Full text of U.S. Financial Data : Week Ending: August 29, 1973

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

Week ending: August 29, 1973

The nation's money stock has increased at between a 6
and 6-1/2 percent annual rate in the past three-, six-, nine-,
and twelve-month periods. This rate is about the same as the
average rate of 6.3 percent from 1967 to 1972. The monetary
base, a prime determinant of the money stock, has increased at
about an 8 percent rate in the past six and twelve months, and
at a slower rate of 5.3 percent in the past two months.
Federal Reserve credit, the largest source component
of the base, has increased at a 7 percent annual rate in the
past six months. On three occasions during the past year, the
latest of which was in the first three weeks of August and the
other two in late May-mid June of this year and in late Augustmid September of last year, sizable fluctuations have occurred
in Federal Reserve credit. These fluctuations, however, were
primarily technical in nature, and have been associated with
large fluctuations in Treasury deposits at the Federal Reserve
(see table below). For instance, Treasury deposits at the
Federal Reserve in the first three weeks in August declined
about $2 billion, while Federal Reserve credit decreased by
$1.9 billion. A decline in Treasury deposits at the Federal
Reserve adds to the monetary base, other things equal, unless
offset by other factors such as changes in Federal Reserve
credit.
Early this week the prime bank loan rate was again
increased 1/4 of 1 percentage point to a level of 9-3/4 percent.
Yields on 4- to 6-month commercial paper averaged 10.46 percent
early this week, up from 10.25 percent in the previous two
weeks. Recently, yields on some other instruments have
declined somewhat, particularly Government securities. For
example, 3-month Treasury bill rates averaged 8.62 percent
early this week, down from 8.88 percent of two weeks ago.

Changes From
Week to Week Treasury Deposits with
Federal Reserve Credit
Ending
Ending Federal Reserve Banks
(seasonally adjusted)
Averages of Daily Figures
Millions of Dollars
8/23/72-9/13/72

$ - 1,618

$ - 2,208

5/23/73-6/13/73

- 2,696

- 2,899

8/ 1/73-8/22/73

- 2,009

- 1,903


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

Prepared by Federal Reserve Bank of St. Louis
Released: August 31, 1973

r

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

102

100

98

96

94

5 19

2

l< 30 IS 27

II 25

« 22

6 20

9 17 31

H 21 H 2( II 25

FEB

MAR

9 23

1972

6 20

4 l«

JUN

APR

JUL

IS 29 12 29

1973

LATEST DATA PLOTTED WEEK ENDING. AUGUST 29, 1973
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 OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/30/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/31/73
2/28/73
3/28/73
5/ 2/73
5/30/73
6/27/73
8/ 1/73
8/29/73


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

12/27/72

1/31/73

2/28/73

3/28/73

5/2/73

5/30/73

6/27/73

9.2
8.1
9.2
9.3
8.9
8.6
8.6
8. 1

6.0
9.2
9.4
8.6
8.3
8.3
7.5

9.3
9.5
8.5
8. 1
8. 1
7.2

12.9
10.4
9.5
9.2
8.0

7.8
7.4
7.6
6.5

5.8
6.7
5.5

7.4
5.6

5.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

RATIO
JUL.

1

AUG.
2.604
2.605
LATEST DATA PLOTTED WEEK ENDING: AUGUST 22, 1973
BILLIONS OF DOLLARS
94 ----- 1------ .-

BILLIONS OF DOLLARS
--------------- 94

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
AUGUST 29, 1973 FROM

MAY

30

-- MAR. 2
FEB. 2
JAN. 31

1973
1973

-3.9

FEDERAL RESERVE CREDIT

1973
1973

1973
JUL.
AUG.

5 19

2 16 30 13 27

II

25

8 22

6 20

3 17 31

14 28 14 28 11

25

25

6 20

4

JUN
1972

9 23

MILLIONS

18

89,38

JUL

1

15 29 12 26

1975

LATEST DATA PLOTTED WEEK ENDING: AUGUST 29, 1973
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND 1'OTHER* * ASSETS
claIseI


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

SfEQ^NT

An

iiistfo

prua

data^reAseasonally adjuIted^by^th?s^bank? shifts in dep6s,ts a**6

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
215

aiLLUPMS
20-4.5
203.8
20-4.8
205.2

210

205

200

195

5 19

2 16 30 13 27

11

25

8 22

6 20

3 17 31

14 26 14 28 11

FEB

MAR

25

9 23

6 20

4

16

1

15 29 12 26

APR

1972

1973

LATEST DATA PLOTTED WEEK ENDING: AUGUST 22,

1973

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

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

1.3
1.0
3.9
6. 1
6.3
5.2

0.6
4.5
7. 1
7. 1
5.7

6.2
9. 1
8.6
6.7

14.9
11.9
8.5

11.1
6.9

3.2

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

6.5
5.8
5. 1
4.4
5.3
6.3
6.4
5.7

4.5
3.3
2.5
4.5
6.2
6.4
5. 4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK w
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

275
BILLIONS
264.8
263.6
263.8
263.7
264.4
264.9

270

265

260

255

250

5 19

2 16 30 13 27

II

25

8 22

6 20

3 17 31

14 28 H 28 !!

25

1972

9 23

6 20

4 18

1

15 29 12 26

1973

LATEST DATA PLOTTED WEEK ENDING: AUGUST 22, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

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

7.4
6.5
6.0
5.7
6.4
7. 1
7.0
6.4

5.3
4.5
4.3
5.9
7.0
7.0
6.0

2.3
2.8
5.2
6.8
6.8
5.7

3.2
6.2
8.0
7.6
6.3

7.9
9.7
8.8
6.9

13.6
10.8
7.9

9.7
6.3

3. 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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

I ME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

350

340

330

TOTAL TIME DEPOSITS

320

310

300

290

280

270

NET TIME DEPOSITS *

260

5

19

2

16 30

13 27

11

25

8 22

6 20

3

17

31

14 28

14 28

11

25

1972

9 23

6 20

4

18

1

15 29

12 26

1973

LATEST DATA PLOTTED WEEK ENDING: AUGUST 22,

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE,
* NE T 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 8100,000 OR MORE BV LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
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

12.7
11.7
11.3
11.0
10.8
10.7
10. 1
10. 4

11.7
10.8
10.3
10. 1
10. 1
9.3
9.8

7.6
8.2
8.4
8.7
8.0
8.7

9.0
9. 1
9.2
8.3
9. 1

9. 1
9.3
8.2
9.2

9.5
7.9
9.2

7.2
9.2

8.9

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

PREPARED BY FEDERAL RFSERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
630
620
610
600

MONEY STOCK PLUS TOTAL TIME DEPOSITS
590
580
570
560
550
540
530
520

MONEY STOCK PLUS NET TIME DEPOSITS**

510

5 19

2

16 30 13 27

11

25

9 22

6 20

3 17 31

14 28 14 28 11

25

1972

9 23

6 20

4

18

1

15 29 12 26

1973

LATEST DATA PLOTTED WEEK ENDING: AUGUST 22.

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** M2 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:
8/23/72

12/20/72

1/24/73

2/21/73

3/21/73

4/25/73

5/23/73

6/20/73

5.0
5.6
6.9
7.8
7.4
7.3

6. 1
7.7
8.6
7.9
7.7

8.5
9.5
8.4
8. 1

11.4
9.2
8.6

8.3
7.8

6. 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

10. 1
9.2
8.7
8.4
8.7
8.9
8.6
8.4

8.7
7.8
7.4
8. 1
8.6
8.2
8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERT*!COMMERCIALDEPOSIT*
CATES OF
LARGT
BANKSW
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

70
66
66
64
62
60
58
56
54
52
50
48
46
44
42
40
38
0

b 19

2 16 30 13 27

JUL

AUG

I! 25

SEP
OCT
1972

8 22

NOV

6 20

3 17

DEC

JAN

31

H 28 H 28 11

FEB

MAR

APR

25 9 23

MAY
1973

6 20

4 18

1

15 29 12 26

JUN

JUL

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING; AUGUST 22, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1973
JULY

AUG.

SEP.

4
1 1
18
25
1
8
15
22
29
5
12
19
26

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

M2 m

63. 1
63.9
64.4
65. 4
65.5
66. 2
67.3
67.4

283.0
282.4
283.2
283.4
284.6
285.5
285.9
287.2

547.4
546.8
548.0
547.0
548.4
549.2
550.4
552. 1

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST

LOUIS

9

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

5 19

2 16 30 13 27

11

25

8 22

6 20

3 17 31

14 28 14 28 11

19/E

25

9 23

6 20

4 IS

1

15 29 12 26

1973

LATEST DATA PLOTTED WEEK END INGi AUGUST 22,

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.

1913

SILL IONS
CREDIT
PROXY

JUL.

18
25
AUG.
1
8
15
22


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Federal Reserve Bank of St. Louis

CRED1T
PROXY
ADJUSTED

430.5
430.9
432.6
435.0
437.8
437.7

437.0
437.7
439. 4
441.5
445. 1
444.9

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
AUGUST 22. 1973 FROM THE FOUR
WEEKS ENDING:
CRED1T
CRED1T
PROXY
PROXY
ADJUSTED
JUN.
MAY
APR.
MAR.
FEB.
JAN.
AUG.

20,
23,
25,
21 ,
21 ,
24,
23,

1973
1973
1973
1973
1973
1973
1972

11.4
11.1
11.6
12.3
13.9
13.5
12.6

13.2
12.7
12.7
13.4
15.0
14.5
13.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

THREE-MONTH TREASURY
BILL MARKET YIELD

MUNICIPAL
BONOSXX

DISCOUNT RATE

i I I I
1

IS 29 IS 27

10 24

S 22

5 19

2 16

JAN

7 21

FEB

2

16 50 IS 27

APR

1972

It

25

6 22

6 20

S 17 51

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs AUGUST 31,

1973
JULY

6
13
20
27
AUG.
3
10
17
24
31 X
SEP.
7
14
21
28

1973

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS XX

7.41
7.44
7.45
7.47
7.53
7.61
7.71
7.77
7.75

7.94
7.78
8.03
8. 17
8.30
8.70
8.88
8.71
8.62

7. 15
7.29
7.48
7.76
8.02
8. 16
7.80
7.50
7.33

6.44
6.43
6. 50
6.64
6.90
6.99
6.83
6.74
6.64

5.34
5. 40
5.37
5. 48
5.59
5.58
5.47
5.44
N. A.

* AVERAGES OF RATES AVAILABLE.
SB* BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS,
N.A. - NOT AVAILABLE


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

14 26

MAY
1973

THURSDAY DATA.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

PERCENT

PERCENT
—1 11.0

10. 5

10.0

FEDERAL FUNDS RATE
PRIME BANK
LOAN RATE

COMMERCIAL PAPER

1

15 29 13 27

10 24

8 22

5 19

2 16

2 16 50 13 27

II

25

6 22

6 20

3 17 31

14 26

1972
1973
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 31, 1973

PRIME
COMMERCIAL
PAPER
4-6 MONTH

1973
JULY

6
13
20
27

AUG.

3
10
17
24

SEP.

31 *
7
14
21
28

FEDERAL
FUNDS XX

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S 3BK

8.75
8.90
9. 15
9.60
9.88
10.05
10.25
10. 25
10. 46

10.21
9.52
10.22
10.58
10.57
10.39
10.39
10.52
10.79

8.94
9.00
9.05
9.50
9.85
10.15
10.25
10.25
10.25

8.67
9.03
9.36
9.85
10.14
10.52
1 0.81
10.71
10.93

* AVERAGES OF RATES AVAILABLE.
Stee 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 RESERVT BANKS
ALL MEMBER BANKS
billions of

1973

2

billions of

dollars

MILLIONS

JUL. 25
AUG.
1
8
15
22
29

5 19

IN THE NATION

AVERAGES OF DAILY FIGURES

dollars

2081
2094
2008
1916
2135
2558

BORROWINGS

16 30 13 27

II

25

8 22

6 20

3 17 31

14 28 14 28 I

MAR

25

9 23

6 20

4 18

1

15 29 12 26

APR

1972
LATEST DATA PLOTTED WEEK ENDING: AUGUST 29. 1973

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

112
_ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ AUGUST 22, 1973 FROM THE FOUR
WEEKS ENDING:
—
BUS I NESS
______
LOANS
—
BUS I NESS
LOANS
ADJUSTED

25.3
1972

108
‘BUSINESS LOANS ADJUSTED

106

!/

28.5
24.7
24. 1
26.6
31.5
36.0
27.6

26.2
23.5
_ APR.
MAR.

110

34.8
26.7

104
102
100
98
96
94
MILLIONS
92
BUS I NESS
BUS I NESS
LOANS
LOANS
ADJUSTED

BUSINESS LOANS

90

88
86
84

2

16 30 13 27

11

25

8 22

6 20

3 17 31

14 28 14 28 1!

25

9 23

6 20

4

JUN

5 19

18

1

15 29 12 26

JUL

1973
LATEST DATA PLOTTED WEEK ENDING: AUGUST 22, 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


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Federal Reserve Bank of St. Louis