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The money stock has Increased at a 5 per cent
annual rate in the past six months and at a more rapid
7.4 per cent rate in the past three months (page 5).
By comparison, there was essentially no change in the
last half of 1969. Growth in the past six months ranks
in the 80th percentile of all consecutive six-month
rates of change since 1950.

Prior to this ceiling suspension, the maximum
rate payable was 6.25 per cent on large CD's maturing in
30 to 59 days and 6.50 per cent on large 60- to 09-day
CD's. By comparison, the dominant rate on prime com­
mercial paper of comparable 30- to 89-day maturity was
7.63 per cent in the three days ending June 24, well above
the former Regulation Q ceilings.

Private demand deposits, the principal component
rc money, have increased at a 4.2 per cent annual rate in
e past six months and at a 6.5 per cent rate in the past
three, compared with little change in the last half of
1969 (page 4). The currency component of money has in­
creased at a 7.4 per cent rate in the past six months and
at a 9.4 per cent rate in the past three, compared with
a 5 per cent rate in the second half of 1969.

With banks able to compete for large 30- to 89-day
CD's, commercial bank time deposits and bank credit will
most likely expand faster than they would have with the
previous ceiling rates. However, such an increase in bank
credit will reflect merely a channeling through banks of
funds which have been flowing through other markets, and
will not in itself provide any reduction of restraint on
inflation.

The Federal Reserve Board suspended ceilings on
interest rates payable by member banks on certificates of
deposit and other single maturity time deposits in denomi­
nations of $100,000 or more with maturities of 30 to 89
days, effective June 24. Regulation Q ceilings for inter­
est rates on savings deposits, smaller time deposits and
CD's, and large CD's with longer maturities remain at the
levels established last January.

Large CD's outstanding at large commercial banks
have recently amounted to about $13 billion, compared
with about $24 billion in late 1968 (page 8). Total com­
mercial bank time deposits, at $200.6 billion in the week
ended June 17, ara up from about $191 billion in early
February, but down from $205 billion at the end of 1968
(page 6).


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

Prepared by Federo! Reserve Bank of Sf. Louis

Released: June 26, 1970

MONETARY BASE LI
FEDERAL RESERVE CREDIT \2
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally adjusted by this bank___
Annual rates of change, average of
four weeks ending June 24, 1970 fri
four weeks ending:
Monetary
Base
Mar. 25, 1970 9-7.5
Dec. 24, 1969
Sept.. 24, 1969
June 25, 1969

F.R.
Credit

-h 1.0

I
■+ S.O
-f 3-S
4-5-

--- -- .-----

:

-Monetary Base

1957-1969

Uses of the monetary base are member bank
and currency held by the public
_
reserves
— and nonmember banks, adjusted for reserve
“ requirement changes and shiits in deposits.
2 For a description of the base see the August
— 1968 Review of this bank.

-Federal Reserve Credit

^Monetary
"F.R. Credit'
/?7<2i
Base

Defined to include holdings of securities,
loans, float, and 'father" assets, adjusted
for reserve requirement changes and changes in
Latest data plotted week ending: June 24, 1970
0

lTh

11 1
8

22


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

5

19

5

requirements due to shifts in deposits among
classes of banks.

19
June

July

Aug.

June

Sept.

Prepared by Federal Reserve Bank of St.Louis

July

RESERVES
AIS Msitifeer Banks in tha Nation
Averages of Daily Figures
--------- Soasonaliy Ad ustcd--------

Billions of Dollars

Billions of Dollars

~Annual rates of change, average of four week
_ending June 24, 1970 from four weeks ending
Mar.
Dec.
_Sept.
June

25,
24,
24,
25,

1970
1969
1969
1969

TOTAL

28.0

28.0

Series adjusted by the Board of Governors

-TOTAL t ■­

to reflect changes in reserve requirements.
For comparability, back data have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
include all "bills payable checks" and so-called
"London checks" as deposits subject to reserve .

RESERVES

requirements.
Data exclude increase in required reserves of
about $400 million due to changes in Regulations
M and D effective Oct. 16, 1969.
Current data including required reserves
due to changes in Regulations M and D effective
^ Latest data plotted June 24, 1970
i

8

i

1 1

22
Jan.

i

5


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

1

i

19
Feb.

t

1

1

5

19
Mar.

' f

1

2

1

1 * l- 1

1 I

16 30 14 28
Apr.
May

I I I I I I I i
11 25 9 23
6 20
June
July
Aug.
1969

3 17
Sept.

1

15

29 12

26

10 24

7

21

4

18

4

18

1

15

29 13

27 10 24
June

Prepared by Federal Reserve Bank of St. Louis

8 22
■ July

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

llic

T
Billions of
171

171
170

170

Annual rates of change, average of four weeks
ending June 17, 1970 from four weeks ending:

169
168

166

168

Mar. 18, 1970
Dec.17, 1969
Sept. 17, 1969
June 18, 1969

165

169

1957-1969

167

167
166
165
164

164

163

163

162

162

161

161

160

160

159

159

158

158

157

157

156

156

155

155

154

154

153

153

152

152

151

151

150

150

149

149

148

148

147

147

146

146

145

145

144

144

143

143

Current data appear i

the Board's H.6 release
142

142
141
0

141
Latest data plotted week ending: June 17, 1970
8

I I I I I I I I 1 I I 1 I I I 1 I M 1 1 1 1- 1- -1—L
22

5


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

19

5

19

2

16

30

14 28

11

25

9

0
23

6

20

3

17

1

15

29

12 26

10 24

7

21

4 18
Feb.

4
18
Mar.

1

15
Apr,

29

13 27
May

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8
22
July

MONEY STOCK
Averages of Daily Figures
Sea son a i!y Adjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending June 17, 1970 from four weeks ending:
Mar.
Dec.
Sept.
June

18, 1970
i7, 1969
17, 1969
18, 1969

1957-1969

Current data appear in the Board's H.6 release

latest data plotted week ending: June 17, 1970


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

5

19

2

16

30

14 23

11 25

9

23

6

20

3

15

29 12

26

10 24

7 21

4

18

18

1

15 29

13

Prepared by Federal Reserve Bank of St. Louis

27

10 24
June

8

22
July

.Hit

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figu res

if Dollars

234
232

Billions of Dollars
234
232

Annual rates of change, average of four weeks
ending June 17, 1970 from four weeks ending:

230

230
228

228

+ (-7

226

226

June 18, 1969
224

224
1957-1969

222

222

220

220

218

218

216

216

214

214

212

212

210

210

208

208

206

206

204

204

202

202

200

200

198

198

196

196

194

194

192

192

190

190

188

188

186

186

184

184

182

182

180

180
178

178
Current data appear in the Board's H.6 release
176

176

174

174
_ Latest data plotted week ending: June 17, 1970

0

1 i

8

i i , i

22

5


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

i

i i

iiiitii i ,i ji—i—i____ l_j__ l_i_j__i

19

5

19

2

16

30 14 28

6

20

3

17

1

15 29 12 26
Oct.
Nov.

10 24
Dec.

7

21
Jan.

4

18
Feb.

4 13
Mar.

1

15 29
Apr.

13 27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

0

8
.

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

"Annual rates of change, average of four week:
ending June i7, 1970 from four weeks ending:
T Mar. 18, 1970
^ Dec. i 7, 1969
1 Sept. 17, 1969
■- June 18, 1969

Current data appear in the Board's H.6 release

1"1 ill i i i r
Latest Data Plotted Week Ending: June 17, 1970
22

5


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

19

5

19

2

16

30

14 28 11
May

25
June

9

23

6

20

3

17

1

15

29 12

26

10 24

7

21

4

18

July
1969

Prepared by Federal Reserve Bank

15 29 13 27 10 24
Apr.
May
June
1970

f St. Louis

g

22
July

CERTIFICATES OF DEPOSIT H
Large Commercial Banks
Wednesday Figures
Annual rates of change, data
not seasonally adjusted, average
of four weeks ending June 17, 1970
from four weeks ending;

24

22

Mar.
Dec.
Sept.
June

18,
17,
17,
18,

22

1970 + <ok-0
1969 + 30‘ %
1969 -+ ?• I
1969 - 30-9

20

20
1964-1969

18

18

16

16

14

14

12

12

10

10
Millions

of Dolls

8

8

6

6

4

Current and year ago data appear in the
Board's H. 4. 2. release.
1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.

4

2

I

2

!

I

I t

I

1

I i

> 1

!

1 1 )

1

1 1

1

1 1 1

1

1

Latest data plotted; June 17, 1910
0

0
8 22
Jan.

5


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

19
Feb.

5

19
Mar.

2

16 30 14 28
Apr.
May

11 25
June

9

23
July
1969

6 20
Aug.

3

17
Sept.

1

15 29
Oct.

12 26 10 24
Nov.
Dec.

7

21
Jan.

4

18
Feb.

4

18
Mar.

1

15 29
* Apr.
1970

13 27 10 24
June
May

Prepared by Federal Reserve Bank of St. Louis

8

22

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

Billions of Dollars

of Dollars

326
324
322

326
Annual rates of change, average of
four weeks ending June 17, 1970 from
— four weeks ending:

320
318
316
314
312

Mar.
Dec.
Sept.
J une

Credit
Proxy
18, 1970
17, 1969 + 2- 9
17
1969 + 2-3
18 1969 - i-3

Credit
Proxy
Adjusted

. U J//-2

310

CREDIT
PROXY
ADJUSTED

308
306
304
302
300
298
296
294
292
290

CREDIT
PROXY

288
286
284
282
280
278
276
274
272
270
268

Total member bank deposits plus nondepos
terns
is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
adjusted, but nondeposit items are included in the
series on a seasonally unadjusted basis due to the
short period for which most items are available.
Nondeposit items included in the series are as fol­
lows: gross liabilities of banks to own foreign
branches and to branches in U.S. territories and pos- „
sessions; Euro-dollars borrowed directly from for­
eign banks or through brokers and dealers; com­
mercial paper issued by bank holding companies or
other bank affiliates; and loans or participations
in pools of loans sold under repurchase agreement
to other than banks and other than banks' own
affiliates or subsidiaries.

..............T

J?7o :
OtCA-- /
^ t

!

/S
. *22 1
^7

£9 Q-3
<?“?/• y

Zp-9

zn.z

IW\2. N? I
3

aqo.a.

AT
Current data appear in the Board’s H. 9 release.

n\

■

J JD. 7
J.S7-*

££>

J

;

CREDIT
PROXY

<? ry- t

CP.EDIT
P RO XY
ADJ.

_
•

jo?

7

J ot-D

J o ?■£>
: jo
!
1

7-?

J/o-J
3/e.S'

3/C.l,
3//-SL.

-Latest data plotted week ending: June 17, 1970
. 0

i i ; i i i i i i i i i i M i i i i i i i i i i i ii i t
8 22 5 19
5 19 2 16 30 14 28 11 25 9 23 6 20
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1969


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

43

17 1
Sept.

15 29
Oct.

12 26
Nov.

10
24 7
21
Dec.
Jan.

4
18
Feb.

4
18
Mar.

1

15 29 13 27--. 10,2.6., 8 22
Apr.
May
June
July
1970

Prepared by Federal Reserve Bank qf St. Louis

-

210-1
3/1-0
Jo 9- 7

-

_
_

-

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

PER CEOT
9.50

Prime Commercial
Loan Rate

8.50

8.50
! h
Corporate
Aaa Bonds

3-5 Year
Govt. Sec

7.50

7.00

Three-Month
Treasury Bill
Market Yield >
Discount Rate

Long-Term
,

7-

4.00

Corporate
Ana

oo

4.00

rrrr

Latest data plotted are averages of rates available for the week ending: June 26, 1970
10

24

7

21

7

21

4

18


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

2

16

30 13 27
June

11 25
July

22
Aug

5

19

3

17

31 14

78

17 26

9

23

6

20

6

20

3

17

1

15 29

Prepared by Federal Reserve Bank of St. Louis

12

26
June

10 24

SELECTED SHORT-TERM INTEREST RATES

Per Cent

Per Cent

Averages of Daily Rates Ended Friday

11. oo

11.00

10.50

10.50

10.00

10.00

9.50
Federal Funds Rate

9.00

9.00
Commercial Paper
4- to- 6 Month
8.50

8.00

8.00

90 Day

1970

Federal
Funds

7.50

7.00

7.00

. Bankers'
Acceptances

6.50

6.50

6.00

6.00
Discount Rate
5.50

5.00

Latest data plotted are averages of rates available for the week ending: June 26, 1970
7

j_j__i_i__i_J.
21 4 18 2

16 30
May

i i i i J t i ' ' i i i i
13 27 11 25
8 22 5
19
June
July ' Aug.
Sept.
.
1969

0
3
17
Oct.

31 14

28
Nov.

12 26
Dec.

9
23 6
20
Jan.
Feb.

6

20

3

17

1

15

*AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE

DATA ARE WEEKLY AVERAGES ENDING WEDNESDAY TWO DAYS EARLIER.
**
http://fraser.stlouisfed.org
CURRENT DATA APPEAR IN THE BOARD'S H.9 RELEASE.
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

29

12 26
June

10

24

BORROWINGS AND EXCESS^RESERVES
All Member Banks in the Nation

Millions of Dollars

3,200

EXCESS
RESERVES

3,000

Averageso {Daily Figures

—-—....................... TREE
BORROWINGS ' RESERVES

10 9.

m

e7(,1l

~%il

3S

S7»

Millions of Dollars

j - 7^4

an tf
7?.¥

-m

Ajr'

2,000

1,600

Exce s Reserves

1,000
1,200
Net Free Reserves

1,400

1,300

2,000
2,200

2,600
2,800

Latest data plotted week ending: June 24, 1970

3,000

3,000
22


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

5

19

5

19 .2

16

30 14

28 11 25
June

9

23

fi 20

3

17

1

15

29 12

26 10

24

7

21

4

18

4

18

15 29

13

Prepared by Federal Reserve Bank of St. Louis

271024
June

8

22


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102