Full text of U.S. Financial Data : Week Ending: April 24, 1974

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I.S. Fit*AN DIAL. DATA
•
■

library.
JUN 0 8 1979

Week ending: April 24, 1974

•.

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Short-run movements in the money stock can be affected
by many factors. Over the long-run, however, the growth rate of
the money stock tends to approximate that of the monetary base.
For short periods within the past six months, money growth has
varied considerably. Money grew rapidly from mid-October to midDecember, then declined through January, and since late January
has risen very rapidly. On balance over the past six months,
the money stock has increased at a 7.6 percent annual rate, and
the monetary base has risen at about a 9.5 percent rate.

’

-J."

"

.

:

' '•;

■■■

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j

As shown in the table below, on a nonseasonally adjusted
basis, growth of the monetary base in the last six months has been
due solely to actions of the monetary authorities. Federal Reserve
net purchases of Government securities added $3.7 billion to the
base, and the reduction in marginal reserve requirements from 6
to 3 percent, reflected in movements in the reserve adjustment,
added further to the base. The Treasury's monetization of the
increased official value of the gold stock in late October added
about an additional $1.2 billion to the base. The net of other
factors actually decreased the monetary base. Over the past five
months, the rise in the base has been due entirely to changes in
Federal Reserve holdings of securities and the reserve adjustment.
The contribution of member bank borrowings has been insignificant,
and net other factors operated to decrease the base.
■ ■ • v

i,

1 '

'*! ' ' '■';V

!' • •'

.

i

The Federal Reserve Board approved an increase in most
Federal Reserve Banks' discount rates from 7-1/2 percent to 8
percent effective April 25. The prime bank loan rate also rose
from 10 percent to 10-1/2 percent over the past week.
Changes in Factors Influencing the Monetary Base —^
(Millions of Dollars)

Last 6 Months
Federal Reserve Holdings of
Government Securities
Gold Stock
Member Bank Borrowings
Net Other Factors
Total Source Base
Reserve Adjustment
Monetary Base

1/
2/
3/


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

$ +3,726
+1,157
+
1
- 977
+3,907
+ 100
$ +4,007

Data are not seasonally adjusted.
Change from the average of four weeks
the average of four weeks ended April
Change from the average of four weeks
the average of four weeks ended April

—

Last 5 Months

—

$ +3,253
0
+
42
- 177
+3,118
+ 215
$ +3,333

ended October 17, 1973, to
17, 1974.
ended November 14, 1973 , to
17, 1974.

Prepared by Federal Reserve Bank of St. Louis
Released: April 26, 1974

i

2
MONETARY BASE
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

1974
MAR.

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

MILLIONS

20

bshki,

4@tft>

MAR

Z

16 30

13 27

JUN

APR

II

23

8 22

3

19

3

17 31

H 28

NOV

JUL

12 26

9 23

DEC

6 20

6 20

3

FEB

MAR

APR

1973

17

I

IS 29

1974

LATEST DATA PLOTTED WEEK ENDING, APRIL 24, 1974
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER
BACKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 ■■REVIEW OF THIS BANK.
'
.
-

£?.£,£+ '

0
»*V r

4-

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
4/25/73

7/25/73

4.7
5.6
5.9
6.7
7. 1
6.9
7. 1
7.5

4.3
5.2
6.6
7.2
6.9
7.2
7.8

9/26/73 10/24/73 11/21/73 12/26/73

1/23/74

2/27/74

7.0
8.9

11.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
9/26/73
10/24/73
11/21/73
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74


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

9.4
10.2
10.3
9. 1
9. 1
9.7

10. 1
10.3
8.8
8.9
9.6

1 1 .2
9.0
9.0
9.8

7.6
8. 1
9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

• a*,;

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

RATIO

MULTIPLIER
2.7

RATIO

3

2.594
2.574
2.576
2.59
2.58!
2.590

LU I I
LATEST DATA PLOTTED WEEK ENDING*. APRIL 17, 1974
j
'
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
---r---- ------- 98

JLtiJ

■

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS END ING
APRIL 24, 1974 FROM
THE FOUR WEEKS END ING*

27, 1974
23, 1974
26. 1973
21, 1973
24. 1973
25, 1973
25, 1973

FEB.

— JAN.
DEC.

NOV.
OCT.
JUL.
-APR.

3.1
6.5
6.6
8.3
7.7
4.2
5.2
FEDERAL RESERVE CREDIT

1971

7 21

4

MAR

APR

IS

2

16 SO

MAY

IS 27

JUN

11

JUL

25

S 22

AUG
1973

5

10

SEP

5

MILLIONS.

17

OCT

I

NOV

DEC

FEB

MAR

IS 29

APR

LATEST DATA PLOTTED WEEK ENDING* APRIL 24, 1974
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND ’’OTHER*' ASSETS

FOR
gfO^REMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEp6sADJUSTED
I TS AMONG™
CLASSES OF BAf*<S.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

220

?2C

Ol TAB

BILLIONS

8.S

21 1.6

211.3
210.9
212.7
212. 1
214.6

APR.

ii .LIAS

2HAJ-;x ~o a"0
1 (5
1 1 i
7 21

0

2

16 30

MAY

MAR

13 27

JUN

t>6

11

25

JUL

5

8 22

17 31

OCT

AUG
1973

M 21

NOV

12 26

DEC

15 29

9 23

JAN

LATEST DATA PLOTTED WEEK ENDING. APRIL 17, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
!

V

1

\~f-Y

SG

"'

1

1

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGs
4/18/73

7/18/73

6.4
5.7
5.5
6.3
5.4
5.2
6.0
6. 1

-2.3
-0.7
1.8
1 .3
1.6
3. 1
3.6

9/19/73 10/17/73 11/14/73 12/19/73

1/16/74

2/20/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/19/73
10/17/73
11/14/73
12/19/73
1/16/74
2/20/74
3/20/74
4/17/74


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

3.2
6.2
4.2
4. 1
5.7
6.0

8. 1
4.9
4.6
6.4
6.6

5. 1
4.6
6.9
7.0

1 .1
5.3
5.8

8.6
8.3

11.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

B1LL.ONS OF DOLLARS

BILLIONS
274.8
274.5
274.2

276.0
276. 1
278.6

7 21

4

MAR

APR

18

2

16 30

13 27

II

25

8 22

5

19

3

17 31

14 2©

NOV

12 26

9 23

6 20

6 20

3

17

1

15 29

DEC
1974

LATEST DATA PLOTTED WEEK ENDING: APRIL 17. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/18/73

7/18/73

6.4
6.0
5.7
6.5
6.0
5.8
6.6
6.8

-0.2
0.8
3. 1
2.9
3.2
4.5
4.9

9/19/73 10/17/73 11/14/73 12/19/73

1/16/74

2/20/74

9.3
9.2

12. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/19/73
10/17/73
11/14/73
12/19/73
1/16/74
2/20/74
3/20/74
4/17/74


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

3.7
6.6
5. 4
5.2
6.7
7.0

8. 1
6.0
5.6
7.3
7.6

6.9
6.1
8.1
8.2

3.3
6.8
7.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

390
= 380
370
TOTAL TIME DEPOSITS
360
350
340

= 330
= 320

■= 310
= 300
NET TIME DEPOSITS *

= 290

= 280
4

MAR

18

2

16 30

IS 27

II

25

8 22

5 19

3

17 31

APR

14 28

NOV

12 26

9 23

DEC

6 20

FEB

1973

6 20

MAR
1974

3

17

APR

LATEST DATA PLOTTED WEEK ENDING. APRIL 17, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
4/18/73

7/18/73

10.8
11.2
12.0
11.5
11.8
12.3
12. 1
11.6

12.5
13.6
12.5
12.7
13.2
12.9
12. 1

9/19/73 10/17/73 11/14/73 12/19/73

1/16/74

2/20/74

13.7
11.0

7.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/19/73
10/17/73
1 1/14/73
12/19/73
1/16/74
2/20/74
3/20/74
4/17/74


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

15.5
12.8
13. 1
13.8
13.3
12.2

12.4
12.9
13.8
13.2
11.9

11.0
12.8
12.3
11.0

15.2
13.8
1 1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
670 =---- 1------ -----

BILLIONS OF DOLLARS

-- ----- ----- = 670

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**'

^ 18

2

16 30

15 27

11

23

8 22

5

19

LATEST DATA PLOTTED WEEK ENDINGi APRIL 17,

5 17

SI

11 28 12 26
NOV
DEC

8 23

6 20

6 20

3

17

I

15 29

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
** M? IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/18/73
7/18/73 9/19/73 10/17/73 11/14/73 12/19/73 1/16/74 2/20/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/19/73
10/17/73
11/14/73
12/19/73
1/16/74
2/20/74
3/20/74
4/17/74


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

8.7
8.7
9.0
9. 1
9.0
9.2
9.5
9.3

6.2
7.2
7.8
7.8
8.3
8.8
3.6

9.7
9.8
9.4
9.7
10. 1
9.7

10.3
9.5
9.9
10.4
9.8

9.0
9.7
10.3
9.7

9.5
10.4
9.6

11.6
10. 1

9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

5 18

MAR

2

1« 50

13 27

11

25

8 22

5 19

3

17 31

H 28

NOV

APR

12 26

BILLIONS OF DOLLARS

9 23

DEC

6 20

6 20

3

FEB

MAR

APR

17

I

15 29

1973
LATEST DATA PLOTTED WEEK ENDINGj APRIL 17,

1974

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

MONEY AND T1 ME Dtf*dS 1 T DATA

1974
MAR.

APR.

MAY

6
13
20
27
3
10
17
24
1
8
15
22
29

BILLIONS
NET TIME
CERTIFICATES CERT 1F1 CATES
DEPOSITS*
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
65.9
66.5
66.3
67.8
69.5
71.4
71 .9

65.9
66.8
67. 1
68.8
71.5
73.9
74.9

308.9
309.0
309.5
309.4
309.8
310.7
311.1

M2 m
584.7
583.9
584.0
583.6
585.8
586.9
589.8

* SEE FOOTNOTE PAGE 6.
X* SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

485

475

465

455
CREDIT PROXY ADJUSTED 1/

445

435
CREDIT PROXY

4 425

415

7 21

2

16 50

13 27

11

25

6 22

3

17 31

14 28

NOV

12 26

9 23

6 20

6 20

3

17

I

15 29

DEC
1974

LATEST DATA PLOTTED WEEK ENDING. APRIL 17,

1974

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.

1974

MAR.
APR.

BILLIONS

13
20
27
3
10
17


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

CREDIT
PROXY

CREDIT
■PROXY

ADJUSTED

448.2
450.6
451.0
456.8
459. 1
463.3

456.4
459.3
460.2
466.3
468.5
472.8

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
APRIL 17, 1974 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
FEB. 20,
JAN. 16,
DEC. 19,
NOV. 14,
OCT. 17,
JUL. 18,
APR. 18,

1974
1974
1973
1973
1973
1973
1973

16.8
11.1
12.3
9.8
8.3
8.5
9.0

19.5
13.0
13.5
1 1 .2
9.2
9. 4
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
i (,o

PERCENT
11.0
10.5

90 DAY CD'S***
10.0

10.0
9.5

9.0

8.5
COMMERCIAL PAPER
8.0

7.5

CORPORATE AAA BONDS

7.0
RIME BANK
OAN RATE
6.5

6.0
5.5

5.0

MUNICIPAL
BONDS**

4.5

2

ie 30

is 27

25

8 22

6 20

3

IT 51

14 26

12 26

8 23

7 21

4

18

JAN

I 15
FEB

1973

1

15 28

12 26

10 24

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL 26, 1974

1974
MAR.

APR.

MAY

90 DAY
CD'S***

8.07
1
8
8.31
15
8.47
22
8.64
29
9.38
5
9.68
9.95
12
19
10.08
26 *** ***
10.40
3
10
17
24
31

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS **

7.88
8.00
8. 18
8.50
9. 10
9.38
9.60
9.73
9.96

7.85
8.00
8. 10
8.60
9. 10
9.30
9.50
9.50
9.67

7.87
7.92
7. 99
8.05
8. 1 1
8.17
8.25
8.26
8.27

5.26
5.27
5.32
5. 46
5.57
5.73
5.75
5.61
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET PATES 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

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

1 1.5
I 1.0

'FEDERAL FUNDS RATE

10.5
10.0

9.5
THREE-MONTH TREASURY
BILL MARKET YIELD

9.0
8.5
8.0

7.5
7.0

DISCOUNT RATE

6.5
6.0
5.5
5.0
2

16 SO

13 27

I I

25

8 22

6 20

3

17 31

14 28

12 26

8 23

7 21

4

IS

JAN
1973
Latest

1

15 28

MAR.

APR.

MAY

1
8
15
22
29
5
12
19
26 X
3
10

10 24

1974

data plotted are averages of rates available for the week ending: april 26,

1974

12 26

FEB

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECUR1T1ES

8.81
8.98
9.03
9.33
9.61
9.93
10.02
10.36
10.78

7.36
7.71
7.82
8.06
8.35
8.51
8.49
8.05
7.94

6.93
7.06
7. 16
7. 48
7.69
7.91
7.98
7.94
7.99

6.62
6.71
6.75
6.88
6.93
7.02
7.04
6.99
7.04

1974

17
24
31
* AVERAGES OF RATES AVAILABLE.
**
AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

—----- 1----- n 4.0
1974

MILLIONS

BORROWINGS

* 18

MAR

APR

2

16 30

MAY

3 27

JUN

11

25

JUL

8 22

AUG
1973

5

19

SEP

LATEST DATA PLOTTED WEEK ENDING* APRIL 24,

5

17 3t

OCT

14 28

NOV

12 26

DEC

9 23

JAN

6 20

6 20

3

FEB

MAR
1974

APR

17

I

15 29

MAY

1974

BUSINESS LOANS

( COMMERCIAL
BILLIONS OF DOLLARS
~
—
—
—

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
126

COMPOUNDED ANNUAL RATES OF CHANGE
WEEKS ending
APRIL 17, 1974 FROM THE FOUR
WEEKS ENDING,
BUS I NESS
“
BUSINESS
LOANS
—
iQAN§_ ADJUSTED

124

average of the four

_FEB.
JAN.
~ DEC.
— NOV.
— OCT.
— JUL.
APR.

20
16
19
14
17
18
18

49.0
33.5
27.9
23.6

122

120

49.4
33.6
28.0
23.4

1973

1 18
I 16
114

-BUSINESS LOANS ADJUSTED 1/

17.8

112
I 10
108
BUSINESS LOANS

106

MILLIONS
BUS I NESS--JSI NESS
LOANS
LOANS
AD JUS TEH___
MAR. 13

104
102
100

115,663
118,026

98
96

7 21

MAR

4

18

APR

2

16 30

13 27

JUN

I I

25

8 22

5

19

3

3

17 31

NOV

JUL
1973

LATEST DATA PLOTTED WEEK ENDING, APRIL 17,

DEC

FEB

MAR
1974

17

I

15 29

APR

1974

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMdERCIAL BANKS TO OWN SUBS ID IAR1ES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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