Full text of U.S. Financial Data : Week Ending: June 20, 1973
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& 4% ■ VJS*if *. Week ending: June 20r 1973 library Monetary growth, as measured by the money stock (M ), has increased at a more rapid pace in the past two months than in the first few months of this year. Money has risen at an average rate of 7.8 percent in the past three months, at a 7.1 percent rate in the past six months, and 7.2 percent in the past year. These rates are above the 6.3 percent average growth rate from 1967 to 1972. Money plus net time deposits (M ) has increased at about a 9 percent rate in the past three, six, nine, and twelve months, compared with an 8.4 percent average growth rate from 1967 to 1972. Aggregates underlying the growth of money have risen rapidly in the past several months. The monetary base has increased at about an 8 percent annual rate in the past three and six months. The multiplier relationship between money and the base decreased during the latter part of 1972 and the first four months of this year. This decline in the multiplier resulted from the rapid growth of currency, U.S. Government deposits at commercial banks, and total time deposits relative to demand deposits. In recent weeks, however, the multiplier has risen on balance. An important factor in the recent rise of the multi plier has been the decline in U.S. Government deposits at com mercial banks. These deposits have declined from about $11 billion in early May to about $3 billion for the week ending June 13. Federal Reserve credit, the main component of the base, has also increased rapidly, on average, in the past several months. For example, Federal Reserve credit has increased at a 13 percent annual rate in the past six months. In recent weeks, however, the level of this aggregate has fallen about $2 billion on balance. This decline, which reduces the base, roughly corresponds with a decline in Treasury deposits at the Federal Reserve of about $3 billion since early May, which contributes to the growth of the base. The demand for credit appears to have remained strong in recent months as evidenced by the rapid growth of commercial bank loans and the further increase in market interest rates. Total bank loans increased at a 20 percent annual rate in the past two months (March to May), below the extremely rapid rate in the first quarter of this year, but still very rapid by historical standards. Yields on four- to six-month commercial paper have increased about 80 basis points since mid-May and about 2.5 percentage points since last December. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: June 22, 1973 MONETARY BASE MULTIPLIER 2/ AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 102 _ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING -- JUNE 20. 1973 FROM THE FOuft WEEKS ENDING APR. 18 1973 MONETARY BASE JUN. 21, 1972 1973 MAY MILLIONS 16 100,250 13 100,136 111 .1 I 1 M LATEST DATA PLOTTED WEEK ENDING: JUNE 20, 1973 RATIO RATIO 2.9 - 2.8 MULTIPLIER 2.7 2.6 2.5 2.4 2.62 3 17 3) H 26 12 26 9 23 6 20 4 IS 1 13 29 13 27 10 24 7 21 FEB 1972 MAR 4 16 APR 1973 2 16 30 13 27 11 23 LATEST DATA PLOTTED WEEK ENDING: JUNE 13, 1973 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND N0M4EMBER 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/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS!/ ALL MEMBER BANKS FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 31.5 BILLIONS OF DOLLARS 31 .0 30.5 RESERVES 30.0 29.5 29.0 I COMPOUNDED ANNUAL RATES _ OF CHANGE. AVERAGE OF _ THE FOUR WEEKS ENDING __ JUNE 20, 1973 FROM 971 MAY MAR. 2 1973 BILLIONS 16 30.36 11.6 28.5 30.48 30.09 30.50 I I I I I 92 ~ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF -- THE FOUR WEEKS ENDING JUNE 20, 1973 FROM - THE FOUR WEEKS ENDING: MAR. 21 1973 JAN. 1973 17 90 88 12.9 FEDERAL RESERVE CREDIT 86 JUN. 21 84 82 1973 MILLIONS 80 78 3 17 31 14 26 12 26 9 23 6 20 4 16 1 15 29 13 27 10 24 7 21 7 FEB MAR 1972 21 4 16 2 16 30 13 27 II 25 1973 LATEST DATA PLOTTED WEEK ENDING: JUNE 20. 1973 1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. 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. 3/ BEGINNING NOVEMBER 9. 1972 DATA ARE ADJUSTED DUE TO WAIVERS ASSOCIATED WITH THE EFFECTS OF A CHANGE IN REGULATION J. * BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D. http://fraser.stlouisfed.org PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS Federal Reserve Bank of St. Louis 0 DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 210 BjJLL.I.QNS 200.2 202.3 201 .6 201.8 203.9 203.7 — JUN 205 200 195 190 3 17 31 H 21 12 26 9 23 6 20 1 18 1 13 29 13 27 10 21 7 21 2 MAR 1972 16 30 13 27 11 23 APR 1973 LATEST DATA PLOTTED WEEK ENDINGs JUNE 13, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE 6/14/72 10/11/72 11/15/72 12/13/72 AVERAGE OF FOUR WEEKS ENDING: /10/73 2/14/73 3/14/73 4/11/73 2.0 4.1 6.9 3.2 7.2 11.5 TO THE AVERAGE OF FOUR WEEKS ENDING! 11/15/72 12/13/72 1/10/73 2/M/73 3/14/73 4/11/73 5/18/73 8/13/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8. 1 7.2 8.7 6.6 6.6 5.8 5.9 6.7 4.8 9. 1 5.0 5.2 4.0 4.6 5.9 10.4 4. 1 4.6 3.3 4. 1 5.7 5. 1 5.4 3.6 4.5 6.3 -0.3 -0.8 1.5 4. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 2/0 ------ 1-----1-- BILLIONS OF DOLLARS --------- ----- 270 259.5 26! .2 260.6 260.8 263.2 263. 1 3 17 31 M 28 12 26 9 23 6 20 4 16 1 13 29 13 27 10 24 7 21 1972 7 21 2 16 30 13 11 23 1973 LATEST DATA PLOTTED WEEK ENOING: JUNE 13, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/14/72 10/11/72 11 /15/72 12/13/72 1/10/73 2/14/73 3/14/73 4/11/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/15/72 12/13/72 1/10/73 2/14/73 3/14/73 4/11/73 5/16/73 6/13/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.9 7.3 8.9 6.9 7.0 6.4 6.7 7.2 5.9 9.9 5.8 6. 1 5.3 5.9 6.8 11.6 5.2 5.8 4.8 5.6 6.7 5.6 6.3 4.9 5.9 7. 1 0.9 0.8 3. 1 5.0 4. 1 6.1 7.9 5.3 7.8 11.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 340 330 TOTAL TIME DEPOSITS 320 310 300 290 280 270 NET TIME DEPOSITS * 260 250 3 17 31 M 28 12 26 9 23 6 20 1 13 29 13 27 10 24 7 21 4 MAR 1972 1« 2 16 30 13 27 11 23 APR 1973 LATEST DATA PLOTTED WEEK ENDING* JUNE 13. 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS* SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS Til 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: 6/14/72 10/11/72 11/15/72 2/13/72 1/10/73 2/14/73 3/14/73 4/11/73 12.0 10.9 10.3 10.2 10.3 6.8 8.7 9.0 9.3 8.4 8.9 9.3 9.2 9.6 10.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/15/72 12/13/72 1/10/73 2/14/73 3/14/73 4/11/73 5/16/73 6/13/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.5 11.9 12.3 1 1.9 11.5 11.2 11.1 11.1 11.0 12.4 11.5 ’0.9 10.5 10.4 10.4 12.0 10.9 10.3 10.0 9.9 10.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 620 i=---------- -- BILLIONS OF DOLLARS --------- ----=1 620 MONEY STOCK PLUS TOTAL TIME DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS **. 3 17 31 M 26 12 26 9 23 6 20 4 16 1 13 29 13 27 10 24 7 21 4 16 2 16 30 13 27 II 23 1973 LATEST DATA PLOTTED WEEK ENDING: JUNE 13, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. 306 M* IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS (M2 ) COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING: 6/14/72 10/11/72 11/13/72 12/13/72 1/10/73 2/14/73 3/14/73 4/11/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/13/72 12/13/72 1/10/73 2/14/73 3/14/73 4/11/73 5/16/73 6/13/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.2 9.6 10.6 9.4 9.3 6.8 8.9 9.2 8. 5 11.2 8.7 8.6 8.0 8.2 8.7 11.8 8.2 8. 1 7.5 7.9 8.4 9.0 8.6 7.7 8. 1 8.7 4.9 4.9 6.1 7.2 6.3 7.5 8.6 7.4 8.9 10.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 8 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 3 17 31 14 28 12 26 » 23 6 20 4 18 1 19 29 13 27 10 24 BILLIONS OF DOLLARS 7 21 4 MAR 18 2 16 30 13 27 11 23 APR 1973 LATEST DATA PLOTTED WEEK ENDING: JUNE 13. 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.S RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1973 MAY 2 9 16 23 30 JUNE 6 13 20 27 JULY A 11 18 25 CERTIFICATES OF DEPOSIT 59.3 61.1 61.8 62.3 62.6 61.3 61.9 BILLIONS NET TIME DEPOSITS*** 279.0 278.8 279.9 280.7 281.0 281.6 281.9 M2 Ml 538.4 538.3 541.2 541.2 541.8 544.8 544.9 * SEE FOOTNOTE PAGE 6. ** SEE FOOTNOTE PAGE 7. 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 3 17 31 H 28 12 26 9 23 6 20 4 18 1 13 29 13 27 10 24 7 21 1972 7 21 4 18 2 18 30 13 27 11 23 1973 LATEST DATA PLOTTED WEEK ENDING: JUNE 13, 1973 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. 1911 MAY JUN. 9 16 23 30 6 13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS CREDIT PROXY CREDIT PROXY ADJUSTED 423.4 424.9 425.2 425.3 427.9 427.8 428.4 430. 2 430.8 431.0 433.4 433.3 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING JUNE 13, 1973 FROM THE FOUR WEEKS ENDING: CRED!T CREDIT PROXY PROXY ADJUSTED APR. MAR. FEB. JAN. DEC. NOV. JUN. 1 1. 14, 14, 10, 1 3, 15, 14, 1 973 1973 1973 1973 1972 1972 1972 10.5 13.2 16.2 13.7 14.4 13.8 12.2 1 1 .3 13. 8 16.,7 14.,3 14..8 14..2 12..6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 8.0 -- «.0 i m — -__ 7.0 TTTT 7.5 c ORPORA E AAA BOND! - 7.5 7.0 i - 5 / VJ r /I 6.5 5.5 UNICIP/kL 1iONDSMK w ■--- "n 2 TTTT 6.0 TTTT - 6.5 5.5 ■ — fl "*“*,*k 7^ - \ v 6.0 = V- 5.0 N- - ^ V j 5.0 - -LULL «■>* 4.5 DISCOIUNT RATE - 4.L 4.0 HREE-M1JNTH REASU RY 1 DLL MAIWET >'IELD - ^ 3.0 a.f _LLLL -U.il 3.5 4.1 3.1 I 2.P 2.5 ’Ll 5 19 MAY Lin ■11.1., .1U.L 1 11 mi. Ml N 14 tl 11 H • It • 20 JUN JUL AUG SEP 1972 OCT l 1,1. mi 3 17 NOV I 19 DEC t» ILL JJ_L It M JAN • 23 FEB ini. in in... -11J_L • 29 • 20 MAR 4 1* APR MAY 1973 Lui I If 29 13 17 JUN JUL LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK EM>IN6i JUNE 22. 1973 1973 MAY 4 11 18 25 JUNE 1 8 15 22 X 29 JULY 6 13 20 27 3-MONTH TREASURY BILLS 8-5 YEAR CORPORATE AAA BONDS LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS XK 7.26 7.26 7.29 7.32 7.35 7.36 7.36 7.37 6.24 6.07 6.22 6.56 6.91 7.07 7.15 7.25 6.79 6.76 6.76 6.62 6.79 6.72 6.70 6.73 6.15 6.15 6.21 6.31 6.31 6.31 6.29 6.32 5.10 5.10 5.14 5.20 5.22 5. 13 5. 13 N.A. * AVERAGES OF RATES AVAILABLE. *K BOND BUYER'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 PERCENT 9.0 -- PERCENT -- 9.0 PR IMF BANK LOAN RATE COMMERCIAL PAPER FEDERAL FUNDS RATE 5 19 Ml » M 21 JUL 11 2S AUG • 22 I 20 9 OCT NOV 17 I 19 29 12 21 JAN 9 29 1 1972 MAY 4 11 18 25 JUNE 1 6 15 22 X 29 JULY 6 13 20 27 19 27 1973 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINCt JUNE 22, 1973 19 29 FEB PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS xx PRIME BANKERS* ACCEPTANCES 90 DAY CD'S#* 7. 13 7. 13 7.28 7.38 7.53 7.83 7.90 8.00 7.43 7.60 7.81 8.06 7.95 8.43 8.17 8.55 7.00 7.00 7.13 7.33 7.41 7.75 7.88 8.00 7.34 7.38 7.45 7.47 7.58 7.85 8.01 7.88 1973 * AVERAGES OF RATES AVAILABLE. ** FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY -TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS billions 1973. MAY IN THE NATION AVERAGES OF DAILY FIGURES OF dollars billions of dollars MILLIONS 16 BORROWINGS 3 17 31 M 28 12 26 9 23 6 20 4 SEP OCT 18 1 13 29 13 27 10 24 7 21 7 21 5 18 2 16 30 13 27 JUN 11 25 JUL 1973 LATEST DATA PLOTTED WEEK ENDINGi JUNE 20. 1973 BUSINESS LOANS BILLIONS OF DOLLARS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 108 - COMPOUNDED ANNUAL RATES OF CHANGE 106 WEEKS ENDING: BUS I NESS BUSINESS LOANS LOANS ADJUSTED. 104 102 BUSINESS LOANS ADJUSTED 14 - MAR. 14 FEB. 14 35.8 1972 — JUN. 14, 100 36.4 37.3 22.2 22.7 98 96 94 92 MILLIONS. BUSINESS-BUS I NESS LOANS LOANS ADJUSTER “ 90 88 BUSINESS LOANS 105.597--- 86 84 3 17 31 14 28 12 26 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 FEB 7 21 4 18 2 16 30 13 27 11 25 MAR LATEST DATA PLOTTED WEEK ENDING: JUNE 13, 1973 1/ INCLUDES LOANS SOLD OUTR'GHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES, HOLDING COMPANIES. AND OTHER AFFILIATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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