Full text of U.S. Financial Data : Week Ending: July 7, 1976

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

/
U.

Silt,

Week ending: July 7, 1976

LIBRARY
DEC 2 6 1979

The data on business loans at weekly reporting large
commercial banks that are reported in this release have been
revised. The business loan series is based on weekly reports from
a sample of large commercial banks. As a consequence of changes
in New York State branch banking laws, beginning January 1, 1976,
the financial data reported by three large New York City banks
include data for banking units that have been converted from
affiliated banks (not all of which were previously included in the
weekly sample) to branches of the reporting banks. The
nonseasonally adjusted business loan series was revised by the
Board of Governors to treat these consolidations as if they had
existed prior to January 1976 and, thus, facilitate historical
comparison with the current data. The data were seasonally
adjusted by this Bank. This revision has had little net effect on
movements in the business loan series.
On a seasonally adjusted basis business loans have
declined, on balance, over the last nineteen months. From early
December 1974 through late December 1975, business loans decreased
by about $11 billion. Over the first three and one-half months of
this year business loans declined by another $8.3 billion.
Relative to this large decline, they appear to have stabilized
recently.
For certain companies, borrowing in the commercial paper
market is an alternative to borrowing from commercial banks.
Commercial paper is an unsecured short-term promissory note sold
by companies to investors. Interest rates on prime commercial
paper are generally lower than the prime lending rate at
commercial banks, but only top-rated borrowers can sell commercial
paper. Over the last five months the spread between the interest
rate on prime four- to six-month commercial paper and the prime
rate has narrowed from an average of about 170 basis points over
the four weeks ended February 6 to an average of 135 basis points
over the most recent four weeks. This narrowing in the spread has
made borrowing from banks relatively more attractive, which is
consistent with the observed stabilization of business loans at
commercial banks recently.


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

Prepared by Federal Reserve Bank of St. Louis
Released: July 9, 1976

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
128

MILLIONS
126

124

122

120

116

116

114

4 18

MAY

2 16 SO IS 27 10 24

JUN

AUG

8 22

5 IB

3 17 31

SEP
1975

14 28 11

JAN

25 10 24

FEB

7 21

APR
1976

5 19

2 18 30 14 28

MAY

LATEST DATA PLOTTED KEEK ENDING. JULY 7, 1976
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE COLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF FOUR WEEKS ENDINGt
7/9/75

10/8/75 12/10/75

1/7/76

2/4/76

3/10/76

4/7/76

8. 1
7.3
8.1

7.8
8.8

5/5/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/10/75
1/ 7/76
2/ 4/76
3/10/76
4/ 7/76
5/ 5/76
6/ 9/76
7/ 7/76

2


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

6. 1
5.4
4.1
6.1
6.0
6.4
6.4
6.7

7.3
4.5
7.6
7.3
7.7
7.4
7.8

-1.2
6.0
6.0
6.8
6.6
7.2

8.0
7.4
8.0
7.5
8.1

12.8
12.0
10.3
10.4

8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

lazfi

BAD Q

LATEST DATA PLOTTED WEEK ENDING. JUNE 30. 1976
BILLIONS OF DOLLARS
114 ----------1---------- 1--------

BILLIONS OF DOLLARS
----- ------------- ---------- 114

COMPOUNDED ANNUAL RATES
OF CHANCE. AVERAGE OF
THE FOUR WEEKS ENDING
JULY 7. 1976 FROM
THE FOUR WEEKS ENDING.
— APR
-----JAN
____
JUL.

5,
7,
10,
4,
7,
8,
9,

1976
1976
1976
1976
1976
1975
1975

8.8
10.0
8.7
10.5
8.4
8.8
7.0

ADJUSTED FEDERAL RESERVE CREDIT

ISIS.

4 18

MAY

2 18 30 13 27 10 24

8 22

5 19

3 17 31

JUN

14 28 11

JAN
1975

FEB

25 10 24

5 19

APR
1976

MILLIONS -

2 16 30 14 28

MAY

LATEST DATA PLOTTED WEEK ENDING. JULY 7, 1976
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESgjVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS. FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACflNG TREASURY
gEPOS17S AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUST ING THE SERIES FORRESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
710
705

BILLIONS
697.6
699.7
700.6
701.3
699.6
701.0

700
695
690
685
680
675
670
665
660
655
650
645
640
635
630

4 16

2 16 90 19 27 10 24

AUG

C 22

5 19

9 17 91

14 26 11

JAN

SEP

29 10 24

5 19

7 21

2 16 90 14 29

FEB

LATEST DATA PLOTTED WEEK ENDING. JUNE 30, 1976
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 ENDINGt
7/2/75

10/1/75

7.4
6.7
7.3
8.5
8.5
9.3
9.3
9.0

7.2
8.2
9.8
9.7
10.6
10.5
9.9

12/3/75 12/31/75

1/28/76

3/3/76

3/31/76

4/28/76

12.9
10.3

7.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
12/ 3/75
12/31/75
1/28/76
3/ 3/76
3/31/76
4/28/76
6/ 2/76
6/30/76

4


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

7.1
10.2
10.0
1 1.3
11.0
10. 1

13.6
12.2
13.3
12.5
11.2

12.6
13.9
12.7
11.2

13.0
11.7
10.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

310

BILLIONS
302.9
304.0
303.7
301.9
301.6

305

300

295

290

285

4 IS

2 16 30 13 27 10 24

8 22

5 19

3 17 3l

14 28 II

JAN

25 10 24

FEB

1975

7 21
APR
1976

5 19

2 16 30 14 28

MAY

LATEST DATA PLOTTED H€EK ENDING* JUNE 30, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAM) DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING.
7/2/75

10/1/75

3.6
2.3
2.3
2.8
3.2
4.5
4.7
4.0

1.5
1.7
2.6
3.2
5.1
5.3
4.3

12/3/75 12/31/75

1/28/76

3/3/76

3/31/76

4/28/76

11.4
6.5

1.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
12/ 3/75
12/31/75
1/28/76
3/ 3/76
3/31/76
4/28/76
6/ 2/76
6/30/76


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

-1.3
1.4
2.6
5.4
5.6
4,3

4.2
5.0
7.9
7.5
5.7

6.2
9.7
8.6
6.4

12.2
9.9
6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

10.5

10.0
9.5
CORPORATE

9.0

8.5
PRIME BANK
LOAN RATE

8.0
7.5
MUNICIPAL
BONDS**
7.0

6.5

6.0
COMMERCIAL PAPER
5.5

5.0

4.5

4.0

2 16 30 IS 27 11

JUN

25

« 22

5 10

3 17 31

14 20 12 26

NOV

JUL

0 23

DEC

6 20

5 10

FEB

MAR

1975

2 16 30 14 28 11

MAY

23

0 23

JUN

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 9, 1976

1976
MAY

7
14
21
28
JUNE
4

11
18
25
JULY
2
9 X
16
23
30

6

90 DAY
CO'SIMM

PRIkE
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

Aaa BONDS

CORPORATE

MUNICIPAL
BONDS m

5.20
5.31
5.48
5.88
5.93
5.93
5.82
5.84
5.73
5.75

5.30
5.43
5.63
5.83
6.00
6.00
6.00
5.90
5.80
5.88

5.21
5.39
5.67
5.87
5.92
5.82
5.74
5.69
5.69
5.69

8.48
8.56
8.62
8.65
8.63
8.63
8.62
8.60
8.63
8.59

6.71
6.83
6.91
7.03
6.89

6.86
6.85
6.87
6.87
N.A.

* AVERA6ES OF RATES AVAILABLE.
WK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*90* SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK END ING 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

----- 8.0

8.0 r—

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

FEDERAL FUNDS RATE

2 16 30 13 27 11 25

MAY

JUN

JUL

<22

S 19

AUG SEP
1975

9 17 <1

OCT

14 29 12

NOV

DEC

20

9 29

JAN

0 20

FEB

9 19 2 10 90 14 20 11

MAR

APR
1976

MAY

25 9 29

JUN

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING] JULY 9, 1976

1976
MAY

7
M
21
28
JUNE
4
11
IB
25
JULY
2
9 K
16
23
30

FEDERAL
FUNDS mm

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.03
5.02
5.28
5.50
5.54
5.44
5.47
5.48
5.58
5.37

4.91
5.11
5.33
5.47
5.53
5.44
5.38
5.34
5.36
5.40

5.68
5.89
6.11
6.26
6.27
6.11
6.07
6.06
6.08
5.99

7. 1 1
7.29
7.46
7.56
7.52
7.42
7.38
7.32
7.36
7.32

7.79
7.93
7.95
7.97
7.89
7.86
7.86
7.84
7.84
7.82

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS

ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
405 r-------- .---------- 1--------

BILLIONS OF DOLLARS
----- ------------- --------=1 405

BILLIONS
395.5
396.6
397.6
397.6
399.4

4 1«

MAY

2 10 30 IS 27 10 24

JUN

AUG

0 22

5 19

3 17 31

SEP

14 20 11

JAN

25 10 24

7 21

5 19

2 10 30 14 20

FEB
1976

LATEST DATA PLOTTED WEEK ENDINGi JUNE 30, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
*JET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING C0M4&CIAL BANCS/

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
7/2/75

10/1/75

12/3/75 12/31/75

AVERAGE OF FOUR WEEKS ENDINGt

1/28/76

3/3/76

3/31/76

4/26/76

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/ 3/75
12/31/75
1/28/76
3/ 3/76
3/31/76
4/26/76
8/ 2/76
8/30/76

8


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

10.7
10.4
11.7
13.2
13.1
13.3
13.2
13.1

12.0
13.8
15.9
15.2
15.3
14.8
14.5

14.2
17.6
16.1
16.1
15.4
14.8

21.7
18.5
17.9
16.6
15.8

17.8
17.2
15.9
15.0

13.6
13.2
12.7

13.9
13.2

12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS of DOLLARS

isle.

billions of dollars

billions
225.7
226.5
226.2
226.0
224.3
224.0

7 21

4 1«

2 16 90 13 27 10 24

AUG

• 22

5 1*

5 17 91

SEP

14 26 11

JAN

FEB

10 24

7 21

5 19

APR

MAY

I 16 90 14

a

LATEST DATA PLOTTED WEEK ENDING* JUNE SO, 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*
7/2/75

10/1/75

12/3/75 12/31/75

1/28/76

3/3/76

3/31/76

4/28/76

10.9
5.1

0.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
12/ 3/75
12/31/75
1/28/76
3/ 3/76
3/31/76
4/28/76
6/ 2/76
6/30/76


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

2.2
0.6
0.5
0.9
1.3
2.8
3. 1
2.3

-1.1
-1.0

0. 1

0.8
2.9
3.3
2.2

-4.0
-1 . 1
0.3
3.4
3.8
2.4

1.8
2.7
6.1
6.0
3.9

4.3
8.2
7.5
4.8

11 .0
9.0
5.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

4 1«

MAY

JUN

2 16 90 13 2T 10 24

AUG

6 22

5 IB

3 17 3!

SEP

14 21 11

JAN

BILLIONS OF DOLLARS
------- ------------- ---------- 90

23 10 24

3 IB

2 16 30 14 2*

FEB
1976

LATEST DATA PLOTTED WEEK ENDING* JUNE 50, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
5I^Y^0RTmGCcS!«!eRctALSBANKSEP0S,T ISSUED ,N


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

1976
MAY

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

1

IONS OF #100,000 OR MORE BY LARGE

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
67.2
67.0
66.9
67.6
68.4
68.8
68.9
69.1
70.0

69.1
68.2
67.6
68.0
68.7
69.7
70.4
71.1
72.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

i

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS of DOLLARS

billions of dollars

2.0

lSZfi. MILLIONS
_ JUN

4 18

2 16 30 IS 27 10 24

• 22

5 1#

3 17 31

14 28 11

JAN

25 10 24

FEB

7 21

5 10

APR

MAY

% 16 30 14 26

1975
LATEST DATA PLOTTED WEEK ENDING: JULY 7, 1976

BUSINESS LOANS *

BILLIONS OF DOLLARS

C COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
128
126
124
122
120
116
116
114

112
110

_ COMPOUNDED AFNUAL RATES
OF CHANGE. AVERAGE OF
— THE FOUR WEEKS ENDING
— JUNE 30. 1976 I------— THE FOUR WEEKS ENDING:

108
106

1.6

-

MAR. 31

1976

DEC. 31
OCT

7 21

4 16

JUN

MAY

-11.5
15.4
-14.0
-13.6
-7.9
-7.8

2 16 30 IS 27 10 24

26

104
102
100

8 22

5 19

3 17

JUL

14 28 ’11

JAN

1975

FEB

25

10 24

7 21

APR
1976

5 18

2

16 30

14 28

MAY

LATEST DATA PLOTTED WEEK ENDING: JUNE 30, 1976
* Data have been revised.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

y rm n

FIRST CLASS MAIL
U. S. POSTAGE

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

BILLIONS OF DOLLARS
550

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 30, 1976 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY

JfflMQL

ADJUSTED

28,
31,
3,
28,
31,

1976
1976
1978
1976
1975
1975
2, 1975

MAR.

530

520

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

500

gJlUPNS
CREDIT
PROXY
509.4
509.0
513.0

4

l«

2

16 30

13 27

AUG

10 24

8 22

3

19

3

17 31

14 28

11

SEP
1975

LATEST DATA PLOTTED WEEK ENDING: JUNE 30,

25

10 24

7

513.9

517.1
516.4
520.6
524.2
522.9
522.7

21

2

5 19

490

CREDIT
PROXY
ADJUSTED

16 30

480

470

14 28

1976
1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12


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

*