Full text of U.S. Financial Data : Week Ending: June 23, 1976

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Week ending: June 23, 1976
■viN’iU
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LIBRARY

DEC 2 6 1971
Movements in Federal Reserve credit primarily reflect the Federal
Reserve's open market operations and lending to member banks. The monetary
aggregate shown on page 3 is termed "adjusted" Federal Reserve credit
because the basic Federal Reserve credit series has been adjusted in two
ways. First, the series is adjusted to reflect reserves "absorbed" or
"liberated" by changes in reserve requirement ratios. Second, the series
is adjusted to net out the short-run fluctuations due to large changes in
the amount of Treasury deposits held at the Federal Reserve Banks.
Treasury balances fluctuate sharply over short periods and cause short-run
changes in bank reserves. To offset these movements the Federal Reserve
buys or sells Government securities from its portfolio. Only the changes
in the Federal Reserve's portfolio are reflected in the "unadjusted"
series, resulting in sharp fluctuations in the data. These fluctuations
are netted out by including Treasury deposits in the computation of
adjusted Federal Reserve credit. The adjusted series, therefore,
facilitates analysis of the impact of Federal Reserve actions on bank
reserves, the monetary base, and other monetary aggregates.
The monetary base consists of the components of adjusted Federal
Reserve credit as well as certain other items on the balance sheets of the
Federal Reserve and the Treasury. Rates of change in the monetary base are
usually very close to those of adjusted Federal Reserve credit. For
example, over the most recent three months the monetary base increased at
an 8.7 percent annual rate, compared to the 9.1 percent rate of increase in
adjusted Federal Reserve credit. This relationship also holds over longer
periods. For example, over the last year both the base and adjusted
Federal Reserve credit increased by 6.9 percent.
Over extended periods the growth rate of the base and that of the
narrowly defined money stock (Ml) tend to be close. However, over shorter
time periods the growth rates can vary because of changing portfolio
decisions by the public and banks. Over the most recent three months both
the base and Ml have increased at an 8.7 percent annual rate. In contrast,
over the previous three months the base grew at a 6.5 percent rate, while
Ml increased at a 3.2 percent rate. Although the difference between their
growth rates was greater in this earlier period than in the current one,
the monetary base and Ml still followed the same general pattern of
movement over these months. That is, the growth rates of both Ml and the
base have increased in the most recent three months after the relatively
slow growth in the previous period.


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

Prepared by Federal Reserve Bank of St. Louis
Released: June 25, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
128

1313.

MILLIONS.

124,616

4 16

MAY

2 tt 90 13 27 1 0 24

JUN

AUG

> 22

5 19

3 17 31

14 26 11

JAN

SEP

25 10 24

FEB

7 21

5 19

APR

MAY

2 10 30 14 26

LATEST DATA PLOTTED WEEK ENDINCt JUNE 23, 1976
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 V 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
FEOERAL 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.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
6/25/73

9/24/75 11/26/75 12/24/75

1/21/76

2/23/76

3/24/76

12.7
10.5
9.2
10.3

8.5
7.6
9.4

5.9
8.7

4/21/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
11/26/75
12/24/75
1/21/76
2/25/76
3/24/76
4/21/76
5/26/76
6/23/76

2


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

5.8
6.2
4.5
5.8
6.3
6.3
6.3
6.9

7.9
4.4
6.4
7.2
7.0
6.9
7.7

1.0
5.7
7.0
6.8
6.7
7.8

4.4
6.5
6.3
6.3
7.6

10.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

ISIS.
MAY

LATEST DATA PLOTTED WEEK ENDING*

JUNE 16,

1976

BILLIONS OF DOLLARS
,,,
112
110
106
106

Mim

I

BILLIONS OF DOLLARS
114

COMPOUNDED ANNUAL RATES
—OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
JUNE 23. 1976 FROM
-----THE FOUR WEEKS ENDING.
“ APR. 21
—MAR. 24
_ FEB. 25
JAN. 21,
—dec. 24,
- SEP. 24
JUN. 25,

1976

112
110

12.0

106

ADJUSTED FEDERAL RESERVE CREDIT
1975
1975
1975

106
104
102

100

ISIS.

MILLIONS

96
96
94

ljli-l 1 Ll
4 16

2 16 90 IS 27 10 24

AUG

6 22

5 19

9 17 91

SEP

LATEST DATA PLOTTED WEEK ENDING. JUNE 23,

14 26 11

JAN

FEB

29 10 24

7 21

9 19

APR

MAY

2 18 90 14 26

1976

1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
AND OTHER ASSETS.
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE COMPUTED BY THIS BANK.


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 (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
710 r-------- 1---------- ,--------

LLIONS OF DOLLARS
1---------------------=| 710

billions

697.3

701.6

7 21
MAY

4 18
JUN

2 II SO 1J 27 10 24 8 22
JUL
AUG
SEP
OCT

5 19
NOV

3 17 31
DEC

14 28
JAN

11 23 10 24
FEB

7 21

5 19

2 18 30 14 28

1975
LATEST DATA PLOTTED WEEK ENDING]

JUNE 16.

1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
6/18/75

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

AVERAGE OF FOUR WEEKS ENDING]

1/14/76

2/18/76

3/17/76

4/14/76

TO THE AVr* E
OF FOUR WEttvS
ENDING]
11/19/75
12/17/75
1/14/76
2/18/76
3/17/76
4/14/76
5/19/76
6/16/76


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

7.4
7.5
7.2
8.5
8.7
9.0
9.5
9.3

6.9
6.6
8.8
9.0
9.3
10.0
9.8

6.7
10.4
10.4
10.6
11.2
10.8

11.6
11.1
11.2
11.6
11.2

13.7
13. 1
13.3
12.3

10.8
12.0
11.0

12.9
1 1.3

11.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS of DOLLARS

billions of dollars

BILL!ONo
304.6
303. 1
302.9
304.2
303.9
303.5

— JUN

290

4 16

2 16 30 IS 27 10 24

6 22

5 19

3 17 31

14 28 11

JAN

25 10 24

7 21

5 19

2 16 30 T4 26

FEB
1976

LATEST DATA PLOTTED WEEK END INCi JUNE 16, 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 NONBANK PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF FOUR WEEKS ENDING*
--- 9
' ----------- ---- ■
6/18/75

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

1/14/76

2/18/76

3/17/76

4/14/76

4.8
6.2
8.1
7.1

7.2
9.5
7.8

1 1.6
8.7

8.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
11/19/75
12/17/75
1/14/76
2/18/76
3/17/76
4/14/76
5/19/76
6/16/76


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

3.5
3.2
2.7
3.0
3.2
3.8
4.7
4.5

1.1
0.7
1.6
2.1
3.1
4.5
4.3

0.4
2.1
2.7
4.0
5.7
5.3

2.4
3.2
4.6
6.5
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY*

PERCENT
—I 10.5

TTTT

PERCENT
10.5 r-

10.0

CORPORATE AM BONDS

PRIME BANK
LOAN RATE

Ed

MUNICIPAL
BONDSMM

COMMERCIAL PAPER

90 DAY CD'S

2 16 90 13 27

MAY

JUN

II

25

JUL

• 22

9 19

AUG SEP
1975

9 17 91

OCT

14 2* 12 26 S 23

NOV

DEC

JAN

6 20

FEB

5 10

MAR

2 16 90 14 26 11 25 0 23

APR
1976

MAY

JUN

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE MEEK ENDINGt JUNE 25, 1976

1976
MAY

7
M
21
28
JUNE
A
11
18
25 X
JULY
2
9
16
23
30

6

90 DAY
CD'S mac

PRIME
COMMERCIAL
PATER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BONDS MM

5.20
5.31
5. 48
5.88
5.93
5.93
5.82
5.84

5,30
5.43
5.63
5.83
6.00
6.00
6.00
5.96

5.21
5.39
5.67
5.87
5.92
5.82
5.74
5.70

8.48
8.56
8.62
8.65
8.63
8.63
8.62
8.60

6.71
6.83
6.91
7.03
6.89
6.86
6.85
N.A.

* AVERAGES OF RATES AVAILABLE.
„ ,
w ^ _
Hat BOND BUYER'S AVERAGE INDEX QF 20 MUNICIPAL BONDS, THURSDAY DATA.
. _
,
3MB6 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.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

SELECTED SHORT-TERM

AVERAGES OF DAILY RATES ENDED FRIDAY*

PERCENT

8.0

INTEREST RATES
PERCENT

----

----- 8.0

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

FEDERAL FUNDS RATE

L.L.U U..1.LJ..1.1 llLLI .1 1.1.11 L 1 1 1 1 I 111 I I I I I I I I I I I I I I M I I 1 I I I I I I I
2 10 90 13 27 11 25

MAY

JUN

JUL

0 22

5 1»

AUG SEP
1975

3 17 J1

OCT

11 M 12 »

NOV

DEC

9 23

JAN

6 20

FEB

5 19

MAR

III

2 10 30 1 4 20 11

APR
1978

MAY

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JUNE 25,

1978
MAY

7

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

111

23 9 23

JUL

1976

FEDERAL
FUNDS MM

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
9ECUR1TIES

5.03
5.02
5.26
5.50
5.54
5.44
5.47
5.48

4.91
5.11
5.33
5.47
5.53
5.44
5.38
5.36

5.68
5.89
6.11
6.26
6.27
6.1 1
6.07
6.06

7. 1 1
7.29
7.46
7.56
7.52
7.42
7.37
7.31

7.79
7.93
7.95
7.97
7.89
7.86
7.86
7.84

* AVERAGES OF RATES AVAILABLE.

m

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

BILLIONS OF DOLLARS
405
400

393.6
394.1
395

395.5
398.1

390
385
380
375
370
365
360
355
350
345

7 21

4 14

MAY

JUN

2 16 30 13 27 10 24

AUG

8 22

3 18

3 17 31

SEP
1975

14 28 11

JAN

25 10 24

FEB

7 21

APR
1976

3 18

2 16 30 14 26

MAY

LATEST DATA PLOTTED V*EEK ENDINGt JUNE 16, 1976
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*
"I
' ’ ’ — " '
6/18/75

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

1/14/76

2/18/76

3/17/76

4/14/76

TO THE AVEFtAGE
OF FOUR WEEKS
ENDING*
11/19/75
12/17/75
1/14/76
2/18/76
3/17/76
4/14/76
5/19/76
6/16/76

8

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

10.7
11.2
11.1
13.2
13.3
13.4
13.4
13.3

11.9
11.5
14.9
14.8
14.6
14.5
14.3

12.0
17.6
16.8
16.2
15.7
15.2

19.4
17.8
16.8
16.1
15.5

21.3
18.9
17.5
16,4

13.9
13.9
13.4

13.8
13.2

13.0

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
225.7
226.6

4 IS

MAY

2 IS SO IS 27 10 24

JUN

AUG

• 22

5 19

3 17 31

14 26 II 25 10 24

JAN

SEP

7 21

5 19

2 16

14 26

FEB

LATEST DATA PLOTTED WEEK ENDING* JUNE 16, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi
6/16/75

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

1/14/76

2/16/76

3/17/76

4/14/76

2.1
4.0
6.5
5.4

5.4
8.4
6.5

11.2
7.8

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
11/19/75
12/17/75
1/14/76
2/18/76
3/17/76
4/14/76
5/19/76
6/18/76


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

2.2
1 .5
1.0
1.2
1.3
1.9
3.1
2.9

-1.8
-1.8
-1.0
-0.4
0.7
2.4
2.2

-2.0
-0.5
0.1
1.7
3.6
3.4

0.3
0.9
2.6
5.0
4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
90 -------------------- ----------

4 18

BILLIONS OF DOLLARS

14 28

2 18 30

AUG

APR

SEP

MAY

LATEST DATA PLOTTED WEEK ENDING* JUNE 16, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
1C9QTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

10FRASER
Digitized for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1976
MAY

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

CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.

SEAS. ADJ.

67.2
67.0
66.9
67.6
68.4
68.8
68.8

69.1
68.2
67.6
68.0
68.7
69.7
70.3

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 OF DOLLARS

laze.
MAY

7 21

4 18

2 16 30 IS 27

MAY

JUN

JUL

AUG

10 24 8 22

SEP
1975

OCT

5 19

NOV

S 17 31

DEC

14 28 11

JAN

25 10 24

FEB

MAR

7 21

ttiLuafi

19

5 19

APR
MAY
1976

122

2 16 30 14 28

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING. JUNE 23, 1976

BUSINESS LOANS

C COMMERCIAL

BILLIONS OF DOLLARS

AND

lNDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
128
126
124
122
120
118
116
114
112

110
108

MAY

12
102

7 21

4 18

MAY

JUN

2 16 30 13 27 10 24

AUG

8 22

5 19

3 17 31

SEP
1975

14 28 11

JAN

FEB

25 10 24

7 21

APR
1976

5 19

2 16 SO 14 26

MAY

LATEST DATA PLOTTED WEEK ENDINGi JUNE 16, 1976

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

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

FEDERAL RESERVE BANK OF ST. LOUIS
P. O. BOX 442
ST. LOUIS, MISSOURI 63166

RST CLASS MAIL
POST,

RETURN POSTAGE GUARANTEED
PERMIT

fIRST CLASS mnn

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

BILLIONS OF DOLLARS
550

BILLIONS OF DOLLARS

cz-------- 1----------- 1---------

------------- ----- =1 550

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 16, 1976 FROM THE FOUR
WEEKS ENDING*
CREDIT
CREDIT
PROXY
ffiOXY.
AP.ASI5B.
1976
1976
1976
1976
1975
1975
1975

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

CREDIT
-PfiQXY506.9
507.3
509.4
509.0
513.6

CREDIT
PROXY
APJUSTSB.
516.4
515.1

524,2
7

21

MAY

.mm

4 IS 2JUL
16 30 AUG
13 27 SEP
!0 24 OCT
6 22 NOV
3 19 3DEC
17 31 JAN
14 U FEB
11

JUN

1975
LATEST DATA PLOTTED WEEK ENDING* JUTC 16,

10 24 APR
7 21 MAY
3 T9 2JUN
16 30 JUL
14 26

MAR

1976
1976

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

12


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Federal Reserve Bank of St. Louis