Full text of U.S. Financial Data : Week Ending April 2, 1969

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

.

I

'

ggp-Qr&RCH LIBRARY

Federal Reserve Bank
of St. Louis

Uf
to

U.S. finflnCIHL DflTR
Am 2 7 )9|feek ending April 2, 1969

Growth rates of some monetary aggregates
over the last three months have moderated substan­
tially, compared with the previous two years. The
monetary base, for example, has risen at a 3.5 per
cent annual rate since December (page 2). This is
much slower than the rapid 6.4 per cent pace of the
previous year and similar to the 3.6 per cent trend
rate from 1957 to 1968. The base has grown at a 6
per cent rate in the last six and nine months, about
the same as from January 1967 to June 1968.
The money stock, consisting of private
demand deposits and currency in the hands of the
public, has grown at a 2.3 per cent rate during the
past three months (page 3), less than half the rate
of the previous year. Money has grown at a 5 per
cent rate in the past six and nine months, compared
with a 7 per cent rate from January 1967 to June
1968.
Time deposits at commercial banks have de­
clined at a 6.7 per cent rate since December, com­
pared with an 11 per cent increase in the previous
year (page 7). Because Regulation Q ceilings on
rates banks are permitted to pay on time deposits
are low relative to market rates on alternative in­
struments, banks have been unable to compete for
time deposits.
Member bank borrowing from the Federal
Reserve has generally increased since the first of
the year. Borrowings averaged $951 million in the
four weeks ending April 2 compared with $600 million
in the four weeks of December (page 10). The rise in
borrowings probably reflects the decline in the


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

supply of time deposits to banks, strong credit de­
mands, and the disparity between market interest
rates and the discount rate.
The discount rate at eleven of the twelve
Federal Reserve Banks was raised from 5-1/2 per cent
to 6 per cent effective April 4. The Federal Reserve
Board has also announced an increase of 1/2 of 1 per
cent in reserve requirements on demand deposits at
member banks. The increase in reserve requirements
will be effective for the reserve computation period
ending Wednesday April 23, and applicable to average
deposits for the week ending April 9.
Interest rates on 4- to 6-month commercial
paper averaged 6.88 per cent during the three days
ending April 2, up from 6.38 per cent in late Decem­
ber and 5.88 per cent in August (page 9). Rates on
three-month Treasury bills have declined somewhat
since late December averaging 6.02 per cent during
the first half of this week (page 8). The 6.02 per
cent bill rate on a discount basis is equivalent to
6.20 per cent on a bond yield basis and remains well
above the 5.75 per cent ceiling rate which banks are
permitted to pay on certificates of deposit with ma­
turities between two and three months.
Most longer-term rates have recently re­
mained high or continued to rise. Yields on highest
grade corporate bonds averaged 7 per cent during the
three days ending April 2 compared with 6.53 per cent
in late December and about 6 per cent in August.
Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: April 4,1969

MONETARY BASEj^
FEDERAL RESERVE CREDIT^
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally adjusted by this bank.
------ Annual rates of change, average of four weeks
ending April 2, 1969 from four weeks ending:
Monetary Base

F.R. Credit

Oct. 2, 1968

1957-1968
Monetary Base

'■
'J

•t

*
-J

--J

-^
1

'■l
v

••

Apr. 3, 1968

Monetary
“ Base

Federal Reserve Credit

F._ R. Cred.

1/ 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.
2/ Defined to include holdings of securities
requirement changes and changes in requirements
due to shifts in deposits among classes of
banks.
i t
i ti it i
rr i
i n r
Latest data preliminary
Latest data plotted week ending: April 2, 1969
10 24

I I I
7

21
Feb.


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

6

20
Mar.

3

17
Apr.

1

15 29
May

I.. 1.1.1 I I I

12 26
10 24
June
July
1968

7

21
Aug.

4 18
Sept.

2

16 30 13 27 11 25
Oct.
Nov.
Dec.

8 22
Jan.

5

19
Feb.

5

19
r.

2

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
July

MON®5TOCK*
Averages ofDaily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

---------------- ;
—M

Annual rates of change, average of
four weeks ending March 26, 1969
from four weeks ending:
Dec. 25, 1968 -+J2.J
— Sept.25, 1968 •/ f- f
June 26, 1968 -/-*/■ 8
____ Mar. 27, 1968 +
8
1957-1968

Weekly
Data

data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

_ Latest data preliminary
_ Latest data plotted week ending: March 26, 1969

10 24
Jan.

7


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

21

6

20 3
17
■.
Apr.

1

15 29 12 26 10 24
July
May
June
1968

7

21
Aug.

4

18 2
Sept.

16

£0

13 27

11 25

8

22

5

19

5

19

2

16

30 14

1969

Prepared by Federal Reserve Bank of St. Louis

28

11 25
June

9

23

MONEY STOCK PLUS TIME DEPOSITS*
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
420 | | | | i ■ |

Billions of Dollars
T I I

I I I

Annual rates of change, average of
four weeks ending March 26, 1969
from four weeks ending

June 26, 1968 -f 7■ 0

195 7-1968

A9J______

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L

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3U.6 ■

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3 9r,A~

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3iii

• 376

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/A- 61H.b

1. I I I I l

Latest data preliminary
Latest data plotted week ending:

10 24


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

21 6

20
Mar.

17 1
pr.

* Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Trends".

March 26, 1969

15 29 12 26
May
June

10 24
July
1968

7 21
Aug.

4

18
Sept.

2

16

1111

30 13 27 11
Nov.

1.-1 1 I
25 8 22
Jan.

5

19
Feb.

5

19
Mar.

2

16

30

14

1969

Prepared by Federal Reserve Bank of St. Louis

28 11 25
June

9

23

I 420

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Federal Reserve Bank of St. Louis
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OSITS*
TIME
All Com
alBanks
Ave rages of Daily Figures
Seasonally Ad justed

Billions of

Billrans of Dollars

Annual rates of change, average of four weeks
ending March 26, 1969 from four weeks ending:

June 26, 1968

-f f, O

1957-1968

Qa~/

*

t

2A

AeiJ
AO S3

Aoj.t

A?
dll- •S'

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do/- o

/A-

AC/.*
AC/.*
A 60-1

<S(c

S AOo.J
/* 201.0
/? 2oo-l
AC> loo.*) p

* Current data appear in the Board's H.6 release.
—1— Latest data preliminary
----- Latest data plotted week ending:

10 24
Jan.

7 21
Feb.


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

6

20
Mar.

3
17
Apr.

1

Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

March 26, 1969

15 29
May

12 26 1.0 24
June July
1968

7

16
Sept.

30 13

27 11

25

8

22

5

19

19
Mar.

2

16 30

14

1969

Prepared by Federal Reserve Bank of St. Louis

28 11 25
June

9

23
July

t
YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
9.50
3-Month

Per Cent
9.50

Corporate
3-5 Year

Long-Term

??
7C
vJ 'U

7

C.oJ
6. OO

n.oo

18.00

7.00

— n.oo

Prime Commercial
Loan Rate

Corporate*
Aaa Bonds

Three-Month Treasury
Bill Market Yield

Discount Rate
Long-Term
Government Bonds

4.00

4.00

Latest data plotted are averages of rates available for the week ending: April 4, 1969

12

26

9


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

23

8

22
Mar.

5

19

3

17
May

31 14 28 12 26
June
July
1968

9

23
Aug.

6 20
Sept,

4 18
^^t

15 29
Nov.

13 27
Dec.

10 24

7

21

7

21

4

18

2

16

I Jan
1969

Prepared by Federal Reserve Bank of St. Louis

30 13 27 11 25
June __ July

SELECTED SHORT-l®M INTEREST RATES
Averages of Daily Rates Ended Friday
Prime
Commercial
Paper
4-6 Month

9.00

Prime
Bankers'
Acceptances

90 Day
CD'S *
**

Federal
Funds

9.00

1969

<ZU8.50

7

si
7
8.00

L-38
(,.3 9

{..SO
&, .So
<..7o
6.7S

//

i,.7f
(,■88

-?/

(So
( . 4d
(,-W
(> ■ (ni

(.(3

6 38

r

4 aSO

{,■(.3
( 7-tr
(.■7 0

4, 7d

6-65"

(. a

(.88

( te
C..8S
(¥3
(.,¥?
( 4 f
(■7 0
C.3S

4 SO

4,4 3

8.50

8.00

(.7 8

(o-38

7.50

7.50

7.00
Commercial Paper
4-to-6 Month

6.50

6.50

Bankers
Acceptances

6.00

6.00

4-4Federal Funds Rate
5.50

5.50

Discount Rate
5.00

5.00

.A'V
4.50

4.00

4.00

Latest data plotted are averages of rates available for the week ending:

April 4, 1969

I II I I I II II I I I I I I 11 I M I I I I I I I I II I 1 11 I I I 1 1 [ II I
12 26
Jan.

9
23 8
22
Feb.
Mar.

5

19
Apr.

3

17 31 14 28 12 26
May
June
July
1968


* AVERAGES OF RATES AVAILABIE
**
http://fraser.stlouisfed.org SOURCE: SALOMON BROTHERS AND HUTZIER
Federal Reserve Bank of St.SECONDARY MARKET RATE ON 90-DAY PRIME CD'S
Louis

20 4
18
Sept.
Oct.

1

15 29
Nov.

13 27
Dec.

10
24
Jan.

7

21
Feb.

7

21
Mar.

16 30
May
1969

Prepared by Federal Reserve Bank of St. Louis

13 27
June

11 25
July

tl

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

Millions of Dollars
EXCESS
RESERVES

Millions of Dollars

BORROWINGS

WEEKLY DATA

■?£/
AOA.
33SL

/,3<So
C>87

313

It?

tit

A3T

ifY

aaI

3U3

799

/e*Y

Z<?9

7 S']

i‘7

73 Y

113

*?3~

sl,
d3f

an p

1,300

ms
?63

/m'

Borrowings

?

BIWEEKLY SETTXEMENT PERIODS

WEEKLY RESERVE PERIODS -

Excess Reserves

Net Free Reserves

\] Because of the change in Regulation D

_ Latest data preliminary
— Latest data plotted week ending:

Mill
10

24

7


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

21

6

20
Mar.

April 2, 1969

TTTTT
3 17
Apr.

1

15
[ay

29 12 26
June

10 24
July

1968

7 21
Aug.

placing all member banks on a one-week
reserve adjustment period, beginning with
the week ending September 18, 1968 the
above reserve data are reported,on a
one-week period.
i l i i i I i i
4 18 2 16 30 13 27 11 25
8 22 5 19 5 19
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.

2

16 30
Apr.
1969

14 28
May

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July

11

DEMAND DEPOSIT COMPONENTOF MONEY STOCK*
Averages of Daily Figures
Seasonally Ad usted

Billions of Dollars

Billions of Dollars

_ Annual rates of change, average of
__ four weeks ending March 26, 1969
— from four weeks ending:

June 26, 1968 / i- V

1957-1968

----- Latest data preliminary
Latest data plotted week ending:

10

24

7

21
Feb.


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

6

20
Mar.

3

17
Apr.

1

* Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of demand deposits by months see this bank's
monthly release entitled "Monetary Trends".

March 26, 1969

15 29 12 26 10 24
May
June
July
1968

7

21
Aug.

4 18
Sept.

2

16
Oct.

30

13 27
Nov.

11 25
Dec.

8

22
Jan.

5 19
Feb.

5 19
Mar.

2

16 30 14 28
Apr.
May
1969

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July

12
TOT^CREDIT

large Com^rercial Banks
Wednesday Figures

►
lllioi
230

225

of Dollar*

Billions of Dollars
230

toneiiy adjusted by this bank
-Annual rates of change, average of
-four weeks ending March 26, 1969
from four weeks ending:
0
'Dec.
25, 1968
+ S.S
Sept. 25, 1968
+ 9. 7
26, 1968
. June
+ S>.f
27, 1968
Mar.

225

1960-1968
f—I-

i.xo.sr

220

220

215

215

Millions of Dollars
UNADJUSTED

SEASONALLY
ADJUSTED

338,Sqk,

as, tss

3a.

210

.133, 3

iaa,v

aaa.

3w
3.10 q 70

AA3, AtJL
A 3.0. Aid"

A A/. 9 IS

313,38 7

210

311. sn
A/'t.AjL
J./9. I«0

Aao, 7 “/<•

AAO.OOi

irt.g+o
AJA, 4f3

A/9, 9f 3

A/r
330,<*33-

*./■?, (-9(- ^

AAC.Solt P

205

205

7 M i i i r i i
200
0

Latest data preliminary
Latest data plotted:
Mar.
i__i__i____i__i__i__i i i_i__i__i__l
10 24 7 21
Jan.
Feb.


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

Current and year ago unadjusted data appear in the
Board's H.4.2. release.
Seasonal adjustment com­
puted by this bank using 1963 through 1968 data.
15 29

12 26 10 24
June
July
1968

7

21
Aug.

4 18
Sept.

2

16 30
Oct.

13 27
Nov.

8
22
Jan.

5

19
Feb.

5

19
Mar.

2

16 30 14 28
Apr.
May
1969

11 25
June

Prepared by Federal Reserve Bank of St. Louis

9

200
23
July