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Federal Reserve Bank of St. Louis

Week ending: July 31, 1974

In the past three months, the rate of growth
of the money stock — demand deposits and currency in
the hands of the public — has slowed from that in the
previous six months. Since mid-April the money stock
has grown at a 4.4 percent annual rate, whereas in the
previous six months it rose at about a 9 percent rate.
On balance, for the past nine months the money stock
has increased at a 7.6 percent rate.
Growth of the monetary base has also slowed in
the last three months as compared to the previous six
months, but the slowing has been less marked than in
the money stock. The base grew at about a 10 percent
rate in the six months from mid-October of last year to
mid-April, and since mid-April has risen at a 6.6 percent
rate. For the past nine months as a whole, the
monetary base has increased at an 8.8 percent rate.
Part of the recent reduction in the growth
rate of the money stock can be explained by
acceleration in the growth of time deposits. Since
mid-April total time deposits at commercial banks have
risen at a 20 percent rate, somewhat faster than the 16
percent rate in the previous six months. The broader
money measure — money stock plus total time deposits
— increased at a 13 percent annual rate both in the
past three months and in the prior six months.
In the past, decelerations in the growth of
the money stock have been sustained only when there has
been similar and sustained deceleration in the growth
of the monetary base. In 1969, for example, growth rates
of the monetary base and the money stock slowed for a
considerable period. From February 1969 to February
1970, the monetary base rose 3 percent and the money
stock grew 2.9 percent. In the summer of 1973, on the
other hand, growth rates of both the base and money
slowed for a few months, but in neither case did the
slowing last long enough to shift the trend line of
expansion away from the path of the previous three
years. Since February 1970 the monetary base has
risen, on average, 7.6 percent per year, and the money
stock has increased at a 6.9 percent average annual
rate.

Prepared by Federal Reserve Bank of St. Louis

Released: August 2, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

112
MILLIONS

6 20

4 18

JUN

1

7 21

5 IB

NOV

IS 29 12 26 10 24

JUL

DEC

2 10 SO IS 27 IS 27 10 24

FEB

MAR

1973

8 22

5 19

S 17 SI

14 28

APR
1974

LATEST DATA PLOTTED WEEK ENDING* JULY 31, 1974
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOI'WEMBER
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 , AVERAGE OF FOUR WEEKS ENDING:
8/1/73

10/31/73

6.9
7.6
7. 1
7.5
8. 1
7.8
7.6
7.7

10.5
8.9
9.2
9.8
9.2
8.7
8.8

1/2/74

1/30/74

3/6/74

4/3/74

3/1/74

3/29/74

9. 1
7.9
8.2

5.5
6.6

7.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 2/74
1/30/74
3/ 6/74
4/ 3/74
5/ 1/74
5/29/74
7/ 3/74
7/31/74


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

7.8
8.6
9.7
8.8
8.3
8.4

7.3
9.2
8. 1
7.7
7.9

11.9
9.5
8.5
8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER j/
FEDERAL RESERVE CREDIT 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO
2.S

2.9

1211

MLLfl

LATEST DATA PLOTTED WEEK ENDING. JULY 24. 1974
BILLIONS OF DOLLARS
98 ----------1---------- ,-------------,----------,----------------------- ---------- ------

BILLIONS OF DOLLARS
------------------- ---------- 98

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___ THE FOUR WEEKS ENDING
JULY 31. 1874 FROM
THE FOUR WEEKS ENDING.

— MAY
_

MAR.
JAN.

30,

— AUG

1974
1974

FEDERAL RESERVE CREDIT

1973

1211

e 20

JUN

4

ve

JUL

15 28 12 2« 10 24

AUG

SEP
1973

OCT

7 21

5 19

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING. JULY 31,

2 16 30 13 27 15 27 10 24

JAN

FEB

MAR

« 22

5 19

MILL. IQNS

3 17 31

14 2«

APR

1974

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
27 DEFI NED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND *’OTHER'1 ASSFTS in iu^tpd car
CLaIseI 0F°Ba5^ENT DATA^ARE^SEASONALLY ADJUSTED^IfTHfs^ANK0 SHIFTS ,N °EP6SITS


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 DOLLARS
2?5

216.7
215.5
217.2
215.4
217. 1
215.3

220

215

210

205

e 2o

JUN

a ia

I

IS 28 12 26 10 24

7 21

5 19

NOV

JUL

DEC

2 16 30 Iff 27 13 27 10 24

FE6

MAR

8 22

3 10

3 17 31

14 28

APR

1973
LATEST DATA PLOTTED WEEK ENDINGi JULY 24,

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE ,
7/25/73

10/24/73 12/26/73

1/23/74

AVERAGE OF FOUR WEEKS ENDING:

2/27/74

3/27/74

4/24/74

5/22/74

1 1.3
7.8
7.9
6.5

5.3
6.3
5.0

4.9
3.6

4.7

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74


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

3. 1
2.0
3.2
4.3
4.8
4.5
4.8
4.5

6.6
7.3
8.3
8.5
7.5
7.6
6.9

3.4
6.2
7.0
5.9
6.3
5.5

1 1 JD
10.5
8.3
8.2
7.0

PREPARED BY FEDERAL-RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

281.5
280.2
282. I
280.6
282.0
280.3

6 20

4 IS

JUN

JUL

I

IS 20 12 28 10 24

7 21

9 10

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING. JULY 24,

2 18 90 IS 27 19 27 10 24

FEB

S 22

9 10

9 17 91

14 28

MAR

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.0 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
7/25/73

10/24/73 12/26/73

1Z23/74

2/27/74

3/27/74

4/24/74

5/22/74

11.6
11.2
9.2
8.9
7.7

1 1.7
8.7
8.5
7. 1

6.5
7. 1
5.8

5.7
4.4

5.1

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74


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

4.4
3.5
4.6
5.5
6.0
5.7
6.0
5.6

7.2
8. 1
9.0
9.2
8.3
8.3
7.6

5.0
7.4
8. 1
7. 1
7.3
6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.5
13.0
12.5

12.0
11.5

11.0
10.3
RIME BANK
OAN RATE

10.0
9.5
9.0
8.5

COMMERCIAL PAPER

8.0
7.5

CORPORATE AAA BONDS

7.0
6.5

6.0
5.5
5.0
MUNICIPAL
BONDS KK

1

13 29 13 27 10 24

7 21

SEP
1973

S 19

OCT

4.5
2 16 30 14 26 11 23

DEC

JAN

6 22

8 22

3 19

3 IT 31

FEB

14 26 12 26

JUN

JUL

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST 2,

1974
JUNE

7
14
21
28
JULY
5
12
19
26
AUG.
2 *
9
16
23
50

6

9 23

1974

90 DAY
CD'S mat

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa bonds

MUNICIPAL
BONDS UK

11.05
10.97
11.39
11.62
12.05
12.30
12.66
12.09
11.99

10.53
10.75
11.10
11.48
11.81
11.95
11.95
11.50
11.21

10.75
10.75
10.75
10.90
11.31
12.00
12.00
12.00
12.00

8.40
8.40
8.49
8.57
8.62
8.66
8.71
8.77
8.84

6.01
6.04
6.13
6.33
6.64
6.95
6.78
6.34
N. A.

* AVERAGES OF RATES AVAILABLE.
sen BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
993* 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
14.0
13.5
13.0
12.5

12.0
11.5

11.0
10.5

FEDERAL FUNDS RATE

10.0
9.5
9.0
8.5

HREE-MONTH TREASURY
ULL MARKET YIELD

8.0
7.5

DISCOUNT RATE

7.0
6.5

6.0
t

IS 2a

IS 27

Jill

10 24

5 19

SEP

2

16 SO 14 28 11

OCT

DEC

25

JAN

8 22

8 22

S IS

3 17 31

14 28 12 26

8 23

0

FEB

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST 2,

1974
JUNE

7
14
2!
28
JULY
5
12
19
26
AUG.
2 *•:
9
16
23
30

FEDERAL
FUNDS sat

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERKWENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

11.45
11.60
11.85
11.97
13.55
13.34
13.04
12.60
12.29

8.05
8.23
7.88
7.45
7.53
7.45
7.72
7.43
7.64

8.06
8.06
8.09
8.33
8.47
8.60
8.35
8.08
8.48

1974

7.04
6.99
7.01
7.07
7.12
7.23
7.24
7. 12
7.21

* AVERAGES OF RATES AVAILABLE.
**
^lKo^N21NG 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

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

6 20

4 18

JUN

1

13 20 12 26 10 24

7 21

9 10

NOV

JUL

DEC

2

16 30 15 27

FEB

13 27

MAR

10 24

6 22

3 10

3 17 31

M 26

APR

LATEST DATA PLOTTED WEEK ENDINGt JULY 24. 1974
CURRENT DATA APPEAR

IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

* NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IFICATESOF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 6100.000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
7/25/73

10/24/73 12/26/73

1/23/74

2/27/74

3/27/74

4/24/74

5/22/74

12.2
10.7
9.7
10.2
9.8

7.4
7.1
8.5
8.3

6.9
8.8
8.5

9.4
8.9

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/26/73
1/23/74
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74

8


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

12.7
13.2
13.7
13.0
12.4
11.8
11.8
11.5

13.6
14.3
13.0
12. 1
11.3
11.4
11.0

16.2
13.4
12.0
10.9
11.1
10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
TOO r-------- ---------- --------

BILLIONS OF DOLLARS
----- ------------- ---------2 700

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**.

6 20

4

JUN

JUL

18

1

13 29 12 26 10 24

7 21

5 19

NOV

DEC

2 16 30 1 3 27

FEB

13 27

MAR

10 24

8 22

5 19

3 17 31

14 28

APR

LATEST DATA PLOTTED WEEK ENDING. JULY 24, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** M* IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET T ME DEPOSITS ( M 2 }
COMPOUNDED ANNUAL RATES OF CHANGE
7/25/73

10/24/73 12/26/73

1Z23/74

AVERAGE OF FOUR WEEKS ENOINGi

2/27/74

3/27/74

4/24/74

5/22/74

9.5
7.8
8.5
7.7

6.7
8.0
7.2

7.6
6.7

7.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/20/73
1/23/74
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74


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

8.6
8.5
9.3
9.3
9.3
8.9
9.0
8.6

10.4
1 1.2
1 1.0
10.7
9.8
9.9
9.3

10.8
10.5
10.2
9. 1
9.3
8.6

11.9
1 1.0
9.4
9.6
8.8

PREPARED 8Y FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES

NOT SEASONALLY ADJUSTED

MILLIONS OF DOLLARS

------ ------------------- 86

6 tO

4 IS

t

IS 28 12

10 *4

T 21

3 18

MOV

DEC

2 18 30 13 22 13 27 10 24

8 22

3 18

3 IT 31

14 28

1973
LATEST DATA fLOTTED WEEK END INC a JULY 2-4. 197-4
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEAK.
SI«L>'A^PaRT^NGGMileRaIPb^CS0*03 1T ,SSUED IN DENOMINATIONS OF *100.000 OR MORE BY LARGE


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

BHEVflg TUg flgQSIT DATA'

BILLIONS
CERT IF I CATES CERTIFICATES
NET TIME
OF DEPOSIT
OF DEPOSIT
DEPOSITS 31
NOT SEAS. AOJ.

1974
JUNE

5

12

19
26
JULY 3
10
17
2-4
31
AUG. 7
1-4

79.2
79.6
79.2
80.2
80.8
81.1
83.0
84.7

81.9
82.5
83.5
84. 1
85.0
8-4.7
85.4

as. a

315.7
316.2
317.0
317.0
317.1
318.3
318.-4
319.-4

M248K
596.9
597.2
598.6
597.2
599.2
598.9
600.-1
599.7

21

28
* SEE FOOTNOTE PAGE 8.
** SEE FOOTNOTE PAGE 9.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

Ml MILLIONS
JUN. 26
JUL.
3
10
17
24
31

2788
3435
2642
3176
3641
3689

BORROWINGS

« 20

4 18

JUN

JUL

1

15 ZB 12 Z« 10 24

7 21

5 IB

NOV

DEC

2 16 50 13 27 13 27 10 24

FEB

MAR

• 22

5 10

3 17 31

14 28

APR

LATEST DATA PLOTTED WEEK ENOINGi JULY 31, 1974

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
JULY 24. 1974 FROM THE FOUR
~ WEEKS ENDINGi
—
BUSINESS
_
BUSINESS
LOANS
_
.LOANS ADJUSTED
_ MAY 22, 1974
APR. 24, 1974
— MAR. 27 1974
34.3
— FEB. 27, 1974
34.3
JAN. 23, 1974
29.7
29.6
— OCT. 24, 1973
21.9
— JUL. 25, 1973

BILLIONS OF DOLLARS
130
128
126
124

BUSINESS LOANS ADJUSTED 1/
122
120
118
116
114

112
BUS I NESS “
BUSINESS
LOANS ------LOANS. ADJUSTED _
BUSINESS LOANS

JUN.

110
108

19

106
104
8 20

4 18

I

15 28 12 26 10 24

7 21

3 IB

NOV

DEC

2 16 30 13 27 13 27 10 24

FEB

1973
LATEST DATA PLOTTED WEEK ENDINGi JULY 24,


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

MAR

8 22

3 IB

3 17 31

14 28

APR
1974

1974

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

FEDERAL RESERVE BANK OF ST. LOUIS
P. 0. BOX 442
ST. LOUIS, MISSOURI 63166

FIRST CLASS MAIL
-

U. S. POSTAGE

1

PAID
RETURN POSTAGE GUARANTEED

PERMIT 444

—

fIRST CLASS mflIL

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

BILLIONS OF DOLLARS
----- ------------- --------ZD 495

BILLIONS OF DOLLARS
495 r;------- 1----------1-------- COMPOUNDED ANNUAL RATES OF CHANGE,
ZZ AVERAGE OF THE FOUR WEEKS ENDING

ZREDIT
proxy

27, 1974
27, 1974
23, 1974

CREDIT
PROXY
Acjusiea

20.0
18.4

CREDIT PROXY ADJUSTED 1A

BILLIONS
CREDIT
PROXY

CREDIT PROXY

473.1
472.4
477.3
474.9

CREDIT
PROXY
apjvsteh

482.9

486.3
475.1

4 18

1

3 29 12 26 10 24

7 21

3 IB

NOV

6 20

2 18 30 1 3 27 1 3 27 10 24

DEC

LATEST DATA PLOTTED WEEK END INGi JULY 24.

FEB

MAR

8 22

5 18

5 17 31

4 28

APR

1974

CURRENT OATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

\/ INCLUDES MEMBER BANK DEPOSITS. BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF

uTsT

12


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Federal Reserve Bank of St. Louis

banksTand

CERTAIN OTHER* NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS