Full text of U.S. Financial Data : Week Ending: August 12, 1970

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

LIBRARY

Growth of the money stock in 1970 contrasts
with essentially no growth in the last half of 1969„ Since
the four weeks ending March 4, money has risen at a 5.3 per
cent annual rate (page 5), and the demand deposits com­
ponent of money at a 4.2 per cent rate (page 4).
Time deposits have risen about $9 billion since
late June, a pace even more rapid than the 15 per cent
annual rate of increase from February to June (page 6).
The increase from February to June resulted from relaxation
of Regulation Q on January 21 and declines in short-term
interest rates. These developments permitted banks to
attract funds, in contrast to the previous year when rising
market interest rates relative to Regulation Q ceilings
resulted in a decline in the volume of time deposits.
The rate of increase accelerated in late June, due pri­
marily to the suspension of Regulation Q ceilings on
large certificates of deposit with maturities of 30 to 89
days, effactive June 24. Since that date large CD's have
risen $5.4 billion (page 8). In the previous four
months they had increased about $2 billion. Other time
and savings deposits have risen more steadily since
February — at a 13 per cent rate since June and at an
11 per cent rata in the previous four months.

hgiti 12, 1970

The rise of time deposits due to the ability
of banks to offer yields which are competitive with
ether market channels has permitted bank credit to
increase rapidly. In view of the reduced flows through
other channels, the volume of total credit in the economy
has probably been little affected.
' The money stock plus time deposits has increased
at a 12,4 per cent rate since the four weeks ending
March 4 (page 7). This rapid rise reflects largely the
recent acceleration of time deposit growth.
Short-term market interest rates are a per­
centage point or more lower than peaks at the turn of
the year (pages 10 and 11). Yields on prime four- to
six-month commercial paper averaged 8 per cent, in the
three days ending August 12, compared with 9 per cent
in early January. The three-month Treasury bill rate
average 6.52 per cent in the first half of this week,
down from 8 per cent in early January. Yields on
bankers' acceptances are at 7.25 per cent, compared
with 8.75 per cent in early January.

/


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

Prepared by Federal Reserve Bank of St. Louts

Released: August ]4, ?970

ill
84

of

r

Annual rates of change, average.of
_four weeks ending August 12, 1970 from
_ four weeks ending:

83

82

MONETARY BASE lL
FEDERAL RESERVE CREDIT 12.
Averages of Daily Figures

—
~
_

Monetary
Base
June 10, 1970
O
May 13, 1970 j-£-0
Apr. 15, 1970 y- 7.A
Mar. 11, 1970V- 7-S'

Billions of Dollars
84

__Seasonally adjusted by this bank

83

Credit

82
Monetary Base

Jan. 14, 1970 +
81

80

79

81

Uses of the 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.

80

79

78

78
69

77
68
Federal Reserve Credit
76
67

67

66

66

65

65
6 27/

64
Latest data plotted week ending: August 12, 1970
0
23

6


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

20
Aug.

3 17
Sept.

1
1969

15 29
Oct.

12 26
Nov.

10 24
Dec.

7 21
Jan.

Defined to include holdings of securities,
---loans, float, and ’bther" assets, adjusted
-__ for reserve requirement changes and changes in ^
___requirements due to shifts in deposits among
__
— — classes of banks,
-4 18
Feb.

4

18
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June , July

5

19

2

64

16

30 14

28 11

1970
Prepared by Federal'. Reserve Bank of St. Louis

25

9 7 23

6

20

1971

RESERVES

All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
30.5

Seasonally Adjusted
Annual rates of change, average of four weeks
ending August 12, 1970 from four weeks ending

30.0

June 10, 1970 +9-3
May 13, 1970 + 0-tc
Apr. 15, 1970-t-J-S
Mar. 11, 1970-6-5-7

29.5

Feb. 11, 1970
Jan. 14, 1970 + 3-0
29.0

28.5

28.0

27.5

27.0

26.5

26.0

25.5
* Break in series due to changes in
Regulations M and D effective October
16, 1969.
Currant data appear in the Board's

25.0

H.9 release.
24.5

Latest data plotted week ending: August 12, 1970

0
9

23


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

20

3

17

1

15

29

12 26

10 24

7

21

4

18

4

18

1

15 29

13

27 10 24
June

8

22
July

5

19
Aug

2

16

30

14 28

11 25

Prepared by Federal Reserve Bank of St. Louis

9

23

I

B1 1
174

.s

of

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Dollars

X

t

173

T

fj ]. iJ itld'iiit I ttht

mt

of Dollars
174
173

Annual rates of change, average of four weeks ending:
12/3/69
1/7/70
2/4/70
3/4/70
4/8/70
5/6/70
6/3/70

172

Billions

~r

[

172
171

171

to average
of four
weeks ending:

170
169

170

168
167
166
165

NOTE:

164
163

■

z

2.3
1.3
4.7
3.1
3.6
2.7

2/4/70
3/4/70
4/8/70
5/6/70
6/3/70
7/8/70
8/5/70

- 5.4
+ 3.9
+ 2.1
+ 2.9
+ 1.9
+ 1.4

2.1

169
168

+ 7.0

+ 3.6

+
+
+
+

+ 4.3
+ 2.8
+ 2.1

.
r
i—

9.8

8.6
5.7
4.2

+ 1.5
-0­
- 0.4

+ 1.5
+ 0.5

2.3

167

r'
-

.

166

4

165

Rates of change for less than a two-month period
are not presented here.
“

164

_

163

162

162

161

161

■■

160
159

160
159

-

•

158

158

L
*

157
156

...

155
154

A

■ ‘

r

* r Ar A
V K

V

153

\ •

i

V

r~ ..J
■

152
151

ziz

j\

_
.

157

_J

r

155
154

■

153

_

jZ

i
Tutrvc -3.
<7,/'
2'

...

149

2
/£ ■
*13W

148

r_

147

^5”

146
145
144
0

I

Z

ISL-V.
>££■
7
UH-3
/ 5Z..4
J S7'£
J sb - 0/sv.t
IS
it-3
ISIa•*/

|

147
146
145

9 23
July

I I

6

:

i

20
Aug.


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

I I

I

l

3 17
Sept.

l 1 1

1

l

I I l J_ 1. 1 l

l l I..1. .1-1

15 29 12 26 10 24
Oct.
Nov.
Dec.
1969

7 21
Jan.

4

18
Feb.

4 18
Mar.

1

15 29
Apr.

13 5
May

1

"
June

144

.

_

i 4 i
i
I
I 1__ i
t.i—i—i—i—‘—*—i—i—i—*—* • * .*■ ■■«—»— *
Latest
data
plotted
week ending: Aug. 5, 1970' -

I

150

148

Current data appear in the Board's H.6 release.

T !

151

149

L

ZL

-j-

152

1770

-

—

150

156

July
1970

Aug.

Sept.

_L

_
Oct.

Nov..

Prepared by Federal Reserve Bank of St. Louis

j

Dec.

—X
Jan.
1971

0

MONEY STOCK
Averages of Daily Figures
llions of Dollars

5

Billions of Dollars

Seasona!!y Adjusted
Annual rates of change, average of four weeks ending:
12/3/69
1/7/70
2/4/70
3/4/70
4/8/70
5/6/70
6/3/70

to average
of four
weeks ending
2/4/70
4/8/70
5/6/70
6/3/70
7/8/70
8/5/70

+
+
+
+
+

4.8
3.7
4.3
3.5
3.0

+
+
+
+
+

7.2
5.0
5.4
4.2
3.5

Rates of change for les
are not presented here

+ 3.0
+

2.0

month period

Current data appear in the Board's H.6 release.

i i i hi i trrn -rrr r ttt rrrrrrr
Latest data plotted week ending: Aug. 5, 1970
J—1_I_l
I I 1
9 23 6
17 1 15 29 12 26 10 24


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

1969

18

4

18

1

15

29 13

2 7 10 24
June

8

22

5

19

2

16

30 14

28

11 25

1970

Prepared by Federal Reserve Bank of St. Louis

9

23

6

20
1971

TIME DEPOSITS
All Commercial Banks
11 ion

Billions of

Dollars

231

231

Seasonally Adjusted

229

229

227

227

225

225

223
221
219
217
215

223

June 3, 1970 -+-Q.S.S
May 6, 1970 •#-/<?.?
Apr. 8, 1970 +/<?..$
Mar. 4, 19704-/9*tT
Feb. 4, 19704- / 7- 2.
Jan. 7, 1970 + /!■*>

221

219
217
215

1957-1969

213

213

211

211

209

209

207

207

205

205

203

203

201

201

199

199

197

197

195

195

193

193

191

191

189

139

187

187

185

185

183

183

181

181

179

179

177

177

175

175
173

Current data appear in the Board's H.6 release

171

I I It data
I I I plotted
I I I weekr ending: IAug.
I TTTTTT
Latest
5, 1970

O’

I

173

n n n

'

M ' »! ! I I I I! I I ....................I I I 1 1 .1--L
9

23
July

6


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

20
Aug.

3 17
Sept.

1

15 29 12 26 10 24
Oct.
Nov.
Dec.
1969

July

June

Aug.

16 30
Sept

14 2 8 11

1970
Prepared by Federal Reserve Bank of St. Louis

25

9 . 23

6

20

171
0

llioi

of Dollars

7

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

Billions of Doi:

432

432

430

430
Annual rates of change, average of four weeks
ending Aug. 5, 1970 from four weeks ending:

428

June 3, 1970 -h IA.J>
424

424

422

422

420

420

428

426

426

418

418

1957-1969

416

416
414

414

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398
396

396

394

394
392

392

390

390
388

38S
<7

386

386
384

384

382

382

380

380

378

378
376

376

374

374

372
0

' l i I l I I I t I I I I I I ! I I I 1 I II I I I i
latest data plotted week ending: Aug. 5, 1970
1 I I
15 29 12 26 10 24 7
9 23 6 20 3 17 1


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

372
'
21

4

18

4

18

1

15 29
Apr.

13 27
May

10 24
June

8

22
July
1970

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

9

23
Dec.

6

0

CERTIFICATES OF DEPOSIT []_
Large Commercial Banks
Wednesday Figures

ar3

Billions of

26

26

24

24

22

22

20

20

18

18

16

16

14

14

12

12

10

10
Millions of Dollars

8

J ; /fi.'TSAv

8

6

6

4

Current and year ago data appear in the
Board*s H.4.2 release.
1/ Negotiable time certificates of deposit
in denominations of $1G0,000 or more.

tt it
2

4

i ii i 11 ii i 11 rrmritiT

2

Latest data plotted week ending: Aug. 5, I9"0

23


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

6

20

1

3

15

29 13

27

10 24
June

8 22
July

5

19
Aug

16 30

14 28

11

1969
Prepared by Federal Reserve Bank of St. Louis

25

9

23

6

20

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY)
ion: of Dollars

Billions of Dollars

Averages of Daily figures

328

328

TTTTTTFRT

326

Seasonally Adjusted
326

Annual rates of change, average of
four weeks ending Aug. 5, 1970 from
■ four weeks ending:

324
322
320

324
-

Credit
■

Credit
Proxy
June 3, 1970 -f /h-7
May 6, 1970 +- /0-%
- Apr. 8, 1970 f 7
"Mar. 4, 1970 7 JS.A
Feb. 4, 1970 +■ 7-A
. Jan. 7, 1970 -h 7>0

318
31b
314
312
310

rr

320

3/c-■H

318

/

Adjusted

316

7-/7-0

UKfcUil
PKOXY
ADJUSTED

7-

314
1/
312

'

310
...

308

308

z

306

\

304

306 .

j

v

304

VI

302

302

300

f

/

300-

300
298

298
296

/

294

|

i

**

CREDIT
rftUA T

292

7

290

A!\,4.

t

288
286

282

4

278
276

\

274

17
07
Tu.|y I
?
IS
33

272
5 J

268

o:

_]
LV
AA..' ■

290
288

CREDIT __PROXY
37/0-1
3. tl ?

«

.

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

i

3/6 X
O /O . h

370-3

3/1- l

33(7-7
3.9 IS
37H-3
S‘)7-3
377-9
379-3­
300. (fi

3/0.5

3/3.3.
3/7-S3/7-3JlJ.O

3/9-7

i

If Latest data plotted week ending:Aug. 5, 1970
"T l I L..1 1 I I 1 t I I \ I I I I t I -i -i JL l. -l-J—i—L9 23 6
20 3 17 1 15 29 12 26 10 24 7 21
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
1969


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

JL/ Total member bank deposits plus nondeposit items
is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
adjusted, but nondeposit items are included in the
series on a seasonally unadjusted basis due to the
short period for which most items are available.
Nondeposit items included in the series are as fol­
lows: gross liabilities of banks to own foreign
branches and to branches in U.S. territories and pos
sessions; Euro-dollars borrowed directly from for­
eign banks or through brokers and dealers; com­
mercial paper issued by bank holding companies or
other bank affiliates; and loans or participations
in pools of loans sold under repurchase agreement
to other than banks and other than banks' own
affiliates or subsidiaries.
5=
I I 1 I I I I M 1 I I 1 I I I I II II I | ! I II I i II
10 24 8 22 5 19 2 16 30 14 28 11 25 9 23 6 20
Sept.
Oct.
Nov.
Dec.
Jan.
June
July
Aug.
1971
1970

CREDIT
— PROXY _ ADJ.__

3 Current data appear in the Board's H.9 release
I

t

4

18
Feb.

294

286

. i‘tLQ. .
\jlLLtV*- -3

280

296

292

~

284

270

322

4

18
Mar.

1

15 29 13 27
May
Apr

Prepared by Federal Reserve Bank of St. Louis

284
282
280
278
276
274
272
270
268
0

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

11,00
3-Mon th
Treasu ry
Bill

10.50

3-5 Year

Long-Term Corporate
10.50

10.00

10.00

9.50

'Prime Commercial
' Loan Rate

Corporate
Aaa Bonds

3-5 Year
Covt. Sec

Three-Month >
Treasury Bill
Market Yield

6.50

Discount Rate

Latest data plotted, are averages of, rates available for the week ending: Aug. 14, 1970
11

25

8

22

5

19


* AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3’ 17

31 14

28

12 26

9

23

6

20

6

20

3

17
Apr.

1

15 29 12 ..26 10 24
May
June
July
1970

7

21
Aug,

4

18 2
Sept.

16 30

13 27 .11

Prepared by Federal Reserve Bank of St. Louis

25

4

22

Per Ce
12.00

11.50

11

SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday
Prime
Commercial
Paper
4-6 Month

Per Cent
12.00

Prime
Bankers’
Acceptance

90 Day

‘ 7 7f

Federal
Funds

11.50

7. 75
7 if
11.00

11.00

10.50

10.50

10.00

10.00

9.50

9.00

9.00
Commercial Paper
4-to-6 Month

8.50

8.50

•

8.00

7.50
B ankers1
Acceptances
7.00

7.00
Federal Funds Rate
6.50
Latest data plotted are averages of rates available for the week ending: Aug. 14, 1970

rrtTT n Ttn-fj-tt~t.!

t11 ; ? . _J±i±±±±± ti
31 “ITT

3

_

hlac.°».nt RaEc.
17

nu

6.00
18

16

30 13

June
* AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE

Digitized **
for FRASER
DATA ARE SECONDARY MARKET RATE, WEEKLY AVERAGES ENDING
http://fraser.stlouisfed.org
WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN
THEBank
BOARD'S-H,
9 RELEASE.________________________________________
Federal Reserve
of St. Louis

Prepared by Federal Reserve Bank of St. Louis

0
1 25

R

2

BORROWINGS AND EXCESS RESERVES
Al! MemberBanks in the Nation
Averages of Dai!y Figures

Millions of Dollars

EXCESS
RESERVES
/9J

2,800

/36
<2 73

2,600

S’S'

2,400

Millions of Dollars

BORROWINGS
tAAH

i
:

<s3 7

1

-x S' 7

6-Stf

2,200

2,200

2,000

2,000

/as/

1,000

Excess Reserves

1,000

Net Free Reserves

1,800

2,200

2,600
2,800

data plotted week ending: Aug. 1

3,000
9 23
July


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

6 20
Aug.

3
17
Sept.

1
1969

15 29
Oct.

12

26 10 24
Nov. Dec.

7 21
Jan.

4 18 4
18
^eb.
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June
July
1970 '

5

19
Aug.

2

16 30
Sept.

14

2 8 11 25
Oct
Nov,

Prepared by Federal Reserve Bank of St. Louis

-9

23
Dec.

6

20
Jan.
1971