Full text of U.S. Financial Data : Week Ending: June 26, 1974
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rfty RESEARCH Week ending: June 26, 19/4 Fcdcrsl Reserve 3snk of St. Louis Hie multiplier relating the money stock (M]) to the monetary base is currently lower than that prevailing a year ago. A partial explanation lies in increases of the currency and time deposit ratios, two of the determinants of the money multiplier.* Over the past twelve months, the rate of growth in the narrowly defined money stock has exceeded the rate of growth of its private demand deposit component. This implies a faster growth in the currency component of Mp as compared to the demand deposit component and thus an increase in the public's preference for currency relative to demand deposits. Over the same interval the rate of growth of plus time deposits, inclusive of large CDs, surpassed the growth of alone. Such a discrepancy in these rates of growth imply an increase in the public's preference for time deposits relative to demand deposits. The composition of total time deposits has changed substantially in favor of large CDs over the past six months. This change reflects a rapid rise in the interest rates on large CDs, which are not constrained by Regulation Q ceiling rates. Since late December 1973, the outstanding volume of large CDs has increased by about $15 billion to a level of $79 billion. The volume of business loans at commercial banks has continued to rise. This rise, accompanied by a rapid rise in bank loan rates, reflects an accelerated increase in the demand for bank loans by business borrowers. The concomitant increase in the broad spectrum of short- and long-term interest rates mirror an underlying robust demand for credit. An exception to the general rise in interest rates since early-May has been the rate on the 3-month Treasury bill. For a discussion of the proximate determinants of the money multiplier, see the October 1969 Review of this Bank. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: June 28, 1974 .Monetary base AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS MAY BILLIONS OF DOLLARS 112 22 I 10 108 106 104 102 100 2 10 30 13 27 II 25 JUN 0 22 5 19 3 17 31 14 20 12 20 NOV JUL LATEST DATA PLOTTED WEEK ENDING, JUNE 26, 9 23 DEC 0 20 0 20 3 17 FEB MAR APR 1 IS 20 12 20 10 24 1074 USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY MELD BY THE PUBLIC AND NONMEMBER BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF THE BASE SEE THE AUGUST 19BS ••REVIEW” OF THIS BANK. e COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING, 6/27/73 9/26/73 11/28/73 12/26/73 1/23/74 2/27/74 3/27/74 4/24/74 7.0 8.6 8.3 7.8 10.8 9.5 8.5 9.6 8.3 6.5 TO THE AVERAGE OF FOUR WEEKS ENDING, 11/28/73 12/26/73 1/23/74 2/27/74 3/27/74 4/24/74 5/29/74 6/26/74 6.5 7.2 7.6 7.3 7.5 7.9 7.9 7.7 10.2 10.3 9. 1 9. I 9.6 9.3 8.9 10.7 8.6 8.7 9.4 9.0 8.5 7.6 8. 1 9. 1 8.7 8.2 ,8£ snul' 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER^ FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER BAD LATEST DATA PLOTTED WEEK ENDING. JUNE 19, 1974 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 98 - COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ___ THE FOUR WEEKS ENDING JUNE 26, 1974 FROM THE FOUR WEEKS ENDING. MAR. 1974 1974 1974 1974 1973 1973 1973 96 14.2 11.6 8.7 9.4 9.1 9.9 7.5 94 FEDERAL RESERVE CREDIT 92 90 1511 MAY MILLIONS 88 2 86 2 IS 90 IS 27 II IS 9 22 5 19 3 17 31 14 2« 12 26 NOV DEC 1973 LATEST DATA PLOTTED WEEK ENDING. JUNE 26, 9 23 6 20 6 20 3 17 FEB MAR APR 1974 1 IS 29 12 26 10 24 1974 1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. 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. DATA ARE SEASONALLY ADJUSTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS n rC'i DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 225 B.I LI IQN5 215.1 216.0 213.5 216.6 215.9 216.8 220 215 210 205 2 16 SO 13 27 II 25 JUN 6 22 5 10 5 17 31 JUL 14 2« 12 26 NOV 8 23 6 20 6 20 3 17 I 15 29 12 DEC 1973 1974 LATEST DATA PLOTTED WEEK ENDING* JUNE 18, 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/20/73 9/19/73 11/21/73 12/19/73 1/16/74 2/20/74 3/20/74 4/17/74 8.6 8.7 7.0 7.0 12.7 8.8 8.4 5.6 6.0 4.7 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/21/73 12/19/73 1/16/74 2/20/74 3/20/74 4/17/74 5/22/74 6/19/74 2.7 3.8 3.6 3.4 4.7 5. 1 4.9 5.0 7.4 6. 1 5.3 6.9 7.2 6.6 6.6 6. 1 4.7 7.4 7.7 6.8 6.8 2.2 6.5 7.0 6.1 6.2 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES \s CCACnMAl I BILLIONS OF DOLLARS 285 r---------- 1--------- 1— A n ill o -rr-r\ BILLIONS OF DOLLARS ----- ---------- ------------- 285 BILLIONS 279.5 280.6 278. I 281.1 280.9 281.6 ------ ill I 111 J !• SO 13 27 II 25 JUN • 22 5 1* 9 17 91 JUL M 21 12 2C NOV • 29 « 20 DEC 6 20 9 17 MAR APR I 19 2f 12 26 10 24 LATtST DATA PLOTTED WEEK ENDING. JUNE 19, 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' M.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt 6/20/75 9/19/75 M/21/75 12/19/75 1/16/74 2/20/74 5/20/74 4/17/74 9.3 9.5 8. 1 7.9 12.6 9.6 9.0 6.9 7.0 5.7 TO THE AVERAGE OF FOUR WEEKS ENDING. M/21/75 12/19/75 1/16/74 2/20/74 5/20/74 4/17/74 5/22/74 6/19/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.4 4.6 4.5 4.5 5.6 6.0 5.8 5.9 7.9 7.0 6.3 7.8 8.0 7.5 7.5 7.5 6.2 8.4 8.7 7.9 7.8 4. 1 7.6 8. 1 7.3 7.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 260 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED rRI DAY PERCENT PERCENT L tjim iiu u u iu .il 12.0 I 1.5 1 1.0 10.5 'RIME BANK OAN RATE 10.0 9.5 9.0 8.5 COMMERCIAL PAPER 8.0 7.5 CORPORATE AAA BONDS 7.0 6.5 6.0 5.5 5.0 MUNICIPAL BONDS »t 4.5 4 18 1 13 29 IS 27 10 24 7 21 3 IS 2 16 SO H 2* II 23 DEC JAN 6 22 6 22 3 19 3 17 SI JUN FEB 1973 MAY 3 10 17 24 31 JUNE 7 14 21 28 K JULY 5 12 19 26 JUL 1974 LATEST DATA PLOTTED ARE AVERAGES OP RATES AVAILABLE FOR THE WEEK ENDING. JUNE 28, 1974 4 28 12 26 1974 90 DAY CD'S MM PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa bonds MUNICIPAL BONDS m 10.99 11.24 11.34 11.23 11.07 11.05 10.97 11.39 11.62 10.73 10.83 10.80 10.38 10.31 10.53 10.75 11.10 11.29 10.40 10.70 10.75 10.75 10.75 10.75 10.75 10.75 10.83 8.34 8.38 8.36 8.38 8.39 8.40 8.40 8.49 8.56 5.91 6.00 6.04 6.05 6.08 6.01 6.04 6. 13 N.A. * AVERAGES OF RATES AVAILABLE. XX BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. MBS SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. N.A. - MOT AVAILABLE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 0 SELECTED SHORT-TERM AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 12.5 INTEREST RATES PERCENT —i 12.5 r- FEDERAL FUNDS RATE LUl i. 1..I J 1 4 18 16 Il MAY JUN II J 111111 ITT DISCOUNT RATE III i 11 I HI LLU-1 U 11 I I I 1 I I I 1 I I I i I IS 29 20 IS 27 to IQ 24 JUL 7 21 AUG SEP 1973 3 IS 19 OCT 2 16 SO 14 28 II 23 NOV DEC JAN S 22 8 FEB 8 22 MAR 1 1 I 111 I 19 S 18 S 17 SI APR 1976 MAY I I I 1 II 14 28 12 28 26 JUN JUL LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JUNE 28, 1974 1974 MAY 3 10 17 24 31 JUNE 7 14 21 28 * JULY 5 12 19 26 11.17 11.29 11.46 10.95 11.54 11.45 11.60 11.85 11.97 S-MONTH TREASURY BILLS 3-3 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 8.81 8.60 8.00 7.90 8.04 8.05 8.23 7.88 7.46 8.29 8.51 8.20 8.09 8.07 8.06 8.06 8.09 8.28 7. 1 1 7.09 7.02 7.08 7.06 7.04 6.99 7.00 7.07 * AVERAGES OF RATES AVAILABLE. Wt 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 - #IME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 410 400 390 380 TOTAL TIME DEPOSITS 370 360 350 340 330 320 310 300 NET TIME DEPOSITS K 290 280 2 I« 80 IS 27 || 23 JUN 8 22 S 19 3 17 31 JUL H 28 12 26 NOV 9 23 DEC 6 20 6 20 3 17 FEB MAR APR 1 IS 29 12 26 10 24 1973 LATEST DATA PLOTTED WEEK ENDINQt JUNE 19, 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.3 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS* SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERT IF1CATES ®F DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BASKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING* 6/20/73 9/19/73 11/21/73 12/19/73 1/16/7'’ 2/20/74 3/20/74 4/17/74 8.3 7.8 8.7 6.3 8.0 9.0 TO THE AVERAGE OF FOUR WEEKS ENDING* 11/21/73 12/19/73 1/16/74 2/20/74 3/20/74 4/17/74 5/22/74 6/19/74 12.5 1 1.8 12.2 12.8 12.7 12.0 11.4 11.5 13.0 13.3 14. 1 13.7 12.5 11.7 1 1.7 11.2 13.4 12.8 11.4 10.5 10.7 15.8 14.3 12.2 11.0 11.1 14.3 11.6 10.3 10.5 8 Digitized i for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS % MONEY STOCK PLUS TIME” EPOS ITS AVERAGES OF DAIlY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS ----- ---------- ---------- =3 680 690 r---------- --------------- MONEY STOCK PLUS TOTAL TIKE DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS 2 16 MAY 30 19 27 II 2S JUN JUL • 22 5 19 5 17 91 AUG SEP 1973 OCT UTUT BATA PLOT TEC WEEK ENDING. H 26 12 NOV JUNE 19. 6 20 9 17 DEC I 19 29 12 26 10 24 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.B RELEASE. »Ma IS DEFINED AS. CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS t SEE PAGE 9). MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 6/20/73 9/19/73 1 1/21/73 12/19/73 1/16/74 2/20/74 3/20/74 4/17/74 TO THE AVERAGE OF FOUR WEEKS ENDING. 11/21/73 12/19/73 1/18/74 2/20/74 3/20/74 4/17/74 5/22/74 6/19/74 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8. I 8.3 8.4 8.8 9.2 9. 1 8.7 8.8 10.5 10.2 10.4 10.8 10.4 9.7 9.7 9.4 10.0 10.7 10.2 9.3 9.3 10. 1 1 l .0 10.3 9.2 9.3 11.8 10.6 9.2 9.3 10.5 8.6 8.8 6.7 7.6 7.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 CERT# I CATES OF DEPOS I # LARGE COMMERCIAL BANKSW WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars 82 80 78 76 74 72 70 68 66 64 62 60 58 56 0 2 IS MAY SO IS 27 11 25 3 22 JUN JUL AUG 5 19 SEP 3 17 91 OCT LLLL-LLL-LLL 6 20 6 20 3I 117I _LL1 I IS 29 III 12 26 Jit 10 24I H 28 12 26 9 23 NOV DEC JAN FEB MAR 1973 APR MAY JUN JUL 1974 LATEST DATA PLOTTED WEEK ENDINGi JUNE 19. 1974 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. r artttme^kposituata 1974 MAY 1 8 15 22 29 JUNE 5 12 19 26 JULY 3 10 17 24 31 BILLIONS CERTIFICATES CERTIFICATES NET TIME OF DEPOSIT OF DEPOSIT DEPOS1TS K NOT SEAS. AOJ. 74.3 76.0 76.9 78.8 79.6 79.2 79.6 79. 1 78.0 79.7 80.6 82.0 82.5 81 .9 82.5 83.5 312.8 312.7 313.6 313.3 314.4 315.8 316.2 316.8 M2 m 589.6 591 .3 593. 1 593.9 592.5 596.9 597. 1 598.4 * SEE FOOTNOTE PAGE 8. Wt SEE FOOTNOTE PAGE 9. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 10 http://fraser.stlouisfed.org 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 4.5 JJZl MIU.IQW& MAY 22 29 JUN. 5 12 19 26 3090 3006 3054 2729 3223 27M BORROWINGS 2 Ifi SO IS 27 II 25 JUN JUL * 22 5 19 S 17 SI M 21 II N NOV DEC 9 23 « 20 t 79 SI? l is » 11 X 10 24 LATEST DATA PLOTTED WEEK ENOINCt JUNE 26, 1974 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 126 COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF THE FOUR WEEKS ENDING JUNE 19, 1974 FROM THE FOUR WEEKS ENDING. BUSINESS BUSINESS LOANS LOANS ADJUSTED APR. MAR. FEB. JAN. DEC. SEP. JUN. 17, 20 20 16 19 19 20 126 124 122 1974 30.7 120 31.0 24.3 1 IS BUSINESS LOANS ADJUSTED 17.4 116 114 112 110 BUSINESS BUSINESS LOANS LOANS A&waiEfl. BUSINESS LOANS 105 106 104 102 2 It 50 15 27 H 25 JUN JUL 9 22 S 19 1 14 23 12 2« NOV LATEST DATA PLOTTED WEEK ENDING. JUNE 19, DEC 9 23 6 20 8 to FEB MAR 3 17 ! 15 29 12 2* 10 24 1974 1/ INCLUDES LOANS SOLD OUTRIGHT 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 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS Z Z = = BILLIONS OF DOLLARS 495 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING JUNE 19, 1974 FROM THE FOUR WEEKS ENOINGt CREDIT CREDIT PROXY PROXY ADJUSTED - APR. 1974 485 18.3 21.2 23.0 47 5 Z JAN. Z DEC. Z SEP. 465 CREDIT PROXY ADJUSTED 1/ 455 BILLIONS CREDIT PROXY CREDIT CREDIT PROXY TOBOL ADJUSTED 445 435 467.4 472.4 473. 1 30 IS 27 11 25 JUN JUL 8 22 3 17 31 14 28 12 26 NOV DEC 9 23 6 20 FEB 1973 LATEST DATA PLOTTED WEEK ENDING. CURRENT DATA APPEAR 1/ 12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAR 3 17 APR I 482.5 482.9 IS 29 12 26 10 24 1974 JUNE 19, 1974 IN THE BOARD OF GOVERNORS' H.9 RELEASE. INCLUDES MEMBER BANK DEPOSITS. BANK-RELATED COMMERCIAL PAPER, U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. EURODOLLAR BORROWINGS OF PREPARED BY FEDERAL RESERVE BANK OF ST. IOUiS 425