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Week ending: February 25r 1976

library

DEC 2 S 1979

The pattern of asset acquisition by large commercial banks
has shifted over the last two years. Loans have decreased by $15.3
billion in the last year, compared to an increase of $23.6 billion
in the previous year. The decrease in loans in the most recent year
has been offset in commercial bank portfolios by a $17.3 billion
Increase in the holdings of U.S. Treasury securities. The recent
increase in security holdings is in contrast with the $2.2 billion
decrease in the previous year.
This year’s loan run-off has slowed in the last six months,
as indicated in the table below. Increases in holdings of Treasury
securities have been of approximately the same magnitude in both the
most recent six months and the previous six months. However, the
maturity structure of securities has changed over the two six-month
periods. In the most recent six months a larger proportion of the
increases in holdings of securities has been in shorter-term bills
and notes. In the previous six months more of the increase in holdings
of securities was in medium-term (1 to 5 years) maturities.

CHANGES IN SELECTED ASSETS
OF LARGE COMMERCIAL BANKS 1/
(millions of dollars)

2/19/75
t0
2/
8/20/75
Loans (excl. Fed funds sold)

8/20/75
t0
2/
2/18/76

2/19/75
t0
2/
2/18/76

$-11,108

$-4,220

$-15,328

9,109

8,235

17,344

3,749

5,377

9,126

1,329
4,379
-348

1,617
1,243
-2

2,946
5,622
-350

U.S. Treasury Securities
Bills
Notes and Bonds Maturing:
Within 1 Year
1 to 5 Years
After 5 Years

—^ Data are not seasonally adjusted.
2/
— Data are changes in the average for the four weeks ended these dates.


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

Prepared by Fed eral Reserve Bank of St. Louis
Released: February 27, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

12I£
JAN.

21
26
4

FEB.

BILLIONS OF DOLLARS
124

MILLIONS
119,578
120,169
120,901

122

120

118

116

114

112

1

15 29 12 £6 12 26

FEB

9 23

7 21

1 II

2 16 30 15 27

MAR

AUG

10 24

« 22

5 19

SEP

3 17 51

4 26 11

JAN

23 10 24

FEB

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 25, 1976
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
1N CIRCULAT1 ON (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
R£T,° CHANTS ***> SHIFTS in the same type OF DEPOSITS between BANKS
*HERE P'FFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
fERAL RESERVE CREDIT AND THE COLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED D£TJlK.l2!Lr,J2!-2S02CS
OP THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE,
2/26/75

5/28/75

7/23/75

8/27/75

8.1
7.4
7.4
6.7
7.5
7.6
6.2
7.1

9.7
9.2
7.6
8.6
8.7
6.6
7.7

6.0
4.4
6.8
7.2
4.8
6.4

4.3
7.6
8.0
4.8
6.8

AVERAGE OF FOUR WEEKS ENDING,

9/24/75 10/22/75 11/26/75 12/24/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/23/75
8/27/75
9/24/75
10/22/75
11/26/75
12/24/75
1/28/78
2/25/76

2

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

7.5
8.1
4.1
6.6

11.5
5.1
7.9

0.9
6.0

4.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

2.8

2.7

MULTIPLIER

2.6

2.5

2.4

BAT IQ

2.3

2.2

LATEST DATA PLOTTED WEEK END I MGj FEBRUARY 18, 19T6
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
116

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 25. 1976 FROM
THE FOUR WEEKS ENDING.
DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

24,
26,
22
24
27
28.
26,

114
112

1975 28.2
1975 17.8
-------------------1975 17.3
1975 18.0
1975 23.1
. _
...
1975 13.5

110

FEDERAL RESERVE CREDIT

108
106
104

iaZ£

MILLIONS

102
100

96
llllll
i is ti it

h

FEB

it a

a 23

r

21

3 IB

2 16 30 13 27 10 24

MAR

AUG

SEP

B 22

3 19

3 17 31

14 2B 11 23 10 24

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 25. 197B
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AMD ■‘OTHER*• ASSETS, ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSIT^ BETWEEN
BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED
BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
680

BILLIONS

675

668.0
669.3

670

6T0.T

665

678.3

660
655
650
645
640
635
630
625
620
615
610
1

15 29 12 25 12 2S

FEB

9 23

MAR

7 21

4 10

MAY

JUN

2 10 30 13 27 10 24

AUG

0 22

5 19

3 17 31

SEP

14 20 11 25 10 24

JAN

1975

FEB
1976

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 18, 1976
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 END 1NG,
2/19/75

5/21/75

7/16/75

8/20/75

12.0
10.9
10.4
9.4
9.4
9.2
8.9
9.5

12. 1
10.9
9.2
9.2
8.9
8.6
9.4

6.7
5.3
6.4
6.5
6.5
7.8

4.6
6.4
6.5
6.5
8. 1

9/17/75 10/15/75 11/19/75 12/17/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/16/75
8/20/75
9/17/75
10/15/75
11/19/75
12/17/75
1/21/76
2/18/76

4


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

6. 1
6.4
6.4
8.3

8.3
7.6
9.7

6.8
9.8

11.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

295.0
295.3
294.6
296.5

I

13 29 12 26 12 26

FEB

9 23

7 21

4 18

2 16 30 13 27 10 24

MAR

AUG

8 22

5 19

SEP

3 17 31

14 26 11 23 10 24

JAN

1975

FEB
1976

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY IB, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE,
2/19/75

5/21/75

7/16/75

8/20/75

9.0
7.8
7.9
6.3
6.3
5.8
5.4
5.3

9.0
8.8
6.1
6.1
5.5
4.9
4.9

5.3
2.1
3.2
2.9
2.6
2.9

1 .6
3.3
2.9
2.5
2.9

AVERAGE OF FOUR WEEKS ENDING,

9/17/75 10/15/75 11/19/75 12/17/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/16/75
8/20/75
9/17/75
10/15/75
11/19/75
12/17/75
1/21/76
2/18/76


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

1.2
1.2
1.3
1.9

4.0
3.1
3.5

1.4
2.5

3.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
11.5

11.0
10.5

10.5

10.0
9.5

CORPORATE AAA BONDS

9.0
8.5

'RIME BANK
PAN RATE
8.0
7.5

MUNICIPAL
BONDS**
7.0
6.5

6.0
COMMERCIAL PAPER
5.5
5.0
4.5
4.0

3 17 31

M 26 H 28 11

FEB

MAR

25

9 23

APR

6 20

4

18

JUN

JUL

1

15 29 12 26 10 24

7 21

3 19

NOV

DEC

2 1# 30 13 27

FEB

12 26

MAR

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt FEBRUARY 27, 1976

90 DAY
1976
JAN.

FEB.

MAR.

2
9
16
23
30
6
13
20
27 x
5
12
19
26

CD’S

wem

5.68
5.51
5.13
5. 10
5.02
5.00
5.21
5.20
5.18

PRIME
COMMERCIAL
PAPER
4-6 MONTH

ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS mt

5.81
5.40
5.23
5.23
5.13
5.15
5.25
5.28
5.25

5.52
5.25
5.04
5.01
4.94
4.95
4.97
5.02
5.00

8.66
8.63
8.60
8.58
8.57
8.56
8.57
8.56
8.53

7.29
7.13
7.09
7.01
6.85
6.86
6.95
6.97
N.A.

PRIME
BANKERS’

* AVERAGES OF RATES AVAILABLE.
30E BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
need SEVEN-DAY AVERAGES OF SECOND RY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
9.5 -----

PERCENT
----- 9.5

DISCOUNT RATE

FEDERAL FUNDS RATE

3.0

3.0
*8

J_L

i_LL 11

3 17 31

JAN

_LL

H 28 14 28 11

FEB

MAR

25

APR

11
9 23

MAY

_LL ±11

11
6 20 4 18
JUN
JUL
1975

1

15 29 12 28 10 24

AUG

SEP

OCT

11
7 21

5 19

NOV

DEC

2

11

16 30 13 27

JAN

FEB
1976

12 26

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi FEBRUARY 27, 1978

1976
JAN.

2
9
16
23
30
FEB.
6
13
20
27 X
MAR.
5
12
19
26

FEDERAL
FUNDS MR

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.18
5.12
4.76
4.81
4.80
4.82
4.73
4.70
4.80

5.19
5.07
4.84
4.78
4.72
4.90
4.85
4.87
4.87

5.77
5.58
5.41
5.37
5.32
5.45
5.47
5.58
5.57

7.28
7.20
7.14
7.18
7.16
7.16
7.17
7.20
7.15

7.05
6.96
6.90
6.93
6.94
6.93
6.96
6.94
6.87

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*** H.9 RELEASE.

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

BILLIONS OF DOLLARS
365

BILL 1.QMS.

360
375

377.9
380.4

370
365
360
355
350
345
340
335
330

1 19 29 12 26 12 26
FEB
MAR

9 29

7 21
MAY

4 IS Z 10 30 13 Z7 10 24
AUG
SEP
JUN
1975

« ZZ

S 19

9 17 91 14 Z« 11 25 10 Z4
JAN
FEB
1976

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY IB, 1976
CURRENT DATA ATPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
M NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
2/19/75

5/21/75

7/16/75

8/20/75

14.4
13.5
12.4
11.9
11.9
11.9
11.8
13.0

15.1
12.8
11.9
1 1.9
11.8
11.8
13.3

7.9
8.0
9.1
9.5
9.9
12.0

6.9
6.8
9.5
9.9
12.4

9/17/75 10/15/75 11/19/75 12/17/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
7/16/75
8/20/75
9/17/75
10/15/75
11/19/75
12/17/75
1/21/76
2/18/76

8


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

10.2
10.7
10.8
13.7

11.7
11.6
14.9

11.4
16.1

18.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
230 -------------1---------- .-----

ISIS.

BILLIONS OF DOLLARS
----- ---------- ------------- 230

billions
220.9

221.1
222.0

1

15 29 12 29 12 26

FEB

9 23

MAR

T 21

4 16

MAY

JUN

2 16 30 13 27 10 24

AUG

6 22

5 19

SEP

3 17 31

14 26 11

JAN

25 10 24

FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 18, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/19/75

5/21/75

7/16/75

8/20/75

8.7
7.3
7.6
5.7
5.5
4.8
4.3
4.1

8.2
8.6
5.2
5.2
4.2
3.6
3.4

5.1
0.9
2.0
1.3
1.1
1. t

0.6
2.2
1 .3
1.0
1.1

9/17/75 10/15/75 11/19/75 12/17/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/16/75
8/20/75
9/17/75
10/15/75
11/19/75
12/17/75
1/21/76
2/18/76


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

-1.0
-1.3
-0.9
-0.4

1.8
1.2
1.3

-0.8
0.0

0.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94
92
90
88
86
84
82
80
76
76
74
72
70

I I I I
1

19 29 12 29 12 29

FEB

MAR

9 25

7 21

4 It

MAY

JUN
1975

2 16 90 19 27 10 24

AUG

• 22

5 19

9 17 91

M 29 11 29 10 24

JAN

SEP

FEB
1976

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 18, 1976
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.

1976
JAN.

7
14
21
28
FEB.
4
1 1
18
25
MAR.
3
10
17
24
31

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
81 .6
79.4
77.8
76.6
75.3
73.9
72.9

81.9
79.9
76.6
77.4
76.7
75.8
75.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOU I!

10


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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DA ILY FiGURES

2.0

TTTT

JAN .

—

.

zv

—

I N I . 11. U ..

0.5

JJZS. MILLION
21
152
26
58
FEB . 4
55
11
51
18
56
25
148

2.5

TTTT

1.0

1

---- XfA

1.5

1

1.1 11

2.0

BILLIONS OF DOLLARS

TTTT

BILLIONS OF DOLLARS
2.5

1.5

1.0

0.5

\
r

-

llll

111

111

JAN

FEB

MAR

jjj
APR

i

111

111 .mi

111

111

MAY

JUN

AUG

SEP

JUL

1111 J-L.l
OCT

1111

NOV

DEC

1975

—

✓

J-LI JJJ 1
JAN

FEB
1976

MAR

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 25, 1976

BUSINESS LOANS

( COMMERCIAL
BILLIONS OF DOLLARS
132 ----------------------- ------

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
----- ---------- ------------- 132

MILLIONS
JAN. M

JAN

FEB

MAR

APR

MAY

JUN

2 16 90 15 27 10 21 6 22
JUL
AUG
SEP
OCT

1975

5 1»
NOV

111 11
5 17 51 11 26 11 25 10 21
DEC
JAN FEB
MAR
1976

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 18, 1976

* LEVELS OF BUSINESS LOANS BEGINNING JANUARY 7 ARE NOT COMPARABLE TO PREVIOUS DATA.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY)
RS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY
CREDIT
CREDIT
ADJUSTED
506.5

514.1
515.5
513.8
513.9
516.3
317.0

506.3
506.9

1 15 29 12 M 12 N 9 23 7 21

MINIM
I I I I
4 It 2 tt 30 13 27 10 <4 « 22 3 It 3 17 31 14 21 IT 23 10 24

LATEST DATA PLOTTED 3€EK ENDINCt FEBRUARY 18,
CURRENT DATA APPEAR

AUG

SEP

JAN

FEB

1976

IN THE BOARD OF GOVERNORS* H.9 RELEASE.

1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINOS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

* DATA PRIOR TO JANUARY 7, 1976 HAVE BEEN REVISED BUT IS NOT AVAILABLE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS