Full text of U.S. Financial Data : Week Ending December 13, 1967

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

•

✓

S. FInRnCIRL DRTD_ _
Week ending December 13r 1967
TIME DEPOSITS

MONEY STOCK (Continued)

Time deposits at all commercial "banks (page 7)
averaged $183.0 "billion during the four weeks ended
December 6, up at a 12 per cent annual rate in the three
months since late August.
In contrast, time deposits
rose at a rapid 18 per cent rate during the first eight
months of the year.
The most recent rate of growth of
these deposits is the same as the trend rate from 1957 "to
1966.

ended December 6, up at a 5 per cent rate since late
August, and at a 7 Per cent rate since a year ago.
Despite an apparently slower rate of growth in recent
months, reflecting chiefly temporary transfers of funds
between private deposits (included in money) and
Treasury accounts (not included), the basic trend of
money seems to be at about a 7 per cent rate, or about
three times the 2.4 per cent trend rate of growth from
1957 to 1966.

A major factor in the more moderate growth of
time deposits in recent months has been the rising trend
of most short-term interest rates and the impact that
this has had on the ability of banks to issue large nego­
tiable time certificates of deposit (page 6).
These CD's
have risen at a 7.5 per cent rate since late August, after
rising at a 37 per cent rate from January to August. With
rates on six-month Treasury bills and four-to-six month
prime commercial paper close to the 5* 5 per cent maximum
offering rate permitted for CD's under Regulation Q,
longer-term certificates of deposit have become noncom­
petitive.
In response, some banks, possibly preparing for
sizable maturities around the mid-December tax date, have
been offering the 5.5 per cent ceiling rate on CD's in
the 60 to 90 day maturity range.
Y STOCK
The nation's money stock (page 5), consisting of
private checking accounts and currency in the hands of
the public, averaged $l8l.3 billion during the four weeks


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

A broader measure of money (page k\ which
includes time deposits at commercial banks, has risen
at an 8 per cent annual rate since late August, and
11 per cent rate since a year ago. By way of comparison,
this me astire, which is similar in magnitude to total
bank credit, rose at a 6 per cent trend rate from 1957
to I966.
BUSINESS LOANS
Business loans at large commercial banks
(page 9) averaged $64.1 billion during the four weeks
ended December 6, up at a 6 per cent rate since late
August, the same rate as since a year ago. Accelerated
corporate borrowing in the capital market associated with
expectations of higher commodity prices and interest
rates, as well as reliance on commercial paper as a
source of funds, has had a dampening effect on the demand
for business loans at banks in recent months. From
i960 to 1966, these loans rose at an average 10 per cent
rate.
Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: December 15,1967

FEDERAL RESERVE CREDIT LL
Weekly Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally Adjusted by this Bank [2
52

51

52

TTT

T

adjusted for reserve requirements changes
averages of four weeks ending Dec. 13, 1967
from four weeks ending:
Sept. 13, 1967
14, 1967
-h / 0.3
15, 1967
+ to-i
14, 1966
+ US
1957-1966

+■

51

50

7,Y
49

tS. A. •J
48

48

—IL_
| 1
FHIDkhAL REbKRvb
HOLDINGS
CREDIT

47

IS 6'

Ip

46

Vfc-?/
Vt- 7 k

u
IS

V7.13

H!38

V7- V/
V/. <c0
V7 /3

s
s
<&

w

H 1-03.
HSa,

'vaU

a1

as
7W"

45
Holdings of U. S. Government
_J
44

V0.V4

H-le.gO

AO

/3

77-77
VO <77
V77$

Y7M
7S
+8fi3
in3 p HAS p

VZfc3

■V7.

45

44

43

42

-Borrowings---

1

Federal Reserve Credit excluding float ana a iew minor
items. and adjusted for reserve requirement changes•
2/ Seasonal adjustment for Federal Reserve Holdings
onnTmit.ed bv this bank using data ending December 1966*

4l

_ Latest data preliminary
_ Latest data plotted week ending: Dec. 1
1 I 1 1 I I 1 ' 1 I I......... I I I I I
7 21
5
19 2 16 30 l4 28 11 25 8 22
Sept. Oct.
Nov.
Decl
Jan.
Feb.
1966


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

46

<f72+

43

40

47

y Ip , -j u

4l

4o
067
1 I 1 1 1
8 22
5
19 3 17
Mar.
Apr.
May

IT I 11 II 1 1. M 1 1 11 1 1 II M 11 1 1 1 11 11 ! 1 1 11 1
21 6 20
31 14 28 12 26 9 23 6 20 4 18
15 29 13 27 10 24 7
Dec.
Jan.
Feb.
Mar.
Nov.
June
July
Aug.
Sept. Oct.
1^ ,
1967
Prepared by Federal Reserve Bank of St

lM!s

3
Apr.

resSPes

All Member Banks in the Nation
Weekly Averages of Daily Fi u res

Billions of Dollars

Billions of Dollars

i r r i i—i—r~r
Seasonal adjustment computed By this
bank using data ending December 1965. —
Unadjusted data appear in the Board's_
H.4.1 release.

_
TOTAL RESERVES
.Annual rates of change, average of
-four -weeks ending Dec. 13, 19&7
-frcm four weeks ending:
-Sept. 13, 1967
+8 to
-June 14, 1967
-hi? 8
Mar. 15, 1967
-fi. f

eLafiM U <3 */. 13___

.
.

11.10____
ac 14.13____
37 14 Jg — _
OU' 1 34.4s___
n

II 14.31-lg.14.gl —
'Ko. I

14.u,o-14 L3------

t
—
/S *i. tn. - «

—

11 **3/--U<- fe 1+71--13 14.31- P------

Total

RESERVES
AVAILABLE
---------FOR PRIVATE
DEMAND DEPOSITS

1967

/6.37

Reserves Available for '
Private Demand Deposits

22.0

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

I I I I I I I I I I
Latest data preliminary
Latest data plotted
week ending;
J L_l I l_l I
I—I—L-J
I I I L—I 1_X

Seasonal adjustment factors have been revised
to Incorporate data through early l<?6j. _
7

21

5 19


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

2

16

30 14

28 11

25

8

22

8

22
Mar.

5

19

3

1731

May

l4
June

28 12

26 9

July

23

6

20

4

18

1 15

29

13 27

10

24 7

21

Aug.

b
Mar.

Prepared by Federal Reserve Bank of St.Louis

Apr.

MONEY STOCK PLUS TIME DEPOSITS*
Averages of Daily Figures
Seasonally Adjusted

ons of Dollars

4
Billions of Dollars

382

380
378
376
37^

“Annual rates of change, average of
four weeks ending Dec. 6, 1967
_ from four weeks ending:
_ Sept. 6, 1967
-f-8. 3
-June 7, 1967
+/o. (*
-Mar. 8, 1967
+U-A.
-Dec. 7> 1966
t-

372

i~ U.O

|370

*68
366
364
362
360

358
356
354
352
350
348
346

m
342
340
338
336
334
332
330
328
326
*

324
Latest data preliminary
0
7 21
Sept.

5

19


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

2

16 30 14

28

11 25

Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin.
'
._
For trend of money stock plus time deposits by months
—
see this bank's monthly release entitled "Monetary Trends".
~n111 1 11 m 1 ii 1 i 1 1 i 1 11 1 1 11 1 11 u 1ii111 ~n~
2 26 9 23 6
20 4 18 1 15 29 13 27 10 24 7 21
6 20 3
July Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Peb.
Mar.
Ai

Prepared by Federal Reserve Bank of St. Louis

A

MON^BTOCK*

Averages 0^^5aily Figures
Seasonally Ad us ted

Billions^^^Dollars

£

Billions of Dollars

I I I 1 "I 7
-four weeks ending Dec. 6, 196?
-fran four weeks ending:
- Sept. 6, 1967
-f y^. i'

13-week centered
moving average

Weekly

Latest data preliminary
Latest data plotted week ending: Dec. 6, 1967
I I I I I
I I I I I I
11.1 .1.-1-1
1 1 .1 1 I 1
8 22 5 19
7 21 5 19 2 16 30 14 28 11 25 8 22
Mar. Apr
Jan.
Feb.


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

3

17

31

Ilf 28
June

12

5

Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".
I II i I I
L I I 1 1
26 9 23 6
20 h 18 1 15 29 13 27 10 2k 7 21 6 -20 3
Mar. Apr
Jan.

Prepared by Federal Reserve Bank of St. Louis

6

CERTIFICATES OF DEPOSIT \l
La rg e CO m m e rc ioI Ba n kS
Wednesday Figures

Billions of Dollars

Billions of Dollars

l l l l
Annual rates of change, seasonally unadjusted data,
average of four weeks ending Dec. fa, 1967
from four weeks ending:

t

*■
1964 - 1966

2 0.3
3H.<j

y- Z0.3

22.0

21.0

20.0

20.0

Millions of Dollars

1967

| t f

latest data preliminary
latest data plotted:

7

1

1

1

1 t ■

21

21 5


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

! t ^ I

Current and year ago data appear in the
Board's H.U.2. release.
1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.

June
Prepared by Federal Reserve Bank of St. Louis

6

20
Mar.

3
Apr

TIM-E D^pSITS*
All Comm e rci a I Banks
Weekly Averages of Daily Figures
Seasonally Ad usted

liars

ons o:

212
210

Billions of Dollars

208
fra* four weeks ending:
206

204
202

200
198
196
194
192
190
|p8
186

184
182
180
178
176
174
172

170
168
166
^64
*62
160
158
156
release
Back
data appear in the August 1967 Federal Reserve Bulletin,
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

154
Latest data preliminary
0
7

21
Sept.

5

19
Oct.


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

2

16 30
Hov.

14

28 11

Dec.

25 8 22
Jan.
Feb.

8

22
Mar.

5

19
Apr.

3

17 31
May

14 28
June

1 1 ' 1 ' » 1 1 1 1 1 ' ' 1 i 1 1 ' 1 .............................................
12 26 9 23 6 20 4 18 1 15 29 13 27 10 24 7
21 6 20 3
July
Aug.
Sept. Oct.
Nov.
Dec.
Jan.
Feb.
Mar. Apr

Prepared by Federal Reserve Bank of St. Louis

8
Millions of Dollars

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Millions of Dollars

1,900
1,800
EXCESS
RESERVES

'

1,700
BORROWINGS

7S

If?

'3/0
33/

'

1,600

io

37*
311

7*4
A?7

1,500

/oc>

I,400

.

1,300

1.200

1,200

BIWEEKLY SETTLEMENT

1,100

*,100

1,000

J.,000
900
800
700
600
500
Excess Reserves
400
Net Free Reserves

300

200.
100
Borrowings
0
.One Week Only.

-

1,000 --Latest data preliminary

-

1,100
12


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

2Z

9

23

7

21

U

li

1

15

1

15

29

12

10

24

7

21
June

5

19

2

13 27

11 25
Oct.

8

22

6

20

3

17

31 14

28

Prepared by Federal Reserve Bank of St. Loui'

13 27

-

100

-

200

-

300

-

400

-

500

-

600

-

700

-

800

-

900

-

1,000

-

1,100

BUSINES0OANS
Bi:
*

Large Commercial Banks
Wednesday Figures

ions of Dollars

69

Billions of Dollars

Seasonally Adjusted by this Bank
fro* four

>ka ending:

68

67

I96O-I966

66

65

064

63
Millions of Dollars
SEASONALLY
UNADJUSTED
ADJUSTED
LIZ it
L33I +
W.J/J
LJ Sit
L3 *63
63 Stt

62

61

(.3 S/JL
LJ 7*4
L3Sit

LJ 300

l»3 ,?J0
L3 lit
44 794

60

077
44 79 7
L4.S3J.

.

4.9,/*/5 P

fi

58
-1 f-t”

57^

o'

Current and year ago unadjusted data appear in
, l ... .1J_____
the Board18 H.4.2. release.
Seasonal adjustment
* . ,
; ) ---computed by this bank using 1962 through 1966 data.-f —-p- *• f — —

_ latest data preliminary
______________________ ,
-— latest data plotted:
Dec. 6, 1967
TTTTTTT
M TT 1 1 1 1 1
tt 1 111 111 1 1 1111111 1 11 1 1 ii
.I
u 1 1 i 11. .1
r
7 21 5 19 2 16 30 14 28 11 25 8 22
8
22 5 19 3 17 31 14 28 12 26923
Aug.
Sept. Oct.
Hot.
Dec.
Jan. Feb. Mar.
Apr.
May
June
Ju ly
1966
1967


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

1 1 1 1 1 i n 1 1 1 1 ■ 1 1 ■■ 1 i 11 i-dll ?
6 20
Sept.

4 18 1 15 29132710 24
Oct.
Nov.
Dec.
Jan.

7

il~r

21 6 20 3
reb.
Mar. Aj
l'X>8

Prepared by Federal Reserve Bank of St. Inuis

10

YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

3-MOUTH
TREAS. 3-5
BILL YEAR

8.00 —,—
74?
iefb i

SSI

f

y3/

S-33

^33.

LONG-CORPORATE
TERM
Aaa

y.'Tt

S.iS

-y 93

ski

/s

y.a7
yjy
</.y7
y.vi

s:**
s'*/
y, yy

s.oi

s-ks

c3?
(Pc-#- ^

of
s'.oy

j:t4,
5.7^-

13

4-Sl

S.*f

S. to

Jo

V &/

J7

htrb 3

s-. t.-<

S.lk
j7<PJ

3:^7

S SI

3. kS

y.fef

30

SsS

3. %S

s.io

s.iS

k.oj.

/7

3".7fe

s;.¥f

fc./o

44

3- 7/

3", yr

s.u,7

i’.jy
.r.ss
-5 37

t.0*>
fc./j
t./y
fc./^

id

3-.SS
f>*&. / v=?a
<? y.y-i
*,/.r y.<?y

Per Cent

j.yj

Corporate
Aaa Bonds

Long-Term
Government Bonds

Discount Rate

Three-Month Treasury
Bill Market Yield

Latest data plotted are averages of rates available for the week ending: Dec. 15, 1967
23 7 21
4
18 2 16 30 13 27 10 24
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
4
^
1966

AVEH^PI OF RATES AVAILABLE
9

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

10 24
Mar.

7

21
Apr.

19 2

5
J

■

16 30 14 28 11 25 8
22 6 20
June
July
Aug.
Sept. Oct.
^.967

3

17 1
Nov.

15 29
Dec.

12 26
Jan.

9

23
Feb.

22
Mar.
12|fL

Prepared by Federal Reserve Bank of St. L01

8

5
A]

11

SvPer Cent

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

Per Cent

PRIME
PRIME
BANKERS'
ACCEPTANCES

FUNDS

S.oo

J 7S ,

t.&f i

5.30

-Prime Cceraerdal Paper
. k-to-6 Month

Prime Bankers'
itances

Federal Funds Rate

Latest data plotted are averages of rates available for the week ending: Dec. 15, 1967

9

23

Sept.

7

21

418

Oct.

2

Nov.

June

Sept.

Oct

1966

* AVERAGES OF RATES AVAIIABLE

** SOURCE: SALOMON BROTHERS AND HITTZIER
http://fraser.stlouisfed.org
SECONDARY MARKET RATE ON 90-DAY PRIME CD'S.
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Mar.

Apr