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Week ending: June 29r 1977
4f?
,
'7C,

Short-term interest rates on most securities have averaged
somewhat higher in June than they did in May of this year, as indicated in
; the table below. However, the increase in short-term rates between May
and June has generally been less than 15 basis points. This increase is
considerably smaller than the increases of 30 to 60 basis points from April

LFBRARVt0 ^
DEC

6 197?

In contrast to short-term rates, long- and intermediate-term
rates have averaged somewhat lower in June than they did in May. Long-term
rates have declined 9 to 13 basis points between May and June, after
increasing slightly, or remaining the same, between April and May. The
interest rate on 3-5 year Government securities averaged about the same
in June as it did in April.
YIELDS ON SELECTED SECURITIES
(Monthly Averages of Daily Rates)

June
1976

Jan.
1977

March
1977

April
1977

May
1977

June
1977 *

5.48%

4.61%

4.69%

4.73%

5.35%

5.38%

Prime Commercial Paper
(4-6 Month)

5.94

4.74

4.87

4.87

5.35

5.49

Prime Bankers' Acceptances

5.77

4.81

4.80

4.78

5.34

5.40

3-Month Treasury Bills

5.41

4.62

4.60

4.54

4.96

5.02

1-Year Treasury Bills

6.12

5.00

5.19

5.10

5.43

5.41

7.40

6.49

6.73

6.58

6.75

6.59

8.62

7.96

8.10

8.04

8.05

7.96

Long-Term Government
Securities**

7.86

7.35

7.57

7.50

7.57

7.44

Municipal Bonds***

6.87

5.87

5.91

5.75

5.75

5.63

Short-term Securities
Federal Funds

Intermediate-Term Securities
3-5 Year Government
Securities
Long-Term Securities
Corporate Aaa Bonds

*

Averages of rates available through June 29, 1977.

**

Issues due or callable in ten years or more, excluding issues that
have special Federal estate tax privileges.

***

Thursday data


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

Prepared by Federal Reserve Bank of St. Louis
Released: July 1, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
136

MILLIONS
— JUN

134

132

130

128

126

124

122

5 19

2 16 30 14 28 11

25

8 22

6 20

3 17

1

15 29 12 26

JAN

9 23

9 23

6 20

4 18

1

15 29 13 27

FEB

1976

1977

LATEST DATA PLOTTED WEEK ENDING: JUNE 29, 1977
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), 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
FEDERAL 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,
6/30/76

9/29/76

12/1/76 12/29/76

AVERAGE OF FOUR WEEKS ENDING:

1/26/77

3/2/77

3/30/77

9. 1
6.9

5.6

7.2

6.4

4/27/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/ 1/76
12/29/76
1/26/77
3/ 2/77
3/30/77
4/27/77
6/ 1/77
6/29/77

2


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

7.4
6.5

6.3
6.5
6.8

7.0
6.6
6.7

6.5
6. 1
6.5

7.0
7.2
6.7
6.8

3.4
5.0
6. 1
6.5
6.0
6.2

6.5
7.5
7.7
6.8

7.0

8.6
8.5

7. 1
7.3

5.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULT PLIER

RATIO

2.429
2.438
2.42

LATEST DATA PLOTTED WEEK ENDING: JUNE 22. 197T
BILLIONS OF DOLLARS
122 — ------------1--------- 1---------

BILLIONS OF DOLLARS
122
-

CO BOUNDED ANNUAL R/kTES
OF CHANGE. AVERAGE CIF
TH E FOUR WEEKS END If4G
JU NE 29, 1977 FROM
TH E FOUR WEEKS END 1fJGi

120

“
118

116

_
114

_

AP R.
MA R.
MA R.
JA N.
DE C.
r•
JU N.

27,
30,
2,
26,
29,
£.9,
30,

1977
1977
1977
1977
1976
1 &1

1976

120
118

5.c5
6.J
7.
7.1
7.C

116
-

USTED FEDER^ L RES ERVE i

6.;

V

,A

s

114

-

112

112

1 10

V"

108
106

V

V

,

-

/V <\
V
v

110
-

\ /----v—

1 977

r 25 112,828
1 113 737
JUr4.
8 112 761
15 1 13 321
22 1 13 943
29 1141361

104

sg

ILL!.. i 1 1 1

i 1 1

111

5 19

MAY

1 1 1 1 -111
8 22

JUN

JUL

AUG

MILLIONS “

SEP
1976

111 . 1 -1

6 20

3 17

OCT

1

NOV

1 1..

1 1-1.

15 29 12 26

DEC

JAN

1 1 1
FEB

1 1

111

9 23

6 20

-.1 1

9 23

MAR

APR
1977

108

—

106

~
_

104

1 1 1 1 1 1 1 1 1 1 1 1 l'
4 18

MAY

1

15 29 13 27

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JUNE 29. 1977
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 SUBTRACtlNG 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

B'LL IONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
768.4
769. 1
769.5
771.6
770.9
773.7

760
755
750
745
740
735
730
725
720
715
710
705
700
695
690

5 19

2 16 30 14 28 11

25

8 22

6 20

3 17

OCT

1

NOV

15 29 12 26

JAN

9 23

9 23

6 20

4 18

1

15 29 13 27

FEB

1976

1977

LATEST DATA PLOTTED WEEK ENDING: JUNE 22, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ h.b RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
6/23/76

9/22/76 11Z24/76 12/22/76

1/19/77

2/23/77

3/23/77

4/20/77

7.4
9.3
8.6
8.4

11.2
9.6
9.0

9.9
9.1

7.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/24/76
12/22/76
1/19/77
2/23/77
3/23/77
4/20/77
5/25/77
6/22/77

4

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

11.7
12.0
12.2
11.3
11.1
11.3
10.9
10.6

13.8
13.7
12.0
11.5
11.7
11.1
10.7

13.6
10.8
10.3
10.9
10. 1
9.8

9.3
9.2
10.2
9.5
9.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK (Ml)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
335 ---------- 1-------------1-----

BILLIONS OF DOLLARS
----- ------------- ---------- 335

BILLIONS
321.3
321.5
320.7
321.5
320.8
322.3

5 19

2 16 30 14 28 11

25

8 22

6 20

1

3 17

OCT

15 29 12 26

NOV

LATEST DATA PLOTTED WEEK ENDING: JUNE 22.

JAN

9 23

FEB

9 23

6 20

4 18

APR

1

15 29 13 27

MAY

1977

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 ,
6/23/76

9/22/76 11/24/76 12/22/76

AVERAGE OF FOUR WEEKS ENDING:

1/19/77

2/23/77

3/23/77

4/20/77

0.9
5.4
5.9
5.2

10.4
9.1
7.4

11.1
8.2

4.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/24/76
12/22/76
1/19/77
2/23/77
3/23/77
4/20/77
5/25/77
6/22/77


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

5.5
5.6
6.6
5.3
5.3
6.3
6.3
6.0

6.4
8.0
5.6
5.5
6.9
6.9
6.4

9.6
5.0
4.9
7.0
7.0
6.3

4.5
4.6
7.2
7.2
6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

10.0 i—

—

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

MUNICIPAL
BONDSae*

COMMERCIAL PAPER

4 18

2

16 SO 13 27

10 24

8 22

5 19

3 17 31

14 28 II

6 20

3 17

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 1,

1977

JAN

25 II

25

8 22

1

15 29

FEB
1977

90 DAY
CD***
S

1977

MAY

6
13
20
27
JUNE 3
10
17
24
JULY
1 X
8

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

4.94
5.21
5.35
5.58
5.53
5.46
5.42
5.39
5.40

4.98
5.25
5.53
5.60
5.53
5.51
5.50
5.48
5.43

5.06
5.33
5.43
5.52
5.42
5.42
5.41
5.39
5.35

CORPORATE
Aaa BONDS

MUNICIPAL
BOtOSXK

8.04
8.07
8.06
8.04

5.76
5.82
5.70
5.71
5.72
5.65
5.55
5.61

8.00

7.98
7.94
7.94
7.91

N.A.

15
22
29

* AVERAGES OF RATES AVAILABLE.
** B0ND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*9B*
rates F°k THE WEEK ending Wednesday two days
u a EARbAfRAUA^A^JES SH0WN‘
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10.0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

8.0 ----

7.5

----- 8.0

7.5

zrr

\

1

v'N
3-5 YEAR
GOVERNMENT SECURITIES

7.0

7.0

\

6.5

f

/

/

/

6.5

/
6.0

6.0

DISCOUNT RATE

5.5

FEDERAL FUNDS RATE
5.0

4.5

THREE-MONTH TREASURY
BILL MARKET YIELD

4.0

Li-LLJ. J .1. Ill -LLL1 I I I I I I I I I I I..............I I I I I I I I............. II
7 21

4

MAY

JUN

1*

2

16 SO

JUL

13 27

AUG

10 24 8 22

SEP
1976

OCT

5

19

NOV

3

17

DEC

31

14 28

JAN

11

FEB

25

11

MAR

25 8 22

APR
1977

6 20

3 17

1

MAY

JUN

JUL

15

29

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 1, 1977

1977
MAY

6
13
20
27
JUNE 3
10
17
24
JULY
1 x
8
15
22
29

FEDERAL
FUNDS ***
8K

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.15
5.31
5.34
5.45
5.36
5.31
5.37
5.43
5.43

4.75
4.96
5.05
5.06
5.03
5.06
5.01
5.01
4.95

5.28
5.46
5.52
5.45
5.42
5.43
5.40
5.41
5.37

6.72
6.78
6.79
6.77
6.71
6.68
6.56
6.54
6.49

7.57
7.61
7.58
7.53
7.52
7.48
7.41
7.41
7.37

* AVERAGES OF RATES AVAILABLE.
**
S™* 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
460

BILLIONS

-

JUN.

455

447. 1
447.6
448.8
450. 1
450.2
451.4

450
445
440
435
430
425
420
415
410
405
400
395
390

5 19

2 16 30 14 28 11

JUL

25

8 22

6 20

3 17

1

15 29 12 26

9 23

9 23

6 20

4 16

1

15 29 15 -L
27

AUG
1976

1977

LATEST DATA PLOTTED WEEK ENDING: JUNE 22, 1977
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,
6/23/76

9/22/76 11/24/76 12/22/76

AVERAGE OF FOUR WEEKS ENDING:

1/19/77

2/23/77

3/23/77

4/20/77

12.2
12. 1
10.7
10.8

11.7
9.9
10.2

9.1
9.8

8.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/24/76
12/22/76
1/19/77
2/23/77
3/23/77
4/20/77
5/25/77
6/22/77

Digitized 8 FRASER
for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16.5
17. 1
16.6
16.0
15.6
15.2
14.3
14. 1

19.5
18.0
16.8
16.0
15.4
14.2
13.9

16.7
15. 1
14.3
13.8
12.5
12.3

13.0
12.5
12.4
11.1
11.2

PREPARED BY 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
250

BILLIONS
-

MAY

237.6
237.8
236.7
237.8
237.0
238. 1

245

240

235

230

225

5 19

2 16 30 14 28 11

25

8 22

6 20

3 17

1

15 29 12 26

JAN

9 23

9 23

6 20

4 18

1

15 29 13 27

FEB

1976

1977

LATEST DATA PLOTTED WEEK ENDING: JUNE 22, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

DEMAND DEPOS T COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE ,
6/23/76

9/22/76 11 /24/76 12/22/76

AVERAGE OF FOUR WEEKS ENDING:

1/19/77

2/23/77

3/23/77

4/20/77

10.5
9.1
7.0

11.4
8.0

4.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
11/24/76
12/22/76
1/19/77
2/23/77
3/23/77
4/20/77
5/25/77
6/22/77


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

4.8
4.9
6.2
4.4
4.3
5.5
5.6
5.2

6. 1
8. 1
4.7
4.6
6.2
6.3
5.7

10.3
3.7
3.8
6.2
6.4
5.6

2.8
3.2
6.4
6.5
5.5

-1.7
3.8
4.6
3.9

f

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

billions of dollars

5 19

2 16 30 M 28 11

JUL

25

8 22

6 20

3 17

OCT

AUG

1

15 29 12 26

NOV

JAN

9

billions of dollars

9 23

FEB

1976
LATEST DATA PLOTTED WEEK ENDING: JUNE 22,

6 20

APR
1977

A

18

1

15 29 13 27

MAY

1977

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

1977
MAY

4
1 1
18
25
JUNE
1
8
15
22
29
JULY 6
13
20
27

CERTIFICATES
CERT 1F1 CATES
OF DEPOSIT
OF DEPOSIT
SEAS. ADJ.
NOT SEAS. ADJ.
59.4
60.3
61.2
62.0
62.3
62.6
62.8
62.9

61.3
62.0
62.4
62.7
62.9
63.2
63.7
64.0

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

1.5
977
MAY

5 19

2 16 30 14 28 11

25

8 22

6 20

3 17

1

15 29 12 26

JAN
LATEST DATA PLOTTED WEEK ENDING: JUNE 29,

9 23

9 23

FEB

6 20

APR
1977

MILLIONS
25

4 18

1

15 29 13 27

MAY

1977

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124
122
120
118
116
114
112
110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
— THE FOUR WEEKS ENDING
— JUNE 22, 1977 FROM
— THE FOUR WEEKS ENDING: .

104
1977
MAY

MILLIONS
18

102
100
96
96

5 19

LU. I I I

2 16 30 M 28 11

JUL

25

8 22

6 20

3 17

OCT

AUG

NOV

1

15 29 12 26

JAN

9 23

FEB

9 23

6 20

4 18

APR

MAY

1

15 29 13 27

1976
LATEST DATA PLOTTED WEEK ENDING: JUNE 22, 1977


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

BILLIONS OF DOLLARS


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

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 22, 1977 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED

5

570

560

550
CREDIT PROXY ADJUSTED

1/
540

530

CREDIT PROXY

520

CREDIT
PROXY

CREDIT

PROXY
537.7
538.9
539.

545.8
547.2
546.6
551 .0

544.1
546.1

5

19

2

16 30 H 2S II 25
JUL
AUG

8 22

6 20

3 17

OCT

NOV

1

15 29 12 26 9 23
JAN
FEB

1976
LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR
1/

9 23

510

ADJUSTED
500

490

555.6

6 20

4

APR

MAY

18

15 29 13 27

1977
JUNE 22,

1977

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.

LOUIS

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