Full text of U.S. Financial Data : Week Ending: July 26, 1972

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Week ending: July 26, 1972
LI9WARY
The money stock has risen at a 5.2 percent annual rate in the
past year, slightly below its trend growth rate from late 1966 to late
1971. In the past three months, money has increased at a 7.4 percent
rate, slower than the rapid 9.1 percent rate of the previous four months.
The growth of money in the most recent period has been exaggerated some­
what by a $3 billion bulge in the money stock in the week of July 12.
This bulge is probably only temporary, reflecting certain technical
factors. About one-half of the bulge was erased in this week’s money
figures; however, it still remains in the four week average used to
compute current rates of change.
Growth rates for various reserve aggregates are given in the
table below. The monetary base is the most broadly defined of the re­
serve aggregates and consists of currency held by the public and non­
member banks plus member bank reserves. The base minus currency is equal
to member bank reserves (or total reserves).
In turn, total reserves
less required reserves behind interbank and U.S. Government deposits is
called reserves available to support private nonbank deposits (RPDs). This
latter aggregate was adopted by the Federal Open Market Committee earlier
this year as a short-run operating target.
These reserve aggregates have increased at somewhat different
rates in the past three months.
All the reserve aggregates have increased
at a slower pace in the past three months, compared to the previous four
months, in a pattern somewhat similar to the money stock. For example,
RPDs have risen at a 7.7 percent rate in the past three months after
increasing at a 10.8 percent rate in the previous four months.
Growth of Selected Monetary Aggregates
(annual rates of change)
Four Weeks Ending
12/69
to
12/71

12/29/71
to
4/26/72

4/26/72
to
7/26/72

Reserve Aggregates
RPDs
Total Reserves
Monetary Base

6.9
5.7
6.6

10.8
15.4
12.4

7.7
6.3
4.9

Money Aggregates
Money Stock
Money Plus Net
Time deposits
*
**

5.8

9.1*

7.4**

9.6

12.8*

10.3**

4 weeks ending 12/22/71 to 4 weeks ending 4/19/72
4 weeks ending 4/19/72 to 4 weeks ending 7/19/72


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

Prepared by Federal Reserve Bank of St. Louis
Released July 28, 79 72

MONETARY BASE v
MULTIPLIER 2/

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
96

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
— JULY 26, 1972 FROM
THE FOUR WEEKS ENDINGt
APR.

26,

94

1972
92
MONETARY BASE
90

88
1972

MILLIONS

86

LATEST DATA PLOTTED WEEK ENDINGt JULY 26,

1972
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5
RATIO

2.4

25
2 16 50 14 26 1
JUL
AUG

5 22

6 20

LATEST DATA PLOTTED WEEK ENDINGt

5 17

1

15 28 12 26 8 25
JAN
FEB

JULY 19,

« 22

5 18

5 17 51

14 2« 12 26

0 25

1972

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'1 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 TO SUPPORT
PRIVATE NONBANK DEPOSITS^

3

ALL MEMBER BANKS

FEDERAL RESERVE CREDIT*'
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
31.0

BILLIONS OF DOLLARS
31 .0

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
30.5

MUL. I FOUR WEEKS rnvw
tv. i or c
THE
ENDING
30.0

10.0

29.5

29.5
RESERVES
29.0

28.5

28.5

312

BILLIONS

28.0

30.32

27.5

27.3

84
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING _
JULY 26, 1972 FROM
THE FOUR WEEKS END INGt
MAY
APR.
MAR.
FEB.
JAN.
DEC.
— JUL

24,
26,
29,
23,
26,
29.

1972
1972
1972
1972
1972
1971

82

4.6
4.1-

80

9.7
4.9
5.4
8.7

FEDERAL RESERVE CREDIT
78

76

1872

74

MILL IQN§

72

2

16 30 14 28 11 25
JUL
AUG

6 2*

6 20
OCT

5 17
NOV

1

LATEST DATA PLOTTED WEEK END INGt JULY 26,

IS 20 12 26 0 25
JAN
FEB

6 22

5 10

5 17 51

14 26 12 26
JUN
JUL

0 25

1972

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’

H.9 RELEASE.

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.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

DEMAND

DEPOSIT

COMPONENT

OF

MONEY

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

STOCK
BILLIONS OF DOLLARS

BILLIONS
181.9
182.6
181 .3
183.3
185. 9
84.6

2 16 30 14 25 II

25

« 22

6 20

3 17

1

15 29 12 26 9 23
JAN
FEB

5 22

1971

3 17 31

14 25 12 26
JUN
JUL

0 23

1972

LATEST DATA PLOTTED WEEK ENDING.
CURRENT DATA APPEAR

5 10

JULY 19.

1972

IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE .
7/21/71

11/17/71

12/22/71

1/19/72

AVERAGE OF FOUR WEEKS ENDING:

2/16/72

3/22/72

4/19/72

5/17/72

11.3
8.9
8.2
9.0

5.9
6.2
7.7

5.2
7.5

9.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/22/71
1/19/72
2/16/72
3/22/72
4/19/72
5/17/72
6/21/72
7/19/72


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

0. 1
0.6
1.8
3.4
3.9
3.9
4. 1
4.8

1.3
3.9
6.6
6.9
6.4
6.4
7. 1

6.5
9.2
9.0
7.9
7.7
8.3

12. 1
10.9
9. 1
8.5
9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY

STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
245 -------------- 1----------- 1------

BILLIONS OF DOLLARS
------ --------------------------- 245

billions

236.6
237.3
236. 1
238.0
240.9
239.7

risi. 1
i it mu*
DECEMBER ’66 TO DECEMBER

2 16 SO 14 28 11 23
JUL
AUG

*22

« 20

5 IT

OCT

NOV

I

15 28 12 26
JAN

LATEST DATA PLOTTED WEEK ENDING- JULY 19,

8 23

8 22

'71

3 18

3 17 31

FEB

1-1 28 12 26
JUN

8 23

JUL

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
7/21/71

11/17/71

12/22/71

1/19/72

AVERAGE OF FOUR WEEKS ENDING.

2/16/72

3/22/72

4/19/72

5/17/72

1 1.6
9.4
8.5
9.1

6.9
6.7
7.8

5.5
7.4

8.6

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/22/71
1/19/72
2/16/72
3/22/72
4/19/72
5/17/72
6/21/72
7/19/72


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

0.9
1.4
2.4
3.9
4.4
4.4
4.6
5,2

2.3
4,3
6.7
7.2
6.8
6.7
7.3

6.4
9.1
9.1
8.2
7.9
8.4

11.4
10.7
9.2
8,6
9.0

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

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

2 16 30 M 28 11 25
JUL
AUG

8 22

6 20
OCT

3 17
NOV

I

IS 28 12 26 8 23
JAN
FEB

8 22

1971

5 18

3 17 31

H 28 12 26
JUN
JUL

8 23

1972

LATEST DATA PLOTTED WEEK ENDING! JULY 19,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.8 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,
7/21/71

11/17/71

12/22/71

10.2
12.8
13.3
13.6
12.9
12.9
13. 1
13.0

21.3
20.0
18.7
16.4
15.8
15.7
15.2

22.3
19.7
16.4
15.7
15.6
15.0

1/19/72

AVERAGE OF FOUR WEEKS ENDINGi

2/16/72

3/22/72

11.5
11.9
12.8
12.5

9.6
11.7
11.6

4/19/72

5/17/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/22/71
1/19/72
2/16/72
3/22/72
4/19/72
5/17/72
6/21/72
7/19/72


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

16.2
13. 1
13.0
13.5
13.2

14.1
13.2

13.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY

STOCK

PLUS

TIME DEPOSITS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

540

530

520
MONEY STOCK PLUS TOTAL TIME DEPOSITS
510

500

490

480

470

=

460

E

450

MONEY STOCK PLUS NET TIME DEPOSITS

2

16 30 14 Z6 11

JUL

Z5

8 22

S ZO

3 17

OCT

AUG

NOV

1

15 ZB 1Z 26

JAN

B 23

« 22

5 18

S 17 31

FEB

14 26

JUN

1971

12 2S

B 23

JUL

1972

LATEST DATA PLOTTED WEEK ENDING* JULY 19.

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
** M? IS DEFINED 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*

7/21/71

11/17/71

12/22/71

1/19/72

2/16/72

3/22/72

4/19/72

5.5
7. 1
7.8
8.7
8.6
8.6
8.9
9.1

1 1 .7
12.0
12.7
11.8
11.3
11.2
11.3

14.3
14.4
12.8
12.0
11.8
11.7

13.7
1 1.8
11.1
11.0
11.1

1 1.5
10.6
10.7
10.8

8.3
9.2
9.8

9.9
10.3

5/17/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
12/22/71
1/19/72
2/16/72
3/22/72
4/19/72
5/17/72
6/21/72
7/19/72


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Federal Reserve Bank of St. Louis

11.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
40

38

36

34

32

30

2 16 30 14 26 11 25
JUL
AUG

8 22

6 20
OCT

3 17
NOV

1

15 20 12 26 0 23
JAN
FEB

LATEST DATA PLOTTED WEEK ENDINGi JULY 19.

6 22

5 10

3 17 31

14 26 12 26
JUN
JUL

0 23

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
'


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

MONEY AND TIME DEPOSIT DATA

1972
JUNE

7
14
21
28
JULY
5
12
19
26
AUG.
2
9
16
23
30

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

36.8
37.3
37.0
37.3
37.4
37.9
38.2

252.7
253.4
254.2
254.6
255.8
255.0
255.4

M2

m

489.3
490.0
491.5
490.7
493.8
495.9
495.0

* SEE FOOTNOTE PAGE 6.
»K SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

9

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

BILLIONS OF DOLLARS
395 I------------ ------------ ------

BILLIONS OF DOLLARS
------ ------------------------=1 395

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

2 16 30 M 28 11 25
JUL
AUG

8 22

6 20
OCT

3 IT
NOV

I

LATEST DATA PLOTTED WEEK ENDING. JULY 19,

IS 2B 12 28
JAN

9 23

8 22

S 10

3 17 31

FEB

14 28 12 28
JUN
JUL

0 23

1972

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.

1972

BILLIONS
CRED1T
PROXY

JUN.

JUL.

14
21
28
5
12
19


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Federal Reserve Bank of St. Louis

CRED1T
PROXY
ACyPSIED

378.1
379.9
377.3
380.7
380.9
382.5

381.6
383.7
381.3
384.5
384.4
386.6

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JULY 19, 1972 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
-PKPXY
ADJUSTED
MAY
APR.
MAR.
FEB.
JAN.
DEC.
JUL.

17,
19,
22,
16,
19,
22,
21,

1972
1972
1972
1972
1972
1971
1971

7.9
10.1
11.5
12.4
11.3
12.0
10.4

8.2
10.2
11.4
12.2
11.2
11.6
10.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

\

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

PRIME COMMERCIAL
LOAN RATE

1111

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

4

18

2

16 30 13 27

AUG

10 24

8 22

SEP

5 1#

3 17 31

NOV

DEC

14 28

JAN

II

25 10 24

FEB

7 21

5 1#

APR

MAY

2

16 30 14 28

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 28,

1972
JUNE

2
9
16
23
30
JULY
7
l4
21
28 *
AUG.
4
1 1
18
25

11

25

AUG

1972

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS ***
8K

7.23
7.24
7.25
7.23
7.21
7.20
7.20
7.20
7.22

3.82
3.86
3.87
3.97
3.96
4.05
4.03
3.92
3.98

5.64
5.71
5.73
5.81
5.87
5.86
5.85
5.84
5.87

5.56
5.59
5.59
5.58
5.61
5.61
5.59
5.56
5.54

5.15
5.31
5.36
5.43
5.43
5.43
5.44
5.41
N.A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER-S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
----- 8.0

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

2 16 30 13 27 10 24

AUG

8 22

5

10

SEP

3

17 31

4 28 11 25

JAN

0 24

7 21

5 10

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING:


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

1972
JUNE

2
9
16
23
30
JULY
7
1 4
21
28 ***
AUG.
4
1 1
18
25

2 16 30 14 28 11

25

FEB
JULY 28,

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD’S**

4.50
4.50
4.63
4.65
4.83
4.88
4.88
4.88
4.84

4.50
4.49
4.40
4.42
4.56
4.69
4.53
4.43
4.50

4.25
4.35
4.38
4.53
4.70
4.75
4.75
4.75
4.71

1972

4.40
4.43
4.56
4.61
4.67
4.78
4.93
4.89
4.80

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** 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 RESERVE BAH< OF ST. LOUIS

12

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

V

BILLIONS OF DOLLARS

BORROWINGS

EXCESS RESERVES

-0.4

0.8

-

NET FREE RESERVES

1.2

-

-1 .6

2 18 50 14 28 11 25
JUL
AUG

6 20

5 17

OCT

8 22

NOV

1

15 29 12 26 9 25
JAN
FEB

LATEST DATA PLOTTED WEEK ENDING: JULY 28.


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

8 22

5 19

5 17 51

H 28 12 26
JUN
JUL

• 25

1072

MILLIONS
1972
JUNE

7
14
21
28
JULY
5
12
19
26
AUG.
2
9
16
23
30

EXCESS
RESERVES
331
109
212
124
385
272
169
92

BORROWINGS
58
94
59
129
313
226
175
171

FREE
RESERVES

-

-

273
15
153
5
72
46
6
79

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS