Full text of U.S. Financial Data : Week Ending: June 30, 1976

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Week ending: June 30, 1976

Growth of the monetary aggregates has been more
rapid since the beginning of the year than over the prior seven
months. Since mid-January the monetary base has grown at a 10.8
percent annual rate, which is substantially faster than the 3.9
percent rate experienced from mid-June 1975 to mid-January 1976.
The growth of the narrowly defined money stock (Ml) has
accelerated to a 6.7 percent rate over the most recent five
months from the 2.6 percent rate of the earlier seven-month
period. Recently the more broadly defined money supply (M2) has
also exhibited a faster rate of expansion, increasing at an
annual rate of 11.8 percent since mid-January, compared to its
earlier growth rate of 7.2 percent.
'
:
!
'
l\
While the growth rates of all the components of the
money stock have increased since mid-January, this growth has
been more pronounced in some components than in others. Currency,
for instance, has increased at a 12.2 percent annual rate since
mid-January, compared to an 8 percent rate over the previous
seven months. The growth of demand deposits has accelerated
from the very sluggish rate of around one percent over the
period from mid-June 1975 to mid-January 1976, to a more
moderate rate of about 5 percent since mid-January. Net time
deposits have increased at relatively rapid rates over both
periods, first at an 11.2 percent rate, then at a 16 percent
rate.
From mid-January to mid-April most short-term
interest rates remained stable. Over the next five weeks short
rates moved upward, but appear to have again stabilized at these
higher levels over the most recent six weeks. Yields on 90-day
CDs and prime four- to six-month commercial paper are currently
about 70 basis points above mid-April levels. Rates on threemonth Treasury bills and Federal funds are about 60 and 80 basis
points, respectively, above their levels of two and one-half
months ago. After declining by about 60 basis points from late
September 1975 through mid-April 1976, rates on long-term
securities such as corporate Aaa bonds have risen about 30 basis
points over the most recent two and one-half months.


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

Prepared by Federal Reserve Bank of St. Louis
Released: July 2, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED -0Y THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
128

MILLIONS
— JUN

126

124

122

120

118

116

114

4 IS

MAY

2 16 30 13 27 10 24

JUN

AUG

« 22

3 19

3 17 31

SEP
1975

14 28 11 23 10 24

JAN

FEB

7 21

3 19

APR
1976

MAY

2 16 30 14 28

LATEST DATA PLOTTED WEEK ENDINGt JUNE 30, 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), ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANCES 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 COLD 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 ENDINGt
7/2/75

10/1/75

5.6
5.8
3.9
5.8
6.1
6.2
6.1
6.8

7.8
3.9
7.0
7.2
7.2
7.0
7.8

12/3/75 12/31/75

1/28/76

3/3/76

3/31/76

4/28/76

7.9
6.9
8.7

6.3
8.9

9.5

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/ 3/75
12/31/75
1/2B/7B
3/ 3/78
3/31/76
4/2B/76
6/ 2/76
6/30/76

2


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

-0.6
6.2
6.7
6.8
6.6
7.6

5.8
6.6
6.8
6.5
7.7

13.7
11.7
9.9
10.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

lfiZfi

BAT Ltl

LATEST DATA PLOTTED WEEK ENDINGt JUNE 23. 1978
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
114

COMPOUNDED ANNUAL RATES
— OF CHANCE. AVERAGE OF
- THE FOUR WEEKS ENDING
JUNE 30. 1976 FROM
-----THE FOUR WEEKS ENDING.
MAR.

1976
1976
1976
1976
1975
1975
1975

31

— DEC. 31

11.1
9.7
9.3
10.8
8.0
8.6
6.9

112
110
106

ADJUSTED FEDERAL RESERVE CREDIT

106
104
102
100

JLAIfi.

MILLIONS

96
96
94

MAY

4 18
JUN

2 16 30 13 27 10 24

6 22

3 10

3 17 31 14 28 11 23 10 24
JAN
FEB

7 21
APR

3 10
MAY

2 16 30 14 28

1975
LATEST DATA PLOTTED WEEK ENDING. JUNE 30, 1976
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES LOANS FLOAT
PfOgRAL RESERVE CREDIT IS COMPUTED BY SUBTRACtING TREASURY
depos1
3^5^ 0At*<s from this series, and adjusting the series for re­
serve REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME 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

BILLIONS OF DOLLARS

PILLIONS
—

700

-

690

-E

19

697.3
697.6

699.6

MAY

665

~ 680
■= 675

—

650

— 635

= 630

MAY

4 18
JUN

2 16 90 13 27 10 24
AUG
SEP
1975

8 22

3 19

3 U 31 t4 28 11
JAN
FEB

10 24

5 19

7 21

2 It 90 H 21

1976

LATEST DATA PLOTTED WEEK ENDING. JUNE 23, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
6/25/75

9/24/75 11/28/75 12/24/75

1/21/76

2/25/76

3/24/76

4/21/76

11.9
11.6
10.5

12.8
10.9

9.2

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

4


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

7.5
7.0
7.2
8.5
8.6
9.1
9.4
9.1

7.1
7.4
9.4
9.4
10.1
10.2
9.9

6.6
10.3
10.0
10.9
11.0
10.4

12.9
11.7
12.4
12.1
11.3

13.1
13.6
13.0
11.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ISIS.

BILLIONS OF DOLLARS

BILLIONS
303. I
302.9
304.2
301.9

4 IS

MAY

MIN 13 27 10 24

JUN

AUG

• 22

5 II

> 17 >1

14 2* 11 25 10 24

JAN

SEP
1975

7 21

5 1*

2 It 50 14 2*

FEB
1978

LATEST DATA PLOTTED WEEK ENDING. JUNE 23, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B RELEASE.
THE MOtCY 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 ENDiNGt
8/25/75

9/24/75 11/28/75 12/24/75

1/21/76

2/25/76

3/24/76

4/21/78

4.8
8.1
8. 1
6.7

10.3
9.5
7.3

11.6
8.0

4.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
11/28/75
12/24/75
1/21/78
2/25/78
3/24/78
4/21/78
5/26/78
6/23/76


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

3.8
2.6
2.6
2.9
3.1
4.2
4.6
4.3

1.2
1.6
2.3
2.7
4.3
4.9
4.4

-0.7
1.4
2.2
4,7
5.3
4.7

3.8
4. 1
6.8
7. 1
6.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5 I—

PERCENT
—i 10.5

CORPORATE Am BONDS

RIME BANK
PAN RATE

MUNICIPAL
BONDS**

COMMERCIAL PAPER

90 DAY CD'S

2 16 30 IS 27 11 25

MAY

JUN

JUL

6 22

AUG

5 19

SEP

3 17 31

OCT

14 2« 12 26

NOV

DEC

9 23

JAN

6 20

5 19

FEB

MAR

1975

2 16 30 14 26 II 25

APR

MAY

JUN

9 23

JUL

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. JULY 2, 1976

1976
MAY

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

90 DAY
CD'sa»e

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Am BOFDS

MUNICIPAL
BONDS**

5.20
5.31
5.48
5.88
5.93
5.93
5.82
5.84
5.73

5.30
5.43
5.63
5.83
6.00
6.00
6.00
5.90
5.79

5.21
5.39
5.67
5.87
5.92
5.82
5.74
5.69
5.68

8.48
8.56
8.62
8.65
8.63
8.63
8.62
8.60
8.64

6.71
6.83
6.91
7.03
6.89
6.86
6.85
6.87
N. A.

* AVERAGES OF RATES AVAILABLE.
*K BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
*■“
AVERAGES OF SECONDARY MARKET RATES Foft THE WEEK ENDING WEDNESDAY TWO DAYS
m a ^ER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N.A» "" NOT AVAIL-ABLE

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

percent

— 7.5

DISCOUNT RATE

FEDERAL FUNDS RATE

2 16 SO 13 27 11 25
JUN
JUL

6 22

5 19

3 17 31 14 26 12 26
NOV
DEC

9 23

6 20
FEB

3 19
MAR

2 16 90 14 29 It 23
MAY
JUN

9 *8

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JULY 2, 1976

1976
MAY

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

FEDERAL
FUNDS

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.03
5.02
5.28
5.50
5.54
5.44
5.47
5.48
5.58

4.91
5.11
5.33
5.47
5.53
5.44
5.38
5.34
5.36

5.68
5.89
6.11
6.26
6.27
6.11
6.07
6.06
6.09

7.11
7.29
7.46
7.56
7.52
7.42
7.38
7.32
7.36

7.79
7.33
7.95
7.97
7.89
7.86
7.86
7.84
7.85

* AVERAGES OF RATES AVAILABLE.
*9 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

39-4.1
395

396.6

390
385
380
375
370
365
360
355
350
345

7 21
MAY

4 19
JUN

2 19 30 19 27 10 24
AUC
SEP
1975

9 22

9 19

3 17 31 14 29 11
JAN
FEB

10 24

T 21
APR
1976

5 19
MAY

2 19 90 14 29

LATEST DATA PLOTTED WEEK END INCi JUNE 23, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.8 RELEASE.
* NET TIMEDEPQSITS 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 9100,000 OR MORE BY LARGE MEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING*
6/25/75

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

1/21/76

2/25/76

3/24/76

4/21/76

13.3
13.3
13.0

13.8
13.2

12.6

TO THE AVERAGE
OF FOUR MEEKS
ENDING.
11/26/75
12/24/75
1/21/76
2/25/76
3/24/7B
4/2I/7B
5/26/76
6/23/78

8


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

10.7
10.8
11.2
13.3
13.2
13.3
13.3
13.2

12.1
12.4
15.5
15.0
14.9
14.7
14.4

12.5
17.8
16.5
16.1
15.5
15.0

20.7
18.0
17.1
16.3
15.6

20.1
18.3
16.9
16.0

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

226.5
226.2

MAY

4 II
JUN

Z 1690 13 27 10 24
AUC
SEP
19/5

• 22

9 II

9 17 31 M 2t It 25 10 24
JAN
FEB

7 21
APR
1976

5 IB

Ml 90 H U

MAY

LATEST DATA PLOTTED WEEK END INC* JUNE 23, 1976
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 ENDING*
6/25/75

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

1/21/76

2/25/76

3/24/76

4/21/76

2.1
6.1
6.5
4.9

8.8
8.4
5.8

11.2
6.8

3.1

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


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

2.4
0.7
0.9
1.1
1.2
2.5
3.0
2.6

-1.6
-0.7
-0.1
0.3
2.2
3.0
2.4

-2.9
-1.1
-0.3
2.6
3.5
2.7

2.1
2.2
5.2
5.8
4.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
90
86
86
84
82
•0
78
76
74
72
70
68
66
64

MAY

4 II
JUN

2 1# 30 13 27 10 24
AUG
SEP
1975

• 22

3 It

3 17 31 14 2* II 23 10 24
JAN
FEB

7 21
APR
1976

3 It
MAY

2 It 30 14 2t

LATEST DATA PLOTTED WEEK ENDINBi JUNE 23. 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.8 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
HCEKLY REPORTING COMMERCIAL BAMCS.

1978
MAY

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

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
67.2
67.0
66.9
67.6
88.4
68.8
68.9
69.0

69. 1
68.2
67.6
88.0
68.7
69.7
70.4
71.0

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
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

MAY

T 11
MAY

4 18
JUN

2 16 30 13 27 10 14
AUG
SEP

6 22

3 19

3 12 31 14 26 II 23 10 24
JAN
FEB

7 21
APR
1976

26

5 18
MAY

2 16 30 14 26

LATEST DATA PLOTTED WEEK ENDING* JUNE 30, 1976

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
128
126
124
122

120
118
116
114
112

110
106

MAY

19
111,788

7 21

4 16

2 16 30 13 27 10 24

6 22

5 19

3 17 31 14 26 11 25 10 24
JAN
FEB

7 21
APR

5 19
MAY

2 16 30 14 20

LATEST DATA PLOTTED WEEK ENDING* JUNE 23, 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

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

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
550

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
JUNE 23. 1976 FROM THE FOUR
WEEKS ENDING*
CREDIT
CREDIT
PROXY
ADJUSTED

25,
21,

1976
1970

24,

1975

540

=

490

=

CREDIT

500

-

CREDIT PROXY _

510

-

1/

520

=

CREDIT PROXY ADJUSTED

470

PROXY

515.1
509.0
513.0
515.8

510.4

I I I I I II I I I I I I I I I I I I I I 1 I I
7

21

4

18

2

16 30

13 27

10 24

0 22

3

19

3

If 31

14 20

JAN

11

FEB

25

10 24

7

21

APR

5

19

Z

16 30

14 20

MAY

1976
LATEST DATA PLOTTED WEEK ENDING, JUNE 23,
CURRENT DATA APPEAR

1976

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