Full text of U.S. Financial Data : Week Ending: July 5, 1972

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FlISIA iSidJ\ L.
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Week ending: July 5, 1972

library

JUN 0 5 1979

The money stock, defined as private demand deposits
plus currency in the hands of the public, has expanded at a
7.6 percent annual rate in the past six months, somewhat above
the trend growth rate of 5.9 percent from late 1966 to late
1971. However, the growth of money, which accelerated to a
9.6 percent rate in the first quarter of 1972 after almost
no increase in the last five months of 1971, slowed to a 5.6
percent rate in the past three months.
Reserves available to support private nonbank de­
posits (RPDs), the reserve aggregate on which increased
emphasis has been placed by the Federal Reserve as a shortrun operating target, has shown a pattern similar to the
money stock over recent months. RPDs increased at a 9.6
percent annual rate in the past six months, following a 4.1
percent rate in the last five months of 1971. In the past
three months, RPDs have increased at a 7.5 percent rate,
slower than the 11.7 percent rate in the previous three
months.
Short-term market interest rates have increased
in recent weeks, after declining slightly or remaining level
during much of the spring. The lull in rates during the
spring was apparently due to the smaller Treasury borrowings
than anticipated during this period. Even with recent in­
creases, short-term rates remain considerably below their
levels of recent years, and in addition, are relatively low
compared with long-term rates at this stage of the business
recovery. Three-month Treasury bill rates averaged 4.10
percent in the first part of this week, about 90 basis points
above the rate of last February. In comparison, this bill
rate averaged 6.53 percent during 1969-70. Yields on fourto six-month commercial paper were 4.88 percent this week,
95 basis points above last February, but still below the
average of 7.78 percent during 1969-70.


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

Prepared by Federal Reserve Bank of St. Louis
Released: July 7, 1972

MONETARY BASE ^
MULTIPLIER 2/

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
---- JULY 5, 1872 FROM
_
THE FOUR WEEKS ENDING:
-

MAY
APR.
MAR.
----- FEB.
JAN.
_
DEC.
JUL.

3,
5.
8,
2,
5,
8,
7,

1972
1972
1972
1972
1972
1971
1971

3.4
4.9
7.5
7.0~
8.6
7.6
6.8

MONETARY BASE

1372
MAY

LATEST DATA PLOTTED WEEK ENDING: JULY 5,

htJLUQNS

31

9.

14

9;

1972

RATIO

RATIO
2.9

2.8
MULTIPLIER
2.7

2.6

2.5

1972

RATIO
2.4

5 19

2 16 30 14 24 II 25

JUL

AUG

8 22

6 20

5 17

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 28,

1

15 20 12 20
JAN

0 23

8 22

5 IS

3 17 31

14 28 12 28

FEB

1972

1/ 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.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^

3

ALL MEMBER BANKS

FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

31.0

30.5

30.0

BILLIONS OF DOLLARS
31.5

- COMPOUNDED ANNUAL RATES
Z—OF CHANCE, AVERAGE OF _
- THE FOUR WEEKS ENDING
JULY 5. 1972 FROM
Z THE FOUR WEEKS ENDING:
~ MAY
3, 1972
9.1 “
Z APR.
5, 1972
7.5
- MAR.
8, 1972
8.8
- FEB.
2, 1972
9.5 ~
- JAN.
5, 1972
9.6
- DEC.
8, 1971
8.8

31.0

30.5

30.0

29.5

29.0

29.0

28.5

28.5

19Z2.

BILU QMS

28.0

28.0

27.5

84
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING

MAR.
“

82

80

1972

FEDERAL RESERVE CREDIT

JAN
78

-----JUL

76

1972

MILLIONS

74

72

5 19

2 16 30 M 29 11

JUL

25

AUG

8 22

6 20

3 17

OCT

NOV

1

15 29 12 26

JAN

9 25

• 22

5 19

3 17 31

14 26 12 26

FEB

1971

1972

LATEST DATA PLOTTED WEEK ENDINGt JULY 5, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND '* OTHER** ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

1SLL

BILLIONS OF DOLLARS

BILLIONS
180.5
181.8
182.0
181.9
182.6
181.0

I I I I
5 IS

2 16 30 14 28 U

JUL

25

AUG

8 22

6 20

3 17

OCT

NOV

1

15 28 12 28

JAN

8 23

8 22

5 18

3 17 31

14 28 12 28

FEB

1971

1972

LATEST DATA PLOTTED WEEK ENDINGi JUNE 28, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
6/30/71

10/27/71

12/1/71 12/29/71

1/26/72

3/1/72

3/29/72

4/26/72

4.9
5.0

3.2

TO THE AVERAGE
OF FOUR WEEKS
END 1NGi
12/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72
4/26/72
5/31/72
6/28/72


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

1.2
1.4
1.6
3.2
4.1
4.5
4.2
4.3

0.0
0.9
4.2
5.6
6.1
5.4
5.4

2.6
6.5
7.9
8. 1
6.8
6.6

8.5
9.7
9.5
7.7
7.3

12.8
11.6
8.8
8.1

10.7
7.1
6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
245 --------- 1------------ 1-----

BILLIONS OF DOLLARS

------------------ --------- 1 245

BILLIONS
235.0
236.3
236.6
236.6
237.3
235.8

5.97. TREND LINE FROM

5 19

2 IS 90 14 28 11 25
JUL
AUG

8 22

6 20

3 12

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 28,
CURRENT DATA APPEAR

1

15 29 12 28

9 23

8 22

5 19

3 17 31

14 28 12 26

1972

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
6/30/71
10/27/71
12/1/71 12/29/71
1/26/72
3/1/72 3/29/72 4/26/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72
4/26/72
5/31/72
6/28/72


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

2.0
2.3
2.5
3.8
4.7
5. 1
4.9
4.9

0.8
1.6
4.5
5.9

6.3

5.9
5.8

3.8
7.0
8.3
8.4
7.4
7. 1

8.4
9.6
9.4
8. 1
7.6

12.5
11.3
9. 1
8.4

10.6
7.8
7.2

5.8
5.6

4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

5 19

2 13 30 14 23 II 25

8 22

3 20

3 17

OCT

NOV

1

15 29 12 23

JAN

9 23

3 22

5 IS

3 17 31

M 23 12 23

JUN

FEB

JUL

LATEST DATA PLOTTED WEEK END I NO. JUNE 28, 1972
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
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 3100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/30/71

10/27/71

9.0
10.2
12.4
13.1
12.8
12.4
12.5
12.7

16.0
19.5
19.0
17.3
15.9
15.5
15.5

12/1/71 12/29/71

1/26/72

3/1/72

3/29/72

4/26/72

11.3
12.4

14.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72
4/26/72
5/31/72
6/28/72


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

22.2
20.4
17.9
16.0
15.6
15.5

22. 1
18.2
15.8
15.3
15.3

14.2
12.3
12.7
13.1

9. 1
10.9
11.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
550 t=------- ------------------

BILLIONS OF DOLLARS
------------------------- =1 550

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

5 10

2 Ifl 30 M 28 11

JUL

25

« 22

6 20

3 17

1

AUG

15 20 12 26

JAN

0 25

8 22

5 10

3 17 31

FEB

14 20 12 20

JUN

JU.

LATEST DATA PLOTTED WEEK ENDINGi JUNE 28, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** M2 IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
6/30/71

10/27/71

5.5
6.3
7.4
8.5
8.7
8.7
8.7
8.8

8.3
10.3
11.6
11.6
11.1
10.7
10.6

12/1/71 12/29/71

1/26/72

3/1/72

3/29/72

4/26/72

9.8
9.4
9.5

8.6
9.0

9.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 1/71
12/29/71
1/26/72
3/ 1/72
3/29/72
4/26/72
5/31/72
6/28/72


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

12.8
13.7
13. 1
12.2
11.5
11.3

15.0
13.8
12.5
11.7
11.4

13.4
11.8
11.0
10.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS

s

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

5 19

2 16 30 14 28 11

JUL

25

8 22

AUG

6 20

3 17

OCT

NOV

1

15 20 12 26

JAN

0 25

BILLIONS OF DOLLARS

8 22

5 19

5 17 31

14 28 12 26

JUN

FEB

JUL

1972
LATEST DATA PLOTTED WEEK ENDING. JUNE 28, 1972
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.


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

MONEY AND TIME DEPOSIT DATA

1972
MAY

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

CERTIFICATES
OF DEPOSIT
35.6
36.0
36.2
36.6
36.7
36.8
37.3
37.0
37.2

BILLIONS
NET TIME
DEPOS1TS ***
249.5
250.0
250.7
251.3
252.1
252.7
253.4
254.2
254.6

M2 mu
484.2
484.5
487.4
486.3
488.4
489.3
490.0
491.5
490.5

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
395

385

375

CREDIT PROXY ADJUSTED 1/

365

355

CREDIT PROXY
345

335

5 It

n« N

14 21

It

25

8 22 6 20 3 17

LATEST DATA PLOTTED WEEK ENDING: JUNE 28,

I

15 29 12 20

9 23

0 22

5 19

3 17 31

14 28 12 20

1972

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

rm- EU"OOOLL"’ bo™,*,,*: of

1912.

MAY
JUN.


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

24
31
7
14
21
28

fiilUQNg
CRED1T
.PROXY

CREDIT
PROXY
ADJUSTED

377.5
378.5
379.4
378. 1
379.9
377.2

381.4
382. 1
383. 1
381.6
383.7
381.2

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 28. 1972 FROM THE FOUR
WEEKS ENDING:
CRED1T
CRED1T
PROXY
-PROXY. ADJUSTED
APR.
MAR.
MAR.
JAN.
DEC.
DEC.
JUN.

26,
29,
1,
26,
29,
1,
30,

1972
1972
1972
1972
1971
1971
1971

10.3
1 1.7
13.4
12.0
12.1
13.0
10.6

10.4
11.5
13.4
11.6
11.8
11.9
10.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

8.0

CORPORATE

7.5

BONOS

7.0

6.5
PRIME COMMERCIAL
LOAN RATE

6.0

5.5

5.0
DISCOUNT RATE
4.5

4.0

- 3.5

3.0

THREE-MONTH TREASURY
BILL MARKET YIELD

2.5

4 IS

MAY

2 IS 30 13 27 10 24

JUN

AUG

S 22

5 19

5 17 31

14 2S 11

JAN

SEP

25 10 24

7 21

5 19

2 IS 30 14 25

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOINGi JULY 7, 1972

1972
MAY

5
12
19
26
JUNE
2
9
16
23
30
JULY 7 IK
14
21
28

CORPORATE
Am BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS ME

7.34
7.33
7.30
7.27
7.23
7.24
7.25
7.23
7.21
7.19

3.56
3.58
3.74
3.78
3.82
3.86
3.87
3.97
3,96
4. 10

5.72
5.73
5.71
5.62
5.64
5.71
5.73
5.81
5.87
5.89

5.69
5.69
5.64
5.57
5.56
5.59
5.59
5.58
5,61
5.63

5.35
5.39
5.29
5.19
5.15
5.31
5.36
5.43
5.43
N.A.

BONDGBUYER'S*AVERAGE'VnOEX'OF
N.A. - NOT AVAILABLE


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

20

MUNICIPAL BONDS, THURSDAY DATA.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.0 ----

PERCENT

----- 8.0

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I II I I II I I I I I I
7 21

4 1ft 2 16 30 15 27 10 24

MAY

JUN

JUL

AUG

SEP
1871

8 22 5 10

OCT

NOV

3 17 31

DEC

14 28 11

JAN

FEB

25 10 24

MAR

7 21

5 10

APR MAY
1972

2 18 30 14 28

JUN

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi JULY 7, 1972


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

1972
MAY

5
12
19
26
JUNE 2
9
16
23
30
JULY 7 X
14
21
28

PRIME
COMMERCIAL
PAPER

PRIME

4-6 MONTH

FEDERAL
FUNDS

BANKERS'
ACCEPTANCES

90 DAY
CD'S sen

4.55
4.50
4.50
4.50
4.50
4.50
4.63
4.65
4.83
4.88

4. 19
4. 19
4.32
4.25
4.50
4.49
4.40
4.42
4.56
4.63

4.25
4.25
4.25
4.25
4.25
4.35
4.38
4.53
4.70
4.75

4.49
4.46
4.41
4.40
4.40
4.43
4.56
4.61
4.67
4.81

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
He* DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1.6

BORROWINGS

1.2

0.8

0.4

EXCESS RESERVES

-0.4

-0.4

0.8

0.8

-

-

NET FREE RESERVES

1.2

1.2

-

-

-1 .6

5 IB

2 16 50 14 26 11

25

6 22

6 20

5 IT

OCT

NOV

1

15 29 12 26

JAN

8 25

6 22

5 19

5 IT 51

14 26 12 26

JUN

FEB

1.6

-

JUL

LATEST DATA PLOTTED WEEK ENDING. JULY 5, 1972


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

MILLIONS
1972
MAY

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

EXCESS
RESERVES
136
191
194
86
88
367
139
211
125
385

BORROWINGS
117
87
39
63
254
60
93
57
135
313

FREE
RESERVES

-

-

19
104
155
23
166
307
46
154
10
72

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
■t