Full text of U.S. Financial Data : Week Ending July 31, 1968
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. p • RESEARCH LIBRARY Federal Reserve Bank of St. Louis u S. FinflnCIHL DAT Week ending July 31,1968 AUG 2 7 1998 MONEY STOCK (Page 5) INTEREST RATES (Continued) The nation’s money stock rose $4.7 billion or at a 10 per cent annual rate during the last three months. Over the last six months, a period sufficiently long that irregular influences are usually less im portant, money rose at a 7 per cent rate, in the top 99 per cent of all rates for consecutive six month periods since World War II. From 1957 to 1967 money rose at an average rate of 2.6 per cent. The lower yields have probably reflected changed expectations as well as the marked increase in the supply of funds available resulting from the recent rise in money. Expectations of a decline in yields may reflect an anticipation of less Government borrowing as a result of the surtax and perhaps less private borrowing also if excessive total demands for goods and services are moderated and if inflationary pressures recede. On the other hand, the current demand for credit has apparent ly continued strong, reflecting the rapid rise in total spending, stimulated by the lagged effect of monetary and fiscal conditions in the first half of the year. DEMAND DEPOSITS (Page 4) Private demand deposits, the major component of money and the component that is more sensitive to changes in the volume of bank reserves, have gone up at an 11 per cent rate in the past three months and at a 7 per cent rate in the past six months. From 1957 to 1967 demand deposits rose at a trend rate of 2.4 per cent. INTEREST RATES (Pages 10 and 11) Interest rates on Government securities have fallen sharply since the peaks reached in late May. Long-term Government securities decreased from 5.52 per cent in late May to 5.01 per cent in the last three days. Three month Treasury bills have declined from a peak of 5.82 per cent to an average yield of 5.20 per cent in the last three days. Declines in yields on corporate securities have been less pronounced. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TIME DEPOSITS (Page 7) Time deposits at all commercial banks have risen sharply since the end of June. In the three previous months,, they increased at an annual rate of 3 per cent; while, in comparison, these deposits grew at a 12.1 per cent rate from 1957 to 1967. The recent acceleration in the growth of time deposits reflects the developing attractiveness of the yields on deposits which have been limited by Regulation Q when compared with the falling yields on short-term Government securities. Rates of change reported in this release are intended to serve as summaries which may he useful in analyzing recent developments. Prepared by Federal Reserve Bank of St. Louis Released: August 2, 1968 FEDERAL RESERVE CREDIT 1 Averages of Daily Figures of Dollars Billions of : Seasonally adjusted by this bank. |2 57 56 55 Annual rates of change Federal Reserve Credit adjusted for reserve requirement changes .averages of four weeks ending July 31, 1968 _ .from four weeks ending: May 1, 1968 +-(*.(* Jan. 31, 1968 -b/O-f Nov. 1, 1967 +/0.3 -Aug. 2, 1967 7- /O. S 1968 Federal Reserve Holdings Credit So. oi SOso, 4>v SO. V7 SO-7o' Si. Zj so. n sa S/.S* Sa si // s/. 60 1957-1967 i* 30 5/. 32. SO it 51-13 SJ.cto 54 52.70 ja. OI 53 5i.M52 S2..0I Federal Reserve Credit 51 50 Borrowings 49 Federal Reserve Holdings of U.S. Government and Federal Agency Securities 48 47 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. 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. 46 45_ 6 Latest data preliminary Latest data plotted week ending: July 31, 1968 4 18 Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 Nov. 1967 13 27 Dec. 10 24 Jan. 15 29 May 12 26 10 24 June July A 1968 7 21 Aug. 4 18 Sept. 30 13 27 11 25 Nov. Dec. 5 19 5 19 Feb. Mar. 1963 9 Prepared by Federal Reserve Bank of St. Lou: RESKVES All Member BcWcs in the Nation Averages of Daily Figures Billions of Dollars 3 Billions of Dollars 1/ Data prior to Jan. 18, 1968 adjusted for estimated effect of reserve requirement changes. froot four weeks endii “ __ Seasonal adjustment computed by this --- hank using data ending December 1967.--Unadjusted data appear in the Board's---- H.U.l. release. --- TOTAL RESERVES Annual rates of change, average of au. ■ TOTAL EFFECTIVE RESERVES _ / as. 75a as./. 7 is as.S3 as.sg 39 ZS.K, y.-< j as. ijl 1957-1967 Total l/ RESERVES AVAILABLE FOR PRIVATE DEMAND DEPOSIT: / ___.V7 /4 n.3.0 If n.3i WS ' ix Reserves Available for Private Demand Deposits /1X$ az nS3 /?■ 3S n.al i<t it l/ Data prior to Jan. 18, 1968 adjusted for ’ estimated effect of reserve requirement n.*i /7-S? an rTio n.sio RESERVES AVAILABLE FOR PRIVATE DEMAND DEPOSITS Annual rates of change, average of four weeks ending July 31, 1968 from four weeks ending: changes. Seasonal adjustment revised. May 1, 1968 / f. n n.S3 7 2, 1967 Latest data preliminary Latest data plotted week ending: July 31, 1968 6 20 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 1957-1967 29 June July Aug. Sept Dec. 1968 Prepared by Federal Reserve Bank of St. Louis DEMAND DEPOSIT COMPONENT OF U.S. MONEY STOCK* Averages of Daily Figures Seasonally Ad usted Billions of Dollars Billions of Dollars Annual rates of change, average ~~ four weeks ending July 24, 1968 fiom four weeks ending; WEEKLY DATA 1968 ffla* /6 1+3.3 ® A1 / +S-0 fiol —L Jan. 24, 1968 + 7-3 «:<? 1+6-1 + (e.S +. 4 - $*Ml S '+S <\ /a /++3 /</ H+,8 *tit> J +6.8 <Uh3 /V7. J 1957-1967 ■’ i/o M n '+>■7 ,+u.i.P 13-week centered moving average Weekly 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 * Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federa'l Reserve Bulletin. For trend of demand deposits by months see this bank's monthly release entitled "Monetary Trends". OZ July 24, 1968 2k 7 21 6 20 3 17 1 15 29 12 26 10 2k 7 a It 18 2 16 30 13 27 11 25 8 22 5 19 5 19 Prepared by Federal Reserve Bank of St. Louis 2 MONaMTOCK* A verages o^waily Figures 5 Billions of Dollars Seasonally Ad justed ions of Dollars 205 204 203 202 201 Annual rates of change, average of — four weeks ending July 24, 1968 from four weeks ending: Apr. 24, 1968 Jan. 24, 1968 f 7-3 Oct. 25, 1967 ■+- 6,.7 WEEKLY DATA 1968 . 'tZM is /&•£•! . Z7- /f6>.8 . 2H /#7. *+ .()u~t- <> S' /?7.1 . ,0, a 200 1957-1967 199 199 197 196 195 194 193 192 191 190 189 188 187 186 185 184 13-week centered moving average 183 Weekly 182 181 180 179 178 177 * Current data appear in the BoardTs 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". 176 Latest data preliminary 175^ 0~ 6 20 Sept. 4 18 l 15 29 13 27 Oct. Nov. Dec. 1967 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 24 Jan. i i i i .1 i 7 21 6 20 Feb. Mar. 3 17 Apr. 1 15 29 12 26 10 24 May June July 1968 7 21 Aug. 4 18 Sept. 2 16 30 Oct. 13 27 11 25 Nov. Dec. 8 22 Jan. 5 19 5 19 Feb. Mar. 1969 Prepared by Federal Reserve Bank of St. Louis 2 A; 6 CERTIFICATES OF DEPOSIT 1 Large Commercial Banks Wednesday Figures Billions Billions of Dollars _Annual rates of change, seasonally unadjusted data, _ average of four weeks ending July 24, 1968 from — four weeks ending: July 26, 1967 1964-1967 22.0 22.0 21.0 21.0 20.0 20.0 Millions of Dollars 19, s4 3 /? I'll Current and year ago data appear in the Board's H.4.2. release. 1/ Negotiable time certificates of deposit Latest data preliminary _ Latest data plotted: July 24, 1968 _ H--20 4 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 ?9 13 27 10 2k 7 21 6 20 3 17 l 15 June Prepared by Federal Reserve Bank of St OSITS* TIME All Com cia I Banks Averages of Daily Figures Seasonally Ad u sted Billions 7 Billions of Dollars Annual rates of change, average of 1968 from four weeks ending: /4<w zf /<P7. ? Vjfr. / 81-7 A? /<SV-7 d !g$.C /a / <?/• / 1957-1967 at «7.9 j /w-S" /m ■ n h°.a Zi 4 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 7 21 6 20 P * 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: July 24, 1968 20 19/./ 3 17 1 15 29 12 26 10 24 July 7 21 Aug 4 18 2 l6 30 13 27 U 25 8 22 5 19 5 19 Feb. 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 Millions of Dollars Millions of Dollars 2,000 excess RESERVES free BORROWINGS RESERVES BIWEEKLY DATA ? ' 1,700 (,7/ 6 SO IStf 31S -383 - Z IS 1,500 3/0 1,300 1,300 - 308 + 37 1,200 1,100 BIWEEKLY SETTLEMENT PERIODS 1,000 Borrowings Excess Reserves Net Free Reserves 900 - 1,000 -4^ —- 13 Latest data preliminary Latest data plotted: 27 11 25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 22 6 20 two weeks ending July 31, 1968 3 17 31 14 28 13 27 10 24 8 22 5 19 June 3 17 31 14 28 11 25 9 23 6 20 1 15 291226 July Prepared by Federal Reserve Bank of St 12 26 9 BUSINE^OANS La rge ComiMcia I Banks Billions of Dollars 73 rn Billions of Dollars Wednesday Figures i ti i i i i i i i i 73 ik. Seasonally ad jus ted by this bank. Annual rates of change, average of four weeks ending July 24, 1968 from four weeks ending: Apr. 24, 1968 -h/O.SL Jan. 24, 1968 -h 10 0 Oct. 25, 1967 y- /0.8 July 26, 1967 + g. i 72 1960-1967 71 70 I.( 69 68 67 Millions of Dollars SEASONALLY UNADJUSTED . ADJUSTED 1968 c / f /S U. 7J7 1,1 C- asl K? n 65 C,8,V^ yv-bj 1 v i7. *0# & u / c/f ^7, o/, cwr U / 44J &7 T/7 £»»7 Vic 7 > 66 4 7. y<?7 4 7 /4A- -rJJ 4 7,6/0 (t> 7. V3* 7 e?«? “ /o fj xy *V/ 61 utG'+fO/ b,s;jz>7 *>1, Jfl C©7, iS-i b% /?<*. *>7,35* 4>?( 0* ? ^ 4>9. 0/5* Z7 _ 63 62 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: July 24, 1968 6 20 Sept. 4 11 ii 11 10 rrrrrrT i 2k 7 21 18 1 15 29 13 27 Oct. Nov. Dec. 1967 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Jan. Feb. 1 15 29 May 12 26 10 2b June July 1968 7 21 Aug. irrmmi nrirn-j trn if r 11 b 18 2 Sept. i6 ; 16 30 13 27 Oct. Nov. 11 ?5 Dec. 3 22 Jan. 5 19 Feb. 6l ' 0 5 1'9 Mar. J-969 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 * Ut tit 3/ St. 7 S.S*S70 I. 7 JTtfc LONG- CORPORATE TERM SX8 St/ S.gO X7S S3? S.SAS*J S.30 s.il it s.tS s-3o s!k/ s.tn s.i? s./s It S.3t 515V S./t jb *1 S.iO SA1 S.30 S.03 SO! It ju S S.3S /A X37 SIS 10 Per Cent 4,3? S.Sg S-51 S./3L S./o Corporate Aaa Bonds Long-Term Government Bonds Discount Rate Three-Month Treasury Bill Market Yield . 8 J_I_1_l 22 Sept. 6 l I l—1—1 20 Oct. 3 IT 1 Nov. 1967 OF RATES AVAILABLE *AVE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15 Dec. 29 12 26 Jan. 9 23 Feh. 8 22 Mar. 5 19 Apr. 3 IT 31 May lU 28 12 26 June July 1968 9 23 Aug. 6 20 It 18 1 15 29 13 27 10 2k 7 21 7 21 1 1969 rt^^iuis Prepared by Federal Reserve Bank of S' SELECTED SHORT-^RM INTEREST RATES Averages of Daily Rates Ended Friday Per Cent I I Per Cent II I PRIME LARGE 1—1PAPER BANKERS' 90 DAY 8.50- 4-6-MONTH ACCEPTANCES CD'S** - 8.00- h* l - 7.00- Prime Commercial Paper 4-to-6 Month Prime Bankers Acceptances Discount Rate. Federal Funds Rate Latest data plotted are averages of rates available for the week ending: Aug. 2, 1968 8 22 6 20 Oct. 3 17 1 15 29 12 26 9 Dec. *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 14 28 June 12 26 9 July 23 Aug 6 20 4 18 1 15 29 13 27 Dec. 10 24 7 21 7 21 Mar. Prepared by Federal Reserve Bank of St. Louis