Full text of U.S. Financial Data : Week Ending: July 5, 1978

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

F//V/I /V£7/>q L.

Both the discount rate and the prime bank
loan rate were increased during the past week. The
discount rate -- the interest rate at which member
banks can borrow from their district Federal Reserve
Banks -- was raised from 7 to 7.25 percent. The Board
of Governors issued the following statement when
announcing this
increase:
"Action was taken in
recognition of increases that have occurred recently
in other short-term interest rates and to bring the
discount rate into closer alignment with short-term
rates generally." The discount rate had been almost
one full percentage point below the Federal funds rate
at the time of the increase, and member bank borrowing
from Federal Reserve Banks had increased to an average
of $1.7 billion in the week ending June 28.
The
previous increase in the discount rate occurred in
early May when the rate was raised from 6.5 to 7
percent. Member bank borrowing at that time was also
about $1.7 billion prior to the change in the discount
rate.
The prime bank loan rate was raised from
8.75 to 9 percent by most large banks during the past
week.
This is the fourth increase in the prime rate
since the beginning of May, when the prime rate was 8
percent.
In the week prior to the most recent
increase in the prime rate, the spread between the
rate
and
the interest rate
on
90-day
prime
certificates of deposit -- which reflects the cost of
funds to banks -- was about 70 basis points. In the
most recent week this spread has been about 90 basis
points.
Last week the Board of Governors announced
that all money stock data since the week of May 10,
1978, had been revised to correct an error in the
processing of a component of demand deposits -- the
adjustment for cash items in process of collection.
The revision increased the growth rate of the narrowly
defined money stock (Ml) to an 8.3 percent annual rate
in May from the originally estimated 7.2 percent rate,
and increased the growth rate of the more broadly
defined money stock (M2) to an 8.1 percent rate in May
from a 7.5 percent rate. All money stock data in last
week's release reflected this revision.


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

Prepared by Federal Reserve Bank of St. Louis
Released: July 7, 1978

2

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
MO ---------- ,------------- ,-----

— MAY

4 IB

BILLIONS OF DOLLARS
------------------------------- MO

135.5
135.3
136. 1
136.6
136.6
137.9

I I I I
1 13 2B 13 27 10 24

7 21
SEP
1077

5 10
OCT

2 16 30 14 28 11 25 8 22
DEC
JAN
FEB

8 22

5 10

3 17 31 14 28 12 26

,078

LATEST DATA PLOTTED WEEK ENDINGt JULY 5, 1978
bank resides at the federal reserve banks and currency

12tLf CURRENCY HELD BY THE PUBLIC AlC IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
^£ESERVEREQU I REtfjNT RATIO CANGES AND SHIFTS INTHE SAME TYPE OF DEPOSITS BETWEEN BANKS
PFftBLP RP§rm2
A^ LY*
MAJOR^SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE
AND BASE
THE GOLD
STOCK. DA
A ARE
BY THIS BANK*OF
BANK A DETAILED
DE­
SCRIPTION
OF THE CREDIT
MONETARY
IS AVAILABLE
FROM
THE COMPUTED
FEDERAL RESERVE
ST. LOUIS?

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
7/6/77

10/5/77

12/7/77

1/4/78

AVERAGE OF FOUR WEEKS ENDINGt
2/8/78

3/8/78

4/5/78

5/3/78

7. 1
7.4
10.0

8.5
11.6

12.7

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

7/77
4/78
8/78
8/78
5/78
3/78
7/78
5/78

9.6
9.7
10.6
9.9
9.4
9.4
9.3
10.0


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

9. 1
10.8
9.7
9.0
9.0
8.9
9.8

13.2
10.6
9.3
9.2
9.0
10.3

10.6
8.9
8.9
8.7
10.2

5.0
6.4
6.9
9.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO
2.0

MULTIPLIER

1978

RATIO

LATEST DATA PLOTTED WEEK ENDING. JUNE 28, 1978
BILLIONS OF DOLLARS
1 22 I
1-------------1---------- 1------------120
118
116
114

BILLIONS OF DOLLARS
122

COMPOUNDED ANNUAL RAT ES
-----OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
JULY 5. 107B FROM
---- THE FOUR WEEKS ENDING i
MAY
3, 1978 17.2
APR.
5, 1978 13.6
—MAR.
8, 1978 11.7
_
FEB.
8, 1978 11.1
JAN.
4, 1978 12.8
_

JUL.

6,

1977

120
i

__AD.. USTED

-EDER/ L RES ERVE :red i t

_____ JL
r--------'

118

H

116
114

V

12.1

112
-

-

-

~

y
1978

-

.f
-

MAT . 3J
JUK

6.5

A

y

JUL
sm
MAY

jin

111

JUN

JUL

iiii

111

i

11

1111

111

111

NOV

DEC

JAN

j.i

i

XI 1 1

8 22

AUG
SEP
1077

OCT

FEB

8 22

MAR

8 LLIONS -

-

J-LiJ Mill j.i 11111*
S 19

APR
1078

5 17 51 14 28 12 26
MAY
JUN
JUL

LATEST DATA PLOTTED WEEK ENDING. JULY 5, 1978
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.

" AND

OTHER ASSETS.

wowiev rtuciw. RESERVE CREDIT


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

'WMwmsmw

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----------------------------3 850

850 r=------- 1------------- ,-----

BILLIONS

■=

834.7
840.3
841.0
840.7
839.4
841.9

i-I.L.1 1 1 1 I
I

Hill I I I

15 20 13 27 10 24

7 21

5 10

1 I I I I I I I I 1 I

2 16 30 14 28 11

DEC
LATEST DATA PLOTTED WEEK END I NGi JUNE 2Br

JAN

25

S 22

i I I I 1 I I 1 1 1 I t I
8 22

5 10

3 17 Si

FEB

M 28 12 26

JUN

JUL

1978

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

MONEY STOCK PLUS NET TIME DEPOSITS (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/29/77

9/28/77 11/30/77 12/28/77

1/25/78

3/1/78

3/29/78

4/26/78

9.9
9.6

8.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/30/77
12/28/77
1/2S/78
3/ 1/78
3/29/78
4/26/78
5/31/78
6/28/78

9.4
8.9
9. 1
8.6
8.2
8.5
8.6
8.6


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

7.2
8.1
7.4
7. 1
7.7
7.8
8.0

8.5
7.2
6.8
7.6
7.9
8.0

7.7
7.0
8.0
8.2
8.3

5.4
7.2
7.6
7.9

8.4
8.6
8.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

845

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
360

BILL!QMS
347.4
351.5
351.7
351.1
349.9

0 L 1 1 I I t 1 1 i I I I 1 » « I i i
i ia
on 13
i a 27 10 24
1iic
15 20

7 21

5 10

SEP

OCT

J.ll J I 111 1 1 J I
2 16 30 14 28 11

DEC

LATEST DATA PLOTTED WEEK ENDING: JUNE 28,

i i I i i i i i i i i i i i i i i
25

JAN

8

8 22

5 10

3 17 31

FEB

14 28 12 26

JUN

JUL

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AM) COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml >
COMPOUNDED ANNUAL RATES OF CHANGE
6/29/77

9/28/77 11/30/77 12/28/77

AVERAGE OF FOUR WEEKS ENDING:
Z25/78

3/1/78

3/29/78

4/26/78

13.6
11.9

9.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/30/77
12/28/77
1/25/78
3/ 1/78
3/29/78
4/26/78
3/31/78
6/28/78

8.0
8. 1
8.5
7.3
6.9
7.8
3. ;
8. 1


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

6.4
7.7
5.9
5.5
7.0
7.5
7.6

10. 1
6.2
5.5
7.7
8.2
8.2

5.3
4.6
7.5
3.2
8.2

1.5
6.3
7.4
7.5

10.2
10.3
9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
S. 5 -----

PERCENT
------ 9.5

CORPORATE

PRIME BANK
LOAN RATE

BONDS

90 DAY CD' S*BI6K

COkfcERCIAL PAPER

U. 1 I 1 I I I
0 20

MAY

3 17

JUN

1

15 29 12 2fl

JUL

AUG

9 23

SEP

7 21

OCT

*18

NOV

2 16 30 13 27 10 2* 10 2*

DEC

JAN

FEB

1977

7 21

MAR

APR

MAY

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 7,

1978
MAY

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

JUL *

1978

90 DAY
CD' S *3*3*

PRIME
COfMERC 1AL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

7.24
7.27
7.45
7.48
7.52
7.54
7.71
7.95
8*0.4
8.07

6.99
7.05
7. 15
7.21
7.31
7.45
7.66
7.74
7.80
7.86

7.18
7.27
7.35
7. 45
7.48
7.54
7.74
7.89
7.94
8.00

8.62
8.65
8.69
8.76
8.79
8. 74
8.72
8.76
8.83
8.85

1978

MUNICIPAL
BONDS M8K
5.98
5. 98

6. 1 6
N.A.

* AVERAGES OF RATES AVAILABLE.
!gH..B°!jP.-a.uTEP,S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** tARuiRATHAWEn»Tff RunwMC0N?uSLt^RK.Ll,AIII
,TBE "EE* Ef®lfJG WEDNESDAY TWO DAYS
N.A. - notaV>ULABLEES SH0WN'
CURRENT data APPEAR IN THE 80ARD OF GOVERNORS' H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
9.0 ------

PERCENT
------ 9.0

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUhCS RATE

^

THREE-MONTH TREASURY
BILL MARKET YIELD
DISCOUNT RATE

ill 1 I I I
o 20

3 17 -1

MAY

JUN

ISM

JUL

AUG

8 25

7 a,'

SEP

OCT

V IS
NOV

» 16 30 18 If 10'

DEC

JAN

FEB

1977
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE V

1978
MAY

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

FEDERAL
FUNDS

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILLMM

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.27
7.32
7.34
7.43
7.36
7.47
7.49
7.53
7.78
7.72

6.38
6.37
6.32
6.51
6.62
6.62
6.65
6.79
6.93
7.01

6.94
6.99
7.01
7.14
7. 16
7.10
7. 12
7.23
7.40
7.45

7.16
7.25
7.32
7.38
7.37
7.36
7.46
7.64
7.72
7.74

8.02
8.09
8. 10
8.16
8. 19
8. 18
8.22
8.39
8.50
8.51

8.31
8.38
8.36
8.41
8.43
8.39
8.40
8.48
8.56
8.58

* niuwuca ur rwitS AVAILABLE.

mjnmLrjseuaer than date showjmSluRY B?S":fEELDS,ONSKscoumRaIsE!.C0“’UTED BY THE FEDER*L


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

bank of st.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

louis.

8

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
500
405
490

490.2
492.0

485
480
475
470
485
480
455
450
445
440

11111111 i 1111111
4

18

1

15 29 U 27

10 24

7 21

SEP
1077

S 10

2 16 30 14 28 11

OCT

DEC

JAN

25

8 22

8 22

5 10

3 17 31

FEB

14

JUN

JUL

1078

LATEST DATA PLOTTED WEEK ENDING. JUNE 28, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* M.6 RELEASE.
3KNET TIKC.DEPOSITS ARE DEF I NED AS i SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANCS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
6/29/77

9/28/77 11/30/77 12/28/77

1/25/78

5/1/78

3/29/78

4/26/78

7.4
8.1

8.5

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
11/30/77
12/28/77
1/25/78
3/ 1/78
3/29/78
4/28/78
5/31/78
6/28/78

10.4
9.5
9.5
9.4
9.2
9.0
8.9
8.9


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

7.8
8.4
8.5
8.3
8. 1
8. 1
8.2

7. 1
7.8
7.7
7.5
7.6
7.8

9.4
8.8
8.3
8.2
8.4

8.2
7.8
7.8
8.1

7. 1
7.4
7.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
265---------- 1------------- ,------

BILLIONS OF DOLLARS
-------- ---------------------- 265

BILLIONS
_

MAY

255.0
258.9
258.9
258.3
256.3
256.7

LLUJLL1
MAY

JUN

JUL

AUG

SEP

OCT

-LI 1 I I I I I
8 22

NOV

DEC

JAN

5 IB

3 17 31

FEB

14 28 12 28

JUN

1977

JUL

LATEST DATA PLOTTED WEEK ENDING: JUNE 28f 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/29/77

9/28/77 11/30/77 12/28/77

1/25/78

3/1/78

3/29/78

4/28/78

TO THE AVERAGE
OF FOUR WEEKS
END INGi
11/30/77
12/28/77
1/25/7B
3/ 1/78
3/29/78
4/26/78
5/31/78
6/28/78

7.2
7.3
7.9
6.3
5.7
7.1
7.3
7.4


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

5.1
6.6
4.4
3.8
6. 1
6.5
6.7

9.6
4.6
3.6
7.0
7.4
7.5

3.3
2.4
6.8
7.4
7.5

-1.4
5.4
6.5
6.7

10.9
10.3
9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS

92. 9
92.8
92.9
93.2

I I I I I I I I I I I I I I I I I

I I I I I I I

4 18

7 21

1

15 28 13 27 10 24

SEP
1977

5 18

2 1C 30 14 28

OCT

DEC

11

JAN

25

8 22

8 22

5 18

FEB

JUN

JUL

1978

LATEST DATA PLOTTED WEEK ENDINGt JUNE 28, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING!
6/29/77

9/28/77 11/30/77 12/28/77

/25/78

3/1/78

3/29/78

4/26/78

7.4
9.6
9.8

9.9
10.0

12.0

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
11/30/77
12/28/77
1Z25/78
3/ 1/78
3/29/78
4/26/78
5/31/78
8/28/78

9.8
10.0
10.3
10.4
10.2
9.8
10.2
10.2


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

10.6
11.0
1 1.0
10.7
10.0
10.5
10.5

1 1.6
11.4
10.8
9.9
10.5
10.5

11.6
10.8
9.6
10.4
10.4

10.1
8.8
10.0
10.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
BlLLIONS OF DOLLARS
2.5 ---------- ,------------- ■----1978

MAY 31
JUN.
7
14
21
28
JUL.
5

4 18

1

AVtKAGtS UF DAILY FIGURES

BILLIONS OF DOLLARS
---------------------------- 2.5

MILLIONS
1399
646
794
1194
1716
1194

15 29 13 27

10 24

7 21

5 19

SEP

OCT

2 16 50 14 28 11

JAN

25

8 22

8 22

5 19

3 17 51

FEB

14 28 12

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGt JULY 5, 1978

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
14? ----------1------------- 1---------- 1------------140
138
136
134
132

—
“ COMPOUNDED ANNUAL RAT ES
— OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
JUNE 28, 1078 FROM

BILLIONS OF DOLLARS
142
140
138

APR.
MAR.
“ MAR.
— JAN.
_ DEC.
SEP.

26,
29,
1,
25,
28,
28,

978
978
978
978
977
977

-

24.6
22.7
21.7
22.3
20. 1
16.4

136

1
7
/

’

134
132
~

130

130
-

-

128

128
-

~

126

126
-

-

124
-

120

-

-

MAY
-

I 18
116
'in

_LL_L 1

111

JUN

JUL

1111

111

111

1111

111

1 1 1

111

AUG
SEP
1977

OCT

NOV

DF.C

JAN

FEB

8 22

MAY

“

122

24
133,230 ~
31
135,886
7
135,017 _
14
134,509
_
21
134,843
28
135,100 ~
........................ Mil’

120

1971

1111 -in i
8 22

MAR

MILLIONS

a 17 51

APR
1978

MAY

14 28 12 26

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGt JUNE 28, 1978


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

PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS

11

118
116

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

I I I I

BILLIONS OF DOLLARS
00

INI
SEP
1077

OCT
1078

LATESTDATA PLOTTED WEEK ENDINGi JUNE 28, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.


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

ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS