Full text of U.S. Financial Data : Week Ending: July 21, 1971
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Week ending: July 21r 1971 Monetary aggregates have risen at unprecedented rates in recent months. For instance, the nation's money stock has expanded at an 11.5 per cent annual rate in the past six months (page 5), ranking in the highest percentile of all consecutive six-month periods since World War II. Money plus net time deposits (called M2) has risen at a 16 per cent rate (page 7), ranking in the 99th percentile. Growth of aggregates in the last six months have greatly exceeded those rates of 1967 and 1968, the last period of rapid monetary expansion (see table below). This period was one of accelerating inflation and sharply rising interest rates. Growth of other monetary aggregates, such as the monetary base and Federal Reserve credit which are largely under the control of monetary authorities, has been primarily responsible for the rapid growth of money. The monetary base has risen at a 9.4 per cent annual rate in the past six months (page 2), ranking in the 100th percentile. Federal Reserve credit has risen at a 13 per cent rate in the past six months, which is in the 89th percentile. In 1969, the base grew only 3 per cent, and the growth of the money stock slowed to about the same rate. In 1970 growth of the base accelerated to a 6.2 per cent rate of increase, resulting in a 5.4 per cent increase in the money stock. Selected Monetary Aggregates (annual rates of change) Money Stock Demand Deposits Money + net time deposits Monetary base F. R. Credit * http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1957 to 1970 12/66 to 12/68 12/68 to 12/69 12/69 to 12/70 4 wks. ending 1/20/71 to 4 wks. ending 7/21/71 3.4 3.1 7.2 7.4 3.1 2.4 5.4 5.1 11.5* 11.9* 5.8 3.7 7.6 9.7 6.3 10.2 2.4 3.0 5.1 8.2 6.2 4.8 15.9* 9.4 13.3 Four weeks ending 1/13/71 to the four weeks ending 7/14/71. Prepared by Federal Reserve Bank of St. Louis Released: July 23,1971 MONETARY BASE v FEDERAL RESERVE CREDIT^ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 90 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING ---- JULY 21. 1971 FROM THE FOUR WEEKS ENDING. -MAY APR. MAR. — FEB. JAN. _ DEC. NOV. 19, 21, 24, 1971 1971 1971 1971 1971 1970 1970 24, 20, 23, 18, 88 86 MONETARY BASE 10.3 84 82 971 MILLIONS 80 21 88 76 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING — JULY 21, 1971 FROM _ THE FOUR WEEKS ENDING. — MAY APR. MAR. — FEB. JAN. _ DEC. NOV. 19 21 74 14.8 24 24 72 FEDERAL RESERVE CREDIT 20 23 18 1970 70 68 JLSZl JUL. 6 20 3 17 1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 JAN 1970 LATEST DATA PLOTTED WEEK ENDING. JULY 21, 10 24 10 24 7 21 millions — 14 21 7 7: 5 19 2 66 16 30 14 26 FEB 1971 1971 1/ 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 THE BASE SEE THE AUGUST 1968 ’■REVIEW" OF THIS BANK. 2/ DEFINED TO 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 32.0 --------------------------- BILLIONS OF DOLLARS 31.5 31.0 29.5 29.0 28.5 28.5 27.5 27.5 < 18 MAY JON JUL AUG SEP 1970 LATEST DATA PLOTTED WEEK ENDING, OCT NOV JULY 21, 2 16 30 13 27 DEC JAN 10 24 10 24 FEB 7 21 5 19 APR MAY 2 16 30 14 28 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. * BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 JUN. JUL. BILLIONS 16 23 30 7 M 2! 31.5 31.0 31.3 3! . 1 30.9 30.6 1970. COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JULY 21, 1971 FROM THE FOUR WEEKS ENDING, MAY APR. MAR. FEB. JAN. DEC. NOV. 19, 21, 24, 24, 1971 1971 1971 1971 20, 1971 4.1 5.4 1970 1970 7.1 8.2 23, 18, 1.8 - 4.0 3.0 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 180 billions 17-3. 1 174.5 174.0 175 175.6 170 165 160 6 20 MAY 3 17 I 15 29 12 26 JUN 9 23 7 21 4 OCT NOV 18 2 16 30 13 27 JAN 10 24 10 24 7 21 5 19 2 16 30 14 28 FEB LATEST DATA PLOTTED WEEK ENDINGi JULY 14, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 7/15/70 11/11/70 12/16/70 1/13/71 2/17/71 3/17/71 4/14/71 10.6 14.5 8.5 12.9 1 1.9 21.2 10.3 15.5 13.8 6.3 14.5 12.7 10.6 9.4 5/12/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/16/70 1/13/71 2/17/71 3/17/7! 4/14/71 5/12/71 6/’6/71 7/14/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.2 4.2 4.3 5.8 7.5 5.9 8. 1 8.0 4.3 4.4 7.4 10.2 7. 1 10.3 9.9 2. 1 6.9 10.7 6.7 10.6 10. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 235 billions 224.2 226.2 225.6 225.3 228.5 230 225 220 215 210 6 20 3 17 1 15 29 12 26 9 23 7 21 4 18 OCT NOV LATEST DATA PLOTTED WEEK ENDING. JULY 14, 2 16 30 13 27 10 24 JAN 10 24 7 21 5 19 2 16 30 14 28 FEB 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 7/15/70 11/11/70 12/16/70 1/13/71 2/17/71 3/17/71 4/14/71 5/12/71 10.4 13.5 8.9 12.2 1 1.5 18.8 10.4 14.2 13.0 7.4 13.5 12.1 10.3 9.5 16.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/16/70 1/13/71 2/17/71 3/17/71 4/14/7! 5/12/7! 6/16/7! 7/14/7! http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.8 4.3 4.5 5.9 7.3 6. 1 7.9 7.8 4.7 5.0 7.5 9.8 7.5 10.0 9.7 3.8 7.7 10.6 7.6 10.5 10.2 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 260 250 240 TOTAL TIME DEPOSITS 230 220 210 NET TIME DEPOSITS* 200 190 6 20 3 17 MAY JUN 1 15 29 12 26 9 23 7 21 4 OCT NOV 18 2 16 30 13 27 10 24 JAN FEB 1970 10 24 7 21 APR 1971 5 19 2 16 30 14 28 MAY LATEST DATA PLOTTED WEEK ENDINGt JULY 14. 197! CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME 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 DEPOS1TS COMPOUNDED ANNUAL RATES OF CHANGE, 7/15/70 11/11/70 12/16/70 AVERAGE OF FOUR WEEKS ENDINGi 1/13/71 2/17/71 3/17/71 4/14/71 5/12/71 32.5 30.3 25.4 23.2 20.7 30.0 23. 1 21.0 18.4 17.7 17.1 14.8 13.6 11.7 12.3 TO THE AVERAGE OF FOUR WEEKS ENDINGi 12/16/70 1/13/71 2/17/7! 3/17/71 4/14/71 5/12/7! 6/16/71 7/14/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16.9 17.8 19.8 21.4 21.8 20.7 20.2 19.2 19.3 23.3 25.7 25.7 23.2 22.0 20.3 27. 1 29.4 28.4 24.8 23. 1 20.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 500 r=------- ---------- -------- BILLIONS OF DOLLARS ----- ---------------------= 500 MONEY STOCK PLUS TOTAL TIME DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS**' 6 20 3 17 MAY JUN I 15 29 12 26 9 23 7 21 4 1# OCT NOV 2 16 30 IS 27 10 24 10 24 JAN FEB 7 21 3 10 APR MAY 2 16 30 14 20 LATEST DATA PLOTTED WEEK ENDING. JULY 14. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. ** Mi IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS ( M 2 ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 7/15/70 11/11/70 12/16/70 1/13/71 2/17/71 3/17/71 4/14/71 5/12/71 TO THE AVERAGE OF FOUR WEEKS ENDING. 12/16/70 1/13/71 2/17/71 3/17/71 4/14/71 5/12/71 6/16/71 7/14/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.5 10.6 11.7 13. 1 14. 1 13.0 13.7 13.2 1 1.7 13.7 16. 1 17.4 15.0 15.7 14.8 14.7 17.8 19. 1 15.8 16.5 15.3 20.7 21.5 16.8 17.4 15.9 24.2 16.6 17.5 15.6 12.6 15.2 13.5 11.8 10.6 14.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 32 --------- ---------- ---------- 0 20 9 17 1 19 29 12 20 9 29 7 21 OCT 4 18 NOV BILLIONS OF DOLLARS ------- ----------------------I 32 2 It 90 It 27 10 24 10 24 DEC JAN FEB 7 21 S IS APR MAY 2 It 90 M 21 LATEST DATA PLOTTED WEEK ENDINGt JULY 14, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1971 MAY 5 12 19 26 JUNE 2 9 16 23 30 JULY 7 14 21 28 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOS1TS * 27.6 27.6 27.9 28.3 28.2 28.5 28.2 28.9 28.8 29.6 30.2 222.3 223.0 223.3 224. 1 225.1 225.2 225.8 225.8 226.6 226.5 226.6 M2 m 442.9 446.2 448.0 449.5 450.6 449.5 452.0 451.4 451.9 455.0 453.9 X SEE FOOTNOTE PAGE 6. XX SEE FOOTNOTE PAGE 7. PREPARED BY 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 CREDIT PROXY ADJUSTED 1/ CREDIT PROXY 6 20 3 17 1 !5 29 12 26 9 23 7 21 ■1 18 2 16 30 13 27 10 24 10 24 JAN 1970 LATEST DATA PLOTTED WEEK ENOING: JULY M, 7 21 5 19 2 16 30 14 28 FEB 1971 197! 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. 1971 B I Li-IONS 9 '6 23 30 7 14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CRED1T PROXY CRED1T PROXY ADJUSTED 341.4 342. 1 339.9 340.5 343. 1 343.3 345.9 346.5 344.3 345. 1 347.3 347.4 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING JULY M, 1971 FROM THE FOUR WEFKS END ING: CRED1T CRED1T PROXY PROXY ADJUSTED MAY APR. MAR. FFB. JAN. DEC. NOV. ' 2, M, 17, 1 7, 13, '6, } 1 ' * PRFPARFD by 197' 1971 1971 1971 1971 1970 1970 7.6 8.4 9. 1 1 1.3 13.0 13.7 14.6 6.9 6.0 5.7 7.2 8.4 9.0 9.6 FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT PER CENT 9.0 8.5 CORPORATE AAA BONOS 8.0 PRIME COMMERCIAL LOAN RATE 7.5 7.0 6.5 6.0 DISCOUNT RATE 5.5 5.0 4.5 THREE-MONTH TREA3 BILL MARKET YIELD 4.0 3.5 3.0 I 15 29 12 26 10 24 7 2! 4 18 AUG SEP 2 16 30 13 27 NOV 11 25 8 22 DEC 5 19 5 19 FEB MAR 2 16 50 14 28 11 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 23, 1971 MAY 7 14 21 28 JUNE 4 1 1 18 25 JULY 2 9 16 23 * 30 9 25 1971 CORPORATE Am BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS K* 7.43 7.48 7.57 7.66 7.69 7.66 7.63 7.62 7.63 7.65 7.64 7.63 3.84 3.96 4. 36 4.38 4.28 4.58 4.94 4.86 5. 17 5.40 5.38 5.49 5.92 5.98 6.20 5.97 5.92 6.22 6.54 6.46 6. 70 6.70 6.64 6.79 5.92 5.96 6.04 5.90 5.79 5.89 6.06 5.98 5.97 5.92 5.82 5.91 5.85 5.96 5.96 5.86 5.70 5.87 6.00 6.23 6. 19 6.06 6.03 N.A. * AVERAGES OF RATES AVAILABLE. 56* BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 THURSDAY DATA. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT PER CENT COMMERCIAL PAPER 4-T0-6 MONTH FEDERAL FUNDS RATE 1 15 29 12 26 10 24 7 21 2 16 30 1 3 27 NOV 11 25 8 22 5 19 5 19 2 16 50 H 26 11 1970 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PRIME 4-6 MONTH PAPER FEDERAL FUNDS PRIME BANKERS’ ACCEPTANCES 90 DAY CD’S K* 5.00 5.00 5.15 5.25 5.38 5.38 5.48 5.50 5.65 5.75 5.75 5.75 4.65 4.48 4.73 4.78 4.72 4.80 4.93 5.10 5.10 5. 10 5.20 5.45 4.83 4.88 4.95 5.00 5.00 5.18 5.43 5.50 5.60 5.63 5.50 5.63 4.82 4.83 4.91 5.12 5.25 5.28 5.33 5. 43 5.53 5.59 5.68 5.77 COMMERCIAL MAY 7 I4 21 JUNE 28 4 ! 1 18 25 JULY 2 9 16 23 # 30 9 23 1971 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 23, 197! 25 DEC 1971 * AVERAGE'S OF RATES AVAILABLE. FEDERAL CUNDS l_AST FIVE DAYS AVAILABLE H6K DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. PREPARED BY FEDERAL RESERVF BANK OF 3T. LOUIS BORROWINGS AND EXCESS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2.0 1.6 1.2 0.8 BORROW INGS 0.4 "V V 0 EXCESS RESERVES -0.4 0.8 0.8 - - -! 1.2 .2 - NET FREE RESERVES 1.6 1.6 - - 2.0 - 6 20 3 17 1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 10 24 JAN LATEST DATA PLOTTED WEEK ENDING. JULY 21, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEB 7 21 5 19 APR MAY 2 1 6 30 M 28 1971 MILLIONS 1971 MAY 5 12 19 26 JUNE 2 9 16 23 30 JULY 7 14 21 28 EXCESS RESERVES 365 230 102 174 285 73 266 258 286 316 41 329 BORROWINGS 174 99 306 267 646 153 403 618 752 667 993 1122 FREE RESERVES - 191 131 204 93 361 80 137 360 466 351 952 793 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 2.0 -