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Week ending: February 9, 1972

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LIBRARY
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os

to


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

The nation's money stock, defined as demand
deposits and currency of the nonbank public, averaged
$229.1 billion in the four weeks ending February 2.
The money stock has risen at a 1.2 percent annual
rate in the last six months and at a slightly more
rapid 2.1 percent rate in the last three months
(page 5). By comparison, money rose at a trend
rate of 6.3 percent from late 1966 to July 1971.
Total time deposits have risen at a 14.5
percent annual rate in the last six months and at a
17.9 percent rate in the past three months (page 6).
Net time deposits, total time deposits less large
certificates of deposit at large commercial banks,
have increased at about the same rates as total
time deposits during the last six months (page 6).
Short-term market interest rates have con­
tinued to decline this year and are considerably below
their levels of early August. The Federal funds rate,
a key money market rate, averaged 3.25 percent in the
five days ending February 2, down from the 4 percent
level in late December and about 5.6 percent in August
(page 11). Yields on three-month Treasury bills
averaged 3.15 percent in the first half of this week,
down about 60 basis points from late December and
about 2 percentage points from August (page 10).
Long-term market interest rates are below
their levels in early August but have not continued
to decline in recent months as have short-term market
rates. Highest-grade corporate bond rates averaged
7.27 percent this week, about the same as the rate in
early December (page 10). The rate on long-term
Government securities averaged 5.71 percent this week,
up 13 basis points from early December (page 10).

Prepared by Federal Reserve Bank of St. Louis
Released: February 11, 1972

%

2

MONETARY BASE 1/
MULTIPLIERS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

I

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
— FEBRUARY 9, 1972 FROM THE FOUR WEEKS ENDING,
-

DEC.
NOV.
OCT.
----- SEP.
AUG.
_
JUL.
JUN.

8,
10,
6,
8,
11,
7,
9,

1971
1971
1971
1971
1971
1971
1971

8.7
7.9
5.8
5.34.9
6.3
5.8

MONETARY BASE

S1Z

MILLIONS.

111111111
LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 9,

1972
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5
RATIO
DEC.

2'
2.4

2 16 30 13 27

JAN

10 24 10 24

FEB

7 21

5 19

APR

MAY

2 16 30 14 26 11

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 2,

25

9 22

6 20

3 17

OCT

NOV

1

15 29 12 26

JAN

9 23

FEB

1972

1/ USES OF 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 TH£ BASE SEE THE AUGUST 1968 ••REVIEW" OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES 1/
ALL MEMBER BANKS

3

IN THE NATION

FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

34.0

34.0

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF _
THE FOUR WEEKS ENDING
FEBRUARY 9. 1972 FROM
THE FOUR WEEKS ENDING)

33.5

33.0

DEC

33.5

33.0

15.3

32.5
AUG.

32.5

RESERVES

11

32.0

32.0

31.5

31.5

31.0

31.0

1912.

BILLIONS

30.5

30.5

30.0

30.0

0

82
-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
___ THE FOUR WEEKS ENDING _
FEBRUARY 9. 1972 FROM
THE FOUR WEEKS ENDING)
DEC.
8, 1971
----- NOV. 10, 1971
OCT.
6, 1971
SEP.
8, 1971
“ AUG. 11, 1971

20.9
15.7
10.0
11.7
11.0

12.6

----- JUN

11.9

80

_

78
FEDERAL RESERVE CREDIT

~

76

74

1912.

72

MILLIONS

70

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

S It

APR

MAY

2 16 30 14 26 11

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 9,

JUL

25

6 22

AUG

6 20

5 17

OCT

NOV

1

15 20 12 26

JAN

0 23

FEB

1972

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS. FLOAT AND "OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IH REQUIREMENTS DUE TO SHIFTS IN DEP&SITS AMONG
CLASSES OF BANKS,


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

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
180

BILLIONS
1/5.9

175

1/6.5
1/6.9

170

165

160

2 16 30 13 27

10 24 10 24

7 21

5 19

APR

MAY

1970

2 16 30 H 28 11

25

1-LL1

8 22

6 20

3 17

OCT

NOV

1

15 29 12 *6

1971

LATEST DATA PLOTTED WEEK END I NOi FEBRUARY 2,

9 23

JAN
FEB
1972

1972

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

COMPOUNDED ANNUAL RATES OF CHANGE ,
2/3/71

6/2/71

6/30/71

9.0
6.9
3.9
3.2
2.2
2.0
2.5

6.5
2.8
2.2
1.2
1.2
1.8

AVERAGE OF FOUR WEEKS ENDING*

8/4/71

9/1/71

-1.5
-0.7
-1.2
-0.7
0.3

-2.0
-2.2
-1.3
0.0

9/29/71

11/3/71

12/1/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
6/30/71
8/ 4/71
9/ 1/71
9/29/71
11/ 3/71
12/ 1/71
1/ 5/72
2/ 2/72


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

12.7
12. 1
10.8
8.8
7.7
6.7
6. 1
6. 1

-1.0
-0.2
1.2

-0.7
1.4

3.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF PAILY f ' G JHtES
SEASON*-.. < AD-JJSTED

BILLIONS OF DOLLARS
-------------------- ----------- 235

228.5
228.5
229.0
229.2
229.8

2 ie M IJ 27 10 24 10 24
JAN
FEB

7 21

APR

5 19
MAY

2 16 30 14 28 11

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 2,

25

6/30/71

9.4
7.1
4.7
3.9
2.9
2.9
3.3

6.8
3.8
3. 1
2.0
2. 1
2.7

3 17

1

13 29 12 26 9 23
JAN
FEB

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
6/2/71

6 20

;972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

2/3/71

« 22

AVERAGE OF FOUR WEEKS ENDING.

8/4/71

9/1/71

-0.3
0.4
-0.4
0.3
1.2

-0.5
-1.2
-0. 1
1.0

9/29/71

11/3/71

12/1/71

-0.5
0.7
1.9

0.3
2. 1

4.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
6/30/71
8/ 4/71
9/ 1/71
9/29/71
11/ 3/71
12/ 1/71
1/ 5/72
2/ 2/72


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

11.9
1 1.6
10.4
8.7
7.7
6.7
6.3
6.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

270

260

TOTAL TIME DEPOSITS
2S0

240

230

NET TIME DEPOSITS*

220

-

210

200

2 1« 30 15 27 10 24 10 24

JAN

FEB

7 21

5 19

APR

MAY

1970

2 16 30 H 28 11

25

8 22

6 20

• 17

OCT

NOV

1

19 t« 12 26

1971

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 2,

9 23

JAN
FEB
1972

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIMEDEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME
_____OF __
___
IME C________
CERTIFICATES
DEPOSIT
ISSUED IN
DENOMINATIONS OF 9100.000 OR MORE BY LARGEWEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
2/3/71

6/2/71

21.3
17.8
15.7
14.9
14.7
14.9
15.4
15.9

7.5
6.0
6.7
8.2
9.4
11.1
12.4

6/30/71

AVERAGE OF FOUR WEEKS END 1NGi

8/4/71

9/1/71

5.9
8.8
10.5
12.7
14. 1

1 1.5
12.9
15.0
16.3

9/29/71

11/3/71

12/1/71

14.8
16.7
17.9

18.6
19.7

21.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
6/30/71
8/ 4/71
9/ 1/71
9/29/71
11/ 3/71
12/ 1/71
1/ 5/72
2/ 2/72


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

3.6
5.3
7.5
9.0
11.1
12.4

PRFPARFD BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
A/FRAGES OF DAILY FIGURES
SFASONALlY AD <UStED

3I -U0NS OF DOLLARS
31:0 t=---------- .----------- ,

BILL!ONS OF DOLLARS

------- --------- -------=, 510

MONFY STOCK PLUS 'OTAL TIME DFP0S1TS “

MONEY STOCK PLUS NET TIME DEPOSITS**

2 16 30 13 27 10 24 10 24
JAN
FEB

7 21
APR

9 10
MAY

2 16 90 14 2S 11 23

LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 2,

8 22

6 20

9 <7

OCT

NOV

I

13 20 12 26 9 23
JAN
FEB

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
*86 M* IS DEFINED ASi CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE fl).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING.
2/3/71

6/2/71

6/30/71

8/4/71

9/1/71

9/29/71

11/3/71

12/1/71

8.3
6.5
5.6
6. 1
6. 1
7.0
7.8

5. 1
4.4
5.3
5.5
6.6
7.5

2.8
4.6
5.0
6.5
7.6

5.5
5.8
7.4
8.5

7.0
8.7
9.8

9.3
10.7

12.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
6/30/71
6/ 4/71
9/ 1/71
9/29/71
11/ 3/71
12/ 1/71
1/ 5/72
2/ 2/72


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

16.5
1 4.6
12.9
11.7
11.2
10.7
10.8
11.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

2 16 30 13 27 10 Z4 10 24

JAN

7 21

APR

FEB

5 19
MAY

2 16 90 H 28 II

25

« 22

BILLIONS OF DOLLARS

6 20

5 IT

OCT

NOV

1

19 29 12 26

JAN

9 25

FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 2. 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF S100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BAMCS.


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

MONEY AND TIME DEPOSIT DATA

1972
DEC.

JAN.

FEB.

1
8
15
22
29
5
12
19
26
2
9
16
23

CERTIFICATES
OF DEPOSIT

BILLIONS
MET TIME
DEPOSITS m

32.6
33.2
33.0
33.6
34.0
33.2
33.2
33.2
33.3
33.4

234.5
234.7
236. 1
236.4
238. 1
240.0
240.7
240.9
241.4
242.4

MZ ME
462.1
463.3
483.6
464.2
467.0
468.2
469.2
469.8
470.6
472.2

WWHHM&Y
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
375

365

355
CREDIT PROXY ADJUSTED 1/
345

335

CREDIT PROXY

325

315

2 16 90 IS IT IQ M 10 24

T 21

S 10

APR

MAY

2 16 90 14 26 11 28

LATEST DATA PLOTTED SEEK END INCi FEBRUARY 2,

JUL

6 22

AUG

6 20

9 17

OCT

NOV

1

IS 20 12 26

JAN

6 29

FEB

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

BANK-RELATED COMMERCt
JIAL PAPER, EURODOLLAR BORROWINGS OF
NONDEPOSIT SOURCES.

1972

DEC.
JAN.

BILLIONS

29
5
12

19
FEB.


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

26
2

CREDIT
PROXY

CREDIT
PROXY
ADJUSTED

360.0
361.7
360.9
362.2
362.6
362.4

363.7
365.2
364.8
366.4
366.6
366.1

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS EM) ING
FEBRUARY 2. 1972 FROM THE FOUR
WEEKS ENDINGi
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
DEC.
NOV.
SEP.
SEP.
AUG.
JUN.
JUN.

1,
3,
29,
1,
4,
30,
2,

1971
1971
1971
1971
1971
1971
1971

15.3
13. B
10.8
9.9
10.9
10.5

9.6

12.5
12.5
10.7
9.9
10.5
10.2
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES FNDED FRIDAY

PERCENT
8.5

PERCENT

-----

------

CORPORATE AAA BONDS

Cl PAL
ONDSJKK
MMERC

DISCOUNT RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

4 16

DEC
1970

1

IS 2S 12 26 12 26 9 23

JAN

FEB

MAR

APR

7 21

MAY

1.1 I I .1.11
1 I 5I I19I I 3I I 17I I31I I14I I26 J-Li
6 22
II 29

3 16

JUN

2 16 30 13 27 10 24

JUL
1971

AUG

SEP

OCT

NOV

DEC

JAN
FEB
1972

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING! FEBRUARY 11.

1972
DEC.

JAN.

FEB.

3
10
17
24
31
7
14
21
28
4
1 1 X
18
25

1972

CORPORATE

Aaa bonds

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS3M

7.28
7.27
7.24
7.23
7.22
7.19
7.17
7. 16
7.22
7.25
7.27

4.28
4.11
4.04
4.02
3.73
3.59
3.16
3.31
3.46
3.35
3.15

5.52
5.48
5.45
5.43
5.27
5.31
5.20
5.32
5.47
5.55
5.53

5.58
5.59
5.63
5.68
5.60
5.61
5.57
5.61
5.67
5.70
5.71

5.44
5.23
5.21
5.13
5.02
5.03
4.99
5. 17
5.29
5.35
N.A.

* AVERAGES OF RATES AVAILABLE.
366 BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8.5

11
SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES FNDED FRIDAY

PERCENT

rp T T I

M ill

I'TTTT

PFH'.ENT

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

1 1*

1

19 28 12 26 12 26
FEB
MAR

i.l J I

9 23

7 21
MAY

1 18
JUN

2 16 30 13 27 10 24

8 22

5 19

3 17 31

14 28 11 29
JAN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. FEBRUARY 11,


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

1972
DEC.

JAN.

FEB.

3
10
17
24
31
7
14
21
28
4
1 1 X
18
25

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S 901

4.88
4.88
4.75
4.75
4,48
4.38
4.10
3.98
3.88
3.98
4.00

4.33
4.63
3,93
3.70
4.00
3.85
3.55
3.53
3.33
3.20
3.25

4.75
4.58
4.50
4.40
4. 18
4. 10
3.88
3.88
3.85
3.75
3.50

4.89
4.84
4.75
4.66
4.58
4.34
4. 10
4.02
3.97
3.82
3.67

FEB
1972

* AVERAGES OF RATES AVAILABLE, FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
98* DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r-

12
BORROWINGS AND EXCESS RESERVES

ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

EXCESS RESERVES

BILLIONS OF DOLLARS

T

-0.4

NET FREE RESERVES

? 16 SO 15 2T 10 *4 10 *4

JAN

FEB

T 21

9 10

APR

MAY

2 16 90 14 tt II IS

JUL

1970

# 22

6 20

5 IT

OCT

NOV

197J

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 9,


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

AUG

I

19 » 12 tt

JAN

0 29

FEB

1972

1972

MILLIONS
1972
DEC.

JAN.

FEB.

1
8
15
22
29
5
12
19
26
2
9
16
23

rIserves

BORROWINGS

-

590
M3
204
29
314
312
105
279
239
264
80

705
59
25
141
216
57
17
13
13
18
43

RESERVES
-

115
84
179
170
98
255
88
266
226
246
37

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS