Full text of U.S. Financial Data : Week Ending: December 8, 1976

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

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Week ending: December 8, 1976
The shape of the yield curve for U.S. Treasury securities, which indicates
ld/maturity relationship, has changed considerably since mid-1974. In late
August 1974 the yield curve was basically downward-sloping: yields on short-term
t_iE - -Treasury securities were higher than yields on intermediate- and long-term Treasury
DIG
6o«?3 and bonds. Nine months later (late Hay 1975), short-term rates were well
below intermediate— and long-term rates, resulting in an upward-sloping yield
curve. By late September 1975 short-term rates had increased in relation to long­
term rates, but had not returned to their year-earlier (August 1974) levels, so
the yield curve was still upward-sloping in the short-term range of maturities.
At the beginning of this year (late January 1976), yields on most Treasury
securities with less than 15 years to maturity had fallen from their September 1975
levels, and the yield curve shifted downward. Short-term rates fell more than long­
term rates, so the yield curve was more steeply upward-sloping in January. Yields
on most Treasury securities increased during the late spring and early summer months
of this year, but they have decreased since then, as shown by the yield curve for
late November. As short-term yields have declined, the yield curve has flattened
out over the short-term range of maturities. Longer-term yields have not declined
as much, with the result that the yield curve in late November is steeper in the
longer-term range of maturities than in the short-term range.
The changing shape of the yield curve over the last two years illustrates
a general declining pattern of yields for Treasury securities of all maturities,
which has coincided with the progressive slowing in the rate of inflation. The
sharp decline in short-term rates relative to long-term rates reflects both the
changing composition of credit demands, from short-term to long-term, and some
remaining uncertainty about the future long-term outlook for inflation.
Yields on U.S. Government Securities
Percent


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Federal Reserve Bank of St. Louis

Percent

September 26, 1975

January 23, 1976

November 26,1976

5

5

10

Years to Maturity
Prepared by Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Released: December 10, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
132

MILLIONS
130
DEC
128

126

124

122

120

118

1

15 29 12 26 10 24

7 21

4 IS

JAN

FEB

3 17 31

14 26 12 26

APR

9 23

MAY

7 21

JUL
1976

1975

4 16

1

AUG

15 29 13 27 10 24

OCT

« 22

NOV

LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 8, 1976
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
HHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AM) THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 3T FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDINGi

12/10/75

3/10/76

5/5/76

6/9/76

7/7/76

8/11/76

9/8/76

10/6/76

6.6
6.6
7.1
6.1
6.7
6.7
6.6
7.1

7.3
8.1
6.2
7.1
7.0
6.9
7.4

8.0
5.1
6.6
6.6
6.5
7.3

4.6
6.8
6.8
6.7
7.5

5.2
5.6
5.8
7.0

9.3
8.1
9.1

6.4
8.2

8.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
5/ 5/76
6/ 9/76
7/ 7/76
8/11/76
9/ 8/76
10/ 6/76
11/10/76
12/ 6/76

2

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERv
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATiO

RATIO

MULTIPLIER

1313.
CT.

27

RATIO
2.434

LATEST DATA PLOTTED WEEK ENDINSt DECEMBER 1, 1976
BILLIONS OF DOLLARS
118 ------------ ,----------,-----

BILLIONS OF DOLLARS
----- ------------------------ 118

COMPOUNDED ANNUAL RATES
OF CHANCE. AVERAGE OF
THE FOUR WEEKS ENDING

— AUG.

11

JUN.

ADJUSTED FEDERAL RESERVE CREDIT

1976,
NOV.

MILLIONS
3 109.914

11-i 11 I I I
3 17 31

OCT

NOV
1975

DEC

JAN

FEB

MAR

14 28 12 26

APR

MAY

9 23

JUN

7 21

JUL
,1976

4 18

AUG

t

18 29 13 27 10 24

OCT

6 22

NOV

LATEST DATA PLOTTED WEEK ENDING] DECEMBER 8, 1976
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.

2/

FEDERAL_RESERVE I CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES i^°^asFLOAT
LOANS ^yAT
^r^
AMD OTHER ASSETS ralnwwiu/ ru/uw. ncocnvL SBU 1!
•
i

H1 REQU
WHERE DIFFERENT

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Federal Reserve Bank of St. Louis

amV TYPe'oCOMPUTED tBY THISBANK^^^
F' DEPOsf I^^EE^BA^S
DATA ARE

| FTSSI
RESERVE REQUIREMENT RATIOS APPLY?

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
740
735

BILLIONS
OCT.

27

727.5
728.9
731.1

730
725

731.0

720
715
710
705
700
695
690
685
680
675
670
665
660
655
650

1

19 29 12 26 10 24

7 21

4 18

JAN

FEB

3 17 31

14 28 12 28

APR

9 23

7 21

4 18

1

IS 29 13 27 10

MAY

OCT

1975

8 22

NOV

1976

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
12/3/75

3/3/78

4/28/76

6/2/76

AVERAGE OF FOUR WEEKS ENDING:

6/30/76

8/4/76

9/1/76

9.3
11.9
11.6

12.9
12.3

9/29/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/28/76
6/ 2/76
6/30/76
8/ 4/76
9/ 1/76
9/29/76
11/ 3/76
12/ 1/76

r


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Federal Reserve Bank of St. Louis

10.8
10.5
9.6
10.0
9.9
9.8
10.5
10.5

11.1
9.5
10.0
10.0
9.6
10.7
10.7

7.0
8.7
8.9
8.9
10.2
10.3

8.5
8.8
8.9
10.5
10.5

10.9
10.3
11.9
11.7

13.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of

DOLLARS

BJIUQNS
_

OCT

I

310.0
310.2
310.5
310.7
307.6
310.3

13 29 1Z 20 10 24

7 21

4 18

JAN

FEB

3 17 SI

M 2« 12 26

APR

9 29

MAY

7 21

JUL
,1976

1975

4 18

1

AUG

IS 29 15 27 10 24

OCT

8 22

NOV

LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAM) DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NOABANK PUBLIC.

MONEY STOCK (Mi )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING!

12/3/75

3/3/76

4/28/76

6/2/76

6/30/76

5.4
5.6
4.4
4.9
5.0
4.3
5.3
4.8

9.9
6.7
7.0
6.8
5.6
6.7
5.9

2.1
4.1
4.5
3.2
5.1
4.4

2.9
3.7
2.3
4.8
4.0

6.9
4.0
6.6
5.3

8/4/76

9/1/76

9/29/76

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
4/28/76
6/ 2/76
6/30/76
8/ 4/76
9/ 1/76
9/29/76
11/ 3/76
12/ 1/76


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

1.7
6.2
4.6

6.4
4.2

7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
ia. 0 t—

PERCENT

—I 10.0
-

.

9.5

9.5
-

9.0

9.0

c ORPORA rE Aaa BONDI 5

-

8.5

8.5
-

6.0

X
8.0

1

=

-

1

/

mu
'N

V
6.5

LOAN RATE

MUNIC 'PAL
BONDS

<

7.0

7.5

rK1Mfc HANK

___ N

7.5

-xJ

7

/y

7.0

‘ *-----

V. — -

E \

6.5

M--------

\N

COMMERCIAL PAPER

6,0

6.0

-

-

5.0

5.5

TTTF

5.5

90 DAY CD

-

5.0

-----

’ sxem

\

E

4.5

4.5
-

E
4.0

4.0
5 S5

0

1 1 1
1 1 1 1
14 28 12 26 8 23

_LLLL JLLL
3 17

OCT

31

NOV
DEC
1975

JAN

J_LL ail J-i-LL _LLL _LL1_ lLLLJ_
6 20

FEB

5 19 2 16 30 14 2* 11

MAR

APR

MAY

JUN

25

9 23

JUL
1976

111 J_LL J 111. 1 1 1
MIL
6 20 3 17
I IS 29 12 2® 10 24

AUG

SEP

OCT

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, DECEMBER 10, 1976

1976
OCT.

1
8
15
22
29
NOV.
5
12
19
26
DEC.
3
10 S
17
24
31

90 DAY
CD'S anot

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
AAA BONDS

MUNICIPAL
BONDS wm

5.33
5.28
5.17
5.04
5.08
5.08
5.10
5.14
4.97
4.77
4.66

5.38
5.38
5.22
5.13
5.13
5.13
5.13
5. 13
4.88
4.83
4.67

5.25
5.22
5.05
4.93
5.01
4.98
5.02
4.95
4.77
4.64
4.63

8.37
8.33
8.31
8.31
8.33
8.30
8.31
8.27
8.17
8.09
8.01

6.47
6.33
6.25
6.30
6.33
6.34
6.39
6.26
6.16
6.03
N. A.

* AVERAGES OF RATES AVAILABLE.
3Wf BOM) BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA,
«« SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ h.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE tJANK OF ST. LOUIS


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Federal Reserve Bank of St. Louis

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
7.5 -----

PERCENT
----- 7.5

-

-

7.0

7.0

-

—

6.5

6.5

6.0

6.0

-

—

\
D1SCC UNT RATE
P P

5.5

THRfEE-MONITH TR EASURY
BILL . MARI’ ET Yl ELD

-

IV

5.0
1
.

J L 1
— ——

/

V

V

_

—

'V -

5.0

\ :

FEDEf AL FU 4DS RAT E

-

i

4.0

0

4.5

t i r

1_______

4.5

5.5

4.0

Js
_LLLL J 1 1 JJ_L 1 1 1 1 ±11,
3 17

OCT

31

14 28

12 26 9 23

NOV
DEC
1975

JAN

6 20

FEB

5

-LLL1.I _LLL _LLL LI 1 J _LLL _LL1_ _Li-LL 111,
3 19

MAR

2

16 30 14 28

APR

MAY

11

JUN

25 9 23

6 20

3

JUL
1976

AUG

SEP

17

1

13 29

OCT

12 26

NOV

10 24

0

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 10, 1976

1976
OCT.

NOV.

DEC.

1
8
15
22
29
5
12
19
26
3
10 *
17
24
31

FEDERAL
FUNDS nett

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.32
5.17
5.02
4.97
4.99
5.06
4.98
5.02
4.90
4.78
4.67

5.06
5.04
4.B6
4.84
4.90
4.83
4.92
4.80
4.60
4. 42
4. 41

5.48
5.31
5.09
5.11
5. 19
5.12
5.19
5.05
4.79
4.66
4.66

6.80
6.61
6.35
6.39
6.56
6.51
6.55
6. 44
6.09
5.92
5.94

7.63
7.56
7.50
7.55
7.59
7.57
7.57
7.58
7.44
7.31
7.22

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF S'.


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

OUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
430

BILLIONS.
OCT.

425

27
418.8

420
415

424.8

410
405
400
395
390
385
380
375
370
365
360
I

15 29 12 26 10 24

7 21

4 IS

JAN

FEB

3 17 31

14 U 12 »

APR

9 23

7 21

4 1«

1

MAY

18 28 13 27 10 24

OCT

1975

8 22

NOV

1976

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 1, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
12/3/75

3/3/76

4/28/76

6/2/76

6/30/76

6/4/76

9/1/76

15.5
16.5
17.2

18.2
18.7

9/29/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/28/76
8/ 2/76
6/30/76
8/ 4/76
9/ 1/76
9/29/76
11/ 3/76
12/ 1/76

8

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

15.1
14.4
13.9
14.0
13.9
14.3
14.7
15. 1

12.0
11.7
12.4
12.5
13.2
13.9
14.5

11.0
12.4
12.4
13.5
14.3
15.0

13.0
12.9
14.2
15.0
15.7

13.9
15.2
16.0
16.7

18.8

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

BILLIONS
230.5
230.2
230.2
230.6
227.3
230.0

1

IS 29 12 26 10 24

7 21

4 16

JAN

FEB

3 17 31

14 26 12 26

APR

9 23

7 21

4 16

1

IS 29 13

10 24

6 22

MAY

1975

1976

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
12/3/75

3/3/76

4/28/76

6/2/76

6/30/76

3.6
4.0
2.6
3.4
3.6
2.6
4.0
3.3

9. 1
5.3
6.0
5.9
4.2
5.8
4.8

0.3
3.0
3.5
1.7
4.2
3.1

1.5
2.7
0.5
3.9
2.7

6.9
2.7
6.3
4.4

8/4/76

9/1/76

9/29/78

5.7
2.7

6.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/28/76
6/ 2/76
8/30/76
8/ 4/76
9/ 1/76
9/29/76
11/ 3/76
12/ 1/78


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

-0.6
5.6
3.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
86 ------------ ---------- --------

1

15 29 12 26 10 24

7 21

4 16

JAN

FEB

5 17 31

14 26 12 26

APR

9 23

7 21

BILLIONS OF DOLLARS
------- ---------- ------------- 8d

4 18

MAY

1

15 29 13 27 10 24

OCT

6 22

NOV

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 1, 1976
CURRENT DATA APPEAR IN TIC BOARD OF GOVERNORS’ M.8 RELEASE.
wHKLYArePORT,|NCCCOlI*IcRaALSBANKS£P0S'T ISSUE0 ,N DENOMINATIONS OF 6100,000 OR MORE BY LARGE


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

1976
OCT.

6
13
20
27
NOV.
3
10
17
24
DEC.
1
8
15
22
29

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
65.5
64.8
64. 1
63.3
62.7
62.5
62.7
63.0
63.4

62.7
62.4
62.0
61.4
61.3
61.5
62.0
62.4
62.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS of DOLLARS

billions of dollars

1.5
ism
NOV.

MILLIONS
3

202
1.0

0.5

1

13 29 12 26 10 24

OCT

NOV

7 21

4 18

3 17 31

JAN

DEC

FEB

MAR

14 28 12 28

APR

MAY

9 23

1973

7 21

4 18

1

JUL

JUN

AUG

SEP

13

29 13 27 10 24 8 22

OCT

NOV

DEC

1976

LATEST DATA PLOTTED WEEK END INCi DECEMBER 8, 1976

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS of dollars
124
122
120
118
116
114
112

110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
— THE FOUR WEEKS ENDING
— DECEMBER I. 1976 FROM
— THE FOUR WEEKS END I NGt .
“ SEP. 29,
— SEP. 1.
— AUG. 4.

1976
1976
1976

26.1
20.1
15.2

104
102
OCT. 27
NOV. 5

•

100
96

MAR

-2.5
96
11.1 1 1

1

13 29 12 28 10 24

11 I 111

7 21

4 18

JAN

FEB

3 17 31

14 28 12 28

APR

MAY

9 23

7 21

4 18

1

13 29 13 27 10 24

OCT

8 22

NOV

1975
LATEST DATA PLOTTED WEEK END INGt DECEMBER 1, 1976


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

FIRST CLASS MAIL
U. S. POSTAGE

RETURN POSTAGE GUARANTEED

PERMIT 444

FIRST CLASS fllflIL

PRESORTED

_ MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
570 c=----------- 1-----------i------

BILLIONS OF DOLLARS
------ ------------------------m 570

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
DECEMBER 1, 1976 FROM THE FOUR
WEEKS ENDINGs
CREDIT
CREDIT
PROXY
-PROXY
AQAffTEft
29.
1.
4,
30.
2.
3.
3.

1976
1976
1976
1976
1976
1976
1975
CREDIT PROXY ADJUSTED 1/

CREDIT PROXY
CREDIT
PROXY
520.2

CREDIT
PROXY
529.7
532.6

526.4
527.6

1

15 29 12 26 10 24

7 21

4 14

JAN

FEB

3

17 31

14 24 12 26

LATEST DATA PLOTTED WEEK ENDINGs DECEMBER 1.

9 23

7 21

4 14

537.1

15 29 13 27 10 24

OCT

4 22

NOV

1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
”

12

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

ttFtTAinPot*r'mondepmitT1our^RC 1 **■ FAPER- EUROOOLLAR

*

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

U iilU

FEDERAL RESERVE BANK OF ST LOUIS
P. 0. BOX 442
ST. LOUIS, MISSOURI 63166