Full text of U.S. Financial Data : Week Ending: January 9, 1974
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Week ending: January 9, 1974 LIBRARY JUN 08 !97§ In the past three months the monetary base has increased at an 8.6 percent annual rate, somewhat faster than the 7 percent rate recorded over the previous nine months. Over the past year monetary expansion, measured by the growth of the base has been 7.5 percent. Member bank borrowings from Federal Reserve Banks have declined markedly since September. In recent weeks the level of member bank borrowings has averaged somewhat above $1 billion. These borrowings averaged about $2 billion in the period July through September of 1973. Borrowing from the Federal Reserve Bank in its District is one means by which a member bank may meet its short-run demands for reserves. An alternative short-run source of reserves for a bank is to borrow reserves from another member bank through the Federal funds market. When deciding between these two sources of reserves, a member bank compares their relative costs. Therefore, changes in the level of member bank borrowings are closely related to the spread between the Federal funds rate and the discount rate (the interest rate charged by Federal Reserve Banks to member banks). The close relationship between the level of nonseasonally adjusted member bank borrowings and the differential between the Federal funds rate and the discount rate is shown in the chart on page 9. From an average of 3.50 percent in early 1972 the Federal funds rate rose rapidly, reaching an average of 10.78 percent in September 1973. The discount rate was unchanged at 4-1/2 percent during 1972, then, was repeatedly raised in the first eight months of 1973. Discount rate changes have tended to lag behind changes in the Federal funds rate. As a result, the differential between these interest rates steadily widened to an historically high average level of 342 basis points in July 1973, then remained at an average of about 320 basis points in August and September. Member bank borrowings rose from an average of less than a $100 million in the first three months of 1972 to an average of about $2 billion in July through September of 1973. Since September the differential between the funds rate and the discount rate has steadily narrowed, reaching about 250 basis points on average in December. Member bank borrowings have declined to $1.3 billion on average during December. The relationship between member bank borrowings and the interest rate differential observed in the last two years also holds for previous periods, as shown in the chart on page 9. For example from late 1967 through 1969 the Federal funds rate rose more rapidly than the discount rate. Consequently, member bank borrowings rose from about $100 million in mid-1967 to $1.2 billion on average in the last half of 1969. Through 1970 the Federal funds rate fell sharply, from an average of 9 percent in early 1970 to 3.72 percent by February 1971. The discount rate was lowered in several stages during this period, but still the interest rate differential decreased. By late 1970 the discount rate exceeded the funds rate. Member bank borrowings fell to an average of about $300 million in early 1971. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: January 11, 1974 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 106 -------------1---------- 1----- BILLIONS OF DOLLARS ----- ---------- ------------- 106 MILLIONS 1 15 29 15 27 10 24 7 21 FEB 7 21 4 18 2 16 50 IS 27 JUN MAR I! 25 8 22 5 10 5 17 51 14 28 NOV JUL 12 26 0 25 DEC LATEST DATA PLOTTED WEEK ENDINGt JANUARY 8, 1974 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 THt BASE SEE THE AUGUST 1968 ■•REVIEW OF THIS BANK. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 1/10/73 4/11/73 6/6/73 7/11/73 8/8/73 9.0 8.5 8.0 7.2 7. 1 7. 1 7.4 7.5 7.5 6.9 5.9 6.0 6. 1 6.6 6.9 5.7 4.6 5.0 5.4 6. 1 6.5 3.7 4.5 5. 1 6. 1 6.5 4.3 5. 1 6.4 6.8 9/12/73 10/10/73 11/7/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/ 6/73 7/11/73 8/ 8/73 9/12/73 10/10/73 11/ 7/73 12/12/73 1/ 9/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.7 7.8 8.1 8.5 8.6 9.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER^ FEDERAL RESERVE CREDIT^ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED MULTIPLIER RATIO NOV. 2: 2.594 2.582 2.573 2.580 LATEST DATA PLOTTED WEEK ENDING: JANUARY 2, 1974 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 94 - COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ___THE FOUR WEEKS END ING JANUARY 9, 1974 FROM THE FOUR WEEKS ENDING: NOV. ___OCT. SEP. AUG. JUL. APR. -----JAN. 7, 1973 “ 92 10.5 10.7 FEDERAL RESERVE CREDIT 90 1973 1973 1973 1973 88 86 3Z1 MILLIONS 84 82 JAN. 1 IS 29 13 27 10 24 7 21 7 21 FEB MAR 4 18 2 18 SO 13 27 1972 II 25 8 22 5 19 3 17 31 14 28 12 28 NOV 1973 9 23 DEC ig74 LATEST DATA PLOTTED WEEK ENDING: JANUARY 9, 1974 1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND 11 OTHER** ASSETS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEP6siTS AMONG CLASSES OF BANKS. DATA ARE SEASONALLY ADJUSTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars BILLIONS 204.6 205.9 206.4 207.3 207.0 207.2 1 15 29 13 27 10 24 7 21 7 21 4 18 FEB MAR APR 2 16 30 13 27 I 25 8 22 5 19 3 17 51 1972 H 28 12 26 NOV JUN JUL 1973 0 23 DEC 1974 LATEST DATA PLOTTED WEEK ENDING. JANUARY 2, 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING. 1/3/73 4/4/73 S/30/73 7/4/73 8/1/73 9/5/73 0.3 -1 .6 -0.6 1.9 2.8 -3.9 -1 .9 1.4 2.6 -1 .6 3.0 4.1 10/3/73 10/31/73 TO THE AVERAGE OF FOUR WEEKS ENDING. S/30/75 7/ 4/73 8/ 1/73 9/ 5/73 10/ 3/73 10/31/73 12/ S/73 1/ 2/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.6 4.9 4.7 3.7 2.7 2.7 3.5 3.8 11.3 9.5 6.7 4.7 4.4 5.3 5.5 9.8 5.3 2.7 2.7 4.2 4.6 7.0 7.3 9.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 275 -------------1---------- 1----- BILLIONS OF DOLLARS ----- ---------- ------------- 275 BILLIONS 265.4 266.6 267.9 268.8 269.0 268.2 I 15 20 19 27 10 24 7 21 7 21 FEB MAR 4 l« 2 16 90 19 27 JUN LATEST DATA PLOTTED WEEK ENDING* JANUARY 2, II 25 8 22 5 10 9 17 91 14 28 12 26 0 29 JUL 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 1/3/73 4/4/73 5/30/73 7/4/73 8/1/73 0.9 -0.2 0.7 2.7 3.8 -1.5 0.0 2.6 3.9 9/5/73 10/3/73 10/31/73 TO THE AVERAGE OF FOUR WEEKS ENDING* 5/30/73 7/ 4/73 8/ 1/73 9/ 5/73 10/ 3/73 10/31/73 12/ 5/73 1/ 2/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.0 5.7 5.3 4.4 3.7 3.7 4.3 4.7 1 I .0 9. 1 6.8 5.3 5.0 5.7 6. 1 8.5 5. 1 3.4 3.4 4.6 5.2 0.5 4.0 5.3 7.0 7.8 9.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of DOLLARS TOTAL TIME DEPOSITS NET TIME DEPOSITS* l 15 28 15 27 10 H 7 21 7 21 4 18 2 16 50 15 27 JUN II 25 6 22 5 18 5 17 51 JUL 14 28 12 26 NOV 8 25 DEC LATEST DATA PLOTTED WEEK ENDING. JANUARY 2, 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/3/73 4/4/73 9.5 9.2 8.8 9.7 9.5 10.4 10.5 10.4 8.8 8. 1 9.7 9.5 10.7 10.8 10.7 5/30/73 7/4/73 8/1/73 9/5/73 10.9 10.1 12.2 11.9 1 1.6 12.2 14.3 13.4 12.7 13.6 12.7 11.9 10/3/73 10/31/73 TO THE AVERAGE OF FOUR WEEKS ENDING: S/SO/75 7/ 4/73 8/ 1/73 9/ 5/73 10/ 3/73 10/31/73 12/ 5/73 1/ 2/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.0 9.9 9.6 11.2 11.2 1 1.0 14.6 .13.0 10.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 640 630 MONEY STOCK PLUS TOTAL TIME DEPOSITS 620 610 600 590 580 570 560 550 MONEY STOCK PLUS NET TIME DEPOSITS**. -m 520 510 1 15 28 15 27 10 24 7 21 7 21 4 18 2 16 SO IS 27 JUN LATEST DATA PLOTTED WEEK ENDING: JANUARY 2, CURRENT DATA APPEAR II 25 8 22 5 18 3 17 SI JUL 14 28 12 26 NOV 8 23 DEC 1974 IN THE BOARD OF GOVERNORS' H.6 RELEASE. ** Ml IS DEFINED AS? CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING? 1/3/73 4/4/73 5/30/73 7/4/73 8/1/73 9/5/73 10/3/73 10/31/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 5/30/73 7/ 4/73 8/ 1/73 9/ 5/73 10/ 3/73 10/31/73 12/ 5/73 1/ 2/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.8 7.5 7. 1 7. 1 6.7 7. 1 7.5 7.6 9.9 8.6 8.3 7.4 8.0 8.3 8.4 7.7 7.6 6.5 7.4 8.0 8.2 6.0 5. I 6.5 7.4 7.7 5.4 7.2 8. 1 8.4 7.2 8.5 8.7 10.9 10.4 10.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 8 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 5 28 13 27 10 24 7 21 7 2! 4 18 2 16 30 IS 27 JUN LATEST DATA PLOTTED WEEK ENDING: JANUARY 2, II 25 8 22 billions of dollars 5 18 3 17 31 14 28 12 26 NOV JUL 8 23 DEC 1874 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1974 NOV. 7 14 21 28 DEC. 5 12 19 26 JAN. 2 9 16 23 30 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOSITS* 61 .7 60.8 60.8 61.1 61.1 62.8 62.0 62.9 64. 1 295. 1 295.9 295.3 296. 1 296.7 296.4 298.7 298.7 298.5 ' M2 m 561.5 562.9 562.8 561.5 563.3 564.3 567.4 567.7 566.7 m SEE FOOTNOTE PAGE 6. ** SEE FOOTNOTE PAGE 7. PREPARED BY FEDERAL RESERVE BANK OF ST LOUIS 9 Member Bank Borrowings and Short-Term Interest Rate Differential Percent Monthly Averages of Daily Figures Billions of Dollars Member Bank Borrowings from Federal Reserve Banks Federal Funds Rale Less the Discount Rate 1965 1966 1967 Latest data plotted: December http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT —i It .0 It 0 r- COMMERCIAL PAPER CORPORATE Aaa BONOS PRIME BANK LOAN RATE MUNICIPAL BONDS** 3 17 1 15 20 12 26 0 23 0 23 6 20 APR 4 18 1 15 20 13 27 10 24 MAY 7 21 5 10 SEP OCT 2 16 30 14 28 I I NOV DEC 25 JAN LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JANUARY 11, 1974 1974 NOV. 2 9 16 23 30 DEC. 7 14 21 28 JAN. 4 1 1 * 18 25 CORPORATE Aaa BONDS PRIME COMMERCIAL PAPER 4-6 MONTH 3-5 YEAR GOVERIMENT SECUR1T1ES LONG-TERM GOVERNMENT SECUR1T1ES MUNICIPAL BONDS HBK 7.65 7.67 7.69 7.68 7.64 7.65 7.67 7.68 7.73 7.73 7.75 8.28 8.69 9.08 9.09 9. 10 9.20 9.10 9.00 9.00 8.88 8.63 6.83 7.03 7. 16 6.90 6.79 6.90 6.76 6.73 6.83 6.83 6.86 6.27 6.33 6. 35 6.29 6.27 6.31 6.30 6.34 6.47 6.52 6.56 5. 17 5.19 5.27 5. 1 3 5.15 5.1 5 5.06 5. 1 1 5. 1 6 5.18 N.A. **ABONDGBUYER'SAAvlRAGElliNDEX'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 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT THREE-MONTH TREASURY BILL MARKET YIELD FEDERAL FUNDS RATE DISCOUNT RA 3 17 1 15 29 12 26 9 23 9 23 6 20 4 18 1 15 29 13 27 tO 24 7 21 5 10 2 18 30 14 28 11 25 1974 1972 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGt JANUARY It, 1974 NOV. DEC. JAN. 2 9 16 23 30 7 14 21 28 4 11 X 18 25 3-MONTH TREASURY BILLS FEDERAL FUNDS XX PRIME BANKERS' ACCEPTANCES 90 DAY CD's xx 7.38 8. 12 8. 1 1 7.72 7.52 7.47 7.51 7.35 7.50 7.49 7.64 9.90 9.71 10.03 10.23 10.09 10.17 10.04 10.18 9.52 9.87 9; 76 8.50 8.69 8.75 8.75 8.75 9. 10 9. 15 8.75 8.75 8.75 8.75 8.53 8.91 9. 10 9.39 9.34 9.43 9.50 9.09 9.23 9. 19 9.08 * AVERAGES OF RATES AVAILABLE. _ , X» FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR THE BOARD OF GOVERNORS' H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1974 IN PREPARED BY 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 as ISZ1 ttiLUQNS 5 12 19 26 2 I 1475 1502 1489 1042 1210 SORROWINGS 15 20 15 27 10 24 7 21 FEB 4 18 MAR 2 16 SO IS 27 II APR JUN 25 8 22 5 10 5 17 51 14 28 12 26 0 23 JUL LATEST DATA PLOTTED WEEK ENDINGi JANUARY 9, 1974 BUSINESS LOANS BILLIONS OF DOLLARS (COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 116 ~ COMPOUNDED ANNUAL RATES OF CHANGE, — AVERAGE OF THE FOUR WEEKS ENDING _ JANUARY 2, 1974 FROM THE FOUR WEEKS ENDINGs -BUSINESS LOANS ADJUSTED 1/ BUS I NESS BUSINESS LOANS _ LQANg ADJUSTED “ OCT. 51, 1975 — OCT. 5, 1975 _ SEP. 5, 1975 AUG. 1, 1975 JUL. 4, 1975 - APR. 4, 1975 IAN. 5, 1975 114 112 I 10 108 0.6 - 106 12.0 20.9 21.5 104 102 BUSINESS LOANS 100 98 MILLIONS 96 BUSINESS BUSINESS LOANS -ISAMS. ADJUSTED- 94 NOV. 28 92 90 88 I I I I I I I I I I I 1 IS 29 15 27 10 24 7 21 7 21 FEB MAR 4 18 2 16 50 IS 27 11 8 22 5 10 3 17 31 14 28 12 26 NOV 1972 LATEST DATA PLOTTED WEEK ENDING. JANUARY 2, 25 1975 0 23 DEC 1974 1974 1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES, HOLDING COMPANIES, AND OTHER AFFILIATES. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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