Full text of U.S. Financial Data : Week Ending: January 18, 1978

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Week ending: January 18, 1978

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LIBRARY
The money stock fell $3.4 billion in the week ending January 11.
Dtu 2
reversal of the previous week's sharp $4.3 billion increase is a somewhat
different pattern than prevailed over most of last year. From March to
the end of December 1977 money grew rapidly in a few individual weeks, with
relatively little change in the money stock during intervening periods.
Changes in the money stock in weeks of relatively rapid growth and net
changes during intervening periods are presented in the table below. Money
growth in four individual weekly periods between March and the end of
December sums to $17.9 billion, which accounts for the major portion of the
$21.4 billion increase in the money stock from the average of the week
ending March 30, 1977 to the average of the week ending December 28, 1977.
Changes in the Money Stock in Selected Periods
(Seasonally Adjusted)

Period

Change in
Money Stock
(billions of dollars)

1977

Period

Change in
Money Stock
(billions of dollars')

1977

3/30 - 4/6
4/6 - 6/29
6/29 - 7/6
7/6 - 7/13
7/13 - 7/20

$ 5.3*
2.8
3.3*
-1.4*
4.7*

7/20 - 9/28
9/28 - 10/5
10/5 - 12/28
12/28 - 1/4/78
1/4/78 - 1/11/78

$0.6
4.6*
1.5
4.3*
-3.4*

The surges in money growth in individual weeks during 1977 were
large enough to influence the month—to—month pattern of money growth. Note
in the table below that relatively rapid money growth occurred in April,
July and October of last year, the months listed above in which money stock
grew rapidly for individual weeks. Thus, the rapid 8.5 percent annual rate
of money growth from March through December of last year reflects surges of
money growth in a few individual weeks that were not offset in following
weeks.
Annual Rates of Change in the Money Stock
(Seasonally Adjusted)
March
1977

April
1977

May
1977

June
1977

July
1977

August
1977

Sept.
1977

Oct.
1977

Nov.
1977

Dec.
1977

5.5%

21.2%

0.8%

4.6%

19.9%

6.0%

7.6%

12.7%

-1.8%

8.2%

*

Indicates periods of one week


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

Prepared by Federal Reserve Bank of St. Louis
Released: January 20, 1978

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

BILLIONS
129.8
129.8
130. 1
131.1
130.9
132.2

132

130

128

126

124

122

120

118

3 17

I

15 29 12 26

JAN

9 23

FEB

9 23

6 20

4 16

APR

MAY

1976

1

15 29 13 27

10 24

7 21

5 19

2

16 30 14 28 11 25

1977

1978

LATEST DATA PLOTTED WEEK ENDING: JANUARY 18, 1978
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN 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 MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

1/19/77

4/20/77

6/15/77

7/20/77

8/17/77

8.0
8.7
9.3
9.3
9.5
9.6
9. 1
9.5

7.4
8.7
8.9
9.2
9.4
8.7
9.3

12.3
11.3
11.1
11.1
9.9
10.5

11.1
11.0
10.9
9.5
10.4

10.0
10.2
8.7
9.8

9/21/77 10/19/77 11/16/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/15/77
7/20/77
8/17/77
9/21/77
10/19/77
11/16/77
12/21/77
1/18/78


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

10.7
8.4
9.9

7.4
9.7

9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER J/
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

RATIO
3.0

MULT IPLIER

am

Mim

LATEST DATA PLOTTED WEEK ENDING. JANUARY 11, 1978
BILLIONS OF DOLLARS

IH

BILLIONS OF DOLLARS
-------- --------------------- IH

--------- 1------------ ,----COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING

ADJUSTED FEDERAL RESERVE CREDIT
-----AUG.

17

1977

I 1.0

197S.

l

NOV

DEC
1976

JAN

FEB

MAR

APR

MAY

15 29 13 27 10 24

JUN
JUL
1977

AUG

7 21

5 19

SEP

OCT

BILLIONS

2 16 30 14 28 II 25

DEC

JAN

LATEST DATA PLOTTED WEEK ENDING. JANUARY 18, 1978
1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SFMiritifs i muc c. nAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BYSUBTRAnt I NO
asmrv T
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. Al® ADJURING THFSErTfs for r|URY
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BFTWFFMRRAMf«s
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY? DATA ARE COMPUTED BY THIS^NK?


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET

TIME DEPOSITS (M2)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
820
815

&.LI-LIO.NS
- DEC

806. 1
805.1
805.8
806.9
812.8
810.6

810
805
800
795
790
785
780
775
770
765
760
755
750
745
740
735
730

3 IT

1 15 29 12 28 9 23
JAN
FEB
1976

9 23

8 20
APR

4 18
MAY

1 13 29 13 27 10 24

7 21

5 19

1977

2 16 30 H 28 II 25
DEC
JAN
1978

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 11, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS CM2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/12/77

4/13/77

6/8/77

7/13/77

8/10/77

10.5
10.1
9.1
8.3
8.3

7.7
7.2
6.8
7.0

9/14/77 10/12/77

11/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDINGs
6/ 8/77
7/13/77
8/10/77
9/14/77
10/12/77
11/ 9/77
12/14/77
1/11/78

4


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

8.7
9.1
10.0
9.5
9.4
9.1
8.8
8.7

9.3
10.8
9.8
9.7
9.2
8.7
8.6

13.0
10.7
10.3
9.5
8.8
8.7

7.5
6.8
7.1

5.9
6.5

6.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
33-4.9
333.9
335.-4
335.7
3-40.0
336.6

3 17

1

IS 29 12 26

JAN

9 23

FEB

9 23

6 20

4 18

APR

MAY

1

1976

15 29 13 27

10 24

7 21

5 19

SEP

OCT

2 16 30 14 28 11 25

DEC

1977

JAN
1978

LATEST DATA PLOTTED WEEK ENDING* JANUARY U, 1978
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.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/12/77

4/13/77

5.7
6.1
7.8
7.5
7.7
7.4
6.6
7.2

8.0
10.7
9.4
9.5
8.7
7.5
8.2

6/8/77

7/13/77

8/10/77

11.4
10.9
9.3
7.2
8.3

7.2
6.2
4.6
6.4

9/14/77 10/12/77

11/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/77
7/13/77
8/10/77
9/14/77
10/12/77
11/ 9/77
12/14/77
1/11/78


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

13.1
10.2
10.1
9.0
7.4
8.3

6.9
4.4
6.7

2.1
5.8

6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED

SECURITIES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

10.0

9.5

9.0

8.5
CORPORATE Aaa BONDS

8.0

7.5

7.0

PRIME BANK
LOAN RATE

6.5
MUN Cl PAL

6.0

5.5
COMMERCIAL PAPER

5.0

90 DAY CD'SJBOS
4.5

4.0

5 19

3 17 51

14 28 11

JAN

25 11

FEB

MAR

25

8 22

S 20

3 17

MAY

JUN

15 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 20,

1978
NOV.

DEC.

JAN.

4
1 1
18
25
2
9
16
23
30
6
13
20 X
27

90 DAY
CD' S X9W

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

6.67
6.74
6.68
6.65
6.62
6.63
6.72
6.72
6.78
6.77
6.88
7.06

6.61
6.61
6.59
6.56
6.57
6.60
6.64
6.68
6.68
6.69
6.77
6.85

6.69
6.66
6.57
6.51
6.46
6.55
6.57
6.65
6.71
6.71
6.98
6.90

8.08
8. 10
8.07
8.07
8.08
8.13
8. 18
8.23
8.28
8.30
8.40
8.45

1978

MUNICIPAL
bonds ae** ***

5.55
5.55
5.45
5.45
5.47
5.54
5.55
5.55
5.66
5.64
5.75
N.A.

* AVERAGES OF RATES AVAILABLE.
WtBOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
,THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N.A. - NOT AVAILABLE

. EARLiiR


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

8.0 ----

----- 8.0

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE

DISCOUNT RATE

THREE-MONTH TREASURY
LL MARKET YIELD

JAN

FEB

MAR

MAY

7 21
OCT

JUN

4 18
NOV

2

16 30 13 27

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 20,

FEDERAL
FUNDS **

1978
NOV.

4

1 1
18
25
DEC.

2

9
16
23
30
JAN.

6

13

20

6.50
6.58
6.42
6.51
6.55
6.51
6.49
6.54
6.65
6.69
6.58
6.78

27

1978

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.20

6.60
6.55
6.49
6.48
6.49
6.52
6.50
6.53
6.57
6.57
6.94
6.85

7.36
7.30
7.24
7.25
7.29
7.36
7.38
7.43
7.51
7.52
7.78
7.73

7.71
7.71
7.67
7.65

6.15
6.07
6.06
6.04
6.07
6.03
6.03
6.16

6.20
6.60
6.49

66
72
75
81

88
7.91
8.05
8.04

* AVERAGES OF RATES AVAILABLE.

** s?Aj*w?gBF?5

§*;y®,ER twn °showj.

TREASURY lUfY'WKSlS'Z.'” CORFU TED'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

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
471.2
471.3
471.3
472.8

3 17

1

15 29 12 2#

JAN

9 23

FEB

9 23

6 20

< 18

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

2 16 30 M 28 11

DEC

25

JAN

LATEST DATA PLOTTED WEEK ENDING: JANUARY 11, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IFICaVeSOF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/12/77

4/13/77

10.9
1 1.3
1 1.6
1 1.0
10.7
10.4
10.3
9.8

10. 1
10.8
10.0
9.8
9.5
9.5
8.9

6/8/77

7/13/77

8/10/77

9.9
9.5
9.0
9.2
8.3

7.9
7.8
8.4
7.4

9/14/77 10/12/77

11/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/77
7/13/77
8/10/77
9/14/77
10/12/77
11/ 9/77
12/14/77
1/11/78

8


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

13.0
11.0
10.5
9.9
9.9
9.0

8.0
8.7
7.4

8.8
7.1

6.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND

DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
255

BILLIONS OF DOLLARS
-------- ---------- ---------- 255

----------- 1---------------1------

BILLIONS
246.9
246.9
246.9
251.3
247.9

3 17

NOV

1

15 29 12 26

DEC
1976

JAN

9 23

FEB

9 23

MAR

6 20

APR

4 16

1

MAY

JUN

15

5 19

2 16 30 H 28 11

DEC

1<

25

JAN

LATEST DATA PLOTTED WEEK ENDING: JANUARY 11, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
1/12/77

4/13/77

4.3
4.9
7.2
6.7
7.0
6.4
5.5
6.3

7.5
11.1
9.4
9.4
8.3
6.8
7.7

6/8/77

AVERAGE OF FOUR WEEKS ENDING:

7/13/77

8/10/77

12.2
1 1.3
8.8
6.3
7.8

6.3
4.7
2.9
5.2

9/14/77 10/12/77

11/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/77
7/13/77
8/10/77
9/14/77
10/12/77
11/ 9/77
12/14/77
1/11/78


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

14.1
10.4
10.2
8.5
6.5
7.7

5.2
2.5
5.6

-0.5
4.5

6.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS of dollars

88.0
88.5
88. 7
88.7
88. T

3 17

1

15 29 12 26

JAN

9 23

9 23

6 20

-1

18

I

15 29 13 27

10 24

7 21

5 19

2 16 30 H 28 11

FEB

DEC

25

JAN

LATEST DATA PLOTTED WEEK ENDING: JANUARY 11, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

10


CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/12/77

4/13/77

6/8/77

7/13/77

8/10/77

8.5
9.8
10. 1
9.5
9.7

9.9
10.2
9.4
9.7

9/14/77 10/12/77

11/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/ 8/77
7/13/77
8/10/77
9/14/77
10/12/77
11/ 9/77
12/14/77
1/11/78

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

9.4
9.9
9.8
9.5
9.9
10.0
9.7
9.8

10.0
9.9
9.4
9.9
10. 1
9.7
9.8

10.8
9.6
10.3
10.5
9.9
10.0

11.9
10.1
10.3

9.0
9.6

8.9

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

2.5
1978
DEC.

MILLIONS

2.0

M

1.5

1.0

3 17

1

15 29 12 26

JAN

9 23

9 23

FEB

6 20

A 18

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

SEP

OCT

2

16 30 14 26 11 25

DEC

JAN

1976
LATEST DATA PLOTTED WEEK ENDING: JANUARY 18, 1978

BUSINESS LOANS
BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
128
126
124
122
120
1 18
116
114
112
110

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
— JANUARY 11, 1978 FROM
— THE FOUR WEEKS ENDING: .

108
MILLIONS

— OCT. 12

3 17

1

15 29 12 26

JAN

9 23

FEB

9 23

6 20

A 18

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

SEP

OCT

2 16 30 14 28 II 25

DEC

JAN

LATEST DATA PLOTTED WEEK ENDING: JANUARY 11, 1978


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

106

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
80

BILLIONS
78

----- DEC.
76.5
77.4
77.3

76

74

72

70

68

64

62

60

3 17

1

15 29 12 26

9 23

9 23

6 20

APR

4 18

MAY

1

15 29 13 27 10 24

1976

1977

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

JANUARY 11,


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

5

.9

OCT

2 16 30 14 28 11 25
1978

1978

IN THE BOARD OF GOVERNORS’

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT
WEEKLY REPORTING COMMERCIAL BANKS.

7 21

SEP

ISSUED

H.6 RELEASE.
IN DENOMINATIONS OF $100,000 OR MORE BY LARGE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS