

210

—
1

-t
-f

—\—

y-

209

208

208

207

June 11

206

0,

i qs7 - 1969

uec. 1

(
-4-

'Z

207
A
1

206

p

205

V

204

205

A ov.?

204

—1—

203

203

202

202

201

201

200

K

u

199

f)

*
1

T.

198
197
196

A

j V
J

7

200

/*
r Xk
sb

199
ns

—

198
197

A
LJ

/
-J

196

195

rL
L

194

V

195

1-..

194

193

193

192

/ J /
TYiOA^

191

192

v

'XOC • (0

• 0
/??■ 7
a oc.3

II
/*

190

^00

5-5

h, ■&>
£c¥.s? 3

1
2

189

3.0

188

185

0

190
189
188

187
186

191

187
CtIT]reiit d at a a
Boaird
H.
re leas e
1
1
1
' • < ' ' ■ 1 1 1 1 1 1 1 1 1 1 1 1 1 '
•
_ Latest data prel iminar y
— Latest data plotted wee k endine: Ann 8, 1970
_J__L,
_L_L_L_J__1__ 1__1_1_1_1__ 1__1_1_ —L—1_
—s---1__ i .i
Q 79
O

J an


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

Mat

Apr.

May

ne

July
1969

186
I

1

| _[ J 1

_1_U--1. 1__1_1_

Am:.

Sept.

Oct.

Nov.

Dec.

J an.

Fell.

Mar.

Apr.
1970

Prepared by Federal Reserve Bank of St

May

Louis

I

|
1

11

June

I -4
I13

July

185
0

Hit

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures

f Dollars

234

Billions of

Seasonally Adjusted

232

Annual rates of change, average of four weeks
ending April 8, 1970 from four weeks ending:

230
228

Jan. 7, 1970
Oct. 8, 1969
July 9, 1969

226
224
222

1957-1969

220
218
216
214
212

210
208
206
204
202
200
198
196
194
192
190
188
186
184
182

If3.3

180
178
Current data appear in the Board's H.6 release. -----

176

I

0

I

I

!

I

II

i

I

I

I

I

I

I

i

i

i

i

i

■

i

i

i

i

i

!

i 1

Latest data preliminary
Latest data plotted week ending: Apr. 8, 1970

174
8

22


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

19

5

30 14 28

9

23

6

20

3

17

29 12

26

10 24

7

21

4

18

4

18

1

15

29

13

27 10

24

June

June

1969
Prepared by Federal Reserve Bank of St. Louis

8

22

illii

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

of Dollars

432
430
428
426
424

Annual rates of change, average of four weeks
ending April 8, 1970 from four weeks ending:
— Jan. 7, 1970
Oct. 8, 1969
July 9, 1969

422
420

Billions of

—

0.1

June 11, 1969

418
416

1957-1969

414
412
410
408
406
404
402
400
398
396
394
392
390
388
386
384
382
380
378
376
374
372
0

Current data appear in the Board's H.6 release.
~t~ Tiiititt 1111 1 11 1 1 i» ir~i r rTT'Latest Data Preliminary
Latest Data Plotted Week Ending: Apr. 8, 1970
1111 1 1 1 1 1 1 1 1 1 i 1 1 1 m r11111111
22 5 19 5 19 2 16 30 14 28 11 25 9 23
ran.
Feb.
Mar.
Apr.
May
June July
1969


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

I l l l l 1 M- I 1 I 1 I I 1 1 I
6

20
Aug.

3

17 1
Sept.

15 29 12 26
Oct.
Nov.

1

1 II I 1 I 1 IT I 1 I 1 I 1 I II 11 I I T FT 1 1 1 I I 1 I 1

10 24
Dec.

7 21
Jan.

4 18
Feb.

4 18
Mar.

1

15 29 13 27 10 24
Apr.
May
June
1970

Prepared by Federal Reserve Bank of St. Louis

8

22
July

CERTIFICATES OF DEPOSIT H
Large Commercial Banks
Wednesday Figure*

t of Dollars

Billions of

miii i
Annual rates of change, data
not seasonally adjusted, average
of four weeks ending Apr. 8, 1970
from four weeks ending:

24

Jan.
Oct.
July
Apr.

22

20

7,
8,
9,
9,

1970
1969
1969
1969

+ 7.0

^ in. o

'35-7

1964-1969

18

16

14

12

10

8
Millions of Dollars
fO, 7JS

mo
6

/o, y-§?

/oyuJ/ 4

/o^sGt
4

2
0

Current and year ago data appear in the
Board's H. 4. 2. release.
1/ Negotiable time certificates of deposit
in denominations of $100, 000 or more.
I 1 1—1 1 i 1 ■ I l: I I I *1 I I I .1 I I I ■ I
Latest data preliminary
Latest data plotted: Apr. 8
I—1—1—I—I_1—1_1_I__1 ■ f
16 30 14 28 11 25 9 23
Apr.
May
June
July
1969 ’


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

-

/0,
/O,.9*4. _.H//, £>// ! ' —
U.JIPJ / / 3J~&- r*e>

j

H

gni
15 29
Oct.

12 26 10 24
Nov.
Dec.

Jan.

13 27 10 24
May
June

Prepared by Federal Reserve Bank of St. louls

8

22

July

ill

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

of Dollars

Billions of

Seasonally adjusted by this bank
88

Annual rates of change, average of four weeks
ending April 8, 1970 from four weeks ending:
_ Jan.
Oct.
July
Apr.

86

7,
8,
9,
9,

1970
1969
1969
1969

86

84

84
1960-1969

82

82

80

80

78

78

76

76

74

74

MILLIONS OP DOLLARS '
SEASONALLY '
UNADJUSTED ADJUSTED .

72

72

70

70

68

68

7/ gto
66

66
Latest data preliminary
Latest data plotted: Apr. 8, 1970

0

■llllltillll.il

8

22

Jan.


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

5

19

Feb.

.

5

19

Mar.

2

IT1

ill...................... ...

16 30

Apr.

14

28 11

May

25

__________________

i i i II II I 11 I I "

9

June

23

July

6

20

Aug.

3

17

Sept.

1

15 29
Oct.

12 26

10 24

Nov.

Dec.

7

21
Jan.

4

18
Feb.

4

18

Mar.

1

15
Apr.

29 13

27

May

1969

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8

22
Jul

0

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
9.50

Prime Commercial
Loan Rate
8. 50
Corporate
Aaa Bonds
8.00

.

8.00

Three-Month
Treasury Bill_
Market Yield -

6.50

6.50

Long- Term
Government Bonds
6.00
Discount Rate

■3-5 Year

Long Term

Corporate

4.00

Latest data plotted are averages of rates available for the week ending: April 17, 1970

II<11II<1II<II L I 1 I I I I.................
10 24
J an.

7

21
Feb.

7

21
Mar.

4 18
Apr.

 *AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2

16 30
May

13 27 11 25
June
July
1969

8

22
Aug.
-

5 19
Sept.

3

17

31 14

28

12 26
Dec.

9

23
J an.

6

20

6 20 3-17
Mar. Apr.
1970

1

15 29 12 26 10 24
May
June *' July

Prepared by Federal Reserve Bank of St. Louis

11
SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

11.00

Per Cent

11.00

10. 50

10.50

10.00

10.00
Commercial Paper
4-to- 6 Month

9.50

9.50

Federal Funds Rate

9.00

9.00

8.50

8.50

Bankers'
Acceptances
8.00

8.00

1970
7.50

•j’rime
Commercial
Prime
Paper
Bamkers
iA-^_Montli-_ Acceptances

a.-re

? • i-o

7.50

7. fvT

8.03

7-/7

2.o8
2. OS

7.00

90 Day

7.J-S
7.H3
7‘38

<?.SC

7.00

6.50

6.50

6.00

6.00
Discount Rate
5.50

Latest data plotted arc averages of rates available for the week ending: April 17, 1970
10

24

7

21

7

21

4

18

2

5.00

0

i i ' i i

Jan.
1970

** SOURCE:

SALOMON BROTHERS AND HUTZLER

 SECONDARY MARKET RATE ON 90-DAY PRIME CD'S
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

12

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Millions of Dollars
3,200
3,000

EXCESS
RESERVES

2,800

FREE
BORROWINGS RESERVES

833
939
817

M?
7 /
3 to

2,200

I-TO
6a ?

2,600

3,200

ill!—r

'3?

2,400

Millions of Dollars

9 3(

9-So
V9(c
/0310

-(,9 V
-S9A.
—(78

2,800

-8(3'

2,600

—(.yo
-3^^
~ 9(cO p

2,200

2,000
1,800
Borrowings

1,600
1,400
1,200
1,000

.Excess Reserves

1,000

-

1,200

-

Net Free Reserves

-1,400
-1,600
-1,800

2,000

-

2,200

2,200

-

-2,400
-2,600
Latest data preliminary
Latest data plotted week ending: April 15, 1920
-3,000
22
J an.


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

5

19

5

19

2

16

30 14

28 11

25

9

23

6 20

3

17

1

15

29 12

26 10

24

7

21

4

18

4

18

1

15 29
Apr.

13 27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

8

22
July

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