Full text of U.S. Financial Data : Week Ending: July 15, 1970

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u.s. fWeekinnntiHL
omn
ending: July 15, 1970
LIBRARY
The money stock has increased at a 6.6 per cent
annual rate since the four weeks ending February 25, after
changing little on balance from June 1969 to February (page
5). From mid-1965 to the end of 1968, a period of rapidly
accelerating inflation, money grew at a 5.5 per cent rate.
Rates of change from both three and six months ago (that
is, from periods ending in early April and early January)
are calculated from large bulges in the money supply. Since
^hese jumps appear to have been caused, in large part, by
unusual developments and proved to be temporary, rates of
change using them as base periods probably do not give
meaningful information on the recent course of the money
supply. February does not appear to have been affected by
unusual circumstances.
Private demand deposits have increased at a 5.7
per cent annual rate since the four weeks ending February
25, compared with little change in the last half of 1969
(page 4).
Short-term market interest rates are well below
their late 1969 peaks (pages 10 and 11). After declining
sharply in the first three months and rebounding partially
in April and early May, many interest rates have declined
on balance in the past two months. The three-month
Treasury bill rate averaged 6.49 per cent in the three

I


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Federal Reserve Bank of St. Louis

days ending July 15, down from 8 per cent in early
January and 6.83 per cent in early May. Prime com­
mercial paper yields of 8.25 per cent are about un­
changed on balance since early May, after peaking
at slightly over 9 per cent in late 1969.
These declines in short-term interest rates,
coupled with the January and June relaxations of
Regulation Q ceilings, have permitted commercial banks
to be somewhat more competitive in bidding for time
deposit funds. This development is reflected in the
$10 billion jump in time deposits since February, a
15 per cent annual rate (page 6). Large certificates
of deposit at large commercial banks (denominations of
$100,000 or more), while increasing $3 billion during
this period, were constrained by the higher yields
available on other instruments. The Regulation Q
ceiling on comparable large CD's, at 6.50 per cent,
was often below three-month Treasury bill yields during
this period, and large CD's outstanding showed little
gain. After the Federal Reserve Board suspended ceil­
ings on large denomination CD's maturing in 30 to 89
days, effective June 24, the volume of these CD's
outstanding climbed from $13 billion to $15.2 billion
by July 8 (page 8).

Prepared by Federal Reserve Bank of St. Louis

Released: July 17, 1970

MONETARY BASE H
FEDERAL RESERVE CREDIT [2
Averages of Daily Figures

Billions of Dollars
84
Annual rates of change, average of
four weeks ending July 15, 1970 from
four weeks ending:

Apr.
Jan.
Oct.
July

82

15,
14,
15,
16,

1970
1970
1969
1969

-

83

F.R.
Credit

Monetary
Base
+- H3
+ If. ?
+ 7.7
+ 3-7

1957-1969

81

79

84

Seasonally adjusted by this bank

83

80

Billions of Dollars

■f-2,-3
+ IX
Monetary Base

-hX'7
+ 13

+3-7

Uses of the 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 the base see the August
1968 Review of this bank.

78

77

Federal Reserve Credit
76
67

/9 7<p
-Tuu'C

(p-S37

66

F.R.
ktwvy

isrs-t
LU&77

65

kS 773.

64
Latest data plotted week ending:

July 15, 1970

I I I M I I I II I I I I I I I I I I 1 I
9

23
July


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

6 20 3
17
Aug. Sept.

1
1969

15 29
Oct.

12 26
Nov.

10
24
Dec.

7 21
Jan.

Defined to include holdings of securities
loans, float, and ’tother" assets, adjusted
for reserve requirement changes and changes in
requirements due to shifts in deposits among
classes of banks.
4 18
Feb.

4

18
Mar,

1

15 7-9
Apr.

13 27
May

10 24
June

8

22
July
1970 '

2

16 30 14 28 11 25
Sept.
Oct.
Nov

Prepared by Federal Reserve Bank of

*

3

RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars

Billions of

Dollars
30.5

Seasonally Adjusted
Annual rates of change, average of four weeks
ending July 15, 1970 from four weeks ending: ____

30.0

29.5

29.0

28.5

28.0

27.5

27.0

27.0

26.5

26.0

26.0

25.5
* Break in series due to changes in
Regulations M and D effective October
Current data appear in the Bourd's

25.0

H.9 release.

H-HH-H+H-H44
Latest data plotted week ending: July 15, 1970

July

20
Aug.


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

3

17 1 15 29
Sept.
Oct.
1969

12 26
Nov.

10 24
Doc.

7

24.5
21
Jan.

4

18
Feb.

4 18
Mar.

1

15 29
Apr.

13 27 10 24 8 22
May
June
July
1970

5

19
Aug.

2

16 30
Sept.

14 28
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
1971

0

Bil]
174

ons

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

of Dollars

Billions

of Do]

+

173

Annual rates of change, average of four weeks
ending July 8, 1970 from four weeks ending:

172
171

Apr.
Jan.
Oct.
' July

170
169

8,
7,
8,
9,

1970
1970
1969
1969

'O'
+/•?
+2./
4-/. J.

168

Feb. 25, 1970 +-X7

167

Dec. 10, 1969

166

1957-1969

-

tJ'X

165
164
163
162

—j—
161
160
159

-

158

A

157
As

156

J Vr

155

]

-N

1 1

3
1

\

"I1

154
153
152

7 70
lArvic.
-3

151

If
Zi

150

J la. 1 m

149

/

2

ISL-'J
>££• 7
Utr-O
l££>3
/ S(t> • h
)$7-£

148
147
146
145
144

0

-

Current data appear in the Boardfs H.6 release.
_i—|—|—|—|—i—i—i—i—i—i—i—i—i—i—i—i—i—i—•—'—1—1—1—f

Latest data plotted week ending: juiy 8, 1970
l

i


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

* l

i

i

i i i i i i
3
17
'■■pt .

i

i

i i i _L i l i i

15

?q

* >CI .

12

i

—

___

—

i i -i~'

j_

4— tt-

—

1

?f 10

'’-'V.

:.)i*

Jan.

t'b.

Mar.

Apr.

Mav

. f -11

Sep I .

Oc t .

Dec.

1<>7]

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Hio: i of Dollars
219

Billions of Doll
219

218
217
216
215
214

218

Annual rates of change, average of four weeks
ending July 8, 1970 from four weeks ending:
Apr.
Jan.
Oct.
_ July

8,
7,
8,
9,

1970
1970
1969
1979

217

+W

216

+J.f
-63-V
+•

215

213

Feb. 25, 1970 -6 4>-fe

212

Dec. 10, 1969 +

211

1957-1969

214
213

‘V-1

212

+3. I

211

210

210

209

209

208

208

207

207

206

206

l

205

0*>- (o

205

s

204

204

203

203

202

202

201

201

200

200

199

199

198

198

197

197

/ 7 70
196

Ao^-o
303.

195

196

y

195

zua.t

194

Ac */£

194

193

:o s-la

193

192

192

191

191

190

190

189

o'

ar In the Board's H.6 releaae
Current data a
I
! I I I I I
Latest data plotted week ending: July 8, 1970
^1 I.................. 1 I I I I I I I I I I I I I I 1 I I I
9 23
July


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

6 20
Aug.

3

17
Sept.

1

15 29
Oct.
1969

12 26
Nov.

189
4 18
Mar.

1

15 29 13 2 7 10 24 8 22
Apr.
May
June
July
19/0

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

Prepared hv 'etlera! Reserve Bank of St. Lends

9 23
Dec.

6

20
Jan.
1971

0

TIME DEPOSITS

6

All Commercial Banks
Averages of Daily Figures
Seasonally Adjusted -

Billions of Dollars

Billions of Dollars
n-i iiii

Annual rates of change, average of four weeks
ending July 8, 1970 fro* four weeks ending:

Jan. 7, 1970 y- f.g
Oct. 8, 1969 +■

1957-1969

mo
-JurVC

-3

dtOO'l

n,

7

(Jo/' 0
aoa-3
aoH-6

<3V
/
?

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

i: II I I I I I I I I I I I I f TTTTTTT TTTTJ
Latest data plotted week ending:


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

1111 L.11-1
Aug.

3 17
Sept.

1

15

1969

July 8, 1970

29 12 26 10 24
Nov.
Dec.

7

21
Jan.

4

18

4 18
Mar.

1" 15

29 13

2 7 10 24 8 22
July
June
1970

5

19
Aug.

1* 30
2
Sept.

14 2 8

11

Prepared by Federal Reserve Bank of St. Louis

25

9

23
Dec.

6

20
J an.
1971

231

7

MONEY STOCK PLUS TIME DEPOSITS

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks _
ending July 8, 1970 from four weeks ending:
Apr. 8, 1970

. 1957-1969

i <■ i i i i i i i i i i l I I I I I I I I i I I I I
Latest data plotted week ending: July 8, 19 70
I f 11 I 1 I
till!
15 29 12 26 10 24 7 21
9 23 6 20 3 17 1
Jan.
Dec.
Aug. Sept.


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

4

18
Feb.

4

18 1
Mar.

15 29

13 27

10 24
June

22
July
1970
8

5

19
Aug.

2

16 30 14
Sept.

28

11 25

Prepared by Federal Reserve Bank of St. Louis

9

23

6
Jan.
1971

1 ic

CERTIFICATES OF DEPOSIT (1_
Large Commercial Banks
Wednesday Figures

f Dollars

26

Billions of

Annual rates of change, data
24

of four weeks ending July 8, 1970
from four weeks ending:
Apr. 8, 1970 f fca/

22

Oct. 8, 1969 +-3.?.^

— 1964-1969

20

18

16

14

12

10

---------

Millions of Dollars

ZZI

8

"

-Tarot

/3,9^3,

J

6

Current and year ago data appear in the
4

1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.
Latest data plotted week ending: ju^y 8, 1970

2

0
I
Julv


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

Sept.

Nov.

Mar.

27
May

10 24
June

8

22
July
1970

5

19
Aug.

2

16 30
Sept.

14 28

11

Prepared by Federal Reserve Bank of St. Loui:

25

9

23

Dec.

6
Jan.

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY)
Averages of Daily Figures

Billions of Dollars
328
326
324

T-

328

u6vidunu i iy /\u iu«icu

1
Annual
of
T
— rour weeKS ending jury
four weeks ending

Billions of Dollars

326

of
/u irom

324
322

322
320
318
316
314

Apr.
Jan.
Oct.
July

8
7
8
9

1970
1970
1969
1969

Credit
Proxy
-/-W. u
j- W 1

o
b 0- i

Credit
Proxy
Adi usted

320
318

•h £•!
-hH'3
+3 t

316
PROXY
ADJUSTED

312

3H-X

314

1/ 312
310

310

-

308

308

306

306

304

304

302

302

300

300

298

298

296

296
294

avf.3

294
292

292

290

290

288

288

286

286

284

tin c
. 3
10
m

280
278

CREDIT
PROXY

1
Q7D-3
399-7
nd/.r

276

1
274
272
270
268

Current data appear in the Board s H. 9 release.
' ,
iiii
iiii
1 1
t
1
i i i i i
Latest data plotted week ending: July 8, 1970
i i i i
i i ii J-. I I I 1 1 1 L_L
i i i i 20
9 23 6
3 17 1 15 29 12 26 10 24 7 21
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
1969


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

CREDIT
PROXY
ADJ.

Si >6 ■ i
1 //
1 // /
i u, C
/ e» > cr.
j/Ya

1/ Total member bank deposits plus nondeposit items
is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
adjusted, but nondeposit items are included in the
series on a seasonally unadjusted basis due to the
short period for which most items are available.
__ Nondeposit items included in the series are as fol__ lows: gross liabilities of banks to own foreign
branches and to branches in U.S. territories and pos­
sessions; Euro-dollars borrowed directly from for* - eign banks or through brokers and dealers; comt mercial paper issued by bank holding companies or
; other bank affiliates; and loans or participations
in pools of loans sold under repurchase agreement
to other than banks and other than banks* own
affiliates or subsidiaries.

■
'

18
Feb.

4 18
Mar.

1

15 29 13 27 10 24 8 22
Apr.
May
June
July
1970

5 19
Aug.

2 16
Sept.

Prepared by Federal Reserve

30

lank

14 28
Oct.

11 25
Nov.

of St. Louis

9 23
Dec.

6

282
280
278

.
.

276
■

I 1 M I I I I I I I I ! 1 II 1 i I 1 I 1 II I I I I I I
4

284

20
Jan.
1971

274
272
270
268

0

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

11.00
3-Month
T reasurv
Bill

10.50

3-5 Year

Long-Term Corporate
Aaa

10.50

fc.YJk
G-Vc
u-ii

(j-So

10.00

10.00
7- iiO

t-V?
9.50

9.50

Prime Commercial
Loan Rate

Corporate
Aaa Bonds

3-5 Year
Govt. Sec

7.00

Three-Month \
Treasury Bill
Market Yield
Discount Rate

6.00

Latest data plotted are averages of rates available for the week ending: July 17, 1970

5.00
11

25
July

22
Aug.

5 19
Sept.


* * AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3

17

31 14 28
Nov.

12 26
Dec.

9

23
J an.

6

20

6

20

3

17

9 12 26 10 24
June
July
1970

7

21
Aug.

4

18 2
Sept.

16 30

13 27

Prepared by Federal Reserve Bank of St. Louis

11 25
Dec.

4

22
Jan.
1971

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

Per Cent
12.00
Prime
Commercial
Paper
4-6 Month

11.50

?I3

Per Cent
12.00

Prime
Bankers 1
Acceptances

‘ 7.7f

90 Day
CD'S **
11.50

IS

11.00
11.00

ir-«
10.50
10.50

10.00
10.00

9.00

Commercial Paper
4-to-6 Month

9.00

Federal Funds Rate
8.50

8.00

Bankers'
Acceptances

6.50
Latest data plotted are averages of rates available for the week ending:
Discount Rate

6.00

1969
* AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECOHDARY MARKET RATE, WEEKLY AVERAGES ENDING
WEDRESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN

THE BOARD'S ,H.9 RELEASE.

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

Mar.

June

Aug.

Sept.

Prepared by Federal Reserve Bank of St. Louis

BORROWINGS AND EXCESS RESERVES
Air.MemberBanks in the Nation
Averages of Daily Figures

Millions of Dollars

EXCESS
RESERVES

3,000
2,800

2,400

/ A3, ^

6,9
X

9<f7

<3/
2,200

---

II ! M I

BORROWINGS

ns

/3<2>
3 73

2,600

1

Millions of Dollars

7

993

/A9U
)(*V0

Borrowings

1,000

Excess Reserves

Net Free Reserves

1,800

2,200

2,800

Latest data plotted week ending: July 15, 1970
I I I 1 I
15 29 12 26 10 24 7 21
Oct.
Nov. Dec.
Jan.
Sept.
1969


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

4

18
Feb.

4

18
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June
July
1970 '

5

19
Aug.

2

16 30
Sept.

14 28 11 25 9 23 6 20
Oct.
Nov.
Dec.
Jan.
1971

Prepared by Federal Reserve Bank of St. Louis