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FI/V/l A^C//1 £

D>174

Week ending: April 2, 1975
JUN 0 8 1979


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

Over the last year the narrowly defined
money stock (Ml) has risen 4.3 percent. During the
first three months of this period Ml grew at a 7.3
percent annual rate, then, from mid-1974 through
the end of January, Ml grew on average at a 1.3
percent annual rate.
Since late January, Ml has
grown at an 11.3 percent annual rate.
The broadly defined money stock (M2)—see
page 4 of this release—has exhibited a growth pat­
tern similar to that of Ml. Over the last year M2
has risen 7.0 percent. During the first three months
of this period M2 grew at an 8.2 percent annual rate,
then, from mid-1974 through the end of January, M2
grew on average at a 5.4 percent annual rate.
Since
late January, M2 has grown at an 11.4 percent annual
rate.
Since the end of last year there has been
a substantial decrease in the demand for short-term
credit, while the demand for longer-term financing
has sharply increased.
Consequently, short-term
interest rates have fallen below long-term interest
rates, reversing the situation that prevailed during
the spring and summer of last year. For example, at
their peaks in July 1974, the rates on 90—day certi­
ficates of deposit (CDs) and prime four- to six-month
commercial paper exceeded the rate on corporate Aaa
bonds by about 360 basis points. However, since
early this year a different relationship between
short- and long-term rates has emerged, with long­
term rates consistently higher than short-term rates.
Although long-term rates have risen somewhat re­
cently, they have generally declined along with,
but at a slower pace than, short-term rates since
last fall. As a result, during the latest week, the
corporate Aaa rates exceeded rates on CDs and commer­
cial paper by 270 and 288 basis points, respectively.

Prepared by Federal Reserve Bank of St. Louis
Released April 4, 1975

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

lflZS

BILLIONS OF DOLLARS
116

MILLIONS

FEB. 26
114

112

110

108

106

104

6 20

6 20

3 17

FEB

MAR

APR

1

13 29 12 28 10 24

7 21

4 18

AUG

SEP

2 18 30 13 27 11

NOV

25

1974

6 22

5 19

3 19

FEB

DEC

MAR

2 18 30

1975

LATEST DATA PLOTTED WEEK END INOj APRIL 2, 1975
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AM) IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS END 1NGt
7/3/74
9/4/74 10/2/74 10/30/74 12/4/74
4/3/74
1/1/75
2/5/75
TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
9/ 4/74
10/ 2/74
10/30/74
12/ 4/74
1/ 1/75
2/ 5/75
3/ 5/75
4/ 2/75

2


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

8.3
8.1
8.0
8.5
8.7
7.2
7.4
7.8

7.3
7.2
8.2
8.6
6.6
6.8
7.4

7.1
8.8
9.3
6.2
6.6
7.4

9.6
10.0
6.0
6.5
7.4

11.3
5.7
6.4
7.5

2.6
4.5
6.3

1.7
4.9

10.6

PREPARED BY FEDERAL RESERVE BANK 0^ ST. L

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

RATIO

RATIO

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING. MARCH 26, 1975
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING
APRIL 2, 1975 FROM
_ THE FOUR WEEKS ENDING.

FEB.
--- IAN.

5, 1975
1

DEC. 4
_ OCT. 30
OCT
'
JUL
— APR

---

102

11.0
" ~

100

FEDERAL RESERVE CREDIT

1974

98

96

.LOTS

MILLIONS

94

92

6 20

6 20

3 17

FEB

MAR

APR

1 15 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27 11 25

NOV

DEC

8 22

LI J .11 I

5 19

5 19

2 16 30

FEB MAR
1975

LATEST DATA PLOTTED WEEK ENDING. APRIL 2, 1975
1/ RAT 10 OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER** ASSETS, ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSIT^ BETWEEN
BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED
BY IHIS BAW\ •


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
640

BILLIONS

635

621.0
624.0
627.4

630

625.8

625
620
615
610
605
600
595
590
585
580
575

6 20

6 20

3 17

FEB

MAR

APR

1 IS 29 12 26 10 24

7 21

4 18

2 18 30 13 27 11 25

AUG

SEP

NOV

8 22

DEC

5 19

5 19

2 18 30

FEB MAR
1975

1974
LATEST DATA PLOTTED WEEK ENDING, MARCH 26. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
3/27/74
6/28/74 8/28/74 9/25/74 10/23/74 11/27/74 12/25/74 1/29/75
TO THE AVERAGE
OF FOUR WEEKS
ENDING,
8/28/74
9/25/74
10/23/74
11/27/74
12/25/74
1/29/75
2/26/75
3/26/75

4

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

7.0
6.4
6.5
7.0
6.7
6.2
6.6
7.0

4.6
5.3
6.4
6.0
5.4
6.0
6.6

5.2
7.0
6.3
5.4
6.2
6.9

8.9
7.4
6.0
6.8
7.6

7.4
5.5
6.6
7.6

3. 1
5.3
6.9

5.9
7.8

11.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS

288. 1

6 20

6 20

3 17

FEB

MAR

APR

1 15 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 SO 13 27 U 25

NOV

DEC

8 22

5 18

5 18

FEB

MAR

2 16 SO

LATEST DATA PLOTTED WEEK ENDING, MARCH 28. 1975
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.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
3/27/74

6/26/74

8/28/74

5.1
4.3
4.4
4.6
4.7
3.0
3.4
4.3

1.4
2.2
3.1
3.4
1.3
1.9
3.3

2.6
3.9
4.2
1.0
1.9
3.7

9/25/74 10/23/74 11/27/74 12/25/74

1/29/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
8/28/74
9/25/74
10/23/74
11/27/74
12/25/74
1/29/75
2/26/75
3/26/75


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

5.5
5.4
1.1
2.2
4.2

5.7
0.1
1.6
4.1

-3.0
0.0
3.5

-2.2
3.0

1 1.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
13.5 r-

PERCENT
—! 13.5

PRIME BANK
LOAN RATE
1 1 .5

COMMERCIAL PAPER

10.0

CORPORATE Aaa BONDS

MUNICIPAL
BONDS**

1 15

1 IS » 12 26 10 24

7 21
JUN

5 19
JUL
1974

2 16 30 15 27 11 25
SEP OCT

8 22

6 20

3 17 31 14 28 14 28 11 25
FEB MAR APR
1975

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL 4, 1975

1975
7
14
21
28
MAR.
7
14
21
28
APR.
4 *
11
18
25
FEB.

90 DAY
CD’ S SB*****
6.55
6.42
6.49
6.31
6.38
6. 26
6.07
6.06
6.16

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

6.45
6.35
6. 28
6. 25
6.25
6.08
5.95
5.91
6.04

6.34
6.47
6.26
6.33
6.37
6.29
6. 1 1
6.11
6.14

CORPORATE
BONDS

MUNICIPAL
BONDS IBS

8.68
8.63
8.59
8.57
8.59
8.61
8,69
8,78
8.84

6.34
6.27
6.40
6.55
6.54
6.65
6.77
6.95
N.A.

Aaa

* AVERAGES OF RATES AVAILABLE.
3W BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N.A. - NOT AVAILABLE

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

PREPARED BY FEDERAL RESERVE BANK OF S'. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
14-0 nr

PERCENT
—3 14.0

13.5

FEDERAL FUNDS RATE

ISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

1 15

1 15 29 12 20 10 24 7 21

FEB

MAR

APR

MAY

5 19

2 10 30 15 27 11 25 0 22

0 20

3

JUL AU6
SEP OCT
NOV
DEC „
1974
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING

1975
FEB.

7
14
21
28
MAR, 7
14
21
28
APR. 4 *
11
18
25

JUN

t

FEB MAR
1975
APRIL 4, 1975

FEDERAL
FUNDS »SK

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

6.46
6.ZB
6.29
6. 15
5.88
5.44
5.38
5.53
5.59

5.61
5.65
5.25
5.47
5.57
5.46
5,41
5.53
5.60

6.91
6.92
6.71
6.83
6.86
6.88
7.05
7, 19
7.38

APR

6. 59
6.58
6. 63
6,64
6^67
6. 67
6. 75
6.83
6.86

* AVERAGES OF RATES AVAILABLE.

"


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

IHAN DATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
338.7
338.7
339.8
340.8
340.8

8 20
FEB

8 20
MAR

3 17
APR

1 IS 29 12 28 10 24

7 21
AUG

4 18
SEP

2 18 30 13 27 II 25

NOV

8 22

DEC

3 18
FEB

5 19
MAR

2 18 30

LATEST DATA PLOTTED WEEK ENDINGi MARCH 26, 1975

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* t£T TIME DEPOSITS ARE DEFINED AS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIF I CATES OF DEPOSIT ISSUED IN
DENOMINATORS OF *100.000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
3/27/74
6/26/74 8/28/74 9/25/74 10/23/74 11/27/74 12/25/74 1/29/75
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
8/28/74
9/25/74
10/23/74
11/27/74
12/25/74
1/29/75
2/26/75
3/26/75

a


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

8.8
8.2
8.5
9.2
8.6

9.1
9.5

9.6

7.5
8.2
9.4
8.4
9.2
9.7
9.9

7.7
9.9
8.2
9.4
10.0
10.2

12.2
9.2
10.4
11.0
11.1

8.6
10.3
1 1.0
11.2

8.5
10.1
10.5

13.5
13.0

12.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

61llIons OF DOLLARS

230 ---- 1---- ,--515

BILLIONS

214.8
216.4
218.7
216.9

4 H

FEB

MAR

APR

MAY

2 16 30 13 27 11 23

JUN

JUL
AUG SEP
1974
LATEST DATA PLOTTED WEEK ENDING, MARCH 26. 1975

NOV

DEC

8 22

5 19

3 19

FEB

MAR

2 16 30

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

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
3/27/74
6/26/74 8/28/74 9/25/74 10/23/74 11/27/74 12/25/74 1/29/75
TO THE AVERAGE
OF FOUR WEEKS
ENDING,
8/28/74
9/25/74
10/23/74
11/27/74
12/25/74
1/29/75
2/26/75
3/26/75


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

4.1
3.1
3.0
3.1
3.2
1.1
1.6
2.6

-0.4
0.3
1.0

1.5
-1.2
-0.3
1.3

0.3
1.5
2.1
-1.7

-0.5
1.6

3.0
3.4
-1.7
-0.2
2.1

3.8
-2.9
-0.8

2.1

-6.2
-2.4
1.7

-5.2
0.9

11.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF

DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
96
94
92
90
88
86

84
82
80
78
76
74
72
70
68
66

64
6 20

6 20

3 17

FEB

MAR

1 15 29 12 26 10 24

APR

7 21

4 18

AUG

SEP

2 16 30 13 27 11 25

NOV

DEC

1974

8 22

5 19

5 19

2 16 30

0

FEB MAR
1975

LATEST DATA PLOTTED WEEK ENDINGt MARCH 26, 1975
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.

1975
FEB.

5
12
19
26
MAR. 5
12
19
26
APR. 2
9
16
23
30

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
90.8
90. 1
89.2
88. 1
87.3
87.9
88.2
88.6

93.0
92.9
92.3
91.3
90.2
89.3
89.6
90.3

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
BILLIONS OF DOLLARS
4*5
4.0

1975

3.5 -

E

3.0

—
2.5 —
—

kill

:EB. 2 6
AAR. 5
12
19
26
y\PH. 2

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5
-

I--------- '

1 lOKIQ ---18 0 _A
70
/
e1
167
155
51

zz

___ r\
\P.

r

V v

_

V

E

1.5

2.5

H

2.0

E
=/s\

V 1

1.0

0.5
0

—

H

s. v—\

—
1 1 1 I I I
6 20 6 20
FEB MAR

1 1 1 J-L.I.I -L 1.1

1111

3 17

1 15 29 12 26 10 24

APR

MAY

1 1 1

1 1 1

ILL 1

7 21

4 18

2 16 30 13 27 11 25 8 22
NOV D£C
OCT
JAN

JUN

JUL
AUG SEP
1974
LATEST DATA PLOTTED WEEK ENDING. APRIL 2, 1975

in

1 1 1

1 1 1 1

—
1 1 1

1 1 1

1 1 1 1

5 19

5 19

2 16 3C

FEB MAR
1975

APR

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
136 ---- .---- ,--— COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF .
_ THE FOUR WEEKS ENDING
MARCH 26, 1975 FROM
— THE FOUR WEEKS ENDING.
~ JAN. 29, 1975 -17.2
DEC. 25, 1974 -14.1
'

BILLIONS OF DOLLARS
- ----------- 136
-

-4.6
-2.5

FEB. 19

8 20

6 20

3 17

1 15 29 12 26 10 24

7 21

4 18

2 16 30 13 27 11 25

NOV

DEC

8 22

5 19

5 19

FEB

MAR

2 16 30

LATEST DATA PLOTTED WEEK ENDING, MARCH 26, 1975

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

billions of dollars

billions of dollars

520
“
=

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 26, 1975 FROM THE FOUR
WEEKS En6ING:
CREDIT
CREDIT
PROXY

1BQXL

510

ADJUSTED.
500

- - -C.
CREDIT PROXY ADJUSTED 1/

490

480
CREDIT PROXY
470

BILLIONS
CREDIT

Pfip-Xy

CREDIT
PROXY

adjusted

460

489.5
497.2

493.3

6 20

6 20

3

FEB

MAR

17

1

15 29 12 28

10 24

7 21

4

18

APR

LATEST DATA PLOTTED WEEK ENDING* MARCH 26,

2

18 30 13 27

NOV

1

450

498.0
500.1

2

16 30

DEC

1975

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


http://fraser.stlouisfed.org
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