Full text of U.S. Financial Data : Week Ending: January 1, 1975
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Week ending: January 1, 1975
Library
JUN 0 8 1979
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Federal Reserve Bank of St. Louis
The monetary base has risen 8.5 percent in
the past year. Growth of the base in the first half of
the year was similar to the rate recorded on balance
for the last half. After slowing temporarily in the
third quarter, growth of the base has accelerated. The
base grew at a 5.5 percent annual rate from mid-June to
mid-September and since mid-September has risen at
about a 12 percent rate.
The money stock has increased 4.7 percent in
the past year, rising at about a 6 percent annual rate
in the first half and at a 3.3 percent rate in the
second half. The rate of growth for the last six
months is the result of very little change from
mid-June through early October and then a 5.7 percent
rate of increase since mid-October.
Net time deposits at commercial banks (time
deposits other than large negotiable certificates of
deposit) have risen about 10 percent in the past year.
As with the money stock, the growth rate in the first
six months exceeded that in the last six months.
Consequently, the money stock plus net time deposits
(M2) also shows deceleration from the first half to the
last half of the year. M2 has risen 7.5 percent in the
past year; it rose at about a 9 percent rate in the
first six months and at about a 6 percent rate in the
last six months.
The outstanding volume of large negotiable
certificates of deposit (CDs) at commercial banks, on a
not seasonally adjusted basis, rose from an average of
$63.9 billion in the four weeks ended December 26, 1973
to an average of $89.7 billion in the latest four
weeks. Most of the rise came in the period from early
April through late August. From September to late
November, large CDs declined on balance, but the rise
in December has been greater than that decline,
bringing the outstanding volume to $91.6 billion in the
week ended December 25, 1974.
Prepared by Federal Reserve Bank of St. Louis
Released: January 3, 1975
MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
116
MILLIONS
— DEC
114
112
110
106
106
104
102
7 21
5 19
NOV
DEC
2 18 30 13 27 13 27 10 24
8 22
5 IB
3 17 31
14 28 11 25
B 23
OCT
1973
6 20
4 18
NOV
DEC
1
1974
15 2B
1975
LATEST DATA PLOTTED WEEK ENDiNGi JANUARY 1, 1975
THE MONETARY BASE CONSISTS OF MEMBER BANK DEPOSITS AT THE FEDERAL RESERVE AND CURRENCY IN
CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. THE MAJOR SOURCES OF THE MONETARY
BASE ARE FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DE
TAILED DESCRIPTION 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 ENDINGi
1/2/74
4/3/74
5/29/74
7/3/74
7/31/74
9/4/74
10/2/74 10/30/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING!
5/29/74
7/ 3/74
7/31/74
9/ 4/74
10/ 2/74
10/30/74
12/ 4/74
1/ 1/75
2
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Federal Reserve Bank of St. Louis
8.8
8.3
8.3
7.7
7.4
7.6
8.2
8.5
8.0
8. 1
7.2
6.8
7.1
8. 1
8.4
7.3
6.1
5.7
6.4
7.8
8.2
6. 1
5.5
6.5
8.2
8.7
4.2
5.9
8. 1
8.6
7.0
9.7
10.0
12.2
11.9
12.8
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
MULTIPLIERi/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
ratio
RATIO
MULTIPLIER
1974
MOV.
BAT IQ
DEC
2.529
.496
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 25, 1974
BILLIONS OF DOLLARS
102 --------- ,---------- 1--------
BILLIONS OF DOLLARS
---- -------- ----------
102
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JANUARY 1. 1975 FROM
THE FOUR WEEKS ENDING:
OCT. 30,
OCT.
2,
SEP.
4,
JUL. 31,
JUL.
3,
APR.
3,
JAN.
2,
1974
1974
1974
1974
1974
1974
1974
18.4
7.6
8.7
9.0
9.5
10.0
9.4
FEDERAL RESERVE CREDIT
1975
OV. 27
11
18
25
NOV
11
DEC
FEB
MAR
APR
AUG
1973
SEP
25
S 23
MILLIONS
98,066
9
98
99
6 20
NOV
1 13 28
DEC
1975
LATEST DATA PLOTTED WEEK ENDING: JANUARY 1, 1975
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS
claIseI
0FQbJ^ksENT
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
float a Kin •■othcp-* accctc
datS!G!reAseaso!SEly adjusted^by^th?s°bank? SH,FTS IN dep6sits
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
3
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
225
BlJ.Llfi.NS
216. 1
216.0
218.2
216.6
215.6
215.3
220
215
210
205
7 21
5 10
2 16 90 13 27 13 27 10 24
NOV
DEC
1973
FEB
MAR
6 22
5 10
3 17 31
APR
14 26 11
AUG
25
0 23
SEP
6 20
4 16
NOV
DEC
197A
1
15 20
1975
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 25, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
12/26/73
3/27/74
5/22/74
6/26/74
7/24/74
8/28/74
6.0
5. 1
3.8
2.9
2.7
2.7
2.8
6.7
4.1
2.6
2.5
2.5
2.7
0.8
-0.2
0.3
0.9
1.3
-1.3
-0.4
0.5
1. 1
-0.3
0.9
1.6
9/25/74 10/23/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
5/22/74
6/26/74
7/24/74
8/26/74
9/25/74
10/23/74
11/27/74
12/25/74
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3.7
4.9
4.6
3.8
3.2
3.1
3.0
3. 1
2.4
2.8
3.3
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILL I QMS OF DOLLARS
BILLIONS OF DOLLARS
BILLIONS
283.2
283.4
286.0
284.3
283.0
7 21
5 10
NOV
DEC
2 16 SO 13 27 IS 27 10 24
FEB
MAR
* 22
3 18
S 17 31
14 26 11
25
9 23
APR
6 20
4 16
NOV
DEC
1
15 29
LATEST DATA PLOTTED WEEK ENDING: DECEMBER 25, 1974
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.
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
12/26/73
3/27/74
5/22/74
6/26/74
7/24/74
8/28/74
5.5
6.1
5.6
5. 1
4.6
4.5
4.6
4.7
6.7
5.7
4.9
4.1
4.1
4.3
4.4
6.0
4.6
3.6
3.6
4.0
4.2
2.3
1 .6
2.1
2.9
3.3
1.2
2.0
3.0
3.5
1.9
3.3
3.9
9/25/74 10/23/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/22/74
6/26/74
7/24/74
8/28/74
9/25/74
10/23/74
11/27/74
12/25/74
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4.8
5.1
5.7
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
5
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY
PERCENT
PERCENT
13.5
13.5
13.0
90 DAY CD'S
12.5
12.0
12.0
11.5
11.0
10.5
COMMERCIAL PATER
RIME BANK
OAN RATE
10.0
9.5
9.0
8.5
CORPORATE
BONDS
8.0
7.5
7.0
6.5
6.0
5.5
5.0
-
5.0
MUNICIPAL
4.5
2 10 30 14 21 11 25 « 22
JAN
FEB
• 22
5 19
9 IT 91 14 2« 12 26
JUN
JUL
9 29
6 20
SEP
4 19
OCT
1 15 29 19 27 10 24
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 3, 1975
1975
NOV.
1
8
15
22
29
DEC.
6
13
20
27
JAN.
3 X
10
17
24
31
90 DAY
CD’SHMK
PRIME
COMMERCIAL
PAPER
4-6 MONTH
PRIME
BANKERS’
ACCEPTANCES
CORPORATE
Aaa bonds
MUNICIPAL
BONDS mt
9.15
9.16
9.05
8.75
9.28
9.53
9.03
9.17
9.20
9.36
8.83
8.86
8.81
8.73
8.81
9.05
8.78
9.00
9.06
9.07
8.95
8.83
8.94
9.00
9.41
9.55
9.03
9.03
9.16
9.19
9.09
8.99
8.89
8.84
8.85
8.91
8.87
8.85
8.91
N.A.
6.65
6.66
6.55
6.53
6.71
6.89
7.15
7.08
7.08
N.A.
* AVERAGES OF RATES AVAILABLE.
9BK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
mm SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
0
SELECTED SHORT-TERM
INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY
PERCENT
PERCENT
14.0
FEDERAL FUNDS RATE
“BILL
TTTT
DISCOUNT RATE
2 16 30 14 21 11 23
JAN
« 22
• 22
5 1*
FEB
3 17 5t
M 21 12 il
JUN
8 23
• 20
4 It
latest data plotted are averages of rates available for the week ending*
1975
NOV.
DEC.
JAN.
1
8
15
22
29
6
13
20
27
3 X
10
17
24
31
1
13 29 13 27 10 24
JUL
January 3, 197s
FEDERAL
FUNDSMK
3-MONTH
TREASURY
BILLS
3-5 YEAR
GOVERNMENT
SECURITIES
LONG-TERM
GOVERNMENT
SECURITIES
9.72
9.63
9.37
9.34
9.46
9.02
8.86
8.72
8.45
7.35
7.95
7.66
7.26
7.46
7.45
7.44
7.24
6.92
7.01
7.09
7.98
7.83
7.67
7.53
7.50
7.46
7.16
7.06
7.17
7.24
7.12
7.04
6.92
6.87
6.88
6.89
6.75
6.70
6.77
6.76
* AVERAGES OF RATES AVAILABLE.
SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
7
TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
430
420
410
TOTAL TIME DEPOSITS
400
390
380
370
360
350
340
330
320
NET TIME DEPOSITS*
310
300
290
I I I I
5 19
2 16 30 13 27 13 27 10 24
NOV
DEC
1973
FEB
MAR
6 22
5 19
3 17 31
25
14 26 1
AUG
APR
9 23
SEP
e 20
4 16
NOV
DEC
1974
1
13 29
1975
LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 25, 1974
CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS’ H.6 RELEASE.
* 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 6100,000 OR MORE BV LARGE WEEKLY REPORTING COMMERCIAL BANKS.
NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING)
12/26/73
3/27/74
5/22/74
6/26/74
7/24/74
8/28/74
11.3
11.3
10.9
10.6
10.1
10. 1
10.5
9.9
8.9
8.8
8.8
8.3
8.6
9.3
8.7
10.0
9.6
8.6
9.0
9.8
9.0
8.7
7.7
8.3
9.5
8.6
7.3
8.3
9.7
8.6
7.9
10. 1
8.5
9/25/74 10/23/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING)
5/22/74
6/26/74
7/24/74
8/28/74
9/25/74
10/23/74
11Z27/74
12/25/74
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12.2
9.5
9.0
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
BILLIONS of dollars
MONEY STOCK PLUS TOTAL TIME DEPOSITS
MONEY STOCK PLUS NET TIME DEPOSITS
7 21
5 IS
NOV
DEC
2 16 30 13 27 13 27 10 24
FEB
MAR
S 22
S IS
3 17 31
APR
14 2« 11 2S
AUG
8 23
SEP
6 20
4 IS
NOV
DEC
1
13 2S
1973
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 25, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
** Mj IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS tSEE PAGE 8 ).
MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
12/26/73
3/27/74
5/22/74
6/26/74
7/24/74
8/28/74
7.9
7.3
7.0
6.3
6.5
6.9
6.7
8. 1
7.2
6.2
6.4
7.1
6.7
5.6
4.8
5.4
6.4
6.1
4.4
5.3
6.6
6.2
5.1
6.9
6.3
9/25/74 10/23/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
5/22/74
6/28/74
7/24/74
8/28/74
9/25/74
10/23/74
11/27/74
12/25/74
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8.6
8.9
8.4
8.0
7.5
7.5
7.7
7.5
8.7
7.4
7.5
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS'
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
92 ---------- ----------- .----------
5
NOV
18
2
18 30
IS 27
13 27
10 24
8 22
3 18
3
DEC
17 31
14 28
AUG
BILLIONS OF DOLLARS
------- ---------- ------------- 92
11
SEP
25
8 23
OCT
6 20
NOV
4
18
1
15 28
DEC
1974
1975
LATEST DATA PLOTTED WEEK ENDING, DECEMBER 25, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
{!cEKLYAREPORT,!NGCCOt*IERaALSBANKSEPOS,T ,SSUED ,N DENOMINATIONS OF 8100,000 OR MORE BY LARGE
L
TBREV AND TIME DEPOSIT BaTA-----------------------------------------
1975
NOV.
6
13
20
27
DEC.
4
11
18
25
JAN.
1
8
15
22
29
CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.
87.4
87.1
86.7
86.8
87.7
88.9
90.4
91.6
BILLIONS
CERTIFICATES
NET TIME
OF DEPOSIT
DEPOS1TS *
85.7
85.5
85. 1
85.3
86.7
88.5
90.2
91.6
328.1
329.3
329.3
330.2
328.9
330.0
330. 1
331.3
M2
mt
610.0
612.6
612.5
613.6
614.9
614.3
613.5
614.3
* SEE FOOTNOTE PAGE 8.
*8 SEE FOOTNOTE PAGE 9.
10
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS
1975
BILLIONS OF DOLLARS
Mil.UQ.Na
NOV. 27
DEC.
4
1481
1072
— 0.5
5 10
2 10 30 15 27 IS 27 10 24
NOV
DEC
1873
FEB
MAR
8 22
5 10
3 17 SI
APR
14 28 11 25
AUC
0 23
SEP
8 20
4 18
NOV
DEC
1
IS 20
LATEST DATA PLOTTED WEEK EMDINGt JANUARY 1, 1875
BUSINESS LOANS
(COMMERCIAL AND
BILLIONS OF DOLLARS
INDUSTRIAL)
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
132
130
128
IOC
— COMPOUNDED ANNUAL RATES
— OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
“ DECEMBER 25, 1974 FROM
— THE FOUR WEEKS END I NGi
130
128
126
126
124
124
14.8
122
122
19.6
120
120
118
118
116
116
114
114
112
112
110
110
NOV. 20
108
108
106
106
0
7 21
5 10 2 IS 30 13 27 19 27 10 24
NOV
DEC
1973
JAN
FEB
MAR
APR
6 22
MAY
3 10
3 17 31
JUN
JUL
1974
14 28 11
AUG
29 0 23
SEP
OCT
6 20
NOV
4 18
DEC
1
13 20
JAN
1975
LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 25, 1974
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 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
BILLIONS OF OOLLARS
505
- COMPOUNDED ANNUAL RATES OF CHANGE
- AVERAGE OF THE FOUP WEEKS ENDING
974 FROM THE FOUR
CREDIT
CREDIT
PROXY
495
---------------------------------------------------------
ADJUST*7&cRE01T pR0XY aoJUSTED 1/
7.3
--------4.3-------------------------------7^---------------
SEP.
AUG.
4.3
4.9
5.7
MAR.
X
X
10.8
10.2
10.0
485
475
X----------- -------------------------------
465
CREDIT PROXY
455
BILLIONS
CREDIT
■fBOXY
486.4
7 21
5 1©
2
16 30 13 27
15 27
10 24
8 22
5 10
1973
1/
12
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14 28 11
1974
LATEST DATA PLOTTED WEEK ENDING* DECEMBER 25,
CURRENT DATA APPEAR
3 17 31
IN THE BOARD OF GOVERNORS'
25
9 23
fl 20
ADJUSTED
445
492.1
492.3
493.5
494.6
495.7
4
18
435
l
15 2©
1975
1974
H.9 RELEASE.
INCLUDES MEMBER BANK DEPOSITS, BA^K-RELATED COMMERCIAL PAPER,
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
EURODOLLAR BORROWINGS OF
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
@FedFRASER