Full text of U.S. Financial Data : Week Ending: December 9, 1970

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

u.s. FinnncidL
LIBRARVJ

DATA

Week ending: December 9, 1970

The money stock has risen at a 5.5 per cent annual
rate in eleven months from December 1969 to the four weeks
ending December 2, 1970 (page 5).
This average rate of money
growth so far in 1970 consisted of a 6.7 per cent rate in the
first five months of the year, and about a 4 per cent rate
in the six months since May. The demand deposit component of
money (page 4) has increased at a 5.2 per cent rate in the
past eleven months. */

4.95 per cent in the three days ending December 9, down
from 7.87 per cent in January, but still substantially
higher than 3.95 per cent in 1965 and 2.87 per cent in
1960. Yields on prime four- to six-month commercial paper
averaged 5.75 per cent in the three days ending December 9,
down over 3 percentage points since January, yet high
compared with 4.38 per cent in 1965 and 3.85 per cent in
1960.

Other monetary aggregates such as monetary base
which determine the trend growth of the money stock, have
increased rapidly since early this year (page 2). The
monetary base has risen at a 6.2 per cent annual rate in
the past eleven months.
The rapid growth of this aggregate
has been necessary in order to provide adequate money
expansion while accommodating the rapid growth of time
deposits in commercial banks since early in the year.

Long-term interest rates generally rose somewhat
in the first half of 1970, but have declined since the
end of June, particularly in recent weeks (page 10).
Long-term government bond rates averaged 5.89 per cent
in the three days ending December 9, compared with 6.86
per cent in January and 6.99 per cent in June. Yields
on Aaa-rated state and local government bonds were 5.35
per cent on November 26, compared with 6.38 per cent in
January and 6.81 per cent in June. Highest-grade corporate
bond rates averaged 7.80 per cent in the three days ending
December 9, approximately the same as in January, but
down about 70 basis points since June. Yields on
intermediate-grade corporate bonds averaged 9.24 per
cent in the first three days of this week, about the same
as in June, and about 40 basis points higher than January.
The spread between these highest- and intermediate grade
corporate bonds has widened from about 80 basis points
in June to about 145 basis points now.

Short-term market interest rates have fallen sharply
in 1970, but yields are still relatively high by the historical
standards of the past 20 years (pages 10 and 11). The rate
of decline of short-term rates has been especially rapid since
mid-year. Yields on three-month Treasury bills averaged
*/ For a detailed discussion of the recent revision of
the money supply and related series, see this Bank’s
December 1970 monthly Review.


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

Prepared by Federal Reserve Bank of St. Louis

Released: December 11,1970

MONETARY BASE ^
FEDERAL RESERVE CREDIT [2
Averages of Daily Figures

of Dollars,[Annual rates of change, average of
84

"Ifour weeks ending December 9, 1970 from
_jfour weeks ending:
Monetary

83
1970

4»-3
7 ¥.6

-Sept. 9, 1970

t >r.y
+ 7-Y
+ S.1
+ S.Y
-h (>•%

-Aug. 12, 1970
" July 8, 1970

82

-June 10, 1970
-May 6, 1970
pr. 8,

81

1970

1957-1969

80

79

84

. Seasonally adjusted by this bank

F. R.
Credit

Base
-jOct. 7,

Billions of Dollars

m

-**■9
+ S*
t*

7 7

+ 1-0
+ J.B
+ n

Monetary Base

+7-9

+ 3.7

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

77

Federal Reserve Credit
76
Monetary
Base

67

si

?

81 b a
Q S.Bil

66

6

a'R.9-5
8 s,*o8

8

8

65

79

§*-»*€

Defined to include holdings of securities
loans, float, and 'bther" assets, adjusted

64

for reserve requirement changes and changes in
Latest data plotted week ending: December 9, 1970^

0

9

23
July


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

i 17 i 1 rm 29 1 12 i26i i 10i i 24 iiM
i
r i
i 7 21
15

6 20 3
Aug.
Sept.

Oct.
1969

Nov.

Dec.
. *

Jan.

requirements due to shifts in deposits among
classes of banks
4
18
^eb.

4
18
Mar.
'

1

15 29
Apr.

13 27
May

10 24 8' 22
June
* July
1970

5

19
Aug.

2

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

Prepared by Federal Reserve Bank of St. Louis

F.R. Credit

<o7 S5S
U.7 b>98

la6L
G.B6 0U

8 8SSS
1*6 29 “i1

kBippe

6,86. AT

RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars

Annual' rates of change

Billions of Dollars
"I

Seasonally Adjusted

average of four weeks

|'ii]

ending December 9, 1970 from four weeks ending:
------ (Oct. 7,

1970

----- Sept. 9, 1970
~ “Aug.

12, 1970

iJuly 8,

1970

------ June 10, 1970
------ May 6, 1970
Apr. 8

1970

TOTAL '
RESERVES *
26.0

* Breaks in series due to changes in
Regulations M and D effective October
October 1, 1970.

Current data appear in the Board's
H,9 release.

Latest data plotted week ending; December 9,

9

23

6


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

20

3

17

1

15

29

12 26

10 24
Dec.

7

1970

21
Jan.

4

18

4 18
Mar.

1

15 29

13

27 10 24
June

8

22

5

19

2

16 30
Sept.

14 28

11 25
Nov.

1969

Prepared by Federal Reserve Bank of St. Louis

9

23

6

20
Jan.
1971

30.5

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

Billions of Dollars
174 r I I I I I I I I I

'of

D liars

Annual rates of change, average of four weeks ending:
3/4/70 4/1/70 4/29/70 6/3/70 7/1/70
8/5/70 9/2/70 9/30/70
- to average
of four
weeks ending:
_ 4/29/70
.6/3/70
-7/1/70
-8/5/70
-9/2/70
-9/30/70
-11/4/70
‘12/2/70

j

9

Revised Series

+10.6
+ 9.6

+ 6.2
+ 5.9
+ 7.2

+ 6.6
+ 5,7

+ 8.2
+ 4.2
+ 4.3

+ 6.1
+ 5.6

+
+
+
+

1.9
2.7
5.4
4.9

+ 0.4
+ 4.7

t

+ 8.9
+ 6.9

+ 8.1

Latest data plotted week ending: December 2, 1970t Revised Series Only
i /
i i i i i
i i i i i i i
20 3
17 1 15
29 12
io 24
7 21 4
23 6
18 4 1
1
15 29
Sept.
Dec.
Mar.
Apr.


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

_

'Revised Series

3.7

i i rL i

13 27 10 24 8 22
May
June
July
1970

5

19
Aug.

2

16 30

14 28

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23

6

20

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

llioi i of Dollars
*219

T'T

I I

I I I

Annual rates of change, average of four weeks ending:
3/4/70 4/1/70 4/29/70 6/3/70
7/1/70 8/5/70 9/2/70 9/30/70

218
217
216

Billions of

"ii i i i i i i i I i n n i ii i i i .r i i r i i i i ii

to average
of four
weeks ending:

Revised Series

215
214
213

212
211

4/29/70
6/3/70
7/1/70
8/5/70
9/2/70
9/30/70
11/4/70
12/2/70

215

+10.3
+
+
+
+
+

+ 9.8
+ 6.9
+ 6.6
+ 7.3

+ 6.6

/

t r.7
r

210

9.0
5.4
5.4
6.5
5.8

tflr

Revised Series
214
+ 3.5
+ 4.0

+ 1.7

+ 5.8

+ 4.8

+ 8.0

+ 5.1

+ 4.1

r-y, V

-h3.<r

+ 6.1
y-y?

yj.<7

y-jT. *

213

212
211

+f-°'

210

209

209

208

208

207

207

206

206

205

205

204

204

203

203

202

202

201

201

200

200

199

199

198

198

197

197

196

196
2/3,7
ai<?>7

194

3./3i

194

195

3.13 JL

195

193

a.ia.,7

193

3.J3

192

192

191
190

191
Current revised data appear in the Board's H. 6 release.

190

+

189

0"

-t't H t i i I 11!
5:December
plotted week ending:becember 2, 1970 Revised

Latest data
i i i i i t rn-i i i
9 23
July

6
20
Aug.


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

3

17
Sept.

1

i t i i n

15 29
Oct.
1969

i.fTi

12 26
Nov.

i i i i

10 24
Dec.

i 1

7 21
Jan.

189

Series Only
I I I l i I I I
4

18
Feb.

4 18
Mar.

1

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

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6

20
Jan.
1971

0

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
I

Seasonally Adjusted

I

I

I I I

I

231

Annual rates of change, average of four weeks ending:
3/4/70 4/1/70 4/29/70 6/3/70 7/1/70 8/5/70 9/2/70 9/30/70
Revised Series
_ to average
_'of four
weeks ending:
-4/29/70
-6/3/70
~ 7/1/70
~ 8/5/70
_ 9/2/70
_ 9/30/70
_ 11/4/70
_ 12/2/70

Revised Series
+14.9
+13.8
+13.2
+19.3

+15.0
+13.7
+22.3
+23.5
+23.8

+20.6
+21.9
+22.4

+11.2
+21.8
+23.0
+24.2
+24.4

+26.6
+26.5
+27.1
+26.7

+34.1
+32.2
+30.4

+26.4
+25.6

+25.3

207

187
Oct

ri i i ri i i i i iiI I i . 'i i I Ii i Ii Ii I: TT:

.
mrn

_

i

ni.

it it
lllm i i i i
i
Latest data plotted week ending:December 2, 1970 Revised Series Only
Ml I I I


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

I I I I I I.1..U

1

15

Sept.
1969

29 12

26

10

24

7

21
Jan.

4

18

4

18

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

5

19
Aug.

2
16
Sept.

30

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

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks ending:
374/70 4/1/70 4/29/70 6/3/70
7/1/70
8/5/70 9/2/70 9/30/70
to average
of four
weeks ending:
4/29/70
6/3/70
7/1/70
8/5/70
9/2/70
9/30/70
11/4/70

+12.5
+11.7
+ 9.9
+12.8
+13.7

Revised Series
+11.9
+ 9.4
+13.0
+14.1
+14.4

+ 7.2
+12.7
+14.1
+14.4

■HV.O

d-,3.7

+20.7
+18.9

+16.

+»■*#

I-'*''*

>73, U f/3.8

+13.9
+15.3
+15.4

*15".

+/y,/

I

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

I

I

I

l

l

i

l

T

i

i

i

i

i

i

i

i

t

i

i

i

I

i

i

i

Latest data plotted week ending:lJeceinber Z~,
9

23


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

6

i

1

Ijl 1 I I M I

20 3 17
1
Aug.
Sept.

15 29
Oct.

12 26
Nov.

10

24
Dec.

7 21
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

io

CERTIFICATES OF DEPOSIT LL
Large Commercial Banks

f Dollars

Billions of

Wednesday Figures

26

H

■

"

rr
25.05^

24

22
-

20

18

16

-

14

*
12
yl

A/

~

10

Millions of Dollars

8

m°
OC.T

1

l;
5l Cv/

4

■

Current and year ago data appear in the
Boar 3*s H.4.2 release.
1/ »
denominations of $100,000 or more.

1 II

2
0

7 ■ 2^,9'


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

a

1 1 plottedII 1 TITT I Dect mberi
1 1 1 week ending: 1 I ] I

1
1.atest data
1
t±
LL ■
i M I , f
9
23 6 20 3
July
Aug.

■ 1 I I

t

1
_L

I

L

Z,

10 24
Dec.

7

21
Jan.

3,.r a* t*
*5,CS£,

1 97 0

11
_L

11 1-1

II 1 I II 1 I M------

.17
1
15 29 12 26
’ Nov.
Sept.
Oct.
1969

i

AS 23,5^4.
T j
3, .i 1
/1
^

4

18
Feb.

4

-1.
18
Mar.

1

-1

-1

15 29 13 27
Apr.
May

10 24
June

8

22
July
1970 ‘

5

19
Aug.

2

16 30
Sept.

IM1 1I I1 1I II1 I1 IITTTT 11
M I I
1
14 28 11 25
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6

20
Jan.
1971

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
lion
328

(CREDIT PROXY)

of Dollars

.................

3

•'i

Seasonally Adjusted

326
four weeks ending Dec
324

Billions of Dollars

................................................Averages of Daily Figures
1970 from

"four weeks ending:
Credit

322

Credit
Proxy

320
Sept. 30,
318
316

1970

Sept. 2,

1970

Aug. 5,

312

-f- u-3
fii-l

1970

July 1, 1970
314

Proxy
Adjusted

June 3, 1970
Apr. 29,
Apr. 1,

■+-3.0. /
■f-n s

CREDIT
PROXY

1970
1970

,

-

ADJUSTED

•h/4- <•

310
308
306
304
302
300
298
296
294

CREDIT
PROXY

292
290
288

-Av

286
284

280
278

3io■ A
31 3

276
274
272
270
268

0^

, 1/ Total member bank deposits plus nondeposit items
is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
1
*
CREDIT
adjusted, but nondeposit items are included in the
PROXY
series on a seasonally unadjusted basis due to the
3 lO.lo
3-i.S‘i
!_| short period for which most items are available.
333.9
dol’S
i_ 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
jas.s
H sessions; Euro-dollars borrowed directly from for■
3 i 3.0
3ao,,o
- eign banks or through brokers and dealers; com­
3i 3. 7
3_g L»,7
" mercial paper issued by bank holding companies or
3 a 7.9
3i5> -I,
_ other bank affiliates; and loans or participations
3Af.3
j
pools of loans sold under repurchase agreement
_ to other than banks and other than banks' own
affiliates or subsidiaries.
-1-1 I I l i i i i i i i | i i i i i i i
_1_L
_L
4 18
1 15 29 13 27 10 24 8 22 5 19 2
16 30 14 28 11 25 9 23 6 20
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
1970
1971
CREDIT
PROXY

282

Current data appear in the Boardfs H.9 release.
* 1 1 J * ' i ■ i * i * i i i i i i i i i i i i i . ,
Latest data plotted week ending: De c e mberTT 1970

-1 1 I I l
9 23
July


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

6

l l l l ....................................
TTTTT .........................

20
Aug.

3
17
Sept.

1
1969

15 29 12 26
Oct.
Nov.

10.24 7 21
Dec. ‘ Jan.

4

18
Feb.

3 Ah1. 9
Jy.S', o

I I I

Prepared by Federal Reserve Bank of St. Louis

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

3-5 Year
Gove mi

Long-Term
Government

'

10.50

10.50

10.00

10.00

rcial (—■

— Corporate
■— Aaa Bonds

3-5 Year
Govt. Sec.

Three-Month )
Treasury Bill
Market Yield
Discount Rate

5.00

- Latest data plotted are averages of rates bailable for the week ending: December 11

11

25

8

22
Aug.

5

19

3

Sept.


* AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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
1970

7

21

4

18

2

16 30

13 27

Prepared by Federal Reserve Bank of St. Louis

11

25

4 22
Jan.
1971

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

Per Cent

Prime
Cornier r 1 a 1
Paper
4-6 Month

Per Cent

Prime
Bankers'
Acceptances

Federal

~90 Day

Funds
7. OS'

U. i o

S.3B
5.50

■

9.5

Ccnerclal Paper
4-to-6 Month

Bankers
Acceptances

Federal Ftnds Katie

Discount Rate

5.5

“Latest data plotted are averages of rates available for the week ending: “December 11, if

11

25

8

22
Aug.

5 19
Sept.

3

17

31 14

28 12

26

9

23

6

20

Jan.

* AVERAGES OF RATES AVAILABIE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATE, WEEKLY AVERAGES ENDING WEDNESDAY
TWO DAYS EARLIER.
CURRENT DATA AP1EAR IN THE BOARD'S H.9 RELEASE.
FRASER

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

6

20
Mar.

3

17

15

29 12

26 10 24
June July
1970

7

21
Aug.

4

18 2
Sept.

16

30

13 27

Prepared by Federal Reserve Bank of St. Louis

11 25 8
Dec.

22

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

Millions of Dollars
3,200
EXCESS
RESERVES

Millions of Dollars

BORROWINGS

2,600

2,200

2,000

Borrowings

1,200
1,000

Excess Reserves

1,000

1,000

1,200
Net Free Reserves
- 1,600
l,f 0

2,000
2,200

2,800
3,000

2,200

—I—I—I———I—(—1—(—————H———|——t i —H
Latest data plotted week ending: December 9, 1970 "

I l ITT

1:1 INI
9 23
July

6


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

20

2,800

3

17
Sept.

1

15 29
Oct.

12

26 10 24
Nov.
Bec.

7 21
Jan.

- 3,000
4 18
Feb.

4 18
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June
July
1970

5
19
Aug.

16 30
Sept.

14

28 11 25
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6 20
Jan.
1971