Full text of U.S. Financial Data : Week Ending: August 9, 1972

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RESEARCH LIBRARY

Week ending: August 9r 1972

Federal Reserve Bank
■pi of St. Louis

!A0G 2 7 1:

The nation's money stock, defined as private demand
posits plus currency in the hands of the public, has increased
a 9.3 percent annual rate since the four weeks ending January
5. This seven-month period may be separated into two periods —
during the past four months money has risen at a 7.9 percent annual
rate, somewhat slower than the 11 percent rate in the previous
three months. For comparison, these growth rates are above the
5.9 percent trend rate from late 1966 to late 1971.
Market interest rates have remained relatively steady
since April, after increasing in the first part of the year.
The lack of significant change in interest rates since April has
occurred despite strong gains in economic activity, which are
usually accompanied by increased loan demand which places upward
pressure on interest rates. Three-month Treasury bill rates
averaged 3.86 percent in the first half of this week, only 16
basis points above last April. This rate remains considerably
below the 4.93 percent of August 1971. Yields on four- to sixmonth commercial paper averaged 4.67 percent in the first three
days of this week, about 10 basis points above last April, but
still below the 5.73 percent of a year ago.
Long-term market rates have tended to decline since
last April, probably reflecting some reduction in price expecta­
tions by market participants. For example, yields on seasoned
Aaa corporate securities averaged 7.21 percent in the first part
of this week, down slightly from April, and 38 basis points below
last August.
Selected Market Interest Rates

3-month Treasury Bill
4- to 6-month Commercial Paper
Federal Funds
3- to 5-year Government Securities
Bond Buyer's Index of 20 Municipal
Bonds
Aaa Corporate Bonds

3 days
ending
8/9/72

April
1972

August
1971

3.86%
4.67
4.72
5.85

3.70%
4.58
4.17
6.01

4.93%
5.73
5.57
6.39

5.80%
6.89
6.68
6.66

5.32*
7.21

5.43
7.30

5.83
7.59

5.85
7.49

1969-71
Average

* week ending 8/3/72


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

Prepared by Federal Reserve Bank of St. Louis
Released: August 11, 1972

2
MONETARY BASE u
MULTIPLIER 2/

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
96

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
-----AUGUST 9, 1972 FROM
THE FOUR WEEKS ENDING*
JUN.

7,

1972

94

4.4

92

— MAR
AUGl

MONETARY BASE

11

90

88
MILLIONS

86
AUG.

93,491

LATEST DATA PLOTTED WEEK ENDING* AUGUST 9, 1972
RATIO
2.9

RATIO

2.8
MULTIPLIER

2.7

2.6

2.5
RATIO
JUN.

28

2.4
2.554
2.554

2 16 30 14 28 11 25

JUL

8 22

AUG

6 20

3 17

OCT

NOV

I

15 29 12 26

JAN

8 22

5 19

3 17 31

14 28 12 26

JUN

9 23

JUL

1972

1971
LATEST DATA PLOTTED WEEK ENDING* AUGUST 2,

9 23

FEB

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 1968 ••REVIEW'1 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

RfiBERVES AVAILABLE TA SUPPORT
•private nonbank dPositsi/

3

ALL MEMBER BANKS

FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

----Z
30.0

BILLIONS OF DOLLARS
31.0

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING “
AUGUST 9, 1972 FROM
THE FOUR WFEKS END ING»

30.5

JUN.

30.0

7,

Z APR. 12
29.5
AUG.

1972

8.6

1972
1972
1972

29.5
RESERVES

11

29.0

28.5

28.5
1972

BILLIONS

28.0

28.0

27.5

84
-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
___ THE FOUR WEEKS ENDING _
AUGUST 9, 1972 FROM
THE FOUR WEEKS END INGi
JUN
-----MAY
APR
MAR
~ FEB
JAN
----- AUG

82

1972

80
FEDERAL RESERVE CREDIT
78

76

1972

74

MILLIONS

72

2 16 SO 14 28 II 29

JUL

8 22

AUG

6 20

3 17

OCT

NOV

I

IS 28 12 26

JAN

9 23

8 22

1971
LATEST DATA PLOTTED WEEK ENDING. AUGUST 9,

S 19

3 17 31

14 28 12 26

9 23

FEB
1972

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 DEP6siTS AMONG
CLASSES OF BANKS.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONET STOCK
AVERAGES OF GAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUN.

BILLIONS of dollars

181.3
183. 2

86.0

184.7
84.6
84.9

2 16 30 14 28 It 25

8 22

6 20

3 17

1

15 29

3

12 26

JAN

19

3 17

M 28

12 26

9 23

FEB

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 2, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING!
8/4/71

12/1/71

1/5/72

2/2/72

10.0
11.2
9.5
8.2
7.9
9.7

13.5
10.6
8.7
8.2
10.2

3/1/72

4/5/72

5/3/72

5/31/72

9. 1
7. 1
7.0
9.5

3.7
4.7
8.6

4.9
9.9

13. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 5/72
2/ 2/72
3/ 1/72
4/ 5/72
5/ 3/72
5/31/72
7/ 5/72
8/ 2/72


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

-0.7
0.3
2. 1
3.6
3.7
3.6
3.9
5.2

3.3
6.5
8.3
7.6
6.8
6.8
8.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5
MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
245

BILLIONS
236. 1

238.0
240.9

240

239.7
239.6
239.7

235

230

225
5.97. TREND LINE FROM

220

2 16 SO 14 28 II 19

JUL

8 22

AUG

B 20

3 17

OCT

NOV

I

15 29 12 26

JAN

9 23

8 22

9 19

3 17 31

14 28 12 26

9 23

FEB

1971

1972

LATEST DATA PLOTTED WEEK EI«|NG. AUGUST 2, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
8/4/71

12/1/71

0.3
1.2
2.8
4.2
4.2
4.3
4.4
5.4

4.4
7.0
8.8
7.9
7.4
7.2
8.3

1/5/72

2/2/72

9.8
11.1
9.4
8.6
8. 1
9.3

13.3
10.3
9. 1
8.3
9.7

3/1/72

4/5/72

5/3/72

5/31/72

9. 1
7.8
7.3
9. 1

4.5
5.0
7.9

5.5
9.2

11.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 5/72
2/ 2/72
3/ 1/72
4/ 5/72
5/ 3/72
5/31/72
7/ 5/72
8/ 2/72


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

•me
ALL

•

deposits

COMMERCIAL BANKS

AVERAGES OF DA ILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

2 16 30 14 28 II 23

JUL

8 22

AUG

6 20

3 17

OCT

NOV

I

13 29 12 M

JAN

9 23

8 22

5 19

3 17 31

FEB

14 28 12 26

JUN

9 23

JUL

LATEST DATA PLOTTED WEEK ENDING. AUGUST 2, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* 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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
8/4/71

12/1/71

12.7
14. 1
14.7
14.0
13.4
13.5
13.7
13.1

21.2
20.4
17.5
15.7
15.6
15.5
14.4

1/5/72

2/2/72

3/1/72

4/5/72

5/3/72

13.9
12. 1
12.7
13.3
12.2

9.3
10.9
12. 1
11.1

1 1 .3
12.9
1 1 .3

15.0
12.3

5/31/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/ 5/72
2/ 2/72
3/ 1/72
4/ 5/72
5/ 3/72
5/31/72
7/ 5/72
8/ 2/72


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

20.4
16.4
14.4
14.4
14.6
13.5

1 1.3

PREPARED BY FEDERAL RESERVE BAWC OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
550 r=-------------------- -----

BILLIONS OF DOLLARS
----- ---------- ---------- =? 550

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

2 16 30 14 28 II ZS

JUL

8 22

AUG

8 20

3 17

OCT

NOV

1

15 29 12 26

9 23

8 22

5 19

3 17 31

14 28 12 28

9 23

1972
LATEST DATA PLOTTED WEEK EMDINGi AUGUST 2, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** M* IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (Mz)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/4/71

12/1/71

6.5
7.6
8.7
9. 1
8.8
8.9
9. 1
9.3

12.6
13.7
13. 1
1 1.8
1 1.5
11.4
11.4

1/5/72

2/2/72

3/1/72

15.0
13.6
1 1.9
11.5
11.3
11.3

13.5
1 1.2
10.9
10.9
1 1.0

9.2
9.4
9.8
10.1

4/5/72

5/3/72

5/31/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 5/72
2/ 2/72
3/ 1/72
4/ 3/72
5/ 3/72
5/31/72
7/ 5/72
8/ 2/72


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

8. 1
9. 1
9.6

10.3
10.7

11.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERT I •CATES OF DEPOSIT •
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

2 16 30 14 28 II

25

8 22

6 20

3 IT

OCT

NOV

I

IS 29 12 26

JAN

9 23

8 22

BILLIONS OF DOLLARS

5 19

3 IT SI

4 28 12 26

9 23

FEB

LATEST DATA PLOTTED WEEK ENDING. AUGUST 2, 1972
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

1972
JUNE

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

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

36.8
37.3
37.0
37.3
37.4
37.9
38.2
38.5
38.6

252.7
253.4
254.2
254.6
255.7
255.0
255.3
255.9
256.5

M2 MK
489.3
490.0
491.5
490.7
493.7
495.8
495.0
495.5
496.2

* SEE FOOTNOTE PAGE 6.
He* SEE FOOTNOTE PAGE T
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

2 16 30 H 26 II 23

8 22

6 20

3 17

OCT

NOV

1

13 29 12 26

9 23

8 22

1971

5 19

3 17 31

14 28 12 26

9 23

1972

LATEST DATA PLOTTED WEEK END ING: AUGUST 2, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS. BAfK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

BILLIONS

1972

JUN.
JUL.

AUG.


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

28
5
12
19
26
2

CRED1T
PROXY

CRED1T
PROXY
ADJUSTED

377.3
380.6
380.8
382.5
384.2
383.5

381.3
384. 4
384.4
386.6
388.2
387.6

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
AUGUST 2. 1972 FROM THE FOUR
WEEKS ENDING:
CRED1T
CREDIT
PROXY
PROXY
ADJUSTED
MAY 31,
MAY
3,
APR.
5,
MAR.
1,
FEB.
2,
JAN.
5,
AUG.
4,

1972
1972
1972
1972
1972
1972
1971

8.9
10.8
11.1
13. 1
12.3
11.9
10.7

9.0
11.0
11.1
13.2
12.0
11.9
10.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY R/JES ENDED FRIDAY

PERCENT

PERCENT

8.0

7.5

CORPORATE AAA BONOS

7.0

6.5
PRIME COMMERCIAL
LOAN RATE

6.0

5.5

5.0

DISCOUNT RATE

4.5

4.0

3.5

3.0

THREE-MONTH TREASURY
BILL MARKET YIELD

2.5

4 1i

2 16 SO 13 27 10 24

8 22

5 19

3 17 31

M 28 11 23 10 24

7 21

3 19

2

16 30 14 28 II

23

APR
MAY
1972

1971

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST II, 1972

1972
JUNE

2
9
16
23
30
JULY
7
14
21
28
AUG.
4
1 1 IK
18
25

CORPORATE
AAA BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS MK

7.23
7.24
7.25
7.23
7.21
7.20
7.20
7.20
7.22
7.22
7.21

3.82
3.86
3.87
3.97
3.96
4.05
4.03
3.92
3.93
3.79
3.86

5.64
5.71
5.73
5.81
5.87
5.86
5.85
5.84
5.87
5.85
5.85

5.56
5.59
5.59
5.58
5.61
5.61
5.59
5.56
5.54
5.51
5.49

5.15
5.31
5.36
5.43
5.43
5.43
5.44
5.41
5.35
5.32
N. A.

* AVERAGES OF RATES AVAILABLE.
*et( BONO 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

PERCENT
8.0

7.5

7.0

6.5

6.0

COMMERCIAL PAPER
4-T0-6 MONTH

5.5

5.0

4.5

4.0

3.5
FEDERAL FUNDS RATE

3.0

2.5

4 18

2 16 30 13 27 10 24

8 22

9 19

3 17 31

14 28 It 29 10 24

JAN

7 21

3 19

2 16 30 14 28 It 23

FEB

1971

1972

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi AUGUST II, 1972


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

1972
JUNE

1

2
9
16
23
30
JULY 7
14
21
28
AUG.
4
1 1 *
18
25

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD' S **

4.50
4.50
4.63
4.65
4.83
4.88
4.88
4.88
4.80
4.73
4.67

4.50
4.49
4.40
4.42
4.56
4.69
4.53
4.43
4.47
4.63
4.72

4.25
4.35
4.38
4.53
4.70
4.75
4.75
4.75
4.68
4.63
4.63

4.40
4.43
4.56
4.61
4.67
4.78
4.93
4.89
4.80
4.72
4.70

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
3W DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES END ING WEDNESDAY TWO
DAYS EARLIER.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROW InJ>

12

AND EXCESS RESERVES
ALL MLMbER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

V

BILLIONS OF DOLLARS

1.6

BORROWINGS

1.2

0.8

0.4

0
EXCESS RESERVES

-0.4

-0.4

0.8

0.8

-

-

NET FREE RESERVES

1.2

1.2

-

-

1.6

-

2 16 30 14 28 II 25

JUL

8 22

6 20

3 IT

I

15 29 12 26

JAN

AUG

9 23

8 22

3 19

M 28 12 26

9 23

FEB

1971

1972

LATEST DATA PLOTTED WEEK ENDING, AUGUST 9,


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

3 IT 31

1972

MILLIONS
1972
JUNE

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

EXCESS
RESERVES
331
109
212
124
328
223
169
92
227
90

BORROWINGS
58
94
59
129
312
227
175
171
364
287

FREE
RESERVES

-

273
15
153
5
16
4
6
79
137
197

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

1.6

-