Full text of U.S. Financial Data : Week Ending: January 2, 1974

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Week ending: January 2, 1974

,Bf?ARY
JUN 0 8 1979


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

The monetary base has increased sharply in the last
three months. Since mid-September the base has risen at an 8.5
percent annual rate, somewhat faster than the 6.9 percent rate
in the previous nine months. Over periods of twelve months or
more, growth rates of the monetary base have usually been similar
to those for the nation's money stock, measured as demand depo­
sits and currency in the hands of the public. In the past year
the monetary base has increased 7.3 percent.
Federal Reserve credit, the major source of monetary
base, has increased at an 11 percent annual rate in the last
three months, compared to a 7.3 percent rate over the previous
nine months. In 1973 Federal Reserve credit rose 8.1 percent,
approximately the same as the monetary base.
For periods of three months or longer, Increases in
Federal Reserve holdings of Government securities usually
account for almost all of the increase in Federal Reserve
credit.
In the last three months, on a nonseasonally adjusted
basis Federal Reserve holdings of Government securities have
risen $3.8 billion and Federal Reserve credit has risen $4.1
billion. Over the last year, Federal Reserve holdings rose
$8.7 billion and Federal Reserve credit $8.5 billion.
A change in Regulation D, reducing marginal reserve
requirements on large denomination certificates of deposit and
certain other bank liabilities from 6 percent to 3 percent,
became effective in the reserve computation week ended January
2. The lower required reserve ratio on this category of bank
liabilities, if not offset, is estimated to make available be­
tween $350-$375 million in reserves to support bank deposits.
The effect of the lower marginal reserve requirement appears in
the reserve adjustment magnitude used in the computation of the
monetary base. Taking other factors affecting the reserve ad­
justment magnitude into account, it is estimated by this Bank
that the reserve adjustment magnitude increased by about $240
million in the week ended January 2.

Prepared by Federal Reserve Bank of St. Louis
Released: January 4, 1974

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
106

MILLIONS

104

102

100

98

96

I

15 29 13 27 10 21

4 IS

7 21

FEB

MAR

2 16 30 13 27 11

25

8 22

S 19

3 17 31

H 28 12 26

NOV

APR

1972

9 23

DEC

1973

1974

LATEST DATA PLOTTED WEEK ENDING. JANUARY 2, 1974
USES OF 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 1968 ■•REVIEW” OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING.
1/3/73

4/4/73

5/30/73

7/4/73

8/1/73

9/5/73

7.5
7.3
6.5
5.6
6.5
6.6
6.6

7.5
6.2
5.0
6.2
6.5
6.4

5.2
3.8
5.7
6. 1
6. 1

2.5
5.4
6.0
6.0

6.3
6.7
6.6

10/3/73 10/31/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
5/30/73
7/ 4/73
8/ 1/73
9/ 5/73
10/ 3/73
10/31/73
12/ 5/73
1/ 2/71


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

8.6
8.5
6.3
7.7
6.9
7.4
7.4
7.3

9.5
8.5

6.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERi/
FEDERAL RESERVE CREDIT 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 26,

1973

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___THE FOUR WEEKS ENDING
JANUARY 2, 1074 FROM
_ THE FOUR WEEKS ENDING.
OCT.

---- OCT.
SEP.
AUG.
JUL.
APR
-----JAN

31,

3,
5,
1,

1973

1973
1973
1973

92

6.3

FEDERAL RESERVE CREDIT

10.6

90

6.6
0.5
“

1973

83

86

1974
IV.

84

MILLIONS

2i
82

1

IS 29 IS 27 10 24

7 21
FEB

7 21
MAR

4 IS
APR

2 16 SO IS 27 II 2S

1972
LATEST DATA PLOTTED WEEK ENDING. JANUARY 2,

1973

• 22

8 19

3 17 SI

14 28 12 26
NOV
DEC

8 25
1974

1974

1/ RATIO OF MONEY STOCK (Mil / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER
.
ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
____
„
______ TO
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.
CLASSES OF BANKS.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS

206. 4
204.6
205.9
206.5
207.3
207.0

15 29 13 27 10 24

7 21

7 21

4 18

FEB

1

MAR

APR

2 16 30 13 27

JUN

11

25

8 22

3 19

3 17 31

14 28 12 28

NOV

JUL

9 23

DEC
1974

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 26. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
12/27/72

3/28/73

5/23/73

6/27/73

7/25/73

1.1
-1.4
-0.1

-4.7
-2.1

8/29/73

9/26/73 10/24/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73
10/24/73
11/28/73
12/26/73


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

3.3
5.4
5.6
4.3
3.1

3.2
3.9
4.1

10.4
9.5
6.5
4.4
4.3

5.2
5.3

11.1
5.8
2.9
3. 1
4.4
4.6

2.2
2.8

1.3
2. 1

-1 .6
3.0
3.6

7.6
7.1

8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
275

billions

267.5
265.4
266.6
267.9
268.7
269.0

270

265

260

255

250

:

15 29 13 27

10 24

7 21

7 21

4

FEB

MAR

APR

13

2

16 30

IS 27

11

25

8 22

3

19

3

17 31

14 28

NOV

12 26

9 23

DEC

1973
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 26.

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
12/27/72

3/28/73

5/23/73

6/27/73

7/25/73

8/29/73

9/26/73 10/24/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73
10/24/73
11/28/73
12/26/73


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

4.7
6.3
6.2

10.5
9.3

5.0
4. 1
4. 1
4.8
5.0

6.8

5. 1
5.0
5.7
5.9

9.7
5.5
3.5
3.6

4.8
5. 1

1.5
0.0
0.9
3.0

-2.4
-0.5
2.4

3.7

3.3

0.2
4.0
4.8

7.5
7.5

9.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

1

15 29 13 27 10 24

4 18

7 21

MAR

2 16 30 13 27 11 23

8 22

S 19

3 17 31

APR

14 28 12 26

NOV

9 28

DEC
1974

LATEST DATA PLOTTED WEEK ENDINGj DECEMBER 26,

1973

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
CERTIFICATES OF 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:
12/27/72

3/28/73

10.0
9.8
9.2
9.8
9.8
10.4
10.8
10.7

8.8
8.0
9.2
9.3
10.2
10.7
10.6

5/23/73

6/27/73

7/25/73

8/29/73

9/26/73 10/24/73

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73
10/24/73
11/28/73
12/26/73


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

7.2

9.5
9.6
10.7
11.3

9.8
9.9
1 1.3
11.9

11.1

11.5

12.0
13.2
13.4

12.7

12.9
13.3
12.4

14.9
13.2

12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
640 -- ---------- ---------- -----

BILLIONS OF DOLLARS
----- ---------- -----------3 640

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**.

I

IS 20 13 27 10 24

7 21

4 IS

2 16 30 13 27 11 25

8 22

3 10

3 17 31

14 28 12 26
NOV

DEC

1973
LATEST DATA PLOTTED WEEK END INGt DECEMBER 26,

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
**M2 IS DEFINED AS. CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS CM2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
12/27/72

3/28/73

5/23/73

6/27/73

7/25/73

8/29/73

7.5
8. 1
7.7
7.5
7.1
7.4
7.9
7.9

9.6
8.6
8.0
7,3
7.7
8.3
8.3

8.3
7.5
6.6
7.3
8.1
8.2

5.6
5.0
6.2
7.5
7.7

5.0
6.6
8.1
8. 1

6.9
8.9
8.7

9/26/73 10/24/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73
10/24/73
11/28/73
12/26/73


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1

IS 29 tS 27

10 24

7 21

7 21

4

FEB

MAR

APR

19

2

18 30

13 27

JUN

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 26,

11

25

8 22

BILLIONS OF DOLLARS

3

19

5 17 31

JUL

4 21 12 2«

NOV

9 23

DEC

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*** H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1974
NOV.

7
14
21
28
DEC.
5
12
19
26
JAN.
2
9
16
23
30

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

M2*

61.7
60.8
60.8
61.1
61.1
62.8
62.0
62.9

295. 1
295.9
295.3
296.1
296.7
296.5
298.7
298.7

561.5
562.9
562.8
561.5
563.3
564.5
567.4
567.7

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST

LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
455

445
CREDIT PROXY ADJUSTED 1/

435

425

CREDIT PROXY
415

405

395

1

13 29 13 27

10 24

7 21

FEB

4 18

MAR

2 18 30 13 27

11 25

8 22

5 19

3 17 31

APR

1972

14 28 12 26

NOV
1973

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 26,

9 23

DEC
1974

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1973

BILLIONS
CRED1T
PROXY

NOV.
DEC.

21
28
5
12
19
26


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

CREDIT
PROXY
ADJUSTED.

439.2
438.9
439.6
439.3
440.5
444.3

446.6
446.5
446.8
447.0
448. 1
451.6

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
DECEMBER 26, 1973 FROM THE FOUR
WEEKS ENDING.
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
OCT.
SEP.
AUG.
JUL.
JUN.
MAR.
DEC.

24,
26,
29,
25,
27,
28,
27,

1973
1973
1973
1973
1973
1973
1972

1.5
2.2
3.0
5.5
5.8
7.9
9.9

2. 1
2.4
3.3
6.0
6.5
8.6
10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—i 11.0

n.o p~

COMMERCIAL PAPER,

CORPORATE Aaa BONDS

RIME BANK
OAN RATE

MUNICIPAL
BONDS**

3 IT

l

15 20 12 26

JAN

0 23

0 23

FEB

6 20

4 16

APR

MAY

1972

1

15 20 13 2T 10 24

T 21

5 10

SEP

OCT

2 16 30 14 2« 11 23

DEC

1973

JAN
1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi JANUARY 4, 1974

1974
NOV.

DEC.

JAN.

2
9
16
23
30
7
14
21
28
4 X
1 1
18
25

CORPORATE
Aaa BONDS

PRIME
COMMERCIAL
PAPER
4-6 MONTH

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7.65
7.67
7.69
7.68
7.64
7.65
7.67
7.68
7.73
7.73

8.28
8.69
9.08
9.09
9.10
9.20
9.10
9.00
9.00
8.94

6.83
7.03
7.16
6.90
6.79
6.90
6.76
6.73
6.83
6.84

6.27
6.33
6.35
6.29
6.27
6.31
6.30
6.34
6.47
6.51

MUNICIPAL
BONDSm
5. 17
5. 19
5.27
5.13
5.15
5.15
5.06
5. 1 1
5.16
N.A.

* AVERAGES OF RATES AVAILABLE.
M» BOND NOT AVAILABLE
BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. 
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY*

PERCENT

PERCENT

FEDERAL FUNDS RATE

DISCOUNT RATE

3 17

1

IS 20 12 26

0 23

JAN

FEB

0 23

6 20

4 16

APR

1

IS 29 13 27

10 24

7 21

5 IB

2

16 30 M 28 U 23

MAY

1972

DEC
1973

JAN
1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 4, 1974

1974
NOV.

DEC.

JAN.

2
9
16
23
30
7
14
21
28
4 X
1 1
18
25

3-MONTH
TREASURY
BILLS

FEDERAL
FUNDS Mi

PRIME
BANKERS*
ACCEPTANCES

90 DAY
CD* SMI

7.38
8.12
8. 1 1
7.72
7.52
7.47
7.51
7.35
7.50
7.49

9.90
9.71
10.03
10.23
10.09
10. 17
10.04
10.18
9.52
9.87

8.50
8.69
8.75
8.75
8.75
9.10
9.15
8.75
8.75
8.75

8.53
8.91
9.10
9.39
9.34
9.43
9.50
9.09
9.23
9.19

* AVERAGES OF RATES AVAILABLE.
„
MK FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS* H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.


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
3.5 r----------- 1---------- 1----1974

MILLIONS

NOV. 28
DEC.
5
12
19
26
2

1

1287
1477
1302
1489
1042
1210

BORROWINGS

7 21

JAN

7 21

4

FEB

15 29 IS 27 10 24

NOV
DEC
1972

BILLIONS OF DOLLARS
----- ---------- ------------ 3.5

MAR

APR

18

2 16 30 13 27 11

MAY

23

JUN
JUL
1973

8 22

AUG

5 19

SEP

3 17 31

OCT

H 11 12 H

NOV

DEC

9 23

JAN
1974

LATEST DATA PLOTTED WEEK ENDING: JANUARY 2, 1974

BUSINESS LOANS

BILLIONS OF DOLLARS

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

“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ DECEMBER 26. 1973 FROM THE FOUR
WEEKS ENDING:
—
BUS I NESS
—
BUSINESS
LOANS
_
LOANS
ADJUSTED

BILLIONS OF DOLLARS
116
114

112

-BUSINESS LOANS ADJUSTED 1/

110
108

-0.9
-0.9

106
104

21.0

102
BUSINESS LOANS
100
98
MILLIONS

96

BUSINESS
BUS I NESS
LOANS
LOANS
ADJUSTEDNOV. 21

94
92

108.318

110.987

90

88
1

15 29 1 3 27 10 24

7 21

FEB

7 21

MAR

4 18

2 16 SO 13 27 11

APR

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 26,

JUN

JUL

25

8 22

3 18

3 17 31

M 28 12 26

NOV

9 23

DEC

1973

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES.
HOLDING COMPANIES. AND OTHER AFFILIATES.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS