Full text of U.S. Financial Data : Week Ending December 4, 1968
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S. finfllKIRL DATA of St. Louis Week ending December 4,1968 Following increases in market interest rates (pages 8 and 9) during the past few months, the majority of commercial banks raised their interest rates on loans to prime business customers from 6% per cent to 6% per cent early this week, reversing the action taken in September. Yields on three-month Treasury bills averaged 5.66 per cent during the three days ending December 4, up from a low of 4.96 per cent in early August, but still below the high of 5.82 per cent in May. Rates on long term Government bonds have climbed from about 5 per cent in early August to 5.57 per cent this week, a rate slight ly above the 5.52 per cent high in May. Yields on three to five year Government securities averaged 5.75 per cent during the three days ending December 4, compared with 4.28 per cent in early August and a high of 6.09 per cent in May. Highest grade corporate bond yields have risen above the high level of late May, averaging 6.31 per cent during the three days ending December 4. This is the highest yield on these corporate securities since 1920. Increases in market interest rates relative to Regulation Q ceilings may hinder banks' ability to com pete for time deposits in coming months. However, data presently available do not indicate that the growth rate of time deposits (page 7) has slowed at the present time. Time deposits at commercial banks averaged $201.7 billion during the four weeks ending November 27, up at a 17 per cent annual rate from three months ago. Time deposits grew at a slower 7 per cent rate during the first half http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of the year, probably reflecting the effect of high mar ket interest rates on banks' ability to compete for time deposits. The accelerated growth rates of time deposits, total deposits, and bank credit since mid-year have not been accompanied by accelerated growth of the mone tary base (page 2). During the past three months the base has increased at a 6.4 per cent rate,compared with the 6 per cent annual rate of increase during the first half of the year, and a trend rate of 3.3 per cent per year from 1957 to 1967. The growth rate of the money stock (page 3), which is largely determined by the trend growth of the base,has been slower since mid-year. The slower growth of money may be partly attributed to the unusually rapid growth of time deposits since June, which has reduced the amount of demand deposits or money which the mone tary base can support. The 3.8 per cent annual rate of growth of money during the past three months is far less than the 8 per cent rate during the first half of the year, but significantly higher than the 1957 to 1967 trend rate of 2.6 per cent. Since September the growth rate of the money stock has accelerated. If the monetary base continues to rise at its recent rate and time de posits begin to grow at a reduced rate, the probabilities are great that money growth will increase rapidly in coming months. 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 6,1968 MONETARY BASE LL FEDERAL RESERVE CREDIT L2 Averages of Daily Figures Billions of Dollars Billions of Dollars Seasonally adjusted by this bank. Annual rates of change, average of four weeks ending Dec. 4, 1968 from fqur weeks ending: Monetary Base F.R.. Credit y- 1957-1967 Monetary Base 1968 Monetary Base Federal Reserve Credit _ JL/ 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 Review of this bank. _ ---Latest data preliminary ---Latest data plotted week ending: Dec. 4, 1968 6 20 18 Sept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 7 21 6 20 '. 3 17 Apr. 1 15 May 29 "12 26 10 24 June July ^^1968 7 21 Aug. 7J As defined in the statistical tables of the Federal Reserve Bullet in. adjusted for reserve requirement changes and shifts in deposits. 4 18 Sept. 2 16 Oct. 30 13 27 11 25 8 22 MONBi^TOCK* Averages ofDaily Figures Seasona lly Ad usted Billions of Dollars BillionB of Dollars 205 WEEKLY DATA 1968 - Annual rates of change, average of - four weeks ending Nov. 27, 1968 “ from four weeks ending: ' Aug. 28, 1968 U 38 QUA. /loo /0 ? /*?■? /?/•<? 33 /SVf jo Feb. 28, 1968 _T_ Nov. m.i /9A5 no./ 3>o /9Z.X, /3 1957-1967 3 7 193.3 13-week centered moving average Weekly 180 3 * Current data appear in the Board’s H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of money stock by months see this bank’s monthly release entitled "Monetary Trends". Mill l I 1 I I 1 1 I I 1 I Latest data preliminary Latest data plotted week ending: Nov. 27, 1968 i l 1 1 l I 6 20 It 18 1 15 29 13 27 10 2k 7 21 6 20 3 17 1 15 29 12 26 10 24 7 21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dec. June 4 18 2 16 30 13 27 U 25 3 22 5 19 5 19 2 Sept. Prepared by Federal Reserve Bank of St. Louis MONEY STOCK PLUS TIME DEPOSITS* Averages of Daily Figures SeasonallyAd usted Billions of Dollars Billions of Dollars Annual rates of change, average of four weeks ending Nov. 27, 1968 from four weeks ending: 1957-1967 396.3. P Latest data preliminary Latest data plotted week ending: 6 20 4 18 1 15 29 13 27 10 24 Sept. Nov. 27, 1968 7 21 6 20 Mar. Oct http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of money stock plus time deposits by months’ see this bank's monthly release entitled "Monetary Trends". 1967 3 17 Apr. 1 15 29 12 26 May June 10 24 July 7 21 Aug. 4 18 Sept. 2 l6 30 Oct. 13 27 11 25 Nov. 8 22 5 19 5 19 2 Dec. 1968 Prepared by Federal Reserve Bank of S1 5 BUSIES LOANS Large Col™ercia I Banks of Dollars Billions of' Dol. Wednesday Figures 73 73 Seasonally ad justed by this bank. Annual rates of change, average of four weeks ending Nov. 27, 1968 72 71 72 Feb. 28, Nov. 29, + 9.S -hl°.9 + to. - 7f.JJL 7 71 1960-1967 70 70 69 69 68 68 67 67 MILLIONS OF DOLLARS 66 UNADJUSTED 1968 I 65 <7 / /y/ J/ f 61, // 61 /n 61 928 n' 61. 369 1 /. 64 ' 7 '3 zo z 7 62 Ss! 0 1 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 1 15 29 13 27 Oct. Nov. Dec. 1967 (1.693 61 96 3 70 3f3 (9 830 64 .63 67 8 7030/ 70] A 6 ic P 7/, tjo 7 7,3! (? p 62 Current and year ago unadjusted data appear in the Board's H.4.2 release. Seasonal adjustment computed by this bank using 1962 through 1967 data. — Latest data preliminary Latest data plotted: Nov. 61 65 6 9, /o 1 6^686 1b 13/ 76,177 71S, 90? la 6?,c69 (1. 16 L (ins' (8, 9so 61, 110 6 9 181 69, 77V 6>11q3 7o, c 93 70 772 7(7 32.X 6? Yzr t , /b 13 30 63 6 % cee a, m 61, 6VZ 66 SEASONALLY ADJUSTED 10 24 Jan. ^ 21 Feb. Mar. 3 17 Apr. 1 15 29 • (tey 12 26 June 10 24 July 1968 7 rm-mrmrt inm i mm 11 21 Auu. 4 11 Sept 2 16 Oct. 30 13 27 Nov. 11 25 Dec. 3 5 Jan. 19 Feb. 6l ~ o 5 19 Mar. u.yo9 Prepared by Federal Reserve Bank of St. Louis 2 A‘pr. CERTIFICATES OF DEPOSIT []_ Large Commercial Banks Wednesday Figures Billions of Dollars Billions of Dollars Annual rates of change, seasonally unadjusted data average of four weeks ending Nov. 27, 1968 from four weeks ending: Aug. 28, 1968 -f-ja.i May 29, 1968 ^ + /?■/ 1964-1967 Millions of Dollars ML? --— Latest data preliminary 20 Sept. f 4 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 7 21 Feb. 6 20 3 17 1 15 29 10 June 24 7 21 4 Current and year ago data appear in the Board's H.4.2. release. \/ Negotiable time certificates of deposit in denominations of $100,000 or more. 18 2 Sept. If. 30 13 27 11 25 Dec. 8 22 1968 Prepared by Federal Reserve Bank of St. Louis TIME DEPOSITS* All Commercial Banks Averages of Daily Figures - Seasonally Ad u sted Billions of Dollars Billions of Dollars Annual rates of change, average of four weeks ending Nov. 27, 1968 from four weeks ending: 1957-1967 * Current data appear in the Board’s H.6 release. Back data appear in the June 1968 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: Nov. 27, 1968 6 20 4 18 Sept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 7 21 6 20 3 17 1 15 29 12 26 June 10 24 July 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 Aug 5 19 Mar. Prepared by Federal Reserve Bank of St 2 Apr. s YIELDS ON SELECTED SECURITIES Averages of Dally Rates Ended Frida Per Cent LONGTERM si i J'.JS CORPORATE Aaa {p.O qL* (..64 j'.iV &./0 4-/3 4 .(S* s.<s r s4.33 4./ i 4 .AT j'.j/ Per Cent ^■1° &J7 J'.'d S-S"l C..2.S 4.3! Corporate Aaa Bonds iThree-Month Treasury J Bill Market Yield Discount Rate' Long-Term 'Government Bond J—l—l 8 22 6 20 3 17 1 15 29 12 26 9 23 8 22 5 19 3 Dec. 1967 http://fraser.stlouisfed.org *AVERAGES OF RATES AVAILABLE Federal Reserve Bank of St. Louis Jan. Feh. Mar. Apr. 1? 31 14 28 12 26 9 23 6 May June July 1968 Aug. 20 4 18 1 15 29 13 27 10 24 7 21 : 7 21 1969 Prepared by Federal Reserve Bank of St. Louis 9 SELECTED SHORT-T INTEREST RATES Avera ges of Daily Rates Ended Friday PRIME COMMERCIAL PRIME BANKERS' PAPER 4-6-MONTH ACCEPTANCES Per Cent LARGE 90 DAI FEDERAL CD'S ** FUNDS k. oo 6.50 — Commercial Paper’ 4-to-6 Month Discount Rate Bankers Acceptances Federal Funds Rate Latest data plotted are averages of rates available for the week ending: Dec. 6, 1968 8 22 Sept. 6 20 3 17 1 15 29 12 26 9 23 8 22 5 19 3 17 31 14 28 12 26 9 23 Oct. ] 1967 Dec. ♦AVERAGES OF RATES AVAILABLE **SOURCE: SALOMON BROTHERS AND HUTZLER http://fraser.stlouisfed.org SECONDARY MARKET RATE ON 90-DAY PRIME CD'S. Federal Reserve Bank of St. Louis June July 6 20 It 18 1 15 29 13 27 10 24 7 21 7 21 Aug. Prepared by Federal Reserve Bank of St. Louis 10 BORROWINGS AND EXCESS RESERVES All Member Banks in the Nation Averages of Daily Figures Millions of Dollars Millions of Dollars 2,000 EXCESS RESERVES SORROWINGS FREE RESERVES WEEKLY DATA 3XS Sf/ AJS 3/3 tC3 , - ATS, - ng -H3 -*7<r I 337 Hi 7 -no If3 HZ3 3fA 4/0' -loj -/Ml SiJL -t<*3 " -//y 3^7 HA SH //“? ' O*- y -338 1,500 -3*1 1,200 BIWEEKLY SETTLEMENT PERIODS WEEKLY RESERVE PERIODS — 1,000 Borrowings Excess Reserves 100 -- Net Free Reserves _1/ Because of the change in Regulation D ~Z" placing all member banks on a one-week__ reserve adjustment period, beginning with— the week ending September 18, 1968 the --above reserve data are reported on a one-week period. ___ Latest data preliminary Latest data plotted week ending: Dec. 4, 1968 11 1!ll ! T ! ! II I I I ! I I I I I I I M 13 27 11 25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22 May 5 19 June 3 17 July 31 14 28 11 25 9 23 6 20 1 15 29 12 2( • Prepared by Federal Reserve Bank, of St 12 26 9 DEMAND DEPOSIT COMPOIJtfNlT OF U S. MONEY STOCK* Average* ofrro iIy Figures Seasonally Ad Billions of Dollars 11 BlllionB of Dollars WEEKLY DATA 1968 Annual rates of change, average of four weeks ending Nov. 27, 1968 frcm four weeks ending: Aug. 28, 1968 a7 0/1 A! 18 i~S-3 Jwv '// Feb. 28, 1968 jg *r 1957-1967 Cciz ' /*?/ i + 7-or I US' t+7-S /its /**■* / 07-3 <8 I+7-/ /(, Jft.213 3 6 / 17- / 13 H't.i 20 /*?.? ay /so.o p 13-week centered moving average Weekly ____ Latest data preliminary -A— Latest data plotted week ending: * Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of demand deposits by months see this bank's Nov. 27, 1968 m monthly release entitled "Monetary Trends". 6 20 li 18 1 Sept. Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1967 15 29 13 27 Nov. Dec. 10 24 Jan. 7 21 Feb. 6 20 Mar. 3 17 1 Apr. 15 29 May 12 26 June 10 24 July 1968 7 21 Aug. 4 18 Sept. 2 l6 30 13 27 Oct. Nov. ll 25 Dec. 8 22 5 19 5 19 Jan. 1969 Prepared by Federal Reserve Bank of St. Louis 2