Full text of U.S. Financial Data : Week Ending: December 12, 1973

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

Week ending: December 12, 1973

Growth of the monetary base, which dominates trend growth
of the nation's money stock, has continued at a substantial pace
in recent months. The monetary base has increased at a 7.6 percent
annual rate in the past three months, following a 7.3 percent rate
in the previous nine. Since a year ago the base has risen 7.3
percent.
The credit proxy adjusted, a proxy for bank credit, has
increased at less than a 1 percent annual rate since September,
compared to a 14 percent rate from January to September. Part of
the rapid rise in the adjusted credit proxy from January to Sep­
tember was accounted for by increases in the amount of large cer­
tificates of deposit (CDs) issued by commercial banks. The
seasonally adjusted volume of large CDs outstanding at weekly
reporting large commercial banks rose from $44 billion in early
January to $60 billion in early May and to $67 billion in Sep­
tember. Since early October the volume of these CDs has fallen,
on balance, to about $61 billion on December 5.
In mid-May and again in early September, the Board of
Governors announced increases, of 3 percent each time, in reserve
requirement ratios to be applied to increases (beyond the amount
outstanding in the week ending May 16 or $10 million, whichever
is larger) in a member bank's total of CDs in denominations of
$100,000 or more, bank-related commercial paper and finance bills.
Last Friday the Board of Governors announced a reduction from 6 to
3 percent in the marginal reserve requirement applicable to these
sources of funds, effective the week beginning December 13. This
action reduces the total reserve requirement on this class of lia­
bilities from 11 to 8 percent and estimates indicate that it will
release about $375 million in member bank reserves. Reduced reserve
requirement ratios do not change total member bank reserves, but en­
able a given amount of reserves to support a larger volume of total
deposits. The monetary base is adjusted for reserve requirement
changes. Therefore, the reduction in marginal reserve requirements,
unless offset by other Federal Reserve actions or developments, will
raise the level of the monetary base by $375 million in the reserve
week ending January 2.
Beginning this week, the Federal funds rate, the threemonth Treasury bill rate and the discount rate are shown on page
11. Other rates are shown on page 10.


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

Prepared by Federal Reserve Bank of St. Louis

Released: December 14, 1973

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
106

104
103,564

102

100

98

96

4 16

I

IS 29 13 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2 16 30 15 27 II

JUN

25

6 22

5 19

3 IT SI

14 28 12 26

JUL

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 12, 1973
USES OF MONETARY BASE ARE MEMBER BACK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOWjlEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF TH4 BASE SEE THE AUGUST 1968 "REVIEW* OF THIS BACK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/13/72

3/14/73

5/9/73

6/13/73

7/11/73

8/15/73

8.5
8.5
7.2
6.8
6.7
6.6
7.0

7.0
5.5
5.3
5.5
5.6
6.3

5.3
5. 1
5.4
5.5
6.3

3.7
4.5
4.8
6.0

5.5
5.6
6.9

9/12/73 10/10/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/ 9/73
6/13/73
7/11/73
8/15/73
9/12/73
10/10/73
11/14/73
12/12/73


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

9.0
8.4
8.4
7.6
7.3
7.2
7.0
7.3

6.0
7.6

8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

MULTIPLIER

RATIO

.574

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 5,

1973

BILLIONS OF DOLLARS
94 ---------- .-------------i-----

BILLIONS OF DOLLARS
-------- ---------- ---------- 94

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
DECEMBER 12, 1973 FROM

FEDERAL RESERVE CREDIT
1973
1973
— JUL.

1973
1973
1973
1972

MAR.
___ DEC

1973

MILLIONS
4
1

4

IS

I

IS 29 13 27

10 24

7 21

7 21

4 18

2 16 50 13 27 1

25

8 22

5 19

87
89,879

3 17 31

14 28 12 26

JUN
JUL
1973
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 12,

1973

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/

T° 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.
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

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILUPM&
204.9
205.9
206.2
205.8

4 18

I

15 2# 13 27 10 24

7 21

7 21

FEB

MAR

2 16 30 IS 27 It

JUN

APR

25

8 22

5 1#

3 IT 31

14 28 12 26

NOV

JUL

D€C

LATEST DATA PLOTTED WEEK ENDING) DECEMBER 5, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING)
12/6/72

3/7/73

3.6
5.9
6.7
5.9
5.2
•4.1
4.4
4.6

5.9
7.4
6.0
4.9
3.4
3.8
4.2

5/2/73

6/6/73

7/4/73

8/8/73

0.3
-1.6
0.6
1.9

-3.4
0.2
2.0

9/5/73

10/3/73

0.9
3.0

7.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING)
5/ 2/73
6/ 6/73
7/ 4/73
8/ 8/73
9/ 5/73
10/ 3/73
11/7/73
12/ 5/73


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

'

v
"
;

•' V,-" :
«sv ; ■

14.4
9.6
7.1
4.7
5.0
5.4

6.1
3.8
1.5
2.6
3.4

■

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
275 ---------- 1-------------.-----

BILLIONS OF DOLLARS
-------- ---------- ---------- 275

264.9
266.4
267.6

4 18

I

IS » IS 27 10 24

7 21

7 21

4 1«

FEB

MAR

APR

2 10 30 13 27 11 25

JUN

* 22

3 19

3 17 31

JUL

14 2S 12 26

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 5, 197S
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi
12/6/72

3/7/73

5/2/73

6/6/73

7/4/73

8/8/73

0.9
-0.2
1.4
2.8

-1.2
1.4
3.2

9/5/73

10/3/73

2.0
4.2

7.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
5/
6/
7/
8/
9/
10/
11/
12/

2/73
6/73
4/73
8/73
5/73
3/73
7/73
5/73


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

5.2
6.8
7.4
6.5
5.8
5.0
5.1
5.4

7.0
7.9
6.5
5.4
4.4
4.5
5.0

12.7
8.6
6.6
4.9
5.1
5.6

5.7
5.9
2.4
3.1
4.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

4 19

1

IS 29 13 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2 ie 30 IS 27 11 23

JUN

• 22

S 19

5 17 91

M 29 12 26

JUL

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 5, 1873
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.B RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
12/6/72

3/7/73

5/2/73

6/6/73

7/4/73

8/8/73

8/5/73

9.5
8.8
8.6
9.5
9.4
10.7
10.6

8.4
8. 1
9.6
9.4
11.1
10.9

7.2
9.6
9.3
11.4
11.1

10.9
10. 1
12.5
11.9

1 1.8
14.4
13.3

14.0
12.7

10/3/73

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
5/
0/
7/
8/
9/
10/
11/
12/

2/73
6/73
4/73
8/73
5/73
3/73
7/73
5/73


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

10.2
10.1
9.6
9.4
9.9
9.8
10.7
10.6

14.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
630
-=

620

-|

610

HE

600

-HE

590

-|

580

-|

570

-EE

560

-5

550

=

540

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

510

4 18

1

IS 28 IS 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2 16 SO IS 27 11

JUN

25

8 22

S 18

S 17 31

JUL

14 28 12 26

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 5, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
*88 Mi IS DEFINED ASi CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGi
12/6/72

3/7/73

5/2/73

6/6/73

7/4/73

8/8/73

9/5/73

10/3/73

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
5/
6/
7/
8/
9/
10/
11/
12/

2/73
6/73
4/73
8/73
5/73
3/73
7/73
5/73


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

7.8
8.6
8.6
8.0
8.0
7.5
8.0
8.1

8.4
8.5
7.5
7.6
7.0
7.7
7.9

10.4
8.3
8.2
7.2
8.2
8.3

6.3
6.8
5.9
7.3
7.6

6.0
5. 1
7.0
7.4

5.5
8.0
8.3

8. 1
8.5

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
70
68

BILLIONS OF DOLLARS

-

-

'

-

66
64
62
60
58
56
54
52
50
48
46
44
42
40

-

-

-

—

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

T7

-

-

is III nil, l ii- 1 111
4 15

1

15 29 13 27 10 24

OCT

NOV
1972

DEC

JAN

nil mi, _LLL L1J 1

7 21

7 21

4 19

FEB

MAR

APR

1 1 L 1 1 1

2 l« SO 15 27 II

MAY

JUN
JUL
1975

25

1 1 1 1

C 22

AUG

111

l l l l

1 1 1

i
L.1L

SEP

OCT

NOV

DEC

5 19

3 17 31

14 29 12 29

LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 5, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100.000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BAMCS.


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

MONEY AND TIME DEPOSIT DATA

1973
OCT.

NOV.

DEC.

3
10
17
24
51
7
14
21
28
5
12
19
26

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

64.9
63.9
63. 1
63.2
62.5
61 .7
60.8
60.8
61.1
61.1

290.4
291.5
292.5
293.3
294.7
295.1
295.9
295.3
296.0
296.6

M2 m
555.1
555.1
558.0
556.0
559.6
561.5
562.9
562.9
561.4
563.2

* SEE FOOTNOTE PAGE 6.
X» SEE FOOTNOTE PAGE 7
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

64
62
60
58
56
54
52
SO

48
46

44
42
40
0

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

4 18

1

IS 20 IS 27 10 24

7 21

7 21

4 IS

2 16 90 IS 27 II

1972

25

8 22

5 19

3 17 91

14 28 12 26

1973

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 5, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

BILLIONS

1973

OCT.
NOV.

DEC.

31
7
14
21
28
5


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

CRED1T
PROXY

CRED1T
PROXY
ADJUSTED

439.3
440.1
439.7
439.2
438.9
439.6

445.8
446.8
446.4
446.6
446.5
446.8

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
DECEMBER 5. 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CRED1T
PROXY
■PBflffiL ADJUSTED
OCT.
SEP.
AUG.
JUL.
JUN.
MAR.
DEC.

3,
5,
8,
4,
6,
7,
6.

1973
1973
1973
1973
1973
1973
1972

0.3
1.9
5.1
5.4
6.5
9.0
10.4

0.3
1.8
5.5
6. I
7.2
9.7
11.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

11.0 r—

—i 11.0

COMMERCIAL PAPER

CORPORATE AAA BONDS

RIME BANK
OAN RATE

MUNICIPAL
BONDS**

6 20
OCT

S 17
NOV

1 IS 20 12 26 0 2S
JAN
PEB

0 23

6 20
APR

4 16
MAY

1 15 20 13 27 10 24 '7 21
SEP

5 10
OCT

2 16 30 14 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* DECEMBER 14,

1973
OCT.

NOV.

DEC.

5
12
19
26
2
9
16
23
30
7
14 X
21
28

1973

CORPORATE
Aaa BONDS

PRIME
COMMERCIAL
PAPER
4-6 MONTH

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS **

7.59
7.56
7.58
7.64
7.65
7.67
7.69
7.68
7.64
7.65
7.68

9.38
9.13
9.03
8.56
8.28
8.69
9.08
9.09
9. 10
9.20
9.17

6.89
6.77
6.80
6.80
6.83
7.03
7.16
6.90
6.79
6.90
6.77

6.27
6.20
6.27
6.28
6.27
6.33
6.35
6.29
6.27
6.31
6.29

5.04
4.99
5.05
5.12
5. 17
5.19
5.27
5.13
5.15
5.15
N.A.

* AVERAGES OF RATES AVAILABLE.
** BOND 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
II.0 r—

PERCENT
—

10.5

THREE-MONTH TREASURY
BILL MARKET YIELD

FEDERAL FUNDS RATE

SCOUNT RATE

6 20

3 17

1

15 20 12 28

JAN

0 23

0 23

6 20

4 18

1

IS 20 13 27 10 24

7 21

3 10

2 16 SO 14 20

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* DECEMBER 14, 1975

1973
OCT.

NOV.

DEC.

5
12
19
26
2
S
16
23
30
7
M X
21
28

3-MONTH
TREASURY
BILLS
7.42
7.14
7.16
7.07
7.38
8.12
8. 1 1
7.72
7.52
7.47
7.48

‘

FEDERAL
FUNDSm

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S mm

10.72
9.87
10.07
9.98
9.90
9.71
10.03
10.23
10.09
10.17
10.04

9.50
9.28
9.00
8.81
8.50
8.69
8.75
8.75
8.75
9.10
9.25

9.63
9.70
9.36
9. 15
8.53
8.91
9.10
9.39
9.34
9.43
9.50

* AVERAGES OF RATES AVAILABLE.
** FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK END ING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS' H.9 RELEASE.
CO DATA ARE SECONDARY MARKET RATES.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11.0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
3.0 r-------- 1-------------1----1314

BILLIONS OF DOLLARS
-------- ---------- --------3 3.0

MILLIONS

BORROWING.

4 18

I

OCT

NOV
1972

15 20 13 27 10 24

DEC

JAN

7 21

7 21

4 1*

2 16 30 13 27 11

FEB

MAR

APR

MAY

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 12,

JUN

25 • 22

JUL
1973

AUG

5 18

S 17 31

SEP

OCT

14 28 12 2«

NOV

DEC

1973

BUSINESS LOANS

BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENOING
_ DECEMBER S, 1973 FROM THE FOUR
WEEKS ENDINGt
—
BUSINESS
—
BUSINESS
LOANS
_
.LOANS
ADJUSTED.
“ OCT
— SEP
_ AUG
JUL
— JUN

-3.2

BILLIONS OF DOLLARS
1M

112

-BUSINESS LOANS ADJUSTED 1/

110
105

-4.1
-3.7

106
104

21.4

102
100

BUSINESS LOANS

98
96
MILLIONS
BUSINESS BUSINESS
LOANS____
LOANS
ADJUSTED----OCT. 31

94
92
90

88
86

4 18

1

15 29 13 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2 16 30 13 27 11 23

JUN

JUL

8 22

S 19

I I I I Uli
14 23

3 17 31

NOV

12 26

DEC

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 5, 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS