Full text of U.S. Financial Data : Week Ending June 5, 1968

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•

RESEARCH LfSRARY.i

finonCIRL

DATA

of St, Louis

Week ending June 5,1968

27 m
MEMBER BANK BORROWINGS (Page 8)

BANK LIQUIDITY

Member bank borrowings from Federal Reserve
Banks averaged about $726 million in the four weeks
ending June 5. This was little change from the March
level of $671 million, but from November to March there
was rather a sharp increase in the amount of borrowings.
Some analysts consider the increased borrowing from the
Fed to be an indicator of restrictive monetary policy,
h greater indebtedness, it is felt, that banks may
more reluctant to extend credit. However, borrowing
from the Fed may merely be an alternative to other bor­
rowing. Banks can borrow from other U.S. banks (Federal
funds) or from foreign banks (Eurodollars). Thus, in­
creased borrowing from the Fed may simply reflect that
the Federal funds rate has generally been significantly
higher than the discount rate from the middle of December
to the present time. The slower rate of growth of bor­
rowings beginning in March probably reflects in part the
raising of the discount rate both in March and in April.

Despite strong demand for credit and rela­
tively high interest rates, banks generally appear more
liquid now than during the so-called "credit crunch" of
September 1966. The following table derived from the
weekly reports of large commercial banks shows that
banks hold a greater percentage of cash and other liquid
assets as of May 29 than in late September 1966:

MONEY STOCK (page 5)
The money stock averaged $186.2 billion in the
four weeks ending May 29, up at an annual rate of 8.1 per
nt since February.
This rate of growth is
bter than growth rate of 6.k per cent in the preceding
year.
In comparison, money grew at an average rate of 2.6
between 1957 and. 19^7*

ASSETS AS A PER CENT OF TOTAL RESOURCES
Sept. 28, 1966
Loans
Government Securities
within 1 year
l-to-5 years
5 years and over
Other Securities
Cash Assets
Other
Total Assets

58. L-

1o

May 29, 1968
56.1

3.1

2.6

L.o

$

5.1
2.3
13-1
17.1
3-7

2.9
11.9
16.3
3-4

100.0

1o

100.0

<jo

•


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

Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: June 7, 1968

FEDERAL RESERVE CREDIT
Averages of Daily Figures
Billions of Dollars

LL

2

Seasonally adjusted by this bank.[2

Billions of Dollars

— Annual rates of change Federal Reserve Credit
— adjusted for reserve requirement changes
"“averages of four weeks ending June 5, 1968
— from four weeks ending:

5k

-f- //■ O

_June

53

7, 1967

-1957-1967

52

Federal Reserve
1968

Holdings

OfM. 3
io

Hl.W
So. oS

n

so. ja.

I
8

SI. OO
SO. 31

IS

SO.O']
SO.toO

(

51

So.ii

4A

Federal Reserve Credit
50

SO- Isfj
SO-HI

k9

k8
Federal Reserve Holdings of U.S. Government
and Federal Agency Securities

’+7

k6
Borrowings

k5

If Federal Reserve Credit excludes float and a few minor

Latest -data preliminary
Latest data plotted week ending:

8

22

5

19


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

3

17

31

lk 28
June

12

items.
Data prior to Jan. 18, 1968 adjusted for the
estimated effect of reserve requirement changes.
2/ Seasonal adjustment for Federal Reserve Holdings
computed by this bank using data ending December 1967.
Borrowings from Federal Reserve not seasonally
Current unadjusted data appear in the
adjusted.
Board's H.4.1. release.

June 5, 1968

26

July

9

23

6

20

It-

18

1

15

29

13 27

10 2k

7

21

6

20

3

17

1

I

15

1

J

29

Aug.

1967

J 1.1-LL
12 26 10 2k
July

7

21

Aug,

1968
Prepared by Federal Reserve Bank of St. Loui:

kk

k3

0

k
Sept.

REWVES

All Member Bcmks in the Nation
Averages of Daily Figures

Billions of Dollars
__
TOTAL RESERVES
___
— Annual rates of change, average of—i- four weeks ending June 5, 1968
—ffrran four weeks ending:

- 3. A.
+

June

^Seasonal adjustment computed by this
— bank using data ending December 1967“Unadjusted data appear in the Board's
H.4.1. release.

--vtr SU-lif
ill*
.
___
__ U

Data prior to Jan. 18, 1968 adjusted for —
estimated effect of reserve requirement —

;___ ac 31.0,
!<57 aS.si,

3.V

-h

7, 1967

TOTAL
--- EFFECTIVE
- RESERVES

Billions of Dollars

4.“>

+ 3~3

-.1957-1967

Total 1'
■

Seasonal adjustment factors
were computed using data
— through early 1967•
Reserves Available for —
--- Private Demand Deposits----

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
— Annual rates of change, average of —
-four weeks ending June 5, 1968
—..from four weeks ending:
-F- S.(c

-f- S. (f
-bH.1

Dec.

Latest data preliminary
Latest data plotted week ending:

22

5


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

19

June 5, 1968

1/
„
June 7, 1967
—'Data prior to Jan. 18, i960 adjusted for
estimated effect of reserve requirement ,1957-1967
changes.
I I ,u

3
June

Sept.

Jan.

Feb.

RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS.

.7

+s

June

Prepared by Federal Reserve Bank of St. Louis

Sept.

DEMAND DEPOSIT COMPONENT OF U.S. MONEY STOCK*
Averages of Daily Figures
Seasonally Adjusted

s of Dollars

157
156
155

154
153

Billions of

n

WEEKLY DATA
1968

"Annual rates of change, average of
four weeks ending May 29, 1968
'from four weeks ending:
+7.?
Feb. 28, 1968
1967
1967
f"7?

/■/A 7
t'ts.c*

/-/<?.
/y=?.j

+■ <*■

1967

152

/yy-j

/yiT3

1957-1967

27 /-tt.o p

I
T50
149
148
147

146

1

145

t‘Hc.0

144
143
13-week centered
moving average

142
l4l
l4o

Weekly

J39
*8
137
136
135
134
133
132
131
130
129
128

Latest data preliminary
Latest data plotted week ending: May 29, 1968

127

0

Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of demand deposits by months see this bank's
monthly release entitled "Monetary Trends".

8

22
Mar.

5

19
Apr.


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

3

17 31
May

14

28 12

June

26 9

July

23
Aug.

1967

6

20
Sept.

4

18
Oct.

1

15
Nov.

29 13

27

10 24

Dec.

Jan.

7

21

Feb.

6

20
Mar.

3

17
Apr.

1

15

29

12 26 10

May

June

24

7

21

July Aug.

4

18

Sept.

1968
Prepared by Federal Reserve Bank of St. LouJ^^

MON®tSTOCK*

•

5

Averages c^^T)a iIy Figures
Billions of Dollars
, , . , ,
t—i 200

Seasonally Ad usted

Billions of Dollars

--- Annual rates of change, average of
--- four weeks ending May 29, 1968
--- from four weeks ending:
—hFeb. 28, 1968
4-8.1
~+“Nov. 29, 1967
4 S -(
4- U,

7

1957-1967

13-week centered
moving average .

data appear in the August 1967 Federal Reserve Bulletin.
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

__ Latest data preliminary
.| Latest data plotted week ending:

8

22

5


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

19 3

17 31

l4

28 12

June

26

9

23

6

20

4

18

1

15
Nov.

29 13

27
Dec.

10 24
Jan.

7

21 6

Feb.

20

3

17

1

15

29 12

26 10

|4

7

21

June

Prepared by Federal Reserve Bank of St. Louis

4 18
Sept.

6

CERTIFICATES OF DEPOSIT [l.
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

-Annual rates of change, seasonally unadjusted data
■average of four weeks ending May 29, 1968 from
four weeks ending:
'■Feb. 28, 1968
»

1964 - 1967

22.0

22.0

21.0

21.0

20.0

20.0

Millions of Dollars

Z 2.1G7
/■? 7 !8

I i, Hi

—-Latest data preliminary

8

22
Mar.

5

19
Apr.


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

3

17
May

31 14 28 12 26
June
July

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.
9 23
Aug.

6 20
Sept.

4 18
Oct.

1

15 29 13 27 10 24
Nov.
Dec.
Jan.

7

21 6 20
Feb. Mar.

3 17

1

15

29 12 26

10

24

7

21

June

Prepared by Federal Reserve Bank of St. Lou:

4

18

TIME BOSITS*
All Comm^cial Banks
Averages of Daily Figures
Seasonally Ad usted

Billions of Dollars

Billions of Dollars

1968

___ Annual rates of change, average of
_L from four weeks ending:

8

+ V

— Nov. 29, 1967
-h/O.O

1957-1967

Latest data preliminary
latest data plotted week ending:
22

5


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

19

3

17

31 1*+ 28
June

12

* Current data appear in the Board's H.6 release. Back
~
data appear in the August 1967 Federal Reserve Bulletin.
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".
_

May 29, 1968

26

July

9

23

Aug.

6

20

4

18 1

15 29 13
Nov.

15 29
Jan.

I l 1 1..-L
12 2t> 10 24
June

7

21

4

Prepared by Federal Reserve Bank of St. Louis

18

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures
EXCESS
RESERVES

BORROWINGS

8
Millions of Dollars
1,900

FREE
RESERVES

1,800

BIWEEKLY DATA
K) uas

3L7

H fLAS. I 0

iY

xss
3\ci
3i 7
340

3S~(p

tfiSS
UJ
107
74?

P
7*2WEEKLY DATA
‘733
4 14
1 ki
583no

-310

—

1,700

—

- 303
-3 SO
- 4 Cl
-3 35
- 492.

1,600
1,500
l,k00

-311
- y2./

. BIWEEKLY SETTLEMENT PERIODS
1,300

1,200
1,100
1,000
900

_1_ - —i
7L

800

aL —
700

•*

600

Excess Reserves

i

j

500

/
koo

W

V

7;

K~i

300

<2? n

Vf-

Net Free Reserves
i i i j i i i i |

—

200

-

100

-Borrovings-

0
-

-

s

s


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

1967

\
V
>

700

800

-

--1

-

-iLatest data preliminary
Latest data plotted:
two weeks ending June 5, 1968
I I I t I I I I I I I I I I I i |
I , I I I I l l i l
1 15 29 12 2b 10 2k
Mar.
Apr.
May
July
Aug.
June
Sept.

/

600

-

✓

500

-

\7

kOO

-

>

300

-

\

200

-

\

100

-

900

1,000

-

Oct.

Nov.

20 3
Dec.

-17 31 lk 28
Jan.
Feb.

—
13 27 10 2k
Mar.
Apr.

8 22 5 19
May
June
1968

-i
lk 28
Aug.

Prepared by Federal Reserve Bank of St. Louis

1,100

-

11 25
Sept.

BUSINESS LOANS
Large Com^^rcial Banks
Billions of Dollars

Wednesday Figures

Billions of Dollars

Seasonally ad justed by this bank.
--- Annual rates of change, average of
—|— four weeks ending May 29, 1968
—~ from four weeks ending:
-T Feb. 28, 1968
+,3 <
Nov. 29, 1967
,
3
in Aug. 30, 1967
I 9\o

U

91

~

1

--- 1960 - 1967

Millions of Dollar*
SEASONALLY
ADJUSTED

„ UNADJUSTED
/?fc?
r^A-7
C.^13

if

AV.WV

A/

t^OJV

■3f

4-5T
4-£A7*/

li

IvS.MH

*0

fcV, fll
<,£. 7V7

Lt.VO?

/\pAj.2

£4*. Sl3
i 7. o/3

to

Li.nt,

a7

t>S,
s 4, A A3
4X, 77J47. .fit
47.36*
L7.V/7
4 7,/Ai.
47. VO/

n 47 f'i'Y
*7,-f7J

iV

^ /

47.7 37
47. *3/
47, tve

if

i.S-371
t,S. uo
tS.Hfi*

67 4J6

4>7.J?J
^Latest data preliminary
—Latest data plotted:

8

22

5

19


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

3

17 31

Current and year ago unadjusted data appear in
the Board's H.4.2 release. Seasonal adjustment
computed by this bank using 1962 through 19^7 data

May 29, 1968
14 28
June

12 26
July

f>

9

23
Aug.

6

20

Sept

4

18

1

15

29 13

27

10 24

7

21

6

20

3

17

1

15

29 12

26

June

10 24
July

7

21

Aug

Prepared by Federal Reserve Bank of St. Louis

4

18

10

YIELDS ON SELECTED SECURITIES
Avera ges of Daily Rates Ended Friday

Per Cent

Per Cent

Mill
3-MONTH
TREAS. 3-5
BILL YEAR

S
11
H

S.a-o
S3S
S.31
Sso

4

4.40

LONG-CORPORATE
TERM
Ana

S.Si
s.3f
S.lo
SM
s.tl

s.AS
SSI
Sag
S.33
S3 3-

CXO
e >1
f,i/>

/o ssi. sss
n s,m sis

s.3S

s.33,

as
o n

/A.

Ut S.gi.

31 sno

*7

S-CS

C.o°1

l.U
4.J4

S S3-

S, 74

C. ZS

S.*J

49/

4 i?

S.Ag

L.30

Corporate
Aaa Bonds

Long-Term
Government Bonds

saaury
BILL Market Yield

latest data plotted are averages of rates available for the week ending:

10

24

Mar.

7

21

Apr.

5

19
May

2

16 30

June


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

14

28 li 25

July

Aug.

8

22 6

20

3

17

1

15

June 7, 1968

29 12

26

9

22
Feb.

5

193

17

31 14

9

23

June

Prepared by Federal Reserve Bank of St. Lou:

Sept.

SELECTED SHORT®RM INTEREST RATES
■

Per Cent

Per Cent

Averages of Daily Rates Ended Friday

’*

PRIME
COMMERCIAL
PRIME
IARGE
PAPER
BANKERS' 90 LAY
4-6-MONTH ACCEPTANCES CD’S**

Si3

S7o

FEDERAL
FUNDS

S. is'

S. IS

S. 70

S.li

S. 70
S.gS

S.Jo
S90

s io
sit

5 93

L OS

(33

6 Ot
1 00

c, OS
6./J

(,. Cl

1./3
(,.oo

S, IS

loll

IH3
SSX
S.9I

71

S

Prime Commercial Paper
4-to-6 Month

Prime Bankers
Acceptances

Federal Funds Rate.

Discount Rate-

Latest data plotted are averages of rates available for the week ending

10

24

7

21

5

19

2

30

14 28

11 25

June

*AVERAGES OF RATES AVAILABLE
**S0URCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
Federal Reserve Bank SECONDARY MARKET RATE ON 90-DAY PRIME CD'S.
of St. Louis

8

22
it.

6

20
Oct.

3

17
Nov.

1

June 7, 1968

15
Dec.

29 12

26

Jan.

9

23
Feb.

8

22

Mar.

5

19 3
Apr.

17 31
May

14 28
June

12 26

3

July

Prepared by Federal Reserve Bank of St. Louis

6

20