Full text of U.S. Financial Data : Week Ending: January 5, 1977
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Week ending: January 5, 1977 . As indicated in the table below, yields on most securities have declined the last half of 1976. The decline in interest rates has occurred quite steadily over this six-month period, with yields on most short-term and intermediate-term securities decreasing by more than one full percentage point and yields on long-term securities falling by between 70-105 basis points. 2 6 1979 . The following factors affected the movement in interest rates during the last half of 1976. 1) Compared to the first half of the year, economic activity advanced at a slower pace in the second half of the year. 2) Private short-term borrowing increased moderately as business loans at large commercial banks rose at about a 7.5 percent annual rate during the last half of 1976 and commercial paper outstanding rose at about a 3 percent rate. 3) Federal borrowing requirements were lower than expected in this period due to the shortfall in Federal expenditures over the transition quarter and the consequent build-up of Treasury cash balances as tax receipts accumulated. 4) Funds were readily available for lending in the short-term credit markets as commercial banks and other financial intermediaries experienced large inflows of funds which they sought to invest in earning assets. 5) The decline in the rate of inflation and the moderate rate of monetary expansion during 1976 contributed to a reduction in inflationary expectations, which also contributed to the decline in interest rates. YIELDS ON SELECTED SECURITIES (One-Week Average of Daily Rates) Change (Basis June 25 December 31 Short-Term Securities Prime Commercial Paper (4-6 Month) 5.90 % 4.65 % 125 Prime Bankers 1 Acceptances 5.69 4.65 104 3-Month Treasury Bills 5.34 4.34 100 1-Year Treasury Bills 6.06 4.62 144 Intermediate-Term Securities 3-5 Year Government Securities 7.32 5.98 134 Long-Term Securities Corporate AAA Bonds 8.60 7.91 69 Long-Term Government Securities* 7.84 7.11 73 Municipal Bonds** 6.87 5.83 104 * Issues due or callable in ten years or more, excluding issues that have special Federal estate tax privileges. ** Thursday data. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: January 7, 1977 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 132 MILLIONS DEC. 130 128 126 124 122 120 118 5 19 3 17 91 14 28 11 JAN 25 10 24 FEB 7 21 5 19 APR MAY 2 18 30 14 28 11 JUL 1976 1975 25 8 22 6 20 3 17 OCT AUG NOV 1 15 29 12 26 1977 LATEST DATA PLOTTED WEEK ENDING: JANUARY 5, 1977 THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION (CURRENCY HELD BY THE 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 MONETARY 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. MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi 1/7/76 4/7/76 6/2/76 7/7/76 8/4/76 9/8/76 10/6/76 11/3/76 8.6 7.3 7.9 TO THE AVERAGE OF FOUR WEEKS ENDING] 6/ 7/ 8/ 9/ 10/ 11/ 12/ 1/ 2 2/76 7/76 4/76 8/76 6/76 3/76 8/76 5/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.1 8.0 6.6 7.3 7.2 7.1 7.5 7.3 8.7 5.9 7.2 7.2 7.0 7.5 7.2 5.4 7.7 7.5 7.2 7.8 7.4 5.2 5.6 5.7 6.9 6.5 9.5 8.4 9.1 8.2 6.3 8. 1 7.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER^ ADJUSTED FEDERAL RESERVE CREDIT 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULT PLIER J.9T6. RATIO NOV. 24 DEC. 1 2.390 2.4TO LATEST DATA PLOTTED WEEK ENDING: DECEMBER 29, 1976 BILLIONS OF DOLLARS 1 IS ,-----,------ ,- BILLIONS OF DOLLARS - ------ ----- 118 - COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JANUARY 5. 1977 FROM THE FOUR ifcEEKS ENDING: 1976 1976 1976 1976 1976 1976 1976 - SEP - _ JAN 7.6 6.6 6.9 8.1 5.9 7.2 7.2 ADJUSTED FEDERAL RESERVE CREDIT 1377 5 19 3 17 31 14 26 11 JAN FEB 25 10 24 7 21 5 19 APR MAY 2 16 30 14 26 11 JUL 1976 1975 AUG 25 8 22 6 20 3 17 OCT MILLIONS NOV 1 15 29 12 26 LATEST DATA PLOTTED WEEK ENDING: JANUARY 5, 1977 1/ RATIO OF MONEY STOCK C Ml 1 / MONETARY BASE. 2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS. FLOAT ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY g|POSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED 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 (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS lSZfi NOV. 24 BILLIONS OF DOLLARS MILLIONS 731.0 735.1 737.6 739,7 740.3 JJJJLL 5 m 9 IT 91 14 2* 11 25 8© 24 JAN 1 Z\ § It 2 86 -90 34 M H SB FEB JUL 22 n <* 2C .5 OCT AU© r10V 1 IS 29 12 29 LATEST DATA PLOTTED WEEK B©3NS* DECEMBER 29, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ M.S RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR KEKS ENDING* 12/31/75 3/31/76 5/26/76 6/30/76 7/26/76 12.0 10.7 10,9 10.7 10,6 11.2 11.2 11.3 9.7 10,3 10.2 10,0 11.0 11.0 11.1 8.4 8,9 8.9 10.5 10.5 10.8 10.9 10.3 12.1 11.7 11.9 9.4 12.0 11.6 11.8 a/i/re 9/29/76 10/27/76 TO THE AVERAGE OF FOUR WEEKS ENDING* 5/26/76 6/30/76 7/28/73 9/ 1/76 63/29/73 1 <3/27/76 12/ 1/76 12/29/76 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.4 12.3 12.4 13.8 13,5 11.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 320 r---- 1------ 1- BILLIONS OF DOLLARS -- ------ ----- 320 BILLIONS 307.6 310.2 311.1 311.9 312.4 NOV DEC 1975 JAN FEB MAR APR MAY 20 JUN JUL AUG OCT |« 3 17 1 15 2S 12 26 NOV LATEST DATA PLOTTED WEEK ENDING: DECEMBER 29, 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 MONEY STOCK (Mi ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS Eh®ING« 3/31/76 5/26/76 6/30/76 7/28/76 9/1/76 9/29/76 10/27/76 12/31/75 TO THE AVERAGE "EEKS MW 5/26/76 6/30/76 7/28/76 9/ 1/76 9/29/76 10/27/76 12/ 1/76 12/29/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.7 5.9 6.3 6.2 5.3 6.4 5.6 5.8 6.7 7.1 6.8 5.4 6.9 5.8 6.1 3.1 4.0 2.6 5.1 4.1 4.6 6.9 4.0 7.0 5.3 5.8 2.1 6.6 4.6 5.3 7 2 4.2 5.2 7.2 7.5 3.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 10.0 i— —i 10.0 CORPORATE Aaa BONDS PRIME Bi LOAN RA MUNICIPAL MUNICI P> BONDS sat -s j fa fa's >_ / _ COMMERCIAL PAPER 90 DAY CD‘SIMM 4.0 4.0 LI L 1 lull 1 III I I I I I I I t 1 III 1 0 7 21 S 19 2 16 30 13 27 12 28 NOV DEC JAN 1975 FEB MAR 8 23 APR 1 I I I 1 I I I 1 I I I I I II I 1 7 21 MAY 4 1« JUN N I _1 I I I 2 16 SO 13 27 10 24 JUL 1976 AUG SEP 8 22 OCT I I I I I 1 I 5 19 3 17 31 NOV I 1 it DEC 14 28 JAN 1977 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JANUARY 7, 1977 1977 NOV. 5 12 19 26 DEC. 3 10 17 24 31 JAN. 7 S 14 21 23 6 90 DAY CO'S MM! PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS' ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDSMK 5.08 5.10 5.14 4.97 4.77 4.66 4.70 4.65 4.63 4.68 5.13 5.13 5.13 4.83 4.83 4.70 4.75 4.63 4.65 4.63 4.96 5.02 4.95 4.77 4.64 4.64 4.60 4.60 4.65 4.68 8.30 8.31 8.27 8.17 8.09 8.01 8.00 7.96 7.91 7.89 6.34 6.39 6.26 6.16 6.03 5.96 5.95 5.93 5.83 N.A. : ** *** * AVERAGES OF RATES AVAILABLE. Wt BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA. *** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. 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 0 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT DISCOUNT RATE THREE-MONTH TR BILL MARKET Yl FEDERAL FUNDS RATE T 21 5 19 NOV DEC 1975 2T 2 16 30 IS FEB 12 28 MAR 9 23 7 21 MAY 4 16 2 16 30 13 27 JUN AUG 10 24 6 22 SEP S 19 NOV 3 17 31 14 2$ DEC 1976 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING# JANUARY 7, 1977 1977 NOV. 5 12 19 26 DEC. 3 10 17 24 31 JAN. 3-MONTH BILLS t-YEAR TREASURY BILL 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 4.83 4.92 4.80 4.60 4.42 4.41 4.33 4.27 4.34 4.45 5.12 5.19 5.05 4.79 4.66 4.66 4.66 4.60 4.62 4.71 6.51 6.55 6.44 6.09 5.92 5.94 5.99 5.96 5.98 6.05 7.57 7.57 7.58 7.44 7.31 7.22 7.23 7.18 7.11 7.10 FEDERAL FUNDS** 7 *** 14 TREASURY 5.06 4.98 5.02 4.90 4.78 4.67 4.68 4.63 4.69 4.47 21 28 * AVERAGES OF RATES AVAILABLE. ** £F,^!^AY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVtKAGES OF DA SLY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS - ------ -----i 435 - 455 r---------1-------------1----- NOV. 24 423,4 426.4 427.9 427.9 5 1» NOV DEC 1975 JAN FEB MAR APR MAY 2 16 30 14 28 11 JUN JUL 19' 25 6 22 6 20 3 17 OCT AUG NOV 1 15 20 12 26 LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 29, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. T,,£ NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING* 12/31/75 3/31/76 5/26/76 6/30/76 7/28/76 9/1/76 9/29/76 10/27/76 TO THE AVERAGE OF FOUR WEEKS ENDING. 5/26/76 6/30/76 7/28/76 9/ 1/76 9/29/76 10/27/76 12/ 1/76 12/29/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15.6 14.7 14.7 14.5 14.9 15.2 15.6 15.7 12.2 12.6 12.9 13.7 14.3 15.0 15.1 12.7 12.6 14.0 14.6 15.6 15.7 13.9 15.2 15.9 16.7 16.7 15.3 16.2 17.0 16.9 18.3 16.7 18.2 18.6 18.1 18.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 240 -----1------ ,-- BILLIONS OF DOLLARS - ----- -t---- 240 - BILLIONS NOV. 24 230.7 230.4 231.2 231 „ 5 JLUUULU Ji-U-LUJ 1 i I I 1 I I I I I 5 19 3 17 31 NOV DEC 1975 14 2* 11 JAN 25 IQ FEB MAR 7 21 S APR 24 1MY IS ? ;>0 U £8 It JS JIN Jtil. 1976 AUG 6 22 SEP 6 20 3 17 OCT NOV 1 15 29 12 26 LATEST DATA PLOTTED WEEK S®INGs DCCMER 2 CURRENT DATA APPEAR IN 1N£ BOARD OF GOVERNORS* R.CS RELEASE. 7. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi 12/31/75 3/31/76 5/26/76 6/30/7© 6.2 4.2 4.9 4.9 3.7 5.2 4.3 4.6 5.5 6.5 6. 1 4.1 6.2 4.8 5.2 2.1 3.0 0.9 4.2 2.8 3.6 6.9 2.7 6.7 4.4 5.0 7/23/73 9/1/76 9/29/76 10/27/76 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/26/76 6/30/76 7/28/76 9/ 1/76 9/29/76 10/27/76 12/ 1/76 12/29/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis >* • ' -0.3 5.8 3.2 4.2 6.4 2.7 4.1 "■ ' "... ' 6.8 7.4 * ' "" 2.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 86 84 82 80 78 76 74 72 70 68 66 64 62 60 5 19 3 17 31 14 21 II JAN 7 21 5 19 APR 25 10 24 FEB MAY 1975 2 16 90 14 28 11 25 8 22 1976 6 20 3 17 OCT NOV 1 15 29 12 28 1977 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 29. 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. 1977 NOV. 3 10 17 24 DEC. 1 8 15 22 29 JAN. 5 12 19 26 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 62.7 62.5 62.7 63.0 63.4 63.7 63.8 64.1 65.3 61.3 61.5 62.0 62.4 62.7 63.1 63.4 63.7 64.8 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 IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS of dollars 1 « ISZX MILLIONS 5 19 3 17 31 14 26 11 25 10 24 JAN 7 21 5 19 2 16 30 14 28 11 25 APR FEB MAY JUL 8 22 6 20 3 17 OCT AUG NOV 1 15 29 12 28 LATEST DATA PLOTTED WEEK ENDING. JANUARY 5, 1977 BUSINESS LOANS ( COMMERCIAL BILLIONS OF DOLLARS 124 ----------- - AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS - ------ ----- 124 - _ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF — THE FOUR WEEKS ENDING — DECEMBER 29. 1976 FROM — THE FOUR WEEKS ENDING. . ~ OCT. — SEP. — SEP. — JUL. _ JUN. MAR. — DEC. 27, 1976 29, 1976 1, 1976 28, 1976 30, 1976 31, 1976 31, 1975 MILLIONS 16.1 18.5 15.8 11.9. 8.1 1.2 -3.3 ' NOV. 24 Mill 5 19 NOV 5 17 51 DEC 1975 14 28 11 JAN FEB 25 10 24 MAR 7 21 5 19 APR MAY 2 16 50 14 28 11 JUN JUL AUG 25 8 22 6 20 5 17 OCT NOV 1 15 29 12 26 19 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 29. 1976 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS FEDERAL RESERVE BANK OF ST. LOUIS P. 0. BOX 442 ST. LOUIS, MISSOURI 63166 FIRST CLASS MAIL U S. POSTAGE PAID RETURN POSTAGE GUARANTEED PERMIT 444 fIRST CLASS III AIL PRESORTED I MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING DECEMBER 29, T976 FROM THE FOUR WEEKS ENDIN6: CREDIT CREDIT PROXY ■E 560 5 550 im£L ADJUSTED 11.8 12.6 1976 1976 10.0 540 1975 530 CREDIT PROXY ADJUSTED 1/ 520 510 PILLIONS CREDIT PROXY CREDIT PROXY CREDIT PROXY ADJUSTED 500 525.0 529.3 530.2 530.6 529.3 5 19 3 17 31 14 28 11 25 10 24 7 21 5 19 2 1975 LATEST DATA PLOTTED WEEK ENDING: DECEMBER 29, 16 30 14 28 11 1976 25 8 22 6 20 3 17 490 537.1 536.2 539.1 540.6 538.2 1 480 15 29 12 26 1977 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. 1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED CQfcirfERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. 12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS