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Week ending: April 25, 1973
'

1 '

Monetary aggregates have increased at slower rates in recent

months than during most of 1972.
In the past six months, growth of the
nation's money stock has been at a 5.2 percent annual rate, compared with
about a 7.1 percent rate in the previous six months.
Demand deposits, which
comprise about three-fourths of the money stock, have increased at a 3.8
percent rate in the past six months, while the currency component has
risen at a rapid 10.3 percent rate over the same period.
Increasing demand for short-term funds associated with strong
economic gains and expectations of higher prices contributed to the signi­
ficant rise in money market rates in the past several months.
Three-month
Treasury bill rates averaged 6.25 percent in the first part of this week, down
somewhat from early April, but up 1.5 percentage points from six months
ago.
Long-term rates have been relatively stable over the past year.
Cor­
porate Aaa bond rates averaged 7.27 percent early this week, up only 8 basis
points from six months ago, and down 9 basis points from a year ago.
Reflecting the increases in market rates in recent months, the
discount rate was increased at several Federal Reserve Banks from 5-1/2
to 5-3/4 percent. 1/ At this level, the discount rate remained over one
percentage point below the recent average Federal funds rate, and 50 basis
points below the three-month Treasury bill rate.
The gap between the interest
rate charged on loans to member banks by the Federal Reserve Banks and market
rates has been accompanied by a high level of member banks borrowings.
Bor­
rowings averaged about $1.7 billion in the past three months, compared with
only $200 million last July when the discount rate was about the same as the
Federal funds rate.
Selected Interest Rates

Period
Ending
4/25/73
(Percent)
3-Mo. Treas. Bill
4-to 6-Mo. Comm. Paper
Prime Bank Loan Rate
Federal Funds
3-to 5-Yr.Gov't
Securities
Corporate Aaa Bonds
Municipal Bonds
*

Three-day average

6.25*
7.13*
6.75
7.14**
6.82*
7.27*
5.17***
**

Three
Months
Ago

Six
Twelve
Months
Months
Ago
Ago
(Basis Points)

58
123
75
111

152
182
100
213

270
258
75
294

44
9
9

72
8
4

96
- 9
- 3

Seven-day average

***

Thursday,

4/19/73

1/ As of 4/25/73 the discount rate remained at 5-1/2 percent at the Federal
Reserve Banks of Boston, Chicago , Dallas, New York, and St. Louis •


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 27, 1973

MONETARY BASE v
MULTIPLIER 2/
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

_ COMPOUNDED ANNUAL RATES
P OF CHANGE. AVERAGE OF
i
THE FOUR WEEKS ENDING
I
APRIL 25, 1973 FROM
1
THE FOUR WEEKS ENDING:

-

FEB.
JAN.
DEC.
-- NOV.
OCT.
_
SEP.
APR.

28, 1973
24, 1973
27, 1972
22, 1972
25, 1972
27, 1972
26, 1972

M.O
9.8
9.7
10.3
9.5
10.6
8.3
MONETARY BASE

1973

MILLIONS

28

99,055

APR.

LATEST DATA PLOTTED WEEK ENDING: APRIL 25, 1973
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5
RATIO
MAR.

14

APR.

I 1 I
1

15 29 12 26

10 24

7 21

5 19

2

16 30

13 27

11

1972

25

8 22

6 20

3

I

17 31

1 I I

J

14 26

2.606
2.592
2.584
2.584
2.605
2.594

2.4

LL
14 28

11

25

0 23

1973

LATEST DATA PLOTTED WEEK ENDING: APRIL 18, 1973
1/ USES OF 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/ RATIO OF MONEY STOCK tMl ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^
ALL MEMBER BANKS

FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

31.0

BILLIONS OF DOLLARS
31.5

“ COMPOUNDED ANNUAL RATES
I OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING
APRIL 25, 1973 FROM
THE FOUR WEEKS ENDING:

31.0

30.5
RESERVES

30.0

29.5

29.0

29.0

3IA BIIUQNS
MAR. 21

29.61
0.13

28.5

30.00

90
-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING
APRIL 25, 1973 FROM
THE FOUR WEEKS ENDING

DEC.

84

27

—APR. 26,

1972

86

20.2

1972

88

10.7

84
FEDERAL RESERVE CREDIT

82

5Zi

80

MILLIONS
1

87
78

1

15 29

12 26

10 24

7 21

5

19

2

16 30

15 27

11

25

6 22

6 20

1972

3

17 31

14 26

14 26

11

25

9 23

1973

LATEST DATA PLOTTED WEEK ENDING: APRIL 25, 1973
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER” ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.
3/ BEGINNING NOVEMBER 9, 1972 DATA ARE ADJUSTED DUE TO WAIVERS ASSOCIATED WITH THE EFFECTS
OF A CHANGE IN REGULATION J.
*

BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
205

198.3
1 99. 5
98. 1
99.3
1 98.8

200

200. 2

195

190

185

1

IS 29

Z 26 10 24

7 21

5 19

JUN

JUL
1972

2

16 30

13 27

11

25

6 22

6 20

3

17 31

14 28

FEB

14 28

11

25

9 23

MAR
1973

LATEST DATA PLOTTED WEEK ENDING: APRIL 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/19/72

8/16/72

7.8
7.2
7.2
7.0
7.5
6.5
6.0
5.5

6.4
6.6
6.4
7.4
5.8
5. 1
4.5

9/20/72 10/18/72 11/15/72 12/20/72

1/17/73

2/21/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/20/72
10/18/72
11/15/72
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73


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

5.5
5.7
7. 1
5.2
4.5
3.9

6.4
8.0
5.4
4.5
3.8

8.5
5.0
4.0
3.3

4.5
3.3
2.5

-0.3
-0.2

0. 3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

‘

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

billions

256. 1
257.5
256.0
257.5
257.4
258. 9

— APR

1

15 29

12 26

10 24

7 21

5 19

2

16 90

19 27

11

25

6 22

6 20

9

14 26

17

FEB
1972

M 28

11

25

9 29

MAR
1973

LATEST DATA PLOTTED WEEK ENDING: APRIL 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/19/72

8/16/72

7.4
7. 1
7. 1
7. 1
7.7
6.8
6. 4
6. 2

7.2
7.1
7.2
8.2
6.5
6.0
5.7

9/20/72 10/18/72 11/15/72 12/20/72

1/17/73

2/21/73

0.9
1.7

3. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/20/72
10/18/72
11/15/72
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73


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

6. 4
6.7
8.2
6.2
5.6
5.3

7. 1
8.9
6.2
5.5
5.2

9.8
6.0
5.2
4.9

5.3
4.5
4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
350 c=----- ----- -

BILLIONS OF DOLLARS
-------- ----- =1 350

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

1

15 29 12 26 10 24

7 21

5 19

2

16 30

13 27

SEP

25

11

8 22

6 20

3 17 31

14 28 14 28

FEB

OCT

MAR

11

25

9 23

APR

LATEST DATA PLOTTED WEEK ENDING. APRIL 16, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE,
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS T ME
CERT IFI CATES OF DEPOSIT OTHER THAN NEGOTI ABLE 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:
8/16/72 9/20/72 10/16/72 11/15/72 12/20/72 1/17/73 2/21/73
4/19/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/20/72
10/16/72
11/15/72
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73


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

12.7
12.7
12.7
12. 1
12.6
12.0
1 1.6
11.5

12.9
12.8
11.7
12.7
11.7
11.4
11.1

12.6
11.1
12.5
11.4
11.0
10.7

10.5
12.5
11.1
10.7
10.4

12.5
10.7
10.3
10.0

11.7
10.8
10.4

8. 1
8.3

8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

610
600
590
580
570

MONEY STOCK PLUS TOTAL TIME DEPOSITS

560
550
= 540

-= 530
-i 520
510
MONEY STOCK PLUS NET TIME DEPOSITS **
500
490
1

15 29 12 26

10 24

7 21

5

19

2

16 90 19 27

11

25

6 22

6 20

9

17 91

14 2C 14 26

FEB
1972

MAR
1973

11

25

9 29

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
56K Mt 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:
4/19/72

8/16/72

10.0
9.8
9.8
9.6
10.2
9. 4
9. 1
8.9

10.0
9.9
9.4
10.5
9.2
8.7
8. 4

9/20/72 10/18/72 11/15/72 12/20/72

1/17/73

2/21/73

4.6
5.1

6.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/20/72
10/18/72
11/15/72
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73


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

9.4
8.9
10.4
8.8
8.3
8. 1

8.8
10.8
8.8
8.2
7.9

11.3
8.5
7.9
7.6

8.7
7.8
7.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT

'

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1

15 28 12 26

10 24

5

7 21

18

2

16 30

13 27

11

25

8 22

6 20

billions of dollars

3

17 31

14 28

FEB

14 26

MAR
1973

11

25

0 23

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1973
MAR.

APR.

MAY

7
14
Z1
28
4
1 1
18
25
2
9
16
23
30

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

52.2
54.5
55.2
56.3
57.7
59. 1
58. 1

275.3
275.6
276.2
276.8
276.6
276.5
279.0

M2 m
533.0
531.7
533.7
532.8
534. 1
534.0
537.9

* SEE FOOTNOTE PAGE 6.
** 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
435

425

415

CREDIT PROXY ADJUSTED 1/

405

395

CREDIT PROXY

385

375

365

1-l.J.I I
1 15 29 12 26 ’0 24

7

21

JUN

5

19

2

16 30

13 27

11

25

8 22

6 20

3

17

31

JUL
1 972

14

28

14 28

11

25

9 23

1973

LATEST DATA PLOTTED WEEK ENDING. APRIL 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPt.l, EURODOLLAR BORROWINGS OF
U.S. BANKS. AND CERTAIN OTHER NONDEPOSIT SOURCES.

1973

BILLIONS
CREDIT
PROXY

MAR.
APR.

14
21
28
4
1 1
16


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

CREDIT
PROXY
ADJUSTED

414.8
418.3
418. 6
421.1
419.1
420.5

41 9. 9
423.2
423.6
426.0
424.0
425.7

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
APRI L 18 . 1973 FROM THE FOUR
WEEKS ENDING:
CRED1T
CREDIT
PROXY
PROXY ADJUSTED
FEB. 21 ,
JAN. 17,
DEC. 20,
NOV. 15,
OCT. 18,
SEP. 20,
APR. 19,

1973
1973
1972
1972
1972
1972
1972

19.6
15.7
16.0
14.9
14. 1
1 4.0
12.5

20.3
16. 1
16.3
15. 1
14.4
14.3
12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

- 8.0

8.0 --

CORPORATE AAA BONOS

MUNICIPAL
BONDS** —
W r
'"w

DISCOUNT RATE

THREE
BILL I
3.5

INTH TREASURY
IKET YIELD

-r-

2.5

2.5

17 31

MAR

14 2* 12 28

APR

MAY

9 23

JUN

7 21

4

INI

1.1.1.1

_LL i_L

I I I I

I I

_LL
3

18

JUL
AUG
1972

1

IS 29

SEP

13 27

OCT

10 24

NOV

* 22

DEC

J_L
5

19

JAN

2

1«

FEB

_LL
2

JJLL i_Ll

16 30

MAR

13 27

APR

11

25

MAY

1Q73

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL 27, 1973

1973
MAR.

2
9
16
23
30
APR.
6
13
20
27 1*
MAY
4
1 1
18
25

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECUR1T1ES

MUNICIPAL
BONDS**

7.25
7.27
7.29
7.31
7.31
7.27
7.25
7.25
7.27

5.81
5.85
6.05
6.31
6.29
6.45
6.20
6.16
6.25

6.76
6.84
6.90
6.91
6.79
6.77
6.67
6.73
6.82

6.16
6. 18
6.22
6.24
6.18
6.16
6.09
6.07
6.09

5.22
5.27
5.34
5.35
5. 26
5.22
5.07
5.17
N. A.

* AVERAGES OF RATES AVAILABLE.
,
SB* BOND BUYER'S AVERAGE INDEX OF 20 MUNI Cl ’AL BONDS, THURSDAY DATA.
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 -

PERCENT

--

8.0

7.5

7.0

6.5

PRIME BANK
LOAN RATE

6.0

COMMERCIAL PAPER

FEDERAL FUNDS RATE

I. I 1 1 1 1 I I
3

17 31

MAR

APR

I I I I I I I I I I I 1

LI 1.1

14 28

12 28

MAY

9 23

JUN

7

21

JUL

4

18

AUG
1972

1

IS 29

SEP

13 27

OCT

I I I I 1 1 I I I I I I I I I M I I I I
10 24

NOV

8 22

DEC

5

19

JAN

2

16

FEB

2

16 30

13 27

MAR
APR
1973

11

25

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 27, 1973

1973
MAR.

2
9
16
23
30
APR.
6
13
20
27 X
MAY
4
1 1
18
25

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS**

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD’S ten

6.30
6.53
6.85
7.08
7. 13
7.18
7. 13
7.13
7.13

6.75
7.02
7.13
6.96
7. 1 1
7.18
6.84
7.23
7.14

6.30
6.65
6.83
7.00
7.00
7.00
6.98
6.88
7.00

6.38
6.60
6.85
7.05
7.23
7.27
7.31
7.27
7.28

* AVERAGES OF RATES AVAILABLE.
SBK FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS' H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

of dollars

2.5
1973

MILLIONS

MAR. 21

2139

APR.
1848
1646
BORROWINGS

15 29 12 26 10 24

7 21

5

JUN

1

JUL

19

2

16 30

13 27

SEP

11

25

6 22

6 20

3 17 31

14 26 14 26

FEB

OCT

MAR

11

25

9 23

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 25. 1973

BUSINESS LOANS
AND INDUSTRIAL

( COMMERCIAL

BILLIONS OF DOLLARS

)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
106

- COMPOUNDED ANNUAL RATES OF CHANGE
_AVERAGE OF THE FOUR WEEKS ENDING
APRIL 18. 1973 FROM THE FOUR
- WEEKS ENDING:
BUSINESS
BUS I NESS
LOANS
LOANS APJUSIEB.
FEB.
JAN.
DEC.
“NOV.
OCT.
SEP.
— APR.

21
17
20
15
18
20
19

1973
1973
1972
1972
1972
1972
1972

104
102
100

48.4
52.9
44.9
37.2
33.7
30.6

98

38.6
31 .5

96
94

BUSINESS LOANS ADJUSTED 1/,

92
90
MILLIONS
BUSINESS
BUSINESS
LOANS
LOANS ADJUSTED

88
86

NESS LOANS

MAR. 14
84
APR.
82

I I I M I
1

15 29

12 26 10 24

7 21

5

19

2

16 30

13 27

SEP

II

25

6 22

6 20

3

17 31

14 28

14 28 11

25

9 23

OCT

1972
LATEST DATA PLOTTED WEEK ENDING: APRIL 18. 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANES, AND OTHER AFFILIATES.


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