Full text of U.S. Financial Data : Week Ending: June 10, 1970

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

ivr^mtJ

LIBRARY

Week ending: June 10,1970

Monetary magnitudes have increased rapidly since
February. In the past three months the money stock has
increased at a 9 per cent annual rate and its demand de­
posit component at an 8.6 per cent rate (pages 4 and 5).
Federal Reserve credit has risen at an 8.5 per cent rate
and the monetary base at a 9 per cent rate (page 2). From
mid-1969 until February, money and private demand deposits
were about unchanged, while Federal Reserve credit and the
monetary base rose at relatively slow annual rates of 1 per
cent and 2.5 per cent, respectively.
The bank credit proxy, that is, total member bank
deposits subject to reserve requirements, has increased at
a 9 per cent rate in the past three months (page 9). The
credit proxy adjusted to include banks' nondeposit sources
of funds has increased at an 8 per cent rate over the same
period.
Most short-term interest rates are about a per­
centage point lower than at the beginning of the year
(pages 10 and 11). The three-month Treasury bill rate,
after declining sharply from 8 per cent in early January
to 6.16 per cent in late March, has risen to an average
of 6.76 per cent in the three days ending June 10. Yields
n prime four- to six-month commercial paper, which fell


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

from 9 per cent in early January to about 8 per cent
in late March and April, averaged 8.13 per cent in the
first half of this week. The lower levels of present
short-term rates compared with the first of the year
probably reflect in considerable measure the rapid
monetary growth.
Rates on longer-term securities show less
change relative to their January levels than short­
term rates. In the three days ending June 10, yields
on three- to five-year Government securities averaged
7.82 per cent, 32 basis points lower than the average
for January. Yields on highest-grade corporate bonds
averaged 8.38 per cent in the first half of this week,
up from about 7.9 per cent in January.
Time deposits have increased at a 15 per
cent rate in the past three months, following more
than a year of decline (page 6). Large certificates
of deposit at large commercial banks, the portion of .
time deposits most sensitive to changes in relative
yields, increased rapidly from early February to late
April (page 8). Since late April the level of large
CD's outstanding has been about unchanged at $13
billion.

Prepared by Federal Reserve Bank of St. Louis

Released: June 12,1970

illi

MONETARY BASE LI
FEDERAL RESERVE CREDIT LI

(ollars

82

Billions of

8Z

Seasonally adjusted by this bank
Annual rates of change, average of
four weeks ending June 10,

81

1970 from

81

F.R.
Credit

80

four weeks ending:

80

Mar.

11,

MonetaryBase
1970 +17

Dec.

10,

1969

+ S.H

Sept. 10, 1969
June 11, 1969

Monetary Base

+ 3-Z

79

79

+ 7?

1957-1*569

78

78 .
V
77
77

68
76

Uses of the monetary base are member bank
reserves and currency held by the public

75

nonmember banks, adjusted for reserve
uirement changes and shifts in deposits,

67

r a description of the base see the August

Federal Reserve Credit

,8 Review of this bank.

66
74

65

/ 970

Monetary
Base

je ?so
fO,

64

F.R. Credit

66, /V?
14,1

6U-L67J

64

/ tfj
66

gojsV

:
to
63

Defined to include holdings of securities
loans, float, and "other" assets, adjusted

3CL'

L t. 7 U
0:0,037

177 V/

65

bo,

Li

63

r+T

for reserve requirement changes and changes in
62

0

est data plotted week ending: June 10,
i

iii

22
in.


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

5

i

i

19
Feb.

i.

i •i

5

i

19
Mar.

i_i

2

i

i—i_j—i—i—i—1—i

16 30
Apr.

14 28
May

1970
l ~I~<—I

11 25
June

62

requirements due to shifts in deposits among
classes Df banks
—- - - - - - -- ——

9

23
July

6

20
Aug

15

29

12

26 10

miiiiimi i -L J—!—I
29

24

Mar.

1969

Prepared by Federal Reserve Bank of St.Louis

13
Julv

RESERVES
All Member Banks in the Nation
Averages of Daily Figures
Seasonally Ad justed

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
30.0

ending June 10,

29.5

1970 from four weeks ending:

Mar. 11, 1970
Dec. 10, 1969

9-

Sept. 10, 1969
June 11, 1969

_ S...3

30.0

0-1
f- /.3

29.5

1959-1969
29.0

29.0

28.5

28.0

28.5

V\

28.0

A7.7
27.5

27.5

27.0

27.0

26.5

26.5
Series adjusted by the Board of Governors

TOTAL

to reflect changes in reserve requirements.

26.0

.197a... J RESERVES
Olocu
ip
3LY-A

For comparability, back data have been re
vised due to the change in Regulation D effec­
tive July 31,

oLO
JL7
J"w vV *- -3
/O

1969 requiring member banks to

include all "bills payable checks" and so-called

25.5

"London checks" as deposits subject to reserve
requirements

M and D effective Oct.

24.5

£7- 7
*7 3

J7. 7

57. 7

Data exclude increase in required reserves of
about $400 million due to changes in Regulations

25.0

Latest data plotted June 10,
1 I

1 1

1

Jan.


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

1

' 1

'

1

' 1

1
2

1

1970

1 1 | 1
16
30 14
28
Apr.
May

11 25
June

9

23
July
1969

6 20
Aug.
■

1

15 29 12 26
Oct.
Nov

25.5

25.0

16, 1969.

Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H. 9 release

—

26.0

3 13

10 24
Dec.

4

18
Mar.

24.5

1

15 29 13 27 10 24
Apr.
May
June
1970

Prepared by Federal Reserve Bank of St. Louis

8

22
July

0

**Mi’*'
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending June 3,

Dec. 3, 1969
Sept. 3, 1969

1970 from four weeks ending:

-f- J,(p
<5.0.

I. <-f

June 4, 1969
1957-1969

148

Current data appear in the Board's H.6 release.

Latest data plotted week ending: June 3, 1970
I I I I I i 1 I I I I
8 22
Jan.

5

19
Feb.


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

5
19
Mar.

2

16
30
Apr.

14 28
May

11 25 9 23
June
July
1969

6 20
Aug.

3

17
Sept.

1

15
29
Oat.

12 26
Nov.

10 24
Dec.

7

21
Jan.

4 18
Feb.

4 18
Mar.

1

15 29
13 27
Apr.
May
1970
•

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8 22
July

Uli'

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

of Dollars

215
214
213

212

211

Billions of Dollars

Annual rates of change, average of four weeks
ending June 3,

1970 from four weeks ending:

Mar. 4, 1970
Dec. 3, 1969
Sept. 3, 1969

210

June 4,

1969

209

1957-1969

208
207
206
205
204

ao+t./ l

203

202
201

200
199
198
197
196
195
194
193

I? 70

AC3-?

192

3.03'sT
191
190

- - -XuviM

303
!<??■ /

189
188
187
186

Current data appear in the Board s H.6 release

185
Latest data plotted week ending: June 3,

0

I—I—I—I—l—1—l—l—i___ i___i__ i___i___'


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

'

'

■___ i___ i___iii*

14 28
Mav

1970
lit

11 28
Dine

iii

9

23

July
1969

1

15 29 12 26
Oct.
Nov.

10 24
Dec.

7 21

Jan.

4

18

15 29

Feb
1970

Prepared bv Federal Reserve Bank of St. Louis

10 24
June

8

22
Jul\

TIME DEPOSITS
All Commorcia! Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally Adjusted
-(-Annual rates of change, average of four weeks
ending June 3,

1970 from four weeks ending:

Mar. 4, 1970
(-Dec. 3, 1969
Sept. 3,
June 4.

1969
i969

1957-1909

P

oo-o

- rVo.^
-J U-Yl/ €

/ 99- /
/99.S.
/??•'/
/n?

so 0■ 0

Current data appear in the Board s H.6 release
l

I I

I

I

I I

I

> i I

I I

I

I I

I

I I I

I

I I I

Latest data plotted week ending: June 3,
I


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

1

i-i ,1

1.. 1 i.L.-L-J—I

1 L 1. I

I

l , l

16 30 14 28
Apr.
Mb’,

i

i

1970

a. A

Sept.

15 20 12 26
0c t.
Nov.

10 24
Dec.

7

21
Jan.

13 27 10 24
Ma”
June

8

22
Jul\

lilli.

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

s of Dollars

432

Billions of Dollars
432

430
Annual rates of change, average of four weeks

428

ending June 3, 1970 from four weeks ending:
426
424
422

Mar. 4,

1970

Dec. 3,

1969

Sept. 3,

1969

June 4,

420

-h J V
3-S
+• 0< V
+

1969

.1957-1969

418
416
414
412
410
408
406
404

H0H-!

402
400
398
396
394
392
390
388
: rVlAcj

. &

386

H03-O
yoa-7

384

v<?y. f
ioj.
r
ho^.i

nz

382
380
378
376
374
372

o:

Current data appear in the Board's H.6 release,
r-r-f i 1

I I 1 I

1 ri I

1

1 1

1

1

1 1

1

itt i

Latest Data Plotted Week Ending: June 3

1 1

1970

I—I—L1 .1 I I M I I I I I I I I I I M I I I I I I I I I
8
22
Jan.

5

19
Feb.


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

2

16 30
Apr.

14 28 11
25
May
June

9 23
July
1969

3

17
Sept.

1

15 29 12 26
Oct.
Nov.

10 24
Dec.

7

21
Jan.

1

15

29 13

Apr.
1970

27 10

May

Prepared by Federal Reserve Bank of St. Louis

24

June

a

22
July

L.

L11

8

CERTIFICATES OF DEPOSIT LL
Lorge Commercial Banks
Wednesday Figures

5 of Dollars
.h'i i m r i i i i n r i i i
Annual rates of change, data

r

-jr~

Billions of Dollars
—

’T

24

24
from four weeks ending:

22

t, 1970
, 1969

-t 8*.^

S,

+ 3-^
-13-3

1969

June 4

20

22

1969

-

20

969
■■

-

r

18

18

■
:

16

16

-14

14

.

■

/=?

99

12

12
J_
*

10

10

1

", r

IT

i
Millions
...

of

Dollars

/ 970

8

ns
57

ii.coJ

6

4

Current and year ago data appear in the

Board's H. 4. 2. release.
1/ Negotiable time certificates of deposit'

H

in denominations of $100, 000 or more.

2

0

I

I

I

t

I

I

I

I I

I

l

I

I l

I

l

l

l

l

I

I l

I

l

-Latest data plotted: June 3, 1970
J_ _ I_ _ 1_ _ I_ _ I_ _ I_ _ 1_ _ I_ _ L. _
_l_
_
_l__i__l__i__t i i__i__i__i—i__i__i__;__ l_i__i__i__u
1.
30 14 28
11 25 9 23 6 20
8 22
5
19
5
19
Aug.
Apr.
May
June
July
Jan.
Feb.
Mar.
1969


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

-

_1

-

J

3

17
Sept.

15 29
Oct.

12
26 10 24
Nov.
Dec.

7

21
Jan.

4

18
Feb.

4

18
Mar.

1

15 29
Apr.
1970

13 27 10 24
June
May

Prepared by Federal Reserve Bank of St. Louis

8

22
July

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS

-

(CREDIT PROXY)
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED

Billions of Dollars

Billions of

Annual rates of change, average of
four weeks ending June 3,

1970 from

four weeks ending:
Credit

Mar. 4,

1970

Credit

Proxy

Proxy
-f

Adjusted

Dec. 3, 1969
Sept. 3, 1969

+<2.3
~h 1-1

June 4,

— /.f

1969

■h *3.
+- a.'

3/i9.8
CREDIT
PROXY
ADJUSTED

CREDI
PROXY

i

Total time and savings deposits, demand deposits
of individuals, partnerships And corporations,
net interbank deposits and U.S. Government demand
deposits,

/Y70

CREDIT
PROXY
<3-9 OS

2-H-b

2/
Credit proxy plus nondeposit sources of funds.

9.10.1

Nondeposit sources of funds include
Eurodollar borrowings of U. S. banks.
Commercial paper issued by a bank holding
company or a bank subsidiary.
Funds obtained outside the U.S. other than
liabilities to their foreign branches.
Loans or participation sold under repurchase
to other than banks and the banks' own affiliate
or subsidiary

16 30

Jan.


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

Ma r.

14

28 11
25 9 23
May
June
July
1969

CREDIT
PROXY
ADJ

3)0. I
3/1-0

J oil

JJ?-*

ins

j.<n.e
an.3
o’/o-a

3oi-1

aio.a

3o’), 6

3/<s. 6>

3/0.?

Current data appear in the Board's H. 9 release
Latest data plotted week ending: June 3,

6 20
Aug.

3

17
Sept.

1

15 7.9
Oct.

12 26
Nov.

10
24
Dec.

1970

7
21
Jan.

-4
18
Feb.

4
18
Mar.

1

15 29 13 27
Apr.
May
1970

Prepared by Federal Reserve Bank of St. Louis

10 24
June

19

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

CEN1
.50

H5R CENT
9.50

.00

9.00

Prime Commercial
Loan Rate

.50

8.50
Corporate
Aaa Bonds

.00

3-5 Year
Govt. Sec.

. 50

7.50

.00

7.00

Three-Month
Treasury Bill
Market Yield '

.50

Discount Rate

.00

.50
Long-Term

Corporate

00

50

00

50

4.00

I 11

I I
3.50

Latest data plotted are averages of rates available for the week ending: June 12, 1970
10

24
Mar.

Apr


* AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

14 30 13 27
May
June

11 25
July

1969

8 22
Aug.

5

19
Sept

17

31 14

2.8

12 26
Dec. .

9

23

C-

20
b.

6

20
Mar.

3

17
1
Apr.
1970

15 29
May

Prepared by Federal Reserve Bank of St. Louis

12

26
June

10 24
July

11
SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

11.00

n.oo

10.50

10.50

10.00

10.00

Federal Funds Rate

_ Commercial Paper
_ 4-to-6 Month
8. 50

1970

Prime________
____
honmerclal ~T —Prime
■
Paper
Bamkers

Federal
Funds

90 Day

J Ard-Manth_ icc£ptancei

.

Bankers'

Acceptances

- Discount Rate —

----- Latest data plotted are averages of rates available for the week ending
10 29
Jan.

7
21
Feb.

7
21
Mar.

I I I
9
18
Apr.

\ 21

16 30
May

June 12,

I I I I I I I I I I I I i 1 I I I__1__L_!__L

13 27
11 25
June
July
.. 1969

22

Aug.

5

19

Sept.

3

17

31

19

1970
28

12

26

9

23

6

20
Feb.

6

20

3

17

1

15

*AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE


http://fraser.stlouisfed.org
** SOURCE:
SALOMON BROTHERS AND HUTZLER
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

29

12

26

June

10

29

*

*

Millions of Dollars

3,200

12

BORROWINGS AND EXCESS RESERVES
All Member Banks if! the Notion
Averages of Daily Figures

3,000

EXCESS
-RESERVES

2,800

)St

Millions of Dollars

3,000

10$.

ns.

2,600

2,600

2,200

2,200

2,000
1,800
' Borrowings
1,400

1,200
1,000
800

Excess Reserves

J

1,000

-

1,200

-

Net Free Reserves
-1,400
-1,600
1,800

2,000

2,000

2,200

2,200

-2,400

2,400

-2,600

2,600

-

2,800
3,000

Latest data plotted week ending: June 10, 1970
l i i i i i
22 5
19
5
19 2
16
30 14 28 11
25
Feb.
Mar.
Apr.
May
June
July


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

-3,000
3

17

1

13

29 12

26 10

24

15 29

13

7 10

24
July

Prepared bv Federal Reserve r nk of St. T.ouis