Full text of U.S. Financial Data : Week Ending: April 6, 1977

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

/

u.

Week ending: April 6, 1977
library

DEC 2 6 197J


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

Although month-to-month fluctuations In the
growth rate of the monetary base have at times been
fairly large, the growth rate of the base over longer
periods has been quite stable, as was exhibited during
the past year. Over the past six months the base increased
at a 7 percent annual rate, after increasing at an
almost equal 7.2 percent rate during the previous six
months. The Ml and M2 monetary aggregates have also
had fairly steady growth rates during these two six-month
periods. Stability of the Ml growth rates —5.8 percent
in the most recent six months and 6 percent in the
previous six months—is especially noteworthy, since
this aggregate exhibited considerable variability
on both a month-to-month and week-to-week basis. The
components of Ml and M2 also exhibited this pattern of
growth during the past year.
Business loans at weekly reporting large
commercial banks have generally been increasing since
mid-January. At a seasonally adjusted annual rate,
business loans (including bankers' acceptances) have
increased 11.6 percent since the end of January. Even
when bankers' acceptances are excluded from the data,
an upward trend in business loans is still evident.
Interest rates on most securities have been
relatively stable since mid-January, compared to the
general declining trend which characterized the last
half of 1976 and the sharp increases recorded at the
beginning of January 1977. Although Interest rates are
currently at higher levels than in December, rates are
still well below the levels recorded nine months ago.
Short-term rates are at levels which are among the
lowest in four years, while long-term rates are at
levels which are among the lowest in the past two to
three years.

Prepared by Federal Reserve Bank of St. Louis
Released: April 8, 7977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

132

130

126

126

124

122

120

3 17 31

14 28 12 26

9 23

T 2t

JUL
1976

1

AUG

13 29 13 27

OCT

10 24

8 22

NOV

5 19

2

JAN

FEB

16

2

16 30 13 27

I 977

LATEST DATA PLOTTED WEEK ENDINGt APRIL 6, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
4/7/76

7/7/76

9/8/76

AVERAGE OF FOUR WEEKS ENDING:

10/6/76

11/3/76

12/8/76

7.6
5.6
6. 1
6.3
6.7

5.4
6. 1
6.3
6.8

4.7
5.3
6.2

1/5/77

2/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/
10/
11/
12/
1/
2/
3/
4/

2

8/76
6/76
3/76
8/76
5/77
9/77
9/77
6/77


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

7. 1
7.5
7.3
7.5
6.9
6.9
6.9
7. 1

7.0
6.8
7.3
6.3
6.5
6.6
6.8

7.9
8.2
6.5
6.7
6.8
7. 1

7.2
7.8

8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

PAT IQ.
FEB.

LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

23

I IS
1 16

114

—

2.2

1977
BILLIONS OF DOLLARS
120

BILLIONS OF DOLLARS
120

— --------- 1------- 1------COIIMPOUNDED ANNUAL RA*TES
--- Ur CHANGE, AVERAGE Cir
TH E FOUR WEEKS END 1FJG
_ AP RIL 6, 1977 FROM
TH E FOUR WEEKS END 1 Is4G:
- FE B. 9, 1977 7.F 1
5, 1977 7.5
JA N.
DE C. 8. 1976 5.5
_ NO V.
3, 1976 6.2
6. 1976 6.2
OC T.
JU
6.S
_ AP r! t\ 1976

2.409
2.401
2.408
2.422
2.400
2.391

-

1 18

1 16
114

'

112

ISfD

AD. USTED FEDERA L RES ERVE :red i t
Ax, ^
V
V'

110
108

106
104

-

—<

VV

-

A

_sT -s

T

4 18

-

-

V"

FEB

-1 LL _LLL 1 1 1 1

3 17 3)

MAR

M ZB 1Z Z6

APR

-

.

V

102

Ss 1 1 L

-

O . V

MAY

9 Z3

JUN

1 1 1 Ui- ■ U.1J- 1 1 1
7 Z1

4 18

JUL

AUG

1

13 29 13 27

SEP

1976

OCT

1977
MAF!. 2
9
16
23
30
APF1. 6
Ml .1111. All 1 1 1 1
10 24

NOV

8 22

DEC

5 19

JAN

2

16

FEB

MILLIONS
1 1 1,521
“
1 1 1 310 —
111 569
112 297
“
112 178 _
11 1,845
1 1 .1 II 1 1 J L

1 12
110

108
106
104
102

2 16 30 13 27

MAR
1977

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 6, 1977
1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
AND OTHER ASSETS.
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
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

3

MONEY STOCK PLUS NET TIME DEPOSITS CM2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
FEB.

23

750.2
750. I
752.9
755.2
754.7

— 675
4 18

3 17 31

14 28 12 26

APR

MAY

9 23

7 21

4

JUL

AUG

18

1

15 29 13 27

10 24

8 22

5 19

2

JAN

FEB

16

2

16 30 13 2T

LATEST DATA PLOTTED WEEK ENDING: MARCH 30. 1977
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:
3/31/76

6/30/76

10.0
10.0
11.0
10.9
1 1.2
11.0
10.7
10.5

10.7
12.3
11.9
12. 1
11.7
11.2
10.9

9/1/76

9/29/76 10/27/76

12/1/76 12/29/76

2/2/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/76
9/29/76
10/27/76
12/ 1/76
12/29/76
2/ 2/77
3/ 2/77
3/30/77

4

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

13.7
12.5
12.7
11.9
1 1.2
10.8

13.6
13.6
12.4
11.4
1 1.0

11.9
10.9
10. 1
9.8

1 I . 1
10.0
9.6

8.4
8.4

7.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL I QMS OF DOLLARS

BILLIONS OF DOLLARS
325

313.7
313.2

320

315.2
3M.0
315

310

305

300

295

1 18

3 17 31

14 28 12 26

APR

9 23

7 21

4 18

1

15 29 13 27

10 24

MAY

6 22

5 19

2

JAN

FEB

1976

16

2

16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

1977

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.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/31/76

6/30/76

9/1/76

6.7
5.6
7.0
5.9
6.3
6. 1
5.7
5.7

4.7
7.5
5.5
6.2
5.9
5.4
5.4

7.9
4.5
5.7
5.5
4.9
4.9

9/29/76 10/27/76

12/1/76 12/29/76

2/2/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/76
9/29/76
10/27/76
12/ 1/76
12/29/76
2/ 2/77
3/ 2/77
3/30/77


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

6.8
7.7
6.8
5.9
5.8

3.8
4.1
3.6
3.9

6.9
5.3
5.2

3.4
3.9

3.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

10.0

9.5

9.0

CORPORATE AAA BONDS

8.5

8.0

7.5

RIME BANK
PAN RATE

7.0
'___ f

6.5
COMMERCIAL PAPER

6.0

5.5

5.0

90 DAY CD'S***

4.5

4.0

6 20

5 19

FEB

MAR

2

16 30 M 28

MAY

11

JUN

25

9 23

6 20

3 17

AUG

SEP

I

15 29 12 26 10 21

7 2I

4 18

4

JAN

FEB

MAR

)8

I

15 29

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 8, 1977

1977
FEB.

4
1 1
18
25
MAR.
4
1 1
18
25
APR.
1
8 *
15
22
29

90 DAY
CD'S nee*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BONDS **

4.90
4.83
4.78
4.79
4.88
4.87
4.83
4.80
4.81
4.85

4.88
4.80
4.78
4.84
4.85
4.85
4.88
4.88
4.88
4.88

4.90
4.82
4.78
4.84
4.83
4.84
4.81
4.79
4.76
4.78

8.03
8.01
8.04
8.08
8.10
8. 12
8.09
8.09
8. 10
8.10

5.93
5.86
5.83
5.92
5.92
5.92
5.90
5.88
5.85
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
neetE 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

SELECTED SHORT-TERM

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
6,5

INTEREST RATES
PERCENT
----- 6,5

------

DISCOUNT RATE

FEDERAL FUNDS RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

6 20
FEB

5

19

2

16 30 14 28

MAR

MAY

II

25

9 23

JUN

6 20

3 17

AUG

SEP

I

15 29 12 26

10 24

7 21

4

JAN

FEB

18

4

18

I

15 29

MAR

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 8, 1977

1977
FEB.

MAR.

APR.

4
1 1
18
25
4
1 1
18
25
1
8 *
15
22
29

FEDERAL
FUNDS *eK

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.60
4.66
4.70
4.74
4.68
4.63
4.62
4.77
4.74
4.60

4.71
4.62
4.63
4.71
4.66
4.63
4.59
4.57
4.57
4.58

5.24
5. 1 1
5.08
5.22
5.23
5.22
5.18
5.17
5. 15
5.15

6.78
6.64
6.60
6.76
6.76
6.77
6.71
6.68
6.70
6.70

7.52
7.49
7.51
7.59
7.60
7.60
7.56
7.55
7.56
7.55

* AVERAGES OF RATES AVAILABLE.
“
'SIKBS&!N!F',l§«Jsr».»«|L|Agua, than date shown.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.


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

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 DOLLARS
450

BILLIONS

445

436.5
436.9
438.2
439. 1

440
435
430
425
420
415
410
405
400
395
390
385
380
375

4 18

3 17 31

14 28 12 26

APR

9 23

7 21

1

4 18

15 29 13 27

OCT

MAY

10 24

8 22

NOV

5 19

2

JAN

FEB

16

1976

2

16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: MARCH 30. 1977
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:
3/31/76

6/30/76

12.7
13.5
14.2
14.9
15. 1
14.8
14.6
14.2

15.5
16.2
16.9
16.8
16. 1
15.7
15. 1

9/1/76

9/29/76 10/27/76

12/1/76 12/29/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/76
9/29/76
10/27/76
12/ 1/76
12/29/76
2/ 2/77
3/ 2/77
3/30/77

8


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

18.5
18.8
18.3
16.9
16.2
15.4

19.0
18.2
16.6
15.8
15.0

18.0
16.1
15.2
14.3

14.3
13.6
12.9

12.3
11.8

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
245

BILLIONS
-

231.4
231.1
232.4

FEB

240

232.7
231.1

235

230

225

220

4

18

3 17 31

14 28 12 26

APR

9 23

7 21

4

18

1

15 29 13 27

MAY

OCT

10 24

8 22

NOV

5 19

2

JAN

FEB

1976

16

2

16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

1977

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/31/76

6/30/76

9/1/76

5.8
4.4
6.2
4.9
5.4
5. 1
4.6
4.6

3.4
6.9
4.7
5.5
5.0
4.3
4.3

7.4
3.4
4.9
4.4
3.5
3.7

9/29/76 10/27/76

I2/1/76 12/29/76

2/2/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/76
9/29/76
10/27/76
12/ 1/76
12/29/76
2/ 2/77
3/ 2/77
3/30/77


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

6.5
7.6
6.2
4.9
4.8

2.8
2.8
1 .9
2.4

5.9
3.7
3.9

1.0
2.1

1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
80
78
76

74
72
70
68

66
64
62
60

58
56
54

4

18

3

17 31

14 28

APR

12 26

9 23

7

21

4

18

15 29

13 27

10 24

8 22

5

19

JAN

MAY

LATEST DATA PLOTTED WEEK ENDING; MARCH 30,
CURRENT DATA APPEAR

1

1977
FEB.

MAR.

APR.

2
9
16
23
2
9
16
23
30
6
13
20
27

16

2

16 30

13 27

1977

IN THE BOARD OF GOVERNORS'

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT
WEEKLY REPORTING COMMERCIAL BAWS.

2

FEB

ISSUED

H.6 RELEASE.
IN DENOMINATIONS OF *100,000 OR MORE BY LARGE

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
62.0
61.9
61.7
60.8
60.3
60.5
60.5
60.8
61.5

62.8
63.5
63.6
63. 1
62.7
62.4
62.0
61.8
62.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

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

BILLIONS OF DOLLARS
1.5 ---------- ------------- -----

BILLIONS OF DOLLARS
----- 1-------------1---------- 1.5
1977

MILLIONS

APR.

4 18

FEB

3 17 31

MAR

M 28

APR

12 26

MAY

9 23

JUN

7 21

JUL
1976

1

AUG

LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

15 29 13 27

SEP

OCT

10 24

NOV

8 22

DEC

5 19

2

JAN

FEB

16

2

16 30 13 27

MAR
1977

APR

1977

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS
124 ---------- ------------- -----

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
----- ------------- ---------- 124

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING '
- MARCH
.
. 30
1977 FROM
— THE FOUR WEEKS ENDING:
~
—
—
—
_

FEB.
DEC.
DEC.
OCT.
SEP.
JUN.
— MAR.

2,
29,
1 ,
27,
29,
30,
3! ,

1977
1976
1976
1976
1976
1976
1976

MILL!ONS

I 1.6
5.4
4.4
7.4
8.8
4.8
1.0

FEB. 23
MAR. 2
117,63

I I I I I I I I
4

18

3 17 31

14 28 12 26

9 23

7 21

1

15 29

13 27

10 24

5 19

2

16

2

16 30 13 27

1976
LATEST DATA PLOTTED WEEK ENDING: MARCH 30,


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

1977
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
(CRED!T PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
t
=
—

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES OF CHANGE*
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 30, 1977 FROM THE FOUR
WEEKS ENDING*
CREDIT
CREDIT
PROXY
ADJUSTED
PROXY

2.2
2.8
4.8
5.9
7.3
5.4
5. 1

- MAR

-CREDIT PROXY ADJUSTED

540

1/

— 530
■=

CREDIT PROXY

—E 510
CREDIT
PROXY

CREDIT

.fBOXY.

17 31

14 28

12 26

9 23

7 21
JUL

1

15 29 13 27

10 24

AUG

1976
LATEST DATA PLOTTED WEEK ENDING* MARCH 30,
CURRENT DATA APPEAR
1/

8 22

5 19
JAN

~

538.9
540.3
541.0
543.6
543.7
541.2

2 16
FEB

2

1

30 13 27

1977
1977

IN THE BOARD OF GOVERNORS’

500

ADJUSTED

531.1
532.6
533.3
536. 1
535.4
533.7

3

520

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

490

480