Full text of U.S. Financial Data : Week Ending: February 17, 1971

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: February 17, 1971

LfTOARV
The nation's money stock averaged $214.9 billion in the four
weeks ending February 10, up at about a 3 per cent annual rate in the
past five months, after rising at a 6.7 per cent rate in the previous
seven months (page 5). Since a year ago, money has grown at an average
5.1 per cent, compared with 2.6 per cent in the previous twelve months.
Demand deposits, which comprise about three-fourths of the money stock,
have increased at about a 2 per cent rate in the past five months, and
a 4.7 per cent since a year ago.
The bank credit proxy, member bank deposits subject to reserve
requirements, has increased at a rapid 16 per cent annual rate in the past
five months, not significantly different than the 15 per cent increase
since a year age (page 9). The adjusted proxy, which includes nondeposit
sources of funds, has grown about 10 per cent since a year ago. The rapid
growth of these series is partially due to the rechanneling of funds into
banks, therefore not representing an increase of total credit to the
economy. Because of this rechanneling, it is difficult to assess the impact
of the growth of these series on the economy.
The discount rate, the interest rate charged on loans made by
Federal Reserve Banks to their member banks, was lowered from 5 per cent
to 4-3/4 per cent late last week (page 10). This was the fifth 1/4 of 1
percentage point reduction since November, and the third decline so far
in 1971• This rate is now at its lowest level since March 1963. The
spread between the three-month Treasury bill rate and the discount rate
is now about 1 percentage point, compared with about 75 basis points after
the reduction ir, the discount rate in mid-January, and about 30 basis points
after the decrease in mid-November.
Borrowings of member banks from the Federal Reserve averaged
$362 million in the past four weeks, slightly below the $400 million in the
4th quarter of 1970, and much below the $1.2 billion in the fourth quarter
of 1969 (page 12). The general decline of borrowings since 1969 was
temporarily interrupted in mid-1970, when borrowings briefly rose to a peak
of $1.4 billion in July. This bulge was associated with the relaxation of
the administration of the discount window in order to dampen the possibility
at that time of a "liquidity crisis."
Early this week the prime rate, the interest rate charged by
commercial banks to their highest-grade business customers, was lowered
from 6 per cent to 5-3/4 per cent (page 10). Although this rate usually
follows the general declines of short-term rates, it responds to similiar
forces as market rates.


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

Prepared by Federal Reserve Bank of St. Louis
Released: f ebrvary 19, 1971

' )NETARY BASE 1/
federal reserve credit
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
86

2/
BILLIONS OF DOLLARS

---- ---- -i- r-i 06
-

--,-,-

Annual rates of change
average of four weeks
“ending February
from four weeks ending:
Monetary
Base

16,
18,
14,
Sept. 16,
19,
-July 15,
June 17,

1970
1970
1970
1970
1970
1970
1970

—Dec

13.8
10.6
10.6

MONET,

1971
Jan. 13

Millions
83,673

72

Annual rates of change
average of four weeks
from four weeks ending:

-Dec.
Nov.
Oct.
'Sept.
Aug.
.July
June

16,
18,
14,
16,
19,
15,
17,

1970
1970
1970
1970
1970
1970
1970

70

F.R.
Credit
18.3
13.2

FEDER AL RESERVE C RED IT

13.4

68

10.2
11.8
12.5
10.6

Millions —
Jan. 13
66

$

17

3!

H 28

25

11

25

8 22

0 20

3

17

I

15 20

12 20

6 23

7 21

<18

2

16 50

15 27

LATEST DATA PLOTTED tfEEK ENDING-. FEBRUARY 17, 1971
w

ARE MEMBER BANK RESERVES AND CURRENCY
BANKS i^STED E0R RESERVE REQUIREMENT CHANGES AND SHIFTS I HELD BY THE PUBLIC AND NONMEMBER
N DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 "REVIEW" OF THIS BANK.
2/
I?n,lMSrU2E,TH0LDI,NGS 0E SECURITIES, LOANS. FLOAT AND ''OTHER" ASSETS. ADJUSTED FOR
RESERVE
CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVED
ALL MEMBER BANKS INFIGURES NATION
THE
AVERAGES OF DAILY
SEASONALLY ADJUSTED

BILLIONS OF OOLLARS
51.5- - - - - - - - - - -

BILLIONS OF OOLLARS
- - - - - - - - - - - - - 51. S

30.0

29.5

28.5

2B.0

28.0

27.5

27.5

3

17

)l

DEC
1966

14 28

JAN

II

FEB

2$

II

MAR

25

6 22

APS

6 20

3

NAY

JUN

17

I

IS 29

JUL
1070

12 26

AUC

9 23

SEP

2 21

4

OCT

NOV

It

2 16

DEC

30

13 27

10 24

JAN FEB
1971

LATEST DATA PLOTTEL BEER EMDINGi FEBRUARY 17, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
& BREAK IN SERIES tUE TO CHANGES IN REGULATION 0 EFFECTIVE OCTOBER I, 1670.


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

1971
Jan. 13
20
27
Feb. 3
10
17

Billions
29.7
30.4
30.2
30.3
30.3
30.6

Annual rates of
average of four
ending February
from four weeks

change,
weeks
17, 1971
ending:

16,
18,
14,
16,
19,
15,
17,

14.1
13.6
11.3
10.7
14.8
16.0
14.0

Dec.
Nov.
Oct.
Sept.
Aug.
July
June

1970
1970
1970
1970
1970
1970
1970

PREPARED BY FEDERAt RESERVE BANK OF ST. LOUIS

4

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

billions of dollars

billions of dollars

Billions
16&.2

166.1
165.7
164.6
165.3
166.6

J

17

SI

M 28

JAN

II

25

II

25

6 20

I

15 20

12 23

8 25

5

18

2

IS 30

IS 27

10 25

FEB
1870

1869

1971

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 10, 1971
CURRENT OATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

Annual rates of change, average of four weeks ending:
5/13/70 6/10/70 7/8/70 8/12/70 9/9/70 10/7/70 11/11/70 12/9/70
to average
of four
weeks ending .
7/ 8/70
8/12/70
9/ 9/70
10/ 7/70
11/11/70
12/ 9/70
1/13/71
2/10/71


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

6.7
5.5
7.7
6.7
5.1.
5.5
5.0
4.4

0.7
5.2
4.6
3.1
3.8
3.5
3.0

8.5
6.7
4.3
4.9
4.3
3.7

8.5
4.7
5.4
4.6
3.8

-02.4
2.2
1.8

2.2
1.9
1.5

4.4
2.9

0.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY

STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
------------——j 220

220 ----- p--- 1—
1971
n. 6
13

Billions
215.4
215.2
213.9
214.8
216.1

3

17

5

DEC
1660

U 28

JAN

II

25

FEB

11

MAR

25

8 22

APR

1.L.U .1
6 20

S

17

NAY

JUN

I

15

B 23

2S 12 26

JUL
AUG
1670
LATEST DATA PLOTTED #EEK ENDING: FEBRUARY 10. 1971

SEP

7

21

OCT

2

NOV

10 50

DEC

13 27

JAN

10 2<

FEB

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE

Annual rates of change, average of four weeks ending:
12/31/69 2/25/70
7/8/70 8/12/70 9/9/70 10/7/70 11/11/70 12/9/70
to average
of four
weeks ending:
7/ 8/70
8/12/70
9/ 9/70
10/ 7/70
11/11/70
12/ 9/70
1/13/71
2/10/71


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

6.2
5.7
6.4
5.9
5.4 .
5.5
5.3
5.0

7.5
6.6
7.4
6.8
6.1
6.2
5.8
5.3

7.1
5.7
4.3
4.7
4.5
4.0

6.8
4.6
5.0
4.7
4.1

1.4
3.0
3.1
2.7

3.1
3.2
2.7

4.8
3.6

2.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

'\ME DEPOSITS
ALL COMMERCIALFIGURES
BANKS
AVERAGES OF DAILY
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1971

BILLIONS OF DOLLARS
250

Billions
233.6
234.2
235.7

240

237.6
239.6
230

220

210

200

l_LLl_Li
3

17

31

14

28

I!

2i

II

25

8 22

6 20

3

17

5 28

2 26

S 23

4

18

2

16 30

13 27

1C 24

LATEST DATA PLOTTED PEEK ENDINSt FEBRUARY 10, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

i'

Annual rates of change, average of four weeks ending:
5/13/70 6/10/70 7/8/70 8/12/70 9/9/70 10/7/70 11/11/70 12/9/70
to average
of four
weeks ending:
7/ 8/70
8/12/70
9/ 9/70
10/ 7/70
11/11/70
12/ 9/70
1/13/71
2/10/71


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

11.7
22.5
23.2
24.2
23.9
23.4
25.1
25.3

29.3
27.9
27.9
26.8
25.7
27.3
27.3

33.9
31.9
29.4
27.5
29.0
28.7

25.3
23.9
22.8
25.3
25.3

23.5
22.0
25.1
25.1

19.4
24.2
24.3

25.8
25.3

28.3

PREPARED GY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1971

BILLIONS OF DOLLARS
460

Billions
449.0
449.4
450.6
450.4
452.4
455.7

450

440

430

420

410

400

5 II

51

14 28

II

25

II

25

6 20

3

17

I

15 29

8 23

4

16

2

16

30

13 27

10 2<

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 10, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

Annual rates of change, average of four weeks ending:
5/13/70 6/10/70 7/8/70 8/12/70 9/9/70 10/7/70 11/11/70 12/9/70
to average
of four
weeks ending
7/ 8/70
8/12/70
9/ 9/70
10/ 7/70
11/11/70
12/ 9/70
1/13/71
2/10/71


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

.

9.1
13.8
14.9
15.0
14.2
14.1
14.9
14.8

15.2
16.2
15.9
14.8
14.6
15.4
15.2

20.3
18.6
16.5
15.9
16.5
16.1

16.2
14.2
14.0
15.0
14.8

12.4
12.5
14.2
14.0

11.4
13.9
13.7

15.7
14.8

15.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERT IF!CATES OF DEPOSIT
LARGE WEDNESDAY FIGURES BANKS
COMMERCIAL

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

28

26

24

22
20

18

16

14

12

3

17

SI

14

2*

II

25

II

25

l 22

6 20

3 IT

I

IS 28

12 28

8 23

7

21

2

I960
1970
LATEST DATA PLOTTED WEEK’ENDINGi FE8RUARY 10, 1971

I® 30

13 27

11

24

1971

CURRENT AND YEAR AGO DATA APPEAR IN THE BOARD OF GOVERNORS' H.4.2 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT IN DENOMINATIONS Of *100,000 OR MORE.


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

1971
Jan. 6
13
20
27
Feb. 3
10

Millions
26,217
27,046
27,278
27,190
26,999
27,397

PREPARED BY FEDERAL RESERVE GAWK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

345

335

325
CREDIT PROX

STED I

315

305
CREDIT

295

285

3

17 31

14

26

I

25

H

25

6 20

1660

3

17

1

15 28

12 26

8 23

7 21

4

16

2

16 SO

13 27

0 24

1070

LATEST DATA PLOTTED WEEK ENDING! FEBRUARY 10, 1971
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.

1971

Jan.

6
13
20
27
Feb. 3
10


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

Annual races of change, average of
four week;s ending February 10, 1971
from four weeks ending:

Billions
Credit
Credit
Proxy
Proxy
Adjusted
323.1
333.3
322.0
332.5
323.5
334.0
325.3
335.3
326.7
335.5
328.0
337.1

Dec.
9, 1970
Nov. 11, 1970
Oct.
7, 1970
Sept. 9, 1970
Aug. 12, 1970
July
8, 1970
June 10, 1970

I>

Credit
Proxy
18.6
18.2
16.6
16.0
17.9
20.2
18.6

Credit
Proxy
Adjusted
13.0
12.7
10.2
8.7
10.7
12.9
12.1

PREPARED 3Y FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT
9 „0 - - -

mTTTTTTTTTTTTTTTT

PER CENT
-- 1 9.0

CORPORATE AM BONhS

PR I LIE COMMERCIAL
LOAN RKTE

THREE -MONTH
BILL MARKET

7.0

6.5
6.0

DISCOUNT RA

5.5
5.0
4.5
-1.0

3.5

3.0
5

10

2

16

SO

13 27

15 27

10 24

5 22

5

10

3

17

51

M

26

II

25

0 23

6 20

I

15 29

12 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOINCi FEBRUARY 10, 1071


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

1970-71
DEC.

A
11
18
25
JAN. 1
8
15
22
29
FEB. 5
12
19m
26

CORPORATE
Aaa BONDS

5-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7.85
7.78
7.59
7.51
7.4S
7.45
7.42
7.36
7.19
7.10
7.06
7.06

4.97
4.92
4.77
4.82
4.87
4.84
4.5!
4.20
4.10
4.05
5.71
3.63

5.81
5.80
5.82
5.06
5.94
5.S0
E.7S
5.58
5.54
5. 49
5.33
5.22

5.03
5.89
5.87
6.05
6.16
6.00
5.96
5.83
5.78
5.80
5.73
S.8I

m AVERAGES OF RATES AVAILABLE.

.
.

PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT
9.5

PER CENT
--- 9.5
9.0

9.0
COitJUE RCIAL » APCR

8.5

8.5

8.0

8.0

7.5

7.5

7.0

7.0
FEDEF

6.5

6.5

6.0

6.0

5.5

5.5

5.0

5.0

A. 5

4.5

4.0

4.0

5.5

3.5

5.0

3.0

0

5

19

2

DEC
1969

18 30

JAN

13 27

FEB

13 27

MAR

10 24

APR

8 22

MAY

S IS 3 17
JUN
Jilt
1970

31

M 28

AUG

I

25

SEP

8 23

OCT

6 20

4 IB

NOV

DEC

I

15 28

(2 26

JAN
FEB
1971

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 19, 1971


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

1970-71
DEC.

4
11
16
75
JAN. 1
R
15
n
?9
FEB. 5
12
1 9 ffi
26

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD* s m.

5.63
5.75
5.75
5.75
5.75
5.68
5.38
4.78
4.53
4.63
4.63
4.38

5.50
4.63
5.23
4.91
3.94
4.75
4.00
4.33
4.10
4.10
3.31
4.00

5.38
5.46
5.25
5.25
5.25
5.25
4.68
4.48
4. 45
4.35
4.13
4.07

5.66
5.68
5.64
5.59
5.58
5.64
5.45
5.06
4.84
4.73
4.55
4.42

« AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
«* DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.0 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BILLIONS OF
2.0

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS INFIGURES NATION BILLIONS
THE
DOLLARS
AVERAGES OF DAILY

------------ ---------- r-

OF DOLLARS
2.0

- ---- ----

EXCEJ S RESERVES

NET FREE RESERVES

-

0.8

-

0.8

-

1.2

1.6

-

-

2.0

3 If SI 14 23 II 2S II 25 6 22
DEC
JAN FEB UAR
APR
1969

6 20

MAY

3 17
JUN

I IS 29 12 26 9 23
JUL
AUG
SEP
1970

7 21
OCT

16
NOV
4

2 16 50 13 27 10 24
DEC
JAN FEB
1071

LATEST DATA PLOTTED REEK ENDINGi FEBRUARY 17. 1071


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

1970-71
DEC.

2
0
16
23
30
JAN. 6
13
20
27
FEB. 3
10
17
24

MILLIONS

EXCESS
RESERVES

BORROWINGS

417
136
120
210
434
57 6
32
02
265
286
183
276

455
2S0
368
325
270
407
277
472
354
263
246
564

FREE
RESERVES
38
- 154
- 270
- IIS
164
166
- 245
- 360
58
3
65
- 265

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

-

2.0