Full text of U.S. Financial Data : Week Ending: April 20, 1977

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

Week ending: April 20, 1977

LIBRARY

-

^
6

j
This week the Board of Governors of the Federal Reserve System
Released a revision of money stock measures to incorporate benchmark
data from the September 30, 1976 Call Report. This revision affects
weekly and monthly data back through July 1976.
The revision increased
demand deposits, but decreased net time deposits by a larger amount. Con­
sequently, data on the narrowly defined money stock (Ml) were increased
over this period, while data on the more broadly defined money stock (M2)
were decreased. All data on money stock and related items in this release
are on the revised basis.
Ml data for August through November 1976 were increased by only
$100 to $500 million, but the Ml data for December 1976 through March 1977
were increased $500 to $900 million. As a result, rates of growth of Ml
were increased over the August 1976 to March 1977 period by this revision,
but only slightly. For example, from the four weeks ended August 25, 1976
to the four weeks ended March 30, 1977, Ml increased at a 5.2 percent
annual rate on the revised basis, compared to a 4.9 percent rate on the
old basis. During the past year, Ml increased 5.9 percent on the revised
basis, compared to 5.7 percent on the old basis.
M2 data for August through November 1976 were decreased by
$100 to $400 million, while the data for December 1976 through March 1977
were decreased $300 to $600 million. Consequently, rates of growth of
M2 were decreased slightly over this period by the revision. For example,
M2 increased 10.4 percent during the past year on the revised basis,
compared to 10.5 percent on the old basis.
Beginning this week, this release will include a chart of the yields
on three- to five-year Government securities (page 7). Treasury coupon
securities in the three- to five-year range of maturities have been issued
more frequently during the last few years, and the Federal Reserve has traded
coupon securities more frequently in open market operations. The yields
on three- to five-year Government securities provide information on inter­
mediate-term yields in comparison to short- or long-term yields. Recently,
intermediate-term yields have recorded the largest amount of variation,
declining by a larger amount than either short- or long-term yields during
the last months of 1976, and increasing by a larger amount during January
1977. Yields on these three- to five-year securities are currently about
150 basis points higher than the yield on one-year Treasury bills, and
about 85 basis points lower than yields on long-term Government securities.


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 22, 1977

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

MILLIONS
132

_

APR
130

128

126

124

122

120

4 18

3 17 31

14 28 12 26

APR

9 23

1

7 21

15 29 13 27 10 23

OCT

MAY

8 22

NOV

5 19

2 16

JAN

FEB

2 16 30 13 27

LATEST OATA PLOTTED WEEK ENDING: APRIL 20, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND 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.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/21/76

7/21/76

6.9
7. 1
7.3
7.0
6.4
6.7
6.9
7. 1

7.9
8. 1
7.4
6.5
6.9
7.2
7.4

9/22/76 10/20/76 11/17/76 12/22/76

1/19/77

2/23/77

9.3
9.2

9.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/22/76
10/20/76
11/17/76
12/22/76
1/19/77
2/23/77
3/23/77
4/20/77


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

8.6
7.2
5.8
6.5
7.0
7.2

6.7
5.0
6. 1
6.8
7. 1

3.4
5.3
6.3
6.8

5.5
6.8
7.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

2.8

2.7

MULTIPLIER

2.6

2.5

2.4

RATIO

2.3

2.414
2.429
2.2

2.440
2.442
0
LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 19T7
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
120

COMPOUNDED ANNUAL RATES
-- OF CHANGE, AVERAGE OF

118

“ APRIL 20, 1977 FROM
__ THE FOUR WEEKS ENDING:

116

-

FEB. 23
JAN. 19

-- DEC. 22
NOV.

17

—JUL. 21
_ APR. 21

1977

10.0
114

1976
1976

ADJUSTED FEDERAL RESERVE CREDIT
112

1976
110
108
977

MILLIONS

106
104
102

4 18

3 17 31 M 28 12 26

APR

9 23

7 21

1 15 29 13 27 10 24

MAY
1976

8 22

5 19

2 16

JAN

FEB

2 16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: APRIL 20, 1977
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS, FLOAT
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

MONEY STOCK PLUS NET

TIME DEPOSITS (M2)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
7-65

BILLIONS

760

752.4
755.0
754.7
754. 1
761.3

755
750
745
740
735
730
725
720
715
710
705
700
695
690
685
680
675

4 18

3 17 31

14 28 12 26

9 23

7 21

4 18

1

15 29 13 27 10 24

6 22

5 19

2

16

1976

2 16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 1977
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 END 1NG:
4/14/76

7/14/76

9.7
10.3
10.7
10.8
11.2
10.6
10.4
10.5

11.7
12.2
11.9
12.3
11.3
10.9
11.0

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

1/12/77

2/16/77

7.0
8.4

9.9

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

4


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

13.6
12.6
13. 1
11.5
10.9
11.1

12.2
13.0
11.0
10.5
10.7

12.7
10.3
9.8
10.2

9.9
9.3
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
325

BILLIONS
315.6
317.2
316.0
314.9
320.3
321.2

320

315

310

305

300

295

4 16

3 1 r 31 14 28 12 28

8 23

7 21

1 15 29 13 27 10 24

OCT

8 22

3 19

2 16

2 16 30 13 27

NOV

1976

1977

LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 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:
4/14/76

7/14/76

5.8
6. 1
6.4
5.6
6.8
5.3
5.7
6.2

7.0
7.4
5.8
7.6
6.0
5.9
6.5

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

1/12/77

2/16/77

1.1
4.4

8.3

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

8.3
5.2
8. 1
5.8
5.6
6.5

4.0
8.1
5.3
5.2
6.3

7.9
4.4
4.4
5.8

6.7
6.1
7.5

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
10.0

9.5

9.0
CORPORATE AAA BONDS

8.5

8.0

7.5

RIME BANK
QAN RATE

7.0

6.5
COMMERCIAL PAPER
6.0

5.5

5.0

4.5

4.0

6 20

5 19

2

16 30

H 28 11

25

9 23

6 20

3 17

AUG

SEP

1

15 29 12 26

10 24

7 21

JAN

4

18

FEB

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 22, 1977

1977
FEB.

4
11
18
25
MAR.
4
11
18
25
APR.
1
8
15
22 K
29

90 DAY
CD ’ s aeon

PRIME
COMMERC1AL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

4.90
4.83
4.78
4.79
4.88
4.87
4.83
4.80
4.81
4.85
4.84
4.74

4.88
4.80
4.78
4.84
4.85
4.85
4.88
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
4.76
4.79
4.76
4.76

CORPORATE
BONDS

MUNICIPAL
BONDS K#

8.03
8.01
8.04
8.08
8.10
8.12
8.09
8.09
8.10
8.10
8.05
7.99

5.93
5.86
5.83
5.92
5.92
5.92
5.90
5.88
5.85
5.79
5.70
N. A.

Aaa

* AVERAGES OF RATES AVAILABLE.
H0K 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 ST. LOUIS

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.0 r—

PERCENT
-- 8.0

3-5 YEAR
GOVERNMENT SECURITIES

DISCOUNT RATE

FEDERAL FUNDS RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

“

J

FEB

MAR

c

II CO

APR

1!

za

3 23

8 ZO

3 1?’

1

15 29 12 20 10 z*

JUL
AUG SEP
OCT
NOV
DEC
JAN
1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING

1977
FEB.

MAR.

4
11
18
25

4
1 1
18
25

APR.

1
8
15

22

MAY

JUN

FEB

MAR

FEDERAL
FUNDS x*

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.60
4.66
4.TO
4.T4
4.68
4,63
4.62
4.77
4.74
4.60
4.65
4.71

4.71
4.62
4.63
4.71
4.66
4.63
4.59
4.57
4.57
4.58
4.55
4.51

5.24
5. 1 1
5.08
5.22
5.23
5.22
5.18
5.17
5.15
5.14
5.03
5.01

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
7.48
7.44

29

6.68
6.70
6.70
6.52
6.46

* AVERAGES OF RATES AVAILABLE.

HIJSliER THW 0,TE

smmRATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE
BANK OF ST. LOUIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

7

DEPOSITS
ALL
COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
NET TIME

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
450
----------- 1--

BILLIONS OF DOLLARS
-- ----- _.--- _. 450

BILLIQNg.
r

MAR

4 18

436.9
437.8
438.7
439.2
441.1
441.5

3 17 31 14 28 12 28
APR MAY

9 23

! 15 29 13 27 10 24

7 21

8 22

5 19
JAN

2 16
FEB

2 16 30 13 27

LATEST DATA PLOTTED WEEK ENDING*. APRIL 13. 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
5* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS^ TIME DEPOSITS OPEN ACCOUNT PLUS TIME

CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME C?ERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE 8Y LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/14/76 9/15/76 10/13/76 11/10/76 12/15/76 1/12/77 2/16/77
4/14/76
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

8

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

12.9
13.6
14. 1
14.9
14.6
14.3
14.0
13.8

15.5
16,0
16.9
16.2
15.5
14.9
14.5

17.6
18.5
17.0
15.8
15.0
14.5

18.8
16.8
15.4
14.5
14. 1

16.4
14.8
13.8
13.4

12. 1
11.6
11.6

11.3
11.4

11.0

PREPARED 8Y FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

245
BILLIONS

233.3
234.9
233.5
232.0

240

238.4

235

230

225

220

4 18

3 ir 31

14 28 12 26

9 23

T 21

4 16

1

13 29 13 2T

10 24

8 22

5 19

2

JAN

FEB

16

1976

2

1 6 30 1 3 27-

1977

LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
4/14/76

7/14/76

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

4.7
5.0
5.6
4.5
6. 1

4.8
4.7
5.3

6.2

7. 1
4.9
7.3
5.2
5.0
5.8

8.3
4. 1
8.0
4.8
4.6
5.7

3. 1
8.5
4.5
4.3
5.6

7.8
2.9
3.0
4.8

5.9
5.1
6.9

-1.5
2.8

8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT

LARGE WEDNESDAY
COMMERCIAL
BANKS
FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

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

3

18

3

17 31

13 28

12

26

9 23

7

21

I

15 29

13 27

10 23

8 22

5

19

JAN

2

16

2

16 30

13 27

FEB
1977

1976
LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 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.


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

1977
FEB.

2
9
16
23
MAR.
2
9
16
23
30
APR.
6
13
20
27

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
62.0
61.9
61.7
60.8
60.3
60.5
60. 5
60.8
61.6
61.4
60.4

62.8
63.5
63.7
63. 1
62.7
62.4
62.0
61.8
62.5
62.4
61.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER
BANKS IN THE NATIONBILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1.5 ----------- --

-- 1------ 1----- 1.5
HU MILLIONS
MAR. 16

4 18

3 17 31

FEB

MAR

14 28 12 26 9 23

APR

MAY

JUN

7 21

4 18

JUL AUG
1976

1

15 29 13 27 10 24

SEP

OCT

NOV

8 22

5 19

2 16

DEC

JAN

FEB

24

2 16 30 13 27

MAR
1977

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 20, 1977

BUSINESS LOANS

( COMMERCIAL
BILLIONS OF DOLLARS
124
12 2
120

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124

-

-

-

-

122

-

1 18

^

-

112

1 16
-

-

-

-

-

-

-

-

114
112

110
108

118

-

16
114

120

110

106
_ COMPOUNDED ANNUAL RA TES
OF CHANGE. AVERAGE 0 F
104 — THE FOUR WEEKS END IN G
— APRIL 13, 1977 FROM
102 — THE FOUR WEEKS END IN Gs
“ FEE . 16, 1977
6.8
100
1. 12, 1977
6.8
- DEC . 15, 1976
3.2
NOV' 10. 1976
4.7
98
OCT. 13, 1976
8. 1
JUL. 14, 1976
5.6
96 _ APR. 14, 1976
2.6
.11 i i i i 111111 mu
4 18

FEB

3 17 31

MAR

14 28 12 26

APR

MAY

9 23

JUN

. 197 7
MAR.

lit _LLL J..I
7 21

4 18

JUL
1976

AUG

I

1 1

1 1 1 JJ l.

SEP

OCT

NOV

9

8 22

DEC

5 19

JAN

2 16

FEB

mN5?

117,381
117,631
117,569
117,025
117,514
117,145
1 1 1 1 1 1 1 1

16
23
30
APR. 6
13
1 II 1

-LLLL _L J—L

15 29 13 27 10 24

mim

108
106

104
102

_
—
~
—
I'

2 16 30 13 27

MAR
1977

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 1977


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 )
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

570 p---i---- i-560

550

540

530

T"
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
APRIL 13, 1977 FROM THE FOUR
Er WEEKS ENDING;
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
Er
5.5
FEB.
16, 1977
5.6
2.8
JAN.
12, 1977
3.8
5.6
4.6
DEC.
15, 1976
EE- NOV. 10, 1976
6.2
7.0
-CRED T PROX> ' ADJl STED 1 //N/
7.5
7.1
OCT.
13, 1976
6.2
5.9
JUL. 14, 1976
5.4
5.5
APR.
14, 1976
Er

g
560

i

r 1
r =

540

530

r-y

N/^
520

550

|

E-

520

|
CRED T PROX r

510

510
1977

500

B1LL1ONS

E
MAR.

490
APR.

480

9
16
23
30
6
13

|
1
111
INI
24 6 22

3 17 31 14 28 12 26
MAR
APR
MAY

V

DEC

CREDIT
.PROXY-

CREDIT
PROXY
ADJUSTED

533.3
536. 1
535.3
533.7
539.3
539.3

541 .0
543.6
543.6
541.1
546.7
547. 1
I

ii 11l ii i
5 19
'AN

i
i i i s
2 16 30 13 27
MAR
APR

IiiiiI

2 16
FEB

1977

1976
LATES1 DATA PLOTTED WEEK ENDING; APRIL 13, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.

1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

12


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

500

490

480