Full text of U.S. Financial Data : Week Ending: February 8, 1978
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jSSjUgi &. /^//v>a tvajek l. ax\ ta Week ending: February 8r 1978 LIBRARY DEC 2.6 1979 About one month ago, on January 6 of this year, the Board of Governors announced that Federal Reserve Banks would raise their discount rates from 6 percent to 6.50 percent. Interest rates on U.S. Government securities rose sharply in the following week. From the week ending January 6 to the week ending January 13, interest rates rose 40 basis points on threemonth Treasury bills, 37 basis points on one-year Treasury bills, 26 basis points on 3-5 year Treasury securities, and 14 basis points on long-term Treasury securities. Since the week following the rise in the discount rate, interest rates have declined on short and intermediate term U.S. Government securities, reversing part of the initial increases. From the average of the week ending January 13 to the average of rates available in the most recent week, interest rates have declined 15 basis points on three-month Treasury bills, 10 basis points on one-year Treasury bills, and 8 basis points on 3-5 year Treasury securities. However, on balance, these interest rates currently remain above rates that prevailed during the week ending January 6. Interest rates on 90-day certificates of deposit and 4-6 month prime commercial paper have followed a pattern since January 6 similar to the pattern of rates on short and intermediate term U.S. Government securities — rising first and then declining, but by less than the initial rise. In contrast to the behavior of short-term rates, long-term interest rates have continued to rise in recent weeks. Interest rates on long-term Treasury securities and Corporate Aaa bonds have been rising steadily since mid-September of last year. This increase has been most pronounced since the end of November. From the average of the week ending November 25 to the average of rates available in the most recent week, interest rates have risen 43 basis points on long-term Treasury securities and 38 basis points on Corporate Aaa bonds. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Due to the effects of the snow storm in the Northeast, data for this release were not available at the regular time; therefore, this release was mailed on Monday instead of Friday. Prepared by Federal Reserve Bank of St. Louis Released: February 10, 1978 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 134 BILLIONS __ JAN. 131.0 130.9 132.0 131 .9 132.2 132.7 132 130 128 126 124 122 120 118 1 15 29 12 26 9 23 JAN FEB 6 23 6 20 APR 4 18 MAY 1 15 29 13 27 10 24 7 21 5 19 2 16 30 M 28 11 25 8 22 DEC JAN FEB LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978 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 ), ADJUSTED 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, AVERAGE OF FOUR WEEKS ENDING: 9/7/77 10/5/77 11/9/77 12/7/77 5/11/77 7/6/77 8/10/77 2/9/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 7/ 6/77 8/10/77 9/ 7/77 10/ 5/77 11/ 9/77 12/ 7/77 1/11/78 2/ 8/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.0 9.0 8.3 8.9 9. 1 8.7 8.9 9.6 9.4 8.2 9. 1 9.3 8.7 9. 1 10.0 9.2 10.3 10.3 9.4 9.7 10.7 8.6 9.2 8.2 8.9 10.3 1 1 .5 9.5 9.9 11.4 8.0 9.0 11.0 8.4 11.3 14.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER^ ADJUSTED FEDERAL RESERVE CREDIT 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO 3.0 MULT ratio DEC. 28 .578 2.551 2.539 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 1, 1978 BILLIONS OF DOLLARS 116 ------,---- ,-- BILLIONS OF DOLLARS --- ---------- 116 COMPOUNDED ANNUAL RATES -- OF CHANGE, AVERAGE OF _ the four Weeks ending FEBRUARY 8, 1978 FROM -- THE FOUR WEEKS ENDING: - DEC. 7, 1977 16.8 __ NOV. 9, 1977 14.2 OCT. 5, 1977 13.3 _ SEP. 7, 1977 14.0 ' ‘ 12.4 12.0 _ FEB. 11.3 ADJUSTED FEDERAL RESERVE CREDIT 1978 BILLIONS i-Ll 1 I I I I DEC 1976 JAN FEB MAR APR MAY JUN JUL ,977 AUG SEP OCT 16 30 14 28 M 25 DEC JAN 8 22 FEB LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978 1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. " wusmmmmam 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 320 815 BILLIONS, DEC. 28 810 806.9 813.1 810.7 812.0 812.8 811.6 805 800 795 790 785 780 775 770 765 760 755 750 -Ej 745 740 735 730 1 15 28 12 26 JAN 9 23 9 23 6 20 APR FEB 4 18 1 15 28 13 27 10 24 7 21 SEP MAY 5 18 2 16 30 14 28 11 25 OCT DEC JAN 8 22 FEB LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 1, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi 8/3/77 8/31/77 9/28/77 11/2/77 11/30/77 5/4/77 6/29/77 2/2/77 TO THE AVERAGE OF FOUR WEEKS ENDINGi 6/29/77 8/ 3/77 8/31/77 9/28/77 11/ 2/77 11/30/77 1/ 4/78 2/ 1/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 8.8 10.5 9.7 9.6 9.5 9.1 8.9 8.7 10.8 9.4 9.2 9.2 8.6 8.4 8.2 11.7 10.8 10.3 9.4 8.9 8.6 6.8 7.7 7. 1 7.0 7.0 8.9 7.7 7.5 7.4 7.3 7.1 7.0 6.1 6.3 6.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 MONEY STOCK ( Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars 345 340.2 336.6 337.2 340 335.7 335 330 325 320 315 310 1 15 29 12 28 9 23 DEC JAN 1976 FEB 9 23 8 20 MAR APR 4 18 MAY 1 13 29 13 27 10 24 JUN JUL 1977 AUG 7 21 5 19 2 16 30 14 28 11 25 SEP OCT NOV DEC JAN 8 22 FEB 1978 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 1, 1978 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: 2/2/77 5/4/77 6/29/77 8/3/77 8/31/77 9/28/77 11/2/77 11/30/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/29/77 8/ 3/77 8/31/77 9/28/77 11/ 2/77 11/30/77 1/ 4/78 2/ 1/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.5 9.0 8.1 8.3 8.5 7.6 7.8 7.3 8.6 7.2 7.6 8.0 6.8 7.3 6.7 12. 1 11.1 10.8 8.6 8.9 7.9 5.9 7.4 5.4 6.5 5.7 9.5 6.2 7.3 6.2 5.0 6.8 5.6 5.1 4.0 6.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 10.0 9.5 9.0 8.5 CORPORATE Aaa BONOS 8.0 7.5 7.0 PRIME BANK LOAN RATE 6.5 MUNI Cl PAL 6.0 5.5 COMMERCIAL PAPER 5.0 4.5 4.0 3 17 31 14 28 11 25 II 25 JAN FEB 8 22 MAR 6 20 3 17 MAY 9 23 7 21 4 18 2 16 30 13 27 10 24 OCT I 15 29 12 26 JUN NOV JAN FEB LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 10, 1978 1978 DEC. 2 9 16 23 30 6 JAN. 13 20 27 FEB. 3 10 X 17 24 90 DAY CD' S S8BK PRIME COMMERC1AL PAPER 4-6 MONTH PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDS ae* 6.62 6.63 6.72 6.72 6.78 6.77 6.88 7.06 6.97 6.90 6.88 6.57 6.60 6,64 6.68 6.68 6.69 6.77 6.85 6.83 6.81 6.79 6.46 6.55 6.57 6.65 6.71 6.71 6.98 6.89 6.85 6.82 6.80 8.08 8.13 8.18 8.23 8.28 8.30 8.40 8.44 8.46 8.46 8.45 5.47 5.54 5.55 5.55 5.66 5.64 5.75 5.74 5.70 5.63 N.A. * AVERAGES OF RATES AVAILABLE. „ ___ „ ** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. „ #** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOfc 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 6 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 PERCENT - 8.0 8.0 -- 3-5 YEAR TREASURY SECURITIES FEDERAL FUNDS RATE N__ f DISCOUNT RATE THREE-MONTH TREASURY BILL MARKET YIELD 3 17 31 DEC 1976 14 28 JAN 11 FEB 25 11 25 MAR 8 22 APR 6 20 MAY 3 17 JUN 1 15 29 JUL 1977 12 26 AUG 9 23 SEP 7 21 ■4 OCT NOV 18 2 16 30 DEC 13 27 10 24 JAN FEB 1978 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 10, 1978 1978 DEC. 2 9 16 23 30 JAN. 6 13 20 27 FEB. 3 10 * 17 24 FEDERAL FUNDS ** 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 6.55 6.51 6.49 6.54 6.65 6.69 6.58 6.78 6.72 6.80 6.75 6.04 6.07 6.03 6.03 6. 16 6.20 6.60 6.48 6.44 6.42 6.45 6.49 6.52 6.50 6.53 6.57 6.57 6.94 6.84 6.82 6.80 6.84 7.29 7.36 7.38 7.43 7.51 7.52 7.78 7.75 7.74 7.68 7.70 7.66 7.72 7.75 7.81 7.88 7.91 8.05 8.04 8.05 8.05 8.08 * AVERAGES OF RATES AVAILABLE. 5BR 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 TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. TREASURY BILL YIELDS ON DISCOUNT BASIS. PREPARED BY FEDERAL. RESERVE BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J I NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 480 BILLIONS DEC. 28 475 471.3 472.9 474. 1 474.8 470 465 460 455 450 445 440 435 430 425 420 415 1 15 29 12 26 JAN 9 23 9 23 6 20 1 IB APR FEB 1 15 29 13 27 10 24 7 21 5 10 MAY 2 16 30 14 28 11 25 DEC 8 22 FEB 1 Q7R 1977 1976 JAN LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY I, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. K NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi 8/3/77 8/31/77 9/28/77 11/2/77 11/30/77 5/4/77 6/29/77 2/2/77 TO THE AVERAGE OF FOUR WEEKS ENDINGi 6/29/77 8/ 3/77 8/31/77 9/28/77 11/ 2/77 11/30/77 1/ 4/78 2/ 1/78 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.5 1 1.5 10.9 10.6 10.3 10.3 9.6 9.7 12.3 1 1.0 10.5 10.1 10.0 9.2 9.3 11.7 10.6 10.0 10.0 8.9 9. 1 7.5 7.8 8.3 7.4 7.8 8.3 8.8 7.6 8.0 9. 1 7.4 8.0 6.9 7.9 7.0 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 255 BILLIONS 246.9 251 .5 247.9 250 247.8 246. t 245 240 235 230 1 15 29 12 26 JAN 9 23 9 23 6 20 4 18 APR FEB MAY 1976 I 15 29 13 2T 10 24 7 21 S 19 SEP OCT 2 ia 30 14 26 II 23 DEC 1977 6 22 JAN FEB 1978 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 1, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOS1T COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 2/2/77 5/4/77 6/29/77 8/3/77 8/31/77 9/28/77 5.9 8.9 7.8 7.8 8.1 6.9 7.2 6.5 8. 1 6.4 6.7 7.3 5.7 6.4 5.5 12.5 1 1.0 10.7 7.8 8.3 7.0 4.4 6.4 3.8 5.3 4.3 8.9 4.7 6.3 4.8 3.4 5.9 4.2 11/2/77 11/30/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/29/77 8/ 3/77 8/31/77 9/28/77 11/ 2/77 11/30/77 1/ 4/78 2/ 1/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.8 2.1 5.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 CURRENCY COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 92 BILLIONS 88.7 88.7 89.2 89.6 89.7 90 88 86 84 82 80 1 IS 29 12 26 JAN 9 23 9 23 6 20 4 IS APR FEB MAY 1976 I 15 29 IS 27 10 24 7 21 5 19 2 16 SO 14 28 11 25 DEC 1977 8 22 JAN FEB 1978 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 1, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. CURRENCY COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 2/2/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/29/77 8/ 3/77 8/31/77 9/28/77 11/ 2/77 11/30/77 1/ 4/78 2/ 1/78 10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.7 9.6 9.3 9.8 9.8 9.7 9.6 9.8 5/4/77 10.0 9.5 10.1 10.1 10.0 9.8 10.1 6/29/77 10.8 11.4 1 1.0 10.7 10.3 10.6 8/3/77 10.4 10.2 10.0 9.7 10. 1 8/31/77 9/28/77 11.3 10.7 10. 1 10.5 9.7 9.3 10.0 11/2/77 11/30/77 8.9 10.0 10.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS 1978 BILLIONS OF DOLLARS --- --------- 2.5 M. LLIONS 1 15 29 12 26 DEC 1976 IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 2.5 ------1---- 1-- JAN 9 23 9 23 FEB MAR 6 20 4 18 1 15 29 13 27 10 24 APR JUN MAY JUL 1977 AUG 7 21 SEP 5 19 2 16 30 14 28 11 25 OCT NOV DEC JAN 8 22 FEB 1978 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1978 BUSINESS LOANS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 128 126 124 — 122 120 118 116 114 112 110 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF — THE FOUR WEEKS ENDING ' — FEBRUARY 1, 1978 FROM — THE FOUR WEEKS ENDINGi . 108 MILLIONS 106 DEC. 28 — AUG. 31 104 1977 102 100 I. I 1 I I I I 1 15 29 12 26 JAN I I I I I I 1 I 9 23 FEB 9 23 6 20 4 18 APR MAY 1 15 29 13 27 10 24 7 21 5 19 SEP OCT 2 16 30 14 28 II 25 JAN 8 22 FEB 1976 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 1, 1978 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS OF DOLLARS SO billions 78 JAN. 77.3 76.6 76.0 76.0 76.3 76 74 72 70 66 66 62 60 1 IS 29 12 2t 9 23 6 20 4 19 APR I 976 9 23 MAY 1 15 29 13 27 10 24 7 21 3 19 2 16 30 14 28 11 25 DEC 1 977 B 22 JAN FEB 1978 LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY I, 1978 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 COHMERCIAL BANKS. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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