Full text of U.S. Financial Data : Week Ending: February 28, 1979

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Week ending: February 28, 1979
LIBRARY
Growth of the monetary base has continued to slow in
recent weeks, a trend which began in October 1978.
In the most
current four months, from the four weeks ending October 18 to the
four weeks ending February 21, the monetary base grew at a 6.7
percent annual rate, compared to a 10.5 percent rate of increase
in the previous four months.
Associated with this deceleration of the growth of the
monetary base has been a reduction in the growth rates of the
monetary aggregates.
As shown in the table below, growth of Ml
(currency and demand deposits held by the nonbank public)
declined at a 2.5 percent rate in the most recent four months,
compared to an 8.5 percent rate of increase in the previous four
months. Growth of M2 slowed to a 2.2 percent rate from its
previous 10.6 percent rate of increase in the same periods.
The slower growth of the aggregates reflects lower rates
of growth of each of their components.
The most pronounced
slowdown was in the growth of demand deposits, which declined at
a 6.7 percent rate in the most recent four-month period, compared
to a 7.7 percent rate of increase in the preceding four-month
period.
Net time deposits, the largest component of M2, also
exhibited a substantial reduction in its rate of growth.
Growth Rates of the Monetary Base and
Monetary Aggregates
(Compounded Annual Rates of Change)

Monetary Base

Last 4
months*

Previous 4
months

6.7 %

10.5 %

Ml
M2

-2.5
2.2

8.5
10.6

Net Time Deposits
Demand Deposits
Currency

5.7
-6.7
9.7

12.2
7.7
10.6

^Average of four weeks ending 10/18/78 to four weeks ending
2/21/79.
**Average of four weeks ending 6/21/78 to four weeks ending
10/18/78.


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

Prepared by Federal Reserve Bank of St Louis
Released: March 2, 1979

2

MONETARY BASE

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

1979
JAN.
FEB.

BILLIONS OF DOLLARS
H6

g ILL, | QNJS.
144

M3. I
M3.6
M3.3

142

143.7
140

138

136

134

132

130

« 0
FEB

LATEST DATA PLOTTED WEEK END I NOi FEBRUARY 28,

MAR

1979

THE MONETARY 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), AOJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES 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 GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
3/1/78

5/31/78

7/26/78

8/30/78

8.4
8.0
8.6
9.2
8.8
8.6
8.4
8. 1

8.9
9.8
10.6
9.7
9.3
8.9
8.5

9.2
10.6
9.3
8.8
8.4
7.9

13.4
10.5
9.6
9.0
8.3

AVERAGE OF FOUR WEEKS ENDINGi

9/27/78 10/25/78 11/29/78 12/27/78

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/26/78
8/30/78
9/27/78
10/25/78
11/29/78
12/27/78
1/31/79
2/28/79


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

9.5
8.6
8. 1
7.5

6.3
6.5
6.1

6.7
6.1

5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERi/
ADJUSTEDAVERAGES
FEDERAL
RESERVE CRED I T 2/
OF DAILY FIGURES
SEASONALLY ADJUSTED

PATIO
2.S

RATIO
2.9

MULTI PLIER

V____

1979
JAN1.
FEE .

:!lm

1 1 1

1 1L 1.

1 1.1 ■ LI LI

1 1 1

li-Lj _LLLL III

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 21,

III!

RAT 1C

17
24
31
7
14
21

2.517
2.501
2.488
2.506
2.514
2.491

__

Lu-i i.l iuli.i i.

-L-LL

1979

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1 28

COMPOUNDED ANNUAL RATES
-- OF CHANGE. AVERAGE OF------------------------------------------

126

THE FOUR WEEKS ENDING

“ FEBRUARY 28, 1979 FROM
__ THE FOUR WE^KS ENDINGi
DEC. 27
NOV. 29
—'OCT. 25
_ SEP. 27
AUG. 30
-- MAY
31
_ MAR.
1

_
ADJUSTED FEDERAL RESERVE CREDIT

124

-

122

10.6
10.9
120
118
116

lfiZa

BILL].QMS

125.2
125.2
I I I I I I 1 I I I 1 1 I 111.

I II I
4

IS

JAN

1

IS

1

IS 29

12

FEB

26

10 24

1

7 21

JUN
JUL
1978

25

ft 22

6 20

5

17 II

M Zl

FEB
1979

14 2ft

MAR

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 28, 1979
1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
AND OTHER ASSETS.
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY STOCK AVERAGES
PLUS NET
TIME DEPOSITS (M2)
OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
5S5 rr---- 1----- 1----

BILLIONS OF DOLLARS
---- ---------- =3 885

BILL! QNS

FEB.

JAN

FEB

873.8
876.9
878.5

MAR

APR

MAY

5 19
JUN
JUL
1978

2 16 JO 13 27 11 23
AUG
SEP
OCT
NOV

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 21,

OEC

JAN

FEB
1979

MAR

1979

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.
2/22/78

5/24/78

8.6
9.2
9.7
9.7
9. 1
8.4
7.6
7. 1

9.8
10.6
10.5
9.3
8.4
7.2
6.6

7/19/78

8/23/78

9/20/78 10/18/78 11/22/78 12/20/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/19/78
8/23/78
9/20/78
10/18/78
11/22/78
12/20/78
1/24/79
2/21/79


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

12.2
11.5
9.6
8.3
6.8
6.0

11.5
8.8
7.4
5.7
5.0

7.0
5.7
4.2
3.6

3.8
2.5
2.2

1.4
1.3

0.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

LLIONS OF DOLLARS

_ JAN.

360.9
357.9
357.3
360. I
360.2
358.2

1111

JLLLL
JAN

ILL IONS OF DOLLARS
--- ------ ------ 370

FEB

J-Li-L
Z 16 30

13 ZT 11 23

-L.il 1
8 22

JUN
JUL
1978

6 20

3 17 31

M 28 14 28

1979

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 21„

1979

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.
2/22/78

5/24/78

7/19/78

8/23/78

8.6
8.6
9.0
9.0
7.4
6.6
5.8
4.9

7.4
8.4
8.5
6.3
5.3
4.3
3.3

10.0
9.6
6. 1
4.8
3.6
2. 4

10.3
5. 1
3.7
2.5
1.3

AVERAGE OF FOUR WEEKS ENDINGi

9/20/78 10/18/78 11/22/78 12/20/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/19/78
8/23/78
9/20/78
10/18/78
11/22/78
12/20/78
1/24/79
2/21/79


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

2.3
1.3
0.6
-0.5

-1.7
-1.6
-2.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
1Z.3

1? 5

’RIME BANK
.OAN RATE

1Z.0

1 1 .5
90 DAY CD'S:

11.0
10.5

10.0
9.5

9.0

■CORPORATE Aaa BONDS

8.5

8.0
COMMERCIAL PAPER
7.5

7.0

MUNICIPAL
BONOS**

6.5

6.0
5.5

0
JAN
1978

FEB
1979

LATEST OATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* MARCH 2, 1979

1979
JAN.

FEB.

MAR.

5
12
19
26
2
9
16
23
2 3K
9
16
23
30

90 OAY
CD'S seme

PRIME
COMMERCIAL
PAPER
4-6 MONTH

10. B8
10.71
10.49
10.44
10.20
10. 13
10. 1 7
10.16
10.26

10.55
10.40
10.36
10.16
10.07
9.99
10.02
10.03
10.03

PRIME
BANKERS’
ACCEPTANCES
10.65
10.41
10.29
10.11
9.92
10.03
9.96
10.06
10.07

CORPORATE
Aaa BONDS

MUN1C1 PAL
BONDS XX

9.26
9.26
9. 28
9. 24
9. 19
9.23
9.25
9. 28
9.35

6.58
6.50
6.48
6.30
6.22
6.31
6.33
6.39
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
WI0K SEVEN-DAY AVERAGES OF SECONDARY 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

SELECTED INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

11.0

1 1 .0

FEDERAL FUNDS RATE

DISCOUNT RATE

3-5 YEAR
TREASURY SECURITI

THREE-MONTH TREASURY
BILL MARKET YIELD

OCT

NOV

JAN

1978
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi MARCH 2.

1979
JAN.

FEB.

MAR.

5
12
19
26
2
9
16
23
2 X
9
16
23
30

FEB
1979
1979

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECUR1T1ES

LONG-TERM
TREASURY
SECURITIES

10.59
9.97
10.05
10.05
10.12
10.06
10.15
9.97
10.06

9.34
9.30
9.44
9.34
9.28
9.24
9.28
9.41
9.46

9.55
9. 44
9.53
9. 48
9.38
9.31
9.34
9.37
9.50

9.61
9.61
9.61
9. 46
9.31
9.34
9.35
9.49
9.51

9.46
9.46
9.43
9.27
9.02
9.07
9. 16
9.25
9.31

8.96
8.97
8.97
8.89
8.81
8.90
8.96
9.00
9.03

X AVERAGES OF RATES AVAILABLE.
XX SEVEN-DAY AVERAGES FOR WEEK ENOING WEDNESDAY TWO OAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
XXX NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
5Z5

BlLLJflNS
JAN.

5Z0

515.4
516. 1
516.6
516.8
518.3
518.5

515
510
505

490
485

1978

1979

LATEST DATA PLOTTED WEEK ENOINGt FEBRUARY 21,

1979

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 *100.000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/22/78

5/24/78

7/19/78

8/23/78

8.6
9.5
10. 1
10.2
10.2
9.7
8.9
8.6

11.6
12. 1
11.9
11.6
10.7
9.4
9.0

13.6
12.8
12. 1
10.7
9. 1
8.6

12.5
11.6
9.9
8. 1
7.7

9/20/78 10/18/78 11/22/78 12/20/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/19/78
8/23/78
9/20/78
10/18/78
11/22/78
12/20/78
1/24/79
2/21/79


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

<

10.6
8.8
6.9
6.6

7.7
5.7
5.7

3.2
4.0

3.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
?75 ----- ,----- 1----

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

BILL 1 QMS
262.9
259.5
258.7
261.2
259.4

I I I I
JAN

FEB

MAR

APR

MAY

JUN
JUL
1978

AUG

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 21,

SEP

OCT

NOV

DEC

JAN

FEB
1979

MAR

1979

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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE ,
2/22/78

5/24/78

8.7
8.6
8.9
8.7
6.6
5.6
4.3
3. 1

6.8
7.8
7.7
4.8
3.6
2.2
O.B

7/19/78

8/23/78

AVERAGE OF FOUR WEEKS ENDING,

9/20/76 10/18/78 11/22/78 12/20/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
7/19/78
8/23/78
9/20/78
10/18/78
11/22/78
12/20/76
1/24/79
2/21/79


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

9.4
8.9
4.3
2.8
1 . 1
-0.4

9.2
2.8
1.3
-0.4
-2.0

-0.7
-1.5
-2.8
-4.2

-5.3
-5.6
-6.7

-4.9
-6.6

-8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

98.0
98.4
98.5
98.9
98.6
98.8

1

13 29 12 26 10 24

3 17 31

7 21
3 19

2 16 30 13 27 11 23

8 22

14 28 14 28
FEB
MAR

LATEST DATA PLOTTED WEEK ENOINGi FEBRUARY 21, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE,
2/22/78

5/24/78

7/19/78

8/23/78

8.5
8.6
9.6
9.7
9.7
9.6
9.8
9.7

8.5
10.3
10.3
10.3
10.0
10.2
10.0

12.4
1 1.7
1 1 .3
10.7
10.8
10.5

13.2
12.0
1 1.2
1 1.2
10.7

AVERAGE OF FOUR WEEKS ENDING.

9/20/78 10/18/78 11/22/78 12/20/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/19/78
B/23/78
9/20/78
10/18/78
11/22/78
12/20/78
1/24/79
2/21/79


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

10. 1
9.6
10.1
9.7

9.4
10. 1
9.7

10.0
9.4

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
AVERAGES OF

BILLIONS OF DOLLARS
197.S

IN THE NATION

DAILY FIGURES

billions of dollars

MILLIONS

JAN. ZA

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 28,

1979

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

m
M2
MO
138
136

134

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

144

----- 1---- 1---- 1---” COMPOUNDED ANNUAL RA TES
— OF
AVERAGE
0G
_
THECHANGE,
FOUR WEEKS
END IN
DECEMBER 27, 1978 FR OM
G.
— THE FOUR WEEKS END 1N
~ OCT. 25, 1978
4.7
~ SEP. 27, 1978
7.9
“ AUG. 30, 1978
7.7
— JUL. 26, 1978
7.7
_ JUN. 28, 1978
6.8
MAR. 29, 1978
1 1 .9
DEC.
28, 977 13.3

-

M2
-

MO
-

138
-

/V/”"

-

130

136
-

I
/
/

132

128

BILLIONS OF DOLLARS

134

NO NEW DATA AVAILABLE

-

130

-

-

-

✓

-

-

|

-'Nw,
122
120

132

-

MILL!VNJ

22 139,837
29 139,735
6 139,776
13 139,166
20
27 139,358
139,471
1111111111
1111
1
1
1
111
111

122

---

■ DEC.

-

1 18

INI. I..I. L
1 L21 in
90 1 11
II » 111
8 22 8 22

2 16
NOV
DEC
1977

JAN

FEB

MAR

APR

1 1.11

-LLL

MAY

JUN
JUL
1978

LATEST DATA PLOTTED WEEK ENDING. OECEMBER 27,


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

AUG

SEP

OCT

NOV

DEC

1 18

i

;
i r

JAN
1979

1978
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

120

12

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

billions of oollars

billions of dollars

LLIQNS

1978
LATEST DATA PLOTTED WEEK ENOINGi FEBRUARY 21,

1979
1979

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.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS