Full text of U.S. Financial Data : Week Ending: January 27, 1971
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fjese^ac/) u. / 1 research library Federal Reserve Bank 9 Week ending: January 27, 1971 of St. Louis MG 2 ( Ho The money stock, consisting of private demand deposits and currency in the hands of the public, has risen at about a 4 per cent annual rate in the past seven months, after rising at about a 7 per cent rate from December 1969 (page 5). The slower growth over the past seven months may be viewed as balancing the rapid growth in the first half of 1970. Over the entire period since December 1969, money has risen at a 5.4 per cent rate, compared with a 3.1 per cent rate in 1969. Total time deposits at commercial banks have risen at about a 28 per cent annual rate in the past seven months and at a 23 per cent rate in the past eleven months (page 6). In comparison, these deposits declined at about a 5 per cent rate from December 1968 to February 1970. Time deposits excluding large CD's grew at a 13.4 per cent rate from February to December 1970, after a declining at a 2.3 per cent rate in the previous eight months. These movements of time deposits in 1969 and 1970 were influenced by the relationship between interest rates on com petitive instruments and Regulation Q ceiling rates. During 1969 interest rates on competing investments rose relative to ceiling rates on time deposits, and by January 1970 the ceilings on short-term large certificates of deposit were about 2-1/4 percentage points below threemonth Treasury bill rates. In late January 1970, Regulation Q ceilings were raised and in late June were suspended on large 30- to 89-day maturity CD's. In addition, as market interest rates have fallen in 1970, banks have been able to compete more effectively for time deposits. Flows of funds into other financial intermediaries, notably savings and loan associations and mutual savings banks, have also grown rapidly since February 1970. Savings and loan shares increased at a rapid 10 per cent annual rate from February to December 1970, compared with only about a 1 per cent rate from June 1969 to February 1970. Mutual savings bank deposits increased at a 7 per cent rate from February to December, compared with about a 3 per cent rate in the pre vious eight months. These saving flows have responded to forces similar to those bearing on commercial bank time deposits.* Long-term interest rates have moved downward since July (page 10). Yields on highest-grade corporate bonds averaged 7.22 per cent in the three days ending January 27, compared with 8.44 per cent in July. Long-term Government bond rates averaged 5.78 per cent in the first half of this week, compared with 6.57 per cent in July. Yields on Aaa state and local government securities averaged 4.95 per cent on January 21, compared with 6.40 per cent in July. * Interest ceilings on savings at these institutions are regulated by the Federal Home Loan Bank Board and the Federal Deposit Insurance Corporation. Their ceiling rates were also raised in early 1970. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: January 29, 7977 r MONETARY BASE u A FED«AL RESERVE CREDIT® 2 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 86 t--------- BILLIONS OF DOLLARS 86 r Annual rates of change, average of four weeks ending January 27, 1971 from four weeks ending: 84 82 - 25, 28, 30, 26, 29, 24, 27, Nov. Oct. ■ Sept. Aug. July June May 1970 1970 1970 1970 1970 1970 1970 Monetary Base 12.5 9.8 8.2 8.6 8.2 8.4 7.1 ARY BA! iE 1970 -71 Dec. 23 30 6 Jan. 13 20 27 Millions — 83,308 83,192 — 80 83,747 ~ 83,654 84,797 84,464 Annual rates of change, average of four weeks ending January 27, 1971 from four weeks ending Nov. Oct. Sept. Aug July June May 3 IT DEC 1969 25, 28, 30, 26, 29, 24, 27, 1970 1970 1970 1970 1970 1970 1970 17.1 11.2 31 14 28 II 25 II 25 < 22 JAN FEB FEDEF AL RESIRVE CREDIT MAR APR 1970-71 Dec. 23 30 Jan. 6 13 20 27 1 1 1 1 1 1 6 20 3 17 MAY JUN I 15 29 12 2« JUL 1970 AUG 9 23 SEP 4 l< Millions — 69,466 68,981 70,057 69,795 70,829 71,174 1 1 1 1 1 1 1 1 1 l! 2 16 30 13 27 10 24 NOV DEC JAN FEB 1971 LATEST DATA PLOTTED WEEK END IN6i JANUARY 27, 1971 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHAN6ES AND SHIFTS I N DEPOSITS. FOR A DESCRIPTION OF THE BASE SEE THE AUGUST 1968 ’•REVIEW OF THIS BANK. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND ’’OTHER” ASSETS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUlAEMENTS DUE TO SHIFTS IN DEP&SITCTAMONG CLASSES OF BANKS* http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS % i. RESERVES A ^ ALT MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 31.5 - - - - - - - - - - - 1— BILLIONS OF DOLLARS - - - - - - - - - - - - - 31.5 30.5 28.5 28.0 3 17 3I DEC 1969 M 28 11 25 II 25 JAN FEB MAR 8 22 APR 8 20 3 17 I MAY JUN JUL 1970 15 28 12 26 AUG 9 23 SEP 7 21 4 IB OCT NOV 2 I6 30 I3 27 I0 24 DEC JAN FEB 1971 LATEST DATA PLOTTED WEEK ENDINGt JANUARY 27, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. X BREAK IN SERIES DUE TO CHAN6ES IN REGULATION D EFFECTIVE OCTOBER I, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1970 -71 Dec. 23 30 Jan. 6 13 20 27 Billions 30.1 30.0 30.6 29.7 30i 4 30.2 1970. Annual rates of change, average of four weeks ending January 27, 1971 from four weeks ending: Nov. Oct. Sept. Aug. July June May 25, 28, 30, 26, 29, 24, 27, 1970 1970 1970 1970 1970 1970 1970 16.3 9.5 10.3 i 14.3 15.7 14.1 12.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS t 4 DEMAND DEPOSIT COMPONENT OF MONEY STOCK BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 170 - - - - - - 1---- 1— 1970-71 Dec. 16 ---- ----- ----- 170 Billions 164.4 165.8 166.2 166.2 165.9 S IT Jl 14 28 II 25 II 25 6 20 3 IT I 15 29 12 26 9 23 T 21 2 16 30 13 2T 10 24 LATEST DATA PLOTTED WEEK ENDING! JANUARY 20, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. Annual rates of change, average of four weeks ending: 4/22/70 5/20/70 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 to average of four weeks ending : 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 12/23/70 1/20/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.2 2.0 2.6 4.0 4.0 2.9 3.5 3.5 6.0 5.5 6.5 6.0 4.4 4.9 4.8 3.0 5.2 4.8 3.1 3.9 3.9 7.0 5.9 3.5 4.4 4.3 6.6 3.2 4.4 4.3 -02.7 2.9 2.2 2.7 5.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 220 1970-71 Billions 215.3 213.5 214.7 215.4 215.3 215.0 21 S 210 205 i 3 17 31 14 26 I! 25 11 25 8 22 6 20 3 17 I 15 29 12 26 4 16 2 16 30 13 27 10 24 LATEST DATA PLOTTED WEEK ENDINGi JANUARY 20, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. Annual rates of change, average of four weeks ending: 12/31/69 2/25/70 6/17/20 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 to average of four weeks ending: 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 12/23/70 1/20/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.9 6.3 6.0 6.1 6.0 5.3 5.5 5.4 8.9 7.5 6.9 7.0 6.7 5.8 5.9 5.8 3.4 5.0 4.7 3.4 4.2 4.2 5.7 5.1 3.4 4.3 4.3 6.0 3.4 4.5 4.4 1.1 3.4 3.5 3.1 3.4 5.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS £TIME DEPOSITS A al”commercial banks w AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 240 1970-71 Billions 229.7 231.6 232.3 233.6 234.2 235.7 230 220 210 200 3 IT 31 H 20 II 25 I 25 0 22 0 20 3 IT MAY JUN I 15 29 12 20 9 23 7 21 4 19 2 10 IS 27 JAN 10 24 FEB LATEST DATA PLOTTED WEEK ENDINGt JANUARY 20, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. Annual rates of change, average of four weeks ending; 4/22/70 5/20/70 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 to average of four weeks ending: 31.3 32.2 30.3 27.0 27.9 27.9 31.7 29.1 25.1 26.5 26.6 CD 19.8 23.6 26.3 25.9 23.9 25.2 25.6 I s * http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.7 17.2 20.8 23.5 23.7 22.3 23.7 24.2 CN 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 12/23/70 1/20/71 22.9 24.9 25.3 17.7 21.9 22.9 21.1 22.6 27.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS A MOREY STOCK PLUS TIM^DEPOSITS BILLIONS OF DOLLARS i AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 460 ------,---- .-- - - - - - - - - - - - - - n 460 1970-71 DEC 1969 JAN Billions 445.0 445.1 447.0 449.0 449.5 450.7 FEB MAR APR MAY JUN 4 IS JUL 1970 2 16 SO IS 27 10 24 JAN FEB LATEST DATA PLOTTED WEEK END INGt JANUARY 20, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. Annual rates of change, average of four weeks ending: 4/22/70 5/20/70 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 to average of four weeks ending: 6/17/70 7/22/70 8/19/70 9/23/70 10/21/70 11/18/70 12/23/70 1/20/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.6 10.1 11.9 13.7 13.8 12.7 13.6 13.9 12.8 14.3 15.9 15.6 14.0 14.9 15.0 17.1 18.3 17.2 14.9 15.8 15.8 18.7 17.1 14.2 15.4 15.4 16.9 13.1 14.8 14.9 9.5 12.7 13.3 12.3 13.2 16.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSI LARGE WEDNESDAY COMMERCIAL BANKS FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 30 28 26 24 22 20 18 16 14 12 3 17 31 14 28 II 25 II 25 8 22 6 20 3 1 17 15 29 12 26 9 23 7 21 4 18 2 1# 30 13 27 JAN I96B 1970 10 24 FEB 1971 LATEST DATA PLOTTED WEEK END INGi JANUARY 20, 1971 CURRENT AND YEAR AGO DATA APPEAR IN THE BOARD OF GOVERNORS’ H.4.2 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF 6100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1970 -71 Dec. 16 23 30 Jan. 6 13 20 Millions 25,636 25,945 26,126 26,217 27,046 27,278 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS $ 9 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY) BILLIONS OF DOLLARS 345 r----------- ---------- — AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED CREDIT BILLIONS OF DOLLARS -------- ---------- --------345 STED 1 CREDIT PROX I I I I 5 17 SI H 28 II 2S II 25 8 22 8 20 3 17 I 15 29 12 26 9 23 7 21 * 18 2 16 30 13 27 10 24 1869 1970 LATEST DATA PLOTTED WEEK END INGs JANUARY 20, 1971 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. 1970-71 Dec. 16 23 30 Jan. 6 13 20 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Billions Credit Credit Proxy Adjusted Proxy 318.6 330.1 319.8 331.6 320.8 332.0 323.1 333.3 322.0 332.6 323.5 334.0 Annual rates of change, average of four weeks ending January 20, 1971 from four weeks ending: Nov. Oct. Sept. Aug. July June May 18, 21, 23, 19, 22, 17, 20, 1970 1970 1970 1970 1970 1970 1970 Credit Proxy 18.8 16.5 14.5 17.1 19.5 19.1 17.6 Credit Proxy Adjusted 13.3 10.6 7.8 9.7 12.2 12.2 11.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT PER CENT CORP( RATE Ai A BON )S PRIME LOAN Rk THREE -MONTH BILL MARKET DISCOUNT RA 5 19 2 16 30 IS 27 13 27 10 24 6 22 3 19 3 17 31 H 26 II 25 9 23 6 20 4 16 1 15 29 12 26 LATEST DATA PLOTTED ARE AVERA6ES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 29, 1971 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1970 AND 1971 DEC. 4 11 18 25 JAN, 1 8 15 22 29 X FEB. 5 12 19 26 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 7.85 7.78 7.59 7.51 7.48 7.45 7.42 7.36 7.22 4.97 4.92 4.77 4.82 4.87 4.84 4.51 4.20 4.22 5.81 5.80 5.82 5.96 5.94 5.99 5.78 5.58 5.60 5. 93 5.89 5.87 6. 05 6. 16 6.09 5.96 5.83 5.78 X AVERAGES OF RATES AVAILABLE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED SHORT-TERM a INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT PER CENT 9.5 9.0 COMMERCIAL CAPER 8.5 ft—hKH4f1r 8.0 7.5 7.0 FEDEF<AL FUNHS RATE 6.5 6.0 5.5 5.0 4.5 4.0 3.5 S 19 2 16 SO IS 27 3 27 10 24 8 22 S 19 3 17 31 H 28 II 25 9 23 6 20 4 18 I 15 29 12 26 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs JANUARY 29, 1971 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 DEC. 4 11 18 25 JAN. 1 8 15 22 29 * FEB. 5 12 19 26 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS PRIME BANKERS' ACCEPTANCES 90 DAY CD' S *** 8K 5.63 5.75 5.75 5.75 5.75 5.68 5.38 >«85 4.50 5. 50 4.63 5.23 4.91 3.94 4.75 4.00 4.33 4.23 5.38 5.48 5.25 5.25 5.25 5.23 4.88 4.48 4.42 5.66 5.68 5.64 5.59 5.59 5.64 5.45 5.06 4.84 * AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE ** DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWiffeiS AND EXCESS RESilvES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES billions of dollars billions of dollars BORRCWIN6S 1.6 1.2 0.8 0.4 EXCESS RESELVES -AA 0 NET fREE RESERVE! -0.4 - 0.8 1.2 - - - 2.0 3 17 31 DEC 1969 14 28 11 23 II 23 JAN FEB MAR 8 22 APR 6 20 3 17 I MAY JUN JUL 1970 15 29 12 26 AUG 9 23 SEP 7 21 4 18 OCT NOV 2 16 30 DEC 13 27 10 24 - 1.6 2.0 JAN FEB 1971 LATEST DATA PLOTTED WEEK ENDINGi JANUARY 27, 1971 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1^70 1971 DEC. 2 9 16 23 30 JAN. 6 13 20 27 FEB. 3 10 17 24 EXCESS RESERVES 417 136 120 210 338 603 82 88 295 BORROWINGS 455 290 399 325 270 407 275 471 354 FREE RESERVES - 38 154 279 115 68 196 357 383 59 PREPARED BY FEDERAL RESERVE BANK OF ST LOUIS t