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Week ending: August 7, 1974
3f£0 M£i

LIBRARY?
JUN 0 8 1979

In the last three months, the growth rates of some
monetary aggregates have slowed. The monetary base, for ex­
ample, has Increased at a 6 percent annual rate in the past
three months, compared with a 10 percent rate in the previous
three months. Growth of the money stock has slowed to a 4
percent rate for the past three months, compared with a 12
percent rate for the previous three months. Since nine
months ago the monetary base has increased at about an 8.5
percent annual rate and the money stock has grown at a 7.3
percent rate.
The outstanding volume of large certificates of
deposit (CDs) at conmercial banks again rose sharply in July
after little change during June. The outstanding volume of
large CDs at large weekly reporting commercial banks averaged
$85.3 billion in the last week of July, up from $66.5 billion
in mid-March, an $18.8 billion rise in the past four and onehalf months.
The yields on corporate Aaa bonds and long-term
Government securities have continued to rise in recent weeks.
Rates on corporate Aaa bonds averaged 8.92 percent early this
week, up from 8.66 percent a month earlier. Yields on long­
term Government securities rose from 7.23 percent to 7.31
percent in the same period.
Some short-term market interest rates have fallen
slightly from peaks in early or mid-July. Yields on prime
four- to six-month commercial paper, for example, averaged
11.50 percent recently, compared with 11.95 percent in midJuly. In contrast, however, yields on three-month Treasury
bills, which for several months have been lower than their
past relationship to other short-term rates would suggest,
have increased about a percentage point in the past two weeks
to an average of 8.61 percent for the first three days of
this week.


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

Prepared by Federal Reserve Bank of St. Louis
Released: August 9, 1974

MONE

BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

112
1911

MILLIONS
108,764
110

108

106

104

102

100

6 20

4 1C

JUN

JUL

1

15 20 12 26 10 24

7 21

5 10

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: AUGUST 7,

2 16 50 15 27 15 27 10 24
FEB
MAR
APR

6 22

5 10

5 17 51

14 26

1974

USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AMD NOMUEMBER

r&

ft£

seiu^.^i^w^fH^BA5^15 ,N depos,ts*

™A

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

11/7/73

1/9/74

2/6/74

3/6/74

4/10/74

5/8/74

6/5/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 9/74
2/ S/74
3/ 6/74
4/10/74
5/ 8/74
6/ 5/74
7/10/74
8/ 7/74


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

7.8
7.5
7.4
7.7
8.3
8. 1
7.9
7.7

0.7
9. 1
9.2
9.8
9.4
8.9
8.5

6.3
7.6
8.9
8.5
7.9
7.7

8.4
9.9
9. 1
8.3
8.0

1 1.3
9.8

8.6
8. 1

10.0
8.3
7.7

6.1
6.0

5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

laid

BAT IQ

LATEST DATA PLOTTED WEEK ENOlNGi JULY 31, 1974

BILLIONS OF DOLLARS
98----- 1-----,----

BILLIONS OF DOLLARS
- ------ ----- 98
-

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING
AUGUST 7, 1974 FROM
_ THE FOUR WEEKS END INGi
JUN.
— MAY
APR.
MAR.
" FEB.
NOV.
-- AUG.

5,
8,

1074
1974
--1974
1973

5.0
10.7
FEDERAL RESERVE CREDIT

3IA.

5 l»

JUN

JUL

Z 16 30 13 27

AUG

SEP
OCT
NOV DEC
JAN
1973
LATEST DATA PLOTTED WEEK ENDING* AUGUST 7, 1974

FEB

13 27

MAR

10 24

8 22

5 19

MILLIONS —

3 17 31

14 28

APR
1974

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS

ras snar1 EHsnHug&B

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

FLOAT AND •,OTHFR,‘ 4<;<;cr<:

s

in iiLCTtm cna

vsMiea&r1

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

215.5
217.2
215.4
217.3
215.3
215.7

6 20

4 13

JUN

1

IS 2S 12 26 10 24

JUL

7 21

NOV

5 19
DEC

2 16 30 13 27 13 27 10 24

1973

3 22

5 IS

3 17 SI 14 23

1974

LATEST DATA PLOTTED WEEK ENDINGt JULY 31,

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
8/1/73

10/31/73

1/2/74

1/30/74

3/6/74

4/3/74

5/1/74

5/29/74

3.7
1.6
4.2
4.4
4.7
4.6
5.0
4.3

5. 1
8.8
8.3
8. 1
7.5
7.7
6.5

5.3
5.6
5.9
5.5
6. 1
4.8

13.-1
11.2
9.4
9.2
7.2

6.6
5.6
6.5
4.6

5.3
6.5
4.2

6.4
3.4

3.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/74
1/30/74
3/ 6/74
4/ 3/74
5/ 1/74
5/29/74
7/ 3/74
7/31/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
StASONALLY ADJUSTED

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

BILLIONS OF DOLLARS

- ------ ---- -I 290
aim qns
JUL.

280.2
282. 1
280.6
282.2
280.5

JUN

JUL

AUG

SEP

OCT

NOV

DEC

22

Jj

5 10

3 IT 31

14 20

1973
LATEST DATA PLOTTED WEEK ENDING* JULY 31, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/1/73

10/31/73

1/2/74

1/30/74

3/6/74

4/3/74

5/1/74

5/29/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/74
1/30/74
3/ 6/74
4/ 3/74
5/ 1/74
S/29/74
7/ 3/74
7/31/74


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

4.9
3.0
5.3
5.6
5.9
5.8
6.0
5.4

6. 1
9.4
9.0
9.0
8.5
8.4
7.3

6.5
6.8
7.3
6.9
7.0
5.9

13.3
11.9
10.3
9.7
7.9

8. 1
7. 1
7.3
5.6

7. 0
7 3
5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

90 DAY CD'S***
10.5
PRIME BANK
LOAN RATE

10.0

COMMERCIAL PAPER

CORPORATE Aaa BONDS

MUNICIPAL
M0NDS4M

! IS 2* IS 27 10 24

7 21

5 IS

2 16 30 14 26 11 2S • 22
JAN FEB

8 22

S 16

3 17 31 14 2* 12 26
JUN JUL

9 23

1973
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 9,

1974
JUNE

7
14
21
28 .
JULY 5
12
19
26
AUG.
2
9 *
16
23
30

90 DAY
CD's wm
11.05
10.97
11.39
11.62
12.05
12.30
12.66
12.09
11.99
12.05

PRIME
COMMERCIAL
PAPER
4-6 MONTH

10.53
10.75
11.10
11.48
11.81
11.95
11.95
11.50
11.23
11.50

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

10.75
10.75
10.75
10.90
11.31
12.00
12.00
12.00
12.00
12.00

8.40
8.40
8.49
8.57
8.62
8.66
8.71
8.77
8.86
8.92

1974

MUNICIPAL
BONDS *****
6.01
6.04
6. 13
6.33
6.64
6.95
6.78
6. 34
6.70
N.A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
M.O

M.O

13.5
13.0

13.0
12.5
12.0

1 1.5
11.0

1 1.0
10.5

FEDERAL FUNDS RATE

10.0

B.5
9.0
8.5

THREE-MONTH TREASURY
BILL MARKET YIELD

8.0

7.5

DISCOUNT RATE

7.0
6.5
6.0
I

IS 28 13 27 10 24

JUN

JUL

AUG

7 21

SEP
1973

till
5 IS
OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY
1974

0
JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi AUGUST 9,

1974
JUNE

7
14
21
28
JULY 5
12
19
26
AUG.
2
9 *
16
23
30

FEDERAL
FUNDS DM

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

8.05
8.23
7.88
7.45
7.53
7.45
7.72
7.43
7.84
8.61

8.06
8.06
8.09
8.33
8.47
8.60
8.35
8. 08
8. 55
8.55

AUG

1974

LONG-TERM
GOVERNMENT
SECURITIES

11.45
11.60
11.85
11.97
13.55
13.34
13.04
12.60
12.29
12.09

JUL

7.04
6. 99
7.01
7.07
7. 12
7.23
7.24
7.12
7.24
7.31

* AVERAGES OF RATES AVAILABLE.
SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN
CURRENT DAiA 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
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
4-1 0

BILLIONS OF DOLLARS
- ------ -----> 410
-

----- ----- ----

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

JUN

JUL

AUG

SEP
1973

OCT

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: JULY 31,

JAN

« 22

FEB

MAR

5

10

3 17 31

14 28

APR

1974

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

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/1/73

10/31/73

1/2/74

1/30/74

3/6/74

4/3/74

5/1/74

5/29/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/74
1/30/74
3/ 6/74
4/ 3/74
5/ 1/74
5/29/74
7/ 3/74
7/31/74


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

12.9
13.4
13.8
12.8
12.4
11.7
1 1.7
J 1 .6

13. 1
13.8
12.2
1 1.7
10.9
11.0
10.9

15.9
12.6
1 1.7
10.5
10.7
10.6

il .1
10.4
9.2
9.7
9.8

7.2
6.6
8.0
8.5

7. 1
8.8
9. 1

8.8
9.3

I 1.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
700 r—-—r---- ----

BILLIONS OF DOLLARS
-—------ -----2 700

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**.

6 20

4 l«

JUN

JUL

1

IS 20

12 26

10 24

7 21

3

NOV

DEC

10

2

16 SO

13 27

FEB

15 27

10 24

6 22

5

10

3

17 31

14 2«

MAR

1973
LATEST DATA PLOTTED WEEK ENDING: JULY 31, 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 T IME DEPOSITS ( M 2)
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
8/1/73 10/31/73
1/2/74 1/30/74
3/6/74
4/3/74
5/1/74 5/29/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/74
1/30/74
3/ 6/74
4/ 3/74
5/ 1/74
S/29/74
7/ 3/74
7/31/74


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

9.0
8.3
9.7
9.3
9.3
8.9
9.0
8.6

9.6
11.6
10.6
10.4
9.7
9.7
9. 1

11.4
9.8
9.6
8.8
9.0
8.4

12. 1
11.2
9.7
9.8
8.9

7.7
6.9
7.7
7.1

7.1
8.1
7.3

7.8
6.7

7.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
86

86 ---- ---- ----

0 20

4 18

JUN

--- ----------

JUL

1

15 28 12 26 10 24

.1.1 I I

7 21

5 18

NOV

I I I I

DEC

2

16 30 IS 27 IS 27

10 24

8 22

5 18

S 17 31

14 28

LATEST DATA PLOTTED WEEK ENDING: JULY 31, 1S78
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
vkekly*reportVng^commerc^aP*banks^**0^

1T ISSUED IN DEN0M,MATI0MS 0F *,00'0Q0 0R

8Y lar«

:r::. honey and time &epostt-pata--------------------

1974

JUNE

5
12
19
26
JULY 3
10
17
24
31
AUG.
7
14
21
28

CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.

79.2
79.6
79.2
80.2
80.8
81.1
83.0
84.8
85.3

B1LL1ONS
CERTIFICATES
NET TIME
OF DEPOSIT
DEPOS1TS *

81.9
82.5
83.5
84. 1
85.0
84.7
85.4
85.9
85.4

315.7
316.2
317.0
317.0
317. 1
318.3
318.3
319.2
320.9

M2 H9K

596. 9
597.2
598.6
597.2
599.2
598.9
600.5
589.4
601.4

____
* SEE FOOTNOTE PAGE 8.
*8 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

B ILL I ON$ OF DOLLARS

4*5

—

4.0
3.5

r
“

3.0

^
2.5
2.0

r~
1
1974 fell LI IONS
JUL.
3 3435
10 2040
17 3176
24 3041
kUG. .41 4AAO
i
7 3003
Vy ----- At

=■--- j
ir1

0.5

r

/

1.5

1.0

4.5

'

\-A
\l

\J

lA

BORRC

AUC

SEP

3.5
3.0

T~
r

WINGS

OCT

NOV

DEC

JAN

1.5

1 1 1 1 10 1 24-LULL 111 Mill _LLL
1
« 22
3 10 S 17 31 14 23
FEB

MAR

APR

1973
LATEST DATA PLOTTED WEEK ENDING) AUGUST 7,

2.0

J

\S
V
111 1 1 1 1 1 1 1 111 .1111 .111 1 1 1 -LL.L1.
JUL

\ Ai

——

4.0

2.5

V' A

n

JUN

BILLIONS of dollars

MAY
1074

JUN

JUL

AUC

1974

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

130 p--- 1---- 1---

BILLIONS OF DOLLARS

- ------ ----- 130
-

“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
JULY 31, 1974 FROM THE FOUR
WEEKS ENDING)
—
BUS I NESS
_
BUSINESS
LOANS
-LOANS. ADJUSTED
BUSINESS LOANS ADJUSTED 1/

23.7
29.9

34.7
29.8

22.fi

BUSINESS
BUSINESS
LOANS JLQANS
ADJUSTED
BUSINESS LOANS

JUN. 20

I I I It
6 20

4 18

I

JUN

JUL

AUG

15 28 12 23 10 24

SEP
1973

OCT

7 21

5 19

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING) JULY 31,

2

JAN

FEB

13 27

MAR

0 24

3 22

5 19

3 17 31

14 28

APR

1974

AoLDmGUCoSpANtEl,SAND OTHER%?U ATk“° ' *L

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

16 30 13 27

*****

T° 0WN SU0S1D1AR1ES. FOREIGN BRANCHES,

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
495

- COMPOUNDED ANNUAL RATES OF CHANGE,
- AVERAGE OF THE FOUR WEEKS ENDING
Z JULY 31, 1974 FROM THE FOUR
_ WEEKS ENDING:
CREDIT
CRED IT
PROXY

-

PROXY.

485

ADJUSTED

11.9

475

- APR
17.9
15.0
1973

CREDIT PROXY ADJUSTED 1/,

11.0

465

455

445
CREDIT PROXY

CREDIT

CREDIT
PROXY

.PROXY

ADJUSTED

472.4

482.8

474.9

485.3

475.1
475.9

487.6

435

S 20

4 IS

1

15 28 12 26 TO 24

7 21

5 18

2 16 90 15 27 19 27 to 24

1973

8 22

5 18

425

3 17 31

14 28

1974

LATEST DATA PLOTTED WEEK ENDING: JULY 31, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BAfJC-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102