Full text of U.S. Financial Data : Week Ending: February 18, 1970

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■— ------------------------—
RESEARCH Ls:';RARY
rvMUiL,i
DtaHK
of St. Louis

DATA
u s. Weekfinnncim
ending: February 18, 1970

AUG 2 'l 1398
Yields on most Government securities have de­
clined since early January, following increases in November
and December (pages 10 and 11). In the three days ending
February 18, the three-month Treasury bill rate averaged
6.78 per cent, the lowest rate since last July, while
yields on long-term Government bonds averaged 6.40 per
■int, down to about the level of November. Yields on
prime four- to six-month commercial paper have also
declined since the first of the year. In the first three
days of this week commercial paper yields averaged 8.59 per
cent, about the same as the average for the months of
July and October 1969. Yields on seasoned highestgrade corporate bonds have recently been on a high
plateau near 8 per cent.
Many interest rates are lower compared with
peaks reached a few weeks ago, but remain high relative
to the experience of the past several years. Price
expectations based on the past two years of inflation
have probably contributed greatly to these higher rates.
See "Interest Rates and Price Level Changes, 1952-69"
in the December 1969 Review of this bank.


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

Beginning February 12, certain Federal funds
transactions—those involving member banks and a person
or corporation other than certain financial institutions
or a securities dealer in certain cases—are subject to
reserve requirements under Federal Reserve Regulation D
and interest rate ceilings under Regulation Q. Since last
April the Federal funds rate has fluctuated between 8 and
10 per cent most of the time (page 11).
The money stock has been about unchanged on
balance since early June, following periods of growth
at a 4 per cent annual rate from January to June 1969
and at a 7.3 per cent average rate during the two years
from January 1967 to January 1969 (page 5). The demand
deposit component of money shows about the same pattern
(page 4). Fluctuations such as the pronounced rise in
late December and the marked decline in late January
remind us that it may be inappropriate to attach signifi­
cance to changes in monetary magnitudes observed for
short periods.

Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: February 20,1970

3 of Dollars

81

80

MONETARY BASE LL
FEDERAL RESERVE CREDIT \2
Averages of Daily Figures

Annual rates of change average of
four weeks ending Feb. 18, 1970 from
. four weeks ending:
Monetary
F.R.
Base
Credit
Nov. 19, 1969
*■*./
-O./o
Aug. 20, 1969
+ 3. S
*<5-7
*-/.?
May 21, 1969
+ <3./
Feb. 19, 1969
*- J.S

Billions o

Seasonally adjusted by this bank

i—i—i—i—n—
Monetary Base
7?, 3So
7S’, So?

79, OIU.

79
June 11, 1969

79.04

+ /.b

1957-1969

+ 31

9- 7.?

78

7 T.ISS
7t. <eSl
7P/4?

79 oS6> P_

Monetary Base

77

76

75

1/

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.

74

73
Federal Reserve Credit
45.Y3

i

65

illlllB

64

63

62

0"

F. R. Credit

O

4.4,, 06
4, S, SOS
<°S, 097
&V;4>4) *

& \ <* 7-2-

USV34- P

2/

Latest data preliminary
Latest data plotted week ending:


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

2

16

Defined to include holdings of securities,
loans, float, and "other" assets, adjusted
for reserve requirement changes and changes in
requirements due to shifts in deposits among
classes of banks.

Feb. 18, 1970

30 14 28

11 25
June

6

20
Aug.

3 17
Sept.

1

15 29
Oct.

12 26
Nov.

10 24
Dec.

1

15

29 13

1970
Prepared by Federal Reserve Bank of St. Louis

27

10 24 ' 8' 'V.

REMves
Billions of Dollars

Annual rates of change, average of four weeks
ending Feb. 18, 1970 from four weeks ending:

All Member Banks in the Nation
Averages of Daily Figures
Seasonally Adjusted

Billions of dollars

30.0
Nov.
Aug.
May
Feb.

19,
20,
2i,
19,

1969
1969
1969
1969

29.5

June 11, 1969
29.0

1959-1969

28.5

28.0

27.5

I

o27.0
27.0

26.5
Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability, backdate have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
include all "bills payable checks" and so-called
"London checks" as deposits subject to reserve
requirements

<57 S
aP I, (o

L-l I I I I I I I I I | I I ...............................I I I 1 1
8 22 5 19
2 16 30 14 28 11 25 9 23
Jan.
Feb.
Apr.
May
Mar.
June July
1969


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

6 20
Aug.

Sept.

10 24
Dec.

7

21
Jan.

4 18

25.5

_

25.0

_

24.5

<5 7. J

A 7.3

Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H. 9 release

Feb. 18, 1970

_

>n.i

Data exclude increase in required reserves of
about $400 million due to changes in Regulations
M and D effective Oct. 16, 1969.

_ Latest data preliminary
Latest data plotted

26.0

Total
Reserves
=27.7

1

15 29 13 27 10 24
Apr.
May
June
1970

Prepared by Federal Reserve Bank of St. Louis

8

22
July

4

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

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending Feb. li, 1970 from four weeks ending:
Nov. 12, 1969
Am. 13, 1969
Feb. 12, 1969
- June 11, 1969

i- !■ 3

~o.9

Dec. 25 - June 11

Latest data preliminary
Feb. 11, 1970
^_ Latest data plotted week ending:
I I I ' I I I
M I I I I I II I I M
8 22 5 19 5 19 2 If,
30 14 23 11 2 5 9 23
.Time
■Tub'
1969


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

6

20

3

17

15

29

12 20

10 24
Dec.

7

21
Jan.

4

18

4

18

1

15

29

13 27

Mar.

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8

22

monAtock
Bill 1.

Averages o(Daily Figures
Seasonally Adjusted

of Dollars

215
214
213

Annual rates of change, average of four weeks
ending Feb. 11, 1970 from four weeks ending:

210

Nov.
Aug.
May
Feb.

209

June 11, 1969

212

211

208

Billions of Dollars

12,
13,
14,
12,

1969
1969
1969
1969

■* O-T

Dec. 25 - June 11

207
206

1957-1969

205
204

F

203
202
201
200
199
198
197
196
195
194
193
192

/97 O
arcs

r

190

189

188
187
186
185

Current data appear in the Board s H.6 release.
Latest data preliminary
Latest data plotted week ending:

0 '


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

Feb. 11, 1970

I—I—I—!—I—I_l—I_1_I 1 I
14 28 11 25 9 23

Mav

June

J11I

1969

1

15
0c 1 .

79 17.
Not

10 24

15 29

Doc .
Prepared bv Federal Deserve Bank of St. Louis

10 24
June

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
234
232

— Annual rates of change, average of four weeks
■“'ending Feb. 11, 1970 from four weeks ending:

230
228

—[Nov.
“"Aug.
__ May
_ Feb.

i2,
13,
14,
12,

1969
1969
1969
1969

226
224

- s.s

222

1957-1969

220
218
216
214
212
210
208
206
204
202
200
198
196
194
192
190
188
' 186
184
182
180
178
H.6 release.
176

Latest data preliminary
Latest data plotted week ending:
8

22


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

19
Mar.

2

30 14 28

174

Feb. 11, 1970
4

11
June
1969

20

3

17
Sept.

15

29 12 26
Nov.

10 24
Dec.

7

21
Jan.

4

18

4

18

1

15

29

13

1970

Prepared by Federal Reserve Bank of St. Louis

27 10 24
June

8

22
July

0

illii

MONEY STOCKWIS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

of Dollars

432
430
428
426

Billions of

Annual rates of change, average of four weeks
ending Feb. il, 1970 from four weeks ending:
Nov. 12, 1969

424
422

422

Feb. 12, 1969

420
June 11, 1969

420

- 3S

418
416

418
1957-1969

416

414

414

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

394

392

392

390

390

388

388

386

dru

386

7

384

384

382

382

380

380

378

378

376

376

374
372

0'

~~I t T 1 t I I
Latest Data
Latest Data
I I I I I I I
22 5 19
Jan.
Feb.


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

I I I I I I—I—I—T
rrrrrr 1 rrr
Preliminary
Feb. 11, 1970
Plotted Week Ending:
I I 1 I I M 1 I I I I
5 19 2 16 30 14 28 11 25 9 23
6 20
Mar.
Apr.
May
June July
Aug.
1969 "

374
372
3

17 1
Sept.

15 29 12 26
Oct.
Nov.

10 24
Dec.

7

21
Jan.

18
Feb.

4

4 18
Mar.

0
Apr.
1970

May

Prepared by Federal Reserve Bank of St. Louis

June

July

ill

CERTIFICATES OF DEPOSIT LL
Large Commercial Banks
Wednesday Figures

s of Dollars

24

Annual rates of change, data not seasonally
adjusted, average of four weeks ending
Feb. 11, 1970 from four weeks ending:

22

Nov.
Aug.
May
Feb.

12,
13,
14,
12,

8
Billions of Dollars

1969
1969
1969
j.969

1964-1969

20

18

16

14

12

/o. so

10

8
Millions of Dollars

/o, 7JS
/a, SJO

6

/a, y*7
/o,

V4?

/<?, A9t

/o, V94> P
4

2

0

Current and year ago data appear in the
Board's H. 4. 2. release
1J Negotiable time certificates of deposit
in denominations of $100, 000 or more.
I I I I I I I I I I i 1 I I I I ! 1
1 1 I 1
Latest data preliminary
Feb.
1970
Latest data plotted:
1—1—1—1__ i_J__ 1__ 1

8 22
Jan.

5

19
Feb.


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

2

16 30 14 28
Apr.
May

Sept.
1969

15 29
Oct.

12 26 10 24
Nov.
Dec.

15 29
Apr.
1970

13 27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

8 22
July

.

BUSIN^LOANS

Large Commercial Banks
is of Dollars

Billions of Dollars

Seasona ly a diusted by this b an k
88

86

84

Annual rates of change, average of four weeks ending Feb. 11, 1970 from four weeks ending:
Nov.
Aug.
May
Feb.

12,
13,
14,
12,

88

1969
1969
1969
1969

86
*
84

1960-1969

82

82

1

80
>
7

7*A f

\\

80
75 .50

r

78

S

78

76

76

74

74

1

72

/9 70
797 0

MILLIONS OF DOLLARS
SEASONALLY
UNADJUSTED ADJUSTED
79 ?/y
7 9, /S3

7

/i
o3/

70

7f,? 7r

IS,/A3
7?, 3/7
0
7i\

off

3-uJr i
//

72

79, / JO

fS3

79,3 TA. “
7/, S/ 7

79. t 75
/
7%

70

.

68

68

66

66

0

Latest data preliminary
Latest data plotted:
Feb. 11, 1970
-1 I I I I I I I I -1_L. I I I I I 1 I i 1 I I I
' 1 1 1
16 30 14 28 11 25 9 23
8 22 5 19
5
19
Jan.
Feb.
Apr.
May
June
July
Mar.
1969


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

6

20
Aug.

3

17 1
Sept.

15 29
Oct.

all

12 26
Nov.

10 24
Dec.

7

21 4 18
Jan.
Feb.

A
18

4
Mar.

11
1

15 29 13 27
Apr.
May
1970

Prepared by Federal Reserve Bank of St. Louis

1
10 24
June

8

22
July

0

r
YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
9.50

Per Cent
9.50

9.00
Prime Commercial
Loan Rate

Three-Month Tre
Bill Market Yield
8.00

Corporate
Aaa Bonds

7.50

7.00

7.00

6.50
Long-Term
Government Bonds
6.00

6.00
Discount Rate

3-Month
Treasury
Bill

Corporate

3-5 Year

Xa

7.9/
7 /A
7. 83

5.00

8.10
7- 90
7- 9f

7. ??
ic

7.6/

7- <30

4.50

(c.7?
4.00

4.00

■i I I I I i
Latest data plotted are averages of rates available for the week ending:
'' i l i i i i i ii i
10 24
7 21 7 21 4
Jan.
Mar.

18


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

2

III..................................
16 30 13 27 11 25 8 22
.Tune

Julv
1969

5

19

3

Feb. 20. 1970
17

31 14

28

12 26
Dec.

9

23
Jan.

6

20

20 3
17
lar. Apr.
1970

1

15 29 12 26
May
June

Prepared by Federal Reserve Bank of St. Louis

10 24 ,
Julv

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

:nt
.00

Per Cent

. 50

10.50

10.00

.00
Federal Funds Rate
Commercial Paper
4-to- 6 Month
.50

.00

.50
ers
Acceptances
.00

Prime

1970
50­

00

Commercial

Paper
4-6 Month
9.oo
9 Of
t. 7 S
?. 70
g ss

Prime
Bankers
Acceptances

r sc

g. 73T. 73
g ■ to g
? b3

?.sr
t

yo

90 Day
CD'= **
9/3
9. !3
9. oo
9.oo
g- 70
4=0
S. 70

Federal
Funds
S'. S3
g. 70
f. 73
9. is
S. 9 8
9. /S
9-3jD
1.33

7.00

50

6.00

ao
Discount Rate
50

00

Latest data plotted are averages of rates available for the week ending:
10 24
Jan.

7 21
Feb.

7

21
Mar.

4 18
Apr.

13 27
June

i i i i i i i_i
8 22
11 25
July
Aug.
1969

5 19
Sept.

3 17
Oct.

5.00

Feb. 20, 1970
31 14 28 12 26
Nov. Dec.

15 29 12 26
May
June

WE] [AGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE

 IURCE: SALOMON BROTHERS AND HUTZLER
;C0NDARY 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 24
July

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages'of Daily Figures

Millions of Dollars
EXCESS
RESERVES

3,000

Millions of Dollars

reserves

- ?7 O
-

2,000

Borrowings

1,600

1,200
^ini

1,000

.Excess Reserves

1,000

-

1,200

-

Net Free Reserves

-1,400
-1,600

1,600

-1,800

2,200

-

2,200

-2,400
■2,600
-2,800

Latest data preliminary
Latest data plotted week ending:

■2,800

Feb. 18, 1970

-3,000
5
J an.


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

19

5

19
Mar.

2

16

30 14

28 11 25
May
June

9

23
July
1969

-3,000
6 20
Aug.

3 17
Sept.

1

15

29 12 26 10 24
Nov.
Dec.

7

21

4

18

4 18
Mar.

15 29
Apr.
1970

13 27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

8

22
July