Full text of U.S. Financial Data : Week Ending: January 26, 1977

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

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

Week ending: January 26, 1977

The rate of growth of the monetary base has
slowed over the most recent three months, compared to
the previous three months. The monetary base increased
at a 6.4 percent annual rate from the four weeks ended
October 20, 1976 through the four weeks ended January 19,
1977, after increasing at a 7.5 percent rate from the
four weeks ended July 21, 1976 through the four weeks
ended October 20, 1976. However, both measures of the
money stock (Ml and M2) increased at more rapid rates
during the most recent three months, compared to the
previous three months. This divergence in the pattern
of growth of the monetary base and the two measures of
the money stock is attributable to the fact that in the
most recent period proportionally more of the monetary
base has been used to support demand and time deposits
rather than currency.
The monetary base can be used either as
currency or as reserves to support bank deposits (time
and demand deposits). The allocation of the monetary
base between these uses affects the size of the money
stock (Ml or M2). While one dollar of the base can
support only one dollar of currency, the same dollar
of the base used as bank reserves can support a
multiple expansion of bank deposits. Therefore, the
larger the proportion of a given monetary base that is
used as currency, the smaller will be the money stock
(Ml or M2). In addition, the size of Ml resulting from
a given monetary base is also reduced when proportionally
more of the base is used as reserves to support time
deposits (a component of M2 but not of Ml), leaving a
smaller proportion of the base available to support
demand deposits.
In the most recent three months, the rate of
growth of currency slowed to 7.8 percent from 9 percent
in the previous three months. The rate of growth of
demand and net time deposits, however, increased from
4.5 and 15.9 percent in the previous three-month
period, respectively, to 6.8 and 16.9 percent in the
most recent three-month period, respectively.

Prepared by Federal Reserve Bank of St. Louis
Released: January 28, 1977

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

132

130

126

126

124

122

120

5 17 31

14 29 II

JAN

7 21

5 19

APR

25 10 24

FEB

MAY

1975

2 16 50 14 29 11

JUL
1976

25

6 22

6 20

5 17

OCT

AUG

I

15 29 12 29

NOV

• 25

JAN FEB
1977

LATEST DATA PLOTTED KEEK ENDING: JANUARY 26, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION I CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANCES 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 BAMt. 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:
1/28/76

4/28/76

6/23/76

7/28/76

8/25/76

5.3
7.0
6.8
6.7
7.3
7.2
6.7

4.3
5.1
5.3
6.4
6.3
5.9

9.1
8.2
8.9
8.3
7.5

6.3
7.8
7.3
6.6

9/29/76 10/27/76 11/24/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/23/76
7/2S/76
8/25/76
9/29/76
10/27/76
11/24/76
12/29/76
1/26/77


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

2

11.0
8.4
9.0
6.6
8.4
8.6
8.4
7.9

8.7
7.7
6.6

8.4
6.7

4.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

RATIO
DEC.

1

LATEST DATA PLOTTED WEEK END IMG.- JANUARY 19
BILLIONS OF DOLLARS
118 -------------r-------------------- --------------_

BILLIONS OF DOLLARS
-------- ---------- ---------- >18

____

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
the four weeks ending

JANUARY 26.

1977 FROM

the four w£eks ending*

ADJUSTED FEDERAL RESERVE CREDIT

iaiL
DEC.
jan.

j

DEC
1975

JAN

FEB

MAR

APR

MAY

JUN
JUL
1976

AUG

1111111111
17

OCT

MILLIONS

22 118:%
H 110,300

NOV

1

15 29 12 26

JAN

9 23

FEB

LATEST DATA PLOTTED WEEK ENDING: JANUARY 26, 1977
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.

' MBHIHIffiKHjHIlVr

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
755 pr

BILLIONS OF DOLLARS
755
750

BILLIONS

745

739.0
740.5

740

745.1

735

745.6

730
725
720
715
710
705
700
695
690
665
680
675
670
665
660

3 17 31

14 26 11

JAN

FEB

7 21

5 19

APR

25 10 24

2 16 30 14 28 11

25

6 22

MAY

6 20

OCT

1

3 17

15 29 12 2«

NOV

JAN

9 29

FEB

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19, 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 ENDING:
1/21/76

4/21/76

6/16/76

7/21/76

8/18/76

8.8
9.2
9.3
10.1
10.6
10.8
10.9

9.3
9.5
10.5
11.1
11.3
11.4

10. 1
11.3
12.0
12.0
12.0

11.7
12.4
12.3
12.2

9/22/76 10/20/76 11/17/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/16/76
7/21/76
8/18/76
9/22/76
10/20/76
11/17/76
12/22/76
1/19/77

4


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

11.5
10.9
10.8
10.7
1 1.0
11.3
11.4
11.4

14. 1
13.3
13.0

13.0
12.6

11.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
325 -------------,-------- --------

BILLIONS OF DOLLARS
-------- ---------- ---------- 325

BILLIONS
_

DEC

311.1
312.3
312.4
314.8
313.5

DEC
1975

JAN

FEB

MAR

APR

MAY

JUN
JUL
1976

1

AUG

OCT

15 20 12 26

s 23

NOV

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASI
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/21/76

4/21/76

6/16/76

7/21/76

8/18/76

4.5
5.2
4.2
5.0
5.4
5.0
5.7

4.5
3.2
4.6
5.2
4.7
5.6

3.9
5.6
6.2
5.4
6.3

4.8
5.7
4.9
6.1

9/22/76 10/20/76 11/17/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/16/76
7/21/76
8/18/76
9/22/76
10/20/76
11/17/76
12/22/76
1/19/77


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

7.4
6.3
6.5
5.7

6.1
6.3
5.9
6.3

8.8
6.4
7.7

5.0
7.0

6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
10.0

9.5

9.0
CORPORATE AAA BOM)S
8.5

8.0

7.5

PRIME BANK
LOAN RATE

MUNICIPAL
BONDS H0if

7.0

6.5
COMMERCIAL PAPER

6.0

5.5

5.0

4.5

4.0

5 18

2 16 30 13 27 12 26

FEB

8 23

MAR

7 21

4 18

MAY

JUN

2 16 30 13 27 10 24

AUG

8 22

5 18

3 17 31

14 28 11

JAN

SEP

25

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 26, 1977

1977
DEC.

JAN.

FEB.

6

3
10
17
24
31
7
14
21
28 *
4
1 1
18
25

90 DAY
CD'S 3BHE

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS mt

4.77
4.66
4.70
4.65
4.63
4.68
4.75
4.86
4.88

4.83
4.70
4.75
4.63
4.65
4.63
4.75
4.75
4.79

4.64
4.64
4.60
4.60
4.65
4.70
4.80
4.84
4.85

8.09
8.01
8.00
7.96
7.91
7.88
7.94
7.99
8.01

6.03
5.96
5.95
5.93
5.83
5.75
5.89
5.90
N.A.

* AVERAGES OF RATES AVAILABLE.
KBK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES 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
7.0 —

PERCENT
----- ,7.0

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

FEDERAL FUNDS RATE

5 19

2 16 SO 13 27 12 26

FEB

8 23

MAR

7 21

4 18

MAY

JUN

2 16 30 13 27 10 24

AUG

8 72

5 10

3 17 31

14 28 11

JAN

SEP

25

FEB

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 28, 1977

1977
DEC.

3
10
17
24
31
JAN.
7
M
21
28 X
FEB.
4
11
18
25

FEDERAL
FUNDS XK

3-MONTH
TREASURY
BILLS

l-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.78
4.67
4.68
4.63
4.69
4.47
4.55
4.65
4.72

4.42
4.41
4.33
4.27
4.34
4.49
4.58
4.65
4.71

4.66
4.66
4.66
4.60
4.62
4.76
4.93
5.08
5.15

5.92
5.94
5.99
5.96
5.98
6.12
6.48
6.57
6.65

7.31
7.22
7.23
7.18
7.11
7.14
7.35
7.40
7.45

__

* AVERAGES OF RATES AVAILABLE.
J6K 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.


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

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
440
---------- ,---------.—-

BILLIONS OF DOLLARS
-------- ---------- --------=3 440

BILLIONS
DEC.

15

427.9
430.4
431.7
432.1

365

-

■LI . I I I I
DEC

JAN

FEB

MAR

APR

latest data plotted week ending:

MAY

JUN

JUL

AUG

SEP

1

OCT

NOV

15 29 12 26

JAN

9 23

FEB

1976
January 19, 1977

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

sHS/SHS®®Tl*
NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
1/21/76
4/21/76 6/16/76 7/21/76 8/18/76 9/22/76 10/20/76 11/17/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/1B/76
7/21/76
8/18/76
9/22/76
10/20/76
11/17/76
12/22/78
1/19/77

8


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

14.9
14.6
14.4
14.7
15.0
15.4
15.8
15.5

12.3
12.4
13.4
14.0
14.7
15.4
15.0

13.1
14.5
15.1
15.9
16.5
15.9

15.0
15.8
16.6
17.3
16.4

17.2
17.9
18.3
17.0

18 5
18.8
17.1

19 4
16.9

15.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLION OF DOLLARS
240 -------------1---------- 1-----

BILLIONS OF DOLLARS
-------- ---------- ---------- 240

BILLIONS
230.4
231.5
233.8
233.5
232.1

3 17 31

14 28 11

JAN

25 10 24

7 21

5 19

2 18 30 14 28 11

FEB

JUL

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19,

25

8 22

8 20

3 17

OCT

AUG

NOV

1

15 29 12 28

JAN

9 23

FEB

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 ENDING:

1/21/76

4/21/76

6/16/76

7/21/76

8/18/76

5.8
4.8
5.1
4.2
4.7
5. 1
4.6
5.2

3.4
4.1
3.0
4.0
4.5
4.0
4.9

3.4
1.8
3.5
4.3
3.7
4.9

2.3
4.5
5.4
4.3
5.6

3.6
5.0
3.9
5.5

9/22/76 10/20/76 11/17/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/18/76
7/21/76
8/18/76
9/22/76
10/20/76
11/17/76
12/22/76
1/19/77


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

8.9
5.7
7.4

4.1
6.8

6.2

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
84
82

80
78
76
TA
72
70
68
66
64

62
60

3 17 31

14 28 11

JAN

FEB

25 10 24

7 21

5 10

APR

MAY

1975

2 16 30 14 28 11

JUL
1976

25

8 22

6 20

3 17

OCT

AUG

NOV

1

15 20 12 26

0 23

1977

LATEST DATA PLOTTED WEEK ENDING: JANUARY 19, 1977
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.

1977
DEC.

JAN.

FEB.

1
8
15
22
29
5
12
19
26
2
9
16
23

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
63.4
63.7
63.8
64. 1
65.3
65.3
63.7
62.7

62.8
63.1
63.4
63.7
64.9
65.2
64. 1
63.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10


http://fraser.stlouisfed.org
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
1.5
liZZ.

MILLIONS

DEC. 22

3 17 31

14 28 1!

JAN

25 10 24

7 21

5 19

APR

FEB

MAY

2 15 SO 14 28 11

25

8 22

6 20

5 17

OCT

NOV

1

15 29 12 25

JAN

B 25

FEB

LATEST DATA PLOTTED WEEK ENDING* JANUARY 26, 1977

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124
122

120
118
116
114

112
110
106
106
104
MILLIONS

102

DEC. 15

3 17 SI

14 28 11

JAN

FEB

25 10 24

7 21

5 19

APR

MAY

2 16 SO 14 28 11

LATEST DATA PLOTTED WEEK ENDING* JANUARY 19,

JUL

AUG

25

8 22

5 20

S 17

OCT

NOV

1

100

15 29 12 26

9 23

JAN
FEB
1977

1977

* LEVELS OF BUSINESS LOANS BEGINNING DECEMBER 29 ARE NOT COMPARABLE TO PREVIOUS DATA.

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

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

= COMPOUNDED ANNUAL RATES OF CHANGE.
= AVERAGE OF THE FOUR WEEKS ENDING
= JANUARY 19, 1977 FROM THE FOUR
it WEEKS ENDINGi
=
CREDIT
E
CREDIT
PROXY
■PROXY
ADJUSTED
1976
1976
1976
1976
1976
1976
1976

E 540

.CREDIT PROXY ADJUSTED

1/

E 530

E 520

E 510
CREDIT PROXY

CREDIT

PROXY

CREDIT
PROXY

500

ADJUSTED.

530.2

539.1

530.9

540.8

E

490

-

480

529.3
534.2

543.5
542. 1

532.9

I
3

17 31

14 28 11 23 10 24
JAN
FEB

7 21
APR

1975

1/

12


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Federal Reserve Bank of St. Louis

2 16 30 1 4 28 11

23

8 22

1976

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

5 19
MAY

JANUARY 19.

6 20
OCT

3 17
NOV

1

15 29 12 26 9 23
JAN
FEB
1977

1977

IN THE BOARD OF GOVERNORS*

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS. BANK-RELATED COMMERCIAL PAPER. EURODOLLAR BORROWINGS OF
U.S. BANKS. AND CERTAIN OTHER NONDEPOSIT SOURCES.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r