Full text of U.S. Financial Data : Week Ending: July 3, 1974

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

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

Week ending: July 3, 1974

Most short-term market interest rates have
risen in recent weeks after a pause, from mid-May to
early June, in the sharp upward movements which began
in late February. Declines in some short-term rates
of about one-half of a percentage point in the few
weeks following mid-May fostered conjectures that 1974
peaks in short-term market interest rates were past
and that yields would be declining in the balance of
the year. In the last two weeks, however, many market
rates have averaged above their levels in mid-May.
Recent yields on prime four- to six—month commercial
paper, for example, averaged 11.79 percent, up from
10.80 percent in mid-May. Only yields on Treasury
issues, influenced by extraordinary demand for high
quality securities, remain below their mid-May levels.
Yields on three—month Treasury bills averaged 7.46
percent in recent days, down from 8 percent in mid-May.
Demand pressures have been a major factor
underlying the rising levels of most short-term in­
terest rates. With strong demand for bank loans,
the prime bank loan rate was adjusted upward at very
short intervals from 8.75 percent in late March to
11.5 percent by mid-May. After maintaining that rate
for about six weeks, many large banks raised their
prime rate to 11.75 percent effective June 27; subse­
quently, a few banks have raised it to 12 percent.
Bank demand for reserves has also increased with the
rising level of deposits. Consequently, the Federal
funds rate has climbed from about 9 percent in late
February to an average of 13.55 percent in the past week.
The money stock and monetary base have con­
tinued to rise rapidly in recent months. Since midDecember, for example, the money stock has risen at a
7.3 percent annual rate and the monetary base at an 8.4
percent rate. Over the longer-term from early 1972,
the money stock has risen at a 7.6 percent average
annual rate and the monetary base at a 7.8 percent
rate.

Prepared by Federal Reserve Bank of St. Louis
Released: July 5, 1974

r

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY

BILLIONS OF DOLLARS

THIS BANK

BILLIONS OF DOLLARS

MILLIONS

110

108

106

106

102

100

2

16 SO IS 27

JUN

II

25

8 22

5 19

3 17 31

JUL

M 2« 12 26

NOV

9 23

6 20

6 20

3 17

I

15 29 12 26 10 26

DEC

1973

1974

LATEST DATA PLOTTED WEEK ENDING; JULY 3,

1974

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 THE BASE SEE THE AUGUST 1968 ” REVIEW” OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE.
7/4/73

10/3/73

12/5/73

1/2/74

AVERAGE OF FOUR WEEKS ENDING:
2/6/74

3/6/74

8.6
10.3
9. 1
8.3

11.9
9.8
8.6

4/3/74

5/1/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/
1/
2/
3/
4/
5/
6/
7/

5/73
2/74
6/74
6/74
3/74
1/74
5/74
3/74

6.7
6.9
7.2
7.2
7.5
8.0
7.9
7.6

10.3
9.8
9.3
9.4
10.0
9.5
9.0

8.5
8.0
8.6
9.5
8.9
. 8.4

7.8
8.6
9.7
9.0
8.4

9.6
8. 1

5.8

2

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

AT 10

RATIO

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING*. JUNE 26, 1974
BILLIONS OF DOLLARS
98
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JULY 3, 1974 FROM
THE FOUR WEEKS ENDINGi
MAY
---- APR

1974

96

12.9
11.0

94
FEDERAL RESERVE CREDIT

-----JUL

92

90

1971

MILLIONS

6

2 16 30 I3 27 11 25

JUN

8 22

S 10

3 17 31

JUL

LATEST DATA PLOTTED WEEK ENDING. JULY 3,

14 28 12 26

NOV

0 23

6 20

6 20

3 17

I

94

88

86

IS 20 12 26 10 24

DEC

1974

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AN© "OTHER'• ASSETS ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEP&SITS AMOf©
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLL

billions

216.0
213.5
216.6
216.0
216.7
215.6

220

215

210

205

? 16 50 IS 27 11 25

8 22

6 20

NOV

3 17

1

15 20 12 26 10 24

DEC

LATEST DATA PLOTTED WEEK ENDING; JUNE 26. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
6/27/73

9/26/73 11/28/73 12/26/73

AVERAGE OF FOUR WEEKS ENDING:

1/23/74

2/27/74

3/27/74

4/24/74

11.3
7.4
7.9

5.0
6.3

4.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11Z28/73
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
5/29/74
6/26/74


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

2.3
3.4
2.5
3.4
4.4
4.8
4.5
4.8

8.9
5.8
6.6
7.5
7.8
6.9
7. 1

2.8
5.3
7. 1
7.5
6.3
6.8

3.4
6.2
7.0
5.7
6.3

11.0
10.5
7.9
8.2

*
PREPARED 8V FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

280.6
278. 1
281.2
280.9
281.5
280.4

2 16 SO IS 27 11 25

6 22

5 19

3 17 31

14 28 12 26

NOV

9 23

6 20

6 20

3 17

MAR

DEC

APR
1974

1973
LATEST DATA PLOTTED WEEK ENDING; JUNE 26,

1

15 29 12 26 10 24

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE,
6/27/73

9/26/73 11Z28/73 12/26/73

AVERAGE OF FOUR WEEKS ENDING;

1/23/74

2/27/74

3/27/74

4/24/74

6.4
7.1

5.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
11/28/73
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
S/29/74
6/26/74

3.3
4.4
3.6
4.6
5.4
5.9
5.6
5.8

9.2
6.6
7.5
8.3
8.6
7.8
7.9

4.4
6.7
8.2
8.6
7.6
7.7

5.0
7.4
8. 1
7.0
7.3

1 1.6
11.2
9.0
8.9

11.7
8.4
8.5

*

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

PREPARED BY FEDERAL RESERVE BANK JF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
m 1 24

90 DAY CD'S

RIME BANK
,OAN RATE

COMMERCIAL PAPER

CORPORATE AAA BONDS

4 18

1

15 29 15 27

10 24

7 21

5 19

DEC

JAN

JUN

FEB

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi JULY 5, 1974

1974
MAY

3
10
17
24
31
JUNE
7
14
21
26
JULY
5 *
12
19
26

90 DAY
CD'S *8W

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

Aaa BONDS

CORPORATE

MUNICIPAL
BONDS sec

10.99
11.24
11.34
11.23
11.07
11.05
10.97
11.39
11.62
12.05

10.73
10.83
10.80
10.38
10.31
10.53
10.75
11.10
11.48
11.79

10.40
10.70
10.75
10.75
10.75
10.75
10.75
10.75
10.90
11.25

8.34
8.38
8.36
8.38
8 • 39
8.40
8.40
8.49
8.57
8.61

5.91
6. 00
6.04
6.05
b. 08
6.01
6.04
6.13
6.33
N. A.

N.A. - NOT AVAILABLE


http://fraser.stlouisfed.org
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
14.0 r-

PERCENT
—1 14.0

1 1.0
FEDERAL FUNDS RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

4 18

1

15 29 13 27 10 24

7 21

SEP
1973

5 19

OCT

2 16 SO 14 28 11 25

DEC

JAN

6 22

8 22

5 18

3 17 SI

14 26 12 26

JUN

FEB

JUL

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 5, 1974

1974
MAY

3
10
17
24
31
JUNE
7
14
21
28
JULY
5 X
12
19
26

LONG-TERM

FEDERAL
FUNDS KIE

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

government

11.17
11.29
11.46
10.95
11.54
11.45
11.60
11.85
11.97
13.55

8.81
8.60
8.00
7.90
8.04
8.05
8.23
7.88
7.45
7.46

8.29
8.51
8.20
8.09
8.07
8.06
8.06
8.09
8.33
8.45

7. 1 1
7.09
7.02
7.08
7.06
7.04
6.99
7.01
7.07
7.10

SECURITIES

* AVERAGES OF RATES AVAILABLE.
.
,
„ ___
Hat SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

ALL

TIME DEPOSITS

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
410
400
390
380

TOTAL TIME DEPOSITS

370
360
350
340
330
320
310
300
NET TIME DEPOSITS*
290
280

2 16 30 13 27 II 25

JUN

6 22

5 10

3 17 91

M 28 12 26

NOV

JUL

9 23

6 20

6 20

3 17

MAR

DEC

APR
1974

1973
LATEST DATA PLOTTED WEEK ENDING, JUNE 26,

1

15 29 12 26 10 24

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 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 #100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
6/27/73

9/26/73 11/28/73 12/26/73

1/23/74

2/27/74

3/27/74

4/24/74

7.4
7. 1
8.5

6.9
8.8

9.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
11/28/73
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
5/29/74
6/26/74


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

12.3
12.0
12.5
13.0
12.4
12.0
11.4
11.5

13.3
14.0
14.4
13.3
12.5
11.6
11.8

13. 1
14.3
12.6
11.6
10.6
10.9

16.2
13.4
12.0
10.7
11.1

12.2
10.7
9.5
10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

8ILL IONS of dollars

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**'

2 16 50 13 27

JUN

il 23

8 22

S 10

J 17 51

JUL

H 28 12 26

NOV

9 23

6 20

6 20

3 17

1

15 29 12 26 10 2*

DEC
1974

LATEST DATA PLOTTED WEEK ENDING. JUNE 26,

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*6* M* IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
6/27/73

9/26/73 11/28/73 12/26/73

AVERAGE OF FOUR WEEKS ENDING:

1/23/74

2/27/74

3/27/74

4/24/74

9.5
7.7
8.5

6.7
8.0

7.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/28/73
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
5/29/74
6/26/74


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

8.0
8.3
8.2
8.9
9.0
9.0
8.6
8.8

11.2
10.3
11.0
10.9
10.6
9.8
9.9

8.8
10.5
10.4
10.2
9. 1
9. 4

10.8
10.5
10.2
8.9
9.3

11.9
11.0
9.3
9.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL

BANKS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
82

BILLIONS OF DOLLARS
82

..... — —

-

80

f-

-

78 r

74

-

-

-

72 *■

-

70

68
66
64

62
60
58

-

-

-

-

-

-

-

-

-

-

-/

/

-

56

5S 1 1 1 1

1 1 1

2 ]« SO 13 27
MAY

JUN

1 1 1
11 25

JUL

1111
8 22

1 1 1

5 IS

AUG
SEP
1973

L.U.1. J.J.I 1.11. -LI 1 L JJ-L 1 LL 1 1 1 .L.L11 J 1 I.
3 17 31

OCT

14 28 12 26

NOV

LATEST DATA PLOTTED WEEK ENDING. JUNE 26,

DEC

9 23

JAN

6 20

FEB

6 20

MAR

3 17

I

APR
1974

MAY

1 .1. 1 1

15 29 12 26 10 24

JUN

JUL

1974

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.
r-...... -............... .... ............. ...

1974
MAY

1
8
15
22
29
JUNE
5
12
19
26
JULY
3
10
17
24
31

money"anp~tthe deposit data———---------■—:---------

BILLIONS
NET TIME
CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
DEPOS1TS *
NOT SEAS. ADJ.
74.3
76.0
76.9
78.8
79.6
79.2
79.6
79.2
80.2

78.0
79.7
80.6
82.0
82.5
81.9
82.5
83.5
84. 1

312.8
312.7
313.6
313.3
314.4
315.7
316.2
317.0
317. 1

i

M2 *
589.6
591.3
593. 1
593.9
592.5
596.9
597.2
598.6
597.4

* SEE FOOTNOTE PAGE 8.
XX SEE p00TN0TE PAGE 9.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

10

80
78
76
74
72
70

68
66
64

62
60
58
56

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

*
I

a

1SZ1

MILLIONS

MAY 29
JUN. 5
12
19
26
JUL. 3

«;

3606
3054
2729
3223
2788
3434

BORROWINGS

2 16 S« IS 27

II 25

# 22

5 10

3 17 31

14 23 12 26

NOV

I

IS 29 12 26 10 24

DEC

1973

1974

LATEST DATA PLOTTED WEEK ENDING! JULY 3, 1974

BUSINESS LOANS

( COMMERCIAL

AND

INDUSTR1AL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
,28 -------------.---------- ,-----

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

“ COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 26, 1974 FROM THE FOUR
WEEKS ENDING:
BUS I NESS
BUSINESS
LOANS
LOANS
ADJUSTED
30.2
31.0

30.9
24.6
16.6

'BUSINESS LOANS ADJUSTED 1

MILLIONS
BUSINESS
LOANS ■LOANS
ADJUSTED

BUSINESS LOANS
MAY

22

JUN.

2 16 30 13 27 11 25

JUN

8 22

JUL

5 19

3 17 31

OCT

14 28 12 26

9 23

6 20

6 20

5

3 17

1

15 29 12 26 10 24

NOV

1973
LATEST DATA PLOTTED WEEK ENDING: JUNE 26.

1974
1974

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES.
HOLDING COMPANIES, AND OTHER AFFILIATES.

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

PREPARED BY FEDERAL RESERVE SANK OF ST. LOUIS

11


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

BILLIONS OF DOLLARS
------ ------------------------ Zj 495

495 c-------,-------,---- COMPOUNDED ANNUAL RATES OF CHANGE,
- AVERAGE OF THE FOUR WEEKS ENDING
Z JUNE 26, 1974 FROM THE FOUR
Z WEEKS ENDING,
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED

E

MAR.

Z DEC.
Z SEP.

1974
1974
1974
1974
1973
1973
1973

16.0

CREDIT PROXY ADJUSTED

8Jj.klQNS.
CREDIT PROXY

CREDIT

-EMXY

CREDIT
PROXY

AkjySTSB

467.4
472.4
473.2
472.5

LI 11 I I I
2

16 30

13 2T

II

25

8 22

5 19

3 17 31

14 28 12 26
NOV

LATEST DATA PLOTTED WEEK ENDING,

JUNE 26,

9 23

6 20

6 20

FEB

482.9
482.9

LLLLi I
3 17

ill 1 I 11 I 1 I

MAR

1

15 29 12 26 10 24

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*
1/

DEC

478.5
478.4

H.9 RELEASE.

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