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s. Finnncim

ortr_

Week ending August 9r 1967

Page 4)
Preliminary data indicate that commercial bank
credit has continued to rise sharply. Since December
this credit has increased at an estimated 12 per cent
annual rate, compared with a 1.5 per cent rate in the
last half of 1966 and an average 8 per cent rate from
i960 to 1966. These figures are based on a daily aver­
age series prepared by this bank.

STOCK (Pages 5 and 12)
The money stock of the country (private demand
deposits plus currency held by the public) averaged $177*2
billion in the four weeks ending August 2. A repetitive
pattern within each quarter which has been developing in
the series during the past two or three years makes it
difficult to measure changes over relatively short periods.
The Board of Governors is recomputing the seasonal adjust­
ment of this series based on data now available. The re­
vised series, which is expected to be published in the
near future, will probably reduce this quarterly pattern.
Meanwhile, one approach for studying current developments
is to concentrate on periods of three months, thus bridging
the intra-quarterly pattern (see insert table page 5).
Since January (the two most recent quarterly periods) money
^6 risen at a 9 per cent annual rate, with the rate
Especially high in the latest three months. By comparison
money rose at an average 4.2 per cent rate from 1964 to
1966 and at a 2.6 per cent rate from i960 to 1964.


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

MONEY STOCK (Continued)
Trends in money stock or any other variable
containing a quarterly residual seasonal pattern may
also be studied by constructing a 13-week moving
average of the data (see dashed line on chart p. 5)•
Examination of this moving average shows that money
began rising sharply about the end of January (the

13-week centered moving average began rising after
mid-December). Growth in this 13-week moving average
line has also been at an 8 per cent rate since January,
with the increase exceptionally rapid in the most
recent weeks.

BANK RESERVES (Pages 2, 3 and 12)
Changes in the money stock reflect in large
measure changes in member bank cash reserves. By law
banks must maintain reserves behind deposits, the
major component of money. Cash reserves in excess of
legal requirements are usually kept at a minimum, however,
because they are a non-earning asset. Since January,
bank reserves have risen at a 10 per cent annual rate.
A principal factor supplying reserves to banks has been
Federal Reserve credit which has gone up at a 12 per
cent rate in the same period.

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: August 11, 1967

FEDERAL RESERVE CREDIT [1^
Weekly Averages of Dally Figures
Seasonally Ad justed by this Bank

Billions of Dollars

48

L2

Annual rates of change of Federal Reserve
adjusted for reserve requirement changes
average of four weeks ending Aug. 9, 1967
from four weeks ending:
May 10, 1967
+V.3
y./j.A
Feb. 8, 1967
* /A <1.
Nov. 9, 1966
+ /O. O
Aug. 10, 1966

48

±2,Jk

47

Federal Reserve Credit Adjusted
for Reserve Requirement Changes

46

47

46

45

45

V
Federal R^erve Holdings of U.s. Government
and FecfewLL Agency Securities

44

43

42.
O'

Billions of Dollars

Latest data preliminary
Latest data plotted week ending: Aug. 9, 1967

I

;

1. 1

12 26 2
Oct.

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

I

1

I

I

l JL_J_ J

1

"lb
30 7 14
7
28 4
Dec.
Nov.
1966

I—t—L-J—1—I—L.

18 25 1
Jan.

15 22 1
Feb.

44

* Data beginning March 2, adjusted
for the effect of the changes in
- 43
reserve requirements
1/ Federal Reserve Credit excluding float and a few minor items.
.
2j Seasonal adjustment for Federal Reserve Holdings
computed by this bank using data ending December 1965;
Borrowings from Federal Reserve not seasonally adjusted.
42
Unadjusted data appear in Board's H.4.1 release.
:
0
17
31 7 l4
28 5 12 26 2
16
30 6 13
15 ~29*5~ 12 26" 3
Apr.
May
June
July
Aug.
Sept
Mar.
1967
.
Prepared by Federal Reserve Bank of St. Louis

RESERVES
All Member Banks In the Nation

3

Billions of Dollars

Billions of Dollars

. Seasonal adjustment computed by this _ 1/ Data prior to March 16, 1967 adjusted for
bank using data ending December 1965*
estimated effect bf reserve requirement changes
Unadjusted data appear in the Board's
and do not correspond with monthly series which
H.4.1 release.
— adjusts data to reserve requirements in effect
-H———|—|————————1———— from September 1966 to March 1967.
TOTAL RESERVES
.Annual rates of change, average of
from four weeks ending:

Total

1/

Reserves Available for
Private Demand Deposits

22.0
RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of
from four weeks ending:

5

12

26 2


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

- Latest data preliminary
Seasonal adjustment factors have been revised
Latest data plotted week ending:Aug. 9, 1967
to incorporate data through early 1967.______
16
18 25 1
30 7 i4 28 4
31 7 14 28 5 12
26 2
16
30 6
15 22 1
15 29 5 12
June
Sept.
Prepared by Federal Reserve Bank of St. Louis

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

4

Bank Credit
All Commercial Banks
Ratio Seale
Billions of Dollars

400

Monthly Averages of Daily Figures
Seasonally Adjusted

---------

Ratio Scale
Billions of Dollars

-------- 1400

329.8

+8.0%

July ’66

Feb. 60

1964

1965

1966

Dec.’66

1967

Data are esti mated bytheFederal Reserve Bank of St. Louis.
Percentages are annual rates of change between periods indicated. They are
presented to aid in comparing most recent developments with past'+rends", and may
not be relevant for other purposes.
Latest data plotted: July estimated
Prepared by Federal Reserve Bank of St. Louis

7^

5

MONEY STOCK *
Bil

Averages of Daily Figures
Seasonally Adjusted

of Dollars

l8l

180

Billions of

allar
181

from four weeks ending:

180

179

179
178

178
July i960 - July 1966

y3 X

177

177

176

176

^5

175

17U

17U

173

173

172

172

13-week centered
- moving

171

171

170

170
169

169

Weekly
168

168

%
167

166
165

166

* Current data appear in the Board's K.6* release. Back
data appear in the September 1966 Federal Reserve Bulletin. -

165

Latest data preliminary

cT


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

30 7 14

28

4

18 25 1

15

29 5 12

26 3

17

31

7 lfc

28 5 12

\
<m

Prepared by Federal Reserve Bank of St. Louis

0

CERTIFICATES OF DEPOSIT 11
Large Commercial Banks
Wednesday Figures

Billions of Dollars

6
Billions of Dollars

t—i—r
— Annual rates of change, seasonally unadjusted data
21.0 _average of four weeks ending Aug. 2, 19b? from
_four weeks ending:

21.0

20.0
_July 1964 - July 1966

Current and year ago data appear in the
Board's H.U.2. release.
l/ Negotiable time certificates of deposit

-Latest data preliminary

5 12

26

2


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

16

30 7

Ik

28 4 11

25

1 8

22

1

15

19 26 3
Prepared by Federal Reserve Bank of St. Louis

Bil]
186

184
182
180

TIME DEPOSITS*
All Commercial Banks
Weekly Averages of Daily Figures

of Dollars
fill
four
from
May
Feb.
Nov.
Aug.

7
Billions of

Liar

186

Seasonally Adjusted

weeks ending Aug. 2, 1967
four weeks ending:

184

3,
1,
2,
3,

182

1967
1967
1966
1966

f /&■£>
i- /&.7
-f- /*f,8
■/- /£.o

180

178

178

176

176
174

172

172

170

170

168

168

166

166

164

164

162

162

160

160

t

158
156

156
*

Current data appear in the Board's H.6 release

Back

154
Latest data preliminary
152.
0 '

For trend of time deposits by months see this bank'3
monthly release entitled "Monetary Trends".

_J
18 25 1
Oct.


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

15 22 1

L I

I

1 -1. I

i
29512 253
r.
Apr.

I

I

17
May

I

Li—L—L L.i I L_J I
31 715 28512 26 2
June

July

I

l—i

L_L

16306
Aug.
Si

1967
Prepared by Federal Reserve Bank of St. Lo

154
.152
-o

Millions of Dollars

BORROWINGS AND EXCESS RESERVES
All Member Banks In the Nation
Averages of Dally Figures

Millions of Dollars

1100

1100

1000

1000

BIWEEKLY SETTLEMENT PERIODS

Excess Reserves

Net Free Reserves

One Week Only

-100

-100

-200

-200

Latest data preliminary


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

12

26

2
June

16
Aug.

30

13

27
Sept.

11

25
Oct.

8

22
Nov.

Prepared by Federal Reserve Bank of St. Louis

BUSINESS LOANS
Large Commercial Banks

9

Billions of Dollars
- Annual rates of change, average of
_ four weeks ending Aug. 2, 1967
from four weeks ending:
May 3> 1967
+/35
"Feb. 1, 1967
////■
- Nov. 2, I966
6 ?-3
- Aug. 3, I966
4-2.3

Seasonally Ad justed bythisBank
~l

I

I

1

1

I

262


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

16

30 7 1J

I

T

I

I

I

I

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

I

Seasonal adjustment factors have
been revised to incorporate data
through December, 1966.

15

29 5 12

28 5 12

26 3

26 2

30 6 13

June
Prepared by Federal Reserve Bank of St. Louis

Sept.

Per Cent


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

YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

Corporate
Aaa Bonds

Long-Term
Government Bonds

Discount Rate

—Three-Month Treasury
— Bill Market Yield

30 6 13

27 3

17 24 3

17

31 7

lb

28 5 12

2i
June

Prepared by Federal Reserve Bank of St. Louis

Per Cent

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

11
Per Cent

Prime Commercial Paper
4-to-6 Month

Discount Rate

Prime Bankers'
Acceptances

Federal Funds Rate

m

Latest data plotted are averages of rates available for the week ending: Aug. 11, 1967
I LJi.1.L_
J_J_
16 30 6 13
27 3 17 24 3
7 14 28 4
18 25 2
31 7 1^ 28 5 12 26 2
16 30 7 14 26 4
18 25 1
15
Apr.
May
June
July
Aug.
Sept
1966
1967

Prepared by Federal Reserve Bank of St. Louis

o

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

MEMBER BANK

12

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
MILLIONS OF DOLLARS

BILLIONS OF DOLLARS
RESERVES
o
AVAILABLE WEEK
FOR PRIVATE
ENDING DEMAND DEPOSITS

TOTAL
RESERVES

EXCESS
RESERVES BORROWINGS

FREE
RESERVES

MONEY STOCK
AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED
BILUONS OF DOLLARS

17 7.3

P - PRELIMINARY

PREPARE BY FEDERAL RESERVE BANK OF ST. LOUIS
............. _D
■i/ Data prior to March 16> I967 adjusted for estimated effect of reserve requirement changes.

' *rl
 Spflflnnol
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

n/1 1nB+.m^n+.

Vtovo Vioon

raiH

j—

.a.-u___ ___ _____ ____i__ 1

LARGE CERTIFICATES OF DEPOSIT

BUSINESS LOANS
LARGE COMMERCIAL BANKS

LARGE COMMERCIAL BANKS

WEDNESDAY FIGURES
MILLIONS OF DOLLARS

UNADJUSTED

DATE

tin (L-/y LOtll
</
________ IL -...LO.J/Ar

SEASONALLY
ADJUSTED

DATE

____Uu*
ft
<?Q.YA1__ _______ LZ

s?/?ao__

________ LL __ (*o,n£

.(eO.nS

_______ AS __ (*4,12-1
____ ^ / __ kJtf-St

.. UP, U123

_______ IX-

(e 0.2/3
i.0¥*¥

________ L.

_______

_______ zu.
___ Q&x z>
—£ /__
<r
b0.S7O

WEDNESDAY FIGURES
MILLIONS OF DOLLARS

SEASONALLY
UNADJUSTED ADJUSTED

DATE

UNADJUSTED

DATE
UNADJUSTED
(LL xr
7f 9M
If. 9 S3
“TT7
9 IZ /9 441
76, 4ZU

6 *t>S2'

03. 117

6,3 XV*

03 8*7

03831

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17.03 4

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<r

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zz

Seasonal adjustmen fc flurtnrii hfiyp
been rev ised to in corporate data
through December, 1966.

It '57 7
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P - PRELIMINARY

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

31 19 077

__02,02-2-

(L7
"

19 289
14 !%Z9U

21 It 9£4
ZL8 n /S.3
PREPARE D BY FEDE RAL RESERVE BANK 0 F ST. LOUIS

13

14

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

"
4

r

v
i

V
.

3-MONTH
TREAS. BILL

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES

WEEK
r
­

,cYp*b
3-5 YEAR

1. 3L
_ _______
_
1?S
_______ l±
_ i 37
_

PRIME
COMMERCIAL
PB|UP
LARGE
CORPORATE
PAPER
BANKERS
90 DAY.
Aoo
4-6-MONTH ACCEPTANCES CD’S**
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
FRIDAY

FEDERAL FUNDS
PER CENT PER ANNUM

300

3.9S

13/

12S

113

__ 113_
_

3/2,

I/O

123

13 o

3.20

__ 33m

S./T

ITS

i.xS

130

3. To

1 S2
__ yu___
_23
__ 3. 7S
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__ mi____ _ US___
3 72.
_
a
_ 1 7f
_
3 iS
V. <el
_______
_
_
j.sj
-______ L±- _ ml___ _ ml___
2-lo _ 111___
_
i 7<c
.? So

3/1

17S

US

133

1.00

S./(r

ITS

US

1S£>

103

In

1 70

llS

llS

3. TS

S-21,

1. <*3

12S

1?S

103

3.3/

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US

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3 JO

_
--- Juiu. ■£ _ mi___ _ ftkL___ __ 31.3
_
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_
_

S.3L

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■9 rn

317

S.37

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l-30

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3.10

3.39

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132

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1. 7S

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120

391

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SS?

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1.0?

110

3. 7/

s.s?

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------- XL- _ 1S1

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'AVERAGES OF RATES AVAILABLE

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Federal Reserve Bank of St. Louis

1/7

SECONDARY MARKET RATE ON 90-DAY PRIME CD’S.

1.01

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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