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research library
rodtti-iTl RPV'V'VS SanK

of St.

Loins

s

FinnnciflL

Week ending: June 11r 1969

Market interest rates have continued to
rise, and the bank rate to prime business custom­
ers was raised June 9, reaching another new high,
8-1/2 per cent (pages 8 and 9). Rates on 4- to
6-month commercial paper have moved continuously
upward since last August, averaging 8.17 per cent
in the three days ending June 11. Most other
rates have also moved upward since last August,
though the rise in many rates was interrupted
early this spring. Rates on three-month Treasury
bills, long-term Government bonds, and highest
grade corporate bonds declined early this spring,
but have increased since mid-May. The three-month
bill rate averaged 6.58 per cent during the first
half of this week, up from 5.93 per cent in early
May. Yields on long-term Government bonds rose
from 5.77 per cent to 6.08 per cent in the same
period, while yields on corporate Aaa bonds went
from 6.80 per cent to 6.93 per cent.
The demand for loan funds has apparently
continued to rise at a rapid rate as inflationary
pressures have intensified, while one important
source of credit, growth in monetary aggregates,


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

dhtr

has slowed. The monetary base has risen at a
5.5 per cent rate in the last six months,
compared with 6.5 per cent in the previous year
(page 2). Due to a large jump in May, the
recent rate is still high, even though the
growth of the base decelerated during the first
four months of the year.
Total member bank reserves have increased
at a 3.4 per cent annual rate in the last six
months and reserves available for private demand
deposits have risen at a 1.8 per cent rate since
late November (page 5). By comparison these
aggregates rose 7.5 per cent and 6.4 per cent,
respectively, in the previous year.
The money stock, consisting of currency
and private demand deposits, averaged $195.7
billion in the four weeks ending June 11, up at a
3.5 per cent rate in the last six months (page 5).
Money increased 6.5 per cent last year. The demand
deposit component of money has grown at a 3 per
cent rate in the last six months, compared with
6.2 per cent in 1968 (page 4).

Rates of change reported In this release are
intended to serve as summaries which may be
useful in analyzing recent developments.
Prepared by Federal Reserve Bank of St. Louis
Released: June 13,1969

2

MONETARY BASE 1L
FEDERAL RESERVE CREDIT-^
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

rrrrn i r

Seasonally adjusted by this baqk.
------Annual rates of change, average of four weeks ----- ending June 11, 1969 from four weeks ending: Monetary
Base

F.R. Credit

JMarch 12, 1969
•Dec. 11, 1968
June

12, 1968

1957-1968

Faderal Reserve Credit

Mone tary

76.

------1/ Uses of the monetary base are member bank
reserves and currency held by the public
and nonmember 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/ 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.

"Latest data preliminary
' Latest data plotted week ending ^tme 11, 1969
10 24

7

21
Feb.


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

6

20
Mar.

3

17
Apr.

1

15 29
May

12 26 10 24
June
July
1968

7

21
Aug.

4 18
Sept.

2

16 30 13 27 11 25
Oct.
Nov.
Dec.

8

22
Jan.

5

19
Feb.

5

19
r.

2

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
July

Billions of Dollars

nual rates of change, average of four weeks
ending June 11, 1969 from four weeks ending:

28.5

March
Dec.Sept.
June

12,
11,
11,
12,

3

RESETS
rn^ir
All Member Bonivin the Nation
Averages of Daily Figures
n

1969
1968
1968
1968

Total
Reserves
-/.Si.
-/j. y
-yy. 7
y-C'3

Reserves
Available
For Private
Demand Deposits

Billions of Dollars
TOTAL
RESERVES

Seasonal adjustment computed by this
bank using data ending December 1967
Unadjusted data appear in the Board's
H.4.1. release.

AS*.

<27.VJ
O. 4.7.JV
n A7./f
u. H.-1S
i At.??

o}J AAJS7
40
»Vf i irrr
/V a 7.40
■pi
eW 47//
\i*4 4 -57.3<fc

1957-1968

28.0

M

TOTAL
27.0

19.0

In order to maintain comparability,
figures since April 17 are pn an "effective
basis, that is, reduced about $650 million
due to change in reserve requirements.

26.0

RESERVES
AVAILABL E
FOR PRIVATE
DEMAND DEPOSITS

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS

/7-

'Btfl

’ f- Aflfl.
~

j

/*.
n
2-l.
n.
?
/y

n.i?
;7.?7
n
n-ki
nH
/7H
n.*i

30/7.73

7

16.6

Latest data preliminary
Latest data plotted week ending: June 11,


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

6

20
Mar.

an

it n-M.
«a' /?4*
4* n.JA
i /f-o$
II n-97V
11 25
June

12 26 10 24
June
Julv
1968

Frepared by Federal Reserve Bank of St. Louis

4

DEMAND DEPOSIT COMPONENT OF MONEY STOCK*
Averages of Daily Figures
Seasonally Ad us ted

Billions • i Do LI rs

■LI 1 1 l-L.i -LL-LX-L.Lx-I-l.J_LL
-Annual rates of change, average of
-four weeks ending June 4, 1969
ifroa four weeks ending:

■*50. /

-L

“ Latest data preliminary
_ Latest data plotted week ending:

10

24

7


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

21

6

20

3

17

1

15

* Current data appear in the Board'p H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of demand deposits by months see this bank's
monthly release entitled "Monetary Trends".

June 4, 1969

29 12 26 10 24
June
July
1968

/50.8

7

21

4

IS

2

16

30

13 27

11 25

8

22

5

19

5

19

2

16

30 14

1969
Prepared by Federal Reserve Bank of St. Louis

28

11 25
June

9 23
July

eAtock ll

11ions

MONEI
_
MONEY STOCK LLPLUS U.S GOVERNMENT DEMAND DEPOSITS 12
JOVE
Averages of Daily Figures
Seasonally Adjusted

if Dollars

210
209
208

Billions of
210
209

Annual rates of change, average of four weeks
ending June 4, 1969 from four weeks ending:

207
Money
Stock
■/-J.S'

206

208
207

Money Stock
Plus
U.S. Gov11. Deposits

206

204

1969
1968
Sept .4, 1968 /J. ?
June 5, 1968 8-9 8

205

1957-1968

205

202

204
203

203

202

200

201

xo/.o

Money Stock plus
U.S. Government
Demand Deposits

201

200
199

199
^.98

198
197

197

196

196
/7f.o

195

195

Money Stock

194

194

193

193

192

192
191
190
189
188
187
^186
^185
1/ Current data on money appear in the Board's H.6
release. Back data appear in the June 1968 Federal
Reserve Bulletin. For trend of money stock by months
see this bank's monthly release entitled "Monetary
Trends”.
2/ U.S. Government demand deposits, all ccmmercial banks,
seasonally adjusted by this bank.

184
183
182
181
180

Money Stock plus_
Money U. Si Government
1969 1 Stock Demand Deposits
' /fr.i
WV Vix.8
12 112. 8
3.00. Su
20l.i
H. 118 3
118.0
2b 181.3
tons' ip. 3
US I
is 193■ G
193 ■£
n (91.0
/fS-O
xb n9G
/88-1
fain. 3 19S',3~
113-8
20.3.1
/?7.8
aoj.j
Jft-Y
188 t
Jo/,
193*
18 f.
3.60.2
111-.°
302.8
IIS'./
3.03-8
2.03.8
s
Ifs’.o
Xo/.o

.0 24
Jan.

7

21
Feb.


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

6

20
Mar.

1

1529
May

12 2610 24
June
July
1968

190
189
188­
187
186
185
184
183
182

ns.

181
180

Latest data preliminary
Latest data plotted week ending: ^tme 4, 1969

0'

191

'
7

21
Aug.

4 18
Sept

30

13 27

11 25
Jan.

19
Mar.

2

16

30

Prepared by Federal Reserve Bank of St. Louis

June

0

TIME DEPOSITS*
All commercial oariKS
Averages of Daily Figures
Seasona lly Ad

Billions of Dollars

6
Billions of Dollars

Annual rates of change, average of four weeks
ending June 4, 1969 from four weeks ending:
Mar. 5, 1969
- /. g
Dec. 4, 1968 - 2- /
June 5, 1968 -/

S'

1957-1968

«Me. 2

2.00.0

Latest data preliminary
Latest data plotted week ending:

10 24
Jan.

7 21 6
20
Feb.
Mar.


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

3
17
Apr.

1

15
May

* Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

June 4, 1969

29

12 26 10 24
June
July
1968

7

21
Aug.

4

18 2
Sept.

16

30 13

27 11 25
Dec.

8

22
Jan.

5

19

19
r.

2

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
July

MONEY STOCK PLj^TIME DEPOSITS*
Averages of WTi ly F ig u res
-Billio
420
4X8
416
414
412
410

of Dollars

7

Seasonally Adjusted

Billions of: Dol
420

Annual rate of change, average of
four weeks ending June 4, 1969
from four weeks ending:
Mar. 5, 1969
-f-o. g
Dec. 4, 1968
3 O. S'
Sept.4, 1968
3. 9
June 5. I960
y.
-j

412

1957-1968

410

418
416
414

408

408

406

406

404

404

402

402

400

400

398

•

398

96

396

94

394

392

392

390

390

388

388

386

386

/?<*9

384

39U.3

384

399. I

382

33 7.3
39S.A

382

39 3. 7

380

380

394.A3 93-.3

378

393.8
3 9V.6

374

J72

368

366

366

364

r

374

370

368

360

376

372

^Po

362

378

317.0

376

364
* Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Trends"

Latest data preliminary
Latest data plotted week ending: dune 4, 1969

10 24
Jan.

7

21 6 20
Feb.
Mar.


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

3

17 1
Apr.

15 29 12 26
May
June

10 24
July
1968

4

18 2
Sept.

16 30 13 27 11 25
Oct.
Nov.
Dec.

8 22
Jan.

5

19
Feb.

2

16
Apr.

30

14 28 11 25
May
June

1969
Prepared by Federal Reserve Bank of St. Louis

9

362
360
23
July

' 0

CERTIFICATES OF DEPOSIT U_
Large Commercial Banks
Wednesday Figures

Billions of Dollars

s
Billions of Dollars

t
Annual rates of change, data not seasonally
adjusted, average of four weeks ending June 4
■1969 from four weeks ending:
Mar. 5, 1969
-4.0.0
Dec. 4, 1968
— STS
Sept.4, 1968
June 5, 1968

Millions of Dollars

_1964-1968

/d., 9 72

Current and year ago data appear in the
Board's H.4.2. release.
Xf Negotiable time certificates of deposit
in denominations of $100,000 or more.

Latest data preliminary
Latest data plotted:

MIL
10 24
J an.

7

i i i i i i r

20
21 6
Feb.
Mar.


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

3 17

1

15

29 12 26
June

10 24
July

7

21
Aug.

4

18 2
Sept.

16
Nov.

Dec.

Mar.

Prepared by Federal Reserve Bank of St. Louis

June

BUSINESSMANS
Large Comm|Aial Banks
Billi
0

Wednesday Figures

3 of Dollars

Billions of

Dollars

Seasonally ad justed by thisbank
84

82

Annual rate of change, average of
four weeks ending June 4, 1969
from four weeks ending:
Mar. 5, 1969
+ /3.3
I—‘—("Dec. 4, 1968
+-U.I
-h / S'- U
Sept.4, 1968
June 6, 1968

84

82

1960-1968
80

80

78

T7

76

*

7 /? f

78

76

74
millions of dollars

SEASONALLY
72

UNADJUSTED
73,18%
73, fSP

73,83/
73, 3/6
741 816

70

73. >"

68

7334/
73.3?3
737817
7
7 Y, 3810
73,6 76
7<3? 7

77la^j J

66

73*33 7

76.S68
,Y/n3-

t

767LV
74
7£, G3L
74, 9810 P

62

72

78 933
7i,jy;
73,333­
73, 99 0

7 3 373

70

7?, 06 6
7¥ Zye>
7936?

68
7Y,3f3-

7Yj3 ?
7? 817
73*0'?
7-8TJ* 7
7< 80X
7^//9
7t,,/Y7
74, Sf8

66

64

7666/
7&
7 7,63d .
77,387 P

62
Latest data preliminary
Latest data plotted:

o ;

ADJUSTED

10

24
Jan.

7

21
Feb.


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

June 4, 1969

1
Mar.

Current and year ago unadjusted data appear in
the Board's H.4.2 release. Seasonal adjustment
computed by this bank using 1963 through 1968 data

15 29
May

12 26 10 74
June
July
1968

7

21
Aug.

Sept.

16 30 13 27
Oct.
Nov.

11 25
Dec.

8
22
Jan.

2
Mar.

If 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

'0
9

23
July

10
Per Cent
9.50

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

1 I I I II I I II I I I I 11 I 1 I I I l4J-UXm
3-Month
3-5 Year
O •/ 7

9.00

Long-Term
J-. 7 7

Corporate
Aaa

0 ■S’c
79

cT. 7a

U- ■*-/
O. 30
0.3?
0>. 50
O.S?

S. 77

0.75
7/

0. //

O. fJ
O . 9c

O, . o9
o.c 8

0■ u *7

L. 93

8.00

Corporate
Aaa Bonds
Prime Commercial
Loan Rate
&.5F
Three-Month Treasury
Bill Market Yield

6.50

0.0 g
6.00

Long-Term
Government Bonds
Discount Rate
5.00

4.00

Latest data plotted are averages of rates available for the week ending. June 13, 1969

Ian!6

9Fe”

Vr!

Ap!!

^

^un!

' Aug!

'sept. * £.

'

Nov!'

'dan!

' Feb!

Vr!

May

1968
*AVER^^B

of


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

RATES AVAILABLE

Prepared by Federal Reserve Bank of St. Louis

dune

SELECTED SHORT-«BM INTEREST RATES
Averages of Daily^ites Ended Friday

Per Cent
9.50

Per Cent

U I l-U-t 1-1
Prime
Commercial ~
Prime
Paper
4-6 -Month
^Acceptances

9.00

90 Day
CBJS -

Federal

7- 7S
7-30

7 ./3
7. OO
7.JO
8.00

Federal Funds Rate
-j-fH|«).t i t

r. /o

7. So

7. C,f
Commercial Paper
4-to-6 Month

Accept ances

6.50

-

6.50

6.00

Discount Rate
5.00

5.00

Latest data plotted are averages of rates available for the week ending:
12 26

23

8 22
Mar.

5

19

3

17

31 14 28 12
June
1968

* AVERAGES OF RATES AVAILABIE

**
http://fraser.stlouisfed.org SOURCE: SALOMON BROTHERS AND HUTZIER
SECONDARY MARKET RATE ON 90-DAY PRIME CD'S
Federal Reserve Bank of St. Louis

26

9

23

6

20 4
Sept.

18 1

June 13, 1969
15 29

13 27

10

24

7

21

7

21
Mar.

4 18

2

16 30

1969
Prepared by Federal Reserve Bank of St. Louis

13 27
June

11 25
July

BORROWINGS AND EXCESS RESERV
Millions of Dollars

Millions of Dollars
1,600

Averages of Daily Figures

1,600

EXCESS ~
RESERVES BORROWINGS

BIWEEKLY SETT IE ME NT IERI0DS

FREE
RESERVES

WEEKLY DATA

~

:

WEEKLY v RESERVE PERIODS

1,400

- JV3

1,300

Borrowings
1,100
1,000

3&H

Excess Reserves

-----

Net Free Reserves

1,000
1,100
JL/ Because of the change in Regulation D
placing all member banks on a one-week
reserve adjustment period, beginning with
the week ending September 18, 1968 the
above reserve data are reported,on a
one-week period.

1,200
1,300
1,400

_Latest data preliminary
_ Latest data plotted week ending:

June 11, 1969
I

1,500
10 24
J an.

7


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

21

6

20
Mar.

3

17

1

15
[ay

M i i i.J.
29 12 25 10 24
July
J une
1968

7 21
Aug.

4 18
Sept.

2

16 30 13 27 11 25
Oct.
Nov.
Dec.

8 22
Jan.

5

19
Feb.

5

19
Mar.

1,200

2

16 30
Apr.
1969

14 28
May

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102