Full text of U.S. Financial Data : Week Ending January 1, 1969

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

, 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


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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


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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