Full text of U.S. Financial Data : Week Ending: January 28, 1976

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

/

£7

Week ending: January 28, 1976

LIBRARY

DEC 2 S 1979


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

The shape of the yield curve for U.S. Government
securities, which indicates the yield/maturity relationship,
has changed considerably over the course of the last seven­
teen months (see page 12). In late August 1974 yields on
short-term Treasury securities were much higher than yields
on intermediate and long-term Government bonds, resulting
in a downward sloping yield curve. Nine months later (late
May 1975) bill rates were well below long-term rates, pro­
ducing an upward sloping yield curve. By late September
short-term rates had increased somewhat in relation to long­
term yields, but the yield curve was still upward sloping in
the short-term range of the curve. The yield curve had flat­
tened considerably in the maturities of over two years. The
most recent yield curve is inclined steeply upward out to
about five years' maturity, with some short-term rates 295
basis points below long-term rates.
The marked change in the shape of the yield curve
in the short-term range probably reflects the decline in
demand for short-term funds accompanying the lower level of
economic activity and the forecasts of a progressive slowing
in the rate of inflation. There has been less change in
long-term yields reflecting both greater uncertainty regard­
ing the long-run outlook for inflation and less of a decline
in long-term credit demands.
As yields on short-term securities have decreased
recently, the spread between their yields and the maximum
interest rates payable by banks on time deposits has nar­
rowed. Consequently, holding funds in the form of bank time
deposits has become increasingly attractive relative to in­
vesting in marketable securities. Reflecting this change in
relative interest rates, net time deposits have increased at
an 11.4 percent annual rate in the most recent three months,
compared to about an 8 percent rate in the previous three
months.
In view of the low level of business credit demands,
banks have not been aggressively bidding for new sources of
loanable funds. Therefore, yields on negotiable certificates
of deposit (CDs) have decreased along with other short-term
rates, bringing them very close to the maximum interest paid on
savings accounts by commercial banks. This decline in yields
has been accompanied by a decline, on balance, in the volume of
CDs, since January 1975.

Prepared by Federal Reserve Bank of St. Louis
Released: January 30, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
124

i

MILLIONS
DEC.

24
122

120

118

116

114

112

4 IS

1

IJ 2S 12 26 12 26

FEB

MAR

9 23

7 21

4 18

MAY

JUN
1975

1974

2 16 3Cl 13 27 10 24

AUG

• 22

5 19

3 17 31

SEP

14 23 11

25

JAN
FEB
1976

.

LATEST DATA PLOTTED KEEK ENDING, JANUARY '28, 1976
THEMWJETARYBASE CONSISTS OF MEMBER BAT* RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
J-£Lc152yk£J1oy< currency •Is1-0 BY
PUBLIC and in the vaults of commercial banks), adjusted
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MOTETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. 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.

COMPOUNDED ANNUAL RATES
1/29/75

4/30/75

6/25/75

OF

CHANGE, AVERAGE OF FOUR WEEKS ENDING,

7/30/75

8/27/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
6/25/75
7/30/75
8/27/75
10/ 1/75
10/29/75
11/26/75
12/31/75
1/28/76

2


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Federal Reserve Bank of St. Louis

10/1/75 10/29/75 11/26/75

- •
8.5
7.9
7.3
7.4
5.8
7.7
7.8
6.7

7.9
6.8
7.0
6.2
7.6
7.7
6.3

4.5
5.7
4.8
6.9
7.2
5.6

5.8
4.5
7.3
7.6
5.6

•
5. 1
8.7
8.6
6.0

9.1
8.8
5.4

12.2
6;6

2.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

RATIO

I I 1 J-LU
LATEST DATA PLOTTED WEEK ENDING: JANUARY 21, 1976
BILLIONS OF DOLLARS
114

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
JANUARY 28. 1976 FROM
THE FOUR WEEKS ENDING:

1975
1975

112
110
FEDERAL RESERVE CREDIT

10.2
17.6

106

106

104

102
1976

MILLIONS

100
98

4 16

1

15 2» 12 26 12 26

FEB

MAR

9 25

7 21

4 18

MAY

JUN

2 16 SO IS 27 10 24

AUG

SEP

8 22

I HiLii
5 19 S 17 SI

Him
14 26 11

25

JAN
FEB
1976

LATEST DATA PLOTTED WEEK ENDING: JANUARY 28, 1976
1/ RATIO OF MONEY STOCK (M1) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND •’OTHER" ASSETS, ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN
BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED
BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY cIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
675
670

662.7
665
-

JAN

666.3
660
669.0
655
650
645
640
-

635
630
625
620
615
610
605

4 18

1

15 29 12 26 12 28

FEB

MAR

9 23

7 21

4 18

MAY

JUN

2 16 30 13 27

AUG

10 24

8 22

5 18

3 17 31

1975

1974

14 28 11 28

JAN
FEB
1976

SEP

LATEST DATA PLOTTED HCEK ENDING: JANUARY 21. 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS CMz )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/22/75

4/23/75

6/18/75

7/23/75

8/20/75

10.9
10.8
10.2
9.5
8.9
9.0
8.7
8.6

13.7
1 1.8
10.3
9.3
9.4
8.9
8.8

8.6
7.4
6.7
7.3
7.0
7. 1

5.7
5.2
6.3
6.2
6.4

4.8
6.4
6.2
6.5

9/24/75 10/22/75 11/19/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/18/75
7/23/75
8/20/75
9/24/75
10/22/75
11/19/75
12/24/75
1/21/76

Digitized4for FRASER
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7.0
6.5
6.9

7.6
7.7

6.8

PREPARED BY FEDERAL RESERVE BANK OF 3T. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
294.5
294.2
295.5
295.9
295.0
295.3

— JAN

4 II

1

18 29 12 2® 12 26

FEB

9 23

7 21

4 16

2 16 30 13 27 10 24

MAR

AUG

1974

• 22

5 19

3 17 31

SEP

14 29 11 23

JAN
FEB
1976

1975

LATEST DATA PLOTTED WEEK ENDING: JANUARY 21. 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGi
1/22/75

4/23/75

6/18/75

7/23/75

8/20/75

7.3
6.7
6.3
6.1
5.1
5.4
4.8
4.6

9.9
8.4
7.5
5.9
6.2
5.2
5.0

4.0
4.3
2.7
3.6
2.9
2.9

4.2
2.1
3.4
2.5
2.6

1.4
3.3
2.3
2.4

9/24/75 10/22/75 11/19/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
6/18/75
7/23/75
8/20/75
9/24/75
10/22/75
11/19/75
12/24/75
1/21/76


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

2.5
1.4
1.8

3.2
3.2

1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
11.5 r—

PERCENT

CORPORATE

: BANK
RATE

MUNICIPAL
BONDS**

90 DAY CD’S

COMMERCIAL PAPt .

« 20

3 17 31

14 2ft 14 21 n 23

FEB

MAR

8 28

ft 20

4 1ft

1

15 29 12 2ft 10 24

APR

7 21

5 19

NOV

DEC

2 l« 50 15 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 30. 1978

1976
DEC.

5
12
19
26
JAN.
2
9
16
23
30 X
FEB.
6
13
20
27

6

90 DAY
CD'S nm

PRIME
COMMERCIAL
PAPER
4-8 MONTH

PRIME
BANKERS'
ACCEPTANCES

Aaa bonds

CORPORATE

MUNICIPAL
B0M)Sjm

6.35
6.32
6.10
5.78
5.68
5.51
5.13
5.10
5.02

5.98
6.03
6.03
5.94
5.81
5.40
5.23
5.23
5.13

5.80
5.81
5.72
5.65
5.52
5.25
5.04
5.01
4.94

8.83
8.86
8.81
8.72
8.66
8.63
8.60
8.59
8.57

7.31
7.34
7.30
7.30
7.29
7.13
7.09
7.01
N.A.

* AVERAGES OF RATES AVAILABLE.
MS BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
ffVEN-OAY AVERAGES OF SECONDARY MARKET RATES FoA THE WEEK ENDING WEDNESDAY TWO DAYS
.. . EARtJl!R.^,N.Ei*JES SH0WN- CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N. A- “ NOT AVAILABLE


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

THREE-MONTH TREASURY
BILL MARKET YIELD
DISCOUNT RATE

# 23

DEC
1974

JAN

FEB

MAR

APR

MAY

6 20

4 1#

t

JUN

JUL

AUC

15 20 12 26 10 24

SEP

OCT

T 21

3 10

NOV

DEC

2 16 #0 1# 27

JAN

1075

FEB

1076

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 30, 1876

1976
DEC.

JAN.

FEB.

5
12
19
26
2
9
16
23
30 K
6
13
20
27

FEDERAL
FUNDS mk

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.25
5.26
5.1T
5.18
5.18
5.12
4. fO
4.61
4.80

5.57
5.60
5.44
5.28
5.19
5.07
4.84
4.78
4.73

6.30
6.43
6.20
5.91
5.79
5.58
5.41
5.37
5.34

7.59
7.67
7.50
7.37
7.28
7.20
7.14
7.18
7.15

7.23
7.26
7.17
7.09
7.05
6.96
6.90
6.93
6.94

* AVERAGES OF RATES AVAILABLE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1976
DEC.

17

BILLIONS of dollars

BILLIONS
368.2
368.7
368.7
372.9

4 IS

1

IS 29 12 23 12 26

FEB

MAR

9 23

7 21

4 IS

MAY

JUN

2 IS SO 13 27 10 24

AUG

S 22

5 19

3 17 31

14 23 11 23

JAN

SEP

FEB

1974
LATEST DATA PLOTTED WEEK ENDINGt JANUARY 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
X Net TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS. T11C DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IF*I CATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 3100,000 OR MORE BY LARGE WEEKLY REPORTING C0&WERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
1/22/75

4/23/75

6/18/75

7/23/75

8/20/75

13.9
14.3
13.5
12.4
12.1
12. 1
11.9
11.9

16.8
14.9
12.7
12.3
12.2
12.0
12.0

12.7
10. 1
10.1
10.4
10.4
10.6

7.0
7.9
8.8
9.2
9.6

7.5
8.8
9.3
9.8

9/24/75 10/22/75 11/19/75

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
6/18/75
7/23/75
8/20/75
9/24/75
10/22/75
11/19/75
12/24/75
1/21/78

8


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Federal Reserve Bank of St. Louis

10.8
10.8
11.0

11.2
11.4

11.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
230

220.4

221.8

222.2

221.0

225

221.1

220

215

210

4 18

1

15 29 12 26 12 26

FEB

MAR

9 29

7 21

4 IR

MAY

JliN

2 16 90 19 27 10 24

AUG

8 22

9 19

3 17 31

SEP

14 28 11

JAN

29

FEB

1974
LATEST DATA PLOTTED WEEK ENDING* JANUARY 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING*

1/22/75

4/23/75

6/18/75

7/23/75

8/20/75

6.6
6.0
5.3
5.3
4. 1
4.4
3.5
3.5

10.0
7.9
7.3
5.2
5.4
4.0
3.9

2.4
3.4
1.3
2.3
1.1
1.4

3.5
0.5
2.0
0.6
1.0

0.3
2.2
0.5
1.0

9/24/75 10/22/75 11/19/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
6/18/75
7/23/75
8/20/75
9/24/75
10/22/75
11/19/75
12/24/75
1/21/76


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

0.3
-1.3
-0.3

0.8
1.5

-0.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

4 18

1

13 29 12 26 12 26

FEB

9 23

7 21

4 18

2 16 30 13 27 10 24

AUG

MAR

BILLIONS OF DOLLARS

6 22

SEP

5 19

3 17 31

14 26 11 23

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING. JANUARY 21, 1976
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.

1976
DEC.

3
10
17
24
31
JAN.
7
14
21
28
FEB.
4
11
18
25

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
83.5
83.6
83.5
83.4
83.3
81.6
79.4
77.9

82.6
82.8
82.9
62.9
82.8
81.9
79.9
78.7

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

2.5

IN THE NATION

AVERAGES OF DA I LY F I GURES

BILLIONS OF DOLLARS
3.5
3.0

BILLIONS OF DOLLARS

1

n

QTfi

Ulll tntu■L------5
— 3.0
DEC. 24
220

z

JAN.

2.0
—

7
14
21
28

2.5

71
44
152
58

Z
—

1.5

1.0

3.5

2.0
1.5

3/\

Z2

0.5
—

1.0
0.5

0

0
JJ.I J111
DEC
1974

JAN

111

111

Mil

1 1 1

1 1 1

FEB

MAR

APR

MAY

JUN

1 1 1 1

JUL
1975

1 1 1

.J 1 1

MM

J-l 1

Mil

_LLL .111

AUG

SEP

OCT

NOV

DEC

JAN
FEB
1976

LATEST DATA PLOTTED WEEK ENDING. JANUARY 28. 1976

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134

BILLIONS OF DOLLARS
134

-

—

132

132
—

130

130
-

—

128
126
124

128

-

126

-

—

-

—

124

122

122
—

-

120

120

------

-

—

118

118
-

—

116
114

116
—■

■ —

197 <

112

DEC. 17
24
31
JAN. 7
14
21

110
108
0

5ii ii
DEC
1974

MILLIONS

ii ii
JAN

I

ii

i

FEB

120,116
120.335
120,061
_
119,658 *
119,459
119,569
~

mi .mm

111

111 mi

111 J_LL J-l. 11 -11 1 1 1 M 1 1 1 1 1 1 1 1

MAR

MAY

JUN

AUG

APR

5 18

JUL
1975

SEP

OCT

NOV

3 17 31

DEC

—
~

14 28 11

23

114

112
110
108
0

JAN
FEB
1976

LATEST DATA PLOTTED WEEK ENDINGi JANUARY 21, 1976

LEVELS OF BUSINESS LOANS BEGINNING JANUARY 7 ARE NOT COMPARABLE TO PREVIOUS DATA.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

FEDERAL RESERVE BANK OF ST. LOUIS
P. 0. BOX 442
ST. LOUIS, MISSOURI 63166

FIRST CLASS MAIL
U. S. POSTAGE

RETURN POSTAGE GUARANTEED
PERMIT 444

FIRST CLASS IDRIL

Yields on U.S. Government Securities
Percent
—ilO.O

Percent

10.0

—


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

September 26, 1975

Years to Maturity
Prepared by Federal Reserve Bank of St. Louis