Full text of U.S. Financial Data : Week Ending: June 18, 1969

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U.S. FinflnCIRL DfiTfi
Week ending: June 18,1969
LJBRARV1
The money stock, consisting of private
demand deposits plus currency held by the public,
averaged $195.6 billion in the week ending June 11
(page 5). Since early December the money stock
has grown at a 3 per cent annual rate. This is
less than half the rate of the previous two years,
and about equals the trend growth of money from
1957 to 1968.
Since last December Federal Reserve credit
has increased at a 6.2 per cent rate compared with a
10.3 per cent rate in the previous two years and
an 8.1 per cent trend rate from 1957 to 1968 (page 2).
The monetary base has increased at a 5 per cent
rate in the past six months (page 2). By comparison,
it grew at a 6.4 per cent rate from late 1966 to
late 1968 and at a 3.6 per cent trend rate from
1957 to 1968.
The slower growth of money than the base
reflects a decline in the money multiplier, partly
attributable to increases in currency held by the
public and Government demand deposits relative
to private demand deposits. In addition, effective
reserve requirements have been somewhat higher
recently due to shifts in deposits toward banks
with higher reserve requirements. These factors


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Federal Reserve Bank of St. Louis

have reduced the multiplier on balance since last
December, even though the decline in time deposits
(pages 6 and 8) relative to demand deposits has
been a factor tending to increase the multiplier.
Credit demands arising from quarterly tax
and dividend payments were apparently anticipated,
as few additional strains in credit markets occurred
at mid-month. Rates on three-month Treasury bills,
which had risen sharply from 6.10 per cent to 6.65
per cent in the first two weeks of June, averaged
6.55 per cent in the three days ending June 18
(page 10). Some other short-term rates continued to
rise this week; yields on four- to six-month commer­
cial paper averaged 8.38 per cent, up from 8.20 per
cent last week and 7.48 per cent in the last week of
May (page 11). Average yields on long-term Govern­
ment bonds declined 8 basis points from the last
week in May to the three days ending June 18.
Recently, most stock prices have declined.
The Standard & Poors 500 Index averaged 98.03 from
June 16 to 18, down 9 per cent from the peak of
107.94 in the week ending December 6, 1968. By
comparison, a 21 per cent decline in stock prices
occurred during 1966, and there was a 26 per cent
drop in the 1961-62 period.

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 20,1969

ioi

MONETARY BASE LL
FEDERAL RESERVE CREDIT[2
Averages of Daily Figures

of Dollars

80

i i i i i i i i i

Monetary
Base
March 19, 1969

i

t—i—r

Billions of Dollars

i i '□

Seasonally adjusted by this bank.

Annual rates of change, average of four weeks
ending June 18, 1969 from four weeks ending:
79

n

F. R. Credit

+ S. 3

78

+ d . f
Monetary gase

77

77. 3/

1957-1968

76

L V. ,p? -

75

74

73

Federal Reserve Credit
Mone tary

72

71
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.

59

58

57

'Latest data preliminary
.
"Latest data plotted week ending:June 18, 1969

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.

‘

0
10 24

7


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Federal Reserve Bank of St. Louis

21

6

20

3

17

1

15

29

12 26

10 24
July
1968

7

21
Aug.

4

18

2

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

8

22
Jan.

5

19
Feb.

5

19
Mar.

2

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
July

RESERVES
All Member Banks in the Nation
Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending June 18, 1969 from foul weeks ending:

29.0

Total
Reserves
March 19, 1969 -/. 0
Dec. 18, 1968
Sept. 18, 1968
June 19, 1968

TOTAL
RESERVES

Reserves
Available
For Private
Demand Deposits

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

(‘Ml

____

RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS

-----

-7>WJ 77.7 7

-

/y
—
cu djo.aV —

-

al/

At 3HI - —

-

n

n.sx-

~7un V

If. 03 ~

X«eV <v73i------

II $7.Ml P------—

//■

-

V n.3h~
J7.V?-

n /7.97-

It H-7(iP~

+-3. ¥

1957-1968
28.0

. TOTAL

In order to maintain comparability,
i
figures since April 17 are pn an effective1, ..
basis, that is, reduced about $650 million _ due to change in reserve requirements.

26.0

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS

25.0

16.8

Latest data preliminary
Latest data plotted week ending: June 18, 1969
10 24
Jan.

7 21
Feb.


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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 2 16 30 13 27 11 25
Sept.
Oct.
Nov.
Dec.

8

22
Jan.

5

19
Feb.

5

19
Mar.

2

16 30 14 28 11 25
Apr.
May
June
1969

Prepared by Federal Reserve Bank of St. Louis

9

23
Ju ly

4

DEMAND DEPOSIT COMPONENT OF MONEY STOCK*
lioi
165
164
163
162
161
160
159

averages or L»a i ly rig u rf* s

of Dollars

Billions of Dollars

Seasonally Ad usted

4-1 1 I i 1 I 1 I 1 I TIUXTIT
—Annual rates of change, average of
“four weeks ending June 11, 1969
_from four weeks
-Mar. 12, 1969
-Dec. 11, 1968
“Sept. 11, 1968
_June 12, 1968
+ ‘4. /
1957-1968

158
157
156
155
154
153
152

/SO.

151

9

150
149
148
147
146
145
144
143
142
141
140
139
138
137
136
135

Latest data preliminary
Latest data plotted week ending:

* Current data appear in the Board's 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 11, 1969

0
10 24
Jan.

7

21
Feb,


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Federal Reserve Bank of St. Louis

6

20
Mar.

3

17
Apr.

1

15 29 12 26 10 24
May
June
July
1968

7

21
Aug.

4 18
Sept.

2

16 30
Oct. ,

13 27
Nov.

11 25
Dec.

8

22
Jan.

5 19
Feb,

5

19
Mar.

2

16 30 14 28
Apr.
May
1969

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July

lion

MONEY STOCK [L
MONEY STOCK LI PLUS U.S GOVERNMENT DEMAND DEPOSITS[2
Averoges of Daily Figures

of Dollars

210

Billions of Doll

210

---------------------------------Seasonally Adjusted--------------------- -----------------

209
208

5

209

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

207
Money
Stock

206

208

Money Stock
Plus

207
206

205
204
203

202

205
Sept.11, 1968
June 12, 1968

204
203

1957-1968

202

201

201

Money Stock plus
U.S. Gove rnment
Demand Deposits

200

200

199

199

198

198

197

197

196

196

195

195
Money Stock

194

194

193

193

192

192

191

191

190

190

189

189

188

188­

187

187

186

186

185

183
182
181
180
o-

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 commercial banks
seasonally adjusted by this bank.

184

Latest data preliminary
Latest data plotted week ending:
i i i i i i- ' i i ' i i i i i l l l l l M
20 3 17 1 15 29 12 26 10 24 7 21
'.
Apr.
May
June
July
Aug.
1968


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Federal Reserve Bank of St. Louis

184
183
182
181
180

____________
4 18 2 16
Sept.
Oc

30

13 27

11 25

8

22

0

5
June

Prepared by Federal Reserve Bank of St. Louis

of Dollars
228
226
224
222
220
218

m Mill!!
Ill I I I I I I! I
Annual rates of change, average of four weeks
Mar.
Dec.
Sep.
June

12,
11,
11,
12,

TIME DEPOSITS*
AH Commercial Banks
Averages of Daily Figures
SeasonallyAd usted

Billions of i

1969
1968
1968
1968

1957-1968

216
214
212
210
208
206
204
202
/??. y

200
198
196
194
192

cJ<5 D

190
C360.3
188
186

SiOO.I

2 00.0

184

/99.6

182
180
178
176
174
i i i i i i i
* 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".

172
170
168

Latest data preliminary
Latest data plotted week ending:

June 11, 1969

1

o'
1

10 24


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Federal Reserve Bank of St. Louis

Mar.

15 29
May

12 26 10 24
June
July
1968

7

21
Aug.

4

18 2
Sept.

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

5

19
Mar.

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
July

MONEY STOCK PLUS TIME DEPOSITS*
Averages of Daily Figures
Sea sona Ily Ad usted

llio: s of Dollars
420
418
416
414
4i2

Billions of Dollars
420

Annual rate of change, average of
four weeks ending June 11, 1969
from four weeks ending:
Mar. 12,
Dec. 11,
Sep. 11,
June 12, 1968

410
1957-1968
408
406
404
402
400
398
396

3?S. V

394
392
390
388
386

/?(*?
384

X
9
/U
33

382
380

37U.3
399-1
3.9 7.-3
39S.A

39 3-7
39-/.JLJ9S-3

378

3 77-0
373.8
7' 379-3

376
374

//

37 S.

V

372
370
368
366
364
362
360

Latest data preltmxnary
Latest data plotted week ending:

June 11, 1969

* 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"

O'
10 24
Jan.

7
21 6 20
Feb.
Mar.


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

3

17 1
15
Apr.
May

29 12 26
June

10 24
July
1968

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

8 22
Jan.

2

16
Apr.

30

1_J__1_l_i__i__i i i
14 28 11 25
May
June

1969
Prepared by Federal Reserve Bank of St. Louis

9

23
July

CERTIFICATES OF DEPOSIT 11
Large Commercial Banks
Billions of Dollars

|

^Wednesday Figures

Billions of Dollars
III! I I ! I I
Millions of Dollars

Annual rates of change, data not seasonally
1969 from four weeks ending:

n,

-6/./

Dec. 11, 1968
Sep. 11, 1968
June 12, 1968

-3J.F

n,</9S
/7' A38

1964-1968

Latest data preliminary
Latest data plotted:
10 24
Jan.

7


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

21 6

20
Mar.

3 17

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

June 11, 1969
1

15

29 12 26 10 24
June
1968

7

21

4

18 2
Sept.

16

30 13 27 11
Nov.

25

8

22

19
Feb.

5

19
Mar.

2

16

30 14

Prepared by Federal Reserve Bank of St. Louis

28 11 25
June

9

23

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of

Dollars

Seasonally adjusted bv this bank
84

84
-Annual rate of change, average „f- four weeks ending June 11, 1969
"from four weeks ending:
"Mar. 12, 1969
/■ !3.g
"Dec. 11,
1968
4 IS.*)
1 Sep. 11,
1968
4. AT.?
-June 12,
1968
-f /¥.*/

82

82

-

—1960-1968

80

78

78
77.'?

76

74
MILLIONS OF DOLLARS
SEASONALLY

72

UNADJUSTED
73,7 SB
73 9S?
73 83/
73,376
72 19C,

—

73, 7//

o'

68

64

Latest data preliminary
Latest data plotted:

1969
|

10

24
Jan.

7

71
Feb.


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Federal Reserve Bank of St. Louis

'

20
Mar.

3 17
Apr.

1

j_ 12 J26

15 29
May

i

10 24
June
July
1968

7

21
Aug.

4

18 3
Sept.

16 30 13 27
Oct.
Nov.

Current and
the Board's
computed by
■ ■ j—i—i—»
11 25 8
22
Dec.
Jan.

year
H.4.
this
i ■ ■
5 19
Feb.

72

70

7

7^^

7?, £*0
7 7 36 9

737J7

7 £ ^aT

7/2^7
7^o'c?<9

7yt?y^>-

7<t7&

77,73 7

68

7
74,/**
78.,4*%.
7C.,kt?
7AJ-77
74 74?

7y <??7
79,0"/
7</*>i 7
7<80.2,
n&.Hi
70,747
74,
7<,,il/

7LooS

7C9'<7

74 y4J4
74,
77
3~ f>

62

ADJUSTED
72 931
7 3,197
73,33*73,990
7 3,373

7 7.J33
77 *//
77.37? F

66

64

62

Seasonal adjustment
5 19
Mar.

2

_l_1_I__I__L_ _l__I__I_I_I__L.
16 30 14 38 11 25 9 23
Apr.
May
June
July
1969

Prepared by Federal Reserve Bank of St. Louis

^0

10
YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
9.50
.

3-Month
Treasury

9.00

'V93
cT. 9 7

Per Cent
9.50

Corporate
Long-Term
O'- 7 7

3-5 Year
6,-/7

S-7 7

4.2>7
6. 0 J/o
U.2.*

6.

4.

(e ta O

4> - 4>.5*
i.trcr

//

8.00

Corporate
Aaa Bonds _.
Prime Commercial
Loan Rate
Three-Month Treasury
Bill Market Yield

Long-Term
Government Bonds
Discount Rate

4.00
4.00

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

June 20, 1969

3.50
12 26
J an.

9

23

8

22
Mar.

5

19


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

3

17
May

31 14 28 12 26 9
23
June
July
Aug.
1968

6 20
Sept

Dec.

Jan.

Mar.

Prepared by Federal Reserve Bank of St. Louis

June

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

Iter Cent
9.50

Prime
Cuiasurciai

I Bankers
•Acceptances

| Paper

9.00

90 Day
CD'S

Federal

9.00

1969

hi h S
L..7S
8.50

7.03
7./3

7.

off

7. 30

7. oo

7/ aS

Federal Funda Rate

r. /o

8.00 j

7. SO

7.50 i

S. oc

Comnercial Paper
4-to-6 Month

Bankers1
Acceptances

Discount Rate

4.50

4.00

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

1111
12 26

23
.

8 22
Mar.

5

19
Apr.

3

17 31 14 28 12 26
May
June
July

9

23
Aug.

6

20 4
Sept.

18 1

June 20, 1969
15 29

13 27
Dec.

10

24

7

21

7

21

4 18 2
Apr.

16 30
May

1968
* AVERAGES OF RATES AVAILABLE

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

Prepared by Federal Reserve Bank of St. Louis

13 27
June

11 25
July

BOR ROW i N GS AND £XCES$ RESERV ES
AH Member Banks in the Nation
Averages of Daily Figures

Millions of Dollars
1,600 r-r-r I I I I

FREE

EXCESS “
. RESERVES BORROWjHGS

BIWEEKLY SETTIEMENT 1ERI0BS

HtZ

/up3

A<*>!

U-t/

ttio

/«#.

^■5

/*<.o

?

/ 3 / <o

\

\ -J/AP

WEEKLY RESERVE PERIODS

~

-ffQ.

-/ava

/3i>3

XI f

311

' '

/as?

79

Millions of Dollars
1,600

'

RESERVES

______ ; WEEKLY DATAj

!2

\ -/3 3.S

j

-S7X

\ -/All

Borrowings
p

Excess

Net Free Reserves

1,100
1/ Because of the change in Regulation D
placing all member banks on a one-week
reserve adjustment period, beginning with
_Latest data preliminary
“Latest data plotted week ending:
1 I- -I S L i 1
15
10 24 7 21 6 20 3 17 1
[ay
Mar. Apr.


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Federal Reserve Bank of St. Louis

above reserve data are reported,on a
one-week period.
29 12 26
June

10 24
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
Mar.

2

16 30
Apr.
1969

14 28
May
-

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July