Full text of U.S. Financial Data : Week Ending July 3, 1968

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

'

*

A
w
RESEARCH L!3RARY||
Su-Br &i
vs? wamv
of St. Louis

s FinnnciRL data
Week ending July 3r 1968

AW? 2 7 898
MONEY STOCK (Page 5)

CONCEPTS OF MONEY

The nation's money stock, consisting of private
demand deposits and currency in the hands of the public,
averaged $187.1 billion in the four weeks ending June 26,
up at an average annual rate of 8.1 per cent since March.
In the previous three months money grew at a 3.7 per cent
rate, and during 1967 it increased 7.1 per cent.
In com­
parison, the money stock rose at a trend rate of 2.6 per
cent from 1957-to-1967.

Some analysts emphasize the importance of money,
defined as private demand deposits plus currency in cir­
culation, as a measure of monetary action while others feel
that a broader concept, including time deposits in com­
mercial banks, is more useful. Usually the two measures
indicate roughly the same degree of monetary action. Re­
cently, however, the narrower concept indicates a high
degree of stimulation while the broader concept indicates
a growing amount of monetary restraint.
In view of Reg­
ulation Q and its effects on the allocation of saving
funds through various intermediary routes, the broader
concept of money may be currently misleading.

MONEY STOCK PLUS TIME DEPOSITS (Page 4)
Recently the growth pattern of money plus time
deposits has been different from the pattern of the growth
of money.
Since March money stock plus time deposits has
risen at a 5.5 per cent rate, whereas in the previous
three months it grew at a 6.2 per cent rate, and in 1967
it increased 11.1 per cent. By comparison, money plus
time grew at an average annual rate of 6.2 per cent from
1957-to-1967.
The divergence in the last three months between
the growth patterns of the money stock and the money stock
plus time deposits reflects, in large part, the effect
Regulation Q has on slowing the growth in time deposits
during periods of high and rising interest rates. Reg­
ulation Q has prevented bank rates from rising with yields
on other financial assets, and has resulted commensurately
in the flow of saving funds by-passing the commercial banks


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

BUSINESS LOANS (Page 9)
The growth rate of business loans at large
commercial banks has accelerated in the last three months.
Since March, these loans have risen at a 14.2 per cent
annual rate, after growing in the previous three months
at a 1.8 per cent rate, and in 1967 they increased 6.1
per cent.
In comparison, these loans grew at an average
annual rate of 9.6 per cent in the 1960-1967 period.

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 5,1968

FEDERAL RESERVE CREDIT 1
Averages of Daily Figures

Billions of Dollars

_
“
“
_
_

Billions of Dollars

Seasonally adjusted by this bank. [2

Annual rates of change Federal Reserve Credit
adjusted for reserve requirement changes
averages of four weeks ending July 3, 1968
from four weeks ending:
Apr. 3, 1968
+ //. 7
Jan. 3, 1968
4- /o 7
Oct. 4, 1967
/2-7
July 5, 1967
+
.*/■

Federal Reserve
Holdings
Credit
So. oi
SO.fpO
SO. 4-?
SO. HI

1968

so.so
So, VI
sa
n
St. So

s/ n
P

1957-1967

--53

Federal Reserve Credit

Borrowings.

-Federal Reserve Holdings of U.S. Government
■
and Federal Agency Securities

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.
2J 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.

Latest data preliminary
Latest data plotted week ending: July 3, 1968

6

20

4 18


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

1

15 29

13

27

10 24

L2 26 10 24
June
July

01968

7

21
Aug.

4

16

2

Sept.

16
Oct.

30 13

27 11

Nov.

25

Dec.

8

22
Jan.

5

19

5

19

Feb.
Mar.
19690

Prepared by Federal Reserve Bank of St. Louie

REAVES

All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars

l/ Data prior to Jan. 18, 1968 adjusted for
estimated effect of reserve requirement
changes.

TOTAL RESERVES
Annual rates of change, average of

■hS. 7

4, 1967

TOTAL
EFFECTIVE
^ RESERVES

__ Seasonal adjustment computed by this --— bank using data ending December 1967.--— Unadjusted data appear in the Board's--3.4.1. release.
---

from four weeks ending:

__ Oct.

Billions of Dollars

•AU. , 36.73­
1 36.1.7
16 36.6}

■

33 3S.SH

-

>9 3S.VJ

1957-1967
j A 6. SI f

Total

1/

RESERVES
AVAILABLE-----FOR PRIVATE
DEMAND DEPOSITS- —

HL#

__
7

AW /

n.SLO

is
33
if
w s

Reserves Available for
Private Demand Deposits
l/ Data prior to Jan. 18, 1968 adjusted for
estimated effect of reserve requirement
changes.______
.
Seasonal adjustment revised._

1

lx

a
it
Uu*

n xg

~~

n.3S
—
n-63.
P-3S

n-3i
n.*o
-­
17-5?
__
n*7 f*

RESERVES AVAILABIE FOR
PRIVATE DEMAHD DEPOSITS

from four weeks ending:
17.0 .

+S 0
Latest data preliminary

6

20

4


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

18

1

15

29

13

1957-1967
21
Aug.

4

18
Sept

2

16

30 13

S7 11

25

8

22

5

19

5

19

Prepared By Federal Reserve Bank of St # Louis

2

MONEY STOCK PLUS TIME DEPOSITS*
Ave rages of Daily Figures
Seasonally Ad usted

Billions of Dollars

Billions of Dollars

-- Annual rates of change, average
-- four weeks ending June 26, 1-968
from four weeks ending:
-+■ Mar.
27, 1968
+S.S
_ Dec.
27, 1967
Sept.
27, 1967
-f fc.H
__ June
28, 1967
+ 7. <0
1957-1967

Latest data preliminary
Latest data plotted week ending :

6

20

4

18


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

1

15

29

13 27

10 24

data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Tre

June 26, 1968

7 21

6

20

3

17

1

15

29 12

26
June

10 24

7

21

4

18

2

16

30 13

27 H 25

8

22

5

19

July

Prepared by Federal Reserve Bank of St

5

19

2

MON^STOCK*
Averages o^T>aily Figures
Billions of Dollars

Billions of Dollars

Seasona 11y Ad

WEEKLY DATA
1968

.

-

from four weeks ending:

M /&•£■ /

° 13- /f(,.g

-

n /#?.£
Qet-w*' & /?7-k

/«.-!
if /fh.i

Ah /g7.g f
1957-1967

13-week centered
moving average
Weekly

* Current data appear In the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

--- Latest data preliminary
3— Latest data plotted week ending: June 26, 1968

6

20

Sept.

It

Mil

18

1

Oct.


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

15
Nov.

1967

29 13

I

\

27
Dec.

1.1
10

24
Jan.

7

21

Feb.

6

20
Mar.

3

17

Apr.

1

15
May

29 12

26

10 24

June

July

1968

7

21

Aug.

4 18
Sept.

2

16 30 13
Oct.

27 11 25

Nov.

Dec.

8

22
Jan.

5

19
Feb.

5

19
Mar.

1969
Prepared by Federal Reserve Bank of St. Louis

2
Apr.

CERTIFICATES OF DEPOSIT LL
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of

Dollars

---- Annual rates of change, seasonally unadjusted data.
---- average of four weeks ending June 26, 1968 from
“ four weeks ending:

-JU.S'

- /3.g
'

Iff. O

+■ O.f
r n-1

1964 - 1967

22.0

22.0

21.0

21.0

20.0

Millions of Dollars

1968
10, 301

IT Ti ?

Current and year ago data appear in the
Board's H.4.2. release.
1/ Negotiable time certificates of deposit

Latest data preliminary


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

15

29

13 27

10

24

7

21

6

20

3

17

l

15

29

12 26

10 24

7

21

4

18

2

16

30 13 27

ll

25

8

22

5

19

Sept.

Prepared by Federal Reserve Bank of St

5

19

TIME ^POSITS*

7

All Commercial Banks
Averages ofDaily Figures
Seasonally Ad justed

Billions of Dollars

Billions of Dollars

__ Annual rates of change, average of
__ four weeks ending June 26, 1968
__ from four weeks ending:
— Mar.
27, 1968
-+3.0
-- Dec.
27, 1967
-A V 7
-- Sept.
27, 1967
b
— June
28, 1967
f^.O

__ 1968
ffttu tf I gl.l
®4A. 181-7

*1 187.1.
/e 7-9
/A !gg- I
18 18 8.0
K. 181.8 P

1957-1967

* Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

Latest data preliminary
Latest data plotted week ending: d“ne 26, 1968

6

20

4

18


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

1

15

29 13

27

10 24

7

21

6 20

3

17

1

15

29 12

26

June

10 24
July

7 21
Aug

4 18

2

16

30 13

27 11

25

8

22

5

19

5

19
Mar.

Prepared by Federal Reserve Bank of St. Louis

2
Apr

BORROWINGS AND EXCESS.RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Mill long of Dollars

2,000
EXCESS
RESERVES

1,900

Mil]Ions of Dollars

FREE
RESERVES

BORROWINGS

BIWEEKLY DATA

1,500
WEEKLY DATA

'
.

7/i
4.4?
74V

(Jg
son
V93

81 f

1,000

BIWEEKLY SETTLEMENT PERIODS

Borrowings

Excess Reserves

Net Free Reserves

-

1,000

------

13

Latest data preliminary
Latest data plotted:two weeks

27

U 25


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

8

22

6

20

3

17

ending July 3, 1968
31

14

28 13 27 10

2k 8

22
May

5

19
June

3

17

31 14

28 11

25

9

23

6

20

1

15 29

12 26
1 Feb

Prepared by Federal Reserve Bank of St

12

26

9

"4^ LOANS
BUSINESS
La rg e Co rr^PI rcial Banks
Wednesday Figures

Billions of Dollars

73

Billions of Dollars

73

Seasonally adjusted by this bank
Annual rates of change, average of
four weeks ending June 26, 1968
Mar.
1967
Sept.
June
1960-1967

<*8 SS

Millions of Dollars
SEASONALLY
UNADJUSTED
ADJUSTED
L 7. yf 7
U7. 737
il 931
U l !U»4,7, lt.ro
t; tog
07.937
&?. (r30
4 7, 37/
7 03A

US oj,

<■ 7 y/7

<c7,bt>3

LIZAS.

US, ?<?<?

USif-S
US.SHl

1*12 33.

Current and year ago unadjusted data appear in
the Board's H.4.2 release.
Seasonal adjustment
computed by this bank using 1962 through 1967 data

Latest data preliminary
Latest data plotted: June 26, 1968

6

20

Sept.

4

18

l

15

Oct.


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

29 13

Nov.

1967

27
Dec.

10 24
Jan.

7

21

Feb.

1

15 29
May

12

26

June

10 24
July

1968

7

21

k

18

Aug. v Sept.

2

16
Oct.

30 13

27

Nov.

11 25
Dec.

8

22
Jan.

5

19
Feb.

5

19
Mar.

1969
Prepared by Federal Reserve Bank of St. Louis

2
Apr.

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

3-MONTH
TREAS. 3-5
BILL YEAR

1

LONG- CORPORATE
TERM
Aaa

n

6.07

SIS

638

19

6.86

i4f

J.66

3/

610

61/

6¥3

t,.Xl

0.38

i,Jf

7

JTfefc

6 SO

6.30

{.jy

/■/

6.08

6.76

6-17

03!

JLI
l!

6. ¥6

6.0/
S-0 7

S.l8

0 a?
fc-2.7

S3 0
•S £.37

S./S
6,/3

6.01

Per Cent

A-A7

—Corporate--— Aaa Bonds----

Long-Term
1
Government Bonds

Discount Rate
Three-Month Treasury
Bill Market Yield .

I i

8

22

6

20

i

l l

3 17

i

1

I i—l—l—i—i i i i l

15
Dec.


http://fraser.stlouisfed.org IS OF RATES AVAILABLE
Federal Reserve Bank of St. Louis

29 12

26

Jan.

9

I—1—1—I—I—I—I__L

i i

23

Feb.

8

22

Mar.

5

19

Apr.

3

17 31
May

14

28 12 26

June

—k

July

9

23

Aug.

6

20

4

18

1

15

29 13

27 10

24

7

21

1

1968
Prepared by Federal Reserve Bank of St

7

21

SELECTED SHORT-T^ INTEREST RATES
Per Cent

Averages of Daily Rates Ended Friday
1 I I I I
__
PRIME
PRIME
__
COMMERCIAL
BANKERS'
-PAPER
8.50 —J-,qi,g 4-6-MONTH ACCEPTANCES
U.oo
n
>3
(A’
--LlS
LOO
~~
31
433
8.00 Z~J~'
"If
S-9o
3.93
U oo

LARGE
90 DAY
CD'S**
L/3
(..)■}
LAC

FEDERAL
FUNDS
k*3
S.gg
S.9t

t../0

3.93

(-03

i'W

3.93

Llf

S-89
17/

Prime Commercial Paper
4-to-6 Month

t

OO

Discount Rate'

Acceptances

Federal Funds Rate

Latest data plotted are averages of rates available for the veek ending:

8

22

6

20

3

17

1

15

29

12 26

9

1967
*AVERAGES OF RATES AVAILABLE

**S0URCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
SECONDARY MARKET RATE ON 90-DAY PRIME CD'S.
Federal Reserve Bank of St. Louis

23

8

22

5

19

3

17

31

July 5, 1968

14 28

12 26 9 23
July
Aug

1968

6

20

4

18

1

15

29

13 27

10 24

7

21

7

21

1969
Prepared by Federal Reserve Bank of St. Louis