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RESEARCH L!E|iA
RESE/
■I 48 ART
Federal

vdfeanj

of St. Louis

F monciHL

DflTft

Week ending January 4, 1967

S ? 1935
MONEY STOCK (Pages 2 & 11)

CERTIFICATES OF DEPOSIT (Pages 7 & 12)

The nation's money stock, demand, deposits plus
currency held by the public, averaged $171 billion in
the two weeks ending December 28, almost $2 billion higher
than the average for the preceding eight weeks.

Large certificates of deposit at weekly
reporting commercial banks, a quite volatile component
of time deposits in recent years, totaled $15.6 billion
on December 28. The volume of these deposits has
increased slightly in recent weeks, even though more
CD's matured in December than in any previous month.
Lower interest rates on other money market instruments
have probably enabled banks to regain a more competitive
position in seeking these funds.

-------- —
The recent sharp rise may reflect a quarterly
pattern in the seasonally adjusted data. Since late 1964,
money has been relatively high during the months of June,
September, December, and, to a lesser degree, March. In
the intervening months, money has generally grown at slower
rates or declined.
(See this Bank's release, "Triangles
of U. S. Economic Data.")
In view of this pattern, some monthly changes
may be misleading. Since September and since June, months
with comparable "peaks," money has decreased slightly,
following a 6 per cent increase in the year which ended
in June. From 1961 to 1965, money increased at a 3 Per
cent average annual rate.

Large CD's contracted moderately from late
October to mid-December, after falling rapidly in the
preceding two months. The longer run trend for large
certificates of deposit has been rapid growth; from
January 1964 to August 1966, the volume outstanding
increased at an average annual rate of 25 per cent.

TIME DEPOSITS (Page 6)
Time deposits at all commercial banks averaged
$158.8 billion in the week ending December 28. This
marked the third consecutive week in which these deposits
rose significantly, following a period of little change
since mid-August. By contrast, time deposits rose 12 per
cent in the preceding year.


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

Prepared by Federal Reserve Bank of St. Louis
Released: January 6, 1967

U.S. MO

Y STOCK*

of Dollars

Billions of Dollars

178

Seasonally Adjusted
177

176

175

from four
Sept. 28,
June 29,
Mar. 30,
Dec. 29,

weeksending:
1966
-^<7
1966
-A/
1966
7-^.7
1965
-/-/.<?>

June i960 - June 1966
17^

173

172

171

170

169

168
*

These data have been revised by the Board

167
For a description of the revision see the

l66
165

For trend of money supply by months _
see this bank's monthly release
entitled "Bank Reserves and Money”."

Latest data preliminary

0


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

X

15 29 6 13
June

27 3

17

31 7 14

28 5 12

26

1

J-

i

1

J

1

1

1

1

1

1

L4 28 4 18 25 1 15 22 1
Dec.
Jan.
Feb.
1967

1

L__l

15
Mar.

29

Prepared by Federal Reserve Bank of St. Louis

3
Billions of Dollars

All Member Banks in the Nation
Weekly Averages of Daily Figures

Billions of Dollars

----- 1/ Adjusted for estimated effect
_____
of reserve requirement changes.
Seasonal adjustment computed "by this
bank using data ending December 1965.
Unadjusted data appear in Board's H.4.1
release
Total 1/

Reserves Available for
Private Demand Deposits

2j

Annual rates of change, average of _
four veeks ending Jan. 4, 1967
from four weeks ending:
Oct. 5,
1966
-/?
July 6,
1966
Apr. 6,
1966
- Oy
Jan. 5»
1966
t-O.^

2j Series revised for change
in seasonal adjustment.
" Latest data preliminary


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

17

31

7 14

28 5 12

26 2

16

30714

28 4

18251

15 221

15

Prepared by Federal Reserve Bank, of St. Louis

BORROWINGS
All Member Ba

EXCESS RESERVES
s in the Nation

Millinns of Dollars

Millions of Dollars

1100

1100

1000

1000
Borrowings
_ Bi-Weekly Settlement Periods
_

Weekly

.iT'S (,0c

qJ

Excess Reserves

Bi-Weekly Settlement Periods

Weekly

-100
-200

-100
—

Bi-Weekly Settlement Periods

Net Borrowed Reserves
Weekly

-500 —

Latest data preliminary

13

27


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

11

25

3
June

17

14

28

12

26

23

7

FEDERAL RESERVE CREDIT* JJ
Seasonally Adjusted 2J

Billions of Dollars

Billions of Dollars

* Adjusted, for reserve requirement changes

Annual rates of change of Federal Reserve Credit, 1/
average of four weeks ending Jan. 4, 1967
from four weeks ending:
Oct. 5, 1966
'/■a.#
July 6, 1966
-f /■
Apr. 6, 1966
Jan. 5# 1966

Federal Reserve Credit

and a few minor items.
2/ Seasonal adjustment for Federal Reserve
Holdings computed by this bank using data
Federal Reserve not seasonally adjusted.
Unadjusted data appear in Board's H.4.1

l!

Member Bank
Borrowings

Federal Reserve Holdings of U.S. Government
and Federal Agency Securities
Latest data preliminary
Latest data plotted week ending:


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

2961327

17

31

30 7 14

June

1
Jan.

Prepared

15 22 1

15

Feb.

Federal Reserve Bank

Louis

TIME

POSITS * JJ

of Dollars

Billions of

162

162

Seasonally Adjusted
l6l

160

Annual rates of change, average of
four weeks ending Dec. 28, 1966
from four weeks ending:
Sept. 28, 1966
~h f. 2
June 29, 1966
-h •S'-'*"

161

160

-t / • y

159

159

158

158

157

157

156

156

155

155

154

154

153

153

152

152

151

150

149

0

* These data have been revised by the Board
of Governors of the Federal Reserve System.
For a description of the revision see the
September 1966 Federal Reserve Bulletin,
pp. 1303-1306.
Current data appear in Board's H.6 release.
Latest data preliminary
r For trend of time deposits by months
------- see this bank's monthly release
______________ ___________ _
____________________ _
_ __
entitled "Bank Reserves and Money".
1/ Includes passbook savings accounts, large negotiable certificates of deposit and all other time deposits.
I
18 25 1
May


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

151

150

149

J

15
June

Sept.
1966

1967
Prepared by Federal Reserve Bank of St. Louis

0

CERTIFICAT® OF DEPOSIT LL
Large Commercial Banks
Billions of Dollars

Billions of Dollars

17.0

Annual rates of change, seasonally unadjusted
data, average of four weeks ending Dec. 28, 1966
from four weeks ending:
June

29, 1966

- £13

Jan. 1964 - Dec. 1965
Latest data preliminary
16

30


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

6

20 27

4

^

n

Data prior to June 29, 1966 have Been estimated
by this bank from the previous series on weekly
reporting member banks. Current and year ago
data appear in the Board’s H.4.2. release.
^
1/ Negotiable time certificates of deposit

2

25 1

20 27 3 10

16 ‘36

24 317
Sept.

7 14

20 4 11

2518
Feb.

Prepared by Federal Reserve Bank of St. Louis

CERTIFICAT
Large Com
Billions of Dollars

OF DEPOSIT MrciaT Banks
Billions of Dollars

-- Annual rates of change, seasonally unadjusted .
__.data, average of four weeks ending Jan. 4, 1967,
from four weeks ending:

Jan. 1964 to Dec. 196$

+ Zf.f

Latest data prei
16

30


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

6

20 27 4 11

25 1

20 27 3 10

* Minor change in coverage beginning December 28, 1966.
Data prior to June 29, 1966 have been estimated
------- -—t>y this bank from the previous series on weekly
---------- reporting member banks. Current and year ago
data appear in the Board’s H.4.2. release.
—
1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.
16 '36 7 14 26 4 11
25 1 8
24 31 7

June
Prepared by Federal Reserve Bank of St. Louis

BUSINE

OANS

Large Commercial Banks
Billions of Dollars

Billions of Dollars

*" 1
: i I"l. r ( 1 f |
r—L* nnual» rates of change,1 average i T“
-O f four weeks ending Dec. 28, 1966
-f.ran four weeks ending:
&ept. 28, 1966
rjime 29, 1966
y 7 *.
!Mar. 30, 1966
_

i-

i--

1

L_ j
1
l' 1 i 1

Seasonally Adiusted
r

r
*

7—

F*

67

66

1

banks on a monthly basis see this bank's "Triangles
of U.S. Economic Data".

1

65

i I
i

j

■f IS.!

—

I

r
r

64

•

63

/s. —

,v f.

55
5^

- !29, 1900

June
have been
" Data prior tofrom the previous series estimated
Dy this bank
on
“ 1reporting member banks. Current and yearweekly
ago
unadjusted data appear in the Board's H.4.2 release.
Seasonal adjustment computed by this bank using

__
Latest data preliminary
Latest data plotted: Dec.

1958 through July

28, 1966

' 30 1 13 1 271 4 i 18 25 11 11 1 29
1 1
1 l.l
15
Mar.

Apr.


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

May

June

6 13
27 3
July
1966

17
Aug.

_L7 14
31
Sept.

1964

data.

|
28 5 12
26 2
Oct.

16
Nov.

■■■ 11 }1
JJ

□

30 7 14
Dec.

28 4

18 25 1
Jan.

15
Feb.

1967

YIELDS ON SELECTED SECURITIES

Per Cent

Per Cent

Corporate
Aaa Bonds

Three-Month TreasuryBill Market Yield

Long-Term
Government Bonds

latest data plotted are averages of rates available for the week ending: Jan. 6, 1967
17 241
June

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

15

29 5 12

30 7 1]

a
Sept.

Oct.

Dec.
Prepared by Federal Reserve Bank of St. Louis

*

M

YIELDS ON SErtCTED SECURITIES
Per Cent

Corporate
Jonds

Three-Month Treasury r
Bill Market Yield

Long-Term
Government Bonds

Latest data plotted are averages of rates available for the week ending:
0
17 241

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

30 7 1]

15
Sept.

Prepared by Federal Reserve Bank of St. Louis

10

SELECTED SHORTTERM INTEREST RATES
Per Cent

Per Cent

Prime Commercial Paper
4-to-6 Month

Prime Bankers'
Acceptances

15
June

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

29 5 12

26 2

Federal Funds Rate

16

30 7 14

28 4

18 25 2

16

30 6 13

27 3

17 24 3

31 7 14

28 5 12

Sept.
Prepared by Federal Reserve Bank of St. Louis

SELECTED SHORT-TERM INTEREST RATES
Weekly Averages of Daily Rates Ended Friday

Per Cent


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

Prime Commercial Paper
4-to-6 Month

Prime Bankers’
Acceptances

15

29 5 12

26 2

Federal Funds Rate

16
Sept.

30 7 14

28 4

18 25 2

16

30 6 13

27 3

17 24 3
;h.

17
Mar.

31 7 14
Apr.

28 5 12
May

Prepared by Federal Refsel-ve Bank of St. Louis
JSECX

MEMBER BANK
AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY

11

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
RESERVES
AVAILABLE
WEEK
FOR PRIVATE
ENDING DEMAND DEPOSITS

79//

f

7

/S.64
/s.7S

Al
A8
GO- S
/X
_______IX.

A L
X
_______ L
/C
43
30
KXc- 7

TOTAL
RESERVES

y

<33.3 X
A3.3 7

EXCESS
RESERVES

- 4IX

770.S

888

-38/

77/

-777
-S83

770.7
7 77-7
7?o.o

-S/4

170.7

- S/S

477

748
7 74

-37/
-3/S
-A 68
-764

/ 7o.X
7&9X
/&8?
76 887

<33-37

/S. <7 7
/SSI
/SL<j
/Ss4
/Xf3

33.43
33-33
33.//
£ 3.3 X
33.3 /

/47

S/8

A 7?

/XS3
/S/S

33.33
A 3. X4

373
S4 7

S7¥
44 /

AA.29

J8f
437

/S38
/S.60
ts,4S

y/3

199
SIS’
ML

Af.lb

X3.07
A3./S
J3.<?7
A3. /S'

iss

A3.(elf3

377 r

7S-L3
/S, /<X

FREE
RESERVES

74 7

33 7
SoX
S9X
67
3/4

/si", 7A /= '

/4
A)
A8

BORROWINGS

76,oC
/S.47

33./o

MONEY SUPPLY
AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
MILLIONS OF DOLLARS

A So
8 AS

7//
437
/ 3 C>
44°!
(#7
47 X
S4?
S/S

-30/

-ASS'
-/9?
-ASO
-/A7
-37 (*
-

73

1/8.8
>

76 83
7/7.3
/*%¥
/ (a 4> /
/%%o
7 77.8
770. AS

-188 P

ff

P - PRELIMINARY

1/ Adjusted for estimated effect of reserve requirement changes.
2j Revised. See chart.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

t
BUSINESS LOANS
LARGE COMMERCIAL BANKS

LARGE CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS

WEDNESDAY FIGURES
MILLIONS OF DOLLARS
SEASONALLY

■S3 L3o

3*37/

38, 7 32- _ S*,7?S

12

WEDNESDAY FIGURES
MILLIONS OF DOLLARS
SEASONALLY

19/A i,L L
nn

t2 /SX
H.339

S8 8/4

39,22 9

zo

tX Z 72.

38 (,93

S9 34(

19 2L3

S9 £>c?3

S9S44

X7
Ann. 5

/X 29!

S ? 9P4

39 (4o

___ UL

IX .3X3

_______ LL
_______ on

s? ? AS

S94oo

//

/X S3X

S3

59 2/2-

f?

JX S3 X

3/

S3 3SX-

38.840

JX /L 9

S3 33H

S3. 373

31
7

S3 679

S3 !3(o

ZU
_______ il
___ (L*>. s?

_ AtfJ- 7
_
-

wy
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at

___ CkLJl

S9.3XX- . 3%3 0-J\
39 399
s%Mc
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39 SS/
39390

_______ /z. 39384'

z\ n. /X9
_LL JL 90?
fid 3 lb 672
/z H> 6/2

SXSte

_______
_ (7_

7 oS
? -39. 797__

_______ L3 . LO'JLQl
23 .. s% JYS

3o . sj'pr
7
------------ llL

S9,?2/

394(4-

LQ,L9?lf

______
P - PRELIMINARY


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

riot.

2L 13X91
2. 153 II
_Z 13 72/

He 75. 335

39 (>07
59.5A 8

23 13,501

39.4(2-

hD^43__ 3%/70

a______ 23- So. 9i 9__

/? 13.941

Srl SDO

39 (=23

5% 77?

3% 93! f

/7. 9X4

(4 77. &Xn

39407,

39 <933

----

/5.4-L2

Au,.

7 15 415
/4 /S 1XJ
A!

JS 42k

______ It 75. 0/4 P
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED YIELDS

LONG-TERM

\+?7_____
/(,
<23
3o

7

it
J.J
___ ________ ll
t/

3-MONTH
JREAS. BILL

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

WEEK
ENDING

su

o s vFiu
3-5 YEAR

y

u
a
JsT

1.16
1.79
1JM
1.70
17s
1.7 C_____
1.7/

1.6X

167
1,73
1.77_____
1.76

fcjj2.Cs

171

______________ ?

1.7 0

/6
<33

IMS
1.S2
1.S1

30

na (L,6
(H

l.so

PRIME
COMMERCIAL
pR|UF
CORPORATE
PAPER
BANKERS
Aon
4-6-MONTH ACCEPTANCES LARGE
CD’S**
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
FRIDAY
WEEK ENDING FRIDAY
FIGURES

•fc-S’3
S.63

So 7

S.11
s.sx

SMS
SMI

s./s
S'/e
S.S 3S.3°!
S3<o

SI 9
S.3°!
SIS
S.37
S.30
S39
SIS'
S.11
s'. 13
S-3f
S-SO
S■ o 6
1-10
1 .2 0>
1.8 7

•AVERAGES OF RATES AVAILABLE

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

S.11
S3 6.
-17SS 9
SI/
S.37
3 ,o) 6
sn
Si 6
1.7 7
1.2)

v5

1?o
1So

S.S 2
S?S

S.s/
S19
'S.11

S.S?
S.S 8
sis

S.11
S.13
SH
S.37

6,00
6,oo
6.oo
<6. c o

S.3S
S.3S
SSL
S3(e

6 oc
6.0 0

S-37
S32
S.38
S 39
SYO
S.31

6.00
C.oo
6-00
6-oO

6. CO
6.oo

6.oc>
6.0 o

**SOURCE: SALOMON BROTHERS AND HUTZLER
SECONDARY MARKET RATE.

S. 7S
S.7S
S.7S
S7S
S-7S
S7S
S-7S
SlS
SMS
S. 63
S.63
S.C2
S.7S
S> 6$
■ 63
SMJ
S'Mo
S.So
S-So

S.7S
S.7S
SlS
S2S
ssr
S3 S'
S.9o
S-9 o

\r

13

<\

YIELDS ON U. S. GOVT. SECURITIES

S>7o
S.70
S.70
S 7 S'
jf.7S
S. 7S'
S,?o

S7S
S'-70

FEDERAL FUNDS
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

S3S
6.oo
SSs
1.90
1.1 o
SSS
S.11
SSS
SSS
6.o o

s?s
S 20
S.so
SSS
S.3S
S.30
S.30
S 63
SMS'

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED YIELDS
YIELDS ON U. S. GOVT. SECURITIES

13

3-MONTH
TREAS. BILL
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

LONG-TERM
WEEK
ENDING

3-5 YEAR

Y-?7
4.76
/{,

A.tS
A. 6 3

4.77

A. 6 A
A.69

3lJ
_

3o 4,76
7 4.7a
a AlJA_____
Jl! 4,7/

____________
y

Li
Jf

4,6X
467
4.73_____
4.11_____
4.76

4.7f
4.7

L
Me 4.6S
4.S8
43
3o 4.S4
oa (L*t> H.+t.
*
^13
4.44

-

A44
-

A.40A37
A3 6
A39
A,4 A
3'41
A.43
A3 4
A-3 0
s.o c?
4,°lo
4-7 A
4.8A
4.8'

‘AVERAGES OF RATES AVAILABLE

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

CORPORATE
Aoa

Aa 7
AJ*
A.HC
A.AA
,7.3°)
A36
A,44
___ A,36
A#*
A.29
A.4!
A. 38
A, A11>
s-n

A. /6

.97

Y

4. a

4.20
4. to
4',8o

PRIME
COMMERCIAL
pp,Up
PAPER
BANKERS
4-6-MONTH ACCEPTANCES

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES

A 44
A.AX
A.A/
A.4 9
'A,47
A 44
A.43
A.4'
A. 37

'83
A 88
v5

At?
A. 28
A4A
6.CO
____

6, CO
6,00

C.O 0

A.3A
A.3A
A36
A3 6

6, 00
6.0 o

S-37
jr.j?
A3 8
A 34
3.40
A3 2
A3A

&.00

6.CO
6..00
C,.oo
£,.£>0
6.00
6.00
6.00
6.0 0

A. 7 A
A.7A
A. 7A
A. 7A
A 7A
A7A
A7A
A. 7 A
A6A
A, 63
A.63
A.C2
A,7A
A' 6 A
37 6A
A.<*3
A6o
A. Ao
A. A0
A46

FEDERAL FUNDS
LARGE
CD'S **
FRIDAY

A. 7A
AlA
A.7A
A2A
A2A
A. 2 A
A.9o
A9o
A7o
A. 7o
A70
A.70
A 7A
A7A
A. 7A'
A ?o
A.70
A70
A.70

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES

A3A
6.00

AAr
4.90

4,1 0
A.9 A
A.44
A, 3 A
Ac A
6.00

A. 7A
A 20
A. AO
A AA
A. 3A
A.3 0
A.30
A 63
AS/
Aoo
*

SECONDARY MARKET RATE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102