Full text of U.S. Financial Data : Week Ending February 12, 1969
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S: g H I'osasssnr sssssnsaaaaaasifiisaattx S^AftO^ Week ending February The moneta. ry base has risen at a 7.4 per cent annual rate in the p asc three months, compared with 6.5 per cent ia the past year and a 3.3 per cent trend Federal Reserve credit, rate fro™. 195 7 to 19 67 (page 2). a major determinant ox the growth of the base, has de annual rate in the last dined at a 1.3 per cent ■ three months, compared with an 8.5 per cent rise in the past year (page 2). declined since late December as a result of the disinter mediation of time deposits. Money plus time deposits "averaged $394.9 billion in the past four weeks, compared with $397.1 billion in the four weeks ending December 25. Credit of large commercial banks which generally has a trend similar to money plus time deposits, has risen at a 7.8 per cent rate in the past three months (page 12), compared with a 14 per cent rate in the previous six months. The continued rapid growth of the monetary base, in the face of slower growth of Federal Reserve credit since mid-November, is attributable largely to an increase in the Federal Reserve System’s holdings of foreign denominated currencies (due to swap arrangements). ..nese assets are not included in the traditionally defined Federal Reserve credit, but are a source of the monetary base. Also, Treasury Deposits at Federal Reserve Banks, which influence the base but not Federal Reserve credit, have declined since. November causing the base to increase faster than Federal Reserve credit. The money stock, consisting of private demand deposits and currency in the hands of the public, averaged $193.0 billion in the four weeks ending February 5, up at a 5 per cent rate from three months ago (cage 3). Growth of money has been restrained in recent weeks by a shift in deposits from private accounts (included in money) to Treasury accounts (not included in money) . '-he none; stock has increased 6 per cent in the past year comparec with a 2.6 per cent trend rate from 1957 to 1967. Time deposits at commercial banks have declined billion since the week ending December 25 in re sponse to high market interest rates relative to races banks are permitted to pay on time deposits. Both tne ^ money stock plus time deposits and bank credit (total loans and investments) of large commercial banks have also $3.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Borrowing from the Federal Reserve has averaged $804 million in the past four weeks, up from an average of $531 million in the four weeks ending December 18. (page 10). This increase in borrowing probably re flects disintermediation, the large demand for bank loans, and high market interest rates. Borrowed reserves are a source of funds to member banks, alternative to acquiring funds from additional deposits, the Federal Funds market, or selling short term assets. As market rates of interest on alternative sources of funds rise relative to the rate at which banks can borrow from the Federal Reserve (the discount rate), borrowing from the Federal Reserve becomes a relatively cheap source of funds to banks. During the three days ending February 12 the three-month Treasury bill rate averaged 6.11 per cent (page 8), and since late December it has averaged 65 basis points above the dis count rate. The Federal Funds rate averaged 6.75 per cent in the first half of this week (page 9), and has averaged 85 basis points above the discount rate since late December. ]Rates of change reported in this release are] :intended to serve as summaries which may be j |useful in analyzing recent developments. Prepared by Federal Reserve Bank of St. Louis Released: February 14,1969 MONETARY BASE [T_ FEDERAL RESERVE CREDIT £. Averages of Daily Figures Billions of Dollars 2 Billions of Dollars _L Seasonally adjusted by this bank Annual rates of change, average of four weeks ending Feb. 12, 1969 from four weeks ending: Monetary Base F.R. Credit Nov. 13,1968 May 15,1968 i-7. “/ -A3 1957-1967 Monetary Base Federal Reserve Credit -f 1968-69 Monetary Base F.R. Credit 7S.2 1/ Uses of the monetary base are member bank reserves and currency held by the public and nonmember banks, adjusted for reserve requirement hhanges and shifts in deposits. 1968 Review of this bank. 2/ Defined to include holdings of securities, loans, and float, adjusted for reserve requirement changes and changes in requirements" due to shifts in deposits among classes of banks. Latest data preliminary Latest data plotted week ending: Feb. 6 20 Sept. 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 Nov. 1967 29 13 27 10 24 Jan. 7 21 12, 6 1969 20 Mar. 3 17 15 29 12 26 10 24 7 21 '4 IS Sept. June .968 2 0 13 27 11 25 8 22 19 Jan. 5 19 Mar. . 1969 2 MONEY STOCK* Averages ofDoiiy Figures Seasonally Adj Billions of Dollars 3 Dolls 205 —j—|Annual rates of change average of jfour weeks ending Feb. 5, 1959 from 204 " four weeks ending: 203 Nov. I Aug. 6, 1968 iMay I Feb. 8, 1968 7, 1968 7, 1968 -f-S-O y- 3.6 202 y. ^./ 1^7 201 200 1957-1967 199 198 197 196 195 19^ 193 192 191 /c 13-week centered moving average m.o 187 H 193.1 . . ... AT/?i-7 8 tf*7 Weekly . . -(L~/ /W.7 s m.'/ . /rrntf Al/93£ . i. /f/,7 - y .. ■ ■htfi9*!r p i j Latest data preliminary Latest data plotted week ending: Feb. 5, 1969 6 20 k 18 Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r i i i * 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". 3 July Aug 27 11 25 8 22 5 19 5 19 Mar. Prepared by Federal Reserve Bank of St,. Louie 2 Apr MONEY STOCK PLUS TIME DEPOSITS* Averages of Daily Figures Billions of Dollars Billions of easona liy A Annual rates of change, average of four weeks ending: + 7-3 GcJ-i 39<~£, ■ 39 7.il * Latest data preliminary Latest data plotted week ending: Feb. 5, 1969 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Jan. June 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". July Sept. Mar. Prepared by Federal Reserve Bank of St. Louis Apr lioi 78 BUSINESS LOANS L cs r g a Commercial Banks Wednesday Figures of Dollars TTT T Seasonally ad 77 --Annual rates of change, average of "four weeks ending Feb. 5, 1969 from "four weeks ending: TNov. 6, 1968 +/?./ 76 ~Aug. _.May _.Feb, 7, 1968 8, 1968 7, 1963 »JS ted by this Billions of Dollars bank. 78 77 -J-/3.2 -f~ / 2i,,V 76 /<=?.& ' 1960-1967 75 75 j_ _L 1 . 74 74 ■ lj \V i Mn J 1. 4 _ 73 7 73 J yjl • ■ j _j il 72 72 vl _L ) \f 71 JiS' L 59 & \ ■ JS J / s / sf MILLIONS OF DOLLARS — 1Q6^ -69 Bic.. // /<? ' Zf j til / >7 /r y 13 i h / 68 ; \j 67 _J — rmL -f-jiss 7Mil V, 682 12, 168 73 033 12, f€8 1 j H _j 70 L._ . • —4_: _ j.__- • ADJUSTED 7/112 -7? O?' / J 03 69 10,112 72. !0 O - 7/ 7i, ?U 13, 31/ 73, 836, 13,S8S 'll 170 '7,1 O 68 ' _ J | 66 j - ft \ . 70 71 j _ 65 64 i J preliminary plotted: Feb. 1I }1 7 21 Feb. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 20 Mar. 3 17 Apr. Current and year ago unadiusted data appear in the Board s H.4.2 release. Seasonal adjustment 1967 rrmrouted bv thin hrmlc using- 5, 1969 0 10 24 Jan. .1 j 1 1 15 29 May _1 1 12 26 10 24 June July 1958 7 21 Aug. 4 18 Sept. 2 16 Oct. 1 1 30 13 1 JJ-L 8 22 27 11 25 Nov. Dec. Jan. -1I 5 19 Feb. . 1 fr 1| 5 19 Mar. . 2 16 30 Apr. 1969 ’ 14 28 May Prepared by Federal Reserve Bank of Sr. Louis • 11 25 9 23 June July ' ion; 27 of Dollars . CERTIFICATES OF DEPOSIT \± Large Commercial Banks Wednesday Figures 0 Billions of Dollars Annual rates of change, seasonally unadiusted data of four weeks ending Feb. 5, 1969 from average 26 Feb. 7, 1968 25 24 23 22 Millions of Dollars 1968-69 21 TUtr. 20 C /3 Zo 37 XZ.Ho'l 2 3,38* 23 6*0 Z'/,30 7 // 27.360 19 18 17 Current and year ago data appear in the Board's H.4.2. release. Latest data preliminary Latest data plotted: I If Negotiable time certificates of deposit 16 0 "* 20 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 1 15 29 13 27 10 24 Jan. Dec. 7 21 20 3 17 T 15 29 May 12 i6 10 June 24 July 1963 ' 7 21 Aug. 4 18 Sept. 2 16 Oct. 30 13 27 11 Nov. 25 Dec. 8 22 Jan. Prepared by Federal Reserve Bank of St. oouis Mar. Apr. .ons TIME DEPOSITS* AH v. o m ns e r c 1 a o f D a i iy Ave rag q u re s Dollars 218 216 Annual rates of change, average of 214 from four weeks ending Nov. 6, 1968 -f-3.6 212 210 206 204 Th 203 202 200 193 196 194 192 190 188 186 184 182 180 178 176 174 172 170 168 166 164 162 160 158 * Current data appear in the Board’s H.6 release. Back data appear in the June 1968 Federal Reserve Builetin For trend of time deposits by months see this bank's monthly release entitled "Monetary Trends". Latest data preliminary Latest data plotted week ending: Feb http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l-M-t I (-1-1111 (• ' !'! I T! 1 TT11 ~ 7 21 6 20 3 17 1 16 >6 10 Prepared by Federal. Reserve Bank of St. Louis 2 YIELDS.ON SELECTED SECURITIES Averages of Doily Rates Ended Friday Per Cent 1968-69 Per Cent ; 3-5 Ye, S.79 S- 70 &>< 0/ &. fo 3 d • d Id Prime Commercial Loan Rate Corporate Aaa Bonds Three-Month Treasury Bill Market Yield Discount Rates Long Term Government Bonds ,atest data plotted are averages of rates available for the week ending: Feb. 8 22 6 20 3 17 1 http://fraser.stlouisfed.org *AVERAGES OF RATES AVAILABLE Federal Reserve Bank of St. Louis 15 29 12 26 9 23 8 22 5 19 14, 1969 3 June July Prepared by Federal Reserve Bank of Louis SELECTED SHORT-TERM INTEREST RATES Per Cent Ave rages of Daily Rates Ended Friday nrn u_u_lli i i i i {rr TTTT Prime jCommercial■ i Paper - -4-6 -Month ■ — 1968-69 1 “ rn Prime - ’er Cent i i i i i 9-00 ■ 90 .Day Federal Funds &. eo (, ,/c tW- 7 _ Commercial Paper _4-to-6 Month Bankers asm Discount Rate-j .Federal Funds Ratc^ 8 22 Sept. 6 20 3 1? Oct. Nov. 1967 1 15 29 Dec. 12 26 9 Jan. 23 8 2; 14 &3 12 26 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 y ^AVERAGES OF RATES AVAILABLE **S0URCE: SALOMON BROTHERS AND HUTZLER SECONDARY MARKET RATE ON 90-DAY PRIME CD'S. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared, by Federal Reserve Bank of St. Louis ' 10 BORROWINGS AND EXCESS RESERVES.' AH Member Banks in the-Nation Averages of Daily figure Millions of Dollars EXCESS RESERVES ' BORROWINGS Killions of Dollars FREE -RESERVES WEEKLY DATA - S2. -3 2*l '201 ■ -133 ■ ' 1/X - zfC ~1tUj -SVo —O'r-f —(a-3 / P BIWEEKLY SETTLEMENT PERIODS WEEKLY RESERVE PERIODS Borrowings ■ 1/ Because of the change in Regulation D j " "placing all member banks on a one-week ' j reserve adjustment period, beginning with. above reserve data are reported on a Latest data preliminary Latest data plotted weel 13 27 11 25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 22 l 6I LLL 20 3 .7 31 14 28 13 27 Mar. 10 24 8 22 5 19 3 17 31 i4 28 11 25 9 23 6 20 12 26 12 26 Apr prepared by Federal Reserve Bank of St. Louis DEMAND DEPOSIT COMPONENT OF MONEY STOCK* Averages of Daily Figures \\ . Billions of Billions of Dollars Annual rates of change, average of four weeks ending: Nov. 6, 1968 Feb. 7 1957-1967 WS530.Y DA2& 19SS-S9 A'** • 9 /H9‘ 13-week centered moving average i 1*19, L H9-2 m3 'I H •?r Qsww. / ~ Weekly /S~o-3 ? // /5/? «?<i /Tao .?? HU n r m/ * 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 monthly release entitled "Monetary Trends". Latest data preliminary 20 4 18 Sept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 P 27 10 2k 7 21 6 20 3 7 21 4 18 2 16 30 13 27 ll 25 8 22 5 19 5 19 Sept. Prepared by Federal Reserve Bank of St. Louis 2