Full text of U.S. Financial Data : Week Ending: July 31, 1974
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http://fraser.stlouisfed.org 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis banksTand CERTAIN OTHER* NONDEPOSIT SOURCES. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS