Full text of U.S. Financial Data : Week Ending: December 2, 1970

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

\S

ilaiSiM

U.S. finflnCIRL DATA

S?4rto *8
library

Week ending: December 2, 1970

Data for the money stock, the demand deposit
component of money, time deposits, and money plus time
deposits have been revised by the Federal Reserve to
reflect the annual revision of seasonal factors and new
benchmarks for nonmember bank deposits. In addition, a
major revision of the demand deposit component of money
was made in order to correct a downward bias created by
a rising volume of international financial transactions
conducted by branches of foreign banks in the U. S. and
^y subsidiaries of U. S. banks abroad. These transactions

weeks ending February 25, a period of nine months (page
5). By comparison money grew at a 1.2 per cent rate from
July 1969 to February 1970, a period of seven months.
The revision of the money series has raised both the level
and the rates of change. According to the new series,
money stock averaged $213.0 billion for October, com­
pared with $206.1 billion for the old series. The 6.3
per cent rate of change of money from February to October
compares with 5.2 per cent using the old series.

include the writing of checks in connection with borrow­
ing and repayment of Eurodollars and the purchase and
sale of foreign exchange. While these checks are being
cleared by U. S. domestic banks, they are included in
"cash items in the process of collection," but they are
not drawn against deposits which are included in the
money stock. In computing the money stock, all "cash
items'1 were deducted from gross demand deposits to avoid
double counting, but an understatement of the demand
deposit component of money resulted. In the revised
series the liabilities of foreign branch banks in the
U. S. and subsidiaries of U. S. banks abroad that
correspond to "cash items" on the books of U. S. com mercial banks have been added to eliminate the downward
bias in the money stock figures.

The demand deposit component of money has
increased at a 5.7 per cent rate in the past nine months,
compared with no change in the previous seven months
(page 4). Currency has increased at a 6.3 per cent rate
in the past nine months, compared with a 5.4 per cent
rate in the previous seven months.

The money stock, consisting of private demand
deposits and currency in the hands of the public, has
risen at a 5.9 per cent annual rate since the four


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

Time deposits have increased at a 20.3 per cent
rate in the past nine months, compared with a 4.7 per
cent rate of decline from December 1968 to February 1970
(page 6). The revision of this series for seasonal
factors and new benchmarks has raised the level of the
series slightly, but had little effect on rates of change.
This week the Federal Reserve announced a
decrease of 1/4 of 1 percentage point in the discount
rate at five Federal Reserve Banks, lowering the rate to
5-1/2 per cent. The rate change comes after the sharp
fall in short-term market rates in recent weeks.

Prepared by Federal Reserve Bank of St. Louis
Released: December 4, 1970

MONETARY BASE LL
FEDERAL RESERVE CREDIT \2
Averages of Daily Figures

Billions of Dollars
84

Billions of ‘Dollars
84
'

Seasonally adjusted by this bank

-Annual rates of change, average of
-four weeks ending December 2, 1970 from
-four weeks ending:
F.R.
Credit

83
nSept. 30, 1970
-Sept. 2, 1970
"Aug. 5, 1970
July 1, 1970
June 3, 1970
~Apr. 29, 1970
_Apr. 1, 1970

82

82,75

4 78

4 e.v
Monetary Base
4"1.3

81
-1957-1969

80

79

-

Uses of the 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 of this bank.

78

(08,^0
77

Federal Reserve Credit
(76
67
— Monetary1—
F.R. Credit
Base

“L 13.70
66

\6e.pT

£
65

- Oer

ini
64
Latest data plotted week ending: December 2, 1970

1 1
9

23
July


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

6

1 1 1 1 1 11 M r 1

20 3 17 1 15
29
Aug. Sept.
Oct.
1969

1 1 11 i 1 m 1 1
12 26 10 24 7
21
Nov. Dec.
Jan.
‘

1

15 29
Apr.

_1__1_1__1_1__1_1_1__1_1_1__1__1
13 27 10 24 8 ' 22
5 19
May
June # July
Aug.
1970

7

H

-

4i
ae
V

Dec.

classes of banks.

8 ft <&Ois>(c>
i<C 843051,
43 81 3*70
3o 8 rtife

.
Defined to include holdings of securities,
.
-AioV
loans, float, and "other" assets, adjusted
for reserve requirement changes and changes in
requirements due to shifts in deposits among

ISMSS

a

u6
IslUftl

8/497

tg/90
h>7 5SS~

?J8/y

C,8'6.S‘i>

(.7^69

SMBS'
i zssg

ii

8a.s,o B

kaa'W

16 8 9>5o8
A5

8ag 73
9 3? 7 V?

U>8Si 2
(s> fcj U b £

i i i j i i i 1 i 1

2

463*/■?

j

6.65-97

iii 1 1 i 1 1 1

16 30 14 28 11 25
Sept.
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

■-

9

23
Dec.

6

20
Jan.
1971

64

RESERVES
All Member Banks in the Nation
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
30.5

RWWT1W

Billions of Dollars
30.5

Annual rates of change, average of four weeks
ending December 2, 1970 from four weeks ending:
30.0

29.5

.Sept. 30, 1970
.Sept. 2, 1970
-Aug. 5, 1970
July 1, 1970
June 3, 1970
Apr. 29, 1970
Apr. 1, 1970

30.0

+ 6*
+ H1

ur\. >
J V
t

-

£L

« 7/ /
29.5

Vi

/L U

29.0

f
/

28.5

j
/

28.0

29.0

/
28.5

/
J

28.0

1/1
27.5

27.5

27.0

27.0

26.5

26.5
TOTAL

7 /{,
RESERVES Ctrt
« A8.S
i a<?,V
lie 28.H
3'o *8.8
■3c. 9.8.3
Llt
7 28-t*
>4 2 83}
M 38.4
9.8
.
3c v
4
II A8-8
18 9.8 U
ir £<?.*/
<9.

26.0

25.5

* Breaks in series due to changes in
Regulations M and D effective October
16, 1969 and Regulation D effective
! October 1, 19 70.
Current data appear in the Board's

25.0

H.9 release.

4

-

24.5

0

Latest data plotted week ending: December 2, 1970

-H+M-M-tt

9 23
July


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

6

20
Ativ.

3

17 1 15 29
Sept.
Oct.
1969

12 26
Nov.

1( 24
Dec.

7

21
Jan.

26.0

25.5

25.0
.

24.5
4 18
Feb.

4 18
Mar.

1

15 29
Apr.

13 27 10 24 8 22
May
June
July
1970

5 19
Aug.

2

16 30
Sept.

14 28
Oct.

0
Nov.

Prepared by Federal Reserve Bank of St. Louis

Dec.

J an.
1971

*

Billions

of

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Dollars

Billions" of Dollars

Annual rates of change, average of four weeks ending:

2/25/70 3/25/70 4/22/70 5/27/70 6/24/70 7/22/70 8/26/70 9/23/70
to average
of four
weeks ending

-15/27/70
+6/24/70
-7/22/70
18/26/70
19/23/70
110/28/70
11/25/70

+14.1
+ 9.4
+ 7.2
+ 6.8
+ 7.2
+ 6.9

+ 8.7
+ 6.0
+ 5.8
+ 6.5
+ 6.3
+ 6.0
t-5,0

+ 0.4
+ 2.0
+ 3.7
+ 4.0
+ 4.1
+3.a

+
+
+
+

3.0
4.9
5.0
4.9

+ 7.0
+ 6.4
+ 5.9

+ 7.0

+ 6.2

New Series

+ 4.8

/

V

/ 0.5". I

Latest data plotted week ending:November 25, 1970_
I I < I
I « ' 1 1 1 1 ' 1 ' » ■ 1
9 23
July
1969


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

(NEW SERIES ONLY)
15 29

13

27 10 24 8 22
June
July1970

5

19

2

16 30

14 28

11 25

Prepared by Federal Reserve Bank of SC. Louis

9

23

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Bullions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending November 25, 1970 from four weeks ending:

Series
-/-/.ye

Series
New Series

May 27, 1970

Estimated by Federal Reserve Bank of St. Louis

210

Annual rates of change, average of four weeks ending:

2/25/70

3/25/70

4/22/70

5/27/70

6/24/70

7/22/70

8/26/70

+ 6.3
+ 5.7
+ 5.6

+ 5.7
+ 5.5

+ 4.8

9/23/70

to average
of four
weeks ending:

4/22/70
5/27/70
6/24/70
7/22/70
8/26/70
9/23/70
10/28/70

u /aj,/7Q

- rr—

+12.6
+
+
+
+
+
+

9.6
7.6
7.3
7.2
6.9
6.7

+ 9.3
+ 6.8
+ 6.6
+ 6.6

+ 6.3
+

6.2

+ 2.6
+
+
+
+

3.6
4.5
4.5
4.6

+ 3.7
+ 4.7

+ s.3

Latest data plotted week ending: November 25, 1970_
I l.l I
9 23 6 20
17 1 15 29 12 26 10 24
7 21
Ju lv
Dec.
J an.
1969


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

( NEW SERIES ONLY)
18

4 18
Mar.

1

15

29 13

2 7 10 24

8

June

22

5

19

2

16 30 14
Sept.

28

1 1 25
Nov.

1970

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6

20
1971

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

2/25/70

I II I I
Annual rates of change, average of four weeks ending:
3/25/70
4/22/70
5/27/70
6/24/70
7/22/70
8/26/70

Billions of Dollars

New S e ri e

9/23/70 _

to average
of four
weeks ending:
4/22/70
5/27/70
6/24/70
217 7/22/70
8/26/70
215 9/23/70
10/28/70
J ,11/25/70

+14.3
+13.9
+12.9
+16.3

219

211

+20.0

+21.3
+22.3

+16.0
+14.0
+17.9
+21.9
+23.1
+24.0

+11.2

+17.2
+22.3
+23.5
+24.4

+19.2
+25.2
+25.9
+26.5

+32.7
+31.1
+30.5

+31.7
+30.4

+26.8

------————1—————TH——————

-

207

" Current data appear in the Board's H.6 release.

i:
11 i 11 r i 11 i i 11 i i m n i
— _ Latest data plotted week ending: November


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

Aug.

3 17
Sept.

I 1 I I I
1
15 29 12

26 10

"Min

.

25, 1970 (NEW SERIES ONLY)
24

7

21
Jan.

4

18

4 18
Mar.

1* 15 29 13 2 7 10 24 8 22
Apr.
May
June
July
1970
'

5

19
Aug.
'

2
16 30
Sept.

14 2 8
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
1971

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

fHllions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks ending:
2/25/70 3/25/70 4/22/70 5/27/70 6/24/70 7/22/70 8/26/70 9/23/70
to average
of four
weeks ending:
4/22/70
5/27/70
6/24/70
7/22/70
8/26/70
'9/23/70
10/28/70
11/25/70

+13.6

New Series
+12.6

+11.8
+10.2
+11.6
+13.5
+13.9
+14.3

+10.2
+12.0

+ 6.6
+10.1

+11.1

+14.5
+14.8

+13.1
+13.7
+14.3

+14.8
+15.1
+15.4

+19.4
+18.3
+17.9

+18.7
+17.9
+ IS.o

+15.8

/ VIC

i

VSie-i

Data prior to January 1970 will be available in the near future

.Current data appear in the Board's H.6 release.—
l

i

l

l

1

I

I

i

l

I

I

i

i

i

l

l

i

I

i

I

I

I

1

Latest data plotted week ending: November 25^1970
9 23
July


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

6

20 3 17 1
15 29 12 26
Aug.
Sept.
Oct.
Nov.
1969

10

24 7
21
Dec. Jan.

4
18
Feb.

4

18
Mar.

1

15 29
Apr.

13 27 10 24
May
June

8 22
July

5

19
Aug.

2

16 30
Sept.

14 28 11 25
Oct.
Nov.

1970

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
1971

ioi

CERTIFICATES OF DEPOSIT Q_
Large Commercial Banks
Wednesday Figures

f Dollars

26

Billions of

A
24

22

20

18

16

14

7
—N

-j

£

12

- •%

10
_L

8

Millions of Dollars
19 ~Kj

Q

*

6

sinn nnn or-

___

rr
T 1 1 1 1 II II
Dlotted week ending
.
1"

nr rr

2
9

23
July


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

6

Ll±l±

20 3 .17 1 15 29 12 26
Aug.
Sept.
Oct.
Nov.
1969

n

25, 19 7 3
1 l_
1 i
1
_i—
10 24 7 21 4
18
Dec.
Jan.
Feb.

L if"

i±

l
4 18
Mar.

1

15 29 13 27
Apr.
May

10 24
June

8

22
July
1970

Aug.

Sept.

l l

—

513 aa.osV
JJ SJ
V
/
11
li AS , 1 Ip Ip
<*/ as
SH =53

Out

Current and year ago data appear in the
H 4 .2 release.

4

<». 'S / 7 i/

FT

Oct.

i A3, III
ll A4,Sk9*7
iB 14 = 4 93
5- 3 h
■a t~r
1
9
Dec.

L

Nov.

Prepared by Federal Reserve Bank of St. Louis

J an.
1971

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY)
Averages of Daily Figures

of Dollars
328
326
324

Credit

320

Adjusted

318
316
314
312

328

Seasonally Adjusted

Annual rates of change, average of
four weeks ending Nov. 25, 1970 from
four weeks ending:

322

Billions of Doll

326
324
322

Sept. 23, 1970
Aug. 26, 1970
July 22, 1970
June 24, 1970
May 27, 1970
Apr. 22, 1970
Mar. 25, 1970

320

+ M.~7

318
316
CREDIT
PROXY
ADJUSTED

5. o

314

,
-

312

310

310

308

308

306

306

304

304

302

302

300

300

298

298

296

296

294

CREDIT
PROXY

292

294
292

290

290

288

288

286

286

284
282
280

CREDIT
PROXY

278

Oto • O
’OTil

3c E
c -7. 'T
3c 6 A
3 i o. O’

276
274
272
270
268

0'

A1

S.g
H
il
IB

Current data appear in the Board's H.9 release.
• ' I I I I I I I I I I I I I | | | | | | , | ., | |
_
Latest data plotted week ending: November 25, 1970
-1.1 I. I I I 1 I I I I 1 I I ...........................
9 23 6
20 3 17 1 15 29 12 2s
July
Aug.
Sept.
Oct.
Nov.
1969


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

10 74
Dec.

7

21
Jan.

4
18
Feb.
•

t q s
3 ic.»
3i\.H

CREDIT
PROXY
JS50
3-„4,3
3AH.2?

3

0

3 S3.7

354^

3 a 5, 0

3 s.5 5
3£t» o
3SL-.7
3^7 ,f>
l l.-.l 1_L_■J-1---1-1_L.
18 1 15 29 13 27 10

3i».2>
313.0
3 13. 6
3 - S'. **/

4
Mar.

Apr.

May

1/ Total member bank deposits plus nondeposit items
is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally ■
adjusted, but nondeposit items are included in the
series on a seasonally unadjusted basis due to the
"
short period for which most items are available.
Nondeposit items included in the series are as fol­
lows: gross liabilities of banks to own foreign
.
branches and to branches in U.S. territories and pos-sessions; Euro-dollars borrowed directly from foreign banks or through brokers and dealers; commercial paper issued by bank holding companies or
"
other bank affiliates; and loans or participations
in pools of loans sold under repurchase agreement
to other than banks and other than banks' own
affiliates or subsidiaries.
.

I 1 1 I I I 1 1 I 1 1 I I I I M I I I I I | II I I I I ii:

24 8 22
June
July
1970 "

5 19
Aug.

2 16
Sept.

30

14 28
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6 20
Jan,
1971

284
282
280
278
276
274
272
270
268
0

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

3-5 Year
Bill

Long-Term
Government

■Corporate'

10.50

10.50

10.00

10.00

9.00

8.00

8.00

3-5 Year f
Govt. Sec.

Three-Month \
Treasury Bill
Market Yield
Discount Rate

6.00

5.50

Latest data plotted are averages of rates bailable for the week ending: December 4, 19 70

5.00
11

25

8

22

5 19
Sept.

AVERAGES OF RATES AVAILABLE

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

3
1969

17

31 14 28
Nov.

12 26
Dec.

9

23
Jan.

6

20

6

20
Mar.

3

17
Apr.

1

15 29 12 26- 10 24
May
June
July
1970

7

21
Aug.

4

18 2
Sept.

16 30

13 27
Nov.

Prepared by Federal Reserve Bank of St. Louis

11

25
Jan.
1971

11
SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent

11.0
Prime
Commercial _

4-6 Month

10.5

Prime
Bankers'

90 Day

Acceptances

7. OS
(o, 70

io i 3 &

Comaercial Paper

4-to-6 Month

Bankers'
Acceptances

Federal Funds Rate

Discount Rate

S.S- 7

"Latest data plotted are averages of rates available for the week ending: [December 4, 197CT

11

25

8 22
Aug.

5 19
Sept.

3

17

31 14

28 12 26
Nov. Dec.

9

23
Jan.

6

20

* AVERAGES OF RATES AVAILABIE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATE, WEEKLY AVERAGES ENDING WEDNESDAY

TWO DAYS EARLIER.
CURRENT DATA APIEAR IN THE BOARD'S H.9 RELEASE.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6

20
Mar.

3

17

1

15

29 12

5.5

5.0
26 10 24
June July
1?70

7

21
Aug.

4

18 2
Sept.

16

30

13 27

Prepared by Federal Reserve Bank of St. Louis

11 25 8 22
Dec.
Jan.
1971

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

Millions of Dollars

7
W

Al

2,600

XB
9

11

EXCESS
RESERVES
3.5 A
9/
> 89
/ ?/
303
a

9

2,200

tr
a

/oi

379

BORROWINGS

Millions of Dollars

FREE
RESERVES

-TC,
H SO

-Vc?
- 39 7

- a Va,
- iso

u>o
-is 7
- 3=27

-1

1,800

Borrowings

1,000

Net Free Reserves
1,600

2,200

2,600

3,000

Latest data plotted week ending: December 2, 1970
INI
9 23 6 20 3 17 1
15 29 12 26 I
24 7 21
Jan.
Sept.
1969


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

4

18
Feb.

4

18
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June
July
1970

5

19
Aug.

2

16 30
Sept.

14

28 11

Prepared by Federal Reserve Bank of St. Louis

25

9

23

6

20
1971