Full text of U.S. Financial Data : Week Ending: January 3, 1973

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LIBRARY
Federal Reserve Bank
research

of St. Louis

Week ending: January 3, 1973

w® 4 6 wr

Monetary aggregates increased rapidly during 1972. The nation's
money stock, defined as private demand deposits and currency in the hands
of the public, rose 8.1 percent from December 1971 to December 1972. As
can be noted from the table below, this rate is greater than in each of
the previous three years and the trend growth rate of money from late 1966
to late 1971. Another aggregate, money plus net time deposits grew at a
10.6 percent rate in 1972, somewhat slower than during 1971. The growth
of this aggregate was above its trend growth of 8.2 percent from late 1966
to late 1971.
The monetary base, the expansion of which underlies the growth
of the money stock, has increased at rates similar to the money stock in
recent years. The base increased 8.3 percent in 1972, compared with 7
percent, 6.2 percent, and 3 percent in the previous three years. The base
grew at a trend rate of 5.8 percent from late 1966 to late 1971, about the
same as the 5.9 percent trend rate for the money stock.
The prime rate, the interest rate charged by banks on loans to
their best business customers, is currently quoted at 6 percent at most
commercial banks. This rate averaged about 8 percent during 1969 and 1970.
Including the recent increase in late December, this rate is now 1
percentage point above the level prevailing early last summer and 1-1/2
percentage points above the low in early 1972. These rate increases are
similar in magnitude to the increases of competitive market interest rates.
Yields on four- to six-month commercial paper averaged 5.63 percent early
this week, also up 1 percentage point since last June and 1.5 percentage
points since last March.

Growth of Selected Monetary Aggregates
(rates of change)
1972 *
Money Stock
Demand Deposits
Currency
Money Stock plus
Net Time Deposits
Monetary Base
Federal Reserve Credit

*

8.1%
8.1
8.4
10.6
8.3
7.6

1971
6.2%
6.0
7.1
11.1
7.0
10.8

1970

1969

Trend rate
late 1966 to late 1971

5.4%
5.1
6.5

3.2%
2.4
6.0

5.9%
5.7
6.5

8.1
6.2
4.8

2.3
3.0
5.1

8.2
5.8
8.3

Four weeks ending December 29, 1971 to four weeks ending December 27, 1972


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Released: January 5, 1973

V

MONETARY BASE 1/
MULTIPLIER 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
08

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR REEKS ENDING
---- JANUARY 3. 1973 FROM _
THE FOUR WEEKS ENDING:

-

NOV.
OCT.
----— AUG
_

___

MAY
JAN.

1, 1972 6.3
4, 1972 10.2
- -----7.3
7.5
.. ___
8.1
31, 1972 6.5
5, 1972 8.3

96

-

94

MONETARY BASE

92

90
1315.

MILLIONS

88

-1

0

LATEST DATA PLOTTED WEEK ENDINBt JANUARY 3, 1973
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5
RATIO

2.4

I I 1 1 1.1
3 17

1IS H 12 » 0 23
JAN FEB

• 12

3 10

3 17 31 14 28 12 26

0 23

S 20

4 18

1

IS M IS 2T tO 2-4

LATEST PATA PLOTTED WEEK ENDING. DECEMBER 27, 1972
1/ 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 TVfc BASE SEE THE AUGUST 1968 '•REVIEW* OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE
SUPPORT
Private nonbank dSfosits^
ALL MEMBER BANKS

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

BILLIONS OF DOLLARS
32.0

BILLIONS OF DOLLARS
32.0

THIS SERIES HAS NOT BEEN
ADJUSTED FOR THE CHANGE_
IN REGULATION D. THUS
DATA ARE NOT COMPARABLE.

31.5

1973

31.0

31.5

BILLIONS

31.0

28. 90
28.68
28.99
28.36
29.05

30.5

30.0

30.5

30.0

29.5
29.0

29.0

2B.5

28.5

28.0

28.0

86
_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
---- JANUARY 3, 1973 FROM
_
THE FOUR WEEKS ENDING!
-

NOV.
OCT.

1,
4,
-----AUG.
2
JUL.
5
_ MAY 31
JAN.
5

1972
1972

84

10.9
15.7
8.7
82
FEDERAL RESERVE CREDIT
80

78
1973

MILL IONS

76
JAN.
3 1T

1

15 29 12 ZB

JAN

9 23

8 22

5 19

3 17 31

14 28 IE 26

6 20

4 18

1

15 29 13 2T 10 24

FEB

LATEST DATA PLOTTED WEEK ENDINGi JANUARY 3,

1973

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
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 DEP&SITS AMONG
CLASSES OF BANKS.
3/ BEGINNING NOVEMBER 9. 1972 DATA ARE AOJUSTED DUE TO WAIVERS ASSOCIATED WITH THE EFFECTS
OF A CHANGE IN REGULATION J.
* BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION 0.

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PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
Federal Reserve Bank of St. Louis

•

•

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

billions of dollars

.
BILLIONS OF DOLLARS
1951

BILLIONS
87.8

86.4

89.7
188.8
189.2
191.4

190

185

180

175

3 17

I

13 29 12 20

JAN

9 23

0 22

3 19

3 17 Si

14 20 12 20

9 23

6 20

4 te

l

15 29 13 27 10 24

FEB

1971

19T3

1972

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 27, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
12/29/71

AVERAGE OF FOUR WEEKS ENDING.

4/26/72

5/24/72

6/28/72

T/26/72

8/30/72

3.6
8.4
7.7
7. 1
6.2
5.9
7.4

12.4
10.0
8.7
7.3
6.8
8.4

12.0
9.6
7.6
6.9
8.8

5.1
4.0
4.1
6.8

2.8
3.5
7.1

9/2T/72 10/25/72

TO THE AVERAGE
OF FOUR WEEKS
ENOING:
5/24/72
6/28/72
7/26/72
8/30/72
9/27/72
10/25/72
11/29/72
12/27/72


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Federal Reserve Bank of St. Louis

7.6
7.4
9. 1
8.6
8. 1
7.5
7.2
8. 1

3.1
8.0

11.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
250 ----------1------------ ,-----

BILLIONS OF DOLLARS

billions

246.2

5.97. TREND LINE FROM

13 29 12 26

JAN

g 25

# 22

5 19

3 IT 51

FEB

14 26 12 26

JUN

9 23

JUL

6 20

4 16

SEP

OCT

IS 29 13 2T 10 24

1973
LATEST DATA PLOTTED WEEK ENDING. DECEMBER 27, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING.
12/29/71

4/26/72

5/24/72

6/28/72

7/26/72

8/30/72

8.0
7.7
8.8
8.3
8.0
7.6
7.3
8. 1

4.5
8. 1
7.3
7.0
6.4
6.2
7.5

1 0.8
8.8
8. 1
7.2
6.8
8.2

10.2
8.7
7.4
6.9
8.5

5.4
4.8
4.9
7. 1

4.4
4.7
7.7

9/27/72 10/25/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
5/24/72
6/28/72
7/26/72
8/30/72
9/27/72
10/25/72
11/29/72
12/27/72


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Federal Reserve Bank of St. Louis

4.4
8.4

10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

\

6

MIME DEPOSITS

ALLwCOMMERClAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS *

3 17

I

IS 29 12 26

JAN

9 25

6 22

S 19

3 17 31

14 23 12 26

JON

FEB

LATEST DATA PLOTTED WEEK END I NOt DECEMBER 2T,

9 23

6 20

4 13

I

IS 29 IS 27 10 24

JUL

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
X NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 3100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
4/26/72 5/24/72 6/28/72 7/26/72 8/30/72 9/27/72 10/25/72
12/29/71
TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
5/24/72
B/2B/72
7/26/72
B/30/72
9/27/72
10/25/72
11Z29/72
12/27/72


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Federal Reserve Bank of St. Louis

15.4
15.3
14.5
13.8
13.5
13.6
13.0
13.1

14.3
12.8
12.0
1 1 .8
12. 1
1 1 .6
1 l .8

12.4
1 1.4
1 1 .4
1 1 .8
1 l .2
1 1.5

9.7
10. 1
1 1.0
10.5
10.9

10.4
1 1.4
10.6
1 t .2

12.5
1 1 .0
1 1 .6

10.9
1 1.7

10.8

PREPARED BY FEDERAL RESERVE BAW OF ST. LOUIS

a

MONI

STOCK PLUS TIMEDEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

7

%

BILLIONS OF DOLLARS

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

3 IT

I

15 29 12 26

JAN

9 23

6 22

3 19

3 17 31

FEB

14 26 12 26

9 23

JUN
JUL
I 9T2

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 27,

6 20

4 16

SEP

OCT

I

15 29 13 27 10 24

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
WS Ml IS DEFINED AS: CURRENCY, DEMANO DEPOSITS PLUS NET TIME DEPOSITS l SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOING:
12/29/71

4/26/72

5/24/72

6/28/72

7/26/72

8/30/72

11.6
1 1.5
11.7
11.1
10.8
10.6
10.2
10.6

9,4
10.5
9.7
9.4
9.3
8.9
9.7

1 1 .7
10.2
9.8
9.6
9. 1
9.9

9.9
9.5
9.3
8.7
9.8

8.0
8.2
7.8
9.2

8.5
7.9
9.7

9/27/72 10/25/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
5/24/72
B/28/72
7/26/72
8/30/72
9/27/72
10/25/72
11/29/72
12/27/72


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Federal Reserve Bank of St. Louis

7.7
10.1

10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF OEPOSI

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
46 --------- --------------------

5 IT

I

15 29 12 M

JAN

9 23

0 22

9 19

5 IT 51

FEB

14 20 12 2fl

JUN

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 27,

9 25

IONS OF DOLLARS

0 20

4 IS

I

19 29 15 2T 10 24

JUL

1972

CUWENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
«lE^Y^ORiVwCCalaIlERctALSBAWSBPOSIT 'S9UED IN DeN0*1^'0NS ** •|00.<X>0 OR MORE BY LARGE


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Federal Reserve Bank of St. Louis

MONEY AND TIME DEPOSIT DATA

1973
NOV.

1
8
15
22
29
DEC.
6
13
20
27
JAN.
3
10
17
24
31

CERTIFICATES
OF DEPOSIT

BILLIONS
f£T TIME
DEPOSITS*

M 2 MR

40.6
41 . 1
40.8
41 .6
41.8
42.4
43.5
44.3
44.5

263.4
263.3
264.3
265. 1
265.5
266. 1
266.4
267.4
268.8

505.4
506.0
508.6
509.4
508.3
512.2
512. 1
513.6
517.3

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

•

9

•

BUSINESS LOANS
(COMMERCIAL AND INDUSTRIAL)
BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS of dollars

BUSINESS LOANS AO JUSTED \//

BUSINESS LOANS

3 IT

I

IS 29 12 26

9 23

3 22

1071

3 19

3 IT 31

1-4 26 12 26

9 23

6 20

-4

l»

I

IS 29

13 2T

1972

10 24

1973

LATEST DATA PLOTTED WEEK ENDING, DECEMBER 27, 19T2
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.

1972

MILLIONS

-LOANS,

BUSINESS
LOANS
adjusted

89,069
89,273
89,332
89,186
89,739
89,800

91,024
91,222
91,307
91,119
91,751
91,766

BUSINESS
NOV. 22
29
DEC.
6
13

20
27


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Federal Reserve Bank of St. Louis

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
DECEMBER 27, 1972 FROM THE FOUR
WEEKS ENOINfes
BUS I NESS
BUSINESS LOANS
LPA.NS , ADJUSTED
OCT.
SEP.
AUG.
JUL.
JUN.
MAY
DEC.

25,
27,
30,
26,
28,
24,
29,

1972
1972
1972
1972
1972
1972
1971

12.8
13.8
13. 1
14.3
12.6
8.6
7.7

14.4
14.3
13.3
15.0
12.6
8.4
7.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

\ •

10

ft

m

YIELDS
AVERAGES

PERCENT

SECURITTES
OF SELECTED
DAILY RATES ENDED
FRIDAY

PERCENT

CORPORATE Am BONDS

ICIAL

PRIME Cl
LOAN RA
MUNICIPAL
BONDS IW

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

5 19

3 17 31

7 21

5 19

2 16 30 14 2* II 25

APR

MAY

JUL

14 28 It 25 10 24

JAN

FEB

8 22

AUG

6 20

3 17

OCT

NOV

I

II M II M

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JANUARY 5,

1973

NOV.

3
10
17
24
DEC.
1
8
15
22
29
JAN.
5 *
12
19
26

CORPORATE
Am BONOS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7. 18
7.16
7.12
7.09
7.07
7.05
7.08
7. 10
7. 1 1
7. t l

4.74
4.71
4.76
4.82
4.88
5.00
5.05
5. 15
5. 13
5.19

6.10
6.05
6.00
6.02
6.04
6.05
6.04
6.09
6. 12
6.19

5.59
5.51
5.47
5.48
5.53
5.57
5.60
5.68
5.70
5.71

1973

MUNICIPAL
BONDS Ml

5.04
5.10
5.01
4.96
4. 99
4.96
5.03
5. 10
5. 1 1
N.A.

* AVERAGES OF RATES AVAILABLE.

X9K BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELEC TED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

COMMERCIAL PAPER
4-TO-6 MONTH

FEDERAL FUM7S RATE

5 10

3 17 31

14 29 II 25 10 24

JAN

FEB

7 21

3 19

APR

MAY

197-1

2 16 30 14 28 II 25

JUL
1972

8 22

AUG

6 20

3 17

OCT

NOV

I

1 973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 5.

1973
NOV.

DEC.

JAN.

3
10
IT24
1
8
15
22
29
5 *
12
19
26

13 29 12 26

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS*
ACCEPTANCES

90 DAY
CD'S**

5.25
5.25
5.25
5.25
5.25
5.38
5.40
5.50
5.59
5.63

5.09
5.41
4.63
5.09
5.09
5.13
5.39
5.41
5.41
5.69

5. 10
5.00
5.00
5.00
5.00
5.10
5. 13
5.20
5.25
5.38

5.21
5. 19
5.21
5.25
5.21
5.23
5.31
5.40
5.50
5.60

1973

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
306 DATA ARE SECOWARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROW I IsM AND EXCESS RESETS

12

ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

V

BILLIONS OF DOLLARS

2.0

1.5

1.0
BORROWINGS

0.5

0

0.5

0.5

-

-

NET FREE RESERVES

1.0

-

1.5

1.5

-

-

2.0
1.5

-

1.0

0.5

0

0.5

-

3 12

1

15 20 11 26

JAN

9 23

8 22

5 10

3 IT 31

JUN

FEB

LATEST DATA PLOTTED WEEK ENDINGi JANUARY 3,


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Federal Reserve Bank of St. Louis

M ft 12 28

9 23

JUL

8 20

4 19

SEP

OCT

1

IS 20 13

1973

MILLIONS
1973
NOV.

DEC.

JAN.

1
S
15
22
29
6
13
20
27
3
10
17
24
31

EXCESS
RESERVES
205
124
786
189
340
310
243
153
257
486

BORROWINGS
555
959
494
419
572
587
807
1223
1 120
1751

FREE
RESERVES
-

350
835
292
230
232
277
564
1070
863
1265

PREPARED 0Y FEDERAL RESERVE BANK OF ST. LOUIS

0.5

-