Full text of U.S. Financial Data : Week Ending: July 13, 1977
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Week ending: July 13, 1977 library QEC 2 6 197? The growth of the broadly-defined money stock (M2) has slowed noticeably during the most recent six months, compared to the previous six months. After increasing at a 12.6 percent annual rate over the latter half of 1976, M2 has increased at a 9 percent annual rate over the first half of 1977. This slowdown in M2 growth is the result of the slowdown in the growth of its major component — net time deposits. M2 consists of Ml (demand deposits plus currency and coin held by the nonbank public) plus net time deposits. Net time deposits constitute the largest portion of M2 and consist of savings deposits, time deposits open account plus time certifi cates of deposit (CDs) other than negotiable time CDs issued in denominations of $100,000 or more by weekly-reporting large commercial banks. While Ml growth during the past six months has slowed somewhat, compared to the previous six months, growth of net time deposits has slowed more markedly — to an 11.1 percent rate from a 17.1 percent rate. A major reason for the reduction in net time deposit growth has been the upward movement of shortand intermediate-term interest rates since January of this year. During the last quarter of 1976, market interest rates on short- and intermediate-term Treasury securities fell below the ceiling rates of interest being paid by banks on savings and small-denomination time deposits. Net time deposit growth increased rapidly during this period, reflecting the increased attractiveness of these bank deposits to lenders. With market interest rates on these securities increasing during the first half of 1977, and with rates paid on savings and smalldenomination time deposits at or close to their ceiling levels, these bank deposits are no longer as attractive to lenders. With the markedly slower growth of net time deposits, combined with slower growth of demand deposits, banks have recently increased issuance of large negotiable certificates of deposit (in denominations of $100,000 or more). The issuance of these large certificates of deposit at weekly-reporting large commercial banks has been on the upswing since early May. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: July 15, 1977 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 136 MILLIONS 134 133,292 132 130 128 126 124 122 5 10 2 18 30 H 28 11 25 8 22 6 20 3 11 1 15 29 12 26 JAN 9 25 9 25 6 20 1 15 29 15 27 FEB 1976 LATEST DATA PLOTTED WEEK ENDING: JULY 6, 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 ENDING: 7/7/76 10/6/76 12/8/76 7.3 6.3 6.5 6.5 6.8 7.0 6.5 6.9 5.6 6. 1 6.3 6.7 7.0 6.4 6.9 4.7 5.3 6.2 6.8 5.9 6.6 1/5/77 2/9/77 3/9/77 4/6/77 7.9 8.4 6.6 7.5 9. 1 6.5 7.7 5.5 7.3 5/4/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/ 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/76 5/77 9/77 9/77 6/77 4/77 8/77 6/77 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.2 7.7 8. 1 6.8 7.5 6.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER 1/ ADJUSTED FEDERAL RESERVE CREDIT v AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER RATIO LATEST DATA PLOTTED WEEK ENDING: JULY 6. 1977 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 122 ---- 1----- 1-- -- ---------- 122 COMPOUNDED ANNUAL RATES -- OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING ~ JULY 6, 1977 FROM -- THE FOUR WEEKS ENDING: - MAY APR. — MAR. _ FEB. JAN. -- OCT. _ JUL. 4, 6, 9, 9, “ 1977 1977 1977 1977 — 1976 1976 DATA NOT AVAILABLE 7.0 8.3 8.7 8.0 ADJUSTED FEDERAL RESERVE CREDIT 1977 MILLIONS — 2 113 9 114 5 19 MAY 2 16 30 M 26 11 JUN JUL AUG 25 8 22 SEP 1976 6 20 3 17 1 OCT NOV DEC 15 29 12 26 JAN 9 23 FEB 9 23 6 20 4 18 APR 1977 MAY 1 15 29 13 27 LATEST DATA PLOTTED WEEK ENDING: JULY 6, 1977 1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE. 2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIF<; i haws pi oat AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACtING TREASURY DEPOSITS 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 ranks WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS^ANK? http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 780 BILLIONS 769.5 775 771.6 770 774.4 780.0 765 760 755 750 745 740 735 730 725 720 715 710 705 700 695 690 5 19 2 16 30 14 28 11 25 8 22 6 20 3 17 OCT NOV 1 15 29 12 26 JAN 9 23 9 23 6 20 4 18 1 15 29 13 27 FEB 1977 LATEST DATA PLOTTED WEEK ENDING: JULY 6, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 7/7/76 10/6/76 12/8/76 1/5/77 2/9/77 3/9/77 4/6/77 5/4/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/ 1/ 2/ 3/ 4/ 5/ 6/ 7/ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/76 5/77 9/77 9/77 6/77 4/77 8/77 6/77 12.2 12.6 1.1.8 11.4 1 1.4 11.4 10.9 10.8 13.6 11.9 11.3 1 1.3 11.4 10.7 10.5 10.8 10. 1 10.3 10.7 9.8 9.8 8.0 9.0 9.7 9.0 9.0 9.8 10.6 9.4 9.3 1 1.7 9.6 9.5 9.0 9.0 7.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 335 BILLiQNS 320.7 321.5 320.9 322.5 322.4 325.6 330 325 320 315 310 305 300 5 19 2 16 30 14 28 11 JUL 23 8 22 8 20 3 17 1 AUG 15 29 12 26 JAN 9 25 9 25 6 20 4 18 1 15 29 15 27 FEB 1976 1977 LATEST DATA PLOTTED WEEK END INGi JULY 6, 1977 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 (Ml ) COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 7/7/76 10/6/76 12/8/76 1/5/77 2/9/77 3/9/77 4/6/77 5/4/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/ 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/76 5/77 9/77 9/77 6/77 4/77 8/77 6/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.7 6.8 5.8 5.5 5.9 7. 1 6.5 6.5 6.9 5.1 4.8 5.5 7.3 6.4 6.5 5.9 5. 1 6. 1 8.5 7. 1 7. 1 1.9 4. 1 7.5 6. 1 6.2 6.4 10.5 7.8 7.6 14.2 9.2 8.6 9. 1 8.3 3.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 10.0 9.5 9.0 CORPORATE Aaa BONDS 8.5 8.0 7.5 7.0 6.5 PRIME BANK LOAN RATE 6.0 MUNICIPAL BONDS gee COMMERCIAL PAPER 5.5 5.0 4.5 4.0 7 21 MAY A 18 JUN 2 16 30 13 27 10 2A AUG SEP 1976 8 22 5 19 3 17 31 14 28 11 25 11 25 JAN FEB MAR 8 22 6 20 3 17 1 15 29 1977 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 15, 1977 1977 MAY 90 DAY CD'S XKX 6 4.94 13 5.21 20 5.35 27 5.58 JUNE 3 5.53 10 5.46 17 5.42 24 5.39 JULY 1 5.40 8 5.40 15 *** ***5.45 22 29 6 PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDS men 4.98 5.25 5.53 5.60 5.53 5.51 5.50 5.48 5.44 5.43 5.40 5.06 5.33 5.43 5.52 5.42 5.42 5.41 5.39 5.35 5.38 5.41 8.04 8.07 8.06 8.04 8.00 7.98 7.94 7.94 7.91 7.93 7.94 5.76 5.82 5.70 5.71 5.72 5.65 5.55 5.61 5.61 5.63 N. A. * AVERAGES OF RATES AVAILABLE. ** 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 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 8.0 -- PERCENT -- 8.0 3-5 YEAR TREASURY SECURITIES DISCOUNT RATE 5.5 5.5 \ FEDERAL FUNDS RATE 5.0 5.0 4.5 4.5 THREE-MONTH TREASURY BILL MARKET YIELD 4.0 4.0 I II I Z 16 JUL 30 13 27 AUG 10 24 SEP 1976 8 22 5 19 OCT NOV 3 17 31 DEC M 28 11 JAN FEB 25 11 MAR 25 8 22 APR 1977 6 20 3 17 1 MAY JUN JUL 15 29 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 15, 1977 1977 MAY 6 13 20 27 JUNE 3 10 17 24 JULY 1 8 15 * 22 29 FEDERAL FUNDS X* 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 5.15 5.31 5.34 5.45 5.36 5.31 5.37 5.43 5.43 5.35 5.34 4.75 4.96 5.05 5.06 5.03 5.06 5.0i 5.01 4.97 5.12 5. 15 5.28 5.46 5.52 5.45 5.42 5.43 5.40 5.41 5.39 5.46 5.50 6.72 6.78 6.79 6.77 6.71 6.68 6.56 6.54 6.49 6.59 6.62 7.57 7.61 7.58 7.53 7.52 7.48 7.41 7.41 7.38 7.43 7.44 * AVERAGES OF RATES AVAILABLE. “ ’^iKBSSSiNgFwl85lgSSSs^wS.iASLISiklER THW DATE SMOmTReHuSy BlS'}fELDSR!liSSlSCoESf^fl.,BE C“*'UTE° SY THE Fe6bWL RESEBVE »** °F ST. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LOU IS. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 460 BJjLUQNS 455 448.8 450. 1 450.2 451.6 452.0 454.4 450 445 440 435 430 425 420 415 410 405 400 395 390 5 18 2 IB 30 14 28 11 25 8 22 6 20 3 17 1 15 28 12 26 9 23 9 23 6 20 4 18 1 15 29 13 27 1977 LATEST DATA PLOTTED WEEK ENDINGs JULY 6, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED ASs SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME CfRTIFI CATES 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 ENDINGs 7/7/76 10/6/76 12/8/76 1/5/77 2/9/77 3/9/77 4/6/77 5/4/77 TO THE AVERAGE OF FOUR WEEKS ENDINGs 12/ 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/76 5/77 9/77 9/77 6/77 4/77 8/77 6/77 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17.3 17.1 16.5 16.0 15.6 14.8 14.3 14. 1 18.8 17.3 16.3 15.7 14.6 13.9 13.6 14.6 13.8 13.5 12.3 11.8 11.8 12.7 12.7 11.4 11.1 11.1 12.3 10.6 10.4 10.6 9.9 9.9 10.3 8.8 9.6 10.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILl l0Kls nF 250 billions 236.7 237.8 237.1 238.3 237.8 240.6 245 240 235 230 225 5 19 MAY 2 16 30 14 28 11 JUN JUL 25 8 22 6 20 3 17 AUG 1 15 29 12 26 SEP OCT NOV DEC 1976 LATEST DATA PLOTTED WEEK ENDING: JULY 6, 1977 JAN 9 23 FEB 9 23 6 20 APR 1977 4 18 1 15 29 13 27 MAY CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS END 1NG: 7/7/76 10/6/76 12/8/76 1/5/77 2/9/77 3/9/77 4/6/77 5/4/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/ 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/76 5/77 9/77 9/77 6/77 4/77 8/77 6/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.0 6.4 4.9 4.5 5.0 6.6 5.8 5.8 7.0 4.2 3.8 4.6 6.9 5.8 5.8 4.6 3.7 5.0 8.3 6.4 6.3 -0.7 2.3 6.9 5. 1 5. 1 5.4 11.1 7.4 7. 1 16. 1 9.3 8.4 9.2 8.1 2.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 76 74 72 70 68 66 64 62 60 58 56 54 52 1 JUL AUG OCT 15 29 12 26 NOV JAN 9 23 9 23 6 20 4 18 1 15 29 13 27 FEB 1976 1977 LATEST DATA PLOTTED WEEK ENDING: JULY 6, 1977 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 MAY 4 1 1 18 25 JUNE 1 8 15 22 29 JULY 6 13 20 27 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 59.4 60.3 61.2 62.0 62.3 62.6 62.8 62.9 63.7 63. 1 61.3 62.0 62.4 62.7 62.9 63.2 63.7 64.0 64.8 64.0 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 1.5 ----------- -- BILLIONS OF DOLLARS -- 1------ 1----- 1.5 1SZI MILLIONS JUN. 8 DATA NOT AVAILABLE 5 19 2 16 30 14 28 11 25 8 22 6 20 3 17 1 MAY JUN SEP 1976 OCT NOV DEC JUL AUG 15 29 12 26 JAN 9 23 FEB 9 23 6 20 MAR APR 1977 4 18 1 MAY JUN 15 29 13 27 JUL LATEST DATA PLOTTED WEEK ENDING: JULY 6, 1977 BUSINESS LOANS BILLIONS OF DOLLARS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 124 122 120 1 18 116 114 112 1 10 108 106 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF — THE FOUR WEEKS ENDING — JULY 6. 1977 FROM — THE FOUR WEEKS ENDING: . 104 MILLIONS — APR 102 100 — FEB 98 — JUL JJLLLi 5 19 2 16 30 14 28 11 JUL AUG 25 8 22 6 20 3 17 OCT NOV 1 15 29 12 26 JAN 9 23 9 23 6 20 4 18 1 15 29 13 27 FEB LATEST DATA PLOTTED WEEK ENDING: JULY 6, 1977 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JULY 6, 1977 FROM THE FOUR WEEKS ENDING: CREDIT CREDIT PROXY -PROXY. AQJUSTEQ 570 560 1977 1977 1977 1977 APR. MAR. OCT. 550 CREDIT PROXY ADJUSTED 1976 1976 1/ 540 E 530 CREDIT PROXY BILLIONS CREDIT .PROXY 539.1 543. 1 544. 1 546.5 546.9 5 19 2 16 30 14 28 11 25 22 6 20 3 17 JULY 6, 546.6 551.0 552.1 555.9 551 .9 555.7 -LL.LL.I. 1 15 29 12 26 JAN LATEST DATA PLOTTED WEEK ENDING: CREDIT PROXY ADJUSTED 1 15 29 13 27 FEB 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 510 500 490
@FedFRASER