Full text of U.S. Financial Data : Week Ending January 19, 1966

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*.
♦
0*

"------RESEARCH LIBRARY
Reserve Bank
of St. Louis

u.s. finoncisL

Week ending January 19, 1966

Since June,, money puffigfo growth has accelerated
from an already rapid rate and reserves available to
support private demand deposits have also increased at a
sharp pace.
Historically, sustained periods of strong
monetary growth have generally been accompanied by a rise
in spending. . Since the economy is now fairly taut, a
larger portion of any rapid rise in spending, which might
follow recent fiscal ease and monetary growth, is likely
to take the form of price increases rather than increases
in real output.
MONEY SUPPLY
The nation's money supply, which averaged $168.7
billion in the week ending January 19, has grown $2.1
billion since early December and at a 8.0 per cent
annual rate since June. The rise since June is the
fastest rise for a 7-month period in 13 years. Prior to
June, money had increased at a 4 per cent rate from Sept­
ember 1962 and at a 1. 5 per cent average rate from 1953
to 1962.
The rate of increase in the turnover of money
has declined in recent months. Since early summer, the
income velocity of money has risen at a 1.4 per cent annual
rate, compared with an average 3 per cent annual rate
since 1951. Typically, when there has been a sharp in­
jection of money, spending initially has risen slower them
money and the income velocity of money has declined or
risen at a slower rate for a time. However, after a brief
period the growth rate of spending has usually accelerated,
and the velocity has risen as fast or faster than before
the injection.


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

orth

RESERVES
The recent monetary growth has been made possible*
by a rapid rise in bank reserves. The increase in total
member bank reserves was very sharp in December and early .
January. Reserves available to support private demand *
deposits have risen at an unusually fast 7.1 per cent rate
since June. Such reserves rose 2.2 per cent in the year
previous to June.
INTEREST RATES
In the three days ending January 19, the average
yield on 90-day Treasury bills rose to 4.63 per cent, up
from 4.59 Per cent in the week ending January 14
and from 3-83 per cent in July.
Interest rates have risen since July as
corporations have increasingly turned to outside sources
for investment funds and as borrowings by state and local
governments have risen. Recently, the Federal Govern­
ment has increased its demands for funds.
A legal limit of 4.25 per cent payable on new
Government bonds (securities 5 years or more to maturity)
has affected the term structure of interest rates as well
as the maturity of the public debt. The yields on
Treasury bills and intermediate term Government securities
have risen relative to the long-term yield, and the average
maturity of the Federal debt has shortened.

Prepared by Federal Reserve Bank of St. Louis
Released: January 21,1966

U.S. MONTY STOCK
Weekly Averages of Daily Figures
Seasonally Adjusted

Bil' .ons of Dollars
174

2

Billions of Dollars
174
Fe ier•al ' Re;serv<s Iian k cif St . IjOUis

Pre;peire d t
. Annual rates of chanee. f our
w<seks ending Jan. 19, 1966
f]c*om four weeks ending:
. D<uc. 22, 1965 y- /7-?
Nc3v. 24, 1965 -/-/J.S'
0<-t. 27, 1965 -h
. Senot. 29. 1965 -4-

173
172
171

JO, 1 9V

me

1

173
172

171

r.t7

170

170

169

169

i

t?

168

168

167

167

166

166

165

165

j
164

y

163
162
161

0

164

>f

JL f
/

-V>

A
t

k
\

s

163

Jr

Money is defined as demand deposits adjusted
and currency outside banks. Current data appear
in Board's H.6 release.
1
[ 1 1 II II 1 1 1 II
For trend of money supply by months
see this bank's monthly release
entitled "Bank Reserves and Money".

/

--- 1--Latei 3t data pr el:Lminary
Latest data plotted week ending:
. 1
11
U,1 ,1 .L l„l
June


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

July

Aug.

1965

January
iA« ,1
Sept,

±9, 19°b
.4.

Oct.

1 .u

r, 1

Nov.

162
161

1

0

Dec.

Jan.

Feb.

Mar.
1966

Apr,

May

RESERVES
All Member Banks in the Nation

3

Billions of Dollars

mu ons of Dollars

-Seasonally Adjusted

Total
22.0

Reserves Available for
Private Demand Deposits
Annual rates of change, four
from four weeks ending:

Ivc ,il ab.

+ /5.0

+

/3.

■ivute

o

Latest data preliminary
Latest data plotted week ending:
307T4

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

28 4 11 ' 25

January 19, 1966
1

15

29 6 13

27 3

17 24 1

15

29

5 12

262

16 23 2

30 6 13

27 4 11

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Weekly Averages of Daily F igures

Millions of Dollars

1000 —————r—

Millions of Dollars
-i——r-T———1000

Prepared, by Federal Reserve Bank of St. Louis

rr dw: .ng 3

Exce

(t Borrcwe i Res
-100

-200

-200

Latest data preliminary

26 4 11

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

25 1
Sept.

17 24 1
13 27 3
Oct.
Nov.
Dec.

5

12

Jan.

16 23 2
Feb.
Mar.

30

13

27

YIELDS ON U.S. GOVERNMENT SECURITIES & FEDERAL FUNDS
Weekly Averages of Daily Rates Ended Friday

Pel- Cent

5
Per Cent

Prepared by Federal Reserve Bank of St. Louis

Bill Me rk 2t

Federal Funds

30 6 13

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

27 3

17 24 1
15
Sept.
Oct.

29

5 12 26
Nov.

3

17 31 7 14 26
Jan.
Dec.

lb 25 4

lb '25
Mar.

13

27

June

BUSINESS LOANS
All Weekly Reporting Banks in the Nation
Wednesday Figures

Billions of Dollars
Annual rates of change
seasonally adjusted data

6
Billions of Dollars

Prepared by Federal Reserve Bank of St. Louis

frcan four weeks ending:

U:qiadju ;t{ •

Seasonal adjustment computed using 1958
through July 1964 data. Current
Latest data preliminary
release.
16

30 7 14


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

28

4 11

25 1

15 29 6 13
Sept.

27 3

17 24 1
Nov.

15

29 5 12 26 2
Jan.

16 23 2
16
Feb.
Mar.

30 6 13

27 4 11

CERTIFICATES OF DEPOSIT U
All Weekly Reporting Banks in the Nation
Wednesday Figures

Billions of Dollars

'

Annual rates of change, unadjusted
data four weeks ending Jan. 12, 1966
from four weeks ending:

y

7
Billions of Dollars

Prepared ty Federal Reserve Bank of St. Louis

t.S

20.0

l/ Negotiable time certificates of deposit
Latest data preliminary
Latest data plotted week ending: January 12, 1966
15 29 6 13 27 3
7 21 28 4
1825 1
17 24 1
Sept.


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

15

29 5 12

2o

30 6 13

MEMBER BANK

YIELDS ON U. S. GOVERNMENT SECURITIES

EXCESS
FREE
BORROWINGS
RESERVES
RESERVES
MILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY

WEEK
ENDING

6
13
A.O
________ XX
9W 3
to
17
44
/
2

_________ ZvT

Al2
41 o
HI
378
___ 4Al____
3 IS
AZ8
413
4S?
SSI

_________ xX
If66 (jtu*. s

* “0

_________

11

PRELIMINARY

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

464
331
610
m f

S3 6
49S
s9 /
338
4 86
334
4??
361
S34
472
At P
S46
S63—
S9o
3U8

WEEK
ENDING

- 96
-117
-101
-146
-top
i~ ?S
-17 4
-133
-II /
- At
4 73
4 18
- 81
-A40
+/CO
- A/

LONG
TERM

ms (Oj. ?
IS
Al
S
11
19
oi(p
3
to
17
e14
31
1966 (L.. 7
____ V
14
P

11

3-5
YEAR

3 MONTH
TREAS. BILL

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

417
416
4.17
419
4.34
4.3S
4.34
4.34
436
4.41.
4.4S
4.43
444
4.44
4.41
4.4! *

4.31
4.30
434
4.37
4.44
449
4.4i
44S
4. SO
4.7Q
4.71
4.81
4.10
4.93
MH
4 SS 4-

4.00
4-oo
4.03
4.0S
4.07
j.o6
4o9
4.1/
4.11

433
4-39
4.46
4.47
4S3
4.S9
4.63 *

FEDERAL FUNDS

8

AVERAGES OF
DAILY FIGURES
WEEK
ENDING
FRIDAY

4.o7S
4-1 AS
4.0SO
3 .ISO
4.US
3.161
4,1AS
4.094
4 IAS
3.6 IS
4.Soo
4.4SO
4.6 AS
4 6iS
4.S7S
3.S00 *

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

* t

MONEY SUPPLY
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BUSINESS LOANS
ALL WEEKLY REPORTING BANKS
WEDNESDAY FIGURES

MEMBER BANK RESERVES
AVERAGES OF DAILY FIGURES
MILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MILLIONS OF DOLLARS

SEASONALLY ADJUSTED

WEEK
ENDING

MONTH

/?CS

19C/^ OJ-. (e
ICS. 8
____
/css
____________ LL
/CSS
/Co. 3
___________ £o_
—Op*1'
___________ a?
JC/J
/css
_____ Qru
Ql*v.3 ____ ics.9
/Co.c
a!
JCS8
/C/8____
JO
______'l<du
/CSC
/CAS ___________ L9L
uui
/CS8
/CA.7
___________ Ai
■
Jfi.
/
US 7
/W-3____
/
CC.Cp
_____ Q*L- __ / CS.,£>
?
XT
_ _ _ _ ObhL
/CC.S
1CS7
ESWc, JC7* P
AA/CM F>
_______ AX
/H6 Qa~S.
!CU P
* /A
zero p
/C8.1 P
_ _ _ _ _ _ _ _ IX
____ /COO
___ AT?. 7


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

UNADJUSTED

SEASONALLY
ADJUSTED

¥8 /3A.
*Z.o8*
¥8/77
¥8370
i8/¥S
¥9 Ail
¥8aC2
H8AAO
¥8SJS
¥8 778
*8.*?S
*8,737
¥8?/S
¥9.303
¥8CH
____ *8?S/
____ ¥8t777
____ ¥?/C7
¥%oC/
¥8;7C8
¥99 9A¥93oA
----- *
---*9Sz/
__ sos/i
Sc SC*
¥9.SA¥
__ So 773
SOA3J
SC 7/9 P so ¥/7P

AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS

/SC 7.1
/S¥C¥
JSLCS
/S39/
/SLA 7
------ L-/w •--/<CA*
/Sh98
/S¥HO
JSsS7/
JS7oA
---- L—/-*— —
/SP/S
/SLAl
/SsZ77
/S8 7C
— / ----ICSIA 7
fS,SS7P

9

TOTAL

A./ 9 ¥3
3/ C8¥
A A Co 7
A/. 7SA
AAoAAl
A! 79£
--- -----------A/9oC
A/SXA
A/970
AAAo/
A A US’
------w—y—
A A o*S
RASAS'
AA 179 P

*

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

LARGE CERTIFICATES OF DEPOSIT
ALL WEEKLY REPORTING BANKS

10

WEDNESDAY FIGURES
MILLIONS OF DOLLARS
ENDING

mr

jam.

UNADJUSTED

UNADJUSTED

ES

UNADJUSTED

nu JffN.5 11,927
7 /S.203
/9 /LZ7Z__ ________ LL /6,0Z4 P
/3
Lo
_ __ __ __ _ 1L __ /ssn__
_ __ __ __ _ 1L IS. Mo
Z 7 /333S
M6. 4 /3,22Z__
FEB. 3
/3.StS
____________ mL 23.703
-JL /L'OO.l
LL __ 11773__
n __ /L,om
____________ l± __ /3JU_ _ _
__ /L./77
MAR.
3 __ 13370
___ SEP. /
/U92
_________ t __ /L1277
/O __ /9,/97
z£ /StfU
/7
/3S 229
_ ___________ 27L __ /9.029
_ _ _ __ _ _ _ ZA /S,U1
3/
_ __ __ __ _ l£ __ /Sim
j3.9LZ
APR.
7 __ /9,/9o
___ OCT, i.
/L}/77
_UL
/7.33Z
/3 __ /Q.293__
________LA __ SC.37Z
____________ LL
__ _______
____________ ZL__ /Ls7Vi
________ ILL 7L.3KI
_____ MPtY
S __ mil__ ___ NOV. 3 __ /Cl 93__
____________ LL __ MfOZ__ ________ (0_ /iz7+
_ _ _ _ _ _ _ _ _ _ _ _ _ t±
n /4,3.ZZ
/3t CL t
____________ Z4 __ ISJJO___ ________ 2L H.6/o
____ JME____ £ __ /Sou__
DEC / /i> <us
_____________ £ __ /S.329 _________ S_ iLS7S
IS IS.79S
_ ___________ A.
19997
___ i________ 13_ - /S,24t__
2.Z /S> ?y 7
____________ 10 __ ILA31__
Z9 16.097


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

4

iZ.16/
/J.U2.
Jj.w

ENDING

JULY

E^fNKG

UNADJUSTED

UNADJUSTED -

V

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS