Full text of U.S. Financial Data : Week Ending: January 12, 1977

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

/

LJ.

Week ending: January 12, 1977

LIBRARY
DEC 2 3 1379

From the four weeks ended January 7, 1976, to the four weeks
ended January 5, 1977, the monetary base increased by $8,746 million.
About 84 percent of this change was attributable to changes in adjusted
Federal Reserve credit (page 3 and table below). Changes in other accounts
of the Treasury and Federal Reserve — such as the gold stock, special
drawing rights, and Treasury currency — accounted for the other 16
percent of the change in the monetary base. Since changes in adjusted
Federal Reserve credit account for such a large part of the variation
in the monetary base, the growth rates of these two aggregates tend to
be similar. For example, over this one year period the monetary base
and adjusted Federal Reserve credit have increased by 7.1 and 7 percent
respectively.
As the table below indicates, the net effect of changes in the
components of adjusted Federal Reserve credit produced an increase of
$7,372 million. The largest positive influence on the growth of adjusted
Federal Reserve credit was the change in Federal Reserve holdings of
securities, which represents the effect of open market operations under­
taken by the Federal Reserve. The reserve adjustment magnitude (RAM)
also contributed a positive impact, while other components contributed
negative impacts. Changes in Treasury deposits at Federal Reserve banks
had the largest negative influence, while Federal Reserve loans to member
banks, float, and other Federal Reserve assets had only a small negative
effect.
CHANGES IN FACTORS INFLUENCING
ADJUSTED FEDERAL RESERVE CREDIT AND THE MONETARY BASE —
(oign Indicates Effect on Adjusted Federal Reserve Credit and Monetary Base)
1/7/76
to
1/5/77 U
(Millions of Dollars)

Sources:

U.S. Government Securities
Loans
Float and Other F.R. Assets
Treasury Deposits at F.R. Banks
^ 1/
Adjusted Federal Reserve Credit
Treasury Currency
Special Drawing Rights
Gold, Treasury Cash, and
Other Factors
Monetary Base

$
_
-

8,372
^
145

2 132
ll369
$

7,372
773
700
-

$

99
8,746

1/
2/

Data are not seasonally adjusted.
Change in average of figures for four weeks ended these dates.
3/ This is an adjustment for reserve requirement ratio changes and shifts
in deposits between banks where different reserve requirement ratios
apply. RAM is computed by this Bank.


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

Prepared by Federal Reserve Bank of St. Louis
Released January 14 1977

MONETARY BASE
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

1977

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
132

MILLIONS

JAN

3 10

3 ir 31 14 28 II 23 10 24

JAN

FEB

7 21

5 10

APR

MAY

2 16 30 14 28 11 25

JUL

8 22

AUG

6 20

3 If

OCT

NOV

1 13 20 12 28

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
N 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 SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/14/76

4/14/76

7/14/76

8/11/76

6.7
6.5

7.4
7.0

8.4

6.8
7.4

7.2

8.3

7.9

8.8

6.7

6.9

7.5

6/9/76

9/15/76 10/13/76 11/10/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/ 9/76
7/14/76
8/11/76
9/15/76
10/13/76
11/10/76
12/15/76
1/12/77

2

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

8.6
7.9

7.4
7.8
7.6
7.7
7.9
7.4

7.2
6.4
7.3
7.1
7.2

7.6
7.0

4.6

7.0
8.2
6.7

9.1
6.9

6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER v
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

2.8

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING: JANUARY 5, 1977

BILLIONS OF DOLLARS
1t8 -----.------ ,--

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
—OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- JANUARY 12, 1977 FROM
— THE FOUR WEKS ENDING:
-

NOV. 10, 1976
OCT. 13, 1976
— SEP. 15 ---_ AUG. 11

5.6
6.9
‘
ADJUSTED FEDERAL RESERVE CREDIT

1377

NOV

DEC
1975

JAN

FEB

MAR

APR

MAY

• 22

JUN

JUL
,

AUG

6 20

3 IT

OCT

NOV

MILLIONS

1

15 29 12 26

LATEST DATA PLOTTED WEEK ENDING: JANUARY 12, 1977
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
^ ^EDERAL

RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF1 ^FrilRlTlF^ i hakiq ei
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BYSUBTRArtlwr TOiJashrv7
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUST ING THE SERIES FOR RFSERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS RFTWFfSra^
WHERE DIFFFRENT RESERVE REQUIREMENT RATIOS APPLY? DATA ARE COMPUTED BY ThITIaNK


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

750
745

BILLIONS.
735.0

740

739.0
740.5
740.2
744.3

735

730
725
720
715
710
705
700
695
690
685
680
675
670
-3 665
660
655

9 18

3 17 31 H 28 11 29 10 24

JAN

7 21

5 19

2 18 30 M 28 11 29

JUL
1976

FEB

AUG

8 22

6 20

3 17

OCT

NOV

1 15 29 12 26

LATEST DATA PLOTTED WEEK ENDING. JANUARY 5, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
9/8/76 10/6/76 11/3/76
8/4/76
4/7/76
6/2/76
7/7/76
1/7/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
6/
7/
8/
9/
10/
11/
12/
1/

4


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

2/76
7/76
4/76
8/76
6/76
3/76
8/76
5/77

12.1
10.7
11.0
10.7
10.9
11 .3
11 .3
1 1.4

9.6
10.4
10.1
10.5
11.0
11.1
11.3

8.5
8.6
9.6
10.5
10.6
10.9

10.7
11.4
12.1
11.9
12.1

10.7
11.9
11.7
11.9

13.8
12.8
12.8

12.7
12.8

12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
320 -------- ---- r—

BILLIONS OF DOLLARS
-- ------ ----- 320

BILLIONS
310. 2
311.3
311.1
312.3
314.3

NOV
DEC
1975

JAN

FEB

MAR

APR

MAY

JUN

JUL
,1976

n
OCT

AUG

i tr
NOV

1 II XV IS M

LATEST DATA PLOTTED WEEK END IMS. JANUARY 5, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE,
THE MONEY STOCK CONSISTS OF DEMAM) DEPOSITS PLUS CURRENCY AM) COIN HELD BY THE NOMSA*« PUBLIC

MONEY STOCK (Ml )

TO THE AVERAGE

COMPOUNDED ANNUAL RATES OF CHANGE ► AVERAGE OF FOUR WEEKS
ENDINCi
1/7/76
4/7/76
8/2/76
7/7/78
6/4/76
9/8/76 10/6/76 11/3/76

ra "eeks
•/ 2/76
7/ 7/76
«/ A/78
%/ 6/78
10/ 6/76
11/ 3/76
12/ 6/76
1/ 5/77


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

7.7
5.8
6.3
5.7
5.6
6.2
5.6
6.0

6.6
7.2
6.2
6.2
6.8
5.8
6.3

2.9
2.6
3.6
4.8
4.0
4.9

5.7
5.6
6.9
5.4
6.2

4.2
6.2
4.5
5.7

6 3
5, ?
6.5

4 6
6.7

4.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

9.5

9.0
CORPORATE Aaa BONDS
8.5

8.0

7.5

PRIME BANK
LOAN RATE

MUNICIPAL
BONDS**

7.0

6.5
COMMERCIAL PAPER

6.0

5.5

5.0

4.5

4.0

I I I I
7 21

5 10

NOV

DEC

2 16 30 13 27 12 26

FEB

MAR

0 23

7 21

4 18

MAY

JUN

2 16 30 13 27 10 24

AUG

8 22

5 10

3 17 31

14 2*

SEP

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 14, 1S77

90 DAY
CD' S WStt

1977
NOV.

5
12
19
26
DEC.
3
10
17
24
31
JAN.
7
14 IK
21
26

•

6

rTM

5.08
5.10
5.14
4.97

A.77
4.66
4.70
4.65
4.63
4.66
4.75

^1

N.A. - NOT AVAILABLE


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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS **

5.13
5.13
5. 13
4.68
4.63
4.70
4.75
4.63
4.65
4.63
4.75

4.98
5.02
4.95
4.77
4.64
4.64
4.60
4.60
4.65
4.70
4.81

8.30
8.31
8.27
8.17
8.09
8.01
8.00
7.96
7.91
7.88
7.93

6.34
6.39
6.26
6.16
6.03
5.96
5. 95
5.93
5.83
5.75
N.A.

• OF 20 MUNICIPAL BONDS, THURSDAY DATA.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
7.0 --

PERCENT
--- 7.0

DISCOUNT RATE

E-MONTH TREASURY
MARKET YIELD

FEDERAL FUNDS RATE

I I I I I 1 I I I I I I I 1 I I I I 1 I I II I I I I I I I I I I I I I 1 I I I I I I I I I I I I I 1 I I I I I I I I I I I
7 21

5 IS 2 16 30 13 27 12 26 9 23

NOV
DEC
1975

JAN

FEB

MAR

APR

7 21

4 18

MAY

JUN

2 16 30 13 27 10 24

JUL
1976

AUG

SEP

8 22 S 19

OCT

NOV

I

3 17 31 14 28

DEC

JAN
1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 14, 1977

1977
NOV.

5
12
19
26
DEC.
3
10
17
24

31
JAN.

7
14 X
21
28

FEDERAL
FUNDS m*

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.06
4.98
5.02
4.90
4.78
4.67
4.68
4.63
4.69
4.47
4.55

4.83
4.92
4.80
4.60
4.42
4.41
4.33
4.27
4.34
4.49
4.59

5.12
5.19
5.05
4.79
4.66
4.66
4.66
4.60
4.62
4.76
4.92

6.51
6.55
6.44
6.09
5.92
5.94
5.99
5.96
5.98
6.12
6.50

7.57
7.57
7.58
7.44
7.31
7.22
7.23
7.18
7.11
7.14
7.35

* AVERAGES OF RATES AVAILABLE.
*8K 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 GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
435 r~--- 1----- t--

BILLIONS OF DOLLARS

-- ------ --- zn 435

BILLIONS
426.4
428.2
430.1

365 ^
S 19

3 ir 31 14 2* 11 29 10 24

JAN

T 21

3 19

2 16 30 14 29 11 25

FEB

JUL

6 22

AUG

6 20

3 17

OCT

NOV

1 15 29 12 26

1977
LATEST DATA BLOTTED WEEK ENDING. JANUARY 5, 1977
CURRENT DATA AFfEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
AS* SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TINC
S*2^i^TI^^^25,LJHi£R.J!2£wLyEeoTIABLE TIME (Certificates of deposit issuedin
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
1/7/76
4/7/76
6/2/76
7/7/76
8/4/76
9/8/76 10/6/76 11/3/76
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
6/
7/
«/
9/
10/
11/
12/
1/

2/76
7/76
4/76
8/76
6/76
3/76
8/76
5/77

8

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

15.8
14.9
15.0
14.8
15.1
15.4
15.9
15.7

12.1
12.9
13.1
13.9
14.4
15.2
15.1

13.0
13.3
14.4
15.0
15.9
15.7

14.5
15.7
16.2
17.0
16.6

15.8
16.5
17.4
16.8

18.2
18.6
17.8

19.0
17.6

17.3

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

BILLIONS

229.9
230.7
230.4
231.5
233.3

5 19

3 17 31 14 28 11 25 10 24

JAN

FEB

7 21

5 19

APR

MAY

2 16 30 1 4 28 11 25

JUL
1976

1975

AUG

8 22

6 20

3 17

OCT

NOV

1 15 29 12 28

1977

LATEST DATA PLOTTED WEEK ENDING* JANUARY 5, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS END INGi
1/7/76

4/7/76

6/2/76

7/7/76

8/4/76

9/8/76

10/6/76

11/3/76

6.3
4. 1
4.8
4.3
4.3
5.1
4.3
4.8

5.5
6.5
5.3
5.1
6. 1
4.8
5.6

1.5
1.5
2.1
3.9
2.7
3.9

5.0
4.7
6.5
4.5
5.6

2.6
5.6
3.3
4.9

8.3
4.1
5.9

4.1
6.5

3.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/
7/
8/
9/
10/
11/
12/
1/

2/76
7/76
4/76
8/76
6/76
3/76
8/76
5/77


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
86

86 ---- ---------

5 18

--- ----- ----

3 17 31 14 28 11 23 10 24

JAN

FEB

7 21

5 18

APR

MAY

2 18 30 14 28 11 23

JUL

8 22

AUG

6 20

3 17

OCT

NOV

1 15 28 12 28

1976

LATEST DATA PLOTTED WEEK ENDING; JANUARY 5, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE,
wlEKLYA^PORT,|NGCCOlIiMERctALSBANKSEP0S*T ,SSUE0 IN DENOMINATIONS OF #100,000 OR MORE BY LARGE


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

1977
NOV.

3
10
17
24
DEC.
1
8
15
22
29
JAN.
5
12
19
26

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
62.7
62.5
62.7
63.0
63.4
63.7
63.8
64.1
65.3
65.3

61.3
61.5
62.0
62.4
62.8
63.1
63.4
63.7
64.9
65.3

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

BILLIONS OF DOLLARS

12IL

MILLIONS

---

5 19

5 17 31

14 26 11

JAN

23 10 24

FEB

7 21

5 19

APR

MAY

1975

2 16 30 14 29 11 25

« 22

6 20

3 17

OCT

NOV

1976

1.0

1 15 29 12 26

1977

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 12. 1977

BUSINESS LOANS
( COMMERCIAL
BILLIONS OF DOLLARS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124
122
120
118
116
114
112
110

108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
— JANUARY 5, 1977 FROM
— THE FOUR WEEKS ENDINGt
— NOV.
— OCT
— SEP
— AUG
JUL
~ APR
— JAN

3, 1976
“

104
MILLIONS

102

11.7
100
98
96

-3.0
111 11.1

5 19

3 17 31

14 29 11

JAN

25 10 24

7 21

5 19

2 11 30 14 29 11 25

FEB

JUL
1976

1975

AUG

9 22

9 20

5 17

OCT

NOV

1 15 29 12 26

1977

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 5. 1977

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

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

BILLIONS OF DOLLARS
570 =---- ,------- ,---

BILLIONS OF DOLLARS

------ -- =1 570

COMPOUNDED «*JUAL RATES OF CHANGE,
DC rue cniB imccipo rkmim
•jrwr*r\ in, i:
WEEKS ENDING;
CREDIT
CREDIT
PROXY
-EPOXY
ADJUSTED
1976
1976

12.5

CREDIT PROXY ADJUSTED 1/

BILLIONS

CREDIT PROXY

CREDIT
PROXY

CREDIT
PROXY
ADJUSTED

527.7
530.2
530.9
529.3
534.4

5

19

NOV

3

17 31

DEC
1975

14 26

JAN

11

FEB

25

10 24

MAR

7

21

J—LI i 1 I
5

19

2

16 30

14 28

11

APR

25

8 22

6 20

3

538.2
539.1
540.6
536.2
543.3

LLi
1111
17
1

15 29

12 26

1977

LATEST DATA PLOTTED WEEK ENDING. JANUARY 5. 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
CERTA I^OTHER■ NOND£f^il4TloUR^ERC'^

eUROOOLL*B BORROWINGS OF

PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS