Federal Reserve Bank of St. Louis. "Week Ending July 24, 1968," U.S. Financial Data (July 24, 1968). https://fraser.stlouisfed.org/title/5335/item/537775, accessed on January 11, 2025.

Title: Week Ending July 24, 1968

Date: July 24, 1968
Page 1
image-container-0 • RESEARCH LIBRARY - •0 Federal Reserve BanU MONEY_j>TOCK (Page 5) of St. Louis <> p Finnncim DflTR Week ending July 24,1968 The nation's money stock, consisting of private demand deposits and currency in the hands of the public, increased $3 billion in the last four weeks. Since early April money has grown at an annual rate of 9.5 per cent which is faster than 99 per cent of all consecutive three month periods since World War II. In comparison, money grew at a 7 per cent rate in the preceding year, and from 1957 to 1967 at an average annual rate of 2.6 per cent. MEMBER BANK RESERVES (Page 3) Total reserves (which include those reserves to support Treasury and interbank deposits) increased at a 0.6 per cent rate in the last three months. Reserves, adjusted for requirement changes, grew at a rapid rate of 7 per cent in the previous year. From 1957 to 1967 total reserves grew at 3.3 per cent average annual rate. On the other hand, reserves available for private demand deposits have grown at an 8.9 per cent rate in the last three months compared with 6 per cent in the preceding year,and 1.6 per cent a year from 1957 to 1967. The difference in growth rates between total reserves and reserves available for private demand deposits reflect, in large part, the recent drawing down of Treasury balances. MEMBER BANK BORROWINGS (Page 8) Member bank borrowing from the Federal Reserve Banks has declined substantially in recent weeks. In the last four weeks the borrowings averaged $504 million, whereas in the previous three months borrowings averaged $707 million. The recent drop in borrowings reflects partially the increased use of Eurodollars by member banks. This development reflects a reduction in the Eurodollar rate relative to Federal fund rates and the Federal Reserve lending rate. CERTIFICATES OF DEPOSIT (Page 6) Certificates of deposit of $100,000 or more at large commercial banks have increased substantially in the last month and a half. Since the low level on June 19 of $19.0 billion outstanding they have increased steadily to the present volume of $20.6 billion. The volume of outstanding CD's at commercial banks is greatly affected by the market interest rate structure and the ceiling limits of Regulation Q. When market interest rates are high and rising they become increasingly attractive compared to the yield on CD's which cannot rise above Regulation Q's ceiling and therefore funds flow from CD's to those financial assets whose yields are determined in the market place. Rates of change reported in this release are intended to serve as summaries which may be useful in analyzing recent developments. Prepared by Federal Reserve Bank of St. Louis Released: July 26, 1968
image-container-1 57 56 55 54 53 52 51 50 49 48 47 46 Billions of Dollars FEDERAL RESERVE CREDIT 1 Averages of Daily Figures Seasonally ad jutted by this bank. [2 Annual rates of change Federal Reserve Credit adjusted for reserve requirement changes averages of four weeks ending July 24, 1968 - from four weeks ending: - Apr. 24, 1968 + 8- 1 ■ Jan. 24, 1968 - +/OJ Oct. 25, 1967 h/o. V f July 26, 1967 + J0.8 I 1957- -1967 ■h \SX.10 Federal Reserve Credit- tSl-.OU- Borrowings. -Federal Reserve Holdings of U.S. Government - and Federal Agency Securities July 24, 1968 Latest data preliminary Latest data plotted week ending: ± 6 20 4 18 l 15 29 13 27 10 24 7 ' 21 6 20 Sept. Oct. Hov, Dec. Jan. Feb. Mar. 1967 Billions of Dollars 57 Federal Reserve ___ _ 1968 Holdings Credit _ - jJ S0.01 So.7f _ - * SA SO.toO Si. *-7 - *-1 SO. (el S/.-/S „ - : JO. HI SI. S3 - - n so.gy S/.S9 - - u SIM SA. 13 - -Ml J SI. 80 51-20 - - » to son St-33 - - a £1.13 SI- 60 - JJ.ofc p SA.70 P “ T“ __56 55 3 17 1 15 29 12 26 10 24 Apr. May June July 1968 1/ Federal Reserve Credit excludes float and a few minor ' items. Data.prior to Jan. 18, 1968 adjusted for the estimated effect of reserve requirement changes. 2/ Seasonal adjustment for Federal Reserve Holdings . computed by this bank using data ending December 1967.- Borrowings from Federal Reserve not seasonally adjusted. Current unadjusted data appear in the - Board's H.4.1. release. ' I I I I I I I I I 7 21 4 18 2 16 3013 2711 25 8 22 5 19 5 19 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1969 54 53 52 51 50 48 47 46 Prepared by Federal Reserve Bank of St. Loul
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