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RESEARCH LIBRARY

FinnncinL

DflTfl_ _ _

of St. Louis

'MiG 2 7 1998

Week ending: April 23 1969

An increase in the percentage of demand
deposits which members of the Federal Reserve
System are required to hold as reserves became
effective in the reserve computation periodv
ending April 23. Reserves required in this period
are based on average deposits in the week ending
two weeks earlier—April 9. With the one-half
percentage point increase, reserve requirements
on demand deposits over $5 million are now 17-1/2
per cent at reserve city banks and 13 per cent
at country banks.
The monetary base has changed little
on balance since the first of the year, compared
with about a 7 per cent annual rate of growth in
the last half of 1968 (page 2). The increase in
reserve requirements has lowered the reserve ad­
justment magnitude added to the base by about
$660 million.1/
Growth of the money stock has also
slowed in recent months. The money stock averaged
$196.4 billion in the week ending April 16 (page 3).
The jump of nearly $3 billion, which occurred in
the week ending April 9, was largely due to an
unusual decline of about $4 billion in cash items
in process of collection. These items are sub­
tracted from gross demand deposits; consequently

—For a description of the reserve adjustment, see
!'The Monetary Base—Explanation and Analytical Use,l:
in the August 1968 issue of this bank's Review.


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

net demand deposits, the principal component
of the money stock, increased sharply.
In the last three months, money has
risen at a 4.5 per cent annual rate, and in
the previous six months money rose at a 5 per
cent rate. By comparison, money rose at a 7 per
cent rate from January 1967 to July 1968 and
at an average 2.4 per cent rate from 1957 to
1966.
In the last few weeks market interest
rates on long-term securities have declined
while yields on most short-term securities have
risen somewhat (pages 8 and 9). Tax payment
dates probably increased the demand for
short-term funds during this time. Yields on"
long-term Government bonds averaged 5.76 per
cent during the three days ending April 23,
compared with a high of 6.11 per cent in mid-March.
Rates on highest grade corporate bonds have also
declined slightly from about 7 per cent in late
March to 6.81 per cent in the first half of this
week. Yields on three-month Treasury bills
averaged 6.15 per cent during the three days
ending April 23 compared with about 6 per cent
in mid-March, and yields on 4- to 6-month commer­
cial paper have continued upward, averaging 7.13
per cent in the first half of this week.

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 25,1969

MONETARY BASE LL
FEDERAL RESERVE CREDITL2
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 23, 1969 from four weeks ending:
Monetary
Base
Jan.
Oct.
July
Apr.

22,
23,
24,
24,

F.R. Credit

1969
1968
1968
1968

77.
Monetary Base -

1957-1968

Monetary
Base

Federal Reserve Credit

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,
___
loans, and float, adjusted for reserve
___
requirement changes and changes in requirements ----due to shifts in deposits among classes of
----banks.
1—
Latest data preliminary
Latest data plotted week ending:
10 24
J an.

7

21
Feb.


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

6

20

3

17

1

15 29
May

April 23, 1969
12 26 10 24
July
June
1968

7

21
Aug.

4 18
Sept.

2

16

30 13

27 11

25

8

22

5

19

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^STOCK*
Averages oTDaily Figures
SeasonallyAd u sted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of
jfour weeks ending April 16, 1969
■jfrom four weeks ending:
pan.
JOct.

15, 1969
16, 1968

-July 17, 1968
Apr. 17, 1968

+V.

j

5

f- V-9

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: April 16, 1969

10 24

7


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

21

6

20 3
17
.
Apr.

1

15 29 12 26 10 24
May
June
July
1968

7

21
Aug.

418 2
Sept.

16 30
Oct.

13 27
Nov.

11 25
Dec.

8 22
Jan.

5

19

5
19
Mar.

2

16

30 14

1969

Prepared by Federal Reserve Bank of St. Louis

28

11 25
June

9

23

Llioi

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

of Dollars

420

Billions of

418
416
414

Annual rates of change, average of
four weeks ending April 16, 1969
from four weeks ending:

4i2
410

-O. S

Jan. 15, 1969
Oct. 16, 1968
July 17, 1968
Apr. 17, 1968

408
1957-1968
406
404
402
400
398

397-3

396
394
392
390
388
386
384
382
380
378
376
374
372
370
368
366

----------- ill

364
362
360

'O

Latest data preliminary
. .
Latest data plotted week ending: April 16, 1969

10 24


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

7

21 6

20

17
pr.

1 15 29 12 26
May
June

10 24
July
1968

J——|. 14 t-1

c—

1 1 1 1 1 1 1 1 1

* 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".
1 I 1- 1 I 1 1 1 1 I I I I I I 1 I I I j 1 I I I I [ I 1 I I L t t I I I 1 I ! i~V
7 21
Aug.

4
18
Sept.

2

M

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

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

BUSINra LOANS
Large Corr^Rrcial Banks
Wednesday Figures

Billions of Dollars

Billions of

FfflTO

84

Annual rates of change, average of
four weeks ending April 16, 1969
from four weeks ending:
Jan. 15, 1969
7*-/=?.£
Oct. 16, 1968
July 17, 1968
Apr. 17, 1968

Dollars

Seasonally ad jus ted by this bank

y-

82

73. 7

y- /o?.£

80

78

76

74

1969

MILLIONS OF DOLLARS
SEASONALLY
UNADJUSTED
ADJUSTED

73,78%
73,
7-3, Mi
73, S/6

cx&A- 3

73,770

73 8 7 h
73,

7 3SY3

7Y,S3>0
73'0 76
73;*? 7

7V,Zf2-

7-3 33 7
76,SSI P

7JT/J 7

73,36-7
73,393
7 3,7-37

/71a*s ^

T'

72

73, 93 g
78,377

7 3, S-3S-

77,

70

7 f, sye>
7 7,^9

7
TsyoS
7 ¥,83 7
17.877
Kro'f

68

66

7^7/4 P

64

62
Latest data preliminary
Latest data plotted:
April 16, 1969

10

24
Jan.

7

21
Feb.


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

1

Mar.

15 29

May

12

26 10

June
1968

24

July

16

Oct.

30 13

27

Nov.

Current and year ago unadjusted data appear in
the Board's H.4.2 release.
Seasonal adjustment
computed by this bank using 1963 through 1968 data
i_i__i__i__i__i—i__i__i__l
11 25 8
22 5 19 5 19 2 16 30 14 28 11 25 9 23
Dec.
Jan.
Feb.
Apr.
May
June
July
Mar.
1969

Prepared by Federal Reserve Bank of St. Louis

:o

6

CERTIFICATES OF DEPOSIT H
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Doll

_Annual rates of change, data not seasonally
— adjusted, average of four weeks ending April 16,-----— 1969 from four weeks ending:
-----I Jan. 15, 1969

Millions of Dollars
1969
<W/
0 y

_ Oct. 16, 1968
— July 17, 1968
— Apr. 17, 1968

at

la.XJO

cRtj, 37 y

<54 7<r7
<a/, vJ-w"
ai, 03 /
ao, io3

- 1964-1968

a 6/a 4
'S'

/?9£f

S93L.
'iJKT

/?

/*-

O

#•
O'

Current and year ago data appear in the
----Board's H.4.2. release.
---1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.

Latest data preliminary
Latest data plotted:
10 24

7


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

20

3 17

1

15

29 12

June

26

10 24

7

21

4

18

2

16

30 13

27 11

25

8

19

5

19

2

16

30 14

Sept.

28 11

25

June

Prepared by Federal Reserve Bank of St. Louis

9

23

SITS*
TIME D
All Commercial Banks
Averages of Daily Figures
Seasona 11y Ad us ted

Billions of Dollars

Billions of Dollars

____ Annual rates of change, average of four weeks
------ ending April 16, 1969 from four weeks ending:
-Jan. 15, 1969
" ~
____ Oct. 16, 1968
____ July 17, 1968
------ Apr. 17, 1968

+ 7. V

1957-1968

/

3o V* /

/f

AO 3.3
Ae*.2

3 A.
af

Acts

'

£

tfjr-

Ao#,/

at*/. *

/A-

AO/.*

/f

AO /. *

A60/]
306.7
/>• Aoo.J

j.oo.t
A<> 2.°o.1

12L. z ao/./
^ 9 aot. >9
|

*
----- Latest data preliminary
-----Latest data plotttd 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

April 16, 1969

15 29
May

12 26 10 24
June
July
1968

7

4
Aug.

18 2
Sept.

/tALoa.l f

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

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

8

22
Jan.

5

19
Feb.

19
Mar.

2

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
July

t
YIELDS ON SELECTED SECURITIES
Averages of Daily#Rates Ended Friday

Per Cent
9.50

Per Cent

P
ri!iiury

9.00

Long-Term

3-5 Year

c.og
C..O?

(U.i ?

)ha^ 7
6.3*7
fc.9?

i,. 3.(0

S.13
b . /o

5- 7b

Prime Commercial
Loan Rate

Corporate
Aaa Bonds

6.00
Three-Month Treasury
Bill Market Yield

Discount Rate

Long-Term
Government Bonds

Latest data plotted are averages of rates available for the week ending: April 25

12

26

Jan.

9

3

23

Feb.

.•lar.

 1BIes OF RATES AVAILABLE
*av
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

17

31 14 28

12

June

26

July

9

23

Aug.

6

20

Sept.

4

18

Oct.

1

15 29

Nov.

1969

13 27

Jan.

16

10 24

Dec.

Mar.

1968

Prepared by Federal Reserve Bank of St. Louis

30 13

June

SELECTED SHOR\
Averages of Da

:RM fNTEREST RATES
Rates Ended Friday

Prime
90 Day
CD'S At

9.00

9.00

1969

3UX-

(..So
( ,So

a

K. 7

u?

(■(S

(.70
(.(3
(. (5

(.(S'
(■(S

(,■88
6-88

1/
(Xp+s

(■SO

(.(S'

7/3

(. 7S

T9

C..T5

8.50

8.00

(■78
(■ to

k.!»S

t.7-<

7.03

7.50

(.SO

1.15

(.88
i. o o

ii
y*’

6 +f
(. ?r
( </J
C..Y?
i ( 9
C ->£>
C.tf

(■SO
(. (,4

(■7S

'Y

r

(■J9
(.(.3

(.74
(. 74

it
8.00

(.38
(,■3 9

(.■lo

7

'Y

8.50

7 .Z8

nns

7.oo

7.oo

7.50

7.00

7.00

Commercial Paper
4-to-6 Month

6.50

6.50

3^

6.00

Bankers
Acceptances

6.00

Federal Funds Rate
5.50

5.50

Discount Rate
5.00

5.00

.4.50

4.50

4.00

4.00

Latest data plotted are averages of rates available for the week ending: April 25,

1969

3.50

I I 1 I M I I I 1 I I I 1 I I M I 1 1 I I I M I I I I I 1 i I 1 I I 1 I 1 I 1.............Ill
12 26
Jan.

9
23
Feb.

8
22
Mar.

5

19
Apr.

3

17 31 14 28 12 26
May
June
July
1968

* AVERAGES OF RATES AVAILABLE
** SOURCE: SALOMON BROTHERS AND HUTZIER
SECONDARY MARKET RATE ON 90-DAY PRIME CD'S


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

9

23
Aug.

6

20 4
18 1
Sept.
Oct.

15 29
Nov.

13 27
Dec.

10 24
Jan.

7

21
Feb.

7

21
Mar.

16 30
May

’

Prepared by Federal Reserve Bank of St. Louis

13 27
June

11 25
July

ions

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

liars

000

Millions of

FREE

900
800

1969

'

700
,600
,500
.400
,300

Cci-

2
JS
•.r
/*

/?
cJ6
ow-r'

992
7^

-yjti

—vT2>?

??/
7f¥
799

/CY?
IS 7

7-7?
776
765

,200

■y/9

^78
- jTJTJ
OS7
- hV
-719

-

Borrowings

938

'Ifl

,100
,000

//3V

900

-

997

BIWEEKLY SETTIEMENT iERIODS

WEEKLY RESERVE PERIODS

800
700
600
500
400
300

200

*

100

0
100
200
300
400
500

Net Free Reserves

600
700
800
900

.,000
.,100

1/ Because of the change in Regulation D
placing all member banks on a one-week
reserve adjustment period, beginning with
the week ending September 18, 1968 the
test data preliminary
above reserve data are reported.on a
test data plotted week ending: April 23
one-week period.
I
1 1 1 1 1 i 1 1 1 1 1 1 1 i 1 1 1 1 1 1 i -J
8 22 5 19
15 29 12 26
10 24 7 21 4 18 2 16 r 30 13 27 11 25
24 7 21 6 20
Jan.
Feb.
Oct.
Nov.
Dec.
May
June July
Aug.
Sept.
a.
Feb.
Mar.
1968


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

16 30
Apr.

14 28
May

1969

Prepared by Federal Reserve Bank of St. Louis

11 25
June

DEMAND DEPOSIT COMH» ENT O F MONEY STOCK*
Averages o^uaily Figures
Seasonally Adjusted

▼ Billions of

Billions of Dollars

Annual rates of change, average of
four weeks ending April 16, 1969
------ from four weeks ending:
~UJan. 15, 1969
-+3-S
July 17,

1968

+ 4■ $

——Apr.
1957-1968

* 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 bank1!
monthly release entitled "Monetary Trends".

Latest data preliminary
_ Latest data plotted week ending: April 16, 1969

10

24

7

21


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

6

20
.

3

17
Apr.

1

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.

T- 16
Apr.
1969

30 14 28
May

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July

136

12

TOTAL CREDIT
Large Commercial Banks
Wednesday Figures

Billions of Dollars
230

225

Billions of Doll
230

Seasonally adjusted by this bank.

____ Annual rates of change, average of
____ four weeks ending April 16, 1969
------ from four weeks ending:
------Jan.
15, 1969
- l.'i
------Oct.
16, 1968
4-J.i'July 17, 1968
+/0.“f
Apr. 17, 1968
225
1960-1968

220

215

Millions of Dollars
UNADJUSTED

SEASONALLY
ADJUSTED '

333.. 3 LI
aao,<?70
AA/.9 7?

210

33 >. S3!

31 9, elfL
J./9. ISO
iao,7Vfc
3l°l, 9S3
33 D.JJo
330.

205

—
3 a S,433 P

200

Latest data preliminary
Latest data plotted:

April 16, 1969

0
10 24
Jan.

7

21
Feb.


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

6 20
Mar.

3
17
Apr.

1

15 29
May

12 26 10 24
June
July
1968

16 30
Aug.

Sept.

13 27

205

333, *-T(.

a33,3<pSP

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. —
I I 1 I
1 I 1 I I I
11 25 8
22 5
19 5
19 2
16 30 14 28 11 25
Dec.
>r.
May
J une

Prepared by Federal Reserve Bank of St. Louis

200