Full text of U.S. Financial Data : Week Ending: April 21, 1971

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Week ending: April 21r 1971

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Library

JUN 05 3$

Growth of the money supply has accelerated recently (page 5). In
the past four months the money supply (demand deposits and currency held by
the public) has increased at a 10.3 per cent compounded annual rate, com­
pared with about a 6 per cent rate from February to November and a 3 per
cent rate during 1969. Demand deposits have increased at a 10.3 per cent
rate and currency has grown at a 9.7 per cent rate in the past four months.
Time deposits at commercial banks have risen at about a 24 per cent rate
since February 1970 (page 6). Consumer-type certificates of deposit and
savings accounts increased at a 28 per cent rate from November to March,
compared with a 13 per cent rate from February to November.
Total loans and investments of commercial banks have increased at
a 14.7 per cent compounded annual rate from November to March, compared
with a 9 per cent rate from February to November. This acceleration was
due to an increase of investment holdings, which rose at a 31 per cent
annual rate in the four months from November to March after rising at a
19 per cent rate from February to November. Loan growth has not accelerated
in the past four months compared to the previous five, but has increased at
an 8 per cent rate since the middle of 1970. The rapid growth of invest­
ments in recent months stemmed from a continued moderate demand for loans
relative to the large supply of funds obtained from a more rapid rate of
monetary expansion and time deposit growth.


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

Beginning this week, this publication will present
tables showing the compounded annual rates of change of
various series, rather than simple rates of change.
This alteration makes the growth rates in this release
consistent with those in our other releases, which have
contained compounded rates for sometime.
In general, compounded and simple rates of change
are different when the period under review is shorter
than one year or longer than one year. For instance,
the money stock grew at a compounded annual rate of
10.3 per cent in the past four months, compared with
a simple rate of 10.0 per cent. Over the past twelve
months the rate of change has been 6.2 per cent for
both computation methods (page 5). Time deposits
have grown at a compounded rate of 29.0 per cent in
the past four months, compared with a simple rate of
26.6 per cent (page 6).

Prepared by Federal Reserve Bank of St. Louis
Released: April 23, 1971

MONETARY BASE u
FEDERAL RESERVE CRED I T 2/
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANCE. AVERACE OF
THE FOUR WEEKS END INC
APRIL 21, 1971 FROM
THE FOUR WEEKS ENOINCt

MONETARY BASE

MiLUfiNJL
MAR. 17

COMPOUNDED ANNUAL RATES
OF
AVERACE
OF
THE CHANCE.
FOUR tCEKS
END INC
APRIL 21, 1971 FROM
THE FOUR WEEKS END ING■

FEDERAL RESERVE CREDIT

MAR. 17

4 II

4 II

1

IS 29 13 27 10 24

9 22

5 19

2 It SO 14 29 11 2S

9 23

t 20

3 17

JAN

FEB

3 17 St

14 2*

1870
1971
LATEST DATA PLOTTED WEEK ENDINCt APRIL 21, 1971
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMWER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANCES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST I96S "REVIEW■ OF THIS BANK.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANCES AND CHANCES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

RESERVES
ALL MEMBER BANKS IN THE NAT ON
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
31.5

31.0

30.5

30.0

29.5

29.0

28.5

28.0

27.5

4 l«

4 18

1

IS 28 13 27 10 24

8 22

$19

2 16 30 14 28 It 25

9 23

6 20

1970
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
* BREAK IN SERIES DUE TO CHANCES IN REGULATION D EFFECTIVE OCTOBER 1, 1970.


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

MAR. 17
24
31
APR, 7
14
21

BILLIONS
31.0
30.6
31.0
30.5
30.5
30.8

3 17 31

1971

LATEST DATA PLOTTED WEEK ENDINCr APRIL 21, 1971

1971

3 17

COMPOUNDED ANNUAL RATES
OF CHANCE . AVERAGE OF
THE FOUR WEEKS ENDING
APRIL 21, 1971 FROM
THE FOUR WEEKS ENDING:
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.
AUC.

24,
20,
23.
18,
21.
23.
19,

1971
1971
1970
1970
1970
1970
1970

4.3
6.8
9.5
10.8
S.3
8.7
12.9

14 28

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
175

glUJQNS.
168.5

MAR.

168.4

169.5
170.7
172.4
171.9
170

165

160

4

16

4

16

1

13 29

13 27

10 24

I 22

5

19

2

16 30

14 26 11

25

9 23

6 20

3 17

5 17 51

14 21

1971

1970
LATEST DATA PLOTTED WEEK ENDING: APRIL 14, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/15/70

8/12/70

8. 1
6.3
4.2
5.2
4.2
4.3
5.8
7.4

8.1
4.8
5.8
4.6
4.6
6.3
8.0

9/16/70 10/14/70 H/ll/70 12/16/70

1/13/71

2/17/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/16/70
10/14/70
11/11/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/7!


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

0.0
3.2
2.2
2.8
5.0
7.2

3.6
2.2
2.8
5.5
7.9

4.3
4.4
7.4
9.9

2. 1
6.9
10.3

10.6
14.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
StASQNALLY ADJUSTED

BILLIONS of dollars

billions of dollars

225 r---- 1---- 1---

-- ------ ----- 225

BILLIONS
218.3
219.3
220.9
222.8

222.4

4 18

4

FEB

MAR

18

•

IS 29 13 2.7

APR

MAY

10 2,4

JUN

8- 22
—

JUL

S 19

AUG

2 16

SEP

9 23

OCT

6 20

3 IT

3 IT 31

14 28

NOV

1970

LATEST DATA PLOTTED WEEK ENDING: APRIL 14, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE:.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
2/25/70

8/12/70

7.4
6.7
6.0
6.1
5.7
5.7
6.4
7.3

6.5
4.6
5.3
4.7
4.8
6.2
7.7

9/16/70 10/14/70 11/11/70 12/16/70

1/13/71

2/17/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/16/70
10/14/70
11/11/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71


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

1.2
3.4
3. 1
3.6
5.4
7.3

4. 1
3.4
4.0
6.
8.' 11

4.7
c nu
0.
7.4
9.6

PREPARED BY FEDFRAL RESERVE BANK OF ST. LOU'S

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTFD

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
26£

BILLIONS
246.2
247.1
247.9
248.1

25b

240

230

220

210

200

4 18

4 It

I

IS 29 13 27

10 24

S 22

3 IS

2 16 30 14 2S II

25

9 23

6 20

3 17

3 17 31

M iI

LATEST DATA PLOTTED WEEK END INGi APRIL 14, 1971
CURRENT DATA APPEAR IN THE BOARD OF 60VERN0RS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANCE, AVERAGE OF FOUR WEEKS END IN6t
7/15/70 8/12/70 9/16/70 10/14/70 11/11/70 12/16/70 1/13/71 2/17/71
TO THE AVERA6E
OF FOUR WEEKS
END IN6;
9/16/70
10/14/70
11/11/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71


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

36.4
34.9
30.3
28.7
29.3
29.2
29.9
28.9

30.7
26.2
25.4
26.7
27.1
28.1
27.2

23.7
23.7
25.7
26.4
27.7
26.7

20.4
24.0
25.3
27.0
26.0

27.5
27.9
29.5
27.8

30.4
31 .8
29.0

PREPARED BY FEDFRAL RESERVF BANK OF ST. LOJIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

463.0
464.6
466.4

470

470.7
460

450

440

430

420

410

- 400

4 16

4 16

1

IS 29 13 27

10 24

6 22

5 19

2 16 50 14 24 II 25

9 25

•

20

5 IT

5 IT 51

14 2(

1071

1070
LATEST DATA PLOTTED WEEK ENDING: APRIL 14, 1971
.CURRENT DATA APPEAR IN THE BOARD OF 60VERN0RS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANCE, AVERAGE OF FOUR WEEKS END INC:
7/15/70 8/12/70 9/16/70 10/14/70 11/11/70 12/16/70 1/13/71 2/17/71
TO THE AYERA6E
OF FOUR WEEKS
EN0IN6:
9/16/70
IQ/14/70
11/11/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71


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

20.6
19.2
16.5
16.3
16.3
16.4
17.4
17.7

18.2
15.0
15.2
15.5
15.7
16.9
17.4

11,9
13.4
14. 1
14.8
16.3
16.9

12.3
13.6
14.5
16.4
17.0

16.1
16.4
18.4
16.6

16.7
19.3
19.6

20.7
20.6

23.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES

BILLIONS OF DOLLARS
30 ---- ---- ----

28
26
24
22

20

BILLIONS OF DOLLARS
--- - - - - - - ---- 30

id: 111 1111 JJ_L 111 _LLLL_LLL 1 1 1 1 -L.LL 1 1 1 -LI I L_LLL-111 -LIU- LllL

28
26

24
22
20

1

18
16
14
12

0

4 II

4 1*

I IS 2* IS 27 10 24

FEB

MAR

APR

2 I* SO 14 2* II 25

0 23 0 20

S IT

S 17 SI 14 2*

JUL
AUG SEP
OCT NOV
DEC
JAN FEB MAR
1070
1971
LATEST DATA PLOTTED VEEK ENDINGi APRIL 14, 1071
CURRENT AND YEAR A60 DATA APPEAR IN THE BOARD OF GOVERNORS' H.4.2 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF *100,000 OR MORE.


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

MAY

* 22 5 1*

JUN

PREPARED BY FEDERAL RESERVE BANK OF ST.

APR

LOUIS

18
16
14
12

0

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

BILLIONS OF DOLLARS
3*5 r---- ---- ---

BILLIONS OF DOLLARS
-- - - - - - - --- “3 345

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

FEB

MAR

APR

MAY

JUN

JUL

AU6

SEP

n 25

*25

•20

5 17

JAN

FEB

5 17 51

14 2$

1970

LATEST DATA PLOTTED MEEK END IN6. APRIL 14, 1971
CURRENT DATA APPEAR IN THE BOARD OF COVERNORS* H.9 RELEASE.
"
CERTA?NP8?.!l^'NONDE?2iVtTioURCESERC,AL PAPER* EUR0D0LUR *>**"*** OF

1411

MAR. 10
17
24
31
APR. 7
14


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

BILLIONS
CREDIT
CREDIT
PROXY
-EM20L ADJUSTED
332.9
340.4
333.5
340.5
332.3
336.9
333.7
340.4
335.6
341.5
337.9
343.0

COMPOUNDED ANNUAL RATES OF CHANCE,
AYERA6E OF THE FOUR WEEKS END 1NC
APRIL 14, 1971 FROM
THE FOUR WEEKS END INCi
CREDIT
CREDIT
PROXY
-EB9XY adjusted
FEB. 17
16.3
9.2
JAN. 13
17.9
10.8
DEC. 16
16.0
11.4
NOV. 11
18.5
11.9
OCT. 14
17.4
10.6
SEP. 16
16.3
8.9
AU6. 12
18.3
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT
--- 9.0

CORPORATE AAA BONOS

PRIME COMMERCIAL
LOAN RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

6 20

FEB

6 20

3

17

I

15 29 12 26 10 24

2

7 21

ie 30

13 27

NOV

MAR

11

25

> 22

3 19

3

19

2 1# 30

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGi APRIL 23, 1971


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

—
1971
—
FEB. 5
12
19
26
MAR. 5
12
19
26
APR. 2
9
16
23*
30

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7.10
7.06
7.07
7.10
7.13
7.20
7.26
7.25
7.22
7 . 23
7.24
7.24

4.06
3.71
3.56
3.43
3.35
3.28
3.39
3.37
3.61
3.78
3.96
3.83

5.49
5.33
5.24
5.(5
5.07
4.75
4.55
4.56
4.85
5.08
5.37
5.54

5.80
5. / fi
5.83
5,92
5.94
5.77
5.65
5.54
5.64
5.66
5.73
5.81

* AVERAGES OF RATES AVAILABLE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT

PER CENT
--- 9.5

9.5 - - 9.0
COMMERCIAL PAPER
4-T0-6 MONTH ---

8.5
8.0
7.5
7.0

FEDERAL FUNDS RATE

6.5
6.0
5.5
5.0

4.5
4.0
3.5
3.0
it

0

1 11

1 1 1

i 1 1

ILLL. 1 1 1
1 IS 29 12 29 10 24 7 21
AUG
MAY
JUN
JUL

1 1 1 1

6 20

6 20

J IT

FEB

MAR

APR

1 1 1

1 1 1

1 1 1 1

4

2 IS SO IS 2 7

IS

SEP

OCT

1 1 1
NOV

1 1 1
11 2 5

DEC

1 1 1 1

1 1 1

S 22
JAN

s

1 1 1

1111

S 19

5 19

2 16 30

FEB

MAR

APR

1970
1971
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi APRIL 23, 1971*

1971
FEB.

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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD' S 3I9K

4.63
4.63
4.38
4.25
4.25
4.25
4.20
4.05
4.23
4.28
4.58
4.67

4.10
3.3!
4.25
3.03
3.45
3.48
3.90
3.60
4.20
4.13
4.23
4.28

4.35
4.13
4.03
3.85
3.75
3.70
3.83
3.80
4.00
4.13
4.38
4.42

4.73
4.55
4.42
4.21
4.04
3.89
3.81
3.83
3.87
3.94
4.13
4.46

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
MR DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. ‘CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

—i-----------

2.0 ---- ---- --

2.0

BORROW I NOS

EXCESS RESERVES

NET FREE RESERVES
-

0.4

-

0.8

-

-

1.2

-

-

1.6

-

-

2.0

0.8

1.2

1.6

I

4 18

FEB

MAR

15 29 15 27 10 24

APR

MAY

JUN

8 22

JUL

5 19

AUG

2 18 50 14 28 11

SEP

OCT

NOV

25

9 25

DEC

6 20

5 17

JAN

FEB

1970

5 17 51

MAR

14 28

APR

1971

LATEST DATA PLOTTED WEEK ENDINGi APRIL 21, 1971


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

millions

1971
FEB.

3
10
17
24
MAR. 3
10
17
24
31
APR. 7
14
2T
28

EXCESS
RESERVES

BORROWINGS

FREE
RESERVES

237
205
297
317
170
82
265
68
420
287
201
122

283
247
561
250
258
42!
290
333
257
196
150
85

- 46
- 42
- 264
67
- 88'
- 339
- 25
- 265
163
89
51
37

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

-

2.0