Full text of U.S. Financial Data : Week Ending: February 23, 1977
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,i\i£ Rjjyi '•'5:. J?: Week ending: February 23, 1977 D£C 2 6 197i| The shaPe of the yield curve for U.S. Treasury securities, which indicates the yield/maturity relationship, is more steeply upward-sloping over the short to intermediate maturity range as of February 15, 1977, than it was in late November 1976. While the yields on Treasury securities of all maturities have increased since the end of 1976, they are still below the yields recorded a little over a year ago (January 23, 1976). Yields on the intermediate-term securities (with maturities of 2 to 5 years) have increased by a larger amount since November 1976 than either the shorteror longer-term issues. As a result, the shape of the yield curve is cur rently more typical of the yield curves generally observed for U.S. Treasury securities: steeply upward-sloping over the shorter-term range of maturities but flattening out over the longer-term range. This contrasts with the yield curve in November 1976 which was more steeply upward-sloping over the longer-term range of maturities than over the shorter-term range. The factors which influence the shape and position of the yield curve include: (1) the composition of current credit demands relative to supplies for the various ranges of maturities, (2) changing expectations of the com position of future credit demands relative to supplies, (3) changing assess ments of risk, and (4) changing expectations of future inflation. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Yields on U,S. Government Securities Ptrctat Prepared by Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: February 25, 1977 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 134 M.1LU QNS132 130 128 126 124 122 120 4 16 3 17 31 14 26 12 26 APR S 23 MAY 7 21 JUL 1976 4 IS 1 13 2* 13 27 10 24 AIKS OCT NOV • 22 5 IB 2 16 JAN FEB 1977 2 16 SO LATEST DATA PLOTTED WEEK END INS* FEBRUARY 23, 1977 THE MOtCTARY BASE CONSISTS OF MEMBER 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 REQUIREMENT RATIO CHAN9ES 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 SOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM THE FEDERAL RESERVE BANK OF ST. LOUIS. MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 2/25/76 5/26/76 7/21/76 8/25/76 7.7 7.9 8.3 7.4 6.8 6.9 7.4 8.1 7.0 6.3 6.6 9/22/76 10/20/76 11/24/76 12/22/76 TO THE AVERAGE OF FOUR WEEKS ENDING) 7/21/76 8/25/76 9/22/76 10/20/76 11Z24/76 12/22/76 1/26/77 2/23/77 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.4 7.6 7.5 7.6 7.8 7.4 7.0 7.1 7.3 7.1 7.3 7.7 7. 1 6.7 6.8 8.9 7.2 6.3 6.6 6.7 5.7 6.2 3.7 5.0 5.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER 1/ ADJUSTED FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO 2.8 lan I I I I 1 I M1IQ Lli. i 11 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1977 BILLIONS OF DOLLARS 118 ----------,----------,-------- BILLIONS DOLLARS COMPOUWED ANNUAL RATES -----OF CHANGE. AVERAGE OF THE FOUR <EEKS ENDING ~ FEBRUARY 23. 1977 FROM -----THE FOUR WEfcKS ENDING: _ NOV. 24, 1976 AUG. MAY FEB. 25 26 25 1976 1976 ADJUSTED FEDERAL RESERVE CREDIT 3IL 7 21 4 16 JAN FEB S 17 31 MAR 14 28 12 26 APR MAY 9 23 JUN 7 21 4 18 1 JUL AUG SEP Ml LI I QMS. ~ Hi I I I I 1 I I I I 15 OCT NOV JAN FEB 1976 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 23, 1977 1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE. FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SFPlIRlTlF^ l ci jut AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT LSCOMPUTED BYSUBTRArt I DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES AhD/U) JUST I NO THF SFRI SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSI TSBFTWFFN^RAwir^ WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY? DATA ARE COMPUTED BY THlF&M*^ 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 BILLIONS 746.0 745.6 745.9 745.7 748.5 750.5 7 21 4 16 JAN FEB 3 17 31 14 2« 12 26 APR 9 23 MAY 7 21 4 16 JUL AUG 1 15 29 13 27 10 24 OCT 6 22 NOV 5 10 2 16 JAN FEB 2 16 30 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 2/18/76 5/19/76 7/14/76 8/18/76 9.3 9.8 9.8 10.2 10.7 10.7 1 1.0 10.6 8.4 8.8 9.6 10.5 10.5 10.9 10.3 11.1 11.8 12.4 12.1 12.4 11.4 11.6 12.6 12.1 12.4 11.3 9/15/76 10/13/76 11/17/76 12/15/76 TO THE AVERAGE OF FOUR WEEKS ENDING. 7/14/76 8/18/76 9/15/76 10/13/76 11/17/76 12/15/76 1/19/77 2/16/77 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13,8 12.7 13.0 11.6 12.5 12.9 11.2 12.2 10.1 9.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK ( Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 325 ----------,---------- 1-------- BILLIONS OF DOLLARS ----- ---------- ------------- 325 BILLIONS _ JAN 314.6 312.9 312.7 313.6 315.0 JAN FEB MAR APR MAY JUN JUL AUG SEP • 22 OCT NOV 3 10 2 10 JAN FEB 1977 1976 LATEST DATA PLOTTED WEEK ENDING) FEBRUARY 16, 2 16 SO 1977 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) 2/18/76 5/19/76 7/14/76 8/18/76 9/15/76 10/13/76 11/17/76 12/15/76 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/14/76 8/18/76 9/15/76 10/13/76 11/17/76 12/15/76 1/19/77 2/16/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.8 6.4 5.9 6.0 6.3 5.6 6.5 5.7 3.7 3.4 4. 1 4.9 4.0 5.5 4.6 6.0 6.5 7.0 5.4 7.1 5.7 4.8 6.2 4.3 6.6 5.0 8.0 4.9 7.6 5.6 3.8 7.7 5.1 7 3 3.9 6.5 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 i— CORPORATE AM B0W>S 7.5 PRIME BANK LOAN RATE MUNICIPAL BONDS*** 7.0 6.5 COMMERCIAL PAPER 6.0 5.5 5.0 90 DAY CD'S I I I II IT 2 16 90 IB 27 12 26 JAN FEB MAR 8 23 APR 7 21 4 16 2 16 30 13 27 10 24 MAY JUN AUG JUL 1976 SO3 6 22 OCT 5 18 3 17 31 NOV DEC 14 2# 11 25 II 25 JAN FEB MAR 1S377 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 25, 1977 1977 JAN. FEB. MAR. 7 14 21 28 4 11 18 25 X 4 1 1 18 25 90 DAY CD’S SM* PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS* ACCEPTANCES CORPORATE Am BONDS MUNICIPAL BOfOSSB* 4.68 4.75 4.86 4.88 4.90 4.83 4.78 4.79 4.63 4.75 4.75 4.83 4.88 4.80 4.78 4.82 4.70 4.80 4.84 4.87 4.30 4.82 4.78 4.84 7.88 7.94 7.99 8.01 8.03 8.01 8.04 8.06 5.75 5.89 5.90 5.92 5.93 5.86 5.83 N.A. tS$!£iiP&T!f£ofc THE^EK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. 6 N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4.5 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 7.0 ----- PERCENT ----- 7.0 - 6^5 6.5 - - 6.0 6.0 - 5.5 5.0 V- V / - 1 DISCC UNT RATE L V- - a TEE-MO* 8! -L MARK IV 5.5 5.0 a.D - / V FEDEF AL FU NDS RAi E 4.5 — 4.5 _ 4.0 4.0 iS_LLLL JLLL ..1-11. _LL1_L .ILL JJLL J_LLL JJ_L -in.. -LULL 2 16 30 13 27 12 26 0 23 JAN FEB MAR APR 7 21 4 16 MAY JUN 2 16 30 13 27 10 24 JUL 1976 AUG SEP JJ-LL -LU_ JJLL 8 22 S 19 OCT NOV 3 17 31 DEC llL 14 28 11 23 11 23 JAN FEB MAR 1977 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 25. 1977 1977 JAN. 7 14 21 28 FEB. 4 11 18 25 * MAR. 4 11 18 25 FEDERAL FUNDSM 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR GOVERNMENT SECURITIES LONG-TEW GOVERNMENT SECURITIES 4.47 4.55 4.65 4.72 4.60 4.66 4.70 4.74 4.49 4.58 4.65 4.72 4.71 4.62 4.63 4.70 4.76 4.93 5.08 5.18 5.24 5.11 5.08 5.18 6.12 6.48 6.57 6.71 6.78 6.64 6.60 6.70 7.14 7.35 7.40 7.49 7.52 7.49 7.51 7.58 X AVERAGES OF RATES AVAILABLE. 33K SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE. RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 445 r-------- ,----------,-------- BILLIONS OF DOLLARS ----- --------------------- =3 445 billions 431.9 433.0 434.9 435.5 4 1« JAN FEB 4 17 91 MAR 14 24 12 U APR MAY 8 23 JUN 7 21 4 1* JUL AUG 1 15 28 13 27 10 24 OCT NOV * 22 5 18 2 1* JAN FEB 2 1* 90 1976 LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 16, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. *2j£T DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME 1T 0TMER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 2/18/76 5/19/76 7/14/76 8/18/76 9/1S/76 IO/lfl/76 11/17/76 12/15/76 TO THE AVERAGE OF FOUR WEEKS ENDING. 7/14/76 8/18/76 9/15/76 10/13/76 11/17/76 12/15/76 1/19/77 2/16/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.1 12.4 12.9 13.6 14.2 14.7 14.5 14.3 12. 1 13.0 14.0 14.9 15.6 15.2 14.8 14.9 16.0 16.7 17.3 16.4 15.9 17.3 17.6 18.4 17.0 16.3 18.4 19.0 17.2 16.3 19.3 16.9 15.8 16.0 14.8 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 232.3 231.1 231.0 231.8 7 21 JAN 4 16 3 17 31 FEB 14 26 12 26 APR 9 23 7 21 1 15 29 13 27 10 24 MAY OCT 8 22 NOV 1976 1977 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 16, 1S77 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE, 2/16/76 5/19/76 7/14/76 8/18/76 4.4 5.4 4.7 4.9 5.4 4.4 5.6 4.6 2.7 2.2 2.9 4.0 2.8 4.7 3.4 5.5 5.6 6.5 4.3 6.6 4.7 3.2 5.4 2.8 5.9 3.7 AVERAGE OF FOUR WEEKS ENDING: 9/15/76 10/13/76 11/17/76 12/15/76 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/14/76 8/18/76 9/15/76 10/13/76 11/17/76 12/15/76 1/19/77 2/16/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.6 3.6 7.1 4.3 2.6 7.5 4.0 6.7 2.1 5.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS 84 82 80 78 BILLIONS OF DOLLARS 84 1 - - -\ - \ - \ — 76 74 72 70 68 66 64 62 60 58 - — - - - - - — - - - \ / - — - - - 6111 11 i 1111 111 111 - L L..1 1 J_U_ 1 1 I - J-L.J L , .111 11 1 FEB MAR APR MAY NOV i 1 1 1 1 -L I I -LL1- -i-1—1—16 22 JAN JUN JUL 1976 AUG SEP OCT DEC 3 IB JAN 2 16 FEB 2 16 30 MAR 1 077 LATEST DATA PLOTTED WEEK END IMSt FEBRUARY 16, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. vIeSly'woJtme'cSHeilaApowir081 r http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1977 JAN. 5 12 19 26 FEB. 2 9 16 23 MAR. 2 9 16 23 30 ISSUEC ,N DENG“"“TI"‘S * •'<».«» « mc*£ by laboe CERTIFICATES OF DEPOSIT NOT SEAS. ADJ. CERTIFICATES OF DEPOSIT SEAS. ADJ. 65.3 63.7 62.7 62.3 62.0 61.9 61.8 64.7 63.3 62.4 62.5 62.8 63.5 63.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 82 80 78 76 74 72 70 68 66 64 62 60 56 BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES billions of dollars billions of dollars 1.5 1 1 1911 MILLIONS. JAN. 19 26 Ft■B. 2 9 16 23 109 on 87 73 129 37 - 1.0 —- - - 1 1.5 = ~ _ 1.0 - 1 ' 1 — 0.5 1 1 0.5 111 111 Jill 111 111 III 1 J..LL ■ Ill 1 1 II 1J 1 -til -1.1 1 1 JJ.1 J.1 1 J.1 11 4 JAN FEB MAR APR MAY JUN JUL 1976 AUG SEP OCT NOV • 22 DEC 5 (• 2 16 JAN FEB 1977 2 16 60 LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 23, 1977 BUSINESS ( COMMERCIAL BILLIONS OF DOLLARS 124 ---------- ---------- -------- LOANS AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS ----- ---------- ------------- 12« _ COMPOUNDED ANNUAL RATES ["OF CHANGE. AVERAGE OF — THE FOUR *EEKS EM) ING — FEBRUARY 16, 1977 FROM — THE FOUR WEEKS ENDING. . AUG. 18, MILLIONS 1976 FEB. 2 -2.7 1-11 1 1 7 21 4 16 JAN FEB 3 17 31 14 26 12 26 APR MAY 9 23 7 21 JUL 1976 4 16 AUG 1 15 29 13 27 10 24 OCT NOV 6 22 5 19 2 16 JAN FEB 1977 2 16 30 LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 16, 1977 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS FEDERAL RESERVE BANK OF ST. LOUIS P. 0. BOX 442 ST. LOUIS. MISSOURI 63166 FMtSTXLASS RETURN POSTAGE GUARANTEED FERMI FIRST CLASS mRIL PRESORTED MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS CO*tf*OUNDED AMVUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING FEBRUARY 16. 1977 FROM THE FOUR WEEKS ENDIN&t ---------------------.............................. — CREDIT CREDIT WIOXt PROXY ADJUSTED DEC. NOV. OCT. SEP. AUG. MAY FEB. 15, 1970 17, 1976 13, 1976 13, 1976 18, 1978 19, 1976 18, 1976 5.4 7.2 8.5 8.5 7.0 6.5 4.9 5.7 9.1 7.S 7.9 8.3 6.5 360 550 ----------------------------------- ----------------- 540 CREDIT PROXY ADJUSTED 1/ 4.9 I| 550 520 CREDIT PROXY 510 CREDIT CREDIT PROXY PROXY BBJySIEG. 541.7 500 490 540.0 480 till. 7 21 JAN 11 4 1* FEB Li3J 17 1 ill 91 14 28 12 M APR MAY 9 25 7 21 JUL 4 15 AUG 1 IS 29 IS 27 10 24 OCT NOV t 22 5 19 JAN 2 19 FEB 11LU 2 16 50 LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 18, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE. 12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ INCLUDES^MEMBOJ BANK DEPOSES,^BjgK^ILATI^^C^MERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS