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U.S. finflllCIflL DATA
Week ending: January 7, 1970
*UG 2 7 19®
The money stock, consisting of private demand
deposits and currency in the hands of the public, has been
essentially unchanged since early June, following a 4.8
per cent rate of growth from December 1968 to early June
and a 7 per cent increase in 1968 (page 5). A large, and
tpresumably temporary, decline in cash items in process of
collection near year-end caused a jump in money in the
final week of 1969. These items are subtracted from gross
demand deposits; consequently, net demand deposits, the
principal component of the money stock, increased sharply
in that week.
A decline in the monetary base from early June
to early September had a depressing impact on money growth
(page 2). During the last three months the monetary base
has risen at a 5.4 per cent annual rate, which would have
led to a similar increase in money if the influence of
other factors had been neutral. However, three other
factors have had an offsetting negative impact on the
growth of money:

(1)

an increase in Government deposits at
commercial banks relative to private
demand deposits;

(2)

(3)

a rise in required reserves relative
to total deposits, because of shifts
in types of deposits and between
classes of banks.

On balance for the past three years, the
growth of money has been associated with a similar
change in the monetary base, with little net effect
coming from other factors. Unless the recent depress­
ing impact of these other factors changes, only a
greater rise in the monetary base will provide expan­
sion in the money stock.
Federal Reserve credit, the policy determi­
nant of the monetary base and therefore of the money
stock, has risen at a rapid 9.7 per cent annual rate
during the last three months (page 2). A rise in
Government deposits at Federal Reserve banks offset
some of the expansionary effect of Federal Reserve
credit growth on the base during this period.
It is
not unusual for the monetary base to grow at a slower
rate than Federal Reserve credit. The trend growth of
the monetary base from 1957 to 1968 (3.6 per cent) was
less than half the trend growth of Federal Reserve
credit (8.1 per cent).

an increase in currency relative to
private demand deposits; and


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

Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released. January 9,1970

2

MONETARY BASE JL
FEDERAL RESERVE CREDITS
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally adjusted by this bank.
Mone tary
Base

— Annual rates of change, average of four weeks
~ ending Jan.

7,

1970 from four weeks ending:

71 7 73

Monetary
F.R.

Base
_ Oct. 8, 1969
_ July 9, 1969
— Apr. 9,

1969

8,

Credit

id A4S
7 7.^7

+

1969

- Jan.

_ June 11,

■O

7

1969

~ 1957-1968

t 3 . (o
Monetary Base.

(x,S, /

Federal Reserve Credit

_

Uses of the monetary base are member bank
reserves and currency held by the public

/7

-

3i

-

requirement changes and shifts in deposits.

-

For a description of the base see the August
1968 Review of this bank.
'
■

10
24
July

7 21
Aug.


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

16
1968

30 13

27 11

25

8

22

5

19

5

19

2

16
30 14 28
Apr.
May

11
25
9
23
June
July
1969

6 20
Aug,

3
17
Sept.

1

15 29
Oct.

12 26
Nov.

Prepared by Federal Reserve Bank of St. Louis

10 24
Dec.

7 21
Jan,
1970

RESERVES
All Member Banks in the Nation
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending Jan.

7,

1970 from four weeks ending:

Oct. 8, 1969
July 9, 1969

June 11,

-

V

1969

1959-1968

TOTAL

Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability back data have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
include all "bills payable checks" and so-called
"London checks" as deposits subject to reserve
requirements.
Data exclude increase in required reserves of
about $400 million due to changes in Regulations

Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H.9 release

—Latest data preliminary
Jan.

■Latest data plotted
10

24

7


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

21

4

18
Sept.

7,

16 30

1970
13 27

11 -25

16 30
\pr.

14 28
May

11 25
June

9

23
July

6

20
Aug.

3
17
Sept.

15
Oct.

29

12 26
Nov.

1969

Prepared by Federal Reserve Bank of St.

Louis

10 24
Dec.

7

21
Jan.
1970

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
c
,,
.
,
Seasonally Ad justed

Billions of Dollars

4
.
Billions of Dollars

-Annual rates of change, average of four weeks~~ ending Dec.

31,

Apr. 2,

1969

Jan.

1969 from four weeks ending:

1969

1,

-- June 11,

1969

Dec. 25 - June 11
1957-1968

_| Data include the annual revision of seasonal factors
_^ and benchmark adjustments of nonmember bank deposits.
____Current data appear in the Board's H.6 release.

Latest data preliminary
Latest data plotted week ending:


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

4

18

2
1968

16

30 13

Dec.

31,

27 11

25

1969

8

22
Jan.

19
.

5

19
Mar.

2

16
30 14
28 11
25 9
23
Apr.
May
June
July
1969

6

20
Aug.

3
17
Sept.

1

15
29
Oct.

Prepared by Federal Reserve Bank of St.

12

26 10 24
Nov.
Dec.

Louis

7

21
Jan.
1970

Y^C
MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Millions

ol

oullars

215
— Annual rates of change, average of four weeks
ending Dec. 31,

/;'. /

—

1969 from four weeks ending:
—

Oct.

1,

Apr. 2,

1969

Jan.

cJOO. /
—
/19.3L---

1969

—I June

Dec.

1,

/- O.

213

/V-y.3- '—

1969

212

—

>98. 7--

211

n 7. /
oa.s

/• 7

210

—
P---

11, 1969

209

25 - June 11

208
207

3. O

1957-1968

206
205
204
203

202
201
200
199
198
197
196
195
194
193
192
191
190
189
188
Data include the annual revision of seasonal factors
and benchmark adjustments of nonmember bank deposits

187

Current data appear in the Board's H.6 release.

_i

1

1 _l_I_J

1

I I

1

I I

I

I

I

1 1

10
24
July


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

21

4

18

2

Sept.

186

1 '

-Latest data, preliminary
-Latest data plotted week ending:
I I I I
16
30

Dec.
I 1 I 1 1
13 27 11

31,

1969
I

25

Dec.

8

II I I
22
5

185
19

5

19

2

16 30

14 28

11

25

9

23

6

20

3

17

1

15 29

June

12 26

Nov.

1968

Prepared by Federal Reserve Bank of St.

Louis

10

24

7

21

0

TIME DEPOSITS

6

All commercial dorks
Averages ofDaily Figures
Seasonally Ad justed

Billions of Dollars

Billions of

Annual rates of change, average of four weeks
ending Dec. 31,
Oct.

1,

1969 from four weeks ending:

1969

1957-1968

Data include the annual revision of seasonal factors ■_
— and benchmark adjustments of nonmember bank deposits.^
— Current data appear in the Board'
H.6 release.
-

Latest data preliminary
;2_Latest data plotted week ending:
10

24

7

July


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

21

4 18

2

16

30 13

Dec.

27 11

31,

1969

25

8

22

5

19

5

19
Mar.

2

16 30

14

28 11
25
9
23
June
July
1969

6

20
Aug.

3

17

1

15
29
Oct.

Prepared by Federal Deserve Bank of St.

12 26

Louis

10 24
Dec.

7

21

Dollars

illi

<

MONEY STOCK PLUSTTME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

is of Dollars

Billions of E olla
432

432
430

wr

Annual rates of change, average of four weeks
ending Dec. 31,

430

/9U9

1969 from four weeks ending:
428

428

424

1,

1969

393

426

July 2,

426

Oct.

1969

39 3
39/■ 9

424

Apr. 2,

422

Jan.

1,

420

June 11,

1969

3 94.0

1969

3 94., 3
3 9 3'7

418
1957-1968

420

31*-5
392.9

1969

422

418
416

416

331.. 7
414

414

412

412

^10

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

394

392

392

390

390

388

388

386

386

FB84

384

382

382

380
378

380
Data include the annual revision of seasonal factors
and benchmark adjustments of nonmember bank deposits

378

Current data appear in the Board's H.6 release.
376
374
372

rn iti

376

1 r 1 11 1 1

374
Latest Data Preliminary
Latest Data Plotted Week Ending:

Dec.

31,

1969
372

n

1 1

...................................... .. 1
1 1 1
10 241 7 21 4 18 2 16 30 13 27 11 25
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968


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

i

1

= 0

ttt

2

16
30 14 28
Apr.
May

11 25
June

9 23
July
1969

3

17
Sept.

1

15
29 12
26
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

lioi

CERTIFICATES OF DEPOSIT [1_
Large Commercial Banks
Wednesday Figures

of Dollars

Billions of-

Dollars

Annual rates of change, data not seasonally.
28

Millions of Dollars

adjusted, average of four weeks ending
Dec.

31,

Oct.

1,

1969 from four weeks ending:

■

y>w ■s’

1969

26

I3~
/?
XL
3

// ‘fcs’
11,HH $
11,+OX
>1,311
11

S3- a
24

— 1964-1968

22

20

18

-

16

14

12

/O. SS
10

8

Current and year ago data appear in the
Board's I}.4.2. release.
_1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.

6

0

_Latest data preliminary
_Latest data plotted:
^
—i—j i—i—i i i—i i i i ■
10
24 7
21
4
18
July
Aug.
Sept.


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

2

i

i

19,68

25
i

8

5

19
Feb.

5

19
Mar.

2

16
30 14 28
Apr.
May

11 25
June

9 23
July

6

20
Aug.

3
17
Sept.

1

15
29 12
26
Oct.
Nov.

1969

Prepared by Federal Reserve Bank of St.

Louis

10 24

7
Jan.
1970

18

BUSINESSMANS

Large Comm^cial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

1 1

I

1 1 1 1 1

INI

1 ttTTTTT

• Aimual rates of chang

84

four weeks ending Dec. 51
from four weeks ending:
82

■
- uct. i,
July 2, 1969
1969

_ Jan.

2,
1,

_I960-

,

9
9-3.9
-h g ■ /

1968

► 9.

1969

fO. 4 S

7

80
9-7,4.
_L
78

76

74

MILLIONS OF DOLLARS SEASONALLY
UNADJUSTED i in.nigTi?tij—

72

7 7,
77,
7 7, JJ7
74, 4,7/

r

70

74, 4-/V
7 7, Ort47 7, ?/7
7
7F,yy -7

68

7

66

77,M
IS.ieZ- r

71 bfX
7T, ca3
It,347.

64

gO'Slol
to, Sj4
thios p

62

7 7, *9 S
7 7, / 9 ?
77,
7 7, 4V S’

11, 7 VO
11,9 13
77, ?7f

7 f, «32 7
le.Yfio
7 i, rsi
7 S’7JL3
7f,9if

7 V.70 7
7F,
7^44 /

Ig.SU
It, t»8SIt, 730
rt.jzc

19, S99

T0.S.SA P

Current and year ago unadjusted data appear in
the Board's H. 4.2 release.
d at a preliminary
December 31, 1969
1 Latest d at a plotted:
Lr-L K 1 U 1 .Li1 t.
LJ■» 1
i .1. ' .) L-lt .1.1 L- LJuly


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

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Seasonal adjustment

computed by this bank using 1963 through 1968 data
T77 *“7

Feb.

Mar.

Apr.

May

r

nH
June

l I 1 J 1_LLU_I_I_I_I_I_I_I_I_I_1_i_I_I_L—l LJ_I
Sept.

Dec.

Oct.

1968

Prepared by Federal Reserve Bank of St.

Louis

YIELDS ON SELECTED SECURITIES
Averages of Daily R&tes Ended Friday

Per Cent

3-5 Year

Long Term

Corporate
Aaa

Per Cent

_

m'hs 7
/Y

Prijne Commercial
•

Corporate

Loan Rate

Aaa Bonds

Three-Month Tre;
Bill Market Yield
6.50
6.50

6.00
Long-Term
Government Bonds

Discount Rate
Ulfiur -

4.00

12

26

9

■GES

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

23

6

20

15

4
Oct.

1968
OF RATES AVAILABLE

29 13

'7

10

24 7

21
.

7

2i
Mar.

4
18
Apr.

2

16
30
May

13
27 11 25
June July
1969

22
Aug.

5

19

3

17

31 14

Prepared by Federal Reserve Bank of St.

28 12

26

Dec.

Sept.

Louis

9

23
Jan.
1970

SELECTED SHORT-TERM INTEREST RATES
Averages of Dally Rates Ended Friday

Per Cent

11.00
Prime
Commercial
Paper
4-6 Month

r./f

8-38

Per Ctent

11.00

.
Prime .
Bankers1
Acceptances

90 Day
10.50

f.uT

8- oc
l.ao

8-^3

f.\S'o

?.6s3

10.00

H

g.jS

10.00

S' 73

Federal Funds Rate

r. is

’ 9.50

9.00

8.50

8.00
OommwrciAl Paper
4-to - 6 Month
Bankers'
7.50

Acceptances

7.00

Discount Rate

;Datest data plotted are averages of rates available for the week ending:

1.1 1
12

I
26

I 1 1 1 1
6 20 4 18
Sept.
Oct.
1968
I

9

23

1
1

..... .
15
29 13

27 10

jan

9

1970

I t I I—1111—I—■—1—u.1. t-.i a- I 1 1_1_L
24 7
21
7
21 4
18 2
16
30 13

Jan.

27

11 25

June

8 22
Aug.

5

19

3

17 31

14

Sept.

BROTHERS AND HUTZLER
RATE ON 90-DAY PRIME CD'S

1969

Prepared by Federal Reserve Rank of St.

26

9

23
Jan.
1970

. * AVERAGES OP RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
**
 SOURCE: SJtOMON
SECONDARY MARKET
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

28 12

Louis

¥

r

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Millions of Dollars

EXCESS
RESERVES

BORROWINGS

Millions of Dollars

FREE
RESERVES

2,800
-

-9 3lS
- //•*¥

-/OJ7
-

9V/

-95*7
- 2<r+
— Icoj
-U^S P

2,000

.Borrowings.

1,200

Excess Reserves

-

1,000

-

-

1,000

1,200

-1,400
Net Free Reserves
-1,600
-1,800

-1,800
-

2,000

-

-

2,000

2,200

-2,800

Latest data preliminary
Jan.

-Latest data plotted week ending:

7,

1970

5

19

-3,000
4

18

Sept.


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

16

30 13 27
Nov.

U

25

8

22
Jan.

5

19
Mar.

2

16 30

14

28 11 25
J line

23

6

20
Aug.

3
17
Sept.

1

15

29

12 26
Nov.

10 24

Prepared by Federal Reserve Bank of St.

7

21
Jan.

Louis

4

18 4
18
Feb.
Mar.
1970

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