Full text of U.S. Financial Data : Week Ending: August 11, 1976

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

Week ending: August 11, 1976

LIBRARY
DEC

-1 g 1975

The monetary aggregates have grown more rapidly in the
most recent six months than in the previous six months. For
example, the monetary base has increased at an 8,1 percent annual
rate since late January, compared to a 5.7 percent rate over the
earlier six months. The narrowly defined money stock (Ml) and
the more broadly defined money stock (M2) have increased at rates
of 7 and 11.3 percent, respectively, in the most recent six
months, compared to growth rates of 2.2 and 7.5 percent in the
previous six months.
On balance, the level of demand deposits remained
virtually constant over the six months from late July 1975
through late January 1976, in contrast to the 5.8 percent rate of
growth in the most recent six months. However, neither currency
nor net time deposits have exhibited as marked an acceleration as
demand deposits in the most recent period.
Since late January
currency and net time deposits have increased at rates of 10.8
and 14.7 percent, respectively, which are moderately higher than
the 8.3 and 12 percent rates of the previous six months.
Despite this recent upturn in growth rates, the
monetary aggregates over the last year have generally expanded at
slower rates than the long-term trend rates observed in previous
years. For example, the monetary base has grown by 6.9 percent
over the last twelve months, compared to a 7.6 percent annual
rate of increase over the preceding five years. Likewise, Ml
has increased by 4.6 percent since late July 1975, compared to an
annual trend growth rate of 6.3 percent from late July 1970
through late July 1975. The growth of M2 over the last twelve
months has been just slightly below the trend of the previous
five years (9.4 percent versus 9.7 percent).
While the growth rates of the monetary aggregates
have slowed from their trends of the past years, the same is not
true for all of their components. Currency, for example, has
grown by 9.5 percent over the last twelve months, which is more
rapid than the 8.3 percent trend rate of the previous five
years. Demand deposits, on the other hand, have increased by
only 2.9 percent since late July 1975, somewhat below the 5.8
percent annual rate exhibited over the earlier five years. The
growth of net time deposits over the most recent twelve months
has been similar to its earlier trend growth rate of about 13
percent from mid-1970 to mid-1975.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Released: August 13, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

2


191ft

4 IS

BILLIONS OF DOLLARS

MILLIONS

2 IS SO IS 27 10 24

AUG

S 22

S 17 SI 14 a* tt 25 10 24

S 10

7 21

• 1»

2 IB SO 14 2« 11 25

JUL

SEP

AUG

LATEST DATA PLOTTED SEEK ENDING. AUGUST 11, 1976
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 BANKS1. ADJUSTED
FOR RESERVE REQUIREKCNT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DtFFER£N. RESWVE REOUTROIENTRAms APPLY. THEMAJOR SOURCE^OF THE MONETARY 8A^ are
FEDERAL
RESERVE
AND THE
GOLD STOCK.MONETARYBASE
DATA ARE COMPUTED
BY THISAS
BANK.
A DETAILED
SCR1PTI0N
OrTHECREDIT
3WRCESAND
USKOF^THE
IS AVAILABLE
REPRINT
NO. 31 DEFROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
VI3/76

11/12/75

1/14/76

2/11/78

VI0/76

VI4/76

VI2/76

6/9/76

10.7
8.6
9.2
8.6
6.0
7.3

11.5
11.4
10.1
9.0
6.1

7.9
7.3
6.8
6.1

8.5
7.3
6.3

5.6
4.9

4.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/14/7S
2/11/76
VI0/76
■4/14/76
VI2/76
V 9/76
7/14/76
VI1/76

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Federal Reserve Bank of St. Louis

6.3
5.7
7.5
7.2
7,6
7.4
7.2
6.9

4.9
8.2
7.6
8.1
7.8
7.5
7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER^
ADJUSTED FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.8

RATIO

MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING* AUGUST 4,

1915.

RATIO

ffl: 5?

l:llf

1970

BILLIONS OF DOLLARS
lie

BILLIONS OF DOLLARS
------------------ ---------- lit

----------.-------------,—
COMPOI

-

ANNUAL RATES
ThE^FOUR^ifeEKjTeND ING

AUGUST 11. 1976 FROM
— THE FOUR <FEEKS EKCINGi
“ JUN.
9, 1976
— MAY
12, 1976
- APR.
14! 1976
MAR. 10, 1976
— FEB.
11, 1976
- NOV.
12! 1975
___AUG.
13, 1975

5.4
4.8
7! 2
6.3
8.3
?!4
7.6

ADJUSTED FEDERAL RESERVE CREDIT

1915

MILLIONS _

1 I 1 I II I I I 1 I ( It 1
JUN

JUL

AUG

SEP
1975

OCT

NOV

DEC

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 11,

JAN

FEB

APR

* I*
MAY

2 16 K 14 21 It a

1976
1976

1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.

" VBKMK/emamoKus1
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY?


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

DATA ARE COTUTED BY THI^IaNK^

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
715 c------- r-----------1—
1976
JUN.
JUL.

30
7

BILLIONS OF DOLLARS
------------------ ------- ra 715

BILLIONS
704.9
706.9
709.2
710.1

EL AUG

2 II SO II n 10 »

• 22

OCT

5 1»

NOV

I 17 II H 21 II 21 10 24

DEC

JAN

7 21

5 1»

2 K 30 M II It 28

JUL

FEB

AUG

LATEST DATA PLOTTED WEEK ENDING, AUGUST 4. 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* M.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS IM2)
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING,
6/8/75

11/5/73

6.3
7.5
B.5
6.6
9.5
9.4
9.0
9.4

9.7
10.9
10.5
11.6
11.3
10.4
TO.8

1/7/76

2/4/76

3/3/76

4/7/76

14.5
12.5
13.6
12.8
11.3
11.7

11.7
13.5
12.5
10.8
11.3

12.9
11.7
10.0
10.6

13.3
10.2
11.1

5/5/76

8/2/76

TO THE AVERAGE
OF FOUR 'WEEKS
ENDING,
1/
2/
V
4/
5/
6/
7/
8/

4

7/76
4/76
3/76
7/76
5/76
2/76
7/76
4/76


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

7.1
9.1

9. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
■315 --------- ,------------ ,-----

13Z&
JUN.
JUL.

4 t«

JUN

30
“

BILLIONS
304.3

t II SO U 9 10 14

JUL

BILLIONS OF DOLLARS
---------------------------- 1 315

AOC

SEP
1975

> Z2

OCT

SI*

NOV

I 17 SI 14 to II

DEC

JAN

FEB

n

10 !♦

MAR

7 21

III

ATR
MAY
1078

t II SO 14 N II 8

JUL

AUG

LATEST DATA PLOTTED SEEK EM) INC. AUCUST 4, 1978
CURRENT DATA ATVEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AM) COIN HELD BY THE NQMMMt PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING.
8/6/75
11/5/75
1/7/T6
2/4/76
3/3/78
4/7/76
5/5/76
6/2/76
TO THE AVERAGE
OF FOUR WEEKS
ENDINCt
1/
2/
3/
4/
5/
8/
7/
8/

7/78
4/78
3/76
7/76
5/76
2/76
7/76
4/76


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Federal Reserve Bank of St. Louis

2.4
2.2
2.8
3.3
4.9
4.9
4.1
4.6

2.2
3.3
3.9
6.3
6.1
4.8
5.4

4.0
4.6
6.3
7.6
5.6
6.2

6.4
10.6
9.2
6.4
7.0

12.3
9.9
6.4
7.0

12.4
6.5
7.2

0.8
3.5

2.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
10.5

10.0
9.5
CORPORATE AM BONDS

9.0
«.5

■PAN RATE

8.0
7.5
MUNICIPAL
BONDS**
7.0
%___ /

6.5
6.0

COMMERCIAL PAPER
5.5
5.0
4.5
4.0

0 20
JUN

4 10
JUL

I 15 29 12 20 10 24

7 21

5 19

NOV

DEC

2 16 90 IB 27 12 20

1975

9 23

7 21
MAY

4 10
JUN

2 10 SO 15 27

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST 13, 1976

1976
JUNE

4
11
18
25
JULY 2
9
16
23
30
AUG.
6
13 X
20
27

6

90 DAY
CD'S Ml

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa RONDS

MUNICIPAL
BONDSMK

5.93
5.93
5.82
5.84
5.73
5.75
5.58
5.47
5.43
5.36
5.45

6.00
6.00
6.00
5.90
5.80
5.81
5.65
5.65
5.50
5.50
5.50

5.92
5.82
5,74
5.69
5.69
5.66
5.48
5.47
5.35
5.34
5.34

8.63
8.63
8.62
8.60
8.63
8.57
8.53
8.55
8.54
8.51
8.49

6.89
6.86
6.85
6.87
6.87
6.78
6.78
6.76
6.73
6.63
N.A.

* AVERAGES OF RATES AVAILABLE.
9M BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
mm EARLIER
SEVEN-DAY
AVERAGES
SECONDARY
MARKET
FORINTHE
ENDING
WEDNESDAYH.9
TWORELEASE.
DAYS
THAN
DATES OF
SHOWN.
CURRENT
DATARATES
APPEAR
THEWEEK
BOARD
OF GOVERNORS'
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0*

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

DISCOUNT RATE

FEDERAL FUNDS RATE

fl 20

4 1C

JUN

JUL

1

13 29 12 20 10 24

7 21

5 10

2 16 90 19 27 12 20

NOV

DEC

FEB

0 29

7 21

4 1C

2 1C 90 19 27

MAR
1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE KEEK ENDING* AUGUST IS, 1976

1978
JUNE

4
11
18
25
JULY 2
9
16
23
30
AUG.
6
13 K
20
27

FEDERAL
FUNDS CM

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

SECURITIES

5.54
5.44
5.47
5.48
5.58
5.37
5.27
5.30
5.28
5.36
5.25

5.53
5.44
5.38
5.34
5.36
5.34
5.15
5.23
5.17
5.16
5.18

6.27
6.11
6.07
6.06
6.08
5.90
5.72
5.84
5.74
5.72
5.65

7.52
7.42
7.38
7.32
7.36
7.30
7.18
7.26
7.21
7.12
7.09

7.89
7.86
7.86
7.84
7.84
7.81
7.79
7.84
7.84
7.82
7.80

* AVERAGES OF RATES AVAILABLE.
«■* SEVEN-£AY AVERAGES FOR
ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN*
„ CURRENT- DATA APPEAR JN THE BOARD OF GOVERNORS' H.9 RELEASE.
RATES ON LONG-TERM GOVERfMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANC OF ST. LOUIS.

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

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS

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

BILLIONS OF DOLLARS

UK&
JIM.

30

BILLIONS OF DOLLARS

BILLIONS.
399.5
400.6
403.0
404.4

4 1ft

* 1ft 10 II 27 !0 *4

« 22

ft T9

NOV

1 IT *1 T4 28 M 28 10 *4

Dec

JAN

7 21

ft 19

2 16 90 14 ftft 11 2ft

FEB

JUL

AU6

LATEST DATA PLOTTED WEEK ENDING* AUGUST 4, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

» NET Tllg DEPOSITS ARE.DEFINED AS. SAVINGS DEPOSITS. TIME D6T0SITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TlkC &RTIFICATES 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*
8/6/75

11/S/7S

A/7/79

2/4/76

3/3/76

4/7/76

5/5/76

6/2/76

23.5
16.9
17.9
17.0
16.0
16.1

16.0
15.6
15.0
14.3
14.7

13.2
13.2
12.9
13.5

13.9
13.2
14.0

12.6
13.6

14.1

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
1/
2/
3/
V
5/

7/76
4/76
3/76

7/79

5/76
2/76

9/
7/ 7/79
9/ 4/76

8


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

9.7
12.0
13.2
13.0
13.2
13.2
13.1
13.3

16.2
IT.4
16.1
15.9
15.5
15.0
15.2

PREPARED BY FEDERAL RESERVE BAKK OF ST. LOUIS

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

BILLIONS OF DOLLARS

ISZfL
JUN.
JUL

BILLIONS OF DOLLARS

B.IUL1QHS.

30
227.8
226.5

4 1*

2 16 10 IS tr 10 24

AUG

6 22

S 1*

1 17 11 14 M 11 25 tO 24

SEP
1975

2 16 SO 14 26 II 28

APR

JUL

MAY

AUG

1976

LATEST DATA PLOTTED WEEK ENDIKK, AUGUST 4, 1976
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*
8/6/75

11/5/75

1/7/76

2/4/76

0.6
0.2
0.9
1.3
3.2
3.2
2.5
2.9

-0.4
1.0
1.6
4.5
4.4
3.1
3.7

1.5
2.4
6.6
6.0
4.0
4.7

4.5
9.6
8.1
5.2
5.8

3/3/76

4/7/76

S/S/76

11.5
9.0
5.2
5.9

12.3
5.7
6.5

-0.8
2.1

6/2/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
1/
2/
3/
4/
5/
6/
7/
8/

7/76
4/76
3/76
7/76
3/76
2/76
7/76
4/76


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

1.5

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLMS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

88 ------------------ ------

* 19

2 10 90 IS IT 10 14
AUG
SEP

0 22

S 10

5 17 *1 14 20 1! 25 IQ 24

7 21

* !»

2 10 30 14 20 T1 20
JUL
AUG

LATEST DATA PLOTTED WEEK ENDING, AUGUST 4. 1076
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.S RELEASE.
S^Y^ORT^C«MMBWlApIBAM(sfPOS,T ISSUCD ,N DENOMINATIONS OF *100.000 OR MORE BY LARGE


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

I97B
JUNE

2
9
T6
23
30
JULY 7
14
21
28
AUG.
4
11
18
25

1

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
68.4
68.8
88.9
69.1
70.0
09.7
69.2
69.0
68.2
67.3

68.7
69.7
70.4
71.1
72.0
71.5
70.4
69.7
68.2
66.5

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

1SZ4 MILLIONS

< II

I 1# SO IJ IT )0 24

JUN

JUL

AUG

SEP
1975

6 22

OCT

5 It

NOV

J IT SI

DEC

14 » II IS 10 24

JAN

FEB

MAR

7 21

5 IS

APR MAY
1976

2 t6 It 14 tt 11 tt

JUN

JUL

AUG

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 11, 1970

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
120
124
122

120
110

110
114
112

110
100

_ COMPOUNDED AM4UAL RATES
OF CHANGE. AVERAGE OF
— THE FOUR WEEKS ENDING *
- AUGUST 4, 1970 FROM
THE FOUR WEEKS EKDINGi
JUN.

2,

1970

100
104

-5.4
102

8.8

-

100
-9.5
i.i i ii

mu
4 It

90

2 16 90 IS 27 10 24

AUG

SEP

6 22

5 19

3 17 St

14 26 11 25 TO 24

JAN

1975

FEB

7 21

5 19

APR
MAY
1976

2 16 SO 14 26 11 26

JUL

AUG

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 4, 1970


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 OOLLARS
560

= COMPOUNDED AM4UAL RATES OF CHANGE
~ AVERAGE
aucradC nr
rm ib WEEKS
inve ENDING
curs i kin
OF nc
THE FOUR
AUGUST 4, 1976 FROM THE FOUR
'KEEKS ENDINGi
CREDIT
CREDIT
rRQXY
TROXY
ADJUSTED
540
1976
1976
1976
1976

530

520

"CREDIT PROXY ADJUSTED 1/

510
CREDIT PROXY
500
BILLIONS
CREDIT
-ERQXY,

~ JUL.

4 It

1 16 30 13 27 K

24

6 22

3 l»

3 17 31

14 28 11 29 10 24
JAN
FEB

1975
LATEST DATA PLOTTED WEEK ENDING* AUGUST 4.

514- T
514.7
517.6
515.5
514.7

7 21

5 It

CREDIT
PROXY
ADJUSTED

490

522.6

524.4

2 16 30 14 M

470

'

1976
1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BA68<-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS