Full text of U.S. Financial Data : Week Ending: February 20, 1974

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Week ending: February 20r 1974

JUN

08

In the past year the monetary base has increased 7.5
percent, continuing approximately the same average annual growth
as in the previous three years. Federal Reserve credit, the
chief source of base money, has increased at about an 11 per­
cent annual rate since early September. Federal Reserve credit
changed little on balance in the previous four months, but with
a sharp increase in early 1973 and the recent acceleration,
Federal Reserve credit has expanded about 8 percent over the
past twelve months.
Time and savings deposits, other than large certi­
ficates of deposit (CDs), have increased at a 13.4 percent
annual rate in the past six months and grew at a 10 percent
rate in the previous six months. Growth of these net time
deposits in the past year has been very steady compared to
growth of the outstanding volume of large CDs. On a seasonally
adjusted basis the outstanding volume of large CDs at large
weekly reporting commercial banks rose from about $45 billion
in January 1973 to about $67 billion in September, then declined
to about $62 billion in late November and early December. From
the four weeks ending December 12 to the latest four weeks, the
outstanding volume of these CDs has risen about $4.6 billion,
returning to about the level reached in September.
The recent expansion in the volume of large CDs has
followed a reduction in marginal reserve requirements on large
CDs and certain other bank liabilities in mid—December and has
been accompanied by renewed expansion in business loans at
commercial banks and the bank credit proxy. Business loans
adjusted have increased at a 13 percent annual rate since
early December, following three months of no growth on balance.
The credit proxy adjusted has increased at a 9.4 percent rate
since early December, compared with a 2.4 percent rate in the
previous three months.
The prime bank loan rate has been reduced to 9 per­
cent this week, the third quarter-percentage point reduction
in the past month. Reductions in the prime rate have followed
declines in commercial paper rates. Yields on prime four- to
six-month commercial paper averaged 7.75 percent in the first
part of the week, down from about 9.20 percent in early December.


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

Prepared by Federal Reserve Bank of St. Louis
Released: February 22, 1974

.»

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
108

MILLIONS

106

— FEB.

104

I0Z

100

98

3

17 91

14 28

FEB

14 26

MAR

II

25

APR

0 23

6 20

4

JUN

18

I

12 26

10 24

7 2

S 10

NOV

IS 20

JUL

DEC

2

16 90 19 27 19 27

FEB
1974

MAR

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 20, 1974
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOtMEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF TH4 BASE SEE THE AUGUST 1968 "REVIEW OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/21/79
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/18/79
8/22/79
9/19/79
10/17/79
11/21/79
12/19/79
1Z29/74
2/20/74


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

8.5
6.8
6.4
6.7
6.9
7.4
7.8

7.5

5/29/79

7/18/79

8/22/79

5.2
4.8
5.6
6.2
6.9
7.5
7.2

1.8
3.8
5.2
6.4
7.2
6.8

6.2
7. 1
8.2
8.8
8. 1

9/19/79 10/17/73 11/21/73 12/19/75

8.7
9.7
10.0
9.0

10. 1
10.4
9.0

11.4
9.2

8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER^
FEDERAL RESERVE CREDIT*'
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

2.9

2.8
MULTIPLIER

2.7

2.6

2.5
2.568
2.568
2.4

2.551
2.583

0
LATEST DATA PLOTTED WEEK ENDING; FEBRUARY 13,

1974

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

96
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
_ THE FOUR &EEKS ENDING
_
FEBRUARY 20, 1974 FROM

1 973

AUG.

11.3

1973
1973
1973
1973

__NOV
OCT.

94

1 0.7

92

1 0.8

90

FEDERAL RESERVE CREDIT

88

1974 MILLIONS
JAN. 16 90,779
FEB.

3

17 SI

14 26

14 2*

11

25

0 23

4

HI

1

15 20

10 24

7 21

5

84

10

2

16 30

13 27

FEB
1974

1973
LATEST DATA PLOTTED WEEK ENDING; FEBRUARY 20,

12 26

86

IS 27

MAR

1974

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS
SECURITIES, LOANS, FLOAT AND ,,OTHER■, ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BAE*S.
Data APE SEASONALLY ADJUSTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
207.8
208.2
206.9
206.5
208.6
209.3

FEB.

I I I I
3 17 31

14 28 14 28 II

25

0 23

6 20

4 18

1

15 20 12 26 10 24

7 21

5 10

2

16 30 13 27

JUN JUL
1973

13 27

1974

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 13, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

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

5/16/73

7/11/73

8/15/73

9.3
7.0
5.4
4.4
4.6
5.3
4.7
4. 1

9.2
5.9
4. 1
4.5
5.5
4.7
3.8

-3.0
-3. 1
-0.6
1.6
1.3
0.6

-3.7
0.0
2.7
2. 1
1.2

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

2.0
4.9
3.5
2.2

.

8.7
5.5
3.4

5. 1
2.3

-1.7

*


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
275 ------1----r—

BILLIONS OF DOLLARS
-------------- 275

BILLIONS
269.5
270.0
268.9
268.4
271.0
271.9

3 17 31

14 28 H 28

II

25

8 23

6 20

4 18

1

LATEST DATA PLOTTED WEEK END ING« FEBRUARY 13,

15 28

12 26

10 24

7 21

5 18

2

16 30 13 27

13 27

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/14/73
5/16/73 7/11/73 8/15/73 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

9.2
7.3
6. 1
5.2
5.3
6.0
5.6
5. 1

8.4
6.0
4.6
4.8
5.9
5.3
4.7

-0.9
-0.9
0.9
3.0
2.8
2.4

-1.2
1 .4
4.0
3.6
3.0

2.6
5.7
4.7
3.8

8.8
6.4
4.9

6.9
4.6

1.1

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 *

3 17 31

M 26 H 23

FEB

II

23

0 23

6 20

4 16

I

IS 29 12 26 10 24

7 21

5 10

NOV

MAR

DEC

2

16 90 19 27 13 2T

FE8

1073

MAR

1976

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13, 1074
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 6100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/14/73
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

5/16/73

7/11/73

8/15/73

10.0
10. 1
10.5
10.6
11.5
11.0
11.4
11.8

10.5
11.2
11.2
12.4
11.6
12.0
12.5

1 1.9
1 1.7
13.2
12.0
12.5
13.0

12.4
14.2
12.4
12.9
13.4

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

14.6
12. 1
12.7
13.4

12.5
13.2
13.9

11.0
12.7

15.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

3 17 31

14 26 14 26 II

25

6 23

6 20

4 16

JUN

JUL

1

15 20 12 26 10 24

7 21

5 10

NOV

DEC

2

16 30 IS 27 13 27

FEB

MAR

1973
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 15,

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:
2/14/73

5/16/73

7/11/73

8/15/73

9.6
8.7
8.3
8.0
8.5
8.6
8.6
8.5

9.4
8.6
8.0
8.7
8.8
8.8
8.7

5.4
5.4
7. 1
7.5
7.7
7.8

5.8
8.0
8.4
8.4
8.4

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

8.8
9.1
8.9
8.8

10.7
9.9
9.5

9.0
8.8

8.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

3 17 SI

14 28 14 28 11

25

S

23

6 20

4 18

1

15 20 12 26 10 24

BILLIONS OF DOLLARS

7 21

5 10

1973
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

2

16 30 13 27 13 27

1974
1974

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.


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

MONEY AND TIME DEPOSIT DATA

1974
JAN.

2
g
16
23
30
FEB.
6
13
20
27
MAR.
6
13
20
27

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

M2 MM

64.3
64.8
64.7
65.8
67. 1
67.0
66.8

302.2
302.5
303.7
304.8
305.3
306.4
307.2

572.5
572.0
573.8
573.7
573.7
577.4
579.2

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

LOUIS

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

CREDIT PROXY
425

415

405

3 17 31

14 28 14 28 U

25

0 23

6 20

4

18

1

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

15 20 12 26

10 24

7 21

5 10

2

16 30 13 27 13 27

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.

1214

BILLIONS
CREDIT
PROXY

JAN.

9
16
23
30
FEB.
6
13


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

CREDIT
PROXY
ADJUSTED

446.0
446. 1
446.7
446.2
448.5
446.7

453. 1
453.5
454.5
454.0
455.7
454.5

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
FEBRUARY 13, 1974 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

12,
14.
10,
12,
15,
16,
M,

1973
1973
1973
1973
1973
1973
1973

9.3
6.7
5.3
5.0
6. 1
7. 4
10. 1

9.4
7.6
5.5
5.2
6.4
8. 1
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
11.0 i—

PERCENT

10.0

COMMERCIAL PAPER,

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

MUNICI PAL

5 19

2

JAN

FEB

16

2

16 30 13 27

II

25

8 22

6 20

3 17 31

14 28 12 26

B 23

7 21

I

IS

I

15 20

FEB
1973
1974
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. FEBRUARY 22, 1974

1974
JAN.

4
11
18
25
FEB.
1
8
15
22 *
MAR.
1
8
15
22
29

JAN

CORPORATE
Aaa BONDS

PRIME
COMMERCIAL
PAPER
4-6 MONTH

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS J«!

7.73
7.77
7.85
7.88
7.87
7.82
7.85
7.87

8.88
8.65
8.75
8.68
8.38
7.93
7.75
7.75

6.83
6.88
6.94
7.06
6.94
6.74
6.70
6.74

6.52
6.57
6.57
6.57
6.55
6.50
6.50
6.53

5. 18
5.22
5.24
5.26
5.20
5. 16
5. 18
N. A.

* AVERAGES OF RATES AVAILABLE.
KB* 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.Of—

PERCENT

—I 11.0

10.0

THREE-MONTH TREASURY
BILL MARKET YIELD
FEDERAL FUNDS RATE

SCOUNT RATE

5 19

2

10

JAN

■L-Ll I

LI 1 I

2 16 30 19 27

11

25

FEB

8 22

6 20

3

17 31

4 28 12 26

9 23

7 21

4

18

JAN
1973

I

IS

1

IS 29

FEB

197-4

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs FEBRUARY 22, 1974

3-MONTH
TREASURY
BILLS

1974
JAN.

4
1 1
18
25
FEB.
1
8
15
22 *
MAR.
1

FEDERAL
FUNDS ME

acceptances

90 DAY
CD’S ***
BK

7.49
7.72
7.89
7.99
7.55
7.03
7.06
7.04

9.87
9.76
9.77
9.60
9.47
9. 13
8.93
9.07

8.75
8.75
8.75
8.75
8.55
7.85
7.75
7.75

9. 19
9.08
9. 15
9. 12
8.87
8.27
8.08
7.96

PRIME
BANKERS'

8

15
22
29

* AVERAGES OF RATES AVAILABLE.
** 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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
1974
JAN.

IN THE NATION

AVERAGES OF DAILY FIGURES

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

BILLIONS OF DOLLARS
---- ---------- -1 4.0

MILLIONS
16
I 182
BORROWINGS

1 IT 31

JAN

M a M » II IS

FEB

MAR

APR

0 23

9 20

MAY

4

I

16

JON
JUL
1973

15 20 12 26 10 24

AUG

LATEST DATA PLOTTED WEEK ENDING*. FEBRUARY 20,

SEP

OCT

7 21

5 10

NOV

DEC

2 16 50 15 27

JAN

FEB
1974

15 27

MAR

1974

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
120

~ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENOING
- FEBRUARY 13, 1974 FROM THE FOUR
_WEEKS ENDING:
BUS I NESS
“
BUSINESS
LOANS
—
-LOANS
ADJUSTED
__DEC.
NOV.
- OCT.
— SEP.
-_AUG.
__MAY
FEB.

12
14
10
12
15
16
14

1 18

1 16
114
.BUSINESS LOANS ADJUSTED 1/

1973
1973

112

12.4

I 10
108

18.6

106
BUSINESS LOANS

104
102
100
BUSINESS--BUSINESS
LOANS
.LOANS
ADJUSTED---

98
96
94
92
90

I I I I I I I I I I I I
5 17 51

14 28 14 26 11

FEB

25

0 23

6 20

4 18

1

15 20 12 26 10 24

7 21

5 10

2 16 30 13 27

13 27

MAR
1973

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13,

1974

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, ANO OTHER AFFILIATES.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis