Full text of U.S. Financial Data : Week Ending: August 28, 1974

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Week ending: August 28, 1974
LIBRARY?
JUN 0 8 19T9

The monetary base has increased at a 5.6 percent
annual rate in the past three months, considerably slower than
the 9 percent rate in the previous nine months.
A similar
slowing in the growth of the monetary base was also observed
over the same months a year ago.
That reduced growth rate,
however, was followed by the 9 percent rate of increase from
August 1973 to last May.
Consequently, in spite of the slow­
ing in the growth rate of base over the three months ending
in August 1973 and August 1974, growth rates of the base over
some longer periods ending in August show no deceleration.
In
the twelve months ending August 1972, the base increased about
7 percent and in the years ending August 1973 and August 1974,
the base grew about 8 percent.
From early May to early August the bank credit proxy
adjusted rose at an 11 percent annual rate, much slower than in
the previous three months—from early February to early May.
Over the past six months the credit proxy adjusted has risen
at a 16 percent rate, more than twice as fast as in the pre­
ceding six months.
Short-term market interest rates began to rise
sharply in late February, about the time the growth rates of
credit measures also began to accelerate. Yields on prime
four- to six-month commercial paper rose from 7.7 percent in
late February to 10.8 percent in mid-May.
Since mid-May,
these yields have, on balance, risen further to an average
of 11.84 percent in the first part of this week.
The threemonth Treasury bill rate, which had declined on balance from
early May through July, has risen sharply since late July,
from about 7.5 percent to 9.64 percent.


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

Prepared by Federal Reserve Bank of St. Louis
Released: August 30, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

JUL.

BILLIONS OF DOLLARS
112

24
110

— AUG

108

106

104

102

100

4 16

1

19 29 12 26 10 24

7 21

9 19

NOV

DEC

2 16 90 19 27 19 27 10 24

FEB

1973

MAR

6 22

9 19

9 17 91

APR

-

14 26 11

AUG

25

SEP

1974

LATEST DATA PLOTTED WEEK ENDING. AUGUST 28, 1974
USES OF 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'1 OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
8/29/73

11/28/73

1/30/74

2/27/74

3/27/74

5/1/74

5/29/74

8/28/74

6.5
9.2
8.1
7.6
7.8
7.0

11 .6
9.5
8.5
8.6
7.5

9.6
8.2
8.5
7.2

5.0
6.5
5.4

7.3
5.6

5.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/30/74
2/27/74
3/27/74
5/ 1/74
5/29/74
8/28/74
7/31/74
8/28/74


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

9.2
8.4
8.5
9.2
8.8
8.4
8.5
8.0

8.6
8.7
9.8
9.0
8.5
8.6
7.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED1T
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

v
RATIO

MULTIPLIER

MI IQ.

J I 111 1
LATEST DATA PLOTTED WEEK ENDING. AUGUST 21, 1874
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
AUGUST 28. 1974 FROM
THE FOUR *EEKS ENDING.
JUN.
MAY
MAY
MAR.
FEB.
NOV.
AUG.

20,
29
1
27
27
28
29

1974
---

7.7
“ “

1974

10.0

FEDERAL RESERVE CREDIT

1973

mi

4 16

1

15 29 12 26 10 24

7 21

5 19

NOV

DEC

2 16 90 15 27 15 27 10 24

FEB

MAR

6 22

APR

5 19

MILLIONS

9 17 51

14 29 11 25

AUG

SEP

1974

1973
LATEST DATA PLOTTED WEEK ENDING. AUGUST 28, 1874
1/ RATIO OF MONEY STOCK <Ml ) / MONETARY BASE.

2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS. FLOAT AND *'OTHER” ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPfisiTS 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

3

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
225

BILL LONS

216. 1
214.3
214.4
215.6
215.6
215. 4

AUG.

220

215

210

205

4 18

1

15 28 12 28 10 24

7 21

S 19

2 18 90 13 27 13 27

MAR

10 24

8 22

5 19

3 17 31

14 28 11

25

APR

LATEST DATA PLOTTED WEEK ENDING: AUGUST 2), 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/22/73

11/21/73

1/23/74

2/20/74

3/20/74

4/24/74

5/22/74

6/19/74

2.7
2.9
4.3
4.7
4.2
4.6
4.5
4.2

3.7
6.0
6.3
5.3
5.7
5.4
4.9

9.0
8.3
6.3
6.6
6.1
5.4

10.0
6.8
7.2
6.4
5.5

3.9
5.2
4.9
4. 1

4.0
4.0
3.2

5.8
4.2

2.4

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
1/23/74
2/20/74
3/20/74
4/24/74
5/22/74
0/19/74
7/24/74
8/21/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
290 -----,------ ,-197’4.

BILLIONS OF DOLLARS
---- ----- ----- 290

BILLIONS

280.9
281.0
281.2
281.0

4 1«

1

ts » 12 26 10 24

f 21

9 19

NOV

DEC

2 19 30 13 27 13 27 10 24

FEB

MAR

8 22

9 19

5 17 31

APR

14 28 II 29

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING. AUGUST 21, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
8/22/73 11/21/73 1/23/74 2/20/74 3/20/74 4/24/74 5/22/74 6/19/74
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
1/23/74
2/20/74
3/20/74
4/24/74
5/22/74
6/19/74
7/24/74
8/21/74


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

4.0
4.3
5.6
6.0
5.6
5.8
5.6
5.4

5.3
7.4
7.6
6.7
6.9
6.5
6. 1

10.0
9.3
7.6
7.8
7.0
6.4

10.9
8.2
8.2
7.2
6.4

5.6
6.4
5.7
5.1

5.3
4.7
4.1

5.8
4.7

3.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YI ELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
13.3 r-

PERCENT
—13.5
-

13.0

e

A

12.3
12.0

90 DA Y CD’ Siam

fY
Y
f

10.3
10.0

1Y

_l\

Jr

«.0
7.3

COMME RCIAL

ll

CORPC RATE

E

11.0

E

r\

10.3

E

E

I1

= fi
—

H
PH

PR II
LOAN RATE

E

1

9.0
8.3

kl
1
V
1
.
\S C -1, h JL

E

9.0
6.5

6.0

E
E

DS

7.5
7.0

6.3

E

A.
/

6.5

V

E

^

. ——-> .

6.0

E
N,

4,5
e 20

JJLLL

JUL

**

**_

MWSIEP1 1. 1 Ll.l 1

3 17 31

AUG

1
6.0

. ,/
/
__✓

N

z—''

3.0

0

0.5

1

7.0

5.3

10.0

1

L

rr

~

12.0
11.3

—\

e

0.5

E
““

/iLJ n

11.5
11.0

12.5

A

=

13.0

1

5.0

****

E
4.5

■ l.Ll.L

14 2* 12 26 9 23

SEP OCT
1073

5.5

E

NOV

111

7 21

DEC

_LLJ_ _LLL JJJ.-L J_LL _LLLL
4 19

1

13

JAN

FEB

1

15 29 12 23 10 24

MAR

APR

MAY
1074

T 21

JUN

-Lljj -LLLL j_lL
5 19

2 16 30 13 27

JUL

AUG

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST 30, 1974

1074
JULY

5
12
19
26
AUG.
2
9
16
23
30 K
SEP.
6
13
20
27

*
***

90 DAY
CD'S mhw

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

MUNICIPAL
BONDS Ml

12.05
12.30
12.66
12.09
11.99
12.05
12.11
12.24
12.48

11.81
11.95
11.95
11.50
11.23
11.48
11.63
11.80
11.84

1 1.31
12.00
12.00
12.00
12.00
12.00
12.08
12.16
12.13

8.62
8.66
8.71
v 8.77
8.86
6.93
8.98
9.03
9.07

6.64
6.95
6.78
6.34
6.70
6.58
6.61
6.73
N.A.

M8**BOND
*** BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
AVERAGES OF RATES AVAILABLE.
EARLIS^THAfUJATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. SEVEN-DAY
- NOT AVAILABLE
PREPARED
BY FEDERAL
RESERVE
BANK OFTWO
ST.DAYS
LOUIS
AVERAGES OF SECONDARY MARKET RATES
FOR THE
WEEK ENOING
WEDNESDAY

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

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAiLY RATES ENDED FRIDAY

PERCENT

PERCENT

FEDERAL FUNDS RATE

DISCOUNT RATE

9 17 91

14 26 12 26
SEP
OCT

0 29

7 21
DEC

4 II
JAN

1 19
FEB

1

IS 29 12 26 10 24

7 21

9 19

JUN

JUL

2 16 90 IS 27

LATE8T DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING] AUGUST 30, 1974

1974
JULY

5
12
19
26
AUG.
2
9
16
23
30 K
SEP.
6
13
20
27

FEDERAL
FUNDS mm

3-MONTH
TREASURY
BILLS

3-3 YEAR
S0VERM4ENT
SECURITIES

gqverm£nt

13.55
13.34
13.04
12.60
12.29
12.09
12.02
12.23
11.84

7.53
7.45
7.72
7.43
7.84
6.75
8.75
9.29
9.64

8.47
8.60
8.35
8.08
8.55
8.59
8.58
8.69
8.77

7.12
7.23
7.24
7.12
7.24
7.31
7.35
7.30
7.36

LONG-TERM

SECURITIES

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

TIME DEPOSITS

ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

400

300
TOTAL TIME DEPOSITS
380
370
300
350
340
330
320
310

NET TIME DEPOSITS H

300
200
280

4 16

1

13 29 12 26 10 24

7 21

3 19

NOV

DEC

2 16 30 13 27 13 27 10 24

FEB

MAR

6 22

3 19

3 17 31

APR

14 26 l!

AUG

23

SEP

LATEST DATA PLOTTED WEEK ENDING: AUGUST 21, 1074
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.fl RELEASE.

J.'XSJPS

CfRTIFJCATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
*NE_T.
?AS!
DEPOSITS,
TIME DEPOSITS
OPENBANKS.
ACCOUNT PLUS TIME
DENOMINATIONS OF
8100,000 OR MORE BYSAVINGS
LARGE WEEKLY
REPORTING
COMMERCIAL

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/22/73 11/21/73 1/23/74 2/20/74 3/20/74 4/24/74 5/22/74 0/19/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/23/74
2/20/74
3/20/74
4/24/74
5/22/74
8/19/74
7/24/74
8/21/74


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

13.4
13.7
13.3
12.2
11.6
11.6
11.4
11.4

13.2
12.6
11.1
10.3
10.5
10.4
10.5

13. 1
10.4
9.3
9.8
9.8
10.0

8.2
7.5
8.5
8.8
9.2

6.1
7.8
8.4
6.9

8.9
9.3
9.7

10.8
10.9

10.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
700 p---- ------ --

BILLIONS OF DOLLARS
---- ----- --- -I 700

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

4 18

1

JUL

AUG

15 2(1 12 28 10 24

SEP
OCT
1973

7 21

5 18

NOV

DEC

2 18 90 15 27 13 27 10 24

JAN

FEB

MAR

APR

8 22

5 18

3 17 91

MAY
1974

14 28 11 25

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 21, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
**

IS DEFINED AS« CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
8/22/73 11/21/73 1/23/74 2/20/74 3/20/74 4/24/74 5/22/74 8/19/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING!
1/23/74
2/20/74
3/20/74
4/24/74
5/22/74
8/19/74
7/24/74
8/21/74


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

8.8
9.2
9.6
9.2
8.7
8.8
8.6
8.5

9.5
10.1
9.4
8.6
8.8
8.6
8.4

11.7
10.0
6.6
8.9
8.5
8.3

9.3
7.7
8.3
8.0
7.8

5.9
7.2
7.1
7.1

7.2
7.1
7.1

8.4
8.0

7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

4 18

1

13 29 12 28 10 24

7 21

3 19

NOV

DEC

2 16 30 13 27 IS 27 10 24

FEB

MAR

BILLIONS OF DOLLARS
----- ----- ----- 90

* 22

3 19

3 17 31

H 2* 11 23

AUG

APR

SEP

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 21, 1878
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
MONEY AND THE DEPOSIT PMA____

1974
JULY

3
10
17
24
31
AUG.
7
14
21
28
SEP.
4
11
18
25

BILLIONS
NET TIME
CERTIFICATES CERTIFICATES
DEPOSITS*
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
80.8
81.1
83.0
84.8
85.5
86.0
86.9
87.6

85.0
84.7
85.4
85.9
85.6
84.9
84.7
84.4

317.4
318.5
318.5
319.3
320.3
320.6
321.5
321.6

M2 ME

598.1
597.8
599'. 4
598.5
599.6
601.5
602.7
602.6

X SEE FOOTNOTE PAGE 8.
VEX SEE FOOTNOTE PAGE 9.


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
4,5 rr--- 1------ 1—
lfiZl

MILLIONS

JUL. 24
31
AUG. 7
14
21
28

3641
3690
3083
3040
3437
3533

BILLIONS OF DOLLARS
---- ----- ----4.5

BORROWINGS

4 )•

1

JUL

AUG

IS 29 12 26 10 84

SEP
OCT
1973

7 21

3 19

NOV

DEC

2 16 SO 13 27 13 27 10 24

JAN

FEB
I

MAR

APR

8 22

MAY
1974

S 19

JUN

9 17 91

JUL

14 28 11 29

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING. AUGUST 28, 1974

BUSINESS LOANS
(COMMERCIAL AND INDUSTRIAL)

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
132

ANNUAL RA
OF CHANGE
THE Fi
=HE
FI
Wl fcl ■ II
:s endIng
BUSINESS
BUSINESS LOANS
LOANS
ADJUSTED
JUN. 19
MAY 22
_ APR. 24

130
128
126
BUSINESS LOANS ADJUSTED 1/

21.0

124

1974

122

- NOV. 21
AUG. 22

120
11B
116
114
112
BUSINESS
BUSINESS LOANS

LI

110

JUL. 17

108
106
104

I I I I I I I I I I
4 18

1

19 29 12 26 10 24

7 21

9 19

NOV

DEC

2 16 90 19 27 19 27 10 24

FEB

1973

MAR

8 22

APR

5 19

9 17 91

14 28 11

AUG

29

SEP

1974

LATEST DATA PLOTTED WEEK ENDING. AUGUST 21, 1974
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.

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

PREPARED BY 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 DOLLARS

SOS
- COMPOUNDED ANNUAL RATES OF CHANGE,
= AVERAGE OF THE FOUR WEEKS ENDING
= AUGUST 21, 1974 FROM THE FOUR
= WEEKS ENDINGi
CREDIT
CREDIT
PROXY
=
PROXY
ADJUSTED
10.9

495

10.8

485

IS.9

MAR.

CREOIT PROXY ADJUSTED 1/

ii.a

AUG.

475

465

455
CREDIT
PROXY

445

CREDIT PROXY

4 18

1

19 29 12 26 10 24

7 21

3 19

NOV

DEC

473.4
475.0
47B.0
477.8
478.8
479.1

2 18 SO 19 27 IS 27 10 24

FEB

CREDIT
PROXY
ADJUSTED

MAR

» 22

APR

1973

5 19

S 17 31

435

14 29 11

AUG

28

SEP

1974

LATEST DATA PLOTTED WEEK ENDING. AUGUST 21, 1974
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.

12


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS