Full text of U.S. Financial Data : Week Ending: June 16, 1976

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£J.

Week ending: June 16, 1976

LIBRARY

DEC id 6 197?

Demand deposits and currency, which are the
components of the narrowly defined money stock (Ml), increased
by about 3 and 10 percent, respectively, over the last year. In
contrast, net time deposits, which are included in the more
broadly defined money stock (M2), but not in Ml, increased by
13.4 percent. Consequently, over the last year M2 has grown by
9.5 percent, compared to the 4.8 percent expansion of Ml.
The growth of net time deposits is sensitive to the
difference between interest yields on short-term Government
securities and the interest rate ceilings established on time
deposits by Regulation Q. The maximum rate payable on time
deposits of less than $100,000 maturing in 1 to 2.5 years is 6
percent, while the ceiling rates on shorter maturities range
from 5 to 5.5 percent. Savings deposits are subject to a 5
percent maximum rate. Savings deposits and time deposits in
amounts under $100,000 currently maturing within 2.5 years
account for over 80 percent of all net time deposits.
From late January 1975 through late June, while the
rate on three-month Treasury bills was below 6 percent, net time
deposits were growing at about a 14 percent annual rate. From
late June through mid-October the rate on Treasury bills rose
above 6 percent, and the rate of growth of net time deposits
slowed to 8.5 percent. Since mid-October the yield on
three—month Treasury bills has remained below 6 percent and
again the growth of net time deposits has accelerated to a 15
percent rate.
In the last year total time and savings deposits,
which include large CDs in addition to net time deposits, have
increased by 7.1 percent. This is slower than the increase in
net time deposits and is attributable to the $16 billion decline
in large CDs over the last year. While large CDs have increased
slightly over the most recent three weeks, they have declined,
on balance, since January 1975, as commercial banks have not
been aggressively bidding for funds. Over this period yields on
large CDs, which are more sensitive to market conditions than
yields on other time deposits, have decreased from the 7.62 percent
average for the month of January 1975 to an average of 5.82
percent in the most recent week.


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

Prepared by Federal Reserve Bank of St. Louis
Released: June 18, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

12ZJL
MAY

12

BILLIONS OF DOLLARS
126

MILLIONS.
122,981
124

122

120

116

116

114

7 21

4 1®

2 1® 30 13 27 10 24

AUG

• 22

5 1®

3 17 St 14 2® II 25 10 24

7 21

3 1®

2 16 90 14 2®

SEP

LATEST DATA PLOTTED WEEK ENDING* JUNE 16, 1976
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT TIC FEDERAL RESERVE BAMtS AND CURRENCY
IN CIRCULATION < CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BAMCS), ADJUSTED
FOR RESOIVE REQUIREMENT RATIO CHANCES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
MrD»FFERSrRE«»C REQUIREMENT RATIOS APPLY. THEMAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND T>C GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DESC8IPTION OF THE SOURCESAMC USES OF TIC MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BAMC OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING*
6/18/75

9/17/75 11/19/75 12/17/75

1/14/76

2/18/76

3/17/76

VI4/76

9.B
8.6
8.5
9.2

9,4
8.9
9.7

7.1
8.6

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
11/10/75
12/17/75
1/14/76
2/18/76
3/17/76
VI4/78
5/19/76
6/16/76

2


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

6.0
7.1
5.7
5.9
6.6
6.5
6.7
7.1

8.2
5.4
5.9
6.9
6.8
7.0
7.5

4.7
5.7
7.4
7.1
7.3
6.0

2.5
5.6
5.7
6.2
7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

PLIER

LATEST DATA PLOTTED WEEK ENDING. JUNE 9. 1976
BILLIONS OF DOLLARS
114 ----------1---------- 1--------

BILLIONS OF DOLLARS
----- ------------- ---------- 1 M

COMPOUNDED ANNUAL RATES
^i
i
rrWfwi
THE FOUR WEEKS
ENDING.
1976
1976

FEB. 18
JAN. 14
-----DEC. 17
SEP. 17
N. 18

ADJUSTED FEDERAL RESERVE CREDIT

1976
1975
1975

1814
MAY

MILLIONS -

12 105,019

-

111.1 111 I I
7 21

4 16

MAY

JUN

2 16 30 19 27 10 24

JUL

AUG

SEP
1975

6 22

OCT

5 10

3 17 31 14 26 11 28 10 24

NOV

DEC

JAN

FEB

7 21

S 19

APR

MAY

2 16 30 14 26

LATEST DATA PLOTTED WEEK ENDtNBt JUNE 16, 1976
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES loans fi oat
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACflNG TREASURY
ecnSiFROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLYT DATA ARE COMPUTED BY THIS


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

700
696.2

695

697.6

690

700.6

665
680
675
670
665
660

635
630
625
7 21

4 18

MAY

JUN

2 16 30 13 27 10 24

6 22

3 19

3 17 31

14 28 11

JAN

AUG
SEP
1975

23 1 0 24

5 19

7 21

2 It JO 14 a

FEB
1976

LATEST DATA PLOTTED WEEK ENDING. JUNE 9, 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 ENDING.
6/11/75

9/10/75 11/12/75 12/10/75

1/7/76

2/11/76

3/10/76

10.9
12.9
1 1.6

12.8
11.2

4/7/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76
4/ 7/76
5/12/76
6/ 9/76

4

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

7.5
8.1
7.4
8.5
9.0
8.9
9.7
9.5

7.1
6.2
8.2
8.9
8.9
9.9
9.7

7.2
10.2
10.8
10.4
11.5
11.0

9.7
10.7
10.2
1 1.6
11.0

14.1
12.5
13.5
12.4

12.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1.975,

BILLIONS OF DOLLARS

BILLIONS
302.5
303.1
304.1
303.9

290

r 21

4 18

2 16 SO 13 27 10 24

AUG

« 22

5 19

SEP

S 17 SI 14 28 11 2* 10 24
JAN
FEB

7 21

APR
1976

5 19

■

2 16 80 14 29

MAY

LATEST DATA PLOTTED WEEK ENDING. JU4C 9, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBAMC PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
6/11/75

9/10/75 11/12/75 12/10/75

1/7/76

2/11/76

4.6
4.8
8.4
7.1

6.1
10.5
8.4

5/10/76

4/7/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76
4/ 7/76
5/12/76
6/ 9/76


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

3.8
3.8
3.1
3.1
3.5
3.6
5.1
4.8

1.4
0.7
1.2
2.1
2.5
4.6
4.3

1.3
1.9
3.0
3.5
6.1
5.5

1.0
2.7
3.4
6.5
5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5

PERCENT
—i 10.5

r—

-

_

10.0

9.5

mu

9.5

10.0

—

-

2

CORPORATE AAA E50NDS

9.0

9.0
8.5

8.5
PR IME BAN K
LO AN RATE

-

8.0
-

7.5

s

El n A l
= h V"
AH

8.0

^1

A

7.5

' V.__^

r'

------

7.0

6.5

-

5.5

5.0

4.5

V

Ji

nr

2

,r

*****

r

7.0
6.5

J

TTTT t

6.0

V

„

MUNTC 1 PAL
BONDS ae*

COM ERCfAL PAP El

—
6.0

r *\
V:

-

/1

5.5
—
5.0

90 DAY CD 1 S9BB6

1

2

4.5

—

2

4.0

4.0
$

0

JJJJj _LLL _LLL

2 16 30 13 27 11 25

MAY

JUN

JUL

M f f _LLL _LLJ_L
8 22

5 19

AUG SEP
1975

OCT

1

NOV
1

1 .1.1. _LLL _LLLL J_LL.
9 23 6 20 5 19
2 16 30 M 28 tl 25

1.11., -IlJ-tJ

3 17 31 14 26 12 26
1

i DEC

JAN

FEB

MAR

APR
1976

MAY

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JUNE 18,

197®
MAY

7
14
21
28
JUNE
4
11
18 K
25
JULY
2
9
16
23
30

6

w
9 23

JUL

1976

90 DAY
CD's am*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
bonds am

5.20
5.31
5.48
5.88
5.93
5.93
5.82

5.30
5.43
5.63
5.83
6.00
6.00
6.00

5.21
5.39
5.67
5.87
5.92
5.82
5.74

8.48
8.56
8.62
8.65
8.63
8.63
8.62

6.71
6.83
6.91
7.03
6.89
6.86
N.A.

* AVERAGES OF RATES AVAILABLE.
3ME BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
HBIBIf SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK END 1N6 WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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Federal Reserve Bank of St. Louis

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

8.0

8.0

7. 5

7.5

7.0

7.0

THREE-MONTH TREASURY
BILL MARKET YIELD

6.5

6.5

DISCOUNT RATE

6.0

6.0

5.5

5,5

FEDERAL FUNDS RATE
5.0

S.O

4.5

4.5

4.0

4.0

MAY

JUN

JUL

AUG
SEP
1975

OCT

NOV

DEC

JAN

FEB

MAR

APR
1976

MAY

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR TIC WEEK ENDING* JUNE 18,

1976
MAY

7
14
21
28
JUNE
4
11
18 X
25
JULY 2
9
16
23
30

JUL

1976

FEDERAL

FUNDS**

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

4.91
5.11
5.33
5.47
5.53
5.44
5.39

5.68
5.89
6.1 1
6.26
6.27
6.11
6.07

7. 1 1
7.29
7.46
7.56
7.52
7.42
7.36

7.79
7.93
7.95
7.97
7.89
7.86
7.86

* 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

iara

BILLIONS OF DOLLARS

billions.
391.9
393.6
394.7
395.5

4 1*

MAY

2 16 90

JIM

ts
AUG

27

10

24

#22

S 10

9 17 91

14 2#

JAN

SEP
1975

11

29

10

24

7 21

5

19

2

1#

90 14 2#

FEB
1976

LATEST DATA PLOTTED WEEK ENDING* JUNE 9, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS. TlfcE 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 COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDlNGt
6/11/75

9/10/75 11/12/75 12/10/75

1/7/76

2/11/76

3/10/76

4/7/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/70
V 7/76
5/12/76
6/ 9/76

8

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

10.7
11.7
11.1
13.1
13.6
13.4
13.5
13.4

11.9
10.8
14.1
14.6
14.2
14.3
14.1

12.2
17.3
17.4
16.3
15.9
15.5

17.3
17.4
16. 1
15.7
15.2

22.2
16.9
17.6
16.7

14.8
14.6
14.1

13.2
13.0

13.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
227.2
225.8
226.5

— JUN

4 IS

MAY

2 18 SO 13 27 10 24

JUN

AUG

< 22

5 18

S 17 SI

14 2< 11

JAN

SEP
1975

23 tO 24

7 21

3 19

2 l( » 14 M

FEB

LATEST DATA PLOTTED WEEK ENDING. JUNE 9, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
v
■ ■ ---- -- ■
9/10/75 11/12/75 12/10/75
6/11/75
1/7/76 2/11/76 3/10/76
4/7/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76
4/ 7/76
5/12/76
6/ 9/76


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

2.4
2.3
1.5
1.3
1.6
1.8
3.4
3.1

-0.9
-1 .5
-1.2
-0.3
0.2
2.6
2.3

-0.9
-0.5
0.7
1.1
4.2
3.7

-1.6
0.4
1.0
4.6
4.0

2.1
2.4
6.5
5.4

3.9
9.2
7.1

11.2
7.8

10.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
90
88
86
84
82
80
78
76
74
72
70
68
66
64

7 21

4 15

2 tA 90 13 27 TO 24

9 22

5 1#

3 17 31

AUC
SEP
1975

14 28 11

JAN

LATEST DATA PLOTTED WEEK END INCi JUNE 9,

25 10 24

FEB

T It

5 18

APR
1976

MAY

2 16 30 14 25

1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100.000 OR MORE BY LARGE
WEEKLY REPORTING CONkCRCIAL BANKS.

1976
MAY

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

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
67,2
67.0
66.9
67.6
68.4
66.7

69.1
68.2
67.6
68.0
68.7
69.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS
2.0

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----- 1-------------1---------- 2-0

---------------- -----MAY

7 21

4 16

2

MAY

JUN

JUL

16 30 13 27 10 24 6 22

AUG

SEP
1975

OCT

5 10

9 17 91

NOV

DEC

14 26 11

JAN

28 10 24

FEB

MAR

12

7 21

5 10

2 16 90 14 26

APR
1976

MAY

JUN

JUL

LATEST DATA PLOTTED WEEK ENDINGi JUNE 16, 1976

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
126
126
124
122

120
118
116
114
1)2

110
106
106
104
102

100
I. 1 1 1 1 1
7 21

4 16 2 16 90 13 27 10 24 6 22

MAY

JUN

JUL

AUG

SEP
1975

OCT

5 10 3 17 31

NOV

DEC

14 26 11

JAN

FEB

23 10 24

7 21

9 10

2 16 90 14 26

MAR

APR
1976

MAY

JUN

”

JUL

LATEST DATA PLOTTED WEEK ENDINGi JUNE 9, 1978

* LEVELS OF BUSINESS LOANS BEGINNING JANUARY 7 ARE NOT COMPARABLE TO PREVIOUS DATA.

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11


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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

= COMPOUNDED MNiAL RATES
OF THE FOUR
7976 FROM THE FOUR
—

540

CREDIT

PROXY

7,

1976
1976

10,

1975

adjusted

- DEC.

CREDIT PROXY ADJUSTED

520

!/

= JUN.
510

CREDIT PROXY

500

490
fWOKY

ADJUSTED

506.4
507.3
500.0

4

1C

2

16 30 13 27

AUG

10 24

t 22

5

3

17 31

14 2C

mil
11 28 10

24

7 21

5 10

2

16 30

470

14 20

SEP

LATEST DATA PLOTTED WEEK ENDING* JU€ 9,
CURRENT DATA APPEAR

1C

516.4
515.1
517.1
516.3
521.4

1976

IN THE BOARD OF GOVERNORS’

H.9 RELEASE.

1/ INCLUDES MEMBER BANK DEPOSITS. BANK-RELATED rCMCRCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AM) CERTAIN OTHER MOMJEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS