Full text of U.S. Financial Data : Week Ending: July 28, 1976

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u.
Week ending: July 28, 1976

LIBRARY!

DEC 2 6 197$


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

The growth of the monetary aggregates has been
generally slower since mid-April than in the previous three
months. However, the growth of the narrowly defined money stock
(Ml) has not slowed as sharply as the growth of the monetary
base. The annual growth rate of Ml over the current three months
is 4.1 percentage points lower than it was over the previous
three months (4 percent vs. 8.1 percent, respectively). The
growth rate of the monetary base since mid-April, however, is 6.4
percentage points below its rate of the earlier period (5.3
percent vs. 11.7 percent, respectively).
The larger decrease in the growth rate of the monetary
base relative to that of Ml is attributable to the very sharp
decrease in the growth rate of currency holdings. From a 14.2
percent rate over the mid-January to mid-April period, the growth
of currency has fallen-off sharply to an 8.1 percent rate in the
most recent three months. This has meant that, although there
has been a smaller absolute increase in the base since mid-April,
a greater proportion of this increase has been held by banks and
used as reserves to support deposits. Since demand deposits
account for about 75 percent of Ml, the growth rate of Ml has
decreased relatively less than the growth rate of the monetary
base.
.
The growth of the more broadly defined money stock
(M2) has increased at a 9.4 percent rate since mid-April, which
is a decrease from the 13.6 percent rate in the previous three
months. The net time deposit component of M2 has declined from
an extremely fast 18.3 percent rate in the early part of 1976 to
a 13.5 percent rate in the most recent three months. Although
the growth of net time deposits has slowed recently, the growth
of total time deposits, which includes large CDs, has increased
over the most recent three months in comparison with the earlier
period.

Prepared by Federal Reserve Bank of St. Louis

Released: July 30, 1976

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

ISIS.
JUN.

23

BILLIONS OF OOLLARS
128

MILLIONS
124,946
126

124

-

122

120

118

116

4 It

* 16 30 13 27 10 24

AUG

3 22

3 13

3 17 31 14 23 11 23 10 24

SEP

JAN

FEB

7 21

3 1»

2 16 30 14 23 It 23

APR
MAY
1976

1975
LATEST DATA PLOTTED WEEK ENDING* JULY 28, 1976

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.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
7/30/75

10/29/75 12/31/75

1/28/76

2/25/76

3/31/76

4/28/76

5/26/76

8.8
7.5
9.2
6.7

6.1
8.9
5.8

9.6
5.3

5.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
12/31/75
1/28/78
2/25/78
3/31/78
4/28/78
5/28/78
6/30/78
7/28/78

2


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

7.4
4.9
6.7
7.1
7.1
6.9
7.6
6.7

4.9
8.0
8.4
8.3
7.8
8.6
7.3

4.5
6.6
6.8
6.4
7.7
6.1

13.7
11.7
10.0
10.8
8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

MULTIPLIER

ISM

BALLS

1.11.1 1 I
LATEST DATA PLOTTED WEEK ENDINGi JULY 21, 1976
BILLIONS OF DOLLARS

JULY

BILLIONS OF DOLLARS
ns

NDED ANNUAL RATES
noeT averaoe of
IUR *EEKS ENDING
8, 1978 FROM
IUR WEEKS ENDING*

114

112

110
ADJUSTED FEDERAL RESERVE CREDIT

108
106
104
102

181ft

MILLIONS _

100
96

96
11.1 1 I 1 I I I I I I I III
4 18

t II 30 tl IT 10 14
AUG
SEP

I U

3 If

3 IT SI M IS 11 15 10 14
JAN FEB

7 II
APR

S 10
MAY

I 16 50 14 IS 11 IS
JUL
AUG

LATEST DATA PLOTTED WEEK ENDING* JULY 28, 1976
1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.
z/

federal reserve holdings of securities, loans, float
AND OTHER ASSETS. AOJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACtlNG TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AM) SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEENBANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
715 r-------- 1------------ 1-----

1376
JUN.

16

TIME DEPOSITS (M2)
BILLIONS OF DOLLARS
------------------------- =1 715

BILLIONS
701.3

706.9

< n

t II mi If |» M

< 22

9 19

9 IT 91 H 29 11 29 10 24

JAN

FEB

7 21

9 19

APR

MAY

2 19 90 14 29 If 29

JUL

AUG

1976
LATEST DATA PLOTTED WEEK ENDING* JULY 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOING,
7/23/75

10/22/75 12/24/75

1/21/76

2/18/76

3/24/76

4/21/76

5/19/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
12/24/75
1/21/76
2/18/76
3/24/76
4/21/76
5/19/76
6/23/76
7/21/76

4


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

6.5
6,8
8.2
8.4
9.1
9.3
9.1
9.1

8.5
10.5
10.4
11.0
11.2
10.5
10.5

12.9
11.7
12.4
12.4
11.3
11.1

13.1
13.6
13.3
11.8
11.5

12.0
12.0
10.6
10.4

13.5
10.8
10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (MU
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
301.7
- JUL

4 II

304.5

2 IS 50 15 27 10 24

AUG

0 22

5 19

9 17 91 t4 20 11 29 10 24

SEP

JAN

FEB

7 21

5 10

2 10 90 14 20 11 20

APR MAY
1976

1975
LATEST DATA PLOTTED WEEK ENDING* JULY 21. 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml 1
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
7/23/75

10/22/75 12/24/75

1/21/76

2/18/76

3/24/76

4/21/76

5/19/76

12.4
8.2
6,7

4.9
4.0

1.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
12/24/75
1/21/78

2.4
2.5

2/IB/76

2.8

3/24/76
4/21/76
5/19/76
6/23/76
7/21/76

3.1
4.3
4.7
4.4
4.3


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

2.9
3.3
3.7

5.5
5.9
5.3
5.0

3.6
4.1

4.8

6.8
7.2

8. 1

8.3

9.7
9.5

6.1
5.6

6.8

7.3

6.1

6.3

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

5

YI ELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5 i-

PERCENT
—I 10.5

10.0
9.5
CORPORATE AM BONDS

9.0
8.5

PRIME BANK
LOAN RATE
8.0

7.5
MUNICIPAL
BONDS KK
7.0
6.5

6.0
COMMERCIAL PAPER
5.5
5.0
4.5

4.0

•

20

4 18

1

13 29 12 2« 10 24

7 21

3 19

NOV

DEC

2 16 30 13 27 12 26

FEB

9 23

7 21

4 18

2 16 30 13 27

MAR

1975

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JULY 30. 1976

1976
JUNE

4
1 1
18
25
JULY 2
9
16
23
30 X
AUG.
6
13
20
27

6

90 DAY
CD'SKO*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BAITERS*
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BONDS m

5.93
5.93
5.82
5.84
5.73
5.75
5,58
5.47
5.43

6.00
6.00
6.00
5.90
5.80
5.81
5.65
5.65
5.50

5.92
5.82
5.74
5.69
5.69
5.66
5.48
5.47
5.35

8.63
8.63
8.62
8.60
6.63
8.57
8.53
8.55
8.54

6.89
6.86
6.85
6.87
6.87
6.78
6.78
6.76
N.A.

* AVERAGES OF RATES AVAILABLE.
» BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
mm SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
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

8*0 ----

----

8.0

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

FEDERAL FUNDS RATE

_LL

_LL

J_LL .1.1 1.1

_LL 1.1.1 1

6 20

4 II l 15 2* 12 28 10 24

T 2t

5~ 19

2 18

JUN

JUL

NOV

DEC

JAN

AUG

SEP
1975

OCT

J_L

J_L

30 13 IT 12 28

JUNE

4
1 1
18
25
JULY 2
9
16
23
30 *
AUG.
6
13
20
27

MAR

J_L

_LL

2 18 30 13 27

MAY
JUN
JUL
AUG
1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JULY 30, 1976

1976

FEB

_LL

9 23 7 21 4 18

APR

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.54
5.44
5.47
5.48
5.58
5.37
5.27
5.30
5.28

5.53
5.44
5.38
5.34
5.36
5.34
5.15
5.23
5.17

6.27
6. 1 1
6.07
6.06
6.08
5.90
5.72
5.84
5.73

7.52
7.42
7.38
7.32
7.36
7.30
7. 18
7.26
7.24

7.89
7.86
7.86
7.84
7.84
7.81
7.79
7.84
7.85

* 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.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.

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

1976
JUN.
r

BILLIONS
18

JUL

4 18

BILLIONS OF DOLLARS

397.6
397.7
402.4
403.0

2 18 90 15 27 10 Z4

AUG

8 22

5 18

3 17 91 14 29 11 25 10 24

JAN

SEP

FEB

7 21

5 19

2 19 90 14 28 11 25

APR

MAY

JUL

AUG

LATEST DATA PLOTTED WEEK ENDINCi JULY 21, 1978
CURRENT DATA ATPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
X 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 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
7/23/75

10/22/75 12/24/75

1/21/76

2/18/76

3/24/78

4/21/78

5/19/76

14.0
13.9
13.2
13.7

14.1
13.1
13.7

12.5
13.5

13.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/24/75
1/21/76
2/1S/76
3/24/76
4/21/76
5/19/76
6/23/76
7/21/76

8


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

10.9
10.5
12.8

12.9
13.1
13.1
t3.0
13.2

13.2
10.7
16.0
15.7
15.5
14.9
15.0

20.8
16.0
17.1
16.5
15.5
in. 5

20.1
18.3
17.2
15.9
15.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
235 --------- 1------------ ,-----

BILLIONS OF DOLLARS
------------------ ---------- 235

billions

JUN

JUL

AUG

SEP
1975

OCT

NOV

DEC

JAN

FEB

MAR

Ml JO 14 U 11 U

APR

MAY

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING* JULY 21, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
7/23/75

10/22/75 12/24/75

1/21/76

2/t8/76

3/24/76

4/21/76

5/18/76

2.1
6.1
6.6
4.9
4.4

8.4
8.4
5.7
5.0

12.0
6.8
5.6

3.1
2.7

0.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
12/24/75
1/21/7B
2/1B/78
3/24/76
4/21/76
5/19/76
6/23/76
7/21/76


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

0.4
0.7
0.8
1.1
2.5
3.0
2.6
2.5

1.1
1.1
1.5
3.6
4.2
3.5
3.3

1.8
2.2
5.2
5.8
4.5
4.1

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

lilt
4 18

2 If 30 19 27 10 24

AUG

8 22

5 It

3 17 31 14 28 11 23 10 24

JAN

SEP

7 21

3 18

2 18 30 14 28 11 23

JUL

FEB

AUG

LATEST DATA PLOTTED WEEK END INCi JULY 21, 197S
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.fl RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100.000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

1976
JUNE

2
9
16
23
30
JULY 7
14
21
28
AUG.
4
11
18
25

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. AOJ.
68.4
68.8
68.9
69. 1
70.0
69.7
69.1
69.0

68.7
69,7
70.4
71.1
72.0
71.5
70.4
69.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL

ALL MEMBER BANKS
BILLIONS OF DOLLARS

RESERVE BANKS

IN THE NATION

AVtKAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
--------1--------- 1--------- 2-0

2.0 ------------------ ----

ISIS.

MILLIONS

JON. 23

4 U

* 16 SO IS 27 10 24

AUG

I H

5 1*

9 17 St 14 21 11 23 10 24

7 21

3 10

SEP

2 16 99 14 20 It 23

JUL

AUG

1976
LATEST DATA PLOTTED WEEK ENDING. JULY 28, 1976

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
128 --------- ------------ -----

WEEKLY REPORTING LARGE COMMERCIAL
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
------------------ ---------- 128

— COMPOUNDED ANNUAL RATES
OfSHANCeT AVERAGE OF
— THE FOUR *EEKS EWING
— JULY 21. 1976 FROM
— THE FOUR WEEKS ENDING, .
~ MAY 19, 1976
— APR. 21, 1976

-3.3
-4.9

-9.0
I I I 1 I I

ilium

4 10

2 10 30 13 27 10 14

JUN

JUL

AUG

0 22 3 19

SEP
OCT
1975

NOV

3 17 31 14 20 11 23 10 24

DEC

JAN

FEB

MAR

7 21

3 19

APR
MAY
1976

2 10 30 14 28 11 23

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING. JULY 21, 1976


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

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

BILLIONS OF DOLLARS
560 i=-------- 1-------------- 1------

BILLIONS OF DOLLARS
--------- --------------------- =, 560

COMPOUNDED ANNUAL RATES OF CHANCE,
AVERAGE OF THE FOUR WEEKS ENDING
JULY 21, 1976 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
1976
1976
1976
1976
1976
1975
1975

'CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

CREDIT

PROXY

ADJUSTED

513.6
522.7
523.2
517.0

4 18

2 16 30 13 27 10 24

6 22

5 10

3 17 31

14 2* 11

1 1 1.LU7

25 10 24

21

5 10

2 16 30 14 28 11 25
JUL
AUG

1975
LATEST DATA PLOTTED WEEK ENDING.
CURRENT DATA APPEAR

JULY 21,

1976

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.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS