Full text of U.S. Financial Data : Week Ending: January 31, 1973

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

research

library

Federal Reserve Bank

Week ending: January 31, 1973

of St. Lou is

Mj Zb jggQ

REVISION OF MONETARY SERIES

Data on the money stock (M,) have been revised by the Board
of Governors of the Federal Reserve System and recent data are included
on pages 3 and 5 of this release.
Related series such as demand de­
posits, money plus net time deposits and the various time deposit
series are also being revised, but are not contained in this release.
Revised data for these series will be available in the near future.
The money stock, according to revised figures, averaged $255.9 billion
in the four weeks ending January 24, up 8.4 percent in the past twelve
months (page 5).

The text of a press release by the Board of Governors
concerning the revision of the money supply and related series
is presented on page 2 of this release.

In addition, data on Federal Reserve credit and the monetary
base have been revised by this Bank to incorporate 1972 data into the
seasonal adjustment factors. The new seasonal factors lowered somewhat
the growth of base in the first half of 1972, and raised the growth in
the second half of the year. The monetary base, a primary determinant
of the money stock, increased 8.1 percent in the past twelve months,
considerably more rapid than its trend growth rate of 5.9 percent from
late 1966 to late 1971 (page 4).

Growth of Monetary Aggregates for 1972
(annual rates of change)
Periods
during 1972

Monev Stock
Old
Revised

Monetarv Base
Old
Revised

December 1971 - December 1972

8.3

8.2

8.4

8.3

December 1971 - June 1972
June 1972 - December 1972

7.9
8.7

7.5
8.8

8.2
8.7

9.0
7.7

"U. S. Financial Data" was not published for the week
ending 1/24/73. This was due to both the closing of the
Board of Governors in Washington, D. C. for the observance
of the funeral of former President Johnson and the forth­
coming revisions for most series contained in this release.


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

Prepared by Federal Reserve Bank of St. Louis
Released: February 2, 1973

Board of Governors' H.6 Press Release
regarding money stock revision,
February 1, 1973

"The annual revision of the money supply and related measures
has been completed, and revised monthly data for 1971-72 and weekly
data for '72 are shown in the attached tables. * The revision this
year covered data back to 1959. Monthly data for the entire period
will be published along with a detailed explanation of the revision
in the February issue of the Federal Reserve Bulletin. Weekly data
can be obtained from the Banking Section of the Board's Division of
Research and Statistics.
The revision included the annual review of seasonal factors.
It also included the usual benchmark adjustment for domestic nonmember
banks as well as adjustments this year to include new figures from
several internationally oriented banking institutions. In addition,
the change on November 9, 1972 in the Federal Reserve's Regulation J
covering check collection procedures necessitated revisions in the
money stock series in order to avoid a discontinuity.
The main effect of this year's changes was to increase the
level of the money stock series. In recent months, the benchmark
adjustments raised the series by about $4.1 billion and the Regulation
J adjustment by about $4.5 billion. The size of the level adjustment
is smaller in earlier years, dropping to about $300 million at the
beginning of 1959.
Rates of growth for quarterly and longer periods generally
were changed relatively little by the revisions. Monthly growth
rates were revised somewhat more, but the changes were generally
offsetting."

*

Page 3 of this release.


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

Revised Money Stock as of^fcL/73

t

easonally Adjusted Averages of D£m.y Figures
Billions of Dollars
Monthly Data
1/71 $221.8
2/71
224.4
3/71
226.2
4/71
228.0
5/71
230.6
6/71
232.5
7/71
234.1
8/71
234.6
9/71
234.9
10/71 235.7
11/71 235.6
12/71 236.0
1/72
236.2
2/72
239.1
3/72
241.4
4/72
243.0
5/72
243.8
6/72
245.1
7/72
247.7
8/72
248.6
9/72
250.1
10/72 251.6
11/72 252.7
12/72 255.5

1/5/72
1/12
1/19
1/26
2/2
2/9
2/16
2/23
3/1
3/8
3/15
3/22
3/29
4/5
4/12
4/19
4/26
5/3
5/10

$235.6
235.6
236.2
236.6
237.3
238.3
239.0
240.0
239.3
240.3
241.4
242.2
241.5
242.7
242.7
243.2
242.9
243.4
242.8

Weekly Data
5/17/72 $244.6
5/24
243.5
5/31
243.9
6/7
245.0
6/14
244.6
6/21
245.9
6/28
244.9
7/5
247.1
7/12
247.1
7/19
248.0
7/26
247.5
8/2
248.2
8/9
247.8
8/16
248.5
8/23
248.7
8/30
248.7
9/6
250.7
9/13
249.8
9/20
250.3

9/27/72 $249.5
10/4
251.1
10/11
251.3
10/18
251.9
10/25
251.3
11/1
252.1
11/8
252.4
11/15
253.2
11/22
253.0
11/29
251.5
12/6
254.1
12/13
253.9
12/20
256.5
12/27
256.9
1973
1/3/73
258.2
1/10
254.6
1/17
255.7
1/24
255.2

P
P

P - Preliminary

FEDERAL RESERVE CREDIT ^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
--- JANUARY 31, 1973 FROM

1972
1972

15.4
19.8
FEDERAL RESERVE CREDIT

AUG.

313

MILLIONS

DEC. 27

5

19

JAN

2

16

I

15 29 12 26

10 24

7 21

S 19

Z 16 30 13 27 11 25

lllll

mil
8 22

6 20

3 17 31

M 28 14 28

FEB

FEB

MAR

1973
LATEST DATA PLOTTED WEEK ENDING. JANUARY 31, 1973
1/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND ’’OTHER’’ ASSETS, ADJUSTED F
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

^JNETARY BASE u
MULTIPLIER */

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JANUARY 31, 1973 FROM
THE FOUR WEEKS ENOINGi
NOV. 29,
NOV.
1,
OCT.
4,
AUG. 30,
AUG.
2,
JUN. 28,
“
-- FEB

1972
1972
1972
1972
1972
1972
1972

9.9
8.8
11.3
9.1
8.9
8.7
8.1

MONETARY BASE

1973

MILLIONS

DEC. 2

LATEST DATA PLOTTED WEEK ENDING: JANUARY 31. 1973

RATIO

RATIO

2.9

2.8

2.7

2.6

2.5

1973.

5 19
JAN

16
FEB
2

1 15 Z9 1Z Z6 10 24

7 Z1

S 19

2

16 30 13 27 II 25

SEP

OCT

S 22

6 ZO

BAT L&

3 17 31

14 ZS M Z*

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: JANUARY 24, 1973
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOJ««MBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THt BASE SEE THE AUGUST 1968 •■REVIEW" OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

MONEY STOCKS
AVERAGES OF DAILY F I gPeS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
260

BILLIONS
256.5
256.9
258.2

255

255.7
255.2

250

245

240

235

5 19

2 16

JAN

FEB

1

IS 29 12 26 10 24

7 21

3 19

2 16 30 13 27 11

SEP

23

6 22

6 20

3 17 31

OCT

M 26 14 28

FEB
1973

1972

MAR

LATEST DATA PLOTTED WEEK ENDING: JANUARY 24, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
1/26/72

5/24/72

6/21/72

7/26/72

8/23/72

9.6
9.9
9.2
9.0
8.8
8.6
8.9
8.4

9.4
7.9
7.9
7.7
7.6
8.3
7.6

8.3
8. 1
7.9
7.7
8.4
7.6

6.5
6.6
6.7
7.8
7.0

7.4
7.3
8.5
7.4

9/27/72 10/25/72 11/22/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/21/72
7/26/72
8/23/72
9/27/72
10/25/72
11/22/72
12/27/72
1/24/73


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

7.0
8.7
7.3

9.5
7.4

7.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

8.0

PERCENT

-- 8.0

—

CORPORATE AAA BONDS

PRIME C^gMERCIAL
LOAN RA

DISCOUNT RATE

THREE-MONTH TREAS
BILL MARKET YIELD

7 21

4 IS 3 17 31

JAN

FEB

MAR

II

14 N 12 H

APR

MAY

I I I I I I I I I I I I I I 1 H I I I I 1 I I H I I 1 1 I 1 I I 1 1 1 1 1 1 11J
9 23

JUN

7 21

JUL
1972

4 18

1

AUG

SEP

13

2t 13 27 10 24

OCT

NOV

6 22

DEC

3 19

JAN

2 16

2 16 30

FEB
MAR
1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE REEK ENDINGi FEBRUARY 2, 1973

1973
JAN.

5
’2
19
26
FEB.
2
9
16
23
MAR.
2
9
16
23
30

X

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-3 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS XX

7.11
7.12
7.15
7.18
7.20

5.16
5.19
5.40
5.67
5.69

6.16
6.22
6.27
6.38
6.44

5.72
5.83
5.98
6.08
6.11

5.08
5.03
5.00
5.08
N. A.

V AVERAGES OF RATES AVAILABLE.
K* BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7
SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

-- 8.0

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

4 It

JAN

3 17 II

14 29 It 29

9 23

r 21

4 It

1

FEB

13 29 13 27 10 24

OCT

NOV

9 22

3 19

2 19

JAN

FEB
1973

1972

2 19 30

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi FEBRUARY 2, 1973

^fTI
1973
JAN.

5
12
19
26
FEB.
2 X
9
16
23
MAR.
2
9
16
23
30

4-B MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S MX

5.63
5.63
5.78
5.90
6.04

5.75
5.63
5.95
6.23
6.34

5.38
5.43
5.58
5.80
5.92

5.60
5.68
5.72
5.83
5.98

V 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.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8
BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS
1973

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MILLIONS

DEC. 27

BORROWINGS,

3

19

JAN

1

13 29

12 26

10 24

3

T 21

SEP

FEB

OCT

IT 31

14 28

FEB
1973

1972

M

ZB

MAR

LATEST DATA PLOTTED WEEK ENDING, JANUARY 31. 1973

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
94
COMPOUNDED ANNUAL RATES OF CHANGE
AVERAGE OF THE FOUR WEEKS ENDING
JANUARY 24, 1973 FROM THE FOUR
WEEKS ENDING,
BUS I NESS
BUSINESS LOANS
LOANS ADJUSTED
NOV.
OCT.
SEP.
AUG.
JUL.
JUN.
JAN.

22.
25,
27,
23,
26,
21,
26,

1972
1972
1972
1972
1972
1972
1972

18.7
18.1
16.9
15.6
14.9
12.3
10.3

19.9
19.7
17.8
16.2
15.9
12.7
10.3

92

BUSINESS LOANS ADJUSTED 1A
90

88

86
MILLIONS
BUSINESS LOANS

BUS I NESS
BUSINESS LOANS --LOANS ADJUSTED

84

DEC. 20

82

5 19

2

JAN

FEB

16

1

13 29 12 26 10 24

7 21

5 19

2

16 30 13 27 11

25

6 22

6 20

3 17 31

14 28 14 28

FEB
1973

1972

MAR

LATEST DATA PLOTTED WEEK ENDING, JANUARY 24, 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
 HOLDING COMPANIES, AND OTHER AFFILIATES.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS