Full text of U.S. Financial Data : Week Ending: February 4, 1970

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

l/

I

Stim

ICSJI

February 4, 1970
average of the money stock since December 24
V_av
has been higher than in the previous six months of essen­
tially no change (page 5). This reflects a jump in the last
week of December which appears to have been due largely to
temporary technical factors. The higher level continued
until the week ending January 28, when the.money stock fell
to an average of $199.2 billion, about the same as the level
maintained from June to late December.
The monetary base and member bank reserves have
increased rather steadily since October (pages 2 and 3).
The monetary base has risen at a 5.3 per cent annual rate
in the last three months, following five months of essen­
tially no change. Reserves have increased at a 5.8 per
cent rate in the last three months after five months of
decline. Because of other uses of the base and reserves,
these magnitudes and money do not necessarily conform in
short periods.
The volume of commercial paper outstanding
increased about $11 billion in 1969, while the volume
of large negotiable certificates of deposit at large
commercial banks, an alternative money market instru­
ment, declined about $12.6 billion (page 8). In 1968
the dollar volume of both instruments rose, commercial
paper by $4.6 billion, and CD's by $3 billion.


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

The divergence in the growth of commercial pape’and CD's in 1969 reflects the relative yields offered.
Yields on commercial paper rose from 6.17 per cent in
December 1968 to 8.84 per cent in December 1969, while the
new issue rate on six-month CD's, constrained by the Reg­
ulation Q ceiling, remained at 6 per cent (page 9). Since
a 6.75 per cent maximum rate became effective January 21,
the average new issue rate on CD's has risen somewhat.
Yields on commercial paper have moved lower since early
January, averaging 8.50 per cent in the three days ending
February 4, down from 9.08 per cent in the week ending
January 9 (page 11).
Most market interest rates have decreased since
the first of the year after rising sharply during November
and December (pages 10 and 11). Yields on three-month
Treasury bills averaged 7.69 per cent in the three days end­
ing February 4, about the same as in early December and
down from a peak of 8.02 per cent in the week ending
January 2. Yields on three- to five-year Government secu­
rities averaged 8.05 per cent during the first half of this
week, about the same as in mid-December, and compared with
a high of 8.26 per cent in the week ending January 2.

Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.
Prepared by Federal Reserve Bank of St. Louis

Released: February 6,1970

2

MONETARY BASE [1
FEDERAL RESERVE CREDIT [2
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally adjusted by this bank

Annual rates of change, average of
four weeks ending Feb. 4, 1970 from
four weeks ending:
Mone tary
Base
Credit

Base

Aug. 6, 1969
May 7, 1969

June 11, 1969
1957-1968

Monetary Bas

3 ■ £>

1/

Uses of the 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.

Federal Reserve Credit.

F.R. Credit

2/

Latest data preliminary
Latest data plotted week ending:


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

19

2

16

30 14 28

Defined to include holdings of securities,
loans, float, and "other" assets, adjusted
for reserve requirement changes and changes in
requirements due to shifts in deposits among
classes of banks.

1, 1970
11 25
June

9

23
July

<'

20

3

17

1

15

29

12 26

10

24

15

29 13

1970
Prepared by Federal Reserve Bank of St. bouif

27

10 24
June

RESERVES
All Member Banks in the Nation
Billions of Dollars

Billions o:

ol1ars

Seasonally Adjusted
30.0
Nov. 5, 1969
Aug. 6, 1969
29.5
_ Feb. 5, 1969
June 11, 19t>9
29.0
1959-1968

28.5

TOTAL
28.0

27.5

27.0

27.0

26.5

26.5
Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability, back data have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
include all "bills payable checks" and so-called
"London chocks" as deposits subject to reserve
requirements.

26.0

26.0

25.5

Data exclude increase in required reserves of
about $400 million due to changes in Regulations
M and D effective Oct. 16, 1969.

Latest data preliminary
Latest data plotted


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

_

Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H. 9 release

Feb. 4, 1970

25.0

24.5
0

1125
June

9

23 .6 2
July
Aur
1969

10 24

7

21

4

If.

1

15

29 13

27 10 24
June

1970
Prepared by Federal Reserve Bank of St. Louis

R
July

ill ii

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures

of Dollars

Seasonally Adjusted

171
170
169
168
167
166
165

Oct.
July
Apr.
-Jan.

29,
30,
30,
29,

1969
1969
1969
1969

June 11,

1969

+ 0.°)

167*

+ ¥.

163

y

162
161
160
159
158
157
156
155
154
153

)S J.9

152
151
150
149
148
147
146
145
144
143

_ Current data appear in the Board s H.6 release.

142
141
0

Latest data preliminary
T~ Latest data plotted week ending:
-U-i-L-l-i-1...1 1 1 i i i i


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

Jan. 28, 1

I 1 1 i 1 M I I I I I

30

14

?r,

n

I
10 ?4
nr.

Jn

Prepared bv Federal Reserve Bank of

;illi<

of Dollars

215

212

211
210

Billions of Dollars

215

r

214
213

5

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Annual rates of change, average of four weeks
ending Jan. 28, 1970 from four weeks ending:
Oct.
-July
jApr.
j.. Jan.

29,
30,
30,
29,

1969
1969
1969
1969

214

_

213
212

+V. V

211

. 3l
*■ J. J

210.

+

209
June 11, 1969

208

208
207
206

.Dec. 25 - June 11

207
206

1957-1968

205

205

■=:

204

204

203

203

202

202

201

201

200

200

A

Alv A

1.

j \
V
Y. j

199
198

199
198

197
196

19b

195

195

194

194

n

193

1
1^10
3f2.rU/ 7
f
//
*2/
cd f

192
191
190

193
192

■
■

191

£o A 7
f 7 '■ ** r* ■

-

189

189

188

'I

185
0

188
187

187
186

190

Current data appear in the Board's H.6 release.
i i i i i
Latest data preliminary
Latest data plotted week ending:
-a_i_
0 22
3 19 '• 19 2 16 30 14 28
Jan.
Fe' .
Mar.
Apr.
May


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

186

1970
i,23i j’

_1_L_l_L.
11 25 9
June
July
1969

6 20 i 3i,i 17
Aug.
Sept.

1

15 29 12 26
Oct.
Nov.

1024
Dec.

721 4 18
Jan. Feb.

4

18
Mar.

1

15 29
Apr.
1970

Prepared by Federal Reserve Bank of St

13 27
May

Louis

1024
June

i

J
8

22
Julv

185
0

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figu res

f Dollars
234
232

0
Billions of

234

Seasonally Adjusted

Annual rates of change, average of four weeks
ending Jan. 28, 1970 from four weeks ending;

232
230

230
228

Oct. 29, 1969
July 30, 1969

228

Jan. 29, 1969

224

226

226
224

Dollars

222

222

220

220

218

218

216

216

214

214

212

212

210

210

208

2e

206

206

204

204

202

202

200

200

198

198

196

196

194

194

192

192

190

190

188

188

186

186

184

IP

182

182

180

180

178

178

176

176
Latest data preliminary
Latest data plotted week ending

174

0

8

22

i


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

5

19

2

16

30 14 28

174

Jan. 28, 1970
11

20

3

17

1

15

29 12

26

10 24

7

21

4

18

4

IP

1

15

29

13

27 10

24

June

Juno
Prepared hv Federal Reserve Bank of SC. Imiis

8

22

0

111.

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

of Dollars

7
Billions of Dollars

432

432

430
428

430
Annual rates of change, average of four weeks
ending Jan. 28, 1970 from four weeks ending:

428

426
424
422

426
Oct.
July
Apr.
Jan.

29,
30,
30,
29,

1969
1969
1969
1969

424
422
420

420
418
416

June 11, 1969

418

1957-1968

416

414

414

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

394

392

392

390

390

388

388

386

to

386

7

384

384

382

382

380

380

378

378

376

376

Current data appear in the Board's H.6 release

374

*1—I I I T 1—1—1~t~I—1—I—I—I—1—t—T—T“

372

Latest Data Preliminary
Latest Data Plotted Week Ending

0

„i..l 1, 1 ..1.. 1-1-1- L..l-L-L.LL-L.L-l.±22
an.

5

19
Feb.


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

5

19
Mar.

2

16 30
Apr.

374

rr t
Jan. 28, 1970

14 28 11 25
May
June

9 23
July
1969

372
6

20

3

17

1

15

29 12

26

10 24

7

21

4

18

1

15

29 13

27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

8

22

Billions of Dollars

CERTIFICATES OF DEPOSIT LL AND COMMERCIAL PAPER [2
Outstanding Volume

8
Billions ui

33.0
32.0
31.0
30.0

30.0

29.0

29.0

28.0

28.0

27.0

27.0

26.0

26.0
25.0

24.0

24.0
23.0

22.0

22.0

21.0

21

20.0

Certificates of Deposit

20.0

19.0

19.0

18.0

18.0

17.0

17.0

16.0

16.0
15.0
14.0

Commercial Paper^13.0

13.0
12.0

11.0

JO. 55

11.0
10.0
9.0

a.
7.0

latest data plotted


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

Commercial Paper Dec., 1969
Certificates of Deposit Jan

\J Negotiable time certificates of deposit in denominations of $190,000 or more
at large commercial banks. Monthly averages of Wednesday figures. Data nrior
to July 1965 estimated by the Federal P-eserve Bank of St. louts.
2/ otal volume of commercial naner outstanding. Averages of current and preceding
end-of-month seasonally adjusted figures.
1970
1966

1968

Prepared by Federal Reserve Bank of St. Touis

6.0
5.0
4.0
3.0
0

9
NEW ISSUE RATE ON CERTIFICATES OF DEPOSIT LI
DEALERS' OFFER NG RATE ON COMMERCIAL PAPER

Per Cent

Commercial Paper

Certificates of Deposit

rst lata plotted: January, 1970


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

\J Average new issue rate on 6 month certificates of deposit of $100,000 or more.
Estimated by the Federal Reserve Bank of St. Louis from guide rates published
in the Bond Buyer.
2/ Prime commercial paper, 4- to 6- months maturity.
Averages of dealers' daily
offering rates.

Prepared by Federal Reserve Bank of St. Louis

10
YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Endec! Friday

Per Cent

Per Cent

9. SO

9.50

9.00

9.00
Prime Commercial
Loan Rate
8.50
Three-Month Tr
Bill Market Yield
8.00

Corporate
Aaa Bonds

7.50

7.00

7.00

6.50

6.50
Long- Term
Government Bonds
6.00

6.00

Discount Rate

5.50
3-Month
Treasury
Kill

S Bi
7. 9/
7.t 3­
7. fj

7W
7.6?

3-5 Year

•ong Term
7. a o
6.92­
6. fV

6,

T3
u. rv
4. /?

Corporate
Aaa

7.7 o
7. 7/
7.9,2­
7 90
7. 9/
7. 96

5.00

4.50

4.00

I I I I
■t—i—iLatest data plotted are averages of rates available for the week ending:
10 24

I. 1 1 1...I .-L.L.1. 1
' I i I i '
I l 1..L
7 21 7 21 4 18 2 16 30 13 27 11 25
Mar.
Apr.
May
June
July
1969


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

3.50

Feb. 6, 1970

0

8

22
Aug.

5 19
Sept.

3

17 31 14 28
Oct.
Nov.

12 26
Dec.

9

23
Jan.

6

20
Feb.

6 20 3
17
Mar. Apr.
1970

1

15 29 12 26
May
June

Prepared hv Federal Reserve Bank of St. Ton is

10 24
July

11

SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent

11.00

11.00

10.50

10.50

10.00

10.00
Federal Funds Rate
Commercial Paper
4-1o-6 Month

9.50

XL 2. so
BanKers1
Acceptances
'■r

8.00

8.00

*• -■

Prime
Commercial

Paper
4-6 Month

7.50

9.oo

Prime
Bankers
Acceptances
<T. 7S~

9 of
S’. 7S

?. 70

gt-so
ss

7.00

Federal
Funds

90 Day

g. ?a

r. 7S
g.os
? 43

9.e>o

?.sr

g- 70

9- oo

r vi-

6.50

6.00

6.00
Discount Rate

Latest data plotted are averages of rates available for the’ week ending:
i

10

24

7

21

4

i

i

18

f

i

2

i

i

i

i

16 30
May

i

i

i

i

13 27
June

i

i

i

t

11 25
Jtilv
1969

-i - i

8

22

5

19

3

17

Feb. 6, 1970
I I 1
31 14

28

12 26

9

23

6

20

6

20

3

17
Apr.
1970

1

15

‘AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE


** SOURCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
SECONDARY
MARKET RATE ON 90-DAY PRIME CD'S
Federal Reserve Bank
of St. Louis

Prepared bv Federal Reserve Bank of St. Louis

29

12

26

12

BORROWINGS AND EXCESS RESERVES
Millions of Dollars

Ail M© 171 bGf SoHks in iH© tsOlion

Millions of Dollars

3,200

3,200

EXCESS
RESERVES

3,000

2,600

*>70
//
oJOt*,
/se

2,400

/ (o&>

2,800

BORROWINGS

3,000

2,200
2,000

2,000

Borrowings

1,600
1,400
1,200

1,200

1,000

Excess Reserves

1,000
1.200
Net Free Reserves

1,400

1.800
2.000

2,000

2,200

2,200

2,600
2,800

Latest data preliminary
Latest data plotted week ending

Feb. 4,

1970

3,000

3,000


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

16

30 14

28 11
June

3

17

1

13

29 12

26 10

24

7

21

4

18

4

18

1

15 29
1970

13

7 10 24
June

8

22