Full text of U.S. Financial Data : Week Ending: April 28, 1976

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Week ending: April 28, 1976
LIBRARY
Adjusted Federal Reserve credit (page 3) is a useful summary measure of the
net effects of Federal Reserve actions on the monetary base and, hence, on the monetary
DEC 2 fcfi§?figates. Open market operations, lending to member banks, and changes in reserve
requirement ratios by the Federal Reserve all affect movements in this aggregate.
Actions by the Federal Reserve to offset short-run fluctuations in Treasury deposits at
Federal Reserve Banks are netted out of this aggregate. This adjustment is made to
obtain a series that is more representative of the effect of Federal Reserve actions
on the monetary base and monetary aggregates.
As the table below indicates open market operations undertaken by the
Federal Reserve System were the major factor causing changes in adjusted Federal
Reserve credit over the past year. Increases in holdings of securities (adjusted for
actions to offset changes in Treasury deposits) constituted about 57 percent of the
increase in adjusted Federal Reserve credit over the past year. Changes in reserve
requirement ratios accounted for another 29 percent of the increase, while changes in
loans to member banks, float, and other Federal Reserve assets were responsible for the
remaining 14 percent.
Adjusted Federal Reserve credit is the major source of the monetary base,
accounting for over 80 percent of its magnitude. Consequently, the growth of the
monetary base closely parallels the growth of this summary measure of the effect of
Federal Reserve actions. Over the past year, for example, the monetary base increased
by 7.5 percent, compared to the 7.9 percent increase in adjusted Federal Reserve
credit. This close relationship also holds over shorter periods. Over the last three
months adjusted Federal Reserve credit has grown at a 10.6 percent annual rate, compared
to the 11.8 percent rate of increase of the monetary base.

Factors Influencing Adjusted Federal Reserve Credit 1/
(Sign Indicates Effect on Adjusted Federal Reserve Credit)
Change in Levels
(Millions of dollars)

Percent Change in Adjusted Federal
Reserve Credit Attributable to:
4/30/75 to 4/28/76

Holdings of Securities
less Treasury Deposits
at F. R. Banks
Loans
Float
Other Assets
R.A.M. 3/
Adjusted Federal
Reserve Credit

—

2/

$4,414
70
200
932
2,233

57.2%
- 0.9
+ 2.6
+12.1
+29.0

$7,709

100.0%

Data are not seasonally adjusted.

2
—/ Change in average of figures for four weeks ended these dates.
3/

— Adjustment for reserve requirement ratio changes and shifts in the same type of
deposits between banks where different reserve requirement ratios apply. Reserve
adjustment computed by this bank.


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

Prepared by Federal Reserve Bank of St. Louis

Released: April 30, 7976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
126 --------- ■------------ 1-----

BILLIONS OF DOLLARS
------------------ ---------- 126

MILLIONS

5 18

2 1« 90 14 28 11

MAY

25

JUN

9 U

6 20

AUG
1975

3 1?

4 18

SEP

JAN

S 17 31

FEB

14 28 12 20

APR

MAY

1976

LATEST DATA PLOTTED WEEK ENDING* APRIL 28, 1976
THE MONETARY BASE CONSISTS OF MEMBER BAMC RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AM) IN THE VAULTS OF COMMERCIAL BANKSL ADJUSTED
fOgp^SER^ gOUIREMENT RATIO CHANGES AM) SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
KK8f dataY^ecomputedSbyRthis°bam<!

^'^aTr^^ PlttSUV*

0ASE ,S AVAILA8LE AS m'm »• 31 FR0M

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/30/75

7/30/75

7.7
6,6
7.8
7.7
6.0
7.2
7.4
7.5

4.9
7.4
7.4
4.9
6.7
7.1
7.2

10/1/75 10/29/75 11/26/75 12/31/75

1/28/76

2/25/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/ 1/75
10/29/75
11/28/75
2/31/75
1/28/76
2/25/76
3/31/78
4/28/76

2

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

8.0
7.8
3.9
6.6
7.2
7.3

11.2
4.9
8.0
8.5
8.3

t
0.5
5.7
6.9
7.0

4.6
6.6
6.8

13.7
11.8

8.9

PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CREDIT 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

RATIO

APR.

LATEST DATA PLOTTED WEEK ENDING: APRIL 21.

1976

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
116

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
APRIL 28, 1976 FROM
— THE FOUR WEEKS ENDING.
~ FEB.
---- JAN.
1976 1 0.6
_ DEC.
1975
NOV.
---- OCT.
_ JUL.
APR.

1 14
112
110
108
106

ADJUSTED FEDERAL RESERVE CREDIT

104
102
1976,

MILLIONS

100
98
96

5 19

2 16 30 14 2# 11 25

MAY

9 23

6 20

3 17

1

15 29 12 26 10 24

7 21

4 16

3 17 31

JUN

14 28 12 26

APR
1975

LATEST DATA PLOTTED WEEK ENDING. APRIL 28,

MAY

1976
1976

1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
AND OTHER ASSETS.
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

iaZfi.
=

MAR

BILLIONS OF DOLLARS
695

BULLIONS.

690

681.8
681.0

685
680

691.0
690.7

675
670
665
660
655
- 650
645
640
635
650
625
620
8 18

* 16 SO 14 28 11 25

B 23

8 20

AUG
1975

3 17

1

13 29 12 W 10 24

7 21

14 28 12 28

4 18

SEP

APR

MAY

1976

LATEST DATA PLOTTED WEEK EM) I MG, APRIL 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
4/25/75

7/25/75

10.3
9.3
9.4
8.9
6.6
9.6
9.5
9.9

5.2
6.3
6.2
6.4
7.8
6.0
8.7

9/24/75 10/22/75 11/19/75 12/24/75

1/21/76

2/18/76

12.7
13.2

11.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
9724/75
10/22/75
11/I9/75
12/24/75
1/21/76
2/16/76
3/24/76
4/21/76

4

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

7.0
6.5
6.9
8.8
8.8
9.6

7.6
7.7
9.9
9.7
10.4

6.8
9.9
9.7
10.5

12.5
11.2
11.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
310

BILLIONS
298.7
298.6
300.0
303.2
303.6

305

300

295

290

285

5 IB

Z 16 30 14 28 11 25

B 23

6 20

3 17

1

15 29 12 28 10 24

7 21

4 13

JAN

FEB

1975

3 17 31

14 28 12 26

APR

MAY

1976

LATEST DATA PLOTTED WEEK EUMNGi APRIL 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/23/75

7/23/75

9/24/75 10/22/75 11/19/75 12/24/75

1/21/76

2/18/76

5.0
8.2

9.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/24/75
10/22/75
11/19/75
12/24/75
1/21/76
2/18/76
3/24/76
4/21/76


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

7.5
5.9
6.2
5.2
5.0
5.0
5.0
5.8

2. 1
3.4
2.5
2.7
3.0
3.3
4.5

2.5
1.4
1.9
2.5
2.9
4.6

3.2
3.3
3.7
4.0
5.7

1.4
2.5
3.2
5.4

4.3
4.6
7.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
10.5

10.0
9.5
CORPORATE

BONDS

9.0

8.5
! BANK
RATE

8.0
7.5
7.0

MUNICIPAL
BONDS**

6.5

6.0
COMMERCIAL PAPER
5.5
5.0
4.5
4.0

7 21

4 18

MAR

APR

2 18 30 19 27 IT 25

JUN

8 22

S 19

JUL

3 17 31

14 28 12 26

NOV

DEC

9 23

8 20

3 19

FEB

MAR
1976

1975

2 16 30 14 28

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* APRIL 30, 1976

1976
MAR.

5
12
19
26
APR.
2
9
16
23
30 X
MAY
7
14
21
28

6

90 DAY
CD'S MW

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

Aaa bonds

CORPORATE

MUNICIPAL
BONDS**

5.32
5.41
5.38
5.27
5.19
5.20
5.10
5.04
5.13

5.38
5.38
5.45
5.35
5.30
5.38
5.19
5. 13
5.13

5.26
5.21
5.19
5.12
5.10
5.05
5.01
4.94
5.08

8.55
8.55
8.54
8.50
8.46
8.42
8.36
8.36
8.41

7.04
6.98
6.92
6.72
6.69
6.65
6.54
6.55
N. A.

* AVERAGES OF RATES AVAILABLE.
*9K BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
88Wt SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES 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

SELtCTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.0 ----

PERCENT

----- 8.0

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

FEDERAL FUNDS RATE

4 18

MAR

2 16 90 13 27 11 25

APR

JUN

8 22

5 19

JUL

3 17 31 14 28 12 23

NOV

DEC

9 23

• 20

3 19

FEB

MAR

2 13 30 14 23

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* APRIL 30, 1976

1976
MAR.

5
12
19
26
APR.
2
9
16
23
30 *
MAY
7
M
21
28

FEDERAL
FUNDSMK

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.95
4.86
4.77
4.79
4.84
4.73
4.77
4.78
4.93

5.20
4.99
4.98
4.87
4.97
4.91
4.80
4.78
4.88

5.98
5.86
5.82
5.67
5.76
5.59
5.36
5.47
5.59

7.36
7.30
7.25
7.14
7.14
7.04
6.88
6.92
7.04

6.96
6.91
6.89
6.80
6.78
6.72
6.65
6.70
6.79

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY
CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR


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

TWO DAYS EARLIER THAN DATE SHOWN.
1 H.9 RELEASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLAfS
395

BILLIONS
390

383. 1
383.7
384.5

385

387.8
387.0
380
375
370
365
360
355
350
345
340

5 19

2 16 30 14 28 11 25

9 23

5 20

AUG
1975

5 1

15 29 12 25 10 2*

7 21

4 18

JAN

1

SEP

FEB

3 17 31

14 28 12 26

APR

MAY

1976

LATEST DATA PLOTTED WEEK ENDING. APRIL 21, 1976
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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
4/23/75

7/23/75

12.7
12.3
12.2
12.0
12.0
13.4
13.3
13.3

7.9
8.8
9.2
9.7
11.9
12.0
12.1

9/24/75 10/22/75 11/19/75 12/24/75

1/21/76

2/18/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/24/75
10/22/75
11/19/75
12/24/75
1/21/76
2/18/76
3/24/76
4/21/76

8

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

10.8
10.8
11.1
14. 1
13.8
13.7

11.2
1 1.5
15. 1
14.5
14.3

11.4
16. 1
15. 1
14.8

19.6
16.8
16.0

18.9
17.2

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
235 --------- 1------------ ,-----

lam

BILLIONS OF DOLLARS
------------------ ---------- 235

BILLIONS
223.0
221.5

222.8
223.8
226.6
226.5

5 10
MAR

2 10 90 14 20 11 25 0 29
APR
MAY
JUN
JUL

0 20
AUG

SEP

1 15 20 12 26 10 24
OCT
NOV
DEC

T 21

1875

4 10

3 17 31

14 28 12 20
APR
MAY

1976

LATEST DATA PLOTTED WEEK ENDINGi APRIL 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
4/23/75
7/23/75 9/24/75 10/22/75 11/19/75 12/24/75 1/21/76 2/18/76
TO THE AVERAGE
OF FOUR WEEKS
ENOINGt
9/24/75
10/22/75
11/19/75
12/24/75
1/21/76
2/18/76
3/24/76
4/21/76


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

7.3
5.2
5.4
4.0
3.9
3.7
3.6
4.5

0.5
2.0
0.6
1.0
1.1
1.4
2.7

0.3
-1.3
-0.3
0.1
0.6
2.5

0.8
1.5
1.5
1.8
3,8

-0.8
0.0
0.8
3.3

2.4
2.6
5.5

2.4
6.3

8.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

2 16 30 14 28 11 25

9 23

8 20

3 17

1

15 29 12 26 10 24

7 21

4 18

JAN

8 19

FEB

3 1 7 31

14 28 12 26

LATEST DATA PLOTTED WEEK END I N6i APRIL 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

1976
MAR.

3
10
17
24
31
APR.
7
14
21
26
MAY
5
12
19
26

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
71.3
71 . 1
71.6
72.0
72.4
71.5
69.9
68.7

73.8
73.0
73.0
73.0
73.3
73.2
72.0
70.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

: DOLLARS

BILLIONS OF DOLLARS

------ 1--------1------- 2.0
1816

MILLIONS

MAR. 24
APR.

24

MAY

JUN

AUG
SEP
1875
LATEST DATA PLOTTED WEEK ENDING. APRIL 28, 1976

7 21

7

3 17 31

JAN

FEB

14 23 12 28

APR

MAY

1076

BUSINESS LOANS
l COMMERCIAL AND

BILLIONS OF DOLLARS
130 --------- ------------------

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
------------------ ---------- 130

MILLIONS
MAR. 17
APR.

5 19

MAR

2 13 30 14 28 11

APR

MAY

JUN

25

9 23

JUL

6 20

AUG
1975

3 17

1

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING. APRIL 21,

IS

7

4 18

3 17 31

14 28 12 28

1976
1976

* LEVELS OF BUSINESS LOANS BEGINNING JANUARY 7 ARE NOT COMPARABLE TO PREVIOUS DATA.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11


http://fraser.stlouisfed.org
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
550

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR **EKS ENDING
APRIL 21. 1976 FROM THE FOUR
WEEKS EN6lNG:
CRED IT

PROXY

—

CREDIT
PROXY

540

AEjUSIEP.
530

= JAN.
1975
1975
1975
1975

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY
BILLIONS
CREDIT
PROXY

adjusts?

506.5
507. 4
507.0
510.2
510.6

APR.

515.9
517.3
519.5

UJ 1 I 111 I 1 I

5 IB 2 16 SO 14 28 11 25 9 25 6 20 3 17 1 13 29 12 26 10 24 7 21
JAN
1975
LATEST DATA PLOTTED WEEK ENDING.

APRIL 21,

1976
1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*
1/

1. li J .1 1
4 16 3 17 31 14 28 12 28

FEB

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COUJERCIAL PAPER,
U.S. BANKS, AND CERTAIN OTHER NO*©EPOSIT SOURCES.

EURODOLLAR BORROWINGS OF

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS