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Week ending: April 5, 1972
UBRArY
JUN 0 5 1979
The nation's money stock has risen at a 9.4 percent
annual rate in the past three months, after little increase in
the last five months of 1971. For comparison, money grew at a
trend rate of 5.9 percent from the fourth quarter of 1966 to the
fourth quarter of 1971. The demand deposit component has risen
at about the same rate in the past three months as the total
money stock.
The acceleration in the rate of increase of the
monetary base has been the primary factor underlying the acce­
leration of the money stock in recent months. A slight decline
in the money multiplier since late last year only offset a
small portion of the rise in the base. The monetary base has
risen at a 12.7 percent annual rate in the past three months,
compared with a 3.6 percent rate in the last five months of
1971.
Federal Reserve credit has risen at an 8 percent
rate in the past three months, compared with a 7 percent rate
in the previous five months. In the past two months, however,
Federal Reserve credit has not increased, while the base has
continued to grow rapidly. The discrepancy between the two
series arises from a reduction in Treasury balances at the
Federal Reserve. Such Treasury actions contribute to the
growth of the base.

Selected Monetary Aggregates
(annual rates of growth)
4 weeks
ending
12/29/71
4th Qtr. 1966
to
4th Qtr. 1971
Money Stock
5.9
Money Stock plus Net
Time Deposits
8.1
Monetary Base
5.8
Federal Reserve
Credit
8.2
*


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

12/70

7/71

to
7/71

to
12/71

to
4 weeks
ending
3/29/72

10.3

0.8

9.4

14.9
9.4

6.1
3.6

13.7
12.7*

13.6

7.0

8.0*

Four weeks ending January 5, 1972 to the four weeks ending
April 5, 1972.

Prepared by Federal Reserve Bank of St. Louis
Released: April 7, 1972

2

MONETARY BASE v
MULTIPLIER 2/

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
— APRIL 5, 1972 FROM
THE FOUR WEEKS ENDINGi
-

FEB
JAN
DEC.
—NOV.
OCT.
_ SEP.
AUG.

1972
.
8.
3,
6,
8,
4.

92

10.4

1971
1971
1971
1971
1971

90
MONETARY BASE

88

86
MILLIONS

84

LATEST DATA PLOTTED WEEK ENDING, APRIL 5, 1972
RATIO
2.9

RATIO

2.8

MULTIPLIER
2.7

2.6

2.5

RATIO
— 2.4

3 17

3 17 31

14 23 12 26

APR

MAY

9 23

1

7 21

JUL
1971

15 29 13 27

AUG

OCT

10 24

8 22

5 19

2

16

1

! 5 29 12 26

NOV
1972

LATEST DATA PLOTTED WEEK ENDING, MARCH 29. 1972
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES ANO SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 ••REVIEW OF THIS BANK.
2/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES
IN THE NATION
FEDERAL RESERVE CREDIT^/

3

ALL MEMBER BANKS

AVERAGES OF DAILT FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
33.5

33.5
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF _
THE FOUR WEEKS ENDING
APRIL 5. 1972 FROM
THE FOUR WEEKS ENDING.
FEB.
2, 1972 9.4
"
JAN.
5, 1972 12.0
DEC.
8, 1971 12.3
NOV.
3, 1971 11.0 OCT.
6, 1971 7.9
SEP.
8, 1971 8.0
AUG.
4, 1971 7.3
_

32.5
32.0

33.0
32.5
32.0
3' .5

RESERVES
31 .0

31 .0

30.5

30.5
1972.

30.0

BILL! ONS

MAR.

30.0
31.7
32.5

29.5

82
-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING _
APRIL 5. 1972 FROM
THE FOUR WEEKS ENDING)
FEB.
— JAN.
DEC.
_ NOV.
^ OCT.
SEP.
-- AUG.

2, 1972
5, 1972
8, 1971
3. 1971
6, 1971
8, 1971
4, 1971

80

-1.5
78
FEDERAL RESERVE CREDIT
76

74

1972

MILLIONS —

70

3 IT

5 U 31

14 21 12 »

APR

MAY

0 23

7 21

4 II

JUL

AUG

1

13 2* 13 27 10 24

OCT

NOV

1 22

5 19

2 16

JAN

FEB

1

IS 29 12 26

LATEST DATA PLOTTED WEEK ENDING) APRIL 5, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
27 DEFINED TO INCLUDE HOLD!NGS OF SECURITIES, L0AN3.FL0AT AND "OTHER11 ASSETS. ADJUSTED FOR
5iQyi25^ENT CHANGCS *** CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEP6siTS AMONG
wLASSkS OF BANKS•


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

1912
FEB,
MAR

BILLIONS OF DOLLARS

9IUIQMS

23

i179.0
re. i
180.2

i_LLL
3 17

3 17 31

14 28 12 26

APR

7 21

1 16

1

15 29 13 27 10 24

8 22

S 19

2

JAN

9 23

MAY

FEB

16

1971

1

IS 29 12 26

1972

LATEST DATA PLOTTED WEEK ENDINGi MARCH 29, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING!
3/31/71

7/28/71

9.4
7. 1
6. 1
4.9
4.7
4.5
5.3
5.9

-0.7
-0.5
-0.8
-Q.3
0.2
2. 1
3.3

9/1/71

9/29/71 10/27/71

12/1/71 12/29/71

1/26/72

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
9/ 1/71
9/29/7!
10/27/71
12/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72


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

-2.6
-2. 2
-1.2
-0.4
1.9
3.4

-1.0
0.0
0.7
3.3
4. 7

0.0
0.9
4.0
5.6

2.6
6.3
7.9

8.2
9.7

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY p I GLJRES
SEASONALLY ADJUSTED

BILL'ONS of DOLLARS

BILLIONS OF DOLLARS
240

BILLIONS
232.2
231.3
232.4
233.9
233.6
233,4

235

230

225

220

215

LLLL
3 1/

3 1/ 31

14 28 12 26

9 23

7 21

4 18

1

15 29 13 27

10 24

8 22

5 19

2 16

1971

1

15

1972

LATEST DATA PLOTTED WEEK ENDING. MARCH 29, 1972
CURRENT DATA APPEAR !N THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/31/71

7/28/71

9.3
7.3
6.5
5.3
5. ’
5.0
5.7
6.2

0.5
0.7
0.0
0. 7
1. 1
2.9
3.9

9/1/71

9/29/71 10/27/71

12/1/71 12/29/71

1/26/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/71
9/29/71
10/27/71
’2/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72


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

-0.9
-1.2
0.0
0. 7
2.8
4.0

-0.5
0.9
1.5
3.9
5. 1

0.8
1.6
4.5
5.8

3.8
7.0
8.2

8.4
9.4

12.2

PREPARED BY FEDERAL RFSFRVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DA!lY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

280

270
DEPOSITS

TOTAL

— 260

250

= 240

- 230
NET TIME DEPOSITS*
■=

220

= 210

= 200

3 17

3 17 31

14 28 12 26

9 23

72!

4 18

1

15 29 13 27

OCT

10 24

8 22

5 19

2 16

JAN

NOV

FEB

197’

1

15 29 12 26

1972

LATEST DATA PLOTTED WEEK ENDING: MARCH 29, '972
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 WFEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/31/71

7/28/71

9.9
9.8
10.3
11.0
11.6
'3.0
’3.5
'3.2

5.5
8.0
'0.0
'1.2
13.6
M. 3
'3.8

9/1/71

9/29/71 10/27/71

12/1/71 12/29/71

1/26/72

TO THF. AVERAGE
OF FOUR WEEKS
END'NG:
9/ 1/71
9/29/71
10/27/71
12/ 1/71
’2/29/71
1,26/72
3/ 1/72
3, 29/72


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

11.4
12.9
13.8
'6. 4
'6.6
'5.7

14.8
'5.4
'8. 2
18. 1
’6.8

16.0
19.5
19.0
’7.3

22. 2
20.4
17.9

22.1
18.2

14.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

D,

E 510
= 500

MONEY STOCK PLUS TOTAL TIME DEPOSITS

= 490
■= 480

470
- 460
450

MONEY STOCK PLUS NET TIME DEPOSITS **

440
430
420

3 17

3 1/ 31

H 28 12 26

9 23

/ 21

1

13 29 13 2/ 10 24

8 22

5 19

2 16

1

15 29 12 26

LATEST DATA PLOTTED WEEK END INGi MARCH 29, 19/2
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

M* IS DEFINED ASt CURRENCY, DEMANO DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK !PLUS NET TIME DEPOSITS i
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF 1
3/31/71
7/28/71
9/1/71 9/29/71 10/27/71 12/1/7

1/26/72

1 THE AVERAGE
r FOUR WEEKS
IDINGs
9/ 1/71
9/29/71
10/27//1
12/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72


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

9.6
8.5
8.4
8.2
8.4
9.0
9.6
9.7

2.8
4.3
4.9
5.9
7.3
8.5
8.8

5.3
5.8
6.9
8. 4
9.6
9.8

7.0
8.1
9.7
’0.9
10.9

8.3
10.3
11.6
i1.5

12.8
13.7
13.0

15.0
13.7

13.2

PREPARED BY FEDFRAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL. BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
36 ---- 1------ 1---

3 17

3 17 31

14 28 12 26

9 23

1

7 21

15 29 13 27

OCT

10 24

BILLIONS or DOLLAR.-'
--- ------ ----- 36

1

5 19

15 29 '2 26

NOV
1 972

LATEST DATA PLOTTED WEEK ENOINGs MARCH 29, 1972
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 TIME DEPOSIT DATA

1972
FEB.

2
9
16
23
MAR.
1
8
15
22
29
APR.
5
12
’9
26

CERTIFICATES
OF DEPOSIT

BILL!ONS
NET TIME
DEPOS1TS *

33.4
33.5
33.8
34.3
33.8
33.7
33.0
33. 1
33.6

242.4
243.0
244.4
245.0
245.9
245.7
246.S
246.4
246.6

M2 **
472.2
473. 3
475.6
477.2
477.3
478. ’
480.6
480.0
479.9

1
1
!
:

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.
PRFPARFD by FEDERAi. RFSFRv'F BANK Oc Sr. LOU’S

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

billions of dollars

billions of dollars

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

3 17

3 17 31

M 28 12 26

APR

9 23

7 21

4 18

!

15 29 13 27 10 21

MAY

OCT

NOV

8 22

5 19

2 16

JAN

FEB

1971
LATEST DATA PLOTTED WEEK ENDINGt MARCH 29,

15 29 12 26

1972
1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'
1/

1

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1972

BILL!ONS
CRED1T
PROXY

FEB. 23
MAR.
1
8
15
22
29


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

CRED1T
PROXY
ADJUSTED

363.6
364.7
366.2
368.7
369.0
369.5

367.2
368.3
369.9
372.5
372.7
373. 4

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 29, 1972 FROM THE FOUR
WEEKS ENDING;
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
JAN.
DEC.
DEC.
OCT.
SEP.
SEP.
JUL.

26, 1972
29, 1 97 1
1
197!
•#
27, 1971
29, 1971
1 . 1971
28, 1971

12.4
12.6
14. 1
13. 1
11.4
10.5
10.0

1 ’ .8
12.0
12.3
12. 1
11.1
10.3
9.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Am BONDS

6.5

MUNICIPAL

PRIME COMMERCIAL
LOAN RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

5 19

5 19

FEB

MAR

2 16 30 14 28 11

APR

MAY

25

JUN

9 23

JUL
1971

6 20

3 17

1

AUG

SEP

OCT

15

29 12 26 10 24 T 21

4 18

NOV

FEB

DEC

JAN

3 17 31

MAR
1972

14 28

APR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 7, 1972

1972
FEB.

4
1I
18
• 25
MAR.
3
10
17
24
31
APR.
7 *
14
21
28

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS «*

7.25
7.29
7.28
7.26
7.25
7.24
7.22
7.24
7.24
7.24

3.35
3. 09
3.04
3.22
3.44
3.57
3.85
3.8!
3.82
3.8!

5.55
5.51
5.47
5.50
5.50
5.57
5.84
5.83
5.92
6.07

5.70
5.71
5.65
5.63
5.62
5.62
5.67
5.68
5.69
5.72

5.35
5.27
5.24
5.28
5.29
5. 18
5.32
5.34
N. A.
N. A.

* AVERAGES OF RATES AVAILABLE.
*# BQND BUYER’S AVERAGE INDEX OF 20 MUNIC'PAl BONDS, THURSDAY DATA.
N.At>,|&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

PERCENT-

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

1-L I..1 11 l.J
5 19

5 19

111, I.

ne jo m a it a

9 23

e

20

3

1

ir

'5 29 12 2S 10 24

7 21

4 18

3 17

14 28

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END1NGs APRIL 7, 1972


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

1972
FEB.

4
1 1
18
25
MAR.
3
10
17
24
31
APR.
7 *
14
21
28

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS***
ACCEPTANCES

90 DAY
CD'S#*

3.98
4.00
3.93
3.88
3.90
4.00
4.20
4.30
4.33
4.50

3.20
3.28
3.50
3.19
3.28
3.60
3.93
3.98
4. 18
4. 23

3.75
3.50
3.45
3.44
3.60
3.73
4.03
4. 13
4.13
4.33

3.82
3.67
3.61
3.54
3.65
3.70
3.86
4.09
4.28
4.39

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS IN THF NATION
AVFRAGFS OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

T3URROWTR55'

EXCESS RESERVES

-

0.8

NET

-

1.6

3 17

3 17 31

14 28 12 26

9 23

FREE RESERVES

7 21

4 18

1

15 29 13 27 10 24

8 22

5 19

197!
LATEST DATA PLOTTED WEEK ENDINGt APRIL 5, 1972


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

2

16

1

15 29 12 26

1972

MILLIONS

1972
FEB.

2
9
16
23
MAR.
1
8
15
22
29
APR.
5
12
19
26

EXCESS
RESERVES
245
50
3' 1
130
82
176
405
74
310
396

BORROWINGS
16
42
18
14
67
103
M
1 15
155
'41

FREE
RESERVES
229
8
293
' 16
15
73
39!
- 189
155
255

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102