Full text of U.S. Financial Data : Week Ending January 1, 1969
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, RESEARCH library of St. Louis u.s.WeekFinnnciRL data ending January 1, 1969 MIG 21 898 In the last three months the money stock (page 3) has advanced at a rapid 7.6 per cent annual rate. In the same period, the demand deposit component of money (page 11) has also risen at a 7.6 per cent rate. These rapid rates reflect partly the relatively low levels of these measures three months ago and marked rises in November. Since last July, money has increased at a 4.7 per cent rate and the demand deposit component at a 4 per cent rate. During the entire year of 1968 money grew 6.6 per cent, ^ftire than twice as fast as the 2.6 per cent trend rate m>m 1957 to 19671 The monetary base (page 2), which ^Bbgely determines the trend growth of money, has con tinued to rise at a rapid 7 per cent annual rate since September. Federal Reserve credit, as customarily defined and measured, increased little during the last three months (page 2). However, Federal Reserve credit ad justed to include "Other Federal Reserve Accounts" has ind^eased at a 7 per cent annual rate during the last three months. "Other Federal Reserve Accounts" consist pri marily of assets denominated in foreign currencies. Re cently the increase in thes.e holdings has been important in supplying reserve funds. Market interest rates (pages 8 and 9), which Wave increased since August, recently reached record high ^^vels. Yields on three-month Treasury bills averaged ^^T20 per cent this week compared with about 5 per cent in August. Yields on long-term Government securities were 5.72 per cent, up from about 5 per cent in August, and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis yields on highest grade corporate bonds averaged 6.55 per cent, compared with about 6 per cent in August. In mid-December the interest rate charged member banks on borrowings from Federal Reserve banks was raised from 5^ per cent to 5% per cent, a much smal ler rise than the recent increases in interest rates on most market securities. Market interest rates were al ready rising rapidly before the Federal Reserve discount rate was raised, and continued upward about as rapidly ^ afterward. Borrowings from Reserve banks (page 10) averaged $917 million during the last three weeks com pared with an average of $504 million from September through November. The increase in these borrowings is in part a reflection of the increase of market rates relative to the discount rate. The growth of these borrowings considered alone may contribute to monetary ease—not tightness—unless this influence is offset by fewer Federal Reserve purchases of goyemment securities than otherwise would have been. The outstanding volume of large negotiable certificates of deposit at large commercial banks (page 6) has declined since early December, partly because of seasonal run-offs and the inability of banks to offer competitive yields due to Regulation Q ceilings. Total time deposits at commercial banks averaged $204.6 billion during the week ending December 25 and show a 16 per cent annual rate of increase during the past three months. 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: January 3,1969 MONETARY BASE [L 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 Jan. 1, 1969 from four weeks ending: Monetary Base F.R. Credit 1957-1967 Monetary Base inetary iase F.R. Credit Federal Reserve Credit P -I I I I t \/ 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 Review of this bank. 2/ As defined in the statistical tables of the Federal Reserve Bulletin, adjusted for reserve requirement changes and shifts in deposits. Latest data preliminary Latest data plotted week ending: Jan. 1, 1969 6 20 Sept. 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 1 15 29 13 27 10 24 Jan. 7 21 6 20 Mar. 3 17 1 15 29 12 26 10 June 24 7 21 4 18 Sept. 2 16 30 13 27 11 25 8 22 Feb. 1969 Mar. MONE^TOCK* Averages of^roily Figures Billions of Dollars Seasona11y Ad us ted illions 205 204 Annual rates of change, average of 203 from four weeks ending: 202 June ['Mar. . Dec. 201 200 26, 1968 27, 1968 27, 1967 1957-1967 199 198 197 196 195 £-94 192 191 190 189 188 187 186 185 184 13-week centered moving average 183 Weekly ^k.82 ^^81 179 178 177 * Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. ' For trend of money stock by months see this bank's * monthly release entitled "Monetary Trends". 176 175, 0 Latest data preliminary Latest data plotted week ending: Dec. 25, 1968 6 20 4 18 Sept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 l l 1 I I 1 i i I 27 10 24 7 21 111! 1 LJ—L 6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 Sept. Prepared by Federal Reserve Bank of St. Iouis 2 MONEY STOCK PLUS TIME DEPOSITS* Averages of Daily Figures Seasonally Ad usted Billions of Dollars 4 Billions of Dollars Annual rates of change, average of four weeks ending Dec. 25, 1968 from four weeks ending: Sept. 25, 1968 -f /£ 0 June 26, 1968 //, 7 Mar. 27, 1968 y. 7 g Dec. 27, 1967 1957-1967 377 £ 20 4 Sept. 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 7 21 6 JfA.7 39A.O * Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of money stock plus time deposits by month^ see this bank's monthly release entitled "Monetary Trends". Latest data preliminary , Latest data plotted week ending: Dec. 25, 1968 6 ^ /3 20 3 17 1 15 29 12 26 June . 10 24 July 7 21 Aug. 4 18 2 Sept. 16 30 13 27 11 25 8 22 5 19 1968 Prepared by Federal Reserve Bank of St 5 19 2 BUSINE0LOANS Large Comi^ercia I Banks Billion* of Dollars 72 71 Billions of Dollars Wednesday Figures 73 73 Seasona lly ad usted by this bank. rr r Annual rates of change, average of four weeks ending Dec. 25, 1968 from four weeks ending: Sept. 25, 1968 -p//-8 June 26, 1968 -h/O.fc Mar. 27, 1968 + /$.0 Dec. 27, 1967 //. A_ j / - : L. 1960-1967 _ 1198 72 7 71 rr r _L L r . 70 69 - r- 70 "" -4-4- 69 k. Tl [ '68 1 1 68 / i_ _ \ T~ 67 67 j ~r -H-+ 66 MILLIONS OF DOLLARS -i—I—H IOJ-.3. 7 4— 70, *¥3 7o, 778 7 oJjjl. 30 h+> (' 73 6,9,686 7 o,/3 7 70,177 6? 826 30 709c? 16 -H- 69,9o3 69. 9<?3 7o 333 33 37 3^ * 7/ // 66 UNADJUSTED SEASONALLY. ADJUSTED - 6% 830 65 7010 7 7026 6 6k 7/ os~o 7/'./?? 77 2727/ i> 8A. 77,3 927/ 2 72— 76, 972 72 7 03 72,9U 73 oS8 P if, 978 63 p ; 62 62 . _4_ * Current and year ago unadjusted data appear in the Board's H.4.2 release. Seasonal adjustment computed by this bank using 1962 through 1967 data Latest data preliminary Latest data plotted: Dec. 25, 1968 6 20 Sept. 4 18 1 Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1967 TTTTTT 10 2k 7 15 29 13 27 Nov. Dec. Jan. 21 Feb. 6 20 Mar. 1 15 29 May 12 26 10 2k June July 1968 7 21 Aug. 111111 n 111 rm k m 1 m 11 f 111 18 216 30 13 271125 Sept. Oct. Nov. Dec. 8 22 Jan. 5 19 5 19 Feb. Mar. 1969 Prepared by Federal Reserve Bank of St. Louis 2 Apr. CERTIFICATES OF DEPOSIT J Large Commercial Banks Wednesday Figures Billions of Dollars Billions of Dollars Annual rates of change, seasonally unadjusted data, average of four weeks ending Dec. 25, 1968 from four weeks ending: Sent. 25. 1968 -U . 7 1964-1967 + n7 Millions of Dollars 7 0 d*" =3 /, 333 J=J, JJvSV? 34^99 =35 lc8 V- 23, 30.3 X3 Vo 7 35, .?£■/ J y 3cl& 3-y, 3JJ75 Current and year ago data appear in the Board's H.4.2. release 1/ Negotiable time certificates of deposit in denominations of $100,000 or more. Latest data preliminary Latest data plotted: Dec. 25, 1968 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis „ 12 26 10 24 June Jul} 1968 16 Sept . Oct. JO 13 27 Nov. Prepared by Federal Reserve Bank of Louis TIME All Commercial Banks Averages ofDaily Figures Seasonally Ad ‘ Billions of Dollars Billions of Dollars -Annual rates of change, average of four weeks ending Dec. 25, 1968 from four weeks ending: [Sept. 25, 1968 -/-/6.3 f June 26, 1968 +-/7 / ^Mar. 27, 1968 yL /£ 4 .-Dec. 27, 1967 // ? oua 9 nn Hl7 m/ A3 100.0 ■3C 400,*/ (, aoo. ? /3 =so/y 1957-1967 3 0 <?<?/. 7 ■3 7 303-9 v w.7 /) lo 1.1 /X Zc 1.9 ZfM>V.(,P * Current data appear in the Board's- H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of time deposits by months see this bank's monthly release entitled "Monetary Trends". . Latest data preliminary Latest data plotted week ending: Dec. 25, 1968 6 20 4 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 1967 29 13 27 10 24 7 21 6 20 3 IT 1 15 29 12 26 10 24 July June 1968 7 21 Aug 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 1969 Prepared by Federal Reserve Bank of St. Louis 2 T I s YIELDS ON SELECTED SECURITIES Per Cent Per Cent 3-MONTH TREAS. 3-5 BILL YEAR c*J~ y s'.!/ n ssi /f S*3i si J S-iJ Af S.+0 Si3 ~heo I ? s'./s' s-is s'.iS S,iS rsf '/■yjsii s.sr (,./(• /S S'SJ. SY3 Si7 Sis’ S’-33 S-i° t, 'i" 677 a°t S-.Y7 to SU /• // S-n S.ii SSL t.Lg 1-33 13 S.Sf <50 (,.03 S'.*)I (.OS’ S'.SS S<°( (iS S.dZ (13 .3*L-3c ‘-■/A. ^-7*. (STS' Deo ■ LONG- CORPORATE TERM 677 Corporate Aaa Bonds Three-Month Treasury Bill Market Yield Discount Rate ■ Long-Term ■Government Bonds’ Latest data plotted are averages of rates available for the week ending: Jan. 3, 1969 8 22 6 20 1 http://fraser.stlouisfed.org RATES AVAILABLE Federal Reserve*AVERAGES Bank of St. OF Louis 15 J__I 1 1 I I__L_1_J__I__I I i I I I__I__L 1. l I. 1 .1 _l—l._l—i l l t 29 12 26 9 23 8 22 5 19 3 17 31 14 28 12 26 9 23 tne July 6 20 4 18 1 15 29 13 27 10 24 7 21 7 21 Prepared by Federal Reserve Bank of St. Louis 9 SELECTED SHORT-TWM INTEREST RATES Averages of Daily Rates Ended Friday PRIME CIWMERCIAL PRIME PAPER BANKERS' 4-6-MONTH ACCEPTANCES Per Cent LARGE 90 DA? FEDERAL CD'S ** FUNDS 6.-IO Commercial Paper 4-to-6 Month Bankers' Acceptances— Discount Rate- - .Federal Funds Rate ____1 Latest data plotted are averages of rates available for the week ending: Jan. 3, 1969 8 22 3ept. 6 20 Oct. 3 17 Nov. l 15 29 Dec. 12 Ja; 9 23 8 22 5 19 3 17 31 14 28 June 6 1; July 20 it 18 I 15 29 13 27 10 24 7 21 7 21 Aug 1967 *AVERAGES OF RATES 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 by Federal Reserve Bank of St• Louis 10 BORROWINGS ANP EXCESS RESERVES All Member Banks in the Nation Averages of Daily Figures Millions of Dollars 2,000 Millions of Dollars 2,000 EXCESS RESERVES BORROWINGS 1,900 FREE RESERVES 1,900 WEEKLY DATA l,8oo 1,800 1,700 1,700 -338 i,6oo 1,500 yicrj k> / 7 A. /3 S3 7 AC A 7 y a AA? /FS ^'7 JV 1,500 -138 1,400 1,300 "Y// IS 33A- 1,100 AS 3?7 9an- ' 830 p 1,600 1318 -HZf P 1,200 1,100 BIWEEKLY SETTLEMENT PERIODS WEEKLY RESERVE PERIODS 1,000 1,000 Borrowings -1—1 Excess Reserves Net Free Reserves - - 1,000 1,100 - Latest data preliminary Latest data plotted week I I I 13 27 11 25 8 22 6 20 Sept. Oct. Nov. Dec. 1967 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Because of the change in Regulation D placing all member banks on a one-week reserve adjustment period, beginning with the week ending September 18, 1968 the above reserve data are reported on a one-week period. ending: Jan. 1, 1969 11 I 1 I 1 LU 3 17 31 14 28 13 27 10 24 Jan. Feb. Mar. Apr. 8 22 May 5 19 3 17 June July ^_i968 31 14 28 11 25 Aug. Sept. 9 23 Oct. 6 20 Nov. 4 18 Dec. 1 15 29 Jan. 12 26 12 26 Feb. Mar. 1969. ‘ Prepared by Federal Reserve Bank of St! lis - 1,000 - 1,100 9 Apr. DEMAND DEPOSIT COMP<^ENT OF MONEY STOCK* Ave rages o f Da ily Fig u res Seasonally Adjusted Billions of Dollars Billions of Dollars WEEKLY DATA 1968 ------Annual rates of change, average of —i—four weeks ending Dec. 25, 1968 ------from four weeks ending: ------Sept. 25, 1968 +7.< June 26, 1968 7 -5". ? —^Mar. 27, 1968 ■& 6 7 1957-1967 ~ CU« 7 0,i H ' _ tHU _ />+?■? _ a-?-* _! iwy iiJ-f ' // t*rf - /g A/ I9S-9 cj.* /+7-3 3 / V7 0 H / ft. I /*£.-!' j"5 iy/0 -■ -■ 4 /y ?.o >3 /r?.3 20 /yy.o ay -■ z _ /y?-y 13-week centered moving average Weekly * Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of demand deposits by months see this bank’s monthly release entitled ."Monetary Trends". ^ Latest data preliminary Latest data plotted week ending: Dec. 25, 1968 6 20 4 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 Jan. 7 21 6 20 3 1? 1 15 29 12 26 June 10 24 7 21 4 18 2 16 Oct. 30 13 27 11 25 8 22 5 19 5 19 Nov. Prepared by Federal Reserve Bank of St. Louis 2