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Week ending: June 18r 1975
LIBRARY]
JUN Q8 1979

In the past twelve months member bank deposits
subject to reserve requirements (credit proxy adjusted) have
increased 5.5 percent.
Since early February the credit
proxy adjusted has risen at a 6.2 percent annual rate, compared
with a 5.2 percent rate of increase in the previous eight
months. While growth rates of the credit proxy in these two
periods have differed little, the composition of deposits
accounting for the growth has shifted markedly.
Large
negotiable certificates of deposit (CDs) expanded rapidly
from June 1974 to January 1975, while private demand deposits
were about unchanged. Since January demand deposits have
increased sharply, while large CDs have declined. Net time
deposits, that is, time and savings deposits other than
large CDs, have increased at a 14.6 percent rate since early
February, compared with a 9.4 percent rate of increase in
the previous eight months.
The composition of commercial bank asset growth
has also undergone a shift between the latter part of 1974
and recent months. From June of last year to November, bank
loans continued to rise while investments fell. Since late
last year, investments have risen, while loans have declined.
Business loans at weekly reporting large commercial banks
have declined at a 13.3 percent rate since early December,
after increasing at a 19 percent rate in the previous six
months.
The monetary base has increased at about a 7
percent annual rate in the last three months, rising at
essentially the same rate as in the previous nine months. In
the last three months increases in the base have been accompanied
by increases in the proportion of the base used to support
private demand deposits. Consequently, recent growth of the
base has supported more substantial growth of the money
stock in this period than in the previous nine months. The
money stock, consisting of demand deposits and currency in
the hands of the public, has increased at a 10.3 percent
rate in the last three months, after rising, on balance, at
a 3 percent rate in the previous nine months.

t
P


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

Prepared by Federal Reserve Bank of St. Louis

Week ending: June 20 1975

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

118
MILLIONS
I 16

1H

112

no

108

106

3 17

1

13 29 12 26 10 24

7 21

AUG
1974

4 16

2 16 30 13 27

NOV

SEP

II

23

8 22

3 19

3 19

FEB

DEC

MAR

2 16 30 14 28 11

MAY

25

JUN

1975

LATEST DATA PLOTTED WEEK ENDING: JUNE 18.

1975

THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
6/19/74

9/18/74 11/20/74 12/18/74

1/15/75

2/19/75

3/19/75

4/16/75

5.9
7. 1
4.9
6.7

10.7
6.2
8.3

3.9
7.3

6.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/20/74
12/18/74
1/15/75
2/19/75
3/19/75
4/16/75
5/21/75
6/18/75

2

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

8. 1
8.7
7.6
6.7
7.2
7.4
6.6
7.2

9.8
7.5
6. I
6.9
7.3
6.2
7.1

6.1
4.3
6.0
6.7
5.3
6.5

1.0
4.2
5.5
4. 1
5.7

PREPARED BY FEDERAL RESERVE BANK1 OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

MULTIPLIER

RATIO

LATEST DATA PLOTTED WEEK ENDING: JUNE 11.

1975

BILLIONS OF DOLLARS
108 r-------- ,--------------,-----

BILLIONS OF DOLLARS
--------- ----------- ----------- 108

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JUNE 18. 1975 FROM
THE FOUR WEEKS ENDING.
APR.
MAR.
FEB.
JAN.
DEC.

1975
1975
1975
1975
1974

20.4
18.6
17.4
12.8
10.3

-

-------- JUN

16,
19,
19,
15,
18,

-------

9.5
9.8

FEDERAL RESERVE CREDIT

ISIS

3 17

1

15 29 12 26 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27

NOV

11

DEC

25

8 22

5 19

3 19

FEB

MAR

2

MILLIONS

16 30 14 28 11

MAY

25

JUN

1975
LATEST DATA PLOTTED WEEK ENDING.

JUNE 18.

1975

1/ RATIO OF MONEY STOCK (Mil / MONETARY BASE.
2/

INCLUDE HOLD INGS OF SECURITIES. LOANS, FLOAT AND ’’OTHER* * ASSETS. ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSIT^ BETWEEN
BANKS|WH|RE^DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED


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

633.2
636.0
637.7
641.5
643.0
646.3

I

IS 29 12 26 10 24

7 21

4 16

AUG

9 17

2 16 90 19 27 1125

SEP

NOV

9 22

9 16

5 16

FEB

DEC

MAR

2

16 90 14 26 II 29

MAY

JUN

1974
LATEST DATA PLOTTED WEEK ENDING. JUNE 11.

1975

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE.
0/12/74

9/11/74 11/13/74 12/11/74

AVERAGE OF FOUR WEEKS ENDlNGj
1/8/75

2/12/75

3/12/75

11.9
10.4
12.9

8.8
12.6

4/9/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/13/74
12/11/74
1/ 8/75
2/12/75
3/12/75
4/ 9/75
5/14/75
B/11/75

4

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

6.3
6.6
5.9
5.9
6.7
7.0
7. 1
8. 1

7. 1
5.6
5.7
6.9
7.3
7.4
8.8

4.8
5.2
7.2
7.7
7.8
9.5

3.7
6.8
7.5
7.6
9.6

9.4
9.6
9. 1
11.3

13.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
288.0
289.0
289.9
292.3
294. I

B IT

| IS 29 12 26 10 2*

T 21

4 16

AUG

SEP

2 16 90 IS 27 II 23
NOV

LATEST DATA PLOTTED WEEK ENDING. JUNE 11,

6 22

3 IS

3 19

FEB

DEC

MAR

2 16 90 M 26 II 23
MAY

JUN

1975

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 NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDINGr
8/12/74
9/11/74 1 1/13/74 12/11/74
1/8/75 2/12/75 3/12/75
4/9/75
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/13/74
12/11/74
1/ 8/75
2/12/75
3/12/75
4/ 9/75
5/14/75
8/11/75


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

3.0
4.4
3.0
1.9
3.0
3.4
3.4
4.8

6, 1
3.2
1.4
3.2
3.7
3.7
5.5

3.0
0. 1
3. 1
3.8
3.8
6.2

-5.0
0.3
1.8
2.3
5.2

3. 1
4.3
4.1
7.3

10.1
7.6
11.0

5.2
10.3

11.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.5
13.0
12.5

12.0
11.5

11.0
RIME BANK
PAN RATE

COMMERCIAL PAPER

10.5

10.0
9.5
9.0
8.5

CORPORATE AAA BONDS

8.0
7.5
7.0
6.5
MUNICIPAL

BONDS**

6.0
5.5
5.0
4.5

5 IS

3 17 31

14 28 12 2«

JUN

9 29

4

18

I

IS 20 13 27

10 11

JUL

7 11

7 21

4 IB

FEB

« 20

MAR

APR

2 19 90 19 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JUNE 20.

90 DAY
CD'S m*

1975
APR.

MAY

JUNE

4
1 1
18
25
2
9
16
23
30

6
13
20 X
27

PRIME
COMMERCIAL
PAPER
4-6 MONTH

6.16
6.38
6.35
6.25
6. 15
6.04
5.96
5.67
5.56
5.58
5.71
5.55

6.03
6.23
6.20
6.13
6. 15
6.08
5.93
5.60
5.50
5.60
5.63
5.63

PRIME
BANKERS'
ACCEPTANCES
6.15
6.20

6. 1 1
6.16
6,07
6.00
5.83
5.58
5.45
5.59
5.55
5.52

1975

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS**

8.87
8.94
8.95
8.97
9.01
8.96
8.88
8.85
8.90
8.85
8.76
8.72

6.93
7.03
6.86
6.97
6.95
6.86
6.88
7.09
7.09
7.05
6.80
N.A.

m averages of rates available
„
*8* BOND BUYER'S AVERAGE INDEX . OF 20 MUNICIPAL BONDS, THURSDAY DATA.
„„
SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

6

N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
14.0
13.5
13.0
12.5

FEDERAL FUNDS RATE

12.0
11.5

11.0
10.5

10.0
9.5
9.0
8.5
DISCOUNT RATE

8.0
7.5
7.0
THREEINTH TRI
BILL MARKET Yl

6.5

-

5.3

-3

5.0
4.5*

5 IS

3 IT 91

14 28 12 28

8 23

6 20

4 18

t

15 28 13 <7 10 24

1974

T 21
FEB

T 21
4 19
MAR
APR
1975

2 16 30 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JUNE 20.

1975
APR.

4
1 1
18
25
MAY
2
9
16
23
30
JUNE
6
13
20 X
27

1975

FEDERAL
FUNDS MX

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.59
5.28
5.44
5.54
5.71
5.42
5.20
5.13
5.14
5.24
5. 15
5.31

5.62
5.74
5.44
5.66
5.51
5.41
5.04
5. 16
5.23
5.23
5.00
5.09

6.20
6.48
6.30
6.49
6.36
6. 13
5.81
5.74
5.80
5.77
5.50
5.60

7.47
7.74
7.75
7.90
7,87
7.64
7.45
7.34
7.38
7.29
7.05
7.05

6.88
7.05
7.03
7.08
7.09
6.98
6.94
6.98
7.03
6.96
6.81
6.82

* AVERAGES OF RATES AVAILABLE.
Wf SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

BILLIONS OF DOLLARS
360

BILLIONS
355

345.1
347.0
347.8
349.5
350.7
352.2

350
345
340
335
330
325
320
315
310

5 17

I

IS 29 12 26 10 24

7 21

AUG
1974

4 16

2 16 30 IS 27

SEP

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 11.

II 25

6 22

S 19

5 19

FEB

DEC

MAR
1975

2

1« 30 14 28 II

MAY

25

JUN

1975

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME 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 ENDING:
6/12/74

9/11/74 11/13/74 12/11/74

1/8/75

2/12/75

3/12/73

13.7
12.8
14.6

12.0
14.7

4/9/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/13/74
12/11/74
1/ 8/75
2/12/75
3/12/75
4/ 9/75
5/14/75
6/11/75

8


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

9.2
8.6
8.5
9.4
9.9
10.2
10.3
11.1

8. 1
7.9
9.6
10.3
10.7
10.7
1 1.8

6.3
9.8
10.8
1 1.3
11.2
12.5

1 1 .8
12.6
12.7
12.4
13.7

15.0
14.4
13.5
14.8

15.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

1975

BILLIONS OF DOLLARS

BILLIONS
218.2

218.8
219.4
225

221.2

— JUN

5 17

221.7
223.0

1

15 28 12 26 10 24

7 21

4 16

AUG

SEP

2 l« 30 15 27 II 25

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 11.

3 22

5 19

5 19

FEB

DEC

MAR
1975

2

16 50 14 28 II 23

MAY

JUN

1975

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
6/12/74

9/11/74 11/13/74 12/11/74

AVERAGE OF FOUR WEEKS ENDING.
1/8/75

2/12/75

3/12/75

9.5
7. 1
11.0

4.6
10.4

4/9/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/13/74
12/11/74
1/ 8/75
2/12/75
3/12/75
4/ 9/75
5/14/75
6/11/75


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

1.2
2.8
1.1
-0.2
1 . 1
1.5
1.7
3.3

4.2
0.9
-1.2
0.8
1.5
1.8
3.9

0.9
-2.6
0.9
1.9
2. 1
4.9

-8.5
-2.4
-0.4
0.4
3.8

0.8
2.4
2.7
6.4

12.3

PREPARED BY FEDERAL RESERvr BANK Or ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

3 17

I

15 29 12 26

10 24

7 21

4

18

2

16 30

13 27 II 25
NOV
DEC

6 22

BILLIONS OF DOLLARS
----------- 1-------------------- n 98

5 19

5 10

2

16 30 14 28 11

MAY

1974

25

JUN

1975

LATEST DATA PLOTTED WEEK ENOINGj JUNE 11,

1975

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
££iS.TiAibiJil^C^JJ£i£^T?S OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

1975
APR.

2
9
16
23
30
MAY
7
14
21
28
JUNE
4
1 1
18
25

CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.

CERTIFICATES
OF DEPOSIT
SEAS. ADJ.

88. I
87.0
85.9
85. 1
84.6
84.0
84.3
84.5
83.9
83. 1
82.7

90.2
89.4
88.6
87.9
87.2
86.4
86.3
85.9
84.4
83.9
83.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

liZl
MAY

of

dollars

MILLIONS
14

5 0.5

3 IT

1

13 29 12 26 10 24

7 21

4

AUG
1974

16

2 16 30 13 27

11 23

6 22

LATEST DATA PLOTTED WEEK ENDING. JUNE 18,

5 IS

3 IS

FEB

SEP

MAR
1975

2

16 30 14 26 11 23

MAY

JUN

1975

BUSINESS LOANS

BILLIONS OF DOLLARS

C COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
138

— COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF
_ THE FOUR WEEKS ENDING
JUNE 11, 1975 FROM
— THE FOUR WEEKS ENDING.

FEB.

1975
1975

134
132

-15.4

1974

12

136

-13.3

-15.0
-15. 1

DEC. 1

~ SEP. 11

130

-5.4
128
126
124
122
120
118
116
114

112
3 17

1

13 29 12 26 10 24

7 21

AUG

2 16 30 13 27

SEP

NOV

1974
LATEST DATA PLOTTED WEEK ENDING,


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

JUNE 11,

11

DEC

23

6 22

5 19

3 19

FEB

MAR
1975

2

10 30 14 20 11

MAY

25

JUN

1975
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

530 rz--------r------1------ COMPOUNDED ANNUAL RATES OF CHANGE,
- AVERAGE OF THE FOUR WEEKS ENDING
t JUNE II. 1975 FROM THE FOUR
— jure ii, I 31 -J
=. WEEKS ENDING*

-

BILLIONS OF DOLLARS

; ;/v --

---------------------------- :□ 330

CREDIT

CREDIT

■fSQXY

E
Z
Z
Z
-

PROXY

AfiagffiTEB

FEB.
JAN.
DEC.
SEP
JUN.

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

CRED I T

CREDIT
PROXY

fMXY

flMJSTEP.

494.8
495.0
501.4

I

13 2S 12 26 10 24

7 21

4 IB

2 16 90 13 27 II 25
NOV
DEC

1974

22

5 10

5 10

499.5
502.6
502.9
505.5
506.9

2 16 SO 14 » II 25

1975

LATEST DATA PLOTTED WEEK ENDING: JUNE 11, 1975
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.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS