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RESEARCH LIBRARY
Federal Reserve Bank
of St. Louis

Week ending: February 2, 1972

AUG 2 7 1998


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

Growth rates of both the monetary base and Federal
Reserve credit have increased in recent months. The monetary
base, a primary determinant of the money stock, has risen at
a 5 percent annual rate in the last six months and at a more
rapid 9.7 percent rate in the last two months (page 2).
Federal Reserve credit, the component of the monetary base
that reflects monetary policy actions, has increased at a
10.6 percent rate in the last six months and at a 21.1 per­
cent rate in the last two months (page 3). The more rapid
growth of Federal Reserve credit than the base largely
reflects an increase in Treasury deposits at the Federal
Reserve from about $2 billion in late November to about $3
billion in the week ending February 2.
The nation's money stock, which averaged $228.7
billion in the four weeks ending January 26, has risen at a
1.1 percent annual rate in the last six months (page 5). By
comparison, the money stock rose at a 6.3 percent trend rate
from late 1966 to July 1971. With the money stock growing at
a slower rate than the monetary base, the money multiplier
has declined in the last six months (page 2). A partial
explanation for the decline in the money multiplier has been
a recent increase in the rate of growth of time deposits.
Since mid-summer, most market interest rates have declined,
while rates paid on savings deposits and small time accounts
have changed little, making such time deposits relatively
more attractive. Net time deposits have risen at a 15.9
percent annual rate in the last five months, compared with an
11 percent rate of increase in the previous five months
(page 6).
Reflecting the rapid growth of time deposits, the
bank credit proxy has increased at an 11 percent annual rate
in the last five months. The bank credit proxy adjusted to
include nondeposit sources of funds has risen at virtually
the same rate over this period (page 9).

Prepared by Federal Reserve Bank of St. Louis
Released: February 4, 1972

libINETARY
i

BASE u
MULT I PLIERS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
— FEBRUARY 2, 1972 FROM THE FOUR WEEKS ENDINGt
-

DEC.
NOV.

1, 1971
3, 1971

_

JUN. 30,
2,

9.7
7.8

1971
1971

MONETARY BASE

1972

MILL)QN£

DEC. 2

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 2, 1972
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5
RATIO

2.4

2

16 30 13 27 10 24 10 24

JAN
1970

FEB

7 21

5 19

APR

MAY

2 16 30 14 26 It

JUL
1971

AUG

25

6 22

6 20

3 17

1

15 29 12 26

0 23

JAN FEB
1972

LATEST DATA PLOTTED WEEK ENDINGi JANUARY 26, 1972
1/ USES OF 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.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES v ^ I ON
IN THE Wr

3

ALL MEMBER BANKS

FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

34.0
Z_
Z

COMPOUNDED ANNUAL RATI
OF CHANCE. AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 2j_J87£ FROM
THE FOUR
--- * ~

~ DEC
Z NOV

33.5
33.0

14.7
32.5

RESERVES

32.0

32.0

31.5

31.5
31.0
LSZi

BILLIONS

DEC. 2!

30.5

30.0

30.0

J-LU 1.

0

•2

COMPOUNDED ANNUAL RATES
OF CHANCE. AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 2. 1972 FROM
THE FOUR WEEKS EKC INGi

1971

AUG

21.1
14.2
9.5
13.1
10.6

1971

-

1971
1971
1971
1971

13.1

JUN

_

7*
FEDERAL RESERVE CREDIT

1 1.8

76

74

12Z2

MILLIONS — 72

DEC. 2!
70
Ill] 1 l I I
2 16 90 19 27 10 24 10 24

JAN

7 21

9 It

2 16 90 14 2« 11 29

6 22

9 17

OCT

FEB

6 20

NOV

12 26

6 29

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 2, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/ DEFINED TO INCLUOE HOLDINGS OF SECURITIES, LOANS. FLOAT AND "OTHER" ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AM) CHANGES IN REQUIREMENTS DUE TO SHIFTS 'IN D€p---- AMONG
_
—
-.
.
-.
. -------- 6sITS
-CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MON

S

STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
T80

175.2
175.9
175.6
175.7

175

176.1

170

165

160

2 16 30 15 27 10 24 10 24

JAN

FEB

7 21
APR

5 19
MAY

1970

2 16 30

14

26 II

25

6 22

6 20

3 17

1

15 29 12 24

JAN

• 29

FEB

1972

1971

LATEST DATA PLOTTED WEEK ENDING. JANUARY 26. 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
1/27/71

5/26/71

6/23/71

7/28/71

8/25/71

12.7
12.2
11.0
8.7
7.8
6.8
6.3
6.0

9.7
7.9
4.4
3.6
2.7
2.5
2.6

7.2
3.0
2.3
1.5
1 .6
1.7

-0.7
-0.5
-0.9
-0.3
0.2

-2.3
-2.2
-1.1
-0.4

9/29/71 10/27/71 11/24/71

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
6/23/71
7/26/71
8/25/71
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72


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

-1 .1
0.0
0.7

0.0
0.9

2.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

MONEY STOC#
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
235

BILLIONS
227.8
228.5
230

228.4
228.9
229.5

225

220

215

210

2 16 30 13 27 10 24 10 24

JAN

7 21

5 19

APR

FEB

MAY

1970

2 16 30 14 26 11 25

JUL

6 22

6 20

3 17

1

15 29 12 26

AUG

9 23

JAN FEB
1972

197!

LATEST DATA PLOTTED WEEK ENDINGi JANUARY 26. 1972
CURRENT DATA APPEAR IN THE BOARD OP GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi
1/27/71

5/26/71

6/23/71

1 1.8
11.6
10.5
8.6
7.8
6.9
6.5
6.2

9.9
8.1
5. 1
4.4
3.4
3.3
3.3

7.7
4.0
3.4
2.4
2.5
2.6

7/28/71

8/25/71

9/29/71 10/27/71 11/24/71

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
6/23/71
7/28/71
8/25/71
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72


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

0.5
0.7
0. 1
0.7
1.1

-0.8
-1.0
0.0
0.6

-0.3
0.9
1.5

0.8
1.6

3.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YMAE DEPOSI TS
(3WMMERC) AL BANKS
AL1U OT,V„,L,L,nLFIGURES
AVERAGES OF DAILY
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
280

270

260
TOTAL TIME DEPOSITS
250

240

230

NET TIME DEPOSITS*

220

210

-

2 16 30 IS 27

10 24 10 24

7 21

5 19

2

16 30

14 28 11

JUL
1971

1970

25

8 22

6 20

3 17

1

15 29 12 28

9 25

AUG
1972

LATEST DATA PLOTTED WEEK ENOING: JANUARY 26, 1972
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 DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/27/71

5/26/71

6/23/71

7/28/71

8/25/71

21 .8
18.6
16.3
15. 1
15.0
14.9
15.2
16.2

9.2
7.0
7.3
8.5
9. 4
10.6
12.5

4.5
5.7
7.5
8.7
1 0*3
12.5

5.5
8.0
9.5
11.2
13.7

10.7
11.8
13.3
15.9

9/29/71 10/27/71 11/24/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/23/71
7/28/71
8/25/71
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72


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

14.2
15.4
18.3

16.0
19.7

22.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

200

mWey stgck plus timPdeposits
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
510 r=----- ----- ---

BILLIONS OF DOLLARS
---- ----- --- -i 510

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOGK PLUS NET TIME DEPOSITS**

2 16 30 13 27 10 24 10 24

7 21

5 19

APR

MAY

2 16 30 14 2S II 25

0 22

6 20

3 17

OCT

NOV

1

15 29 12 26

JAN

9 23

FEB

1971
LATEST DATA PLOTTED WEEK ENDING) JANUARY 26, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Mj IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF GHANGE, AVERAGE OF FOUR WEEKS ENDING.
1/27/71

5/26/71

6/23/71

7/28/71

8/25/71

16.6
15.0
13.4
11.7
11.3
10.8
10.8
11.1

9.6
7.6
6. 1
6.4
6.4
7.0
7.9

6.1
4.8
5.4
5.6
6.4
7.5

2.8
4.3
4.7
5.9
7.4

4.8
5.2
6.6
8. 1

9/29/71 10/27/71 11/24/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/71
7/28/71
8/25/71
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72


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

6.9
8.1
9.8

8.3
10.5

12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTliiCATES OF DEPOSIT m

LARGW:OMMERC I AL BANKS W
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

7 21

5 18

APR

MAY

2 1 6 30 1 3 27 1 0 24 1 0 2 4

JAN

FEB

2 16 50 14 28 11

JUL

25

8 22

BILLIONS OF DOLLARS

6 20

5 17

1

15 20 12 26

JAN

AUG

0 25

FEB

LATEST DATA PLOTTED WEEK ENDING. JANUARY 26, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA
CERTIFICATES
OF DEPOSIT

1972
DEC.

1
8
15
22
29
JAN. 5
12
19

26
FEB.
2

BILLIONS
NET TIME
DEPOS1TS *

32.6
33.2
33.0
33.6
34.0
33.2
33.2
33.2
33.3

234.5
234.7
236. 1
236.4
238. 1
240.0
240.7
240.8
242.0

M2 m

462.1
463.3
463.6
464.2
467.0
468.2
469.2
469.8
471.5

9
16

23

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

9

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
375

365

355
CREDIT PROXY ADJUSTED 1/
345

335

CREDIT PROXY

325

315

2 16 90 19 27 10 24 10 24

JAN

7 21

5 18

2 16 90 14 26 11 25

6 22

1970

6 20

9 17

OCT

FEB

NOV

1

15 28 12 26

8 25

JAN FEB
1972

1971

LATEST DATA PLOTTED WEEK ENDINGs JANUARY 26, 1972
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.

1972

BILLIONS
CRED1T
PROXY

DEC. 22
29
JAN.
5
12
19
26


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

CRED1T
PROXY
ADJUSTED

359.5
360.0
361.7
360.9
362.2
363 . 3

363.3
363.7
365,2
364.8
366. 4
367.5

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JANUARY 26, 1972 FROM THE FOUR
WEEKS ENDINGi
CREDIT
CREDIT
PROXY
..PROXY. ADJUSTED
NOV.
OCT.
SEP.
AUG.
JUL.
JUN.
MAY

24,
27,
29,
25,
28,
23,
26,

1971
1971
1971
1971
1971
1971
1971

16.2
15.0
11.4
11,0
11.0
10.4
10.1

13.6
13.7
11.3
10.9
10.7
10. 1
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
-- 8.5

PERCENT

8.5 --

CORPORATE Aaa BONDS

MUN ICI PAL
BONDSm

PRIME COMMERCIAL
LOAN RATE

DISCOUNT RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

0 23

7 21

4 1#

MAY

15 20 12 26 12 26

1

JUN

2 1C SO 13 27 10

JUL

AUG

SEP

24

S

22

OCT

5 1#

NOV

1070

3 17 SI

DEC

M

JAN FEB
1872

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. FEBRUARY 4, 1972

1972
DEC.

3
10
17
24
31
JAN.
7
14
21
28
FEB.
4 *
11
18
25

CORPORATE
Am BONDS

3-MONTH
TREASURY
fllLLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS m

7.28
7.27
7.24
7.23
7.22
7.19
7. 17
7. 16
7.22
7.26

4.28
4. 1 1
4.04
4.02
3.73
3.59
3.16
3.31
3.46
3.39

5.52
5.48
5.45
5.43
5.27
5.31
5.20
5.32
5.47
5.55

5.58
5.59
5.63
5.68
5.60
5.61
5.57
5.61
5.67
5.71

5.44
5.23
5.21
5.13
5.02
5.03
4.99
5.17
5.29
N.A.
Si
85

3wABONDG!uYER'SAAvlRAGElliNDEX‘OF 20 MUNICIPAL BONDS. THURSDAY DATA.
N.A. - NOT AVAILABLE


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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

PERCENT

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

4

18

I

15 29

2 26

FEB

12 26

9 23

7 21

4

18

2

16 30 13 27

AUG

MAR

10 24

8 22

5 18

3 17 31

14 28 II

25

SEP

1070
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGj FEBRUARY 4, 1972


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

1972
DEC.

3
10
17
24
31
JAN.
7
14
21
28
FEB.
4 X
11
18
25

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S xm

4.88
4.88
4.75
4.75
4.48
4.38
4. 10
3.98
3.8g
4.00

4.33
4.63
3.93
3.70
4.00
3.85
3.55
3.53
3.33
3.23

4.75
4.58
4.50
4.40
4. 18
4.10
3.88
3.88
3.85
3.75

4.89
4.84
4.75
4.66
4.58
4.34
4.10
4.02
3.97
3.82

» AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
MK DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES END ING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

BORROWING AND EXCESS RESERN^

ALL MEMBER BANKS IN THE NATION
AVERAGES OF DA i LY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BORROWINGS

EXCESS RESERVES

0.8

-

NET FREE RESERVES
-

1.2

1.6

-

2 16 SO 13 27 10 24 10 24

JAN

7 21

5 10

APR

FEB

MAY

2 16 30 14 28 11

JUL
1971

1970

25

AUG

8 22

6 20

3 17

OCT

NOV

1

15 20 12 26

0 23

JAN FEB
1972

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 2, 1972


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

MILLIONS
1972
1
8
15
22
29
JAN.
5
12
19
26
FEB.
2
9
16
23

EXCESS
RESERVES

DEC.

-

590
143
204
29
314
312
66
279
239
264

BORROWINGS
705
59
25
141
216
57
17
13
13
18

FREE
RESERVES
-

115
84
179
- 170
98
255
49
266
226
246

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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