Full text of U.S. Financial Data : Week Ending: January 22, 1975

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

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£7>4 7~>a

Week ending: January 22, 1975
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library

JUN 0 8 1979

In the past six months the monetary base has increased
at a 7.3 percent annual rate. Despite this relatively rapid
growth of the base, over the past six months the money stock has
increased at a 1.6 percent annual rate, and demand deposits
have actually decreased at a 0.7 percent annual rate. The
reason for such a divergence in growth rates is that much of the
increase in the base has been used as currency and as required
reserves on total time deposits.
On January 20, 1975 the Board of Governors of the
Federal Reserve System announced a reduction in reserve
requirements on net demand deposits of member commercial banks.
Reserve requirements will be reduced by one-half of one
percentage point on all categories of net demand deposits up to
$400 million, and one percentage point on deposits in excess of
$400 million. The new reserve ratios will apply to net demand
deposits during the week of January 30 - February 5, 1975. Due
to the two-week lag in reserve requirements, they will affect the
reserves that banks must maintain during the week of February
13-19. The Board estimates that this action will release about
$1.1 billion in reserves to the banking system.
Reserve Requirements
Net Demand Deposits
(Millions)
$0-2

Present Ratio

8%

2-10
10 - 100

10 1/2
12 1/2

100 - 400
over 400

13 1/2
17 1/2

Ratio Effective
2/13 - 2/19
7 1/2 %
10
12
13
16 1/2

Short-term interest rates have fallen markedly since
early December. Rates paid on 90-day certificates of deposit
have fallen by 2.22 percentage points since the week of December
6; the current yield is 7.31 percent. This is the lowest level
for these rates since the week of May 9, 1973 and represents a
drop of 5.35 percentage points from the high of 12.66 percent in
the week of July 17, 1974. Long-term rates have shown almost no
change on average over the last two months, after declining
sharply from mid-October to late November. Rates on long-term
Government securities have fallen from 6.89 percent in early
December, 1974 to 6.67 percent in the latest week for a drop of
0.22 percentage points. The corporate Aaa rate has shown almost
no change on average since late November.


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

Prepared by Federal Reserve Bank of St. Louis
Released: January 24, 1975

MONETARY BASE

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY

THIS BANK

BILLIONS OF DOLLARS

MILLIONS

— JAN

S 19

2 16 30 13 27

FEB

13 27

MAR

10 24

8 22

5 19

3 17 31

APR

14 28 11

AUG

1973

23

9 23

6 20

4

NOV

SEP

18

I

IS 29 12 26

DEC

1974

1975

LATEST DATA PLOTTED WEEK ENDING« JANUARY 22, 1975
THE MONETARY BASE CONSISTS OF MEMBER BANK DEPOSITS AT THE FEDERAL RESERVE AND CURRENCY IN
CIRCULATION C 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 END ING»
1/23/74

4/24/74

6/19/74

7/24/74

8/21/74

6.0
8.2
6.9
7.0
7.2
7.6
8.3
7.7

7.7
5.7
6.0
6.4
7.2
8.2
7.5

4.6
5.5
6.2
7.3
8.6
7.6

3.6
5.2
6.9
8.5
7.3

7.9
9.2
10.7
8.8

9/25/74 10/23/74 11/20/74

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
6/19/74
7/24/74
8/21/74
9/25/74
10/23/74
11/20/74
12/25/74
1/22/75


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

10.6
42.1
9.4

13.5
9.5

8.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULT PLIER

—

2.7

BAT IQ

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 15,

1975

BILLIONS OF DOLLARS
104

BILLIONS OF DOLLARS
—----------------------- 104

r---------1--------------- 1------------1------------r-------- ----------------- ------------ --------------

~

COMPOUNDED ANNUAL RATES
OF CHANCE. AVERAGE OF
— THE FOUR WEEKS ENDING

OCT.

23

AUG. 21

FEDERAL RESERVE CREDIT

1915.

2 16 90 19 27

DEC
1973

JAN

FEB

19 27

MAR

10 26

APR

8 22

MAY

5 19

9 17 91

JUN
JUL
197 4

H 26 11

AUG

SEF

25

9 23

6 20

4 18

NOV

MILLIONS

DEC

1

15 29 12 26

1975

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 22, 1975
1/' RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ DEFINED TO

INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND “OTHER*• ASSETS

claIseI oPban^1 data^re^sonally adjusted^by^th?s^bank? shifts


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

An

KlSTFn cm*
^

in def6sits

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

BILLIONS
215.6
215.2
215.9
213.7
213.6

220

215

210

205

3

19

2 l« 90

19 ZT

FEB

13 27

10 20

8 22

9

19

3

17 91

MAR

14 26

AUG

1973

11

29

9 23

6 20

4

IS

9 29

12 26

SEP

1974

1975

LATEST DATA PLOTTED WEEK ENDINGj JANUARY 15, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
1/16/74

4/17/74

8/12/74

5.5
5.8
4.9
4.0
3.6
3.4
3.8
2.5

5.2
3.8
2.6
2.2
2. 1
2.8
1.2

3.6
1.7
1.4
1.4
2.4
0.5

7/17/74

8/14/74

9/18/74 10/16/74 11/13/74

TO THE AVERAGE
OF FOUR WEEKS
END 1NGt
6/12/74
7/17/74
8/14/74
9/18/74
10/18/74
11/13/74
12/18/74
1/15/75

-1.1
-0.7
-0.1
1.4
-0.7

-0.8
0.0
1.9
-0.8

0.9
3.2
-0.6

4.7
-0.7

-1.9

4


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
295 ---------- .-------------,-----

BILLIONS OF DOLLARS
----- ------------- ---------- 295

billions

284.7
283.6
281.5
281.6

5 19

2

16 SO 13 27

FEB

IS 27

MAR

10 24

6 22

5 19

3 17 31

APR

M 28 11 25

AUG

9 23

6 20

4 16

NOV

SEP

DEC

1

13 29 12 26

LATEST DATA PLOTTED WEEK ENDING, JAMARY 15. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DS*OSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING,
1/16/74

4/17/74

6/12/74

7/17/74

8/14/74

6.8
6.7
6.0
5.2
4.9
4.9
5.3
4. 1

5.5
4.5
3.7
3.4
3.6
4.3
2.9

4.0
3.0
2.7
3.1
4.1
2.4

1.2
1.4
2.2
3.7
1.6

1.5
2.4
4.2
1.7

9/18/74 10/16/74 11/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
8/12/74
7/17/74
8/14/74
9/18/74
10/16/74
11/13/74
12/18/74
1/15/75


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

• '

3.3
5.4
1.9

7.0
1.9

0.6

f--

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
IS,5 r-

PERCENT
—1 13.a

90 DAY CD'S

RIME BANK
OAN RATE

11.5

COMMERCIAL PAPER

CORPORATE AAA BONDS

Cl PAL

7 21

4 18

DEC

JAN

1

13

1

15 29 12 26 10 24

7 21

5 19

2

16 30 13 27

FEB

SEP

II

23

8 22

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING.

1975
DEC.

6
13
20
27
JAN.
3
10
17
24 £
31
FEB.
7
M
21
28

6 20

3 17 31

14 26

OCT
JANUARY 24,

1975

90 DAY
CD'S xeec

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS net

9.53
9.03
9.17
9.20
9.36
8.57
7.81
7.31

9.05
8.78
9.00
9.06
8.84
7.83
7.53
7.00

9.55
9.03
9.03
9.16
9.08
8.33
7.66
7.21

8.91
8.87
8.85
8.91
8.93
8.91
8.84
8.78

6.89
7.15
7.08
7.08
7.08
6.99
6.90
N. A.

* AVERAGES OF RATES AVAILABLE.
*8* BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
5BO£ SEVEN-DAY AVERAGES OF SECONDAnY maRKEI KA Its FOR THE WEEK ENDING WEDNESDAY TWO DAYS
. EARLifR T,HAN 2AJES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
14.0
13.5
13.0
12.5

12.0
FEDERAL FUNDS RATE
11.5

11.0
10.5

10.0
9.5
THREE-MONTH TREASURY
BILL MARKET YIELD

9.0
8.5

8.0
7.5

DISCOUNT RATE

7.0
6.5
6.0
I

JAN

13

1

IS 19 12 26 10 24

7 21

5 19

JUN

FEB

JUL

2 16 30 13 27 11

SEP

25

6 22

6 20

3 17 31

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JANUARY 24.

1975
DEC.

6
13
20
27
JAN.
3
10
17
24 *
31
FEB.
7
14
21
28

M 26

0

OCT

FEDERAL
FUNDS xm

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

9.02
8.86
8.72
8.45
7.35
7.70
7.22
7. 17

7.44
7.24
6.92
7.01
6.96
6.59
6.54
6.28

7.46
7. 16
7.06
7.17
7.26
7.23
7.32
7.37

1975

6.89
6.75
6.70
6.77
6.77
6.68
6.66
6.67

* AVERAGES OF RATES AVAILABLE.
**
AVERAGES FOR WEEK END I IMG WEDNESDAY TWO DAYS EARL IER THAN DATE SHOWN
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
&HOWN.


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
----- ------------- --------44C(

440 -------- -----------------

TOTAL TIME DEPOSITS

NET TIME DEPOSITS M

5 19

2 16 90 19 27

19 27

10 2*

8 22

9 19

9 17 91

11 28

AUC

ll

23

9 23

SEP

6 20
NOV

1 18
DEC

l

13 29 12 26

LATEST DATA PLOTTED WEEK ENDINGs JANUARY 15, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORT ING COMMERCIAL BANKS?

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
l/l6/7 4

4/17/74

6/12/74

7/17/74

8/14/74

8.6
8.7
8.2
8.0
9.0
8.6
8.7

10.3
9.0
8.6
9.8
9.2
9.2

7.7
7.5
9.3
8.7
8.7

6.9
9.4
8.6
8.7

9/18/74 10/16/74 11/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/12/7 4
7/17/74
8/14/71
9/l8/74
10/16/74
ll/l3/74
12/18/74
1/15/75

l 0.3
l 0.5
l 0.3
9.8
9.5
10.0
9.7
9.6

11.2
9.4
9.3

10.4
10.0

7.6

8

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

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
720
710
700

MONEY STOCK PLUS TOTAL TIME DEPOSITS
690
660
670
660
630
840
630
-=J 620
610
- 600
-

590

-

360

=

370

MONEY STOCK PLUS NET TIME DEPOSITS WE

5 19

Z 10 90 19 Z7 19 ZT 10 Z4

FEB

MAR

8 ZZ

9 19

9 IT 31

APR

M 28

AUC

II

23

9 Z3

0 ZO

4

NOV

SEP

DEC

IS

1

19 Z9 IZ Z0

1973
LATEST DATA PLOTTED WEEK ENDI NO: JANUARY 15, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
WEMt IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS tSEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (Mz)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END INGt
1/16/74

4/17/74

6/12/74

7/17/74

8/14/74

8.6
8.6
8.2
7.6
7.3
7.6
7.6
7.0

7.1
6.8
6. 1
5.9
6.5
6.6
6.0

7.3
6. 1
5.9
6.6
6.8
5.9

4.7
4.8
6.0
6.4
5.4

4.4
6. 1
6.5
5.4

9/18/74 10/16/74 11/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/12/74
7/17/74
8/14/74
9/18/74
10/16/74
11/13/74
12/18/74
1/15/75


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

7.4
7.5
5.8

8.7
6.1

4.3

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 DOLLAR|

94
92
90
88
86
84
82
80
78
76
74
72
70
68
66
64
5 19

2

16 SO 13 27

19 27

FEB

MAR

10 29

8 22

3 19

3 17 31

APR

H £8 II

AUG

1973

23

9 23

6 20

9 IS

NOV

SEP

DEC

1

1974

13 29 12 28

1975

LATEST DATA PLOTTED WEEK END INC. JANUARY 13, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

r -

money

JAN.

4
1 1
16
25
1

8

FEB.

data-.......

...................... .

B1LL1ONS
CERT IF 1CATES
CERTIFICATES
NET TIME
OF DEPOSIT
OF DEPOSIT
DEPOS1TS ***
NOT SEAS. ADJ.

1973
DEC.

jranrnar deposit

15
22
29
5
12
19
26

87.7
88.9
90.4
91.7
92.7
92.8
92.3

86.7
88.5
90.2
91.7
93. 1
93.3
92.9

329. 1
329.8
330.1
331.0
330.4
332.5
334.0

M2

m

614.9
614.5
613.5
613.8
614.0
614.0
615.6

* SEE FOOTNOTE PAGE 8.
** SEE FOOTNOTE PAGE 9.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10


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

0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DA 1LY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
A

137-S

4

MILLIONS

DEC. 18

821

JAN.

5 19

2

16 90 13 27

FEB

13 27

MAR

10 24

< 22

3 19

3 17 91

APR

M 28 11 23

AUG

9 23

6 20

4 18

NOV

SEP

DEC

I

13 29 12 26

LATEST DATA PLOTTED WEEK ENDING. JANUARY 22. 1975

BUSINESS LOANS

(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134 ---------- .-------------,-----

BILLIONS OF DOLLARS
----- ------------- ---------- 134

•ED ANNUAL RATES
j

ur

HE FOUR WEEKS ENDING
Nnisunni

ij,

ioio

r

THE FOUR WEEKS ENDING

DEC. 11

5 19

2

16 30 13 27 13 27

FEB

MAR

10 24

8 22

5 19

3 17 31

APR

14 28 11 25

9 23

6 20
NOV

4 18
DEC

1

15 29 12 26

1975
LATEST DATA PLOTTED WEEK ENDING:


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

JANUARY 15,

1975
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 DOLLARS
513

COMPOUfOEO ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JANUARY 15, 1975 FROM THE FOUR
WEEKS E*C ING:
CREDIT
CREDiT
PROXY

proxy

505

adjusted.
495
CREDIT PROXY ADJUSTED

1/

465

475
CREDIT PROXY
465

BILLIONS
CREDIT

CREDIT
PROXY

ADJUSTED

455

494.7
493.7
493. 1
445
469.6

* 16 30 13 27 13 27 10 24 6 22

3 19 3 17 31 H 26

1 23 9 23

6 20

3 29 12 26
1975

-ATEST DATA PLOTTED WEEK ENDINGj
CURRENT DATA APPEAR
1/


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

JANUARY 13.

1975

IN THE BOARD OF GOVERNORS'

H.9 RELEASE.

INCLUDES MEMBER BANK. DFROSITS. BANK-RELATED COMMERCIAL PAPER. EURODOLLAR BORROWINGS OF
U.S. BANKS. ANO CEPTAIN OTHER NONDEPOSIT SOURCES.
PREPARED 8v FEDERAL RESERVE BANK OF SI.

10UIS