Full text of U.S. Financial Data : Week Ending: June 16, 1971
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U. Week ending: June 16r 1971 U!mR£ rv Growth of the money stock has accelerated to an 11.6 per cent annual rate in the past five months, which is as great or greater than all other consecutive five-month periods since World War II (page 5). For comparison, the rapid rate of growth of money so far in 1971 is over twice the 5.4 per cent increase in 1970. Growth of total time deposits at commercial banks has tended to moderate in recent months, after the extremely rapid rates during the reintermediation process in 1970 and early 1971. Total time deposits have risen at a 17 per cent annual rate in the three months since the four weeks ending March 10, after rising at a 25 per cent rate in the previous thirteen months (page 6). Net time deposits, that is, total time deposits minus large CD's, have risen at an 18 per cent rate in the past three months, about the same as in the previous thirteen months. Large CD's averaged about $29 billion on June 9, only slightly above three months earlier (page 8). In contrast, the volume of large CD's rose 2-1/2 times from February 1970 to February 1971 The inflow of funds into other financial intermediaries has grown rapidly since June 1970. Savings and loan shares increased at a rapid 17 per cent annual rate from June 1970 to May 1971. In comparison, these shares increased at a 5 per cent rate from January 1970 to June 1970, and a 3 per cent rate in the previous year. Mutual savings bank deposits rose at a 12.5 per cent rate since June 1970, compared with a 5 per cent rate in the previous five months. In 1969, these deposits increased only 4 per cent. The growth of deposits in both of these intermediaries, as well as the time deposits of commercial banks, reflects primarily the raising of maximum ceiling rates payable on deposits by these institutions and the decline of short-term market interest rates during 1970 and the first quarter of 1971. Total bank loans and investments grew at a 10 per cent annual rate from February 1970 to May 1971, after rising only about 2 per cent in the previous twelve months. In comparison, loans and investments grew at a 6.5 per cent trend rate from 1951 to 1969. Since February 1970, total bank loans have increased at a 5.4 per cent rate, and total investments have risen at a rapid 21 per cent rate. In the previous twelve months bank loans grew at a 6,2 per cent rate, while investments declined at a 7 per cent rate. The Federal funds rate, the rate charged on very short-term lending from one bank to another, averaged 4.85 per cent in the past two weeks (page 11). In comparison, the rate averaged about 4.15 in April, and 3.35 per cent in early March. The prime interest rate, the interest rate charged by banks on loans to their large high-rated business customers, is now 5-1/2 per cent at most banks, although a few banks have recently raised their rate 1/4 or 1/2 percentage point (page 10). Yields on fourto six-month commercial paper averaged 5.46 per cent in the three days ending June 16. In early April, commercial paper rates averaged 4.25 per cent, 1 percentage point below the prime rate. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: June 18,1971 MONETARY BASE v FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY1 FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 90 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING ---- JUNE 16. 1971 FROM THE FOUft WEEKS ENDING APR. MAR. 88 10.3 14 17 10.7 86 10.8 OCT. 14 MONETARY BASE 1970 84 82 MAY 1 80 JUN. I I I I I I I I 76 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING ---- JUNE 16, 1971 FROM _ THE FOUR WEEKS ENDING: - APR. MAR. 14, 17, 1971 1971 ---- JAN OCT. 74 10.2 8.1 72 12.4 12.9 11.5 FEDERAL RESERVE CREDIT 14 70 68 1971 MAY 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25 1970 9 23 6 20 3 17 JAN FEB MILLIONS 1 26 7 16 7 3 17 31 14 28 12 26 66 9 23 1971 LATEST DATA PLOTTED WEEK ENDING: JUNE 16, 1971 1/ USES OF 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 11 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 RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 32.0 31.5 31.5 31.0 30.5 30.5 29.5 29.5 29.0 29.0 28.5 28.0 28.0 1 15 20 15 27 10 24 8 22 5 19 2 16 50 14 28 11 25 9 25 6 20 5 17 JAN FEB 5 17 51 1970 14 28 12 26 9 25 1971 LATEST DATA PLOTTED WEEK ENDING; JUNE 16, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. JK BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, 1970, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS 31.2 31.4 31.5 31.3 31.4 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING JUNE 16, 1971 FROM THE FOUR WEEKS ENDING; APR. MAR. FEB. JAN. DEC. NOV. OCT. 1 4, 1 7, 17, 13, 16, 18, 14, 1971 1971 1971 1971 1970 1970 1970 13.9 9.4 10.4 10.5 1 1 .6 12. 1 10.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 1971 — JUN 1 BILLIONS OF DOLLARS BILLIONS 169.9 172.3 173.7 174.6 174.4 172.9 15 29 13 27 10 24 6 22 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 JAN FEB 3 17 31 1970 14 26 12 26 9 25 1971 LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/10/70 10/7/70 11/11/70 12/9/70 1/6/71 2/10/71 3/10/71 20.4 11.3 16.1 5.6 13.4 4/7/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/11/70 12/ 9/70 1/ 6/71 2/10/71 3/10/71 4/ 7/71 5/12/71 6/ 9/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3. 1 3.9 3.7 3.0 5. 1 6. 1 5.2 7. 1 2. 1 2.2 1.4 5.4 6.9 5.5 8.3 5.3 3.0 7.8 9.3 7. 1 10.2 0.7 7.7 9.5 6.8 10.5 10.2 11.8 7.9 12. 1 12.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 230 BILLIONS 220.6 223. 1 224.6 225.4 225.4 224.0 225 220 215 210 205 1 15 2S 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 3 17 31 1970 14 28 12 26 9 23 1971 LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/10/70 10/7/70 11/11/70 12/9/70 1/6/71 2/10/71 3/10/71 18.5 11.2 14.9 6,5 12.7 4/7/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/11/70 12/ 9/70 1/ 6/71 2/10/71 3/10/71 4/ 7/71 5/12/71 6/ 9/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.4 3.9 3.9 3.5 5.3 6. 1 5.5 7. 1 3.0 3.2 2.6 6.0 7.3 6. 1 8.4 5.3 3.6 7.8 9. 1 7.4 9.9 2.2 8. 1 9.6 7.4 10.3 10. 1 11.5 8.3 11.6 11.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 260 r=--------- 1--------- 1----- BILLIONS OF DOLLARS ----- ---------- ---------- -n 260 6HLIQNS 249.9 250.6 251.2 252.4 253.3 253. 7 I I I I 1 15 29 13 27 10 24 8 22 5 19 2 16 30 M 28 11 25 9 23 6 20 3 17 JAN FEB 3 17 31 14 28 12 9 23 1970 LATEST DATA PLOTTED WEEK ENDING* JUNE 9, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/10/70 10/7/70 11/11/70 12/9/70 1/6/71 2/10/71 3/10/71 30. 1 21.6 21.1 16.5 17.3 4/7/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/11/70 12/ 9/70 1/ 6/71 2/10/71 3/10/71 4/ 7/71 5/12/71 6/ 9/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28.4 27.3 28. 1 28. 1 28.7 28.5 26.3 25.8 20.2 24. 1 25.3 26.8 26.7 23.7 23.2 27.5 27.8 29.2 28.6 24.6 23.9 30.5 31 .6 30,3 25.2 24.3 30.7 29.3 23.4 22.6 13.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS 480 473.7 475.8 477.8 478.7 477.7 470 460 450 ■= 440 430 420 - 400 1 IS 29 IS 27 to 24 6 22 5 19 2 16 SO 14 29 11 25 9 23 6 20 3 17 JAN FEB 3 17 31 1970 14 26 12 26 APR 1971 9 23 MAY LATEST DATA PLOTTED WEEK ENDINGi JUNE 9, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/10/70 10/7/70 11/11/70 12/9/70 1/6/71 2/10/71 5/10/71 24.5 16.6 18.0 11.8 15.1 4/7/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/11/70 12/ 9/70 1/ 6/71 2/10/71 3/10/71 4/ 7/71 5/12/71 6/ 9/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15.2 15. 1 15.5 15.4 16.6 17.0 15.7 16.2 11.5 13.5 13./ 16.2 16.9 14.9 15.8 16.4 15.6 18.4 18.9 16, 1 17.0 16.0 19.6 19.9 16.4 17.3 20.3 20.5 16.0 17.2 12.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES BILLIONS OF DOLLARS BIU.IONS OF DOLLARS 30 28 26 24 22 20 18 16 14 12 1 IS 29 13 27 10 24 8 22 5 19 2 16 30 H 26 II 25 OCT 9 23 NOV 6 20 3 17 JAN FEB 3 17 31 1970 H 28 12 26 APR 1971 9 23 MAY LATEST DATA PLOTTED WEEK ENDING. JUNE 9, 1971 CURRENT AND YEAR AGO DATA APPEAR IN THE BOARD OF GOVERNORS’ H.4.2 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF 6100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MILLIONS 1971 MAY JUN. 5 12 19 26 2 9 27,127 27,185 27,606 28,137 27,991 28,833 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars CREDIT PROXY ADJUSTED 1, CREDIT PROXY 1 15 29 <3 27 10 24 MAY 8 22 5 t9 JUN 2 16 30 14 26 11 25 OCT 9 23 NOV 6 20 3 17 JAN FEB 3 17 31 1970 14 26 12 26 APR 1971 9 23 MAY LATEST DATA PLOTTED WEEK ENOINGs JUNE 9, 1971 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. 1971 MAY JUN. BILLIONS 5 12 19 26 2 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CREDIT PROXY CREDIT PROXY ADJUSTED 337. 1 339.5 339.6 340.8 341.7 341.3 341 .6 343.7 343.6 344.6 345.8 345.7 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JUNE 9, 1971 FROM THE FOUR WEEKS END 1NG > CRED1T CRED1T PROXY PROXY ADJUSTED APR. MAR. FEB. JAN. DEC. NOV. OCT. 7 10 10 6 9 11 7 12.9 12.8 14.6 15.6 16.3 16.8 15.8 7.9 7.3 8.7 9.6 10.3 10.7 9.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT PER CENT 9.0 8.5 CORPORATE Aaa BONOS 8.0 PRIME COMMERCIAL LOAN RATE 7.5 7.0 MUNICIPAL 6.5 6.0 DISCOUNT RATE 5.5 5.0 4.5 THREE-MONTH TREASURY BILL MARKET YIELD 4.0 3.5 ttu 3.0 3 17 1 15 20 12 26 10 24 T 21 4 18 2 16 30 13 27 II 25 NOV DEC 8 22 5 10 5 19 FEB MAR 1971 1970 * 16 SO M 28 11 MAY 25 JUN LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 18, 1971 1971 APR. MAY JUNE 2 9 16 23 30 7 14 21 28 4 1 1 18 * 25 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECUR1T1ES 7.22 7.23 7.24 7.24 7.31 7.43 7.48 7.57 7.66 7.69 7.66 7.63 3.61 3.78 3.96 3.81 3.93 3.84 3.96 4.36 4.38 4.28 4.58 4.96 4.85 5.08 5.37 5.59 5.77 5.92 5.98 6.20 5.97 5.92 6. 22 6.56 LONG-TERM GOVERNMENT SECUR1T1ES T— 5.64 5.66 5. 73 5.82 5.81 5.92 5.96 6.04 5. 90 5. 79 5.89 6.07 MUNICIPAL BONDS XX 5. 15 5.21 5.32 5.48 5.69 5.85 5.96 5.96 5.86 5.70 5.87 N. A. X AVERAGES OF RATES AVAILABLE. XX BOND BdYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT 9.5 ------ PER CENT ------- 9.5 9.0 9.0 COMMERCIAL PAPER 4-T0-6 MONTH ------ 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 FEDERAL FUNDS RATE 4.5 4.0 3.5 3.0 0 I I I I I I I M 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 I I I I 3 17 IS 29 I1 15 20 12 12 26 26 1010 24 24 7 7 2121 44 16 16 22 16 16 30 30 13 13 27 27 1111 2525 6 6 2222 55 10 10 55 10 10 22 16 16 30 30 14 14 26 26 1111 25 25 APR MAY SEP OCT FEB JUN JUL AUG 1970 NOV DEC JAN MAR APR 1971 MAY JUN LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi JUNE 18, 1971 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 APR. 2 9 16 23 30 MAY 7 14 21 28 JUNE 4 1 1 18 * 25 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS PRIME BANKERS' ACCEPTANCES 90 DAY CD'S WK 4.23 4.28 4.58 4.70 4.80 5.00 5.00 5.15 5.25 5.38 5.38 5.46 4.20 4.13 4.23 4.23 4.18 4.65 4.48 4.73 4.78 4.72 4.80 4.90 4.00 4.13 4.38 4.45 4.60 4.83 4.88 4.95 5.00 5.00 5.18 5.38 3.87 3.94 4.13 4.46 4.72 4.82 4.83 4.91 5. 12 5.25 5.28 5.33 * AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAiL *LLE XBK DATA ARE SECONDARY MARKET KATES. WEEKLY AVERAGES END ING WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS AND EXCESS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 2.0 BILLIONS OF DOLLARS —i--------- -----------2.0 1 ------------------------------------------ — BORROWINGS EXCESS RESERVES NET FREE RESERVES -0.4 0.8 0.8 - 1.2 - 1.6 - - 1.2 - 1.6 - 2.0 - 1 15 29 15 27 10 24 APR MAY JUN ( 22 JUL 5 19 AUG 1970 2 16 30 14 28 11 25 SEP OCT NOV 9 23 DEC 6 20 3 17 JAN FEB 3 17 31 MAR 14 28 12 26 APR 1971 MAY 9 23 JUN LATEST DATA PLOTTED WEEK ENDING) JUNE 16, 1971 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EXCESS RESERVES 1971 APR. MAY 7 14 21 28 5 12 13 26 JUNE 2 9 16 23 30 277 208 8! 48 365 230 102 175 291 85 238 MILLIONS BORROWINGS 197 150 84 176 174 99 306 269 645 154 403 FREE RESERVES - 80 58 3 128 191 131 204 94 354 69 165 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 2.0 -
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