Full text of U.S. Financial Data : Week Ending: July 25, 1973
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LJ. RESEARCH LIBRARY Week ending: July 25, 1973 Federal Reserve Bank of St. Louis M 2 6 1998’ The nation's money stock averaged $264.2 billion in the four weeks ending July 18, up at a rapid 10.8 percent annual rate in the past three months. In the past twelve months, money has increased 7 percent, compared with a 6.3 percent average rate from 1967 to 1972. The demand deposit component of money has risen at an 11.7 percent rate in the past three months, compared with a 6.1 percent average rate from 1967 to 1972. The reserve aggregates underlying the money stock have continued to increase at substantial rates in recent months. The monetary base has increased at a 6.7 percent rate in the past three months, compared to a 6.1 percent average rate from 1967 to 1972. Federal Reserve credit, the major source component of the base, has increased at an 8.1 percent rate in the past three months. Despite the heavy loan demands in the past several months, banks have been able to obtain funds to meet part of this loan demand through the issuance of large CDs. The volume of these large certificates of deposits rose from $43 billion in last December to $64.3 billion on July 18. By comparison, during 1969 when market interest rates rose above the Regulation Q ceilings on large CDs, these deposits fell over $12 billion. Since banks have been able to obtain large amounts of funds through the issuance of CDs, nondeposit sources of bank funds have remained at fairly low levels in recent months compared with 1969-70 levels. Eurodollar borrowings by U.S. banks were about $1.7 billion in early July, about the same as last December. By contrast, Eurodollar borrowings rose as high as $14.7 billion in November of 1969. Bankrelated commercial paper has increased somewhat in recent months. The outstanding volume of this paper was $4.3 billion in early July, up from $3.1 billion in early March. For com parison, the volume of this paper averaged $7.8 billion in mid-1970. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: July 27, 1973 MONETARY BASE 1/ MULTIPLIER 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 104 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING ---- JULY 25, 1973 FROM THE FOUR WEEKS END ING» - MAY APR. MAR. — FEB. 23, 25, 28, 28, 1973 1973 1973 1973 102 8.0 6.7 7.9 9.5 100 MONETARY BASE 98 96 973 MILLIONS 94 Mill LATEST DATA PLOTTED WEEK ENDING: JULY 25, 1973 RATIO 2.9 RATIO 2.8 MULTIPLIER 2.7 2.6 2.5 RATIO 2.629 2.612 H 2-< 2.626 2.600 7 21 5 19 2 16 30 13 27 11 SEP 1972 25 8 22 6 20 3 17 31 OCT LATEST DATA PLOTTED WEEK ENDING: JULY 18, 1973 . 14 28 14 28 11 FEB 25 9 23 6 20 4 18 1 15 29 MAR - . 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF TH£ BASE SEE THE AUGUST 1968 "REVIEW* OF THIS BANK. 2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RESERVES AVAILABLE TGfcSUPPORT “RIVATE NONBANK DETOSITSi/ ALL MEMBER BANKS FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 31.5 ---------- ----------- ------ BILLIONS OF DOLLARS “I------- K------------- 31.5 30.5 RESERVES 1973 BILLIONS —| ■0.60 '0.54 28.5 I . 18 ill I I I I I I 94 COMPOUNDED ANNUAL RATES 92 — JULI £3. l-KUM THE FOUR WEEKS ENDING 90 MAR. 28 -----FEB. 28 _ JAN. 2 DEC. 2 JUL. 26 1973 1973 1973 1972 1972 FEDERAL RESERVE CREDIT 13.5 14.5 H.9 11.7 88 86 84 82 1973 JUN. MILLIONS 2' 80 78 5 19 JUN JUL 2 16 30 13 27 AUG SEP II OCT 25 8 22 NOV 6 20 DEC 3 17 31 JAN H 28 U 28 11 FEB MAR 1972 LATEST DATA PLOTTED WEEK ENDINGi JULY 25, 25 9 23 6 20 4 16 JUN APR JUL 1 15 29 1973 1973 1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 2/ IN?9 TO INCLUDE HOLDINGS OF SECURITIES. LOANS. FLOAT AND ''OTHFR'' icvtc inimnn CLaIseI oPbankS^1 CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPfisiTS AMONG^ 3/ ^GA^SgE°^EGULAT!ON2JDATA ARE A0JUSTED DUE T0 WA1VERS ASSOCIATED WITH THE EFFECTS * BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BAFK OF ST. LOUIS 0 DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 210 BILLIONS 203.8 203.5 205.0 205.0 205 200 I 95 l 90 5 19 6 30 13 77 II 75 8 77 3 6 70 17 31 13 ?8 M 78 II 75 9 73 1 18 1 15 79 1973 1972 LATEST DATA PLOTTED WEEK ENDING: JULY 18, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 7/19/72 11/15/72 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 0.3 3.1 7.1 7.2 4.3 9.1 8.9 13.5 11.7 5/16/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.4 7.2 5.8 5.2 4.7 5.0 6.3 6.4 8.5 5.0 4.0 3.3 4. 1 6. 1 6.3 4.5 3.3 2.5 3.7 6.2 6.4 -0. 3 -0.2 1.9 5.2 5.6 13. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 270 BILLIONS 263.3 263.9 262.8 264.5 264.4 264.9 — JUL. 265 260 255 250 245 S JUN IB 2 16 SO IS 27 II 25 6 22 6 20 S 17 31 M 26 M 26 11 25 9 23 1 16 l 13 29 JUL l 973 LATEST DATA PLOTTED WEEK ENDING: JULY IS, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING-. 7/l9/72 ll/l5/72 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 0.9 1 .7 3.5 6.0 6.2 3. 1 5.2 8.0 7.8 6.5 9.7 9. 1 12.5 10.8 11.4 TO THE AVERAGE OF FOUR WEEKS ENDING: l2/20/72 1/17/73 2/2l/73 3/21/73 4/l8/73 5/l6/73 6/20/73 7/l8/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.9 7.8 6.5 6.0 5.8 6. I 7.0 7.0 9.8 6.0 5.2 4.9 5.6 7. I 7.1 5.3 4.5 4.3 5.2 7.0 7. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS #IME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL TIME DEPOSITS NET TIME DEPOSITS* S 19 JUN 2 16 90 19 27 II 25 8 22 6 20 J 17 31 JUL 14 28 H 28 11 FEB MAR 25 8 23 6 20 4 18 JUN APR JUL 1 13 2# 1973 LATEST DATA PLOTTED WEEK ENOINGi JULY 18, 1973 CURRENT DATA APPEAR 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, AVERAGE OF FOUR WEEKS ENDING, 7/19/72 11/15/72 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 8. 1 8.5 8.6 8.8 8.3 9. 1 9.0 9.2 8.4 9. 1 9.3 8.3 9.3 8.0 7.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12. 1 12.9 12.0 1 1 .7 11.4 11.2 11.0 10.6 12.5 10.7 10.3 10. 1 9.9 9.9 9.3 1 1.7 10.8 10.5 10.2 10. 1 9.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS £ MONEY STOCK PLUS TIME DEPOSITS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS MONEY STOCK PLUS TOTAL Tlfct DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS I 1 1 1 I 1 1 9 19 JUN 2 6 90 19 77 11 29 12? • 20 3 17 51 JUL 14 21 M 21 II 29 FEB MAR 1972 m • 20 JUN 4 14 JUL I 19 29 1973 LATEST DATA PLOTTED WEEK ENDING. JULY 18, CURRENT DATA APPEAR S 29 1973 IN THE BOARD OP GOVERNORS' H.6 RELEASE. M* IS DEFItCD AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 7/19/72 11/13/72 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 4.6 5. 1 6. 1 7.4 7.2 6.0 7. 1 8.6 8. 1 7.8 9.5 8.6 10.9 9.4 9.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 12/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.5 10.4 9.2 8.8 8.6 8.7 9.0 8.8 1 1.5 8.5 7.9 7.6 7.9 8.6 8.2 8.7 7.8 7.4 7.8 8.6 8.3 PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGt COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 7 21 5 19 JUN JUL 7 16 50 IS 27 SEP II 2S • 72 6 20 S IT S] H 2* M 2« II 2S FEB OCT BILLIONS OF DOLLARS MAR • 29 « 20 JUN APR 4 1* JUL I IS 29 1073 1972 LATEST DATA PLOTTED WEEK ENDINGi JULY 18, 1973 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1973 JUNE 6 13 20 27 JULY 4 1 1 18 25 AUG. 1 8 15 22 29 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOS1TS * 61.3 61.9 61 .6 62.6 63. 1 63.9 64.3 281.6 281 .9 281.9 282.0 283.0 282.3 283.3 M2 *K 544.8 545.2 545.8 544.8 547.5 546.7 548. 1 X SEE FOOTNOTE PAGE 6. SB* 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 145 435 •125 CREDIT PROXY ADJUSTED 1/ 115 105 395 CREDIT PROXY 385 375 5 19 2 16 90 13 27 II 25 8 22 6 20 3 17 31 H 28 M 28 11 25 23 6 20 3 18 1 15 29 1973 LATEST DATA PLOTTED WEEK ENDINGt JULY 18, 1973 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. J973 BILLIONS CREDIT PROXY CRED1T PROXY JUN. JUL. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13 20 27 1 1 1 18 adjusted 127;9 129.7 129.3 132.1 130.3 130.6 133.1 135.1 135. 1 438.3 436.6 437.0 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JULY 18. 1973 FROM THE FOUR WEEKS ENDING*. CRED1T CRED1T PROXY PROXY ADJUSTED MAY APR. MAR. FEB. JAN. DEC. JUL. 16, 18, 21, 21. 17, 20. 19, 1973 1973 1973 1973 1973 1972 1972 10.2 10.7 12. 1 14. 1 13.2 13.7 12.5 11.4 11.7 12.9 15.0 13.9 14.3 12.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT CORPORATE Aaa BONDS MUNICIPAL BONDS** — -DISCOUNT RATE THREE-MONTH TREASURY BILL MARKET YIELD 2 16 30 14 28 11 25 6 22 6 20 3 17 5 29 12 26 9 23 JAN FEB 9 23 6 20 APR 4 1* MAY 5 29 IS 27 10 24 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 27, 1973 1973 JUNE 1 8 15 22 29 JULY 6 13 20 27 * AUG. 3 10 17 24 31 CORPORATE AAA BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS x* 7.35 7.36 7.36 7.38 7.40 7.41 7.44 7.45 7.46 6.91 7.07 7.15 7.25 7.32 7.94 7.78 8.03 8. 13 6.79 6.72 6.70 6.74 6.89 7.15 7.29 7.48 7.68 6.31 6.31 6.29 6.32 6.36 6.44 6. 43 6.50 6.56 5.22 5. 13 5. 13 5. 19 5.25 5.34 5. 40 5. 37 N. A. * AVERAGES OF RATES AVAILABLE. *X BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THURSDAY DATA. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT —i 11.0 |l.O r- PRIME BANK LOAN RATE CIAL PAPER FEDERAL FUNDS RATE 2 16 30 14 28 II 25 8 22 6 20 3 17 1 15 29 12 26 9 23 9 23 6 20 1972 4 18 1 IS 29 JUNE 1 8 15 22 29 JULY 6 13 20 27 X AUG. 3 10 17 24 31 1________________ 10 24 1973 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs JULY 27, 1973 13 27 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS XX PRIME BANKERS’ ACCEPTANCES 90 DAY CD’Sjw 7.53 7.83 7.90 8.03 8.28 8.75 8.90 9. 15 9.59 7.95 8.43 8. 17 8.55 8.59 10.21 9.52 10.22 10.58 7.41 7.75 7.88 8.05 8.35 8.94 9.00 9.05 9.38 1973 7.58 7.85 8.01 8.09 8.29 8.67 9.03 9.36 9.85 * AVERAGES OF RATES AVAILABLE. Mt FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS * H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 12 BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1973 BILLIONS OF DOLLARS MILLIONS JUN. 20 BORROW INGS 5 19 JUN 2 16 30 13 27 11 25 8 22 3 17 31 6 20 14 26 14 28 11 FEB JUL LATEST DATA PLOTTED WEEK ENDING, JULY 25, MAR 25 0 23 6 20 4 18 1 13 2S APR 1973 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS I 10 108 106 .BUSINESS LOANS ADJUSTED APR. 18, 1973 29.0 35.2 FEB. 21 1/ 104 19.6 23.4 30.0 35.8 34.0 25.0 102 100 98 96 94 MILLIONS BUS I NESS LOANS____ — ’JUN. 92 BUSINESS BUS I NESS LOANS LOANS ADJUSTED 90 88 13 86 84 H-lLll 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 26 14 28 II FEB LATEST DATA PLOTTED WEEK ENDING, JULY 18, 25 9 23 6 20 4 18 I 15 29 MAR 1973 1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES, HOLDING COMPANIES, AND OTHER AFFILIATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS