View original document

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

J

5Cg3?7

innnciR

L DATA

Week ending: April 11, 1970
LIBRARY

The money stock, consisting of private demand
deposits and currency in the hands of the public, has
increased at a 5 per cent annual rate in the past three
months (page 5). This is in marked contrast to the
period from June 1969 to mid-December when money was
entially unchanged. Money growth in the last three
ths is similar to the rate in the first half of 1969.
At that time the A.4 per cent rate was down from a 7.3
per cent average rate in the previous two years.
Private demand deposits have increased at a
4 per cent annual rate in the past three months, after
declining slightly from June to December 1969 (page 4).
In the first half of 1969 this major component of money
grew at a 3.7 per cent rate, down from a 7.5 per cent
average rate in 1967 and 1968.
Large certificates of deposit outstanding at
large commercial banks have increased $2.5 billion since
early February, reversing the downward trend of the pre­
vious year (page 8). Time deposits other than large CD's
^pve increased about $5 billion since early February,


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

following little change in the previous year. Conse­
quently, total time deposits show a 6 per cent annual
rate of increase in the past three months, compared
with a 5.5 per cent decline in the previous year
(page 6). Banks were able to attract time deposits
from early February through mid-April because of both
declines in short-term market interest rates and higher
Regulation Q ceilings. In contrast, last year high
short-term market rates relative to rates permitted on
time deposits restricted banks from competing effec­
tively for these funds.
Most market interest rates are lower on bal­
ance than at the beginning of the year (pages 10 and
11). Since late March, however, many rates have moved
upward. The three-month Treasury bill rate averaged
6.59 per cent in the three days ending April 22, com­
pared with 6.16 per cent in the week ending March 27.
Yields on bankers' acceptances have risen from 7.19 per
cent in late March to 7.54 per cent in the three days
ending April 22. Yields on prime commercial paper, at
8 per cent, are about the same as in late March.

Prepared by Federal Reserve Bank of St. Louis
Released: April 24,1970

MONETARY BASE LL
FEDERAL RESERVE CREDIT \2
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally adjusted by this bank1
Annual rates of change, average of
four weeks ending April 22, 1970 from
four weeks ending:
Monetary
Credit
Base
Jan. 21, 1970 -h-f-3
Oct. 22, 1969
tf'-V
July 23; 1969 + J t
Apr. 23, 1969
Monetary Base

_
~
~
-

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

-----------

Defined to include holdings of securities,
loans, float, and ’'other" as sets, adjusted
for reserve requirement changes and changes in
____ requirements due to shifts in deposits among
------ classes of banks.

; Latest data plotted week ending: Apr. 22, 1970
8 22
Jan.


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

5

19
Feb.

5

19
Mar.

2

16 30
Apr.

14 23 )1 25 9 23
May
June
July
1969

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 29
Apr.
1970

Prepared by Federal Reserve Bank of St.Louis

13 27
May

10 24
June

8 22
July

RESERVES
All Member Banks in the Natio
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending April 22, 1970 from four weeks ending:
Jan.
Oct.
- July
Apr.

21,
22,
23,
23,

1970
1969
1969
1969

-

30.0

O -

29.5

- O-

1959-1969
29.0

28.5

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
WJL
3.7./

26.0

25.5

Data exclude increase in required reserves of
about $400 million due to changes in Regulations
M and D effective-Oct. 16, 1969-

Latest data plotted Apr. 22, 1970
1-1,.1-1 .1 , i i I
8 22 5 19 5 19 2
30 14


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

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
28

11 25
June

9

23
July
1969

6 20
Aug.

25.0

24.5

3 17
Sept.

1

15 29 12 26
Oct.
Nov.

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

0

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
171
170

Annual rates of change, average of four weeks

169
168

Jan. 14, 1970
Oct. 15, 1969
Apr. 16, 1969

167

+ «?• /

166
165

1957-1969

164
163
162
161
160
159
158
157
156
155
154
153
152
151
150
149
148
147
146
145
144
_ _ Current data appear in the Board

• 143

H.6 release.

142
Latest data plotted week ending:Apr. 15, 1970
i i i r I I I I I
I I I 1 I I
8 22 5 19 5 19 2 16 30 14 28 11 25 9 23
Jan.
Feb.
Mar.
Apr.
May
June
July
1969


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

141
6

20
Aug.

3

17
Sept.

15

29

12 26

10 24 7 21
Dec. . Jan.

4

18

4

18

1

15

29

13 27

Prepared by Federal Reserve Bank of St. Louis

IT) 24
June

8

22
July

0

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollar

— Annual rates of change, average of four weeks
~ ending April 15, 1970 from four weeks ending:
- Jan. 14,
— Oct. 15,
July 16,
Apr. 16,

1970
1969
1969
1969

1957-1969

V4'

L
■ 188

Latest data plotted week ending: Apr. 15, 1970
5
Jan.

19
Feb.


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

5

19
Mar.

2

16 30
Apr.

14 28
May

11 25 9 23
June
July
1969

'6

20

3

17

1

15

29 12

26

10 24

7 21 4
Jan.

18

4 18
Mar.

1

15 29

13

1970
Prepared by Federal Reserve Bank of St. Louis

27

10 24
June

8

22

6

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
234

Annual rates of change, average of four weeks
ending April 15, 1970 from four weeks ending:

232
230

Jan. 14, 1970

228
226

-Apr. 16, 1969

224
222

220
218
216
214
212
210
208
206
204
202
200
198
196
194
192
190
188
186
184
182
180
178

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

176
174

Latest data plotted week ending: Apr. 15, 1970
8

22
Jan.

5


'•> «
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19

5

19
Mar.

2

16

30 14 28

11 25 9 23
July
June
1969

6 20
Aug.

3

17
Sept.

1

15

29 12

26

10 24
Dec.

7

21
Jan.

4

18

4 18
Mar.

1

15

29

13

1970
Prepared by Federal Reserve Bank of St. Louis

27 10 24
June

8

0

Silli

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

s of Dollars

432
430
428
426
424
422

Billions of Dollars
432

Annual rates of change, average of four weeks
ending April 15, 1970 from four weeks ending:
Jan.
Oct.
July
Apr.

14,
15,
16,
16,

1970
1969
1969
1969

420
1957-1969
418
416
414
412
410
408
406
404
402
¥e>/.3

400
398
396
394
392
390
388
386

_3?J-h

384
382
380
378
376
374
372
o :

Current data appear in the Board's H.6 release.
I I I 1 I I 1-1 I I I I I I I I I I T -I T T 1
Latest Data Plotted Week Ending: Apr. 15, 1970
.............................. ........................ I I I I I I I I i I I I I I I I II I I I
2 16 30 14 28 11 25 9 23
6 20 3 17 1
Apr.
May
June July
Aug. 'Sept.
1969


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

15 29 12 26
Oct.
Nov.

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\]_
Large Commercial Banks
Wednesday Figures.

of Dollars

Billions of

I I I I I .1J~T"T I" I 1 T"F I I I I |
Annual rates of change, data
not seasonally adjusted, average
24
from four weeks ending:

22

Oct. 15, 1969
July 16, 1969

-33.X

#

1964-1969

18

16

14

12

#
8

Millions of Dollars
Wfd ri\ar^ ' 11,0/1

n

/<?

6

ft pr I

Ji.no

// _asa7/ fw,

/3, 2.3$

2
Current and year ago data appear in the
Board's H. 4. 2. release.
Negotiable time certificates of deposit
in denominations of $100, 000 or more.
1 I I t 1 1 i lx 1 1 1 1 r 1 1 t 1 1 1 1 1 1 1

4

2

0

--Latest data plotted: Apr. 15, 1970
------ 1

1

8 22
Jan.

I

I

5

I

I

19
Feb.


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

I

I

5

1

1

19
Mar.

I

I

2

I

L

■

f

....

16 30 14 28
Apr.
May

I

I

I

I

11 25
June

I

I

9

I

I

23
July
1969

I

--------------------11

6

I

20
Aug.

M

3

I

17
Sept

1

15 29
Oct.

12 26 10 24
Nov.
Dec.

7

21
Jan.

4

18
Feb.

4 18
Mar.

1

15 29
Apr.
1970

13 27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

8-

22

ill

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

is of Dollars

9
Billions of Dollars

Seasonally adjusted by this bank
88

86

84

Annual rates of change, average of four weeks
ending April 15, 1970 from four weeks ending
Jan.
Oct.
July
Apr.

14,
15,
16,
16,

88

197C
1969
1969
1969

86

84

1960-1969

82

82

80

/

80
ns.us

78

78

76

76 .

74

74

72
/<)7a

MILLIONS OF DOLLARS
SEASONALLY
UNADJUSTED ADJUSTED' LI

7 9,9/1
7?, /S3

i

79. /SO

7t,S/f

7f, tS3
79.3**

It,/A*

70

”'85

7? ,■*.(*£
68

72

7<r, 30*
7 e, sji

79----7%jt>e>
79,3/3

79, /S7
7 9.MS
7t /SO

70

68

79-37<il
66

0

66
Latest data plotted: Apr. 15, 1970
L.l 1 1..............................1 1 1 1 i 1 ................. .. 1 1 1 1
19 2 16 30 14 28 11 25 9 23
8 22 5 19 5
Jan.
Feb.
Mar.
Apr.
May
June
July
1969


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

it 6.3*
6

20
Aug.

3

17 1
Sept.

15 29
Oct.

12 26
Nov.

10 24

7

21
Jan.

4

18
Feb.

4

18 ' 1
Mar.

15 29 13 27
Apr.
May
1970

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8

22
July

0

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
9.50

Per Cent
9.50

9.00
Prime Commercial
Loan Rate
Corporate
Bonds

Three-Month
Treasury Bill:
Market Yield _

Government Bonds
Discount Rate

3-5 Year

Long Term

Corporate

5.00

4.00

3. 50

Latest data plotted are averages-of rates available for the week ending: April 24, 1970
J—I—I—I—I—I—I—I—1—I—I—I—I_L_L
10 24
7 21 7 21 4 18
Mar.

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

2

16

30

1-1-1
13 27 11 25
June
July
1969

8 22
Aug.

5 19
Sept.

3

17

31 14

28

12 26

9

23
Jan.

6

20

6 20 3
17
Mar. Apr.
1970

1

15 29 12 26
May 1 June

Prepared by Federal Reserve Bank of St. Louis

10 24
July
'

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
Federal Funds Rate

9.00

8.50

8.50
Bankers
Acceptances

1
8.00

8.00

1970
7.50

~YY\ot*s, L

Prime
Commercial
Paper
4.-.6 Month

Prime
Bamkers
Acceptances

90 Day
CD*° **

Funds

7- to
7. %r
7s 3
7J ?

7-A-S

I'S

7*s~
1-3*

7.00

7- (e3

6.00
Discount Rate

Latest data plotted are averages of rates available for the week ending: April 24, 1970
LX I..J- 1

10 24
Jan.

1

1

7 21
Feb.

1

1

7

1

1

21
Mar.

1

1

1—iiii_ 1 „i. i... 1
_

4 18
Apr.

16 30
May

1_ 1
_

1

1

1

1

i. 1

1

1

1

1

1.......................

11 25 8
22 5
19 3
17 31 14 28
July
Aug.
Sept.
Oct.
Nov.
196 9
♦AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** SOURCE: SALOMON BROTHERS AND HUTZLER

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

13 27
June

12 26 9
23
Dec.
Jan.

6 20
Feb.

3 17
Apr.
1970

1

15 29 12 26
May
June

Prepared by Federal Reserve Bank of St. Louis

10 24
July

Milliei

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

Dollars

3,200
EXCESS
RESERVES

3,000

Millions of Dollars

FREE
BORROWINGS _RE SERVES
lit
~ -i3g

2,600

600

2,400
2,200
2,000

'

Borrowings

1,400

1,000

.Excess Reserve

200

-

1,000

-

1,200

-

“Net Free Reserve

-1,400
-1,600

1,600

-1,800
2,000

-

2,200

-

-2,400
-2,600
-2,800
-3,000

Latest data plotted week ending: April 22, 1970
3
J an.


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

Mar.

May

June

17

1

15

29 12

26 10

24

7

21
Jan.

4

18

4

18

1

15 29
’ Apr.

13

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8

22
July

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