Full text of U.S. Financial Data : Week Ending: August 22, 1973
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FIA/>1 /VC/>1L. Week ending: August 22, 1973 S*£f qiMjsi. library JUN 0 8 1979 The money stock has increased at a 6.7 percent annual rate in the past six months and 6.4 percent in the past twelve months. In recent weeks some slowing of money can be noted. For instance, in the past two months money has risen at a 4.3 percent annual rate. The demand deposit component of money has grown at the same rate in the past two months. The monetary base, the movement of which largely determines movements in the money stock, has increased at about an 8 percent annual rate in the past six month and twelve month periods. Like money, the base has shown a tendency to slow in recent weeks. In the past two months, the base has increased at a 5.1 percent rate. Federal Reserve credit, the primary source component of the base, has increased at an 8.3 percent rate in the past six months and at almost a 10 percent rate in the past twelve months. The prime bank loan rate was raised to 9-1/2 percent early this week, 1 percentage point above the high of 1969-70, but still 75 basis points below the four- to six-month commercial paper rate. Since mid-May, this rate has increased 2-1/2 percentage points. Yields on four- to six-month commercial paper averaged 10.25 percent in the first half of this week, the same as last week's average, but up almost three percentage points from three months ago. Three-month Treasury bill rates averaged 8.83 percent early this week, down slightly from last week's average, but 2-1/4 percentage points above three months ago. Despite the prime rate reaching unprecedented levels, business loans extended by weekly reporting commercial banks have continued to grow at rapid rates. For example, in the past three months, business loans have increased at about a 24 percent annual rate, compared with about a 10 percent average rate from 1962 to 1972. Part of this recent increase, however, may reflect a substitution of bank loans for other sources of business funds, such as commercial paper. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: August 24, 1973 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 104 MILLIONS 102 100 98 96 94 7 21 5 19 JUN JUL 2 16 30 13 27 11 25 I 22 6 20 3 17 31 M 26 FEB H 26 MAR 11 25 9 23 APR 6 20 4 JUN JUL 18 13 29 1973 1972 LATEST DATA PLOTTED WEEK ENDING. AUGUST 22, 1973 USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NQN&£fc3ER BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF Tf* BASE SEE THE AUGUST 1968 •’REVIEW OF THIS BANK. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 8/23/72 12/20/72 1/24/73 2/21/73 3/21/73 4/25/73 5/23/73 6/20/73 8.4 9.9 8.5 8.2 8. 4 7.3 13.2 10.2 9.5 9.4 7.9 8.5 8. 1 8.3 6.9 5.5 6.8 5.3 8.1 5.7 5. 1 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/24/73 2/21/73 3/21/73 4/25/73 5/23/73 6/20/73 7/25/73 8/22/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.3 8.3 9.0 9.5 8.9 8.8 8.8 8. 1 5.9 8.3 9.5 8.4 8.2 8.3 7.4 PREPARED BY FEDERAL RESERVE BAI4X OF ST. LOUIS MULTIPLIER^ FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER RATIO JUL. 11 LATEST DATA PLOTTED WEEK EM) ING: AUGUST 15, 1973 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 94 COMPOUNDED ANNUAL RATES -----OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING - AUGUST 22, 1973 FROM THE FOUR WEEKS ENDING. JUN. 20 1973 MAY 23 APR. 25 1973 - MAR. 21 _ FEB. 21; 1973 JAN. 24, 1973 ___AUG. 23, 1972 - 92 90 -2.3 FEDERAL RESERVE CREDIT 88 86 84 82 1213. MILLIONS 80 78 5 1# 2 16 50 15 27 11 25 6 22 6 20 5 17 51 14 26 14 2C 11 FEB 1972 LATEST DATA PLOTTED WEEK ENDING. AUGUST 22, 25 # 25 6 20 4 14 1 15 29 MAR 1973 1973 1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS, FLOAT AND •‘OTHER’1 ASSETS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REOUlAEMENTS DUE TO SHIFTS IN DEP&SITS AMONG CLASSES OF BANKS. DATA ARE SEASONALLY ADJUSTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 205.0 205.4 204.2 204.5 203.7 204.8 5 18 JUN 2 16 SO 13 27 11 23 8 22 6 20 3 17 31 14 28 14 28 11 FEB JUL 25 9 23 6 20 4 18 1 IS 28 MAR 1972 1973 LATEST DATA PLOTTED WEEK ENDING: AUGUST 15, 1973 CURRENT DATA AfPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 8/16/72 12/13/72 1/17/73 2/14/73 3/14/73 4/18/73 5/16/73 6/13/73 2. 1 4. 1 6.9 7.7 6.0 3.2 7.2 8.0 6.0 12.7 11.7 8.2 13.1 8.0 4.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/17/73 2/14/73 3/14/73 4/18/73 5/16/73 6/13/73 7/18/73 8/15/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.4 5.3 5.4 4.5 4.9 6.0 6.4 5.7 5. 1 5.4 3.6 4.5 6.3 6.9 5.8 0.3 -0.2 1.9 4.5 5.6 4.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 270 BILLIONS 264.8 263.6 263.8 263.6 — AUG 265 260 255 250 245 5 19 JUN 2 16 30 13 27 11 25 8 22 6 20 3 17 31 JUL 14 26 14 26 11 25 FEB MAR 9 23 6 20 4 16 JUN JUL 1 15 29 1973 LATEST DATA PLOTTED WEEK ENDING: AUGUST 15, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 8/16/72 12/13/72 1/17/73 2/14/73 3/14/73 8.2 6. 1 6.4 5.7 6. 1 6.9 7.1 6.4 5.6 6.3 5. 1 5.9 7.2 7.5 6.4 1.5 1.7 3.5 5.5 6.2 5. 1 4.6 6. 1 8.0 8.2 6.7 5.3 8.0 8.3 6.5 4/18/73 5/16/73 6/13/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/17/73 2/14/73 3/14/73 4/18/73 5/16/73 6/13/73 7/18/73 8/15/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.9 10.8 7.8 11.4 7.3 4.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 390 540 550 TOTAL TIME DEPOSITS 520 510 500 290 280 270 NET TIME DEPOSITS* 260 5 10 JUN 2 10 30 13 27 11 25 JUL SEP 1972 0 22 6 20 3 17 31 OCT 14 20 14 2C 11 25 FEB MAR 0 25 APR 6 20 4 10 JUN JUL I IS 20 1975 LATEST DATA PLOTTED WEEK ENDING] AUGUST 15, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS; TIME DEPOSITS OPEN ACCOUNT PLUS Til CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERT IF I CATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 0100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING] 8/16/72 12/13/72 1/17/73 2/14/73 3/14/73 4/18/73 5/16/73 6/13/73 12.7 1 1.9 11.4 11.1 10.9 10.9 10.3 10.3 12.0 10.9 10.5 10.2 10.3 9.4 9.6 7.9 8.5 8.6 9.0 8.3 8.6 9.0 8.9 9.3 8.4 8.7 9.2 9.6 8.4 8.8 9.8 8.0 8.6 7.7 8.6 7.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/17/73 2/14/73 3/14/73 4/18/73 5/16/73 6/13/73 7/18/73 8/15/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 610 600 590 MONEY STOCK PLUS TOTAL TIME DEPOSITS 580 ~ 570 = 580 540 530 520 MONEY STOCK PLUS NET TIME DEPOSITS 510 500 5 10 JUN 2 16 30 19 27 11 25 0 22 6 20 3 17 31 JUL 14 20 14 20 11 FEB MAR 25 0 23 APR 6 20 4 10 JUN JUL 1 IS 20 LATEST DATA PLOTTED WEEK ENDING: AUGUST 15, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. SKM2 IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 8/16/72 12/13/72 1/17/73 2/14/73 3/14/73 4.6 5. 1 6. 1 7.3 7.2 6.9 6.7 7.5 8.7 8.3 7.7 7.4 8.9 8.4 7.7 4/18/73 5/16/73 6/13/73 9.4 7.9 5.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 1/17/73 2/14/73 3/14/73 4/18/73 5/16/73 6/13/73 7/18/73 8/15/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.5 9.0 8.9 8.4 8.5 8.9 8.7 8.4 9.0 8.6 7.8 8. 1 8.8 8.5 8.0 10.9 9.4 8.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 8 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 08 66 64 62 60 56 56 54 52 50 48 46 44 42 40 58 7 21 5 18 JUN JUL 2 16 90 IS 27 11 25 6 22 6 20 9 17 91 JAN' H 28 H 28 11 25 FEB MAR 1972 8 25 APR 6 20 1 18 JUN JUL 1 15 28 1973 LATEST DATA PLOTTED WEEK ENDINGt AUGUST 15, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,SS» MWE BY LARGE MONEY AND TIME DEPOSIT DATA 1973 JUNE 6 13 20 27 JULY 4 1 1 IB 25 AUG. 1 8 15 22 29 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOSITS* 61 .3 61.9 61.6 62.6 63.1 63.9 64.4 65.4 65.5 66.2 67.3 281.6 281 .9 281.9 282.0 283.0 282.4 283.2 283.4 284.6 285.5 285.9 M2 m 544.8 545.2 545.8 544.8 547.4 546.8 548.0 547.0 548.4 549.0 550.4 * SEE FOOTNOTE PAGE 6. 3W! SEE FOOTNOTE PAGE 7. PREPARED BY FEDERAL RESERVE BANK OF ST LOUIS 0 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 445 435 425 CREDIT PROXY ADJUSTED 1/ 415 405 395 CREDIT PROXY 385 375 7 21 5 1® JUN JUL 2 1« 30 13 27 II 25 « 22 6 20 5 17 31 14 2« 14 2® 11 25 9 23 6 20 4 1« JUN JUL 1 15 29 1973 LATEST DATA PLOTTED WEEK ENDING* AUGUST 15. 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE. 1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. 1911 JUL. AUG. 11 18 25 1 8 15 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS CREDIT PROXY CREDIT PROXY ADJUSTED 430. 4 430 . 5 430.9 432.6 434.9 437.8 436.7 437.0 437.7 439.4 441.4 445. 1 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING AUGUST 15. 1973 FROM THE FOUR WEEKS ENDING: CREDIT CREDIT PROXY PROXY ADJUSTED JUN. MAY APR. MAR. FEB. JAN. AUG. 13, 16, 18, M, 14, 17, 16, 1973 1973 1973 1973 1973 1973 1972 10.6 10.4 10.7 12. 1 14.2 12.9 12.3 12.2 11.9 12.0 13.2 15.2 13.8 12.8 PREPARED BY FEDERAL RESERVE 3AKK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 9.5 9.0 8.5 8.0 7.5 CORPORATE Aaa BONDS 7.0 THREE-MONTH TREASURY BILL MARKET YIELD 6.5 6.0 5.5 5.0 MUNICIPAL BONDS** 4.5 DISCOUNT RATE 4.0 2 16 30 14 28 11 25 8 22 « 20 3 17 1 IS 29 12 26 9 23 9 23 1972 6 20 4 18 1 15 29 1 3 27 10 24 1973 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi AUGUST 24. 1973 1973 JUNE 1 8 15 22 29 JULY 6 13 20 27 AUG. 3 10 17 24 * 31 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECUR1T1ES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS XX 7.35 7.36 7.36 7.38 7.40 7.41 7.44 7.45 7.47 7.53 7.61 7.71 7.77 6.91 7.07 7.15 7.25 7.32 7.94 7.78 8.03 8. 17 8.30 8.70 8.88 8.83 6.79 6.72 6.70 6.74 6.89 7.15 7.29 7.48 7.76 8.02 8.16 7.80 7.65 6.31 6.31 6.29 6.32 6.36 6.44 6.43 6.50 6.64 6.90 6.99 6.83 6.75 5.22 5.13 5.13 5.19 5.25 5.34 5.40 5.37 5.48 5.59 5.58 5.47 N. A. * AVERAGES OF RATES AVAILABLE. ** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA. 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 INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 11.0 i— PERCENT —i 11.0 5 10.0 0 5 0 5 0 5 0 FEDERAL FUNDS RATE PRIME BANK LOAN RATE 5 0 COMMERCIAL PAPER 5 0 5 2 16 30 1 4 2« II 25 JUN JUL AUG 8 22 SEP 1972 6 20 3 17 1 OCT NOV DEC IS 29 12 26 JAN 9 23 FEB 9 23 MAR 6 20 APR 4 18 MAY 1973 1 15 29 13 27 10 24 JUN LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST 24, 1973 JUNE 1 6 15 22 29 JULY 6 13 20 27 AUG. 3 10 17 24 X 31 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS 38K PRIME BANKERS’ ACCEPTANCES 90 DAY CD'S nee 7.53 7.63 7.90 8.03 8.28 8.75 8.90 9.15 9.60 9.88 10.05 10.25 10.25 7.95 8.43 8.17 8.55 8.59 10.21 9.52 10.22 10.58 10.57 10.39 10.39 10.52 7. 41 7.75 7.88 8.05 8.35 8.94 9.00 9.05 9.50 9.85 10.15 10.25 10.25 7.58 7.85 8.01 8.09 8.29 8.67 9.03 9.36 9.85 10.14 10.52 10.81 10.71 JUL AUG 1973* * AVERAGES OF RATES AVAILABLE. *X FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK END ING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 ----- ---------- ------------t 3.0 3.0 r------ 1--------1-----1973 MILLIONS JUL. 18 25 AUG. 1 8 15 22 1722 2080 2094 2008 1916 2135 BORROWINGS 7 21 5 19 2 16 50 13 27 11 25 < 22 6 20 3 17 31 JUN JUL DEC JAN AUG SEP OCT 1972 NOV LATEST DATA PLOTTED WEEK ENDING. AUGUST 22. 14 2* 14 28 II 25 9 23 FEB MAR APR MAY 1973 6 20 4 18 1 JUN JUL AUG IS 29 1973 BUSINESS LOANS BILLIONS OF DOLLARS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 112 “ COMPOUNDED ANNUAL RATES OF CHANGE — AVERAGE OF THE FOUR WEEKS ENDING _ AUGUST 15, 1973 FROM THE FOUR WEEKS ENDING. — BUSINESS — BUSINESS LOANS __ LOANS ABJVSTffi 23.3 23.3 26.6 31.7 35.4 26.4 26.3 24.3 110 108 106 .BUSINESS LOANS ADJUSTED 1/ 104 27.6 102 27.3 100 98 96 94 BUSINESS _ BUSINESS L0AN6____ LOANS ADJUSTED----BUSINESS LOANS JUL. 11 92 90 88 86 84 5 19 JUN JUL 2 16 30 13 27 11 25 SEP 1972 8 22 6 20 3 17 31 OCT 14 28 14 28 11 25 FEB MAR APR 9 23 6 20 4 18 JUN JUL 1 15 29 1973 LATEST DATA PLOTTED WEEK ENDING. AUGUST 15. 1973 1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES. FOREIGN BRANCHES, HOLDING COMPANIES. AND OTHER AFFILIATES. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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