Full text of U.S. Financial Data : Week Ending: April 25, 1973
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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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS