View original document

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

LJ.S.

DATA

F/A^/1/VC//IL

Week ending: February 15, 1978

LIBRARY

DEC 2 6 197f

Demand for credit at all commercial banks was strong in the past
year. Total loans at all commercial banks rose 14.3 percent in the
year ending January 1978, compared to an 8.6 percent increase in the
previous year. Growth of business loans at all commercial banks was also
relatively rapid over that period, having risen 13 percent in the year
ending January 1978, compared to a 2 percent increase in the previous
year.
In contrast to the pattern of bank credit at all banks, business
loans at large commercial banks rose at relatively slow rates during most
of last year. From January through September 1977, business loans at
weekly reporting large commercial banks rose at a 5 percent rate, compared
to a 12.7 percent rate of increase over the same period at all commercial
banks. Growth of business loans at large commercial banks increased
sharply in the fall of last year, rising at a 20 percent rate from
September to November. Then, from November of last year to January
business loans at large commercial banks rose at a 5.6 percent rate. Thus,
events of the past year indicate that growth of business loans at large
commercial banks can be a misleading indicator of total credit demands at
commercial banks or demand for bank credit by business.
Large negotiable certificates of deposit issued by large
commercial banks (not seasonally adjusted) began to decline in January of
this year, after rising sharply from late September of last year through
the end of December (see page 12). The decline in these certificates of
deposit so far this year appear to reflect only a seasonal pattern. As
shown in the table below, certificates of deposit declined in January and
February of 1975, 1976, and 1977.


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

CERTIFICATES OF DEPOSIT
Large Commercial Banks
Wednesday Figures
(billions of dollars, not seasonally adjusted)
First Eight Weeks of Each Year

1975
$92.7
92.8
92.1
91.6
91.4
90.6
89.9
89.0

Years
1976
$81.6
79.4
77.8
76.6
75.2
73.9
72.9
72.0

1977
$65.3
63.7
62.7
62.3
61.9
61.9
61.7
60.8

Prepared by Federal Reserve Bank of St. Louis

Released: February 17, 1978

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

BILLIONS
___ IAN.

130.9
132.0
131.9
132.2
132. 7
132.8

132

130

128

126

124

122

120

118

1

15 29 12 26

JAN

0 23

9 23

6 20

4 16

APR

FEB

MAY

1976

1

15 20 13 27 10 24

7 21

5 19

SEP

OCT

2 16 30 14 28 11

25

6 22

JAN FEB
1978

1977

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 15, 1978
THE MONETARY BASE CONSISTS OF MEMBFR 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 REQUJREMFNT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOU'S.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WFEKS ENDING:
2/16/77

5/18/77

7/13/77

8/17/77

9/ 14/77 10/12/77 11/16/77 12/14/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/13/77
8/17/77
9/14/77
10/12/77
11/16/77
12/14/77
1/18/78
2/15/78

2


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

8.2
8.8

8.5
8.7
8.9
6.8

9.2
9.6

9.4
8.7
9. 1
9.3
9.0
9.5
10. 1

9.1
9.6
9.8
9.3
10.0
10.6

8.5
9.2
8.7
9.6
10.4

10.5
9.5
10.4
11.2

8.9
10.3
11.3

10.3
11.7

13.7

PREPARED BY FEDERAL RESERVE BAW OF ST. LOUIS

MULTIPLIER^
ADJUSTED FEDERAL RESERVE CRED I T
AVERAGES OF DAILY FIGURES

v

SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

BAT IQ

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
116

COMPOUNDED ANNUAL RATES
— OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
~ FEBRUARY 15, 1978 FROM
__ THE FOUR WEEKS END'NG.
-

DEC. 14, 1977
NOV. 16, 1977
-- OCT.
12 ---1977
_ SEP. 14

19.2
15.0

114
112

ADJUSTED FEDERAL RESERVE CREDIT
110

14.5
12.9
12.4
11.6

108
106
104
IM
JAN.

102

BILLIONS

1

100

98
1 15 29 12 28

JAN

9 23

FEB

9 23

6 20

4 19

APR

MAY

1 15 29 13 27 10 24

7 21

5 19

2 16 30 14 29 11 25

JAN

9 22

FEB

1976
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 15, 1978
1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ FEDERAL RESERVE CRFDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS. FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACfING TREASURY
RESERVE BANKS from this series, and adjusting the series for re­
serve REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
820

BILLIONS
813. 1
810.7
812.0
812.8
81 1 .7
814. 1

805
800
795
790
785
780
775
770
765
760
755
750
745
740
735
730

1

15 29 12 26

JAN

9 23

9 23

6 20

4 18

1

15 20 13 27 10 24

7 21

5 19

2

16 30 14 28 11

FEB

1976

25

S 22

JAN FEB
1978

1977

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS ( M 2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/9/77

5/11/77

7/6/77

8/10/77

9/7/77

10/5/77

11/9/77

12/7/77

6.6
6.8
6.6

6.8
6.6

6.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 6/77
8/10/77
9/ 7/77
10/ 5/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78

4


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

9.4
10.6

9.9
9.8
9.5
9.2
9.0
8.7

11.3
9.8
9.8
9.2

11.1
10.6

9.6
9.0

8.8
8.6

8.6

8.3

8.3

7.3
7. 2
7.0
7.0
6.9

8.1

7.6
7.5
7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS of dollars

BILLIONS
340.2
336.6
337.2
337.4
335.9
336.8

1

IS 29 12 26

JAN

9 23

9 23

6 20

4 18

1

15 29 13 27 10 24

1976

7 21

5 19

SEP

FEB

OCT

2 16 30 14 28 11

DEC

1977

25

8 22

JAN FEB
1978

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
2/9/77

5/11/77

7/6/77

8/10/77

9/7/77

10/5/77

11/9/77

3.4
6.3
4.7

6.8

12/7/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 6/77
8/10/77
9/ 7/77
10/ 5/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78


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

7.6
9.6
8.6

8.9
8.5
7.7
8. 1
7.4

9.7
7.9
8.5
7.9
7.0
7.6
6.7

11.0
11.1

9.5
7.9
8.6

7.3

6.7
6.2

8.0

4.9
6.5
5.3

5.7
7.4
5.8

4.4

6.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—I 10.0

10.0 r—

CORPORATE Aaa BONDS

'RIME BANK
OAN RATE

MUNICIPAL

BONDS**

COMMERCIAL PAPER

3 17 31 14 28 11 25 11 25

JAN

FEB

8 22

MAR

6 20
MAY

3 17
JUN

1

15 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 SO 13 27 10 24

JAN

FEB

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 17, 1978

90 DAY
CD's age***

1978

DEC.

2
9
16
23
30
6

6.62
6.63
6.72
6.72
6.78
6.77

13

6.88

20

27
FEB.
3

7.06
6.97
6.90

10

6.88

17 *
24

6.90

JAN.

PRIME
COMMERCIAL
PAPER
4-6 MONTH

6.57
6.60
6.64
6.68
6.68

6.69
6.77
6.85
6.83
6.81
6.79
6.80

PRIME
BANKERS'
ACCEPTANCES

Aaa BONDS

MUNICIPAL
BONDS net!

6.46
6.55
6.57
6.65
6.71
6.71
6.98
6.89
6.85
6.82
6.81
6.82

8.08
8.13
8.18
8.23
8.28
8.30
8.40
8.44
8.47
8.46
8.46
8.46

5.47
5.54
5.55
5.62
5.66
5.64
5.75
5.74
5.70
5.63
5.59
N.A.

CORPORATE

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*S8K SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft 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

6


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

8.0

7.5

3-5 YEAR
TREASURY SECURITIES

7.0

6.5

6.0
FEDERAL FUNDS RATE
5.5
V._/

DISCOUNT RATE

5.0

4.5

THREE-MONTH TREASURY
BILL MARKET YIELD

4.0

3 17 31 14 2$ 11 25 11 25 8 22
DEC
JAN FEB
MAR
APR

6 20
MAY

3 IT
JUN

1 15 29 12 26 9 23
JUL
AUG
SEP

7 21
_
OCT

4 18
NOV

2 16 30 13 27 10 24
DEC
JAN FEB

,977

1976

,g78

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 17, 1978

FEDERAL
FUNDS **

1978

DEC.

2
9
16
23
30
6

JAN.

13
20

FEB.

27
3
10

17 *
24

6.55
6.51
6.49
6.54
6.65
6.69
6.58
6.78
6.72
6.80
6.75
6.76

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.04
6.07
6.03
6.03
6.16

6.49
6.52
6.50
6.53
6.57
6.57
6.94
6.84
6.82
6.80
6.84
6.89

7.29
7.36
7.38
7.43
7.51
7.52
7.78
7.75
7.74
7.68
7.71
7.80

7.66
7.72
7.75
7.81
7.88
7.91
8.05
8.04
8.05
8.05
8.08

6.20

6.60
6.48
6.44
6.42
6.44
6.49

8.11

* AVERAGES OF RATES AVAILABLE.

**

TBEaIuRY BILL'Yia0s"oHSDIScl5STRBASll.ASE

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

than date

W

**■“«• RESERVE

«*«•

* ST. LOU.S.

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
480

billion?

JAN

475

472.9
474. 1
474.8

470

475.8
477.3

Z

465
460
455
450
445
440
435
430
425
420
415

1 IS 29 12 26

JAN

9 23

9 23

6 20

4 18

APR

FEB

1 IS 29 13 27 10 24

7 21

5 19

2 16 30 14 28 11 25

MAY
1977

1976

8 22

JAN FEB
1978

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 8, 1978
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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END ING:
2/9/77

5/11/77

7/6/77

8/10/77

9/7/77

10/5/77

11/9/77

12/7/77

7.0
8.0

6.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 6/77
8/10/77
9/ 7/77
10/ 5/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78

8


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

10.6

11.3
10.7
10.5
10. 1

12.5

10.2

10.2

9.5
9.6

9.3
9.4

11.2

11.1

10.7
10. 1

10.3
9.6
9.8
8.7
8.9

7.8
7.8
8.4
7.5
7.9

8.2

8.9
7.6
8. 1

9. 1
7.3
8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
255 ------ 1-----,--

BILLIONS OF DOLLARS
--------- ----- 255

billions

251.5
247.9
248.0
247.8
246.2
247. 1

1 15 28 12 28

DEC
1976

JAN

8 23

FEB

8 23

MAR

6 20

4 18

1 15 28 13 27 10 24

APR

MAY

JUN

5 18

2 16 30 14 28 11 25

JUL

DEC

1977

8 22

JAN FEB
1978

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978
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 ENDING:
2/9/77
5/11/77
7/6/77 8/10/77
9/7/77 10/5/77 11/9/77 12/7/77
TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
7/ 6/77
8/10/77
9/ 7/77
10/ 5/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78


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

7. 1
9.7
8.4

8.8
8.0
7.1
7.6

6.6

9.8
7.4

8.2
7.2
6. 1
6.9
5.6

11.4
1 1 .5
9.1
7.2

8.1
6.3

5.8
4.7
3.3
5.2
3.6

6.8
4.3
6.4
4.2

1.2

4.9
2.6

6.0
2.5

4. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS of dollars

88.7
88.7
89.6
89.7
89.8

I I I I
1 15 29 12 26

JAN

9 23

9 23

6 20

4 18

APR

FEB

MAY

1076

1 15 29 13 27 10 24

7 21

5 19

2 16 30 14 25 11 25

SEP

OCT

DEC

1977

6 22

JAN FEB
1978

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8. 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
2/9/77

5/11/77

7/6/77

8/10/77

9/7/77

10/5/77

11/9/77

12/7/77

9.7
9.8
10.7

8.9
10.5

11.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 6/77
8/10/77
9/ 7/77
10/ 5/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78

9.0
9.5
9.3
9.5
9.8
9.6
9.6
9.9

10.0

9.5
9.8

10.0

10.3

9.5

10.1

10.2

11.3

9.8
9.8

10.6
10. 1
10.0

10.2

10.5

9.6
9.7
10.3

10.2
10. 1
10.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10


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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
liZS.

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MILLIONS

JAN. 11

1

15 28 12 28

JAN

9 23

g 23

6 20

4 18

APR

FEB

MAY

1

15 28 13 27 10 24

7 21

5 18

SEP

OCT

2 16 30 14 28 11 25

JAN

8 22

FEB

197 7
LATEST DATA PLOTTED WEEK ENDING; FEBRUARY 15, 1978

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
128 ------ ----- -

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
---- ----- ----- 128

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
— THE FOUR WEEKS ENDING
— FEBRUARY 8, 1978 FROM
— THE FOUR WEEKS ENDING; .

MILLIONS
JAN.

4

— SEP
_ AUG. 10, 1977
I I I I......
5 18

DEC
1976

JAN

FEB

MAR

APR

MAY

JUN
JUL
1977

SEP

OCT

2 16 30 14 28 11

JAN

25

8 22

FEB

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

billions of dollars

pillions
fS

- JAN.
-

77.3
76.6
76.0
76.0
76.4
76.7

FEB.

1

15 2® 12 26

JAN

9 25

fl 25

6 20

4 18

1

15 29 15 27 10 24

7 21

5 19

2 16 90 14 28 11 25

DFC

FEB

JAN

8 22

FEB

1976
LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 8, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102