Full text of U.S. Financial Data : Week Ending: December 11, 1974

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

£

Week ending: December 11, 1974
LIBRARY /
JUN

08 1979


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

The monetary base has increased 8.4 percent
in the last twelve months. After slowing to about a
5 percent annual rate from late April to late July,
the growth of the base has reaccelerated to about a
10 percent rate since late July.
Yields on prime four- to six-month commercial
paper and on large 90-day certificates of deposit (CDs)
declined in the past week. Over the past six weeks, how­
ever, there has been little net change in these rates,
compared with the sharp declines which occurred from
late August to late October. In the early part of this
week, yields on prime four- to six-month commercial paper
averaged 8.71 percent and yields on large 90-day CDs
averaged 9.03 percent. In the last week of October,
they averaged 8.83 percent and 9.15 percent, respec­
tively, down from 11.85 percent and 12.48 percent in
the last week of August.
Yields on corporate Aaa bonds averaged 8.89
percent recently, down from a high of 9.38 percent in
the week ended October 11. While most short-term market
interest rates are at about the same level or a little
lower than a year ago, long-term market interest rates
are substantially higher. For example, current yields
on corporate Aaa bonds are more than a percentage point
above the 7.68 percent average in December 1973.
In the week beginning December 9, Federal Re­
serve Banks announced reductions in their discount
rates from 8 percent to 7-3/4 percent. The 8 percent
discount rate had been in effect since late April 1974.

Money stock and other deposit data
for the week ended December 4, 1974 were
not available in time for publication in
this release. Therefore, this release
contains no new data on money stock,
time deposits, and related measures.

Prepared by Federal Reserve Bank of St. Louis
Released: December 13, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1 14

112

112,578

110

108

106

104

102

I 1.1J-L
3 17 SI

14 26 12 26

NOV

8 23

DEC

6 20

6 20

S 17

MAR

APR

1

15 29 12 26 10 24

7 21

4 16

2 16 SO IS 27 11 25

NOV

DEC

1974
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 11, 1974
THE MONETARY BASE CONSISTS OF MEMBER BANK DEPOSITS AT THE FEDERAL RESERVE AND CURRENCY IN
CIRCULATION < OJRRENCY HELD BY THEPUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. THE MAJOR SOURCES OF THE MONETARY
BASE ARE FEDER>M RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DE­
TAILED DESCRIPTfoN OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT
NO. 31 FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/12/73

3/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 8/74
6/12/74
7/10/74
8/14/74
9/11/74
10/ 9/74
11/13/74
12/11/74


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

2

5/8/74

6/12/74

7/10/74

8/14/74

9/11/74

10/9/74

7. 1
8.5
10.1

8.4
10.6

12.9

- .
'
9.3
8.6
8.4
7.5
7.6
7.4
7.8
8.4

9.3
8.7
7.2
7.5
7.2
7.7
8.5

6.1
4.8
5.7
5.6
6.6
7.7

f' - 1

4.3
5.7
5.6
6.8
8. 1

’

5.3
5.3
6.8
8.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

MULTIPLIER

BAT IQ

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 27, 1974

p-Prelininary
BILLIONS OF DOLLARS
T02------------ ,--------- ,-----

BILLIONS OF DOLLARS

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

~

COMPOUNDED ANNUAL RATES
OF CHANCE. AVERAGE OF
— THE FOUR WEEKS ENDING
DECEMBER 11. 1974 FROM
---- OCT.
SEP.

11

10.0
FEDERAL RESERVE CREDIT

19Z1

NOV
1973

DEC

4 18

FEB

MAR

APR

AUG

MILLIONS

2 16 50 13 27 11 25

SEP

NOV

DEC

1974

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 11, 1974
1/ RATIO OF MONEY STOCK tMl 1 / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS

sss


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

spsist"

smiA&saB

FLOAT ANO ••othpr-’

™

accctc

„,.Tr»

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

102

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

225 r

g_i LLLQNS.
215.6
214.5
216.0
216.2
216.0

3 17 31

14 28 12 26

NOV

9 23

6 20

6 20

I

7 21

15 29 1

4 18

2 16 30 13 27 11 25

NOV

DEC

DEC

LATEST DATA PLOTTED WEEK ENDINGj NOVEMBER 27, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
p-Preliitiinary

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
11/28/73

2/27/74

4/24/74

5/29/74

6/26/74

7/24/74

8/28/74

9/25/74

5.4
4.7
5.6
5.2
4.4
3.8
3.5
3.6

5.4
6.8
6.0
4.7
3.7
3.3
3.4

5.8
4.8
3.3
2.2
2.0
2.3

6.9
4.0
2.5
2. 1
2.5

0.8
-0.2
0. 1
0.9

-1.3
-0.5
0.5

-0.5
0.9

2.4

TO THE AVERAGE
OF FOUR WEEKS
ENDINGj
4/24/74
5/29/74
6/26/74
7/24/74
8/28/74
9/25/74
10/30/74
11/27/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL I QMS OF DOLLARS
290 ------------ 1----------1-----

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

BILLIONS
282.0
281.2
282.8
283.3

3 17 31

14 28 12 2#

NOV
1973

9 25

DEC

6 20

8 20

3 17

FEB

MAR

APR

1

IS 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27 11 23

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 27, 1974
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 NOWANK PUBLIC.

p-Preliminary

Q

U1

o

Q

11/28/73

ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/27/74 4/24/74 5/29/74 6/26/74 7/24/74 8/28/74 9/25/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/24/74
5/29/74
6/26/74
7/24/74
8/28/74
9/25/74
10/30/74
11/27/74


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

6.7
6.1
6.6
6. 1
5.6
5.0
4.9
5.0

6.9
7.6
6.6
5.7
4.9
4.7
4.9

6.2
5.0
4.2
3.5
3.4
3.8

6.0
4.5
3.5
3.4
3.9

2.3
1.6
2.1
2.8

1.2
2.0
2.9

1.9
3.2

4.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.5
13.0

90 DAY CD* SWE&
12.5

12.0
11.5

11.0
10.5
COMMERCIAL PAPER

RIME BANK
OAN RATE

10.0
9.5
9.0
8.5

CORPORATE

BONDS

6.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5

5 19

2 10 90 M 20 11 25

DEC

JAN

8 22

8 22

S 19

9 17 91

14 28 12 20

8 25

6 20

4 18

1

IS 29 19 27

JUN JUL
1974

FEB

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 13, 1974

1974
OCT.

4
11
18
25
NOV.
1
8
15
22
29
DEC.
6
13 X
20
27

6

90 DAY
CD’S MM*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDSMK

10.87
10.28
9.96
9.63
9.15
9.16
9.05
8.75
9.28
9.53
9.03

10.18
9.70
9.31
8.90
8.83
8.88
8.81
8.73
8.81
9.05
8.71

9.79
9.61
9.31
9.12
8.95
8.83
8.94
9.00
9.41
9.55
9.00

9.37
9.38
9.29
9.19
9.09
8.99
8.89
8.84
8.85
8.91
8.89

6.66
6.52
6.48
6.51
6.65
6.66
6.55
6.53
6.71
6.89
N.A.

* AVERAGES OF RATES AVAILABLE.
MS BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSOAY 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 RELEAS
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOU 11

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
H.O
13.5
13.0
12.5

12.0
FEDERAL FUNDS RATE
11.3

11.0
10.5

10.0
9.5
INTH TRI
tKET YI

9.0
8.5

8.0
7.5

DISCOUNT RATE

7.0
6.5
5 IB

Z 1690 M 28 11 25

DEC

JAN

« ZZ

t 22

5 IS

3 IT 31

FEB

14 J* 12 26

9 29

6 ZO

4 18

1

18 28 18 ZT

JUN JUl.
1974

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 13, 1974

1974
OCT.

4
11
18
25
NOV.
1
8
15
22
29
DEC.
6
13 X
20
27

FEDERAL
FUNDS JIM

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

11.04
10.43
10. 1 1
9.81
9.72
9.63
9.37
9.34
9.46
9.02
8.86

6.64
7.24
7.73
7.60
7.95
7.66
7.26
7.46
7.45
7.44
7.17

8.13
7.98
7.95
7.90
7.98
7.83
7.67
7.53
7.50
7.46
7.16

7.31
7.27
7.22
7. 18
7.12
7.04
6.92
6.87
6.88
6.89
6.75

X AVERAGES OF RATES AVAILABLE.
M9K SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURREN? 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

0

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
420
410

TOTAL TIME DEPOSITS

400
390
380
370
360
350

330
320
310

NET TIME DEPOSITS*

300
290
5 17 31

14 28 12 26

NOV
1973

9 23

DEC

6 20

6 20

3 17

FEB

MAR

APR

1

13 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 SO 19 27 11 25

NOV

DEC

1974

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 27, 1974
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 ENDING.
11/28/73

2/27/74

4/24/74

5/29/74

6/26/74

7/24/74

8/28/74

9/25/74

12.8
1 1.3
11.4
11.1
10.8
10.3
10.4
10.6

8.3
9.3
9.2
9. 1
8.6
9.0
9.4

8.4
8.4
8.6
8.0
8.6
9.2

10.6
9.9
8.8
9.4
10.0

8.7
7.7
8.7
9.5

7.3
8.8
9.7

8.7
10.1

12.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/24/74
5/29/74
6/26/7 4
7/24/74
8/28/74
9/25/74
10/30/74
11/27/74

8

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
710

BILLIONS OF DOLLARS
710

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS 36*

0 L-l 1 j 1 1 1 1 1 1 t 1 1 1 .1111
3 17 31 14 28 12 26 S 23
OCT
NOV DEC
JAN
1973

i i I—I_l__ _1_1_1___L_ —1—1— 1 1 1
1 1 1 1 -1-1 1111.
6 20 6 20 3 17 1 15 29 12 26 10 24 7 21 4 18
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
1974

1 1 1 1
LJ 1
III
Q
2 16 30 13 27 11 25
OCT
NOV
DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 27. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

m M2 IS DEFINED ASi CURRENCY. DEMAND DEPOS1TS PLUS NET TIME DEPOSITS (SEE PAGE 81.

p-Preliminary

MONEY STOCK PLUS NET TIME DEPOSITS CM2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
11/28/73
2/27/74 4/24/74 5/29/74 6/26/74 7/24/74 8/28/74 9/25/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/24/74
5/29/74
6/26/74
7/24/74
8/28/74
9/25/74
10/30/74
11/27/74


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

9.9
8.8
9. 1
8.7
8.3
7.8
7.8
7.9

7.6
8.5
7.9
7.5
6.9
7.0
7.3

7.4
6.8
6.5
5.8
6.2
6.6

8.4
7.4
6.3
6.6
7.1

5.6
4.8
5.6
6.3

4.4
5.6
6.5

5.5
6.8

8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS.
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILL!ONS OF DOLLARS

BILLIONS OF DOLLARS
92
90
88

86
84
82
80
78
76
74
72
70
68
66
64
3 17 31

M 28 12 26

NOV

9 23

DEG

6 20

6 20

3 17

FEB

MAR

APR

1

15 29 12 26 10 24

Mil

7 21

4 16

AUG

SEP

2 16 30 13 27 11 23

NOV

1974
LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 27, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

SHKvASkloSTiLc!Si!lEBc:iEsB2&<lH'OSIT lssgE° IN °E’"MI’“TI0NS * •"».«» «
p-P re1iminary


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

ISSEY"AM) TIME:
1974
OCT.

2
9
16
23
30
NOV.
6
13
20
27
DEC.
4
11
18
25

BILLIONS
CERTIFICATES CERTIFICATES
NET TIME
OF DEPOSIT
OF DEPOSIT
DEPOSITS*
NOT SEAS. AOJ.
89.3
89.2
68.6
88.9
88.3
87.4
87.1
86.7
86.7p

86.0
86.4
86.1
66.2
86.1
85.7
85.5
85. 1
85.2 p

323.5
324.6
325.8
326.8
327.0
328. 1
329.2
329.3
330.3 p

M2 aw
604.2
605.4
606.2
606.8
608.3
610.0
612.1
612.6
613.7 p

* SEE FOOTNOTE PAGE 8.
3BK SEE FOOTNOTE PAGE S.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEC

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILL! QMS OF DOLLARS

BILLIONS

of dollars

LLIONS
1098
1367
1481

- 0.5

I U I
3 17 31

14 2« 12 26

NOV

0 23

DEC

6 20

6 20

3 17

FES

MAR

APR

1

15 20 12 26 10 24

7 21

4 II

2 1< 30 13 27 It 25

NOV

DEC

LATEST DATA PLOTTED WEEK ENOING. DECEMBER 11, 1974

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
152

BILLIONS OF DOLLARS
132 ------------ .--------- .--------- .------------ COMPOUNDED ANNUAL RATES
130 —OF CHANGE. AVERAGE OF
128
1M
126

130

rnvw
— ucuunD&n
THE FOUR "T.
WEEKS END
ING
” OCT. 2, 1974
9.5
—SEP. 4, 1974
8.0
- AUG
10.6
— JUL
16.3
JUN. 5
16.6
“ MAR
23.3

128
126
124
122

20.2

120
118
116
114

112
110

OCT. 30
NOV. 6

108
106
I I I I I I
3 17 31

14 26 12 26

NOV
1973

DEC

9 23

6 20

6 20

FEB

MAR

3 17

1

15 29 12 26 10 24

7 21

4 16

2 16 30 13 27 11 25

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 4, 1974

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11