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data

Week ending December 20, 1967
FEDERAL RESERVE CREDIT

MEMBER BANK RESERVES (Continued)

Federal Reserve credit (page 2) averaged $48.1
billion in the four weeks ended December 20, up at a 14
per cent annual rate in the three months since early
September, and 13 per cent since a year ago. System
net purchases of Government securities have provided the
major impetus to the expansion of this credit. Member
bank borrowings declined from about $700 million in the
fall of 1966 to about $110 million in the spring of
M67, and have averaged near this lower level since
Hring. From 1957 to 1964, Federal Reserve credit rose
at a 7 per cent rate, while it increased at a 10 per
cent rate from 1964 to 1966.

cent rate since September, and 5* 5 per cent since a
year ago. This measure rose at a 1 per cent rate from
1957 to 1964, and at a 3 per cent rate from 1964 to
1966.

MEMBER BARK RESERVES
Total reserves of member banks (page 3) aver­
aged $24.4 billion in the four weeks ended December 20,
up at a 7 per cent annual rate since early September,
and 10 per cent since a year ago. The growth of Federal
Reserve credit has played a major role in expanding the re­
serve base of the banking system during the past twelve
months. By way of comparison, total reserves rose at
an average 3 per cent rate from 1957 to 1964, and at a 4.5
per cent rate from 1964 to 1966.

MOREY STOCK (Page 5)
The nation's money stock (page 5), consisting
of private checking accounts and currency in the hands
of the public, averaged $l8l.2 billion during the four
weeks ended December 13, up at a 4 per cent rate since
late August, and 6.5 per cent since a year ago. By way
of comparison, money rose at a 2 per cent rate from 1957
to 1964, and at an accelerated 4 per cent rate from 1964
to 1966.
Private checking accounts (page 4), the major
component of money, have risen at a 4 per cent rate since
late August, and 7 per cent since a year ago. Some
believe this measure to be particularly significant, since
it is likely to respond more quickly to Federal Reserve
actions than a measure which includes currency in the
hands of the public. From 1957 to 1964, these checking
accounts rose at about a 2 per cent trend, while they
grew at a 4 per cent rate from 1964 to 1966.

Reserves available for private checking accounts
^rotal reserves less reserves required for Government,
time, and net interbank deposits) have risen at a 3 Per


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

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: Decernber 22,1967

2
FEDERAL RESERVE CREDIT [1
Weekly Averages of Daily Figures

Pillions of Dollar£

Billions of Dollars

Seasonally Adjusted by this Bank[2
Annual rates of change Federal Reserve Credit
adjusted for reserve requirements changes
averages of four weeks ending Dec. 20, 1967
from four weeks ending:
Sept. 20, 1967
-f- l+f-.o
June 21, 1967
-h //.O
Mar.
22, 1967
-h (o.o
Dec.
21, 1966
i /P-7
1957-1966

y?
FEDERAL RESERVE
HOLDINGS

CREDIT

Hie 33

lie -30
lie-S/

lie. 11

Federal Reserve Credit

lie 1/

lk.20

Ke.lel

17-31

Federal Reserve Holdings of U.S. Government
and Federal Agency Securities

1/ Federal Reserve Credit excluding float and a few minor
items, and adjusted for reserve requirement changes
Seasonal adjustment for Federal Reserve Holdings
computed ty this hank using data ending December 1966.
Borrowings from Federal Reserve not seasonally adjusted
Current unadjusted data appear in the Board's H.4.1 release.—t

Latest data preliminary
Latest data plotted week ending:

5

19

Oct.


I966
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Ilov.

Dec.

Jan.

V2 bO

17 S3

V 7.ox
11 Si*
17.il
1713
17.fi>
17
17.k>3
17. 7S
17-11
18.0 3
ll.13
1&AS
IZ-Ko P
131-IP

JkyZ&J

1 I 1 1 1 I 1 ' i 11 ' 14 1 28 I 11 I 25
1 I I '

lie 7k

Hle-Sie
V 7* 17

Ik .37
171f-3!
17 77
lie 91

I I 11 I ITT! I II 1 I ITTttTf
0

22
Mar.

31 14 28

4

18

Oct.

10

24

Jan.

Feh.

Prepared by Federal Reserve Bank of St. Louis

RESl
ES
All Member Banks in the Nation
Weekly Averages of Daily Figures

Billions of Dollars

3
Billions of Dollars

Seasonal adjustment computed by this
bank,using data ending December I965.

TOTAL RESERVES
Annual rates of change, average of

--------

total

from four weeks ending:

_

RESERVES

Unadjusted data appear in the Board's _ 1967
.
H.4.1 release.
_

av./3
'

13 si, 10____
3D AH.Ii______

.

AHJg i__
.Du- y jrt.is__
■

jl

+ /0.0
J\»v.

+ 3.1

ansi —

// AH.glAS AH.k*--/

AHX3---------

s av.7f --

,s

--

cUL
----o?? **3/ - /ko * A+7J--/3 AH. Ja.-----

<S£>3f.33P-----

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

1967

/<,.?!

leservea Available for '
’rivate Demand Deposits

22.0

// JDXt
16.0
.

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

21, 1967

+-3.3

Latest data preliminary
Latest data plotted week endii

factors have been revised

7 21
Sept.

5 19
Oct.


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

2

16

30 14

28 11 25

8 22
Feb.

8

22

5

19

3 17 31 14 28 12
May
June

26 9

23

6

20 4
Sept.

18

1 15

29

13 27

10

24 7

21

Prepared by Federal Reserve Bank of St.Louis

6

20
Mar.

Apr

DEMAND DEPOSIT COMPONENT OF U .S. MONEY STOCK*
Averages of Daily Figures
Seasonally Adjusted

BiU ons of Dollars

15k

Billions of Dol

-1 1 Li 1 l l 1 l 1 1 II 1 1 1 1 1 TFT

153
152
151
150

_

1*9

four weeks ending Dec. 13, 1967
from four weeks ending:
Sept. 13, 1967
+ 3-7
June 14, 1967
+ L.9
Mar. 15, 19b7
+■ 7-1
Dec. 14, 1966
Ci

19*57-106t

WEEKLY DATA
1967
-

J- J. A

Sfi !3t*
30 /3yj*

148

^7

■

11 n*.‘ ■
-

11*6

4^ /if. 7
-71

1
/
/>r
M
<S7
0
U>
/3

145
144
143
142
l4l
l4o
bl

139

t

f. ft

*

138

**

£
7 pi

*

r
jr
s zf

i

<\
V

fro.*
///.j
/y/y
1+1.1
1+I.0
/V>'■vi
1.7?

l+O, f

/

l*

137

■

13-week centered
(a
movinc average
A* 7*
\
l_L..

136

*35
134
133

«•
.*
•a

132

.*

0 “1
- Weela y

£=

w rrr

131
130
129
128

127
126
*

125
124

0

— Latest data preliminary
Latest data plotted week ending:
Dec. 13, 1967
-till J -A 1 1 1 1 1 1 1 1 > 1 1 1 ................................

Sept.

Oct.
Nov.
1966


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

Dec.

Jan.

Feb.

Mar.

19

Apr.

17 31
May

Back
Current data appear in the Board's H.6 release.
data appear in the August 1967 Federal Reserve Bulletin.
For trend of demand denosits b^/ months see this bank1s

—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1—1_1__ 1__1__1__1__1___ 1___ 1__1 1

June
July
1967

9 23
Aug.

6

20 4 18
Sept. Oct.

1

15 29 13 27
Nov.
Dec.

10 24
Jan.

7

21

6

20

Feb. Mar.
19 "

Prepared by Federal Reserve Bank of St. Louis

Billions

5

TOCK*
MONE
ily Fjgures
Averages o
Seasonally Ad us ted

'liars

Billiodl

Annual rates of change, average of
four weeks ending Dec. 13, 19^7
from four weeks ending:
Sept.
13, 1967
+3- 8
June
l4, 1967
+ lo-3
Mar.
15, 1967
y-g.7
Dec.
14, 1966
+k.S

13-week centered
moving average

Weekly-

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".

Latest data preliminary
Latest data plotted week ending:
7

21 5 19
Sept. Oct


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

2

16

30

II 11 I 25
I I

14 28

Jan.

8 22
Feb.

8

22

5

19

3

17

31

14 28
June

12

26 9

23

6 20
Sept.

4

18
Oct.

1

15

29 13

1 I I

I I I I

Prepared by Federal Reserve Bank of St. Louis

Dollars

CERTIFICATES OF DEPOSIT 11
La rg6 Co m m e re iol Ba n kS
Wednesday Figures

Billions of Dollars

6
Billions of Dollars

iual rates of change, seasonally unadjusted data.
four weeks ending:
f

It 7

+■

SSI

21.0

20.0

20.0

Millions of Dollars

Z0,H3!>

Current and year ago data appear in the
Board's H.4.2. release
1/ Negotiable time certificates of deposit

Latest data preliminary
Latest data plotted:

I I I I I I

7 21 5 19 2 16 30 14 28
Sept.
Oct.
Nov.
Dec.

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

11 25
Jan.

8 22
Feb.

8 22
Mar.

5

19
Apr.

3

17 31
May

14 28
June

12

26

9

23

6

20
Sept.

4

18

1 15

III] 10
27

29 13

24
Jan.

I I I 1 I
7

21

Prepared by Federal Reserve Bank of St. Louii

6

20

3

Billions

TIME Dfl|OSITS*
All Com vnvm: i a I Banks
Weekly Averages of Daily Figures
Seasonally Ad usted

liars

Annual rates of change, average of

BilliofiFof Dollars

from four weeks ending:

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

Latest data preliminary
Latest data plotted week ending: Dec. 13, 1967
7

21

5

19


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

2

16 30

14

28 11

25

11 22 I 8
1 I

8

22

5

19

3

17 31

1^ 28
June

12 26 9
23
July
Aug

6

20 4 18
Sept. Oct

1

15

29

13 27

10 2k

7

21

6

Prepared by Federal Reserve Bank of St. Louis

20

3

Millions of Dollars

Millions of Dollars

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

1,900

BIWEEKLY DATA
EXCESS
RESERVES

1,800

■f AC’S
-f-

BORROWINGS

FREE
RESERVES

1,700

+ e?JS

1,600

+

<MO p

1,600

P

1,500

i,4oo
WEEKLY DATA

1,200

1,300
1,200

i- JYJ

BIWEEKLY SETTLEMENT

y- ?<?

1,100

1,100
1,000

1,000

900
800
700
600
500

Excess Reserves

400
300

Net Free

200
100
Borrowings- -

0
-

-

-

1,000

-


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

900

1,100

t

1,100

Oct.

800

-

23

700

-

9

600

-

26

500

-

12

400

-

---- latest data plotted:

300

-

1,000 ___Latest data preliminary

200

-

-

100

7

21

4

18

1

15

1

15

29

12

26 10

24

7

21
June

5

19

2

16

30

13 27

11 25

8

22
Nov.

6

20

3

17

31 14

28

Jan.

Prepared by Federal Reserve Bank of St. Loui;

13 27
Mar.

. ’ Bi; ions

BUSINE^LOANS
Large Com^Prcial Banks

>ilars

69

ri

111111

1 t [ M I | | nx

Billionsof Dollars
69

Seasonally Adjusted bv this Bank

average or
01 cnange
rour veejts ending Dec. J-i,
from four veeits ending:

Annual rates

68

Sept
.

June
Mar.

67

13 9 1967
14 1967
15 1967
ill 1066

68

i-7.1

+ i.7
+ ‘•1
j 1 11

67

7* /

66

66

65

65
1
j>v

1

4

7

\

/ r~
k
\

63
j

62

k
\

/s

6k

(eJ./oi

r

n

/
fV
\

T
■»

> v. > ■■ —

|
7r
/\
'J
/ \j

63

T
Millions

T
r

1067

UNADJUSTED
U.13T
L*.MS
L3/*9
cJO

61

n. 1

T
a
IS
AS
ne^y /

60

/J

•a a.
v
\

Dec..
/J

(.3 300
(.3 o/3
fci,

Vo/

t3, <S«a 7
43.//r
C.J 733
W,IO»
yijios r

ra_ _

SEASONALLY
ADJUSTED

62

ill/Y
La sis
A3. *03
1. a .///
• j.
(,3, S/a.
L3 1VL

61

1,3 7ft
(t>4 77 J
<p7 07/
£3 7? 7
107,775
fc3,77-3 p -

58

60

59

58
Current and year a«o unadjusted data appear In

57^
0'

Latest data preliminary
Dec 13, 1967
latest data plotted:
•

■ i .1-1-1. I 1 1 II
Sept.

Oct.
1966


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

Nov.

1

1

1

11

Dec.

11

11,1

Jan.

f^AiinnAl ad 1u stmen t
1 1 1 1 II 1 .................... MM

m

Feb.

Mar.

Apr.

May

July

June
1967

Aug.

Sept.

Oct.

Nov.

1

1

_J_U_l j j
Dec.

_1_

Jan.

Feb.

Mar•

1968

Prepared by Federal Reserve Bank of St. Louis

Apr.

10
YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

Per Cent

3-MONTH
THEA3. 3-5
BILL

LONG-CORPORATE YEAR TERM
Aaa

itfS I
*

441
¥ 3/

S. 33
S.33L

/i
J3

f-37

?(•?

4-lb
y. 93

S.trt
S. kb

*>9
Qd- k

4S4

y. ti
y.vi

s.31 4 9b
S.4f S. oi

s.kS
Sl*¥

/3
30
31
hoAs

4.S7
4<tl
4-Sb
¥ si

S’+f S’JO
SSS S.3¥
S.S 7 S.S9
S. <*8 S3S

S.lb
S. S3
S90
S. 9S

4<*4

S.io
S. 7fc
S- 7!
S ki
S. 70
S. 74

S.44

b.OSL

S..49

k.lo

S.4S
S. 31
S. 38
£‘38

6.01
It. 13
k. 1+
bJt>

5.63

5-33

6.72

10
j7

S vS
3. yy

4-k3

*)4 4*S
0m.. I
4.1 A.
S 4.1SL
/S' 4.1b
* AJ.

5.oo

s.oi
s.04

-

s.bb
5.is.

Corporate

Long-Term
Government Bonds

Discount Rate

Three-Month Treasury
Bill Market Yield

Latest data plotted are averages of rates available for the week ending:
9

23

7

21
Oct.

4

18 2
16
Nov.
Dec

1966

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

30 13

27 10

24

10 24

7

21

5

19 2

16 30

Dec. 22, 19^7
i4

28 11

25 8

22

6

20

3

17

1

15

29

12 26

9

23

June

Prepared by Federal Reserve Bank of St. Iou:

8

22

5

9 1111
23 7 21 4 18 2
Sept.
Oct.
Nov.
1966
Digitized for * AVERAGES OF RATES AVAILABLE
FRASER
** SOURCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org MARKET RATE ON 90-DAY PRIME CD'S.
SECONDARY
Federal Reserve Bank of St. Louis

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

Per Cent

PRIME
COMMERCIAL

''

_
PAPER
' 4-6-MOBTH

LARGE
PRIME
njuumno
jjri
ACCEPTANCES CD'S**

FUMDB

+.7S
+ (.(.

*. (kT
f./o
V.//

ru

y.SS

u:

fSt

yet
yes

JT JO

y.sg

j:jo

S.J3
s./J
S3S

y. 0/

S.3S

5-50

s.so

-Prime Commercial Paper ,
. 4-to-6 Month
/

Prime Bankers

discount Rate

itances

Federal Funda Rate

June
Prepared by Federal Reserve Bank of St. Louis


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102