Full text of U.S. Financial Data : Week Ending: February 13, 1974

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

B4,

S.

/VC/V=1

L.

0/1

TJV

Week ending: February 13, 1974
%o
J SRARY

JUN 0 8 1979


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

Growth of the money stock, measured as demand
deposits and currency in the hands of the public, has
fluctuated considerably in the past year. Marked
accelerations have followed slowing in growth and vice
versa. Over the first 5 months of the year ended
February 6, 1974, money grew at about a 9 percent rate,
then over the next three months on average from about
mid-June to mid—September, the money stock was almost
unchanged, and in the last four months, from the four
weeks ended October 3, 1973 to the four weeks ended
February 6, 1974, the money stock has risen at a 4.4
percent rate.
Over periods of a year or more the growth of
money, narrowly defined, has usually been similar to
that of the monetary base. However, in the last year the
base has risen 7.5 percent and the money stock has in­
creased about 5 percent.
In the last five months there
has been a substantial divergence between the growth
rate of money and base. The base has increased at an
8.7 percent rate in the last five months while the money
stock has grown at only about a 3 percent rate. By
comparison, the base increased at a 6.7 percent rate
over the previous seven months and the money stock grew
at a 6.5 percent rate.
Historical evidence suggests
that a substantial spread between the growth rates of
the monetary base and the money stock, such as occurred
in the last five months, is not likely to persist for a
prolonged period.
Most market interest rates have declined
recently. Yields on prime four— to six—month commercial
paper averaged 7.75 percent in the first part of this
week, down from about 9.20 percent in early December.
Many commercial banks reduced their prime loan rate to
9.25 percent in the past week after a reduction from
9.75 percent to 9.50 percent two weeks earlier.
Secondary market rates on 90-day CDs have declined more
than a percentage point since mid-December to an average
of 8.08 percent in the week ended February 13.

Prepared by Federal Reserve Bank of St. Louis
Released: February 75, 1974

4

2

MONETARY BASE

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
108

MU-UQNS

e 20

3 17 31 14 28 14 28 11 23
FEB
MAR
APR

0 23

6 20

1 IS 20 12 26 10 24

4 18

7 21
NOV

5 19

2 16 SO 13 27

DEC

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 13, 1974
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY MELD BY THE PUBLIC AND N0IW4EMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 “REVIEW OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGi
2/14/73

5/16/73

7/11/73

8/15/73

8.4
7.2
6.7
6.8
6.9
7.5
7.9
7.5

5.2
4.8
5.2
5.7
6.8
7.4
7.0

3.0
4.2
5.2
6.7
7.5
7.0

5.3
6.3
8.0
8.7
7.9

9/12/73 10/10/73 11/14/73 12/12/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/11/73
8/15/73
9/12/73
10/10/73
11/14/73
12/12/73
1/16/74
2/13/74


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

7.5
9.4
9.8
8.7

10.5
10.6
9.0

12.2
9.5

7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3
MULTIPLIER v
FEDERAL RESERVEFIGURES
CREDIT
AVERAGES OF DAILY

v

SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

BAT 10
2.568
2.559
2.552
2.589

LATEST OATA PLOTTED WEEK ENDING: FEBRUARY 6, 1974
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
96

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 13, 1974 FROM
THE FOUR WEEKS ENDING:

94

NOV.

92

-- AUG.

14
15

FEB.

14

1973
1973

12. 1

1973

FEDERAL RESERVE CREDIT

90

1973
88

86
211

MILLIONS
— 84

— 82

6 20

S

17 51

14 20

FEB

14 28

MAR

11

APR

23

0 23

6 20

4

18

1

13 2B

12 28

10 24

7 21

5

NOV

JUN JUL
1973

DEC

19

2

16 SO 13 27

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 13, 1974
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND *’OTHER1' ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES ANO CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPfisiTS AMONG
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
215

BILLIONS
207.8
208.2
206.9
206.6
208.6

210

205

200

S 20

5 17 31

14 28 14 2# 11

25

6 23

6 20

I

4 IS

15 29 12 26 10 24

7 21

5 19

2

16 30 13 27
I 97 4

LATEST DATA PLOTTED WEEK EM) INGt FEBRUARY 6.

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
2/7/73

5/9/73

7/4/73

8/8/73

1 1.2
7.6
5.0
5.0
5.9
5.4
4. 1

-1 . 1
-2.5
-0.4
1.7
1.9
0.7

-4.3
-0.8
2. 1
2.2
0.8

9/5/73

10/3/73

11/7/73

0.3
3.7
3.4
1.5

8. 1
6.1
3.1

6.6
2.3

12/5/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

4/73
8/73
5/73
3/73
7/73
5/73
9/74
6/74


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

9.4
7.7
6.2
4.7
4.8
5.4
5. 1
4.2

-1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
275

glLLIQN?
270.3
269.5
270.0
268.9
268.5
271 .0

270

265

260

255

e 20

3

17

31

13 28

M 28

11

25

9 23

1972

6 20

3

18

I

15 29

12 28

10 23

7 21

5

19

1973

2

16 30

13 27

1973

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 6, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

1■.

. ! •'

'3

*.

1 ? COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:

2/7/73

5/9/73

9.3
7.7
6.5
5.4
5.3
6.0
5.8
5. 1

9.7
7. 1
5.2
5. 1
6. 1
5.9
4.8

7/3/73

8/8/73

0.2
-0.6
0.9
2.9
3.2
2.3

-1.7
0.8
3.4
3.7
2.5

9/5/73

10/3/73

11/7/73

12/5/73

1.5
4.7
4.7
3. 1

8. 1
6.9
4.4

8. 1
4.3

0.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

3/73
8/73
5/73
3/73
7/73
5/73
9/73
6/73


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

PREPARED BY FEDERAL RESERVE BANK. OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

I I I I
3 17 31

H 28 14 28 II 23

9 23

6 20

4 IB

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 6,

1

13 29 12 2B 10 24

7 21

3 19

NOV

6 20

DEC

2 16 30 13 27

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/7/73

5/9/73

7/4/73

8/8/73

9/5/73

10.0
9.8
10.3
10.4
11.2
11.1
11.2
11.6

10. 1
10.9
10.9
12. 1
11.7
11.9
12.2

11.0
11.0
12.7
12. 1
12.2
12.6

12.2
14. 1
13.0
12.9
13.3

14.4
12.9
12.8
13.3

10/3/73

11/7/73

12/5/73

13.8
13.3
13.9

11.2
12.6

13.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

4/73
8/73
5/73
3/73
7/73
5/73
9/74
6/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7
MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

640
MONEY STOCK PLUS TOTAL TIME DEPOSITS

630
620
610
600
590
580
570
-g 560
-| 550
-1 540

MONEY STOCK PLUS NET TIME DEPOSITS**-

-8 530

520
6 20

3 17 31

M 28 14 28 11

MAR

25

9 23

APR

6 20

4 IS

I

IS 29 12 26 10 24

5 19

NOV

JUN
JUL
1973

1972

7 21

DEC

2 16 30 13 27

1974

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 6, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
M2 IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/7/73

5/9/73

7/4/73

8/8/73

9/5/73

10/3/73

11/7/73

12/5/73

9.7
8.8
8.5
8.0
8.4
8.6
8.6
8.4

9.9
9.0
8. 1
8.7
9.0
9.0
8.7

5.7
5.2
6.9
7.6
7.8
7.6

5.2
7.5
8.3
8.4
8.0

8. 1
8.9
8.9
8.4

11.2
10.3
9.3

9.7
8.6

7.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

4/73
8/73
5/73
3/73
7/73
5/73
9/74
6/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

6 20

3 17 31

14 26 14 26 11 25

FEB

MAR

9 23

6 20

4 18

I

BILLIONS OF DOLLARS

15 29 12 26 10 24

APR

7 21
NOV

S IB
DEC

2

> 6 30 IS 27

1974
LATEST DATA PLOTTED WEEK ENDING! FEBRUARY 6, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1974
DEC.

5
12
19
26
JAN.
2
9
16
23
30
FEB.
6
13
20
27

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

61.7
63.0
62.2
63.0
64.3
64.8
64.7
65.8
67. 1
67.2

299. 1
298.9
300.9
300.7
302.2
302.5
303.7
304.8
305.2
306.2

m

M2
568.2
569.7
571.8
571.6
572.5
572.0
573.8
573.7
573.7
577.2

K SEE FOOTNOTE PAGE 6.
*06 SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
465

455

CREDIT PROXY ADJUSTED 1/
445

435

4Z5
CREDIT PROXY

415

405

6 20

3 17 31

14 28 14 28 11 25

9 23

6 20

4 18

15 29

12 26

10 24

7 21

5

NOV
1972

1

DEC

19

1973

2

16 30

13 27

1974

LATEST DATA PLOTTED WEEK ENDINCi FEBRUARY 6, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1SI1

BILLIONS
CRED1T
fROXY

JAN.

FEB.

2
9
16
23
30
6


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

CRED1T
PROXY
ADJUSTED

445.5
446.0
446. 1
446.7
446.2
448.5

452.5
453. 1
453.5
454.5
454. 1
455.7

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
FEBRUARY 6, 1974 FROM THE FOUR
WEEKS ENDING.
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

5,
7,
3,
5,
8,
9,

7.

1973
1973
1973
1973
1973
1973
1973

9.0
6.5
5.3
5.3
6.8
7.7
10.3

9.4
7.2
5.5
5.3
7. 1
8.3
10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES

PERCENT

OF

DAILY RATES ENDED FRIDAY

PERCENT

COMMERCIAL PAPER

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

1

15 29

12 26

JAN

9 23

FEB

9 23

6 20

4

APR

18

1

15 29

13 27

10 24

7 21

5

IS

2

16 30

MAY

M 28

DEC

1972

1973

11

23

8 22

JAN FEB
1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. FEBRUARY 15, 1974

1974
DEC.

7
14
21
28
JAN.
4
11
18
25
FEB.
1
8
15 *
22

CORPORATE
Aaa BONDS

PRIME
COMMERCIAL
PAPER
4-6 MONTH

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS me

7.65
7.67
7.68
7.73
7.73
7.77
7.85
7.88
7.87
7.82
7.84

9.20
9.10
9.00
9.00
8.88
8.65
8.75
8.68
8.38
7.93
7.75

6.89
6.75
6.74
6.83
6.83
6.88
6.94
7.06
6.94
6.74
6.72

6.31
6.30
6.34
6.47
6.52
6.57
6.57
6.57
6.55
6.50
6.50

5. 15
5.06
5. 1 1
5.16
5. 18
5.22
5.24
5. 26
5.20
5. 16
N.A.

* AVERAGES OF RATES AVAILABLE.
JBK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
11.0 r

PERCENT
—i 11.0

THREE-MONTH TREASURY
BILL MARKET YIELD

FEDERAL FUNDS RATE

SCOUNT RATE

I

15 29 12 26
29 12 26 9 23 9 923
23

DEC
1972

JAN

FEB

MAR

6 20
6 20

4 3 18
18

1 1 15 29 13 27 10 24
15 29 13 27 10 2-4

77 21
21

3 19
5 19

22 16 30 14 28 11 25
16 30 M 21 I! 23

APR

MAY

JUN

SEP

OCT

NOV

FEB
1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGi FEBRUARY 15,

1974

FEB.

DEC

3-MONTH
TREASURY
BILLS

1974

JAN.

AUG

8 22
S

JAN

DEC.

JUL
1973

7
14
21
28
4
1 1
18
25
1
8
15 X
22

FEDERAL
FUNDS XX

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD’S XX

7.47
7.51
7.35
7.50
7.49
7.72
7.89
7.99
7.55
7.03
7.08

10.17
10.04
10.18
9.52
9.87
9.76
9.77
9.60
9.47
9. 13
8.93

9.10
9.15
8.75
8.75
8.75
8.75
8.75
8.75
8.55
7.85
7.75

9.43
9.50
9.09
9.23
9.19
9.08
9.15
9.12
8.87
8.27
8.08

* AVERAGES OF RATES AVAILABLE.
*BC FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS’ H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12
BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.0 r-----1------ 11971

BILLIONS OF DOLLARS
-------------- n 4.0

MILLIONS

BORROWINGS

6 20

DEC
1972

3 17 31

JAN

14 28 14 28 I

FEB

MAR

25

APR

S 23

MAY

6 20

4 18

I

JUN
JUL
1973

15 2B 12 26 10 24

AUG

SEP

OCT

7 21

5 19

NOV

DEC

2 16 SO 15 27

JAN
FEB
1974

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 13, 1974

BUSINESS LOANS

C COMMERCIAL AND 1NDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

~ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ FEBRUARY 6, 1974 FROM THE FOUR
WEEKS ENDING:
BUS I NESS
BUSINESS
LOANS
LOANS
APJUSTEP

BILLIONS OF DOLLARS
118
I 16
114

BUSINESS LOANS ADJUSTED 1/

112

— NOV

1 10

“AUG

108

_FEB

106
104
BUSINESS LOANS
102
100
98
BUS I NESS _
BUSINESS
LOANS ___
LOANS
&PJU5TECr—

96
94
92
90

6 20

3 17 31

4 28 14 28 11 25

FEB
1972

MAR

9 23

6 20

4 18

1973

1

15 29 12 26 10 24

7 21

5 IB

NOV

APR

DEC

2 16 30 13 27

1974

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 6, 1974
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS