Full text of U.S. Financial Data : Week Ending: July 2, 1975

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T
Week ending: July 2, 1975
library

JUN 0 6 1979


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

The money stock has grown at a 9.4 percent
annual rate over the last five months, compared to
about a 2 percent annual rate over the previous seven
months. The demand deposit component of the money
stock has risen at about a 9 percent annual rate over
the last five months, compared to almost no change over
the previous seven months.
The much more rapid growth of money and
demand deposits over the most recent five months
reflects two factors. First, the proportion of the
increase in the monetary base being used as currency
held by the public has dropped from 81.5 percent in the
previous seven months to 77.9 percent in the recent
five months. Concurrently, the growth of the
proportion of the monetary base (member bank reserves
plus vault cash of nonmember banks) available to
support bank deposits has increased to a 4.5 percent
annual rate, compared to a 3.2 percent rate over the
previous seven months.
A second factor permitting a more rapid
growth of demand deposits has been the slower growth of
total time deposits — at a 6.6 percent rate over the
last five months, compared to about a 12 percent rate
over the previous seven months. Since time deposits
absorb reserves, a reduction in the growth rate of time
deposits permits the same growth of total reserves to
support a more rapid growth of demand deposits.
The slower growth of total time deposits
reflects a substantial decrease in large negotiable
certificates of deposits — by about $11 billion since
mid-January. In contrast, the growth of net time
deposits has been considerably more rapid in that period,
reflecting a very rapid surge in savings deposits.
Savings deposits, nonseasonally adjusted, at weekly
reporting large commercial banks have grown at about a
26 percent annual rate over the last five months,
compared to a 2.2 percent rate of increase over the
previous seven months.

Prepared by Federal Reserve Bank of St. Louis
Released: July 4, 1975

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
120

MILLIONS
MAY

28
11B

116

114

112

110

108

t

ts 29 12 26 10 24

T 21

4 18

2

16 SO 13 27 11 25

AUG
SEP
1974

NOV

6 22

DEC

5 19

5 19

FEB

MAR

2

16 30 14 26 11

MAY

25

9 23

JUN

1975

LATEST DATA PLOTTED WEEK ENDING, JULY 2.

1975

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.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING,
7/3/74

10/2/74

12/4/74

1/1/75

2/5/75

3/5/75

4/2/75

4/30/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
12/ 4/74
1/ 1/75
2/ 5/75
3/ 5/75
4/ 2/75
4/30/75
6/ 4/75
7/ 2/75

2

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

8.2

8.6
6.5
6.8
7.3
7.0

6.6
7.6

10.0
6.0
6.5
7.3
6.9
6.3
7.7

2.5
4.4

6.0
5.7
5.2
7.2

1 .5
4.5
4.5
4.2

6.6

10.1
8.2

6.7
9.3

8.0
6.1
9.4

3.7
8.7

10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING-. JUNE 25,

1975

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JULY 2, 1975 FROM
THE FOUR WEEKS ENDINGt

“ OCT
------- IUL

1975
1975
1975
1975
1975
1974
1974

106

104

13.3
15.0
14.8
13.4
9.1
8.9
9.4

102
FEDERAL RESERVE CREDIT
100

98

96

1315

ST.

MILLIONS
94

28 105,812

92

1

15 29 12 26 10 24

7 21

4 18

AUG

SEP

2

16 30 13 27

NOV

11

DEC

25

8 22

5 19

5 19

FEB

MAR

2

16 30 14 28 11

MAY

23

9 23

0

JUN

1975
LATEST DATA PLOTTED WEEK ENDING: JULY 2, 1975
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND '1 OTHER" ASSETS, AOJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSIT^ BETWEEN
BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
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

MONEY STOCK PLUS NET

TIME DEPOSITS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
655 r----------- ,---------- .-----

BILLIONS OF DOLLARS

-------------- --------- =1 655

BILLIONS
637.6
641.5
643. 1
646.3
647.5
649.3

I

15 29 12 26 10 24

7 21

4 18

AUG

SEP

2

16 50 13 27

NOV

II

25

8 22

3 19

5 19

2

16 30 14 28

11

9 23

DEC

1975
LATEST DATA PLOTTED WEEK ENDING: JUNE 25. 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS lM2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/26/74

9/25/74 11/27/74 12/25/74

1/22/75

2/26/75

3/26/75

10.5
11.5
13.7

10.8
13.9

4/23/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/27/74
12/25/74
1/22/75
2/26/75
3/26/75
4/23/75
5/28/75
6/25/75

4


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

5.8
5.7
5.4
5.8
6.6
6.7
7.3
8.3

7.1
6.2
6.7
7.7
7.7
8.5
9.7

4.2
5.9
7.5
7.6
8.7
10.3

6.2
8.3
8.2
9.3
11.0

10.6
9.8
10.7
12.5

16.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

BILLIONS
289.9
292.0
292.4
294.2
294.0

t

IS 29 12 26

10 24

7 21

4 IS

AUG

SEP

2

16 30 13 27

NOV

11

23

6 22

DEC

5 19

3 19

FEB

MAR

2 19 30 14 26 It

23

9 23

LATEST DATA PLOTTED WEEK ENDING: JUNE 25, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.fl RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE ,
6/26/74

9/25/74 11/27/74 12/25/74

AVERAGE OF FOUR WEEKS ENDINGt

1/22/75

2/26/75

3/26/75

4/23/75

6.9
5.5
7. 1
9.4

8. 1
9.3
11.9

7.3
11.2

15.4

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
11/27/74
12/25/74
1/22/75
2/26/75
3/26/75
4/23/75
5/28/75
6/25/75


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

2.8
3.4
1.8
1.8
3.0
2.9
3.8
5.0

6.0
2.5
2.3
4.0
3.8
4.9
6.4

-0.9
0.0
3.2
3.0
4.6
6.6

-2.8
2. 1
2.2
4.2
6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.5
13.0

90 DAY CD’S***

12.5

12.0
11.5

11.0
PRIME BANK
LOAN RATE

COMMERCIAL PAPER

10.5

10.0
9.5
9.0
8.5

CORPORATE AAA BONDS

8.0
7.5
7.0
6.5
MUNICI PAL
BONDS**

6.0
5.5
5.0
4.5

3

17

31

H

28

JUN

12

JUL

26

9

23

AUG

6

20

SEP

4

18

1

15

29

13

27

10

2*

7

21

FEB

OCT

7 21
MAR

4

18

2

1«

MAY

2
9
16
23
30
JUNE
6
13
20
27
JULY
4 3K
11
18
25

15

27

JUN

APR
1975

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END I NO i JULY 4.

1975

30

11

25

JUL

1975

90 DAY
CD'S MM*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONOS

MUNICIPAL
BONDS**

6. 15
6.04
5.96
5.67
5.56
5.58
5.71
5.55
5.93
6.44

6.15
6.08
5.93
5.60
5.50
5.60
5.63
5.65
6.18
6.38

6.07
6.00
5.83
5.58
5.45
5.59
5.55
5.58
6.03
6.15

9.01
8.96
8.88
8.85
8.90
8.85
8.76
8.73
8.75
8.81

6.95
6.86
6.88
7.09
7.09
7.05
•6.80
6.93
7.00
N.A.

»gABOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, 1rlURSDAY DATA.
*8m SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.9 RELEASE.

6

N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

FEDERAL FUNDS RATE

11.0

ISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

3 17 31

14 28 12 26

9 23

6 20

4 18

1

IS 29 13 27

10 24

1974

7 21

7 21

FEB

MAR

4 18

2 18 30 13 27 II

APR
1975

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JULY 4.

1975
MAY

2
9

16
23
30
JUNE 6
13
20
27
JULY 4 ***
11

25 -

JUL

1975

FEDERAL
FUNDS MX

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
30VERM4ENT
SECURITIES

5.71
5.42
5.20
5. 13
5.14
5.24
5.15
5.31
5.72
6.31

5.51
5.41
5.04
5.16
5.23
5.23
5.00
5.24
5.80
5.97

6.36
6. 13
5.81
5.74
5.80
5.77
5.50
5.74
6.32
6.46

7.87
7.64
7.45
7.34
7.38
7.29
7.05
7.14
7.49
7.60

7.09
6.98
6.94
6.98
7.03
6.96
6.81
6.82
6.85
6.88

IS

25

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

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
365

6ILHQNS.
360
349.5
350.7
352. 1
353.5
354.5

355

350

345

340

335

330

325

320

315

1

IS 29 12 26 10 24

7 21

4 16

2 16 30 13 27 11

AUG
SEP
1974

NOV

23

8 22

DEC

3

19

FEB

3 19

2 16 30 14 28 11

MAR

MAY

25

9 23

JUN

1975

LATEST DATA PLOTTED WEEK ENDINGs JUNE 25, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
X NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF #100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGj
6/26/74

9/25/74 11/27/74 12/25/74

1/22/75

2/26/75

3/28/75

4/23/75

12.6
13.2
15.3

13.4
16.1

17.7

TO THE AVERAGE
OF FOUR WEEKS
END 1NG»
11/27/74
12/25/74
1/22/75
2/26/75
3/26/75
4/23/75
5/28/75
6/25/75

8

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

8.5
7.8
8.6
9.5
9.8
10.0
10.5
1 1.3

8.0
9.5
10.6
10.9
11.2
1 1.6
12.6

9. 1
11.2
11.5
1 1.7
12.2
13.5

14.5
13.9
13.6
13.7
15.0

13.8
13.4
13.6
15. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
230 -------------1---------- ,-----

BILLIONS OF DOLLARS
----- ---------- ------------- 230

BILLIONS
219.4

221.2

221.8
223.1

222.8

223.5

I

13 29 12 26 10 24

7 21

4 18

2 16 30 13 27 11 23

NOV

6 22

5 19

3 19

2

DEC

16 30 14 28 11

MAY

23

9 23

JUN

LATEST DATA PLOTTED WEEK ENDING: JUNE 25, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
6/26/74

9/25/74 11/27/74 12/25/74

1/22/75

2/26/75

3/26/75

4/23/75

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
11/27/74
12/25/74
1/22/75
2/26/75
3/26/75
4/23/75
5/28/75
6/25/75


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

0.7
1.4
-0.6
-0.6
0.9
1.0
2.0
3.4

4.0
-0. 1
-0.2
1.9
1.9
3.2
5.0

-3.8
-2.6
1 .1
1.3
3.2
5.5

-6.0
-0.2
0.3
2.7
5.5

5.8
4.5
6.5
9. 1

7.8
9.3
12.2

7. 1
11.5

16.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL

BANKS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
102
100
98
96
94
92
90
88
86
84
82
80
78
76
74
72
70

1

IS 29 12 26 10 24

7 21

4 18

2

16 30 IS 27

AUG
SEP
1974

NOV

11

25

8 22

3 19

5 19

2

16 30 14 28 II

DEC

MAY

23

9 23

JUN

1975

LATEST DATA PLOTTED WEEK ENDINGt JUNE 25,

1975

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.

1975
MAY

7
14
21
28
JUNE
4
1 1
18
25
JULY
2
9
16
23
30

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
84.0
84.4
84.6
83.9
83. 1
82.9
82.3
81.6

86.4
86.3
85.9
84.4
83.9
84. 1
84. 1
84.0

<
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
billions

IN THE NATION

AVERAGES OF DAILY FIGURES

OF DOLLARS

billions of dollars

MILLIONS

13ZS
MAY

JUN.

1

15 28 12 26 10 24

7 21

4 16

AUG

SEP

2 16 50 13 27

NOV

LATEST DATA PLOTTED WEEK ENDING. JULY 2.

II

25

6 22

DEC

3 19

5 19

FEB

MAR

26

4

2 16 50 14 26 11 25

9 23

1975

BUSINESS LOANS

( COMMERCIAL
BILLIONS OF DOLLARS
134 ----------------------- -----

—
—
_
_

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
----- ---------- ------------ 1 134

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JUNE 25. 1975 FROM
THE FOUR WEEKS ENDING.

__APR.
MAR.
~ FEB.
— JAN.
_ DEC.
_ SEP.
JUN.
1

AND

23,
26,
26,
22,
25,
25,
26,

1975
1975
1975
1975
1974
1974
1974

-16.5
-15.7
-15.4
-15.8
-15.1
-6.9
0.2

15 29 12 26 10 24

7 21

MAY
■
'
4 16

2

16 30 13 27 11

NOV
LATEST DATA PLOTTED WEEK ENDING. JUNE 25,


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

21

DEC

25

8 22

5 19

5 19

FEB

MAR

2

16 30 14 26 11

25

9 23

1975
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
530

=
“
-

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 25, 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
PROXY
CREDIT
PROXY

520

Bsjysiea

28,
28,

1975
1975

510

CREDIT PROXY ADJUSTED

1/

500

490

CREDIT PROXY

4B0

CREDIT

CREDIT
PROXY

PROXY

APJJSIEC.

494.8
495.0
496.2
501.6

502.6
505.7
509.0
509.2

500.4

1 13 29 12 26 10 24 7 21
AUG

4 18 2 16 30 13 27 11 23 8 22 3 19 3 19 2 16 30 14 28 II 23 9 23

SEP

NOV

DEC

FEB

1974
LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR
1/

MAR

1975
JUNE 25,

1975

IN THE BOARD OF GOVERNORS'

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

EURODOLLAR BORROWINGS OF

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

470

460