Full text of U.S. Financial Data : Week Ending August 30, 1967

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1/

FinnnciRi 30, drtr
Week ending August
1967
COMMERCIAL PAPER AMD NEGOTIABLE CERTIFICATES OF DEPOSIT
"
(Pages 6, 7, 13, and 14)

DATA REVISED FOR MONEY STOCK ARP DEMAND DEPOSITS
(Pages 4, 5, and 12)

Outstanding commercial paper averaged $16.5
billion during July, up at a 23 per cent annual rate
since February. Conmercial paper rose at a 64 per cent
rate from July 1966 to February, and at a 17 per cent
rate from early 1964 to mid-1966.

The Federal Reserve Board has revised the
series on money stock and its components. Monthly
and weekly data on money stock, its currency and
demand deposit components, time deposits, and Govern­
ment demand deposits, going back to 1959, appear in
the August Bulletin

Outstanding negotiable certificates of deposit
R major banks totaled $20.6 billion as of August 23, up
at an annual rate of 21 per cent since February. By com­
parison, these CD's rose at a 2 per cent rate from July
1966 to February, after rising at a 26 per cent average
rate in the preceding two and one-half years.
Since February, interest rates on commercial
paper and on certificates of deposit have followed a simi­
lar course. Likewise, interest rates on these two instru­
ments rose together from early 1964 to mid-1966. By con­
trast, a marked spread between the two rates developed
in the period from July 1966 to February 1967 when interest
rates on CD’s were constrained by the 5-1/2 per cent maxi­
mum rate permitted under Regulation Q. At that time
growth of commercial paper accelerated and CD's changed
kittle on balance.
Since late spring, yields on both commercial
paper and certificates of deposit have risen at about the
same rate as in late 1965 and early 1966. The market yield
on conmercial paper on August 30 was 5*00 per cent, up
from 4.67 in May. The average bid on new six-month CD's
was 5.13 per cent in August, up from 4.50 per cent in May.


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

Money stock, as measured by the revised
series, averaged $178.9 billion in the four weeks
ended August 23- Money has risen at a 9 per cent
annual rate over the past six months and at a 7 per
cent rate over the past nine months. Estimates
indicate that money stock plus Government deposits
has risen at about an 8 per cent rate over the
past six months and nine months.
The charts on pages 4 and 5 present both
the revised series and the former series for compari­
son. The revised series are somewhat higher on
average because of benchmark adjustments. Other dif­
ferences, which tend to smooth the series, reflect
an updating of seasonal adjustment factors.

Rates of change reported in this release are
intended to serve as aids for analyzing recent
developments. Longer periods of time than
covered here are generally required to identify
major turning points.

Prepared by Federal Reserve Bank of St. Louis
Released. September 1, 1967

FEDERAL RESERVE CREDITll
Weekly Averages of Daily Figures
Seasonally Ad justed bythisBank

Billions of Dollars

L2

Billions of Dollars

—Annual rates of change of Federal. Reserve Cre<
—adjusted for reserve requirement changes
from four weeks ending:
+ f- 7
-Aug

Federal Reserve Credit Adjusted
for Reserve Requirement Changes

Federal ReserveCredit

Federal Reserve Holdings of U.S. Government
and Federal Agency Securities
* Data beginning March 2, adjusted
for the effect of 'the changes in
I-]
reserve requirements.
1l Federal Reserve Credit excluding float and a few minor
items.
2j Seasonal adjustment for Federal Reserve Holdings
"

Borrowings

Latest data preliminary
12

26 2

Digitized for 0
FRASER
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16

36'7 lU

Borrowings from Federal Reserve not seasonally adjusted.
Unadjusted data appear in Board's H.4.1 release.

28 4

18 25 1

15 22 1

29T12 26“3
Apr.

17
31 7 14
28 5 12 26 2
16
30 6
May
June
July
Aug.
Se
1967
.
Prepared by Federal Reserve Bank of' St. Louis

RESERVES
All Member Banks in the Nation
Weekly Averages of Daily Figures

Billions of Dollars

Seasonal adjustment computed by this
bank using data ending December 1965.
Unadjusted data appear in the Board's
H.4.1 release.
TOTAL RESERVES
Annual rates of change, average of
four weeks ending Aug. 30, 1967
from four weeks ending
May 31, 1967
-t hMar. 1, 1967
Nov. 30, 1966
Auk. 31 1966
+ L.S

3
Billions of Dollars

1/ Data prior to March 16, 1967 adjusted for
estimated effect of reserve requirement changes,
and do not correspond with monthly series which
adjusts data to reserve requirements in effect
from September 1966 to March 1967.

Total

1/

Reserves Available for
Private Demand

22.0

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of
four weeks ending Aug. 30> 19^7
from four weeks ending
May 31, 1967
Mar. If
Nov. 30, 1966
Aug. 31, 1966

12 26
Oct.

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

Seasonal adjustment factors have been revised
to incorporate data through early 1967.
16
30 7 14 28 4
18 25
15 22 1
Feb.
Dec.
Jan.
Nov.
Mar.
1966

Latest data preliminary
Latest data plotted week ending:Aug
L...1..-1 ■
I : ! i I : I i >
31 7 14 28
June

30, 1967
1—I__ 1

30 6 13
Sept.

Prepared by Federal Reserve Bank of St. Louis

DEMAND DEPOSIT COMPONENT OF U.S. MONEY STOCK
Averages of Daily Figures
Seasonally Ad justed

4
Billions of Dollars

—
Revised Series
— Annual rates of change, average of
_ four weeks ending Aug. 23, 1967
_ from four weeks ending:
May
24, 1967
+H-.0
Feb. 22, 1967
y- /o.t>
~ NOV. 23, I966
y. 7
— Aug. 24, 1966
+ S'. ?
_ July i960 - July 1966

y- <5.?

* Revised
Series

Former Series Revised Series
WEEKLY DATA WEEKLY DATA
1967
1967
/Si. 7
/3(.</

-

mo
/Si?

_

J31X/3g-t,

~

/J/.3

Series

-

/sg.3

1

/J9-3
/39 C

26 2


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

16

30 7 14

fi-

Current data appear in the Board’s H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

—Latest data preliminary
^Latest data
5 12

-

/J?.7

28

4

18 25 1

15 22 1

15

29

5 12

31 7 14 28 5 12 26 2
IS 30 6 13
17
May
June
July
Aug.
i
1967
Prepared by Federal Reserve Bank of St. Louis

26 3

5

MONEY STOCK

Billions of Dollars

Averages of Daily Figures

Billions of Dollars

Seasonally Adjusted
—
Revised. Series
— Annual rates of change, average of
__ from four weeks ending:

_ July I960 - July 1966

S'3.3L

Revised
Series

Former Series Revised Series
WEEKLY DATA WEEKLY DATA
1967
.
1967
---_

/r ns.*)
su

Jtt ns-i

tyju 3 /T) 0

—

_
Series.

‘/Si

/ 7 7' 3

/? >17-0

sit mo

iii, 177?

i 778.3
<i

7 7//

Ur 7V7 7L
U nr SL

Latest data plotted week ending: Aug. 23, 1967
5 12

26 2


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

16

30 7 14

18 25 1

15 22 1

Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of money stock by months see this bank’s
monthly release entitled "Monetary Trends".
29 5 12

J__ I__ !__ L
28 5 12
17 31 7 14
Sept.
May
June
1967
Prepared by Federal Reserve Bank of St. Louis

26 3

CERTIFICATES OF DEPOSIT [LAND COMMERCIAL PAPER \2
uursTanaing volume

w

Deposit

Commercial Paper
Latest data plotted:
Commercial Paper July 1967
1/ Negotiable time certificates of deposit in denominations of $100,000 or more ___
at large commercial banks. Monthly averages of Wednesday figures. Data prior
----to July 1965 estimated by the Federal Reserve Bank of St. Louis.
■— g/ Total volume of commercial paper outstanding.
_
end-of-month figures, seasonally adjusted.


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

Averages of current and preceeding

Prepared by Federal Reserve Bank of St. Louis

NEW ISSUE RATE ON CERTIFICATES OF DEPOSIT LL
DEALERS’ OFFERING RATE ON COMMERCIAL PAPER [2
'—

#

Per

7
Per Cent

7

Commercial Paper

6

5

Certificates of Deposit

4

•

1/ Average new issue rate on 6 month certificates of deposit of $100,000 or more.
Estimated by the Federal Reserve Bank of St. Louis from guide rates published
in the Bond Buyer.
2/ Prime commercial paper, 4- to 6-months maturity.

. 1967 estimated

Averages of dealers' daily offering rates.

2

0 '


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

Prepared by Federal Reserve Bank of St. Louis

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation

8

Millions of Dollars

Millions of Dollars

1100

1100

1000

1000

BIWEEKLY SETTLEMENT PERIODS

.Excess Reserves

Net Free Reserves

-100

-200

—latest data preliminary


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

12

26

10

2k

16

7
June

30

13

27
Sept.

11

25
Oct.

8

22
Nov.

Prepared by Federal Reserve Bank of St. Louis

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

Billions of Dollars
-Annual rates of change, average of

9
■Ilians of Dpi:

Seasonally Ad justed bythisBank

from four weeks ending:

Current and year ago unadjusted data appear in
the Board's H.4.2. release. Seasonal adjustment
computed by this bank using 1962 through 1966 data

Latest data preliminary

512 262
Oct.

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

15 22 l
Dec.

Jan.

15 29 5
Mar.

31 7 14
June

JL_J___L

July

Aug.

30 6 13
;

I967
Prepared by Federal Reserve Bank of St. Louis

10

YIELDS ON SELECTED SECURITIES

Weekly Averages of Daily Rates Ended Friday

Percent

Corporate
Aaa Bonds'

Long-Term
Government Bonds

Discount Rate

Three-Month Treasury
Bill Market Yield

Latest data plotted are


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

J—L~L
27 3 17 24 3
June
Prepared by Federal Reserve Bank of St. Louis

SELECTED SHORT-TERM INTEREST RATES
Weekly Averages of Daily Rates Ended Friday

Per Cent

Prime Commercial Paper
4-to-6 Month

Discount Rate

Prime Bankers
Acceptances

^Federal Funds Rate

on

o
7 Ik

28 4


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

18 25 2

1630613

27 3

17 24 3

31 7 14

28 5 12

26 2

1 ' i
16 30 7 14 28 4
June
July

18 25 1
.
Aug.
Se]

1967
Prepared ty Federal Reserve Bank of St. Louis

MEMBER BANK

12

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
RESERVES
AVAILABLE
FOR PRIVATE

WEEK

1

/

±1

TOTAL
RESERVES

MONEY STOCK
'
AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
MILLIONS OF DOLLARS
EXCESS

FREE

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,1/ Seasonal adjustment factors have been revised to incorporate data through early 1967*

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

mo

4/73_
_

7/tr

___I7h<3

BUSINESS LOANS
LARGE COMMERCIAL BANKS

LARGE CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS

WEDNESDAY FIGURES
MILLIONS OF DOLLARS
DATE

UNADJUSTED

SEASONALLY
ADJUSTED

DATE

WEDNESDAY FIGURES
MILLIONS OF DOLLARS
UNADJUSTED

SEASONALLY
ADJUSTED

DATE

UNADJUSTED

DATE

UNADJUSTED

a

P - PRELIMINARY

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

U

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

13

14

SELECTED YIELDS
YIELDS ON U. S. GOVT. SECURITIES
LONG-TERM

, -VFAD
3-5 YEAR

3-MONTH
TREAS. BILL

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES

WEEK

phime

COMMERCIAL
pb,up
LARGE
PAPER
BANKERS
90 DAY.
4-6-MONTH ACCEPTANCES CD’S**
Aoo
PER CENT PER ANNUM
FRIDAY
AVERAGES OF DAILY FIGURES

CORPORATE

FTCURES

FEDERAL FUNDS
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

nki fljuf 7

4.4 +

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3.93

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------

*■

/

•AVERAGES OF RATES AVAILABLE

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

—Vt' /------

----- 1—------

J.(c<o

_ 30O____
_

3.90
J43

3.33___