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Federal Reserve Bank of St. Louis

Week ending: July 17, 1974

Growth of the nation's money stock
averaged a 7.6 percent annual rate from early 1972
to early July 1974. Growth rates for shorter
spans v/itMn the period varied considerably from
the average. Since early July of last year, for
example, the money stock has increased 5.6
percent, much slower tlian the average fran January
1972 to early July of last year. However, sharp
increases in the money stock just before and
during the past twelve months present a
qualification to the deceleration apparent in the
rate of change over the last twelve months. The
money stock grew at about a 13 percent annual rate
in the three montiis ended in early July 1973,
remained essentially unchanged on balance for the
next four months, and then rebounded sharply
again. From the four weeks ended early November
of last year bo the most recent four weeks, money
stock has increased at about an 8 percent rate.
Therefore, the slowing in money growth
apparent in the latest twelve-month comparison
period should be interpreted with caution. The
twelve-month growth rates reported in this release
are based fran a four-week average which moves
forward each week. As shewn in the money stock
chart on page 5, the level of money was
essentially unchanged over the four months fran
early July through October of last year.
Therefore, for the reported twelve-month growth
rate of money to ranain unchanged over the next
several months, the average level of the money
stock would have to remain unchanged. For
example, if the average level of the money stock
in the four weeks ending in late October of 1974
would be the same as the average level of money
over the most recent four weeks, then the twelve­
month growth rate of money (fran four weeks ending
October 31, 1973 to four weeks ending October 30,
1974), would still be about 5.5 percent. If there
is any growth in the average level of the money
stock over the next few montiis, the moving
twelve-month growth rate of money mil accelerate.

Prepared by Federal Reserve Bank of St. Louis
Released: July 19, 1974

MONETARY

BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILL I QMS OF DOLLARS

BILLIONS OF DOLLARS
112

MILLIONS
110
108,696

108

106

104

102

100

2 16 SO 13 27 11

JUN

25

6 22

5 19

3 17 31

JUL

H 26 12 26

NOV

LATEST DATA PLOTTED WEEK ENDING.

JULY 17.

8 23

6 20

6 20

3 17

FEB

DEC

MAR

APR

1

15 28 12 26 10 24

1974

USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOMdEMBER
BASE^SEE Eg
,N DEP0S,TSF0R A

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/18/73

10/17/73 12/19/73

1/16/74

2/20/74

3/20/74

4/17/74

5/15/74

8.1
8.4

7.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/19/73
l/lfl/74
2/20/74
3/20/74
4/17/74
5/15/74
6/19/74
7/17/74

2

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

6.4
7.2
6.9
7. 1
7.4
7.7
7.5
7.6

10.7
9. 1
9. 1
9.2
9.4
8.9
8.9

8. 1
8.3
8.7
9. 1
8.5
8.6

6.7
7.7
8.5
7.9
8.0

9.4
10.0
8.7
8.8

10.5
8.7
8.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERi/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

RATIO

1.J 1 I I I
LATEST DATA PLOTTED WEEK ENDING: JULY 10, 1974
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
96

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___THE FOUR WEEKS END ING
JULY 17, 1974 FROM
THE FOUR WEEKS ENDING.
MAY

-----APR
MAR
FEB
“ JAN

15,

-~

1974

------1974

96

13.2

“

94

FEDERAL RESERVE CREDIT

OCT

-----JUL

1973

92

90

1974
JUN.

MILLIONS

86

1
86

2 16 SO 13 27 11

JUN

JUL

25

6 22

5 10

3 17 31

14 28 12 26

NOV

DEC

9 23

6 20

6 20

FEB

MAR

3 17

1

15 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING. JULY 17, 1974
1/ RATIO OF MONEY STOCK (Ml J / MONETARY BASE.
2/ gKJNFS T0 INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND '■OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS 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

3

DEMAND

DEPOSJ T~COMPONENT

f

OF MONEY'STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY adjusted

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

225

BILLIONS
216.7
216.0
216.7
215.5
217.3
215.7

220

215

210

205

2

16 30 15 27

11

25

6 22

5 19

3 17 31

14 28 12 26

NOV

9 23

6 20

DEC

1

MAR

1973
LATEST DATA PLOTTED WEEK ENDING.

JULY 10,

15 29 12 26 10 24

APR
1974

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
7/11/73

10/10/73 12/12/73

1/9/74

2/13/74

3/13/74

4/10/74

5/8/74

14.2
1 1.7
10. 1
9.0

5.0
5.6
5.3

6.7
5.9

5.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/12/73
1/ 9/7 4
2/13/74
3/13/74
4/10/74
5/ 8/74
6/12/74
7/10/74


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

2.3
2.8
1 .6
4.2
4. 1
4.3
4.6
4.5

8.8
5.0
8.6
7.7
7.6
7.5
7. 1

0.0
7.5
6. 4
6.5
6.5
6.2

8.3
6.6
6.7
6.7
6.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY

STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
281.2
280.9
281.5
280.2
282. 1
280.8

2 16 90 IS 27 11 2S

JUN

6 22

5 10

9 17 91

JUL

14 28 12 26

NOV

LATEST DATA PLOTTED WEEK ENDING. JULY 10,

9 29

6 20

9 17

1

IS 29 12 26 10 24

1874

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
7/11/73

6 20

DEC

10/10/73 12/12/73

1/9/74

AVERAGE OF FOUR WEEKS END 1NGi

2/13/74

3/13/74

4/10/74

5/8/74

13.9
1 1 .8
10.5
9.4

6.5
6.8
6.3

7.5
6.7

6.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/12/73
1/ 9/74
2/13/74
3/13/74
4/10/74
5/ 8/74
6/12/74
7/10/74


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

3.4
4.0
3.1
5.2
5.2
5.5
5.7
5.6

9.0
6.0
8.9
8.4
8.3
8.2
7.8

2.4
8.4
7.7
7.7
7.6
7.2

8.8
7.7
7.7
7.6
7.2

5
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.0
12.5

12.0
11.5
n .0

11.0
10.5
’RIME BANK
.OAN RATE

10.0
9.5
9.0
8.5

COMMERCIAL PAPER

CORPORATE

8.0
7.5

BONDS

7.0
6.5

6.0
5.5
5.0
4.5
4 10

1

15 20 13 27

10 24

7 21

3 18

SEP

OCT

2 1# SO 14 M 11 25 0 22
DEC
JAN
FEB

0 22

5 19

5 17 31

14 20 12 26

JUN

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING] JULY 19, 1974

1974
MAY

5
10
17
24
31
JUNE 7
14
21
26
JULY
5
12
19 ***
26

90 DAY
CD’S MWK
10.99
11.24
11.34
11.23
11.07
11.05
10.97
11.39
11.62
12.05
12.30
12.66

PRIME
COMMERCIAL
PAPER
4—fl MONTH
10.73
10.83
10.80
10.38
10.31
10.53
10.75
11.10
11.48
1 1 .81
11.95
12.00

PRIME
BANKERS'
ACCEPTANCES
10.40
10.70
10.75
10.75
10.75
10.75
10.75
10.75
10.90
1 1.31
12.00
12.00

CORPORATE

AM BONDS

MUNICIPAL
BONDS Ml

8.34
8.38
8.36
8.38
8.39
8.40
8.40
8.49
8.57
8.62
8.66
8.70

5.91
6.00
6.04
6.05
6.08
6.01
6.04
6. 13
6.33
6.64
6.95
N.A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
WB* 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
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

0

SELECTED SHORT-TERM
14.0

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

t—

FEDERAL FUNDS RATE

10.0

THREE-MONTH TR
BILL MARKET Yl

DISCOUNT RATE

4 1»

1

MAY

JUN

15 29 15 27 10 24

JUL

7 21

5 10

2 1# 50 14

SEP

AUG

OCT

NOV

DEC

20 11 25

JAN

«

FEB

1873

S 10

5 17 51

14 20 12 29

I974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JULY 19, 1974

1974
MAY

3
10
17
24
31
JUNE 7
14
21
28
JULY 5
12
19 *
26

FEDERAL
FUNDS m

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

11.17
11.29
11.46
10.95
11.54
11.45
11.60
11.85
11.97
13.55
13.34
13.04

8.81
8.60
8.00
7.90
8.04
8.05
8.23
7.88
7.45
7.53
7.45
7.62

8.29
8.51
8.20
8.09
8,07
8.06
8.06
8.09
8.33
8.47
8.60
8.37

7. 1 1
7.09
7.02
7.08
7.06
7.04
6.99
7.01
7.07
7.12
7.23
7.26

* AVERAGES OF RATES AVAILABLE.

**


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Federal Reserve Bank of St. Louis

?MKB!!giSN§Fl8^sr*S.§A;!LUSk!ER ™*N

»«•«•

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

Til# DEPOSITS
ALL

•

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

2

16 50

13 27

JUN

11

25

6 22

5

19

3

17 31

14 28

12 26

9 23

6 20

6 20

FEB

JUL
1973

17

IS 29 12 26

10 24

1974

LATEST DATA PLOTTED WEEK ENDINGj JULY 10,
CURRENT DATA APPEAR

3

1

MAR

1974

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,
7/11/73

10/10/73 12/12/73

1/9/74

AVERAGE OF FOUR WEEKS ENDING:

2/13/74

3/13/74

4/10/74

5/8/74

9.0
8.8
8.6
9.0

6.7
7.3
8. 1

8.3
9.0

9. 4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/12/73
1/ 9/74
2/13/74
3/13/74
4/10/74
5/ 8/74
6/12/74
7/10/74


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

12. 1
12.6

13.2
13.2
12.4
12.0
11.6
11.5

13.6
14.5
14.2
12.8
12. 1

11.6
11.5

16. 1
15. 1
12.7
11.8
11.1
11.1

15.0
11.9
11.0
10.4
10.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY

stock plus ttoe deposits
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

2 16 30 13 27 11

JUN

25

8 22

5 19

3 17 31

14 28 12 26

9 23

6 20

6 20

3 17

FEB

JUL

MAR

APR

1073

t

15 29 12 26 10 24

1974

LATEST DATA PLOTTED WEEK ENDING. JULY 10,

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
SWE Mz IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
7/11/73

10/10/73 12/12/73

1/9/74

2/13/74

3/13/74

4/10/74

5/8/74

6.7
7.1
7.3

7.9
7.9

7.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/12/73
1/ 9/74
2/13/74
3/13/74
4/10/74
5/ 8/74
6/12/74
7/10/74


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

7.9
8.4

11.4

8.3

10.3
1 1 .7
10.7
10.3

9.3

8.9
8.8

8.7
8.7

9.2
11.8

12.0

10.2
9.9

9.9
9.5

11.4
10.4

9.9

9.4

9.7

9.2

9. 1
8.9

9.6
9.2

PREPARED BY FEDERAL RESERVE BANK OF SI. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
82
80
78
76
74
72
70

68
66
64
62
60
58
56

2 16 30 13 27 II

JUN

25

8 22

5 19

5 17 31

JUL

14 28 12 2fi

NOV

DEC

8 23

8 20

8 20

3 17

FEB

MAR

APR
1974

1973
LATEST DATA PLOTTED WEEK ENDING* JULY 10,

1

15 28 12 26 10 24

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

'

_

'1

1974
MAY

1
8
15
22
29
JUNE
5
12
19
26
JULY
3
10
17
24
31

"

MONET AM TIME DEPOSIT DATA

CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.
74.3
76.0
76.9
78.8
79.6
79.2
79.6
79.2
80.2
80.8
81.0

BILLIONS
NET TIME
CERTIFICATES
OF DEPOSIT
DEPOS1TS *
78.0
79.7
80.6
82.0
82.5
81.9
82.5
83.5
84. 1
85.0
84.6

312.8
312.7
313.6
313.3
314.4
315.7
316.2
317.0
317.0
317. 1
318.3

-- -----------------

M2 m
589.6
591.3
593. 1
593.9
592.5
596.9
597.2
598.6
597.2
599.3
599.2

* SEE FOOTNOTE PAGE 8.
SX SEE FOOTNOTE PAGE 9.


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

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

4.5
=___

12Z4

MILLIONS

tr

JUN. 12
19
26

2729
3223
2788

=

JUL.

3434
2642
3176

3
10
17

BORROWINGS

0.5 LU. 1 I I I I I M I I

I I I I

2 16 30 13 27 11 25

6 22

I I I

I I I I

5 19

3 17 31

I I I

I I I

14 28 12 26

I I I I
9 23

I I I
6 20

6 20

3 17

1

15 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDINOi JULY 17. 1974

BUSINESS LOANS

BILLIONS OF DOLLARS

128

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

-------------1---------- ,-----

----- ---------- -------------

~ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ JULY 10, 1974 FROM THE FOUR
WEEKS ENDING:
BUSINESS
BUSINESS
LOANS
-LOANS ADJUSTED
_ MAY
APR.
- MAR.
- FEB.
__ JAN.
OCT.
- JUL.

8, 1974
10, 1974
13, 1974
13, 1974
9, 1974
10, 1973
11
------1973

17.5
24.8
34.3
29.6
27.4
19.2
-------

18.8

128

BUSINESS LOANS ADJUSTED 1

MILLIONS
BUSINESS
BUSINESS
LOANS -LOANS
ADJUSTED

BUSINESS LOANS
JUN.

2 16
MAY

30 13 27 11 25
8 22 5 19
JUN
JUL
AUG
SEP

3 17 31 14 28 12 26
9 23
OCT
NOV
DEC
JAN

6 20

6 20

5

3 17

1

15 29 12 26 10 24

1973
LATEST DATA PLOTTED WEEK ENDING: JULY 10,

1974

1/ I NCLUDES LOANS SOLD OUTRIGHT BY COMMERCIA
HOLD ING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

BAMCS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
------ ------------------------ =3 405

405 rz----------- 1----------- 1-----COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JULY 10, 1874 FROM THE FOUR
WEEKS ENDING*
CREDIT
CREDIT
PROXY
PROXY
APJUSIfcE

10,
13,
13,

1974
1974
1974

11,

= FEB
Z JAN.

10.6

1073

18.9

17.3

CREDIT PROXY ADJUSTED

CREDIT PROXY

PHQXY
471.3
472.4

477.3
475.2

I 1 I I 1 1 1 I 1 l-l
2

18 30 13 27 11 25
JUN
JUL

8 22

5 18

3 17 31

14 28 12 M
NOV

8 23

6 20

6 20

3 17

I

13 28 12 28 10 24

DEC

1073
LATEST DATA PLOTTED WEEK ENDING* JULY 10.

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
IhST BANKSMAN) CERTAIN OTHER NOMDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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