Full text of U.S. Financial Data : Week Ending: June 23, 1971

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*
♦:* nhz 1
Federal
Reserve £2
Bank

week ending: June 23, 1971

e nation * s money stock averaged $225.3 billion in the four weeks
ehdirrg~Itme Tb, up at a rapid 12 per cent annual rate in the past five months
(page 5).
The increase in money of about $11 billion so far in 1971, is the
sa^arsas the increase during all of 1970.
Demand deposits, which comprise about
thfeie-fourths of the money stock, have risen at a 13 per cent rate in the past
five months, compared with 5 per cent in 1970 (page 4). The currency component
of money has risen at a 9.4 per cent rate in the past five months, compared with
6.3 per cent in 1970.
Broader measures of money also have risen rapidly in recent months.
Money stock plus net time deposits, defined as money stock plus total time
deposits minus large certificates of deposit, has risen at a 17 per cent
annual rate in the past five months, compared with a 10 per cent rate in the
previous ten months. From December 1968 to February 1970, this measure in­
creased at about a 2 per cent rate. Money stock plus total time deposits
also has risen at a 17 per cent rate in the past five months.
In the previous
ten months, this measure of money rose at a 14 per cent rate, after declining
at a 1 per cent rate from December 1968 to February 1970.
The movements of these broader measures of money have been influenced
by disintermediation and reintermediation of funds out of and into banks, re­
flecting the changing relationship between interest rate ceilings and short­
term market interest rates. These large outflows and inflows of time deposits
from banks make the interpretation of the growth of money stock plus total
time deposits difficult. Large certificates of deposit have been particularly
sensitive to the changing relationship between Regulation Q ceilings and short­
term interest rates (page 8). For instance, when interest rates rose above
Regulation Q ceilings in 1969, the outstanding volume of large CDs declined
from $24 billion in December 1968 to $11 billion in February 1970.
In 1970,
Regulation Q ceilings were relaxed and short-term interest rates fell below
ceiling rates, allowing CDs to increase from the February 1970 level to $28
billion at present.
Some analysts believe the exclusion of large CDs from
money stock plus total time deposits make the measure more useful.
Beginning this week, two additional series will be reported
in this release.* Net time deposits, defined as total time de­
posits minus large certificates of deposit, appears on page 6,
along with total time deposits at commercial banks. Money stock
plus net time deposits appears on page 7, along with money stock
plus total time deposits. In addition, the series on certificates
of deposit in denominations of $100,000 or more (often referred to
in our releases as large certificates of deposit, or large CDs) is
now seasonally adjusted. Current data for these series are obtained
from the Federal Reserve Board of Governors', Money Stock Measures,
H.6 release. Back data are available from this Bank upon request.

*

Monthly data for these series are published in this Bank's Monetary Trends.
beginning with the June 1971 release.


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

Prepared by Federal Reserve Bank of St. Louis
Released: June 25,1971

•MONETARY BASE 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY 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 23.
APR.

1971 FROM

-

88

21

FEB. 24
— JAN. 20
DEC. 23
NOV. 25
OCT. 21

86
1970

10.3

MONETARY BASE

84

82
1971
MAY

MILLIONS
1
80

76
COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
JUNE 23, 1971 FROM
_
THE FOUR WEEKS ENDING)
APR.
MAR.
FEB.

21. 1971
24 1971
24, 1971

74

8.0
8.1
8,1
72

FEDERAL RESERVE CREDIT
1 1.4
1970

70

68
MILLIONS
MAY

1
66

6 20

3

17

t 15 29 '2 26

9 23

7 21

4 18

2 16 30 15

JAN
1970

27 10 24 10 24
FEB

7 21

APR
1971

5 19

2

16 30 14 28

MAY

LATEST DATA PLOTTED WEEK ENDING) JUNE 23, 1971
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS, ADJUSTED r0R 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 ” OTHER” ASSETS. ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPfisiTS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

3

RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
32*0 ----- ----- ---

BILLIONS OF DOLLARS
—------ ----- 32.0

30.0

30.0

29.0

28.5

27.5
I I I I
6 20

3 17

5 29 12 26

9 23

7 21

4

18

2

16 30

13 27

JAN

10 24

10 24

7 21

5 19

2

ie 30

14 28

FEB

LATEST DATA PLOTTED WEEK ENDING: JUNE 23, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
* BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, 1970.


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

BILLIONS

1971
MAY
JUN.

19
26
2
9
16
23

31.2
31.4
31.5
31.3
31.4
31.0

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
JUNE 23, ’971 FROM
THE FOUR WEEKS ENDING:
APR.
MAR.
FEB.
JAN.
DEC.
NOV.
OCT.

21 ,
24,
24,
20,
23,
25,
21 ,

1971
1971
1971
1971
1970
1970
1970

11. 8
8..0
8..2
8..8
10. 3
11.,5
9,.2

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
172.3
174.6
174.6
172.9
175.0

6 20

3 17

MAY

JUN

1

15 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10

JAN

0 24

7 21

5 10

2 16 50 14 28

FEB

1970

1971

LATEST DATA PLOTTED WEEK ENDING: JUNE 16, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
6/17/70

10/14/70 11/18/70 12/16/70

1/13/71

2/17/71

3/17/71

4/14/71

10.6
14.5
9.9
12.9

21.2
12.1
15.5

9.3
14.5

10.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/18/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71
5/19/71
6/16/71


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

3. 1
4.2
3.6
3.7
5. 1
6.7
5.9
7.4

3.6
2.2
2.8
5.5
8.2
6.6
8.8

4.8
4.7
7.8
10.7
8.3
10.7

2. 1
6.9
10.7
7.9
10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5
MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
230

BILL!ONS
224.7
225.5
225.6
224. 1
226.1

JUN

225

220

215

210

205

6 20

3 17

1

IS 20 12 26

0 23

7 21

4 18

OCT

NOV

2 16 30 IS 27 10 24 10 24

JAN

7 21

5 10

2

16 30 1 4 28

FEB

1970

1971

LATEST DATA PLOTTED WEEK ENDING: JUNE 16, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
6/17/70

10/14/70 11/18/70 12/16/70

1/13/71

2/17/71

3/17/71

4/14/71

10.4
13.5
10.0
12. 1

18.8
11.8
14.1

9.6
13.2

10.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/18/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71
5/19/71
6/16/71


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

3.4
4.2
3.9
4. 1
5.4
6.7
6.2
7.3

4. 1
3.4
4.0
6.2
8.3
7.2
8.8

5.3
5.4
8.0
10.3
8.5
10.2

3.8
7.7
10.6
8.5
10.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

WIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

6 20

3 17

11 11.1
IS 29

12 26

9 23

7 21

4 18

2

16 30 13 27 10 24 10 24

JAN

7 21

5 19

2

16 90 14 28

FEB

1970
LATEST DATA PLOTTED WEEK ENDING: JUNE 16, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, T‘IHE DEPOSITS OPENI ACCOUNT.PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/17/70

10/14/70 11/18/70 12/16/70

1/13/71

2/17/71

3/17/71

4/14/71

32.5
30.3
24.8
23.0

30.0
22.5
20.8

17.4
16.9

13.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/18/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71
5/19/71
6/16/71


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

15.7
16. 1
16.9
18.8
20.4
20.8
19.8
19.5

15.2
17.4
21.0
23.4
23.7
21.6
20.9

20.4
24.3
26.7
26.4
23.4
22.3

27. 1
29.4
28.4
24.4
23.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

M*EY STOCK PLUS TIM?DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
490 C3--- ----- ----

BILLIONS OF DOLLARS
-- ------ --- 7=1 490

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

e 20

3 17 I

MAY

JUN

15 29 12 2t

JUL

AUG

9 23

SEP
1970

7 21

4 18

2 16

OCT

NOV

DEC

5 19

JAN

FEB

APR

2

16 30

14 26

MAY

LATEST DATA PLOTTED WEEK ENDING: JUNE 16, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
**

!S DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 61.

MONEY STOCK PLUS NET TIME DEPOSITS ( M2 1
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING)
6/17/70

10/14/70 11/18/70 12/16/70

1/13/71

2/17/71

3/17/71

4/14/71

24.2
17.0
17.5

13.6
15.2

11.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING)
11/18/70
12/16/70
1/13/71
2/17/71
3/17/71
4/14/71
5/19/71
6/16/71


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

9. 1
9,8
10.0
11.0
12,4
13.4
12.6
13.1

9.2
9.9
11.9
14.2
15.5
14.0
14.6

12.6
14.4
16.8
18.0
15. 7
16. 1

14. 7
17.8
1 9. 1
16.0
16.5

20.7
21 .5
17. 1
17.4

PREPARED BY FEDERAL RFSERVE BANK OF ST. LOUIS

CER^FICATES OF DEPOSIT*

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

6 20

3 17

MAY

JUN

1

15 28 12 26

9 23

7 21

4 18

OCT

NOV

BILLIONS OF DOLLARS
---------------- 30

2 '6 30 15 2/ 10 24 10 24

JAN

7 21

5 19

2 16 30 14 2*

FEB

LATEST DATA PLOTTED WEEK ENDING. JUNE 16, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES 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

MONEY AND TIME DEPOSIT DATA

1971
MAY

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

CERT 1F1 CATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

M2 UK

27.6
27.6
27.9
28.3
28.2
28.5
28.2

222.3
223.0
223.3
224.0
225. 1
225.2
225.8

442.9
446.2
448.0
449.5
450.6
449.3
452.0

* SEE FOOTNOTE PAGE 6.
*» SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLJ-OMS OF DOLLARS

BILLIONS OF DOLLARS
355

345

CREDIT PROXY ADJUSTED 1/

335

325

315

CREDIT PROXY

305

295

285

6 20

3 17

MAY

JUN

I

15 2S 12 26

9 23

7 21

4 16

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

7 21

5 19

2 16 SO 14 28

FEB

1970
LATEST DATA PLOTTED WEEK ENDING: JUNE 16, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
’/

^rai^N^^lgu^0'^ PAPER' EUR0D0L“* BORROWINGS OF

1971

MAY

BILLIONS

12
19
26

JUN.


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

2
9
16

CREDIT
PROXY

CREDIT
PROXY
ADJUSTED

339.5
339.6
340.8
341.7
341.3
342. 1

343.7
343.6
344.6
345.8
345.7
346.5

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 16, 1971 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
APR.
MAR.
FEB.
JAN.
DF.C.
NOV.
OCT.

M,
17,
17,
13.
16,
18,
14,

1971
1971
1971
1971
1970
1970
1970

1 1 .,9
1 1 ..8
14.,0
15., 4
15.,8
16.,6
16.,0

8.2
7. 1
8.7
9.7
10.3
10.8
10.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT

PER CENT
9.0 ---

CORPORATE

BONDS

:rcial

PRIME Cl
LOAN RA

DISCOUNT RATE

THREE
BILL

1

IS 20 12 26 10 24

MAY

JUN

JUL

7 21

4 16

AUG
SEP
1970

INTH TREAiURY
T YIELD

2 16 90 19 27 11 25 8 22
OCT
NOV DEC
JAN

5 10

5 10

2 16 90 14 26 tl

FEB

MAR

APR
>971

MAY

25

JUN

0 29

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JUNE 25, 1971

1971
MAY

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

CORPORATE
AM BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS 080

7.43
7.48
7.57
7.66
7.69
7.66
7.63
7.62

3.84
3.96
4.36
4.38
4.28
4.58
4.94
4.88

5.92
5.98
6.20
5.97
5.92
6.22
6.54
6.44

5.92
5.96
6.04
5.90
5.79
5.89
6.06
5.98

5.85
5.96
5.96
5.86
5.70
5.87
6.00
N.A.

***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

PER CENT

PER CENT
9.0

8.5

8.0

7.5

7.0

6.5

6.0

COMMERCIAL PAPER
4-T0-6 MONTH

5.5

5.0
FEDERAL FUNDS RATE
4.5

4.0

3.5

3.0

I

15 29 12 26

10 24

7 21

4 18

2 16 30 13 27 11

AUG SEP
1970

NOV

25

8 22

5 19

5 19

DEC

2

16 30 14 26 11

MAY

25

9 23

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END ING: JUNE 25, 1971

1971
MAY

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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S 88K

5.00
5.00
5. 15
5.25
5.38
5.38
5.48
5.50

4.65
4.48
4.73
4.78
4.72
4.80
4.93
5.00

4.83
4.88
4.95
5.00
5.00
5.18
5.43
5.50

4.82
4.83
4.91
5. 12
5.25
5.28
5.33
5.43

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

12
BORROWINGS AND EXCESS RESERVES

ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.0
BORROWINGS
1.6

1.2

0.8

0.4
EXCESS RESERVES
“V

V

NET FREE RESERVES

-0.4

-0.4

0.8

0.8

-

-1 .2

•

1.2

-

1.6

-

-

2.0

i_LLl
6 20

3 17

1

15 29 12 26

9 23

7 21

4

18

OCT

NOV

2 16 SO 13 27 10 24 10 24

JAN

FEB

7 21

5 10

APR

MAY

2

16 30 14 29

1971

1970
LATEST DATA PLOTTED WEEK ENDING* JUNE 23, 1971


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

MILLIONS
197!
MAY

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

EXCESS
RESERVES
365
230
102
174
291
85
238
258

BORROWINGS
174
99
306
267
645
154
403
618

PREPARED BY

FREE
RESERVES

-

191
131
204
93
354
69
165
360

FEDERAL RESERVE BANK OF ST, i_OU!S

2.0

-