Full text of U.S. Financial Data : Week Ending: December 10, 1975

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5^84,


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

Week ending: December 10, 1975

Since mid-June the money stock (Ml) has
increased at a 3.6 percent annual rate, compared to
an 11.4 percent rate of increase in the previous four
months. The rates of growth of both components of Ml
have slowed in the most recent five months.
Since
mid-June currency and demand deposits have increased
at rates of about 8 and 2 percent, respectively, com­
pared to rates of growth of 10 and 11.7 percent, re­
spectively, in the previous four months.
Growth of the broadly defined money stock
(M2), which includes net time deposits as well as cur­
rency and demand deposits, has also slowed in the last
five months—a 7.4 percent rate of growth since midJune, compared to a 13.5 percent rate of growth in the
previous four months. Net time deposits increased at a
10.6 percent annual rate in the most recent five months,
compared to a 15.3 percent rate of growth from midFebruary to mid-June.
The monetary base, considered a major deter­
minant of both Ml and M2, has also grown at a slower
rate in the most recent five months. Since mid-June
the monetary base has grown at about a 7 percent annual
rate, compared to about a 9 percent rate in the pre­
vious four months. Federal Reserve credit, the largest
component of the monetary base, has increased at a 9
percent annual rate since mid-June, compared to a 15
percent rate in the previous four months.
The growth of total time deposits (net time
deposits plus large certificates of deposit), unlike
the other money measures, has not slowed since mid-June.
Total time deposits have increased at about a 7 percent
annual rate in the most recent five months, compared to
a rate of 6.3 percent in the previous four months. The
recent increase in the growth rate of total time depos­
its is attributable to the moderation in the decline in
large certificates of deposit (large CDs). Since midJune large CDs have decreased by only $2.7 billion,
compared to a decrease of $7.4 billion in the previous
four months.

Prepared by Federal Reserve Bank of St. Louis
Released: December 12, 1975

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
122

120

118

116

1M

112

110

til 90 II 21 II 28
NOV
DEC
197 A

• 22

S It
FEB

5 It
MAR

2 II 90 14 H II 29 I 29
MAY
JUN
1975

LATEST DATA PLOTTED KEEK END I NS■ DECEM9Ert 10,

S 20
AUG

t IT
SET

I II » If H 10 24

1975

THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANQES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETkIeN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AN) THE GOLD STOCK. DATA ARE COMMUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 51 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGs
12/11/74

5/12/75

5. 1
5.4
7.2
6.0
6.4
6.2
6.3
7.1

6.2
9.2
6.7
7.3
6.6
6.8
7.9

5/7/75

6/11/75

7/9/75

8/13/75

9/10/75

7.0
7.0
9.5

5.4
9.1

10/8/75

TO THE AVERAGE
OF FOUR KEEKS
ENDINGs
5/ 7/75
6/11/75
7/ 9/75
8/15/75
9/10/75
10/ 8/75
11/12/75
12/10/75

2

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

12.4
7.3
8.1
7.2
7.2
8.5

7.5
8.5
7.3
7.2
8.8

3.9
3.8
4.6
6.9

11.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULT I PL IER

EAT1Q
OCT.

2!

2.480

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3, 1975
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

112
COMPOUNDED ANNUAL RATES
___OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
_ DECEMBER 10, 1975 FROM
THE FOUR WEEKS END INGi

110

108

OCT.
SEP.
AUG.
— JUL.
JUN.
“ MAR.
___ _ DEC.
-

FEDERAL RESERVE CREDIT

1975
1975

106

1974

104

102

100
1975

MILLIONS
5 10!

98

12 10!

96

10 10!
2

16 30

13 27

NOV
1974

11

DEC

25

8 22

5

19

FEB

5 19

2

16 30

14 28

11

25

9 23

6 20

3

17

1

15 29 12 26

10 24

MAR
1975

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 10, 1975
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND ••OTHER" ASSETS. ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN
BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED
BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
675
670

OCT.

29

656.0
662.0

665

664.9
660

666.8
669.1

655
650
645
640
655
650
625
620
615
610
605
2 16 90 13 27 11

NOV
1974

29

6 22

DEC

3 19

3 19

FEB

MAR

2 16 30 14 26 11

MAY

23

9 23

JUN

6 20

3 17

AUG

SEP

1

13 29 12 26 10 24

1975

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 3. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
0

12/4/74

3/5/75

4/30/75

6/4/75

7/2/75

8/6/75

9/3/75

10/1/75

7.0
5.9
5.8
7.4

4.5
4.9
7.2

4.7
7.7

9.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/30/75
6/ 4/75
7/ 2/75
8/ 6/75
9/ 3/75
10/ 1/75
11/ 5/75
12/ 3/75

4

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

6.7
8.6
9.9
9.6
9.2
8.7
8.3
8.8

11.9
13.5
12.3
11.2
10.1
9.5
10.0

17.7
14.2
12.2
10.6
9.6
10.3

12.8
10.5
8.8
8.1
9. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
292.5
296. 1
298.0
296.4
296.7
299.1

2 16 30 13 27 11

NOV
1974

25

8 22

DEC

5 19

5 19

FEB

MAR

2 16 90 14 28 11

MAY

25

9 23

6 20

3 17

1

15 29 12 26 10 24

JUN

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS END 1NGt
12/4/74

3/5/75

4/30/75

6/4/75

7/2/75

8/6/75

16.6
1 1.2
9.5
7.6
6.1
7.2

8.5
6.9
5.2
3.9
5.5

2.8
1.8
1.2
3.6

1.6
0.8
4.0

9/3/75

10/1/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
4/30/75
6/ 4/75
7/ 2/75
8/ 6/75
9/ 3/75
10/ 1/75
11/ 5/75
12/ 3/75


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

1.0
3.8
5.4
4.9
4.8
4.3
3.8
4.6

9.8
11.4
9.3
8.4
7.1
6.0
6.9

-0.4
4.1

6.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—i 13.0

i 5.0 —

i n i II H i

RIME BANK

10.0
90 DAY CD’S

BONOS

COMMERCIAL PAPER

♦ II
-----OCT

US » IS r 10 24
NOV
DEC
JAN
1974

7 21
FEB

4 It

MAR

APR

2 16 30 13 27 11

MAY

JON
JUL
,973

23

*
225 It
-------

AUG

SEP

3 17 31

OCT

14 29 12 2*

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE SEEK ENDING. DECEMBER 12, 1975

1975
OCT.

3
10
17
24
31
NOV.
7
14
21
28
DEC.
5
12 X
19
26

90 DAY
CO'SMBK

PRISE
COMMERCIAL
PAPER
4—fi MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BONDS INK

7.01
Tm 1 6
6.50
6.35
6.16
6.45
6.32
6.10
6.23
6.35
6.32

6.93
6.88
6.59
6.23
6.00
6.03
5.88
5.88
5.88
5.96
6.00

6.79
6.59
6.38
6.04
5.83
5.79
5.77
5.79
5.80
5.80
5.81

8.96
8.93
8.86
8.81
8.78
8.76
8.75
8.81
8.81
8.84
8.86

7.67
7.48
7. 29
7. 17
7.36
7.52
7.43
7.39
7. 39
7.31
N. A.

* AVERAGES OF RATES AVAILABLE.
»6« BOND BUYER*S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
OfMARKET RATES Fofc THE WEEK ENDING WEDNESDAY TWO DAYS
N A ^NO^AVyULABLp5 SH0*N‘ CUfwENT DATA 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

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

—2 12.0

FEDERAL FUNDS RATE

DISCOUNT RATE

OCT

NOV
1074

DEC

JAN

!•

FEB

JUN

JUL

I 17 11

14 M It M

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE SEEK ENDING. DECEMBER 12, 1B7S

1975
OCT.

NOV.

DEC.

3
10
17
24
31
7
14
21
28
5
12 K
19
26

FEDERAL
FUNDS Mi

5-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

5-5 YEAR
GOVERMBENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

6.36
6.06
5.82
5.73
5.65
5.17
5.24
5.24
5.28
5.25
5.26

6.46
6.23
6.01
5.73
5.58
5.50
5.37
5.49
5.54
5.57
5.63

7.16
6.74
6.51
6.29
6.02
5.89
5.06
6.17
6. 24
6.30
6.47

8.21
8.00

7.43
7.36
7.31
7.22
7.18
7.17
7.17
7.25
7.24
7.23
7.26

7.87
7.67
7.50
7.41
7.38
7.60
7.62
7.50
7.71

* AVERAGES OF RATES AVAILABLE.

" SWUMm'IB

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
OCT.

29

365.5
365.9
367.7
368.5
370.0
369.9

2 16 30 13 27 11

NOV
1974

25

8 22

5 19

5 19

2 16 30 14 28 11

25

9 25

6 20

5 17

1

15 29 12 26 10 24

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
K NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS
CERTIFICATES OF DEPOSIT OTHFR THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 Oi MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/4/74

3/5/75

4/30/75

6/4/75

7/2/75

16.2
13.4
1 1.7
1 1 .6
12.0

10.4
9.1
9.7
10.6

8/6/75

9/3/75

10/1/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/30/75
6/ 4/75
7/ 2/75
8/ 6/75
9/ 3/75
10/ 1/75
11/ 5/75
12/ 3/75

8

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

1 1.8
12.8
13.8
13.7
13.0
12.4
12.2
12.4

13.8
15.3
14.8
13.6
12.6
12.4
12.6

18.6
16.6
14.4
12.9
12.6
12.9

6.7
8.4
9.9

9.0
10.7

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAtLY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
230 -------------,---------- ,-----

BILLIONS OF DOLLARS
—1-------------------------

2S0

BILLIONS
219.9
224. 7
223.0
223.3
225.3

2 IS 30 15 27 11

NOV

25

« 22

9 19

9 19

t II 10 14 M II 29

DEC

MAY

» 29

JUN

C 20

9 17

AUG

SEP

1

19 29 12 2« 10 24

LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 9, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGs
12/4/74

5/5/75

4/30/75

6/4/75

7/2/75

8/6/75

9/3/75

1.6
0.7
-0.4
2.1

0.6
-0.9
2.5

-2.3
2.5

10/1/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGs
4/30/75
6/ 4/75
7/ 2/75
8/ 6/75
9/ 3/75
10/ 1/75
11/ 5/75
12/ 5/75


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

-1.0
2.2
4.2
3.7
3.6
3. 1
2.4
3.3

9.9
11.7
9.2
8. 1
6.8
5.3
6.2

17.5
11.3
9.2
7.3
5.2
6.4

8.2
6.3
4.5
2.7
4.4

4.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
^OT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

jJ-i-Li
2 16 30 13 27 11

25

6 22

5 19

5 19

FEB

MAR

2 16 30 14 26 11

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3,

25

9 23

6 20

3 17

1

15 29 12 26 10 24

IS75

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.

1975
OCT.

NOV.

DEC.

1
8
15
22
29
5
12
19
26
3
10
17
24
31

CERT 1F1 CATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
84. 1
84.2
83.9
83.5
83.5
82.7
82.5
82.8
83.0
83.4

80.9
81.6
81.4
81.0
81.3
81.0
80.9
81.2
81.5
82.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

2 IS 90 IS 27 II

NOV
1974

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS Of DOLLARS

25

S 22

5 19

9 19

t II M 14 H II »

DEC

MAY

• U

S 20

BILLIONS OF DOLLARS
4.5

9 17

1 I*

JUN
1975

LATEST DATA PLOTTED WEEK ENDIN6i DECEMBER 10. 1975

BUSINESS LOANS
( COMMERCIAL

BILLIONS OF DOLLARS
134 ----- ------------------ ------

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLI

COkFOUNJED ANNUAL RATES
— OF CHANCE. AVERAGE OF
- THE FOUR WEEKS ENDING
_DECEMBER 3. 1975 FROM
_ THE FOUR WEEKS ENDING.
__OCT.

1,

1975

MILLIONS

7.0
3.3
0.5

OCT. 29
NOV. 5

1.0

-

-3.6
-7.7
DEC

-B.0

1 1 1 1 1 I I I I
2 15 90 19 27 11

29

9 22

li i 1 i 1 i 1 1 11 I
9 19

5 19

2 15 90 14 29 11

MAY

29

JUN

9 29

« 20

9 17

AUG

SEP

1

IS 29 12 29 10 24

1975
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 3. 1975


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

BILLIONS OF DOLLARS


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

BILLIONS OF DOLLARS
540

- COMPOUWED A8*JUAL RATES OF CHANGE,
- AVERAGE OF THE FOUR WEEKS ENDING
Z DECEMBER 3, 1975 FROM THE FOUR

PROXY

APdlSTEP.

~ OCT.

10.0
1975

520

- AUG.
Z JUN.
1975

.CREDIT PROXY ADJUSTED 1/

-DEC.

510

500

CREDIT PROXY

BILLIONS
CREDIT

CREDIT
PROXY

rmCL

TEC

499.3
502.3
504.9
505.6
506.2

116 30

13 27 II 23
NOV
DEC

8

22

3

19

3

18

2

18 30 14 28 II

MAY

8 23

6 20
AUG

3 17
SEP

1

510.2
513. I
513.5
514.1
516.2

18 29 12 26

10 24

1975

1974
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3,

JUN 23

460

1975

CURRENT DATA APPEAR IN rHE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AW CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS