Full text of U.S. Financial Data : Week Ending: August 30, 1972

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Week ending: August 30, 1972

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LIBRARY?

JON 0 5 1979

The nation's money stock has risen at a 7.2 percent
annual rate in the past four months, somewhat below the 9.1
percent rate in the previous four months. The 8.2 percent
average rate of increase in the past eight months compares
with a 5.9 percent trend growth rate from late 1966 to late
1971. From 1952 to 1966, money expanded at a 2.3 percent
trend rate. Money plus net time deposits, another measure of
money, has increased at a 9.7 percent rate in the past four
months, compared with a 12.6 percent rate in the previous
four months and an 8.2 percent trend rate from late 1966 to
late 1971.
The chart on page 9 of this release plots the level
of member bank borrowings from Federal Reserve Banks and the
differential between the Federal funds rate and the discount
rate for recent years. This latter series is a measure of
the relative cost to member banks of obtaining funds through
Federal funds versus Reserve Bank borrowings to meet their
short-run reserve needs. For example, in periods when the
Federal funds rate has been about the same or below the dis­
count rate, borrowings have tended to be at very low levels.
On the other hand, borrowings have usually increased during
periods when the Federal funds rate rose relative to the
discount rate, reflecting the more attractiveness of borrow­
ing from the Federal Reserve.
Recently, member bank borrowings from Federal
Reserve banks have increased somewhat, although they remain
fairly low levels historically. Borrowings averaged $374
million in the four weeks ending August 30, compared with
only $20 million last January. This increase in borrowings
largely reflects the increase in the Federal funds rate
relative to the discount rate. The Federal funds rate
averaged 1 percentage point below the discount rate last
January, compared with about 35 basis points above the dis­
count rate in the past four weeks. The discount rate has
remained at its present 4-1/2 percent level since last
December.


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

Prepared by Federal Reserve Bank of St. Louis
Released: September 1, 7972

MONETARY BASE v
MULTIPLIER 2/
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR &EEKS ENOING
---- AUGUST 30, 1972 FROM
THE FOUR WEEKS ENDING
-

JUN.
MAY
MAY
---- MAR.
MAR.
_ FEB.
r SEP.

28,
31,
3,
29,
1,
2,
1,

1972
1972
1972
1972
1972
1972
1971

9.1
5.3
6.3
7.7
8.4
7.7
7.0

MONETARY BASE

1972
JUL.
AUG.

26
2

MILLIONS
93,772
93,878

LATEST DATA PLOTTED WEEK ENDING: AUGUST 30, 1972
RATIO

RATIO
2.9

2.8
MULTIPLIER

2.7

2.6

2.5

RATIO
JUL.

19
2.4

7 21

4 IS

JUL

AUG

1

15 20 13 27 10 24

OCT
1971

NOV

8 22

5 10

2 1«

JAN

FEB

I

15 20 12 26 10 24

7 21

5 10

2 16 50 15 27

1972

LATEST DATA PLOTTED WEEK ENDING. AUGUST 23, 1972
1/ 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 19M ••REVIEW OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

3

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^
ALL MEMBER BANKS

FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

31.0

30.0

BILLIONS of dollars

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
-----THE FOUR WEEKS ENDING
“ AUGUST 30, 1972 FROM
Z THE FOUR WEEKS ENDING:
—JUN.
- MAY
“ MAY
_ MAR.
-----MAR.
- FEB.

r

28
31
3
29
1
2

sep.

31.0

1972
1972
1972
1972

i
RESERVES

29.0

29.0
972

BILLIONS

JUL. 26

30.48
30.57

30.43

30.63
30.37
30.92

28.0

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___ THE FOUR WEEKS ENDING
AUGUST 30, 1972 FROM
THE FOUR WEEKS ENDING:
FEDERAL RESERVE CREDIT

1972
1972
1972

MAR

1972

---- SEP

19.72.

MILL I QNS

2

4 18

JUL

I

15 29 15 27 10 24

AUG

« 22

5 19

2 16

JAN

FEB

I

15 29 12 26 10 24

1971

7 21

9 19

JUN

JUL

80

2 16 50 13 27

1972

LATEST DATA PLOTTED WEEK ENDING: AUGUST 30, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
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 DEPOSITS AMONG
CLASSES OF BANKS.


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

1 84. 7
184.5
184.8
185.0
186.0
185.2

4 18

1

IS 29 13 27 10 24

8 22

5 19

2 16

1

15 29 12 26 ’0 24

1971

7 21

5 19

2 16 30 13 27

1972

LATEST DATA PLOTTED WEEK ENDING: AUGUST 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
8/25/71

12/22/71

1/26/72

AVERAGE OF FOUR WEEKS ENDING:

2/23/72

3/22/72

4/26/72

5/24/72

6/21/72

10.9
7.4
7.8
9.4
8.7

4.9
6.2
8.6
7.9

4. 4
8.4
7.6

12.4
10.1

10.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/26/72
2/23/72
3/22/72
4/26/72
5/24/72
6/21/72
7/26/72
8/23/72


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

-0.4
1.6
3. 1
3.9
3.5
4.0
5.1
5. 1

7.5
9.2
9.1
7.4
7.7
8.8
8.4

13. 2
1 1 .6
8.8
8.8
10.0
9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

239.7
239.5
239.7
240. 1
241.0
240.4

5.9'/. TREND LINE FROM

7 21

4 16

JUL

AUG

1

19 29 19 27 10 21

8 22

9 19

2 16

JAN

FEB

1

19 29 12 26 10 24

1971

7 21

9 19

2 16 30 19 27

1972

LATEST DATA PLOTTED WEEK ENDING. AUGUST 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
8/25/71

12/22/71

1/26/72

2/23/72

3/22/72

4/26/72

5/24/72

6/21/72

12.6
11.3
9.1
8.9
9.7
9.0

10.4
7.8
7.9
9.0
8.3

6. 1
6.7
8.4
7.7

5.1
8.1
7.2

10.8
8.8

9. I

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/26772
2/23/72
3/22/72
4/26/72
5/24/72
6/21/72
7/26/72
8/23/72


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

0.6
2.5
3.7
4.5
4.2
4.6
5.4
5.3

7.8
9.1
9. 1
7.8
7.9
8.7
8.2

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

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

4 18

JUL

AUG

5 2S 13 27 10 24

OCT
1971

8 22

NOV

5 IS

2 16

JAN

FEB

1

15 2C 12 2« 10 24

7 21

5 10

JUN

JUL

2 18 30 15

rr

1972

LATEST DATA PLOTTED WEEK ENDING! AUGUST 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
H NET 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 4100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
8/25/71

12/22/71

1/26/72

2/23/72

15.8
16.0
15.7
14.5
14.4
14.5
14. 1
13.7

22.2
19.7
16.1
15.7
15.6
14.7
14.1

15.5
12.3
12.7
13.1
12.6
12.2

10.4
1 1.5
12.3
11.8
1 1.5

—» ■ '' —w '
3/22/72

4/26/72

5/24/72

6/21/72

10.3
1 1.7
11.3
1 1 .0

14.4
12.8
12. 1

12.4
11.5

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/28/72
2/23/72
3/22/72
4/26/72
5/24/72
6/21/72
7/26/72
8/23/72


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
550 c=------- ---------- --------

BILLIONS OF DOLLARS
----- -------------------- =i 550

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

JJLLL
JUL

4 i«

1

AUG

SEP

IS 28 19 27 10 24

OCT
1971

NOV

8 22

DEC

5 19

2 16

JAN

FEB

15 29 12 26 10 24

MAR

7 21

5 19

JUN

JUL

2 16 30 IS 27

1972

LATEST DATA PLOTTED WEEK ENDING. AUGUST 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*M Mz 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.
8/25/71

12/22/71

8.0
9. 1
9.6
9.4
9.3
9.5
9.7
9.5

14.9
14.4
12.6
11.8
11.8
11.7
11 .2

1/26/72

2/23/72

3/22/72

4/26/72

5/24/72

6/21/72

10.4
9.6
10. 1
10.5
9.9

8. 1
9.2
9.9
9.4

9.8
10.5
9.7

1 1.7
10.3

9.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/26/72
2/23/72
3/22/72
4/26/72
5/24/72
6/21/72
7/26/72
8/23/72


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

14. 1
11.8
10.9
11.1
1 1.2
10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUL

4 l«
AUG

1 15 29 15 27 10 24

8 22

5 19
JAN

2 18
FEB

BILLIONS of DOLLARS

I 15 29 12 26 10 24

1971

7 21
JUN

5 19
JUL

2 16 50 15 27

1972

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1972
JULY

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

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

37.4
37.9
38.2
38.5
38.6
38.6
38.8
39.7

255.7
255.0
255.3
255.9
256.5
257.0
257.8
257.9

M2 INK
493.7
495.8
495.0
495.4
496.2
497.2
498.8
498.3

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

LOUIS

Billions of Dollars

Percent

5 r~
_j

i . i i i

____:1i_. .J

—i

i

Member Bank Borrowings
from Federal Reserve Banks —
___ Averages of Dai y Figures
/
1 I__ scaled__

ids
Rate ess the Discoun
Averages of Daily Figures I

Latest data plotted:

1966


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

August 1972 estimated

1967

1968

1969

1970

1971

Prepared by Federal Reserve Bank of St. Louis

1972

O

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE AAA BONDS

PRIME COMMERCIAL
LOAN RATE

MUNICIPAL
BONDS**

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

2 It SO li 77 10 24

8 22

5 18

3 17 51

14 28 11

JAN

25 10 24

FEB

7 21

5 18

APR

MAY

2 l« 50 14 28 II

JUL

25

8 22

AUG

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 1, 1972

1972
JULY

AUG.

SEP.

7
M
21
28
4
1 1
18
25
1 *
8
15
22
29

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS *e»

7.20
7.20
7.20
7.22
7.22
7.20
7.19
7.17
7.16

4.05
4.03
3.92
3.93
3.79
3.85
3.89
4. 1 I
4.40

5.86
5.85
5.84
5.87
5,85
5.85
5.87
5.94
6.08

5.61
5.59
5.56
5.54
5.51
5.48
5.53
5.56
5.57

5.43
5.44
5.41
5.35
5.32
5.24
5.22
5.32
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
8,0 ----

PERCENT

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

I I I I
2 1« 30 13 27 10 24

AUG

8 22

5 19

3 17 SI

SEP

1.1 I I

14 2* II 25 10 24

JAN

5 18

FEB

2 16 SO 14 28 II 25

JUL

8 22

AUG

1972
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 1, 1972


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

1972
JULY

7
M

21
28
AUG.
4
11
SEP.

18
25

1 X
8

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS***
ACCEPTANCES

90 DAY
CD'S xw

4.88
4.88
4.88
4.80
4.73
4.70
4.85
4.88
4.92

4.69
4.53
4.43
4.47
4.63
4.78
4.91
4.69
4.96

4.75
4.75
4.75
4.68
4.63
4.63
4.63
4.75
4.75

4.78
4.93
4.89
4.80
4.72
4.70
4.76
4.84
4.92

15
22
29

* AVERAGES OF RATES AVAILABLE, FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1.2

BORROWINGS

0.8

0.4

0.4

-

NET FREE RESERVES

0.8

-

1.2

1.2

-

0.8

EXCESS RESERVES

0.4

-

JUL

4 IS

1

IS 29 13 27 10 24

AUG

SEP

OCT
1971

NOV

0.4

• 22

DEC

5 19

2 19

I

13 29 12 29 10 24

JAN

FEB

MAR

APR

MAY
1972

7 21

5 19

JUN

JUL

2 19 30 IS 77

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING* AUGUST 30, 1972


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

MILLIONS
1972
5
12
19
26
AUG.
2
9
16
23
30
SEP.
6
13
20
27

EXCESS
RESERVES

JULY

-

328
223
147
79
242
90
311
131
280

BORROWINGS
312
227
173
172
363
287
381
350
477

FREE
RESERVES

-

18
4
26
93
121
197
70
219
197

PREPARED BY FEDERAL RESERVE BANK OP ST. LOUIS

0.4

-