Full text of U.S. Financial Data : Week Ending: February 4, 1976

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

V

1/
rJfluj:

Week ending: February 4, 1976

LIBRARY
DEC

2 6 1979

The current level of demand deposits is only a little
more than $1 billion greater than its level seven months ago.
Using four-week averages of the data, demand deposits have grown
at about a 1 percent annual rate since mid-June, compared to a 7.6
percent rate from mid-January 1975 to mid-June. Reflecting the
predominance of demand deposits in its composition, the narrowly
defined money stock (Ml) has likewise shown rather slow growth
since mid-June. In the most recent seven months, Ml has increased
at a 2.6 percent annual rate, compared to an 3.1 percent rate in
the previous five months.
Since the end of 1975 net time deposits have increased
sharply. This surge in net time deposits may partly reflect the
changes in Regulations D and Q, effective November 10, 1975, which
permitted corporations, partnerships, and other profit-making
organizations to maintain savings accounts at member banks, subject
to a $150,000 ceiling on the size of the accounts. Businesses
thus had an incentive to transfer some demand deposits into
interest-earning savings accounts, thereby contributing to the
slower growth in demand deposits and the faster growth of net time
deposits. On balance, however, in the most recent seven months net
time deposits have grown at an 11 percent annual rate, compared to a
14 percent rate in the previous five months.
Reflecting the continued strong growth of net time deposits,
the growth of the more broadly defined money supply (M2) has not
shown such a pronounced slowing as the growth of Ml. In the most
recent seven months, M2 has increased at a 7.1 percent annual rate,
compared to an 11.3 percent rate of growth in the previous five
months.
The monetary base, considered the prime determinant of
both measures of the money stock, has also shown some slowing in
its rate of growth. The rate of growth of the monetary base has
slowed to 5.2 percent since mid-June, compared to a 9.2 percent
rate in the previous five months.


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

Prepared by Federal Reserve Bank of St. Louis

Released: February 6, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

ISIS.
DEC.
JAN.

31
7

BILLIONS OF DOLLARS
124

Ml LLI QMS
120,287
120,175

122

120

118

-

116

114

112

4 18

1

15 29 12 26 12 26

FEB

MAR

7 21

4 18

MAY

9 23

JUN

2 16 30 13 27 10 24

AUG

8 22

5 1#

3 17 31

1975

1974

14 28 11 25

JAN FEB
1976

SEP

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 4, 197S
THE MONETARY BASE CONSISTS OF MEMBER BMC RESERVES AT THE FEDERAL RESERVE BAHCS AM> CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIALBAHCSKADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THEMAJOR 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 SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING*
2/5/75

5/7/75

7/2/75

8/6/75

9/3/75

10/1/75

11/5/75

12/3/75

9.2
7.7
7.6
7.5
7.2
7.8
7.6
6.8

8.1
7.9
7.6
7.1
8.1
7.7
6.6

4.1
4.8
4.9
6.6
6.3
5.2

6.7
6.1
8.0
7.4
5.9

5.6
8.3
7.5
5.7

9.2
7.9
5.6

9.4
5.7

2.1

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
7/
8/
9/
10/
11/
12/
1/
2/

2/75
6/75
3/75
1/75
5/75
3/75
7/76
4/76

4

J

2


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER^
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

BAT IQ

1111II
LATEST DATA PLOTTED WEEK ENDING. JANUARY 28, 1876
BILLIONS OF DOLLARS
114

BILLIONS OF DOLLARS
COMPOUNDED AhNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY 4, 1976 FROM
THE FOUR WEEKS ENDING.
DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

3,
5,
1,
3,
6,
7,
5,

1975
1975
1975
1975
1975
1975
1975

112
110

9.8
9.8
12.8
19.1
16.7
8.5
11.1

FEDERAL RESERVE CREDIT
106
106
104
102
1976

MILLIONS

100
96

4 10

1

15 2« 12 2S 12 26

FEB
1974

MAR

9 23

7 21

4 ia

MAY

2 te SO IS 27 10 24

JUN

AUG
1975

SEP

a 22

11115 lllLlul2a lu25
L
17 51 14
11

5 18

JAN FEB
1976

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 4, 1976
1/ RATIO OF MONEY STOCK (Ml > / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND * * OTHER'' ASSETS. ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS 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
675 r--------1------------ 1-----

BILLIONS OF DOLLARS
------------------------- m 675

BILLIONS.
DEC.

24

663.0

666.2
668.0
669.2
671.1

1

DEC
1974

15

JAN

»

12 26 12 26

FEB

MAR

LATEST DATA PLOTTED

9 23

APR

7 21

MAY

4 16

JUN

2 16 90 13 27 10 24

JUL

AUG

SEP

6 22

5 18

3 17 31

14 26 11 23

JAN

FEB

ENDING.

CUWENT 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.
1/28/75

4/30/75

6/25/75

7/30/75

8/27/75

8.3
6.6
6.2
7.3
6.6
7.1

5.3
5.1
6.8
6.0
6.8

4.2
6.7
5.7
6.7

10/1/75 10/28/75 11/26/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
6/25/75
7/30/75
B/27/75
10/ 1/75
10/28/75
11/26/75
12/31/75
1/28/76


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

11.3
10.9
10.4
9.4
8.9
9.2
8.6
8.8

13.8
12.2
10.2
9.4
9.8
8.9
9.1

8.6
6.5
7.5

7.4
8.4

6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
305 --------- 1------------ 1-----

BILLIONS OF DOLLARS
------------------ ---------- 305

BILLIONS
295.5
296.0
295.0
295.3
294.9

4 15

1 15 29 12 26 12 26

FEB

MAR

9 25

7 21

4 1®

MAY

2 16 30 13 27 10 24

JUN

AUG

8 22

5 1®

5 17 51 14 2* 11 25

JAN FEB
1976

SEP

LATEST DATA PLOTTED WEEK ENDING: JANUARY 28, 1976
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 NONBAMC PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/29/75

4/30/75

6/25/75

7/30/75

8/27/75

8.1
7.0
7.1
6.1
5.3
5.9
5.0
4.8

10.1
9.5
7.4
6.0
6.7
5.3
5.0

4.9
3.2
2.2
3.9
2.6
2.6

3.6
2.1
4.3
2.6
2.6

-0.4
3.2
1.5
1.6

10/1/75 10/29/75 11/26/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/75
7/30/75
8/27/75
10/ 1/75
10/29/75
11/26/75
12/31/75
1/28/76


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

5.0
1.9
2.0

3.4
3.0

-0.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
— 11.5

CORPORATE

90 DAY CD’S!

COMMERCIAL PAPER

6 20

DEC
197-.

9 17 31 M 21 H 21 II 23

JAN

FEB

MAR

APR

BONDS

9 23

MAY

6 2Q

ill I I I

4l«|

JUN JUL
J875

>
'

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE

1976
DEC.

5
12
19
20
JAN.
2
9
10
23
30
FEB.
0 X
13
20
27


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

90 DAY
CD'S MSI

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS*
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BONDS CM

6.35
6.32
6.10
5.78
5.68
5.51
5.13
5.10
5.02
5.00

5.98
6.03
6.03
5.94
5.81
5.40
5.23
5.23
5.13
5.13

5.80
5.81
5.72
5.65
5.52
5.25
5.04
5.01
4.94
4.91

8.83
8.86
8.81
8.72
8.66
8.63
8.60
8.59
8.57
8.57

7.31
7.34
7.30
7.30
7.29
7.13
7.09
7.01
6.85
N.A.

f

....... ~

~

available.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVIERA6ES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5

rfcnCcNT
10.5

““
10.0

10.0
9.5
9.5
9.0
8.5
8.0

2c------

rx

9.0
FEDERA L FUN >S RA1 ■E
8.5

-

_
8.0

7.5

V \

7.5

7.0
7.0
THR
BillEE-MONT
- MARKE

U-

6.5

N

6.0

DISCOUNT RATE

ASURY
-D
—----

HL !V

5.5

\
N

—

6.5
6.0
5.5

5.0
5.0

z
4.5
4.5

mm.

4.0

4.0

3.5
i *111
0

0
DE C
191r4

JJJ.I Mill

1 1 !J_ -LI 1 _LLL
3 17 31 14 2* 14 21 11 25 9 23
JAN
FEB MAR APR
MAY

mi
1 1 1
0 20 4 10
JUN JUL
1975

1 1 1 1
1 1 1 1111
1 IS 29 12 20 10 24
AUG
SEP
OCT

3.5
1 1 ?
111 ■ I 1 11 -i-i 1 11 -LJ J.J >
1 1
1 1 1
7 21 S 19 2 10 30 13 21 0
NOV DEC
JAN
FEB
1B7<

LATI-ST DATA PLOTTEJ> ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END 1
NCi FEBRUAR'l 6. 1G7 8

1976
DEC.

5
12
19
26
JAN.
2
9
16
23
30
FEB.
6 m
13
20
27

FEDERAL
FUNDS MK

3-MONTH
TREASURY
BILLS

trea§ury

BILL

3-5 YEAR
GOVERNMENT
SECURITIES

5.25
5.26
5.17
5.18
5.18
5.12
4.76
4.81
4.80
4.82

5.57
5.60
5.44
5.28
5.19
5.07
4.84
4.78
4.72
4.89

6.30
6.43
6.20
5.91
5.77
5.58
5.41
5.37
5.32
5.41

7.59
7.67
7.50
7.37
7.28
7.20
7.14
7.18
7.16
7.16

* AVERAGES OF RATES AVAILABLE.
”
?grBssAMgFw^iigssSs7*s.


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

7.23
7.26
7.17
7.09
7.05
6.96
6.90
6.93
6.94
6.94

M.
PREPARED BY FEDERAL RESERVE BANK OF ST. L OUIS

7

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

BILLIONS OF DOLLARS

1976
DEC.

BILLIONS OF DOLLARS

BILL 1 QMS

24
370.2
372.9

JAN

376.3

4 18

1 15 28 12 28 12 26
FEB MAR

9 29

7 21
MAY

4 18
JUN

2 16 SO 19 27 10 24
AUG SEP

8 22

5 18

3 17 91 14 28 11 25
JAN FEB

LATEST DATA PLOTTED WEEK ENDING* JANUARY 28, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
» (JET TIME DEPOSITS ARE DEFINED AS< SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IF* I CATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONSOF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
1/29/75

4/30/75

6/25/75

7/30/75

8/27/75

14.0
14.2
13.2
12.2
12.0
12.1
11.7
12.2

17.0
14.5
12.6
12.2
12.4
11.8
12.5

11.2
9.4
9.6
10.3
9.9
11.0

6.5
7.6
8.9
8.9
10.3

8.0
9.6
9.3
10.9

10/1/75 10/29/75 11/26/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
6/25/75
7/30/75
8/27/75
10/ 1/75
10/29/75
11/26/75
12/31/75
1/28/76

8


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

11.8
10.5
12.3

10.7
13.0

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND
BILLIONS OF DOLLARS
230 ■
1
1
1970
DEC.

24
31
JAN. 7
14

~
_
225

—

1
26

DEPOSIT

COMPONENT

MONEY

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

STOCK
BILLIONS OF DOLLARS

1

BILLIONS
-

220.4
221.8
222.2
221.0

225
220 .4

-

*N

/V

y

rm~r

220

215

OF

VV

J

A,

220

-

215
-

210

210

’*111
4 It

DEC
1874

1111
1

1 1 1

llli

JJJLL HI. All.. I.I.II. m

IS » 12 » 12 it

JAN

FEB

MAR

APR

j .Li- .11..I.L
2 It SO IS 27 10 24 t 22

7 21

4 It

MAY

t U

JUN
JUL
1975

AUG

SEP

1.1.1, 1111

OCT

S It

NOV

111
a 17 ai M at it i
DEC
JAN FEB
1976

LATEST DATA PLOTTED WEEK ENDINSt JANUARY 28, 1970
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.0 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
1/29/75

4/30/75

0/25/75

7/30/75

S/27/75

7.6
6.4
6.3
5.5
4.3
5.0
3.8
3.6

10.0
9.1
7.1
5. 1
6.0
4.1
3.8

3.5
2.4
0.7
2.6
0.9
0.9

2.9
0.4
2.9
0.8
0.8

-2.1
2.0
-0.4
-0.1

10/1/75 10/29/75 11/20/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
6/25/75
7/30/75
S/27/75
10/ 1/75
10/29/75
11/20/75
12/31/75
1/2S/70


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

3.0
-0.7
-0.3

1.3
1.3

-3.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
96
94
92
90
86
86
84
82
80
78
76
74
72

4 15

1

15 29 12 26 12 26

9 25

7 21

4 16

MAY

JUN

1974

2 10 30 13 27 10 24

AUG

6 22

SEP

1975

5 19

5 17 51

14 26 11 25

JAN FEB
1976

LATEST DATA PLOTTED WEEK ENDING. JANUARY 28, 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
DEC.

3
10
17
24
31
JAN.
7
14
21
28
FEB.
4
11
18
25

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
83.5
83.6
83.5
83.4
83.3
81.6
79.4
77.9
76.4

82.6
62.6
82.9
82.9
82.8
81.9
79.9
78.7
77.3

. ------------ --------------------------

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10


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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
3.5 r-------- ------------ -----

BILLIONS OF DOLLARS
--------1--------- 1-------n 3.5
19IS.

MILLIONS

DEC. 31

4 18

DEC
1974

1

15 29 12 28 12 26 9 23

JAN

FEB

MAR

APR

7 21

MAY

4 18

JUN

2 16 50 15 27 10 24

JUL
1975

AUC

SEP

8 22 5 19

OCT

NOV

5 17 51 14 28 11 25

DEC

JAN

FEB
1976

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 4, 197B

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134
132
130
128
126
124
122
120
118
116
H 114
112

DEC. 24

110
108
4 18

1

15 29 12 26 12 26

FEB
1974

MAR

9 25

7 21

4 18

2 16 30 13 27 10 24

MAY

JUN
1975

AUG

SEP

6 22

.................. .....
5 19

3 17 31

14 26 11 25

0

JAN FEB
1976

LATEST DATA PLOTTED WEEK ENDING: JANUARY 28, 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

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ANNUAL RATES OF CHANGE,
FOLK WEEKS
’fi FROM THE FI
CREDIT
PROXY
ADJUSTED

550

520
Z SEP
Z AUG,
r jul.
V

.CREDIT PROXY AOJUSTED 1/.

510

I
500

. ~ sr—7^

Bjo®

CREDIT PROXY

490
CREDIT
CREDIT
ADJUSTED
460
506.1
507.0
505.2

• 20

4 It

119 n It M It N

9 13

T 21

4 It

LI 111!

t II 10 IB t7 10 24
AUC

J-LLU-iIt
t W
5

518.1
314.9
515.7
514.4
514.5
515.4

470

) If J1

14 21

SEP
1976

LATEST DATA PLOTTED WEEK ENDING* JANUARY 7,

1970

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED CO*CRCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

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Federal Reserve Bank of St. Louis