Full text of U.S. Financial Data : Week Ending: June 9, 1971
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17. Week ending: June 9r 1971 LIBRARY http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The nation's money stock, consisting of private demand deposits and currency in the hands of the public, averaged $224.6 billion in the four weeks ending June 2, up at a rapid 11.6 per cent annual rate in the past five months. In contrast, money grew 5.4 per cent in 1970 and 3 per cent in 1969. From December 1966 to December 1968, when money grew at a 7.6 per cent annual rate, spending rose rapidly and inflationary pressures inten sified. Demand deposits, which are about three-fourths of the money stock, have risen at a 12.3 per cent annual rate in the past five months, and the currency component has increased at a 9.4 per cent rate. By comparison, demand deposits grew 5.1 per cent in 1970 and currency grew 6.3 per cent. Interest rates have risen in recent months, in spite of the rapid growth of reserve aggregates such as the monetary base and Federal Reserve credit. The rise in interest rates reflects an increase in the demand for credit, which has been fostered by the rapid acceler ation of money growth. . Three-month Treasury bill rates averaged 4.51 per cent in the three days ending June 9, up from 3.38 per cent in March, and about the same as January 1971. This current rate, however, is substantially below the 7.87 per cent in January 1970. Yields on prime fourto six-month commercial paper averaged 5.38 per cent in the first half of this week, up from 4.19 per cent in March. For comparison, these rates averaged 8.78 per cent in January 1970. Currently, the discount rate on advances from Federal Reserve banks to member banks is 4.75 per cent, only about 25 basis points above the three-month Treasury bill rate and about the same as the Federal funds rate. In April, the discount rate averaged 90 basis points above the bill rate and 60 points above the Federal funds rate. Yields on seasoned Aaa corporate bonds averaged 7.67 per cent this week, about the same level as late 1970, although 80 basis points below June 1970. The Bond Buyer index of 20 municipal bonds averaged 5.70 per cent on June 2, down somewhat from three weeks earlier, but still above the March level of 5.17 per cent. Prepared by Federal Reserve Bank of St. Louis Released: June 11,1971 MONETARY BASE 1/ FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS _ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR *EEKS ENDING -- JUNE 9. 1971 FROM THE FOUR WEEKS ENDING - APR. MAR. FEB. -- JAN. DEC. _ NOV. 1970 1970 OCT. MONETARY BASE 1971 MILLIONS 76 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING 74 11.6 FEB. _ 10 11.4 72 NOV FEDERAL RESERVE CREDIT 70 68 MILLIONS 66 1 15 29 15 27 10 24 6 22 5 19 2 16 30 14 28 11 1970 25 9 23 6 20 3 17 JAN FEB 3 17 3! 14 28 12 26 9 23 1971 LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1971 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF THE BASE SEE THE AUGUST 1968 "REVIEW" OF THIS BANK. 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 • 3 RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 32.0 31.5 3f .0 31.0 27.5 27.5 1 15 29 13 27 10 24 6 22 5 19 2 16 30 H 28 11 OCT 25 9 23 NOV 6 20 3 17 JAN FEB 3 17 31 14 28 12 26 9 23 LATEST DATA PLOTTED WEEK ENOINGj JUNE 9. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. * BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1. 1970. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS 31.5 30.9 31.2 31.4 31.5 31.3 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JUNE 9. 1971 FROM THE FOUR WEEKS ENDINGi APR. MAR. FEB. JAN. DEC. NOV. OCT. 7, 10, 10, 6, 9, 1 1 , 7, 1971 1971 1971 1971 1970 1970 1970 11.8 10.9 11.5 10.5 12.5 12.1 10.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 180 ------ 1----- 1-- BILLIONS OF DOLLARS -------- ------- 180 BILLIONS 168.4 169.9 172.3 174.6 JUN. 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 JAN FEB 3 17 31 14 28 12 26 APR 9 23 MAY LATEST DATA PLOTTED WEEK ENDING! JUNE 2, 1971 CURRENT DATA .APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 3/3/71 3/31/71 2/3/71 9/30/70 11/4/70 12/2/70 12/30/70 6/3/70 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/ 4/70 12/ 2/70 12/30/70 2/ 3/71 3/ 3/71 3/31/71 5/ 5/71 6/ 2/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.2 3.6 3.6 2.9 4.9 5.4 5.2 7.2 2. 1 2.5 1.6 5.3 6.0 5.7 8.5 4.4 2.5 7.0 7.7 6.9 10. 1 1 . 1 7.5 8.2 7.2 10.8 9.4 9.8 8. 1 12.3 16.8 11.6 16.4 6. 7 14.3 16.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 230 BILLIONS 219.0 220.6 _ JUN 223. 1 224.6 225.5 225.3 225 220 215 210 205 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 1! OCT 25 9 23 6 20 3 17 3 17 31 14 28 12 26 APR 1971 NOV 1970 9 23 MAY LATEST DATA PLOTTED WEEK ENDING: JUNE 2. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 6/3/70 9/30/70 11/4/70 3.5 3.8 3.8 3.5 5. 1 5.6 5.6 7. 1 3.0 3.2 2.7 5.6 6.4 6.3 8.4 4. 7 3.4 7.1 7.7 7.4 9.7 12/2/70 12/30/70 2/3/71 3/3/71 15. 1 11.5 14.8 7.9 13.3 3/31/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/ 4/70 12/ 2/70 12/30/70 2/ 3/71 3/ 3/71 3/31/71 5/ 5/71 6/ 2/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.5 7.5 8.2 7.7 10.4 9.2 9.7 8.6 11.6 14.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 TIME DEPOSITS ALL COMMERCIAL BANKS BILLIONS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED of dollars BILLIONS OF DOLLARS 260 BILLIONS 248. 7 249.9 250.6 251.2 252.3 250 240 230 220 210 200 1 15 29 13 27 10 24 6 22 5 19 2 16 30 14 26 II OCT 25 NOV 9 23 6 20 3 17 JAN FEB 3 17 3) 1970 14 28 12 26 APR 1971 9 23 MAY LATEST DATA PLOTTED WEEK ENDING: JUNE 2, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 6/3/70 9/30/70 11/4/70 12/2/70 1 2/30/70 2/3/71 3/3/71 32.4 23.3 22. 1 18.5 18.4 3/31/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/ 4/70 12/ 2/70 12/30/70 2/ 3/71 3/ 3/71 3/31/71 5/ 5/71 6/ 2/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28.3 26.5 27.4 27.4 28.2 28.3 26.3 25.6 19.7 23.8 24.8 26.6 27. 1 24.2 23.4 25. 1 25.9 28.0 28.3 24.6 23.7 30. 1 31.5 31.1 26.0 24.8 30.6 30.4 24. 4 23.2 13.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS billions 480 470.5 470 460 450 440 430 420 410 5 400 1 15 29 !3 27 10 24 8 22 5 19 2 ! 6 30 H 28 II OCT 25 9 23 6 20 3 !7 3 17 31 M 28 12 26 9 23 NOV 1971 1970 LATEST DATA PLOTTED WEEK END INGi JUNE 2, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 6/3/70 9/30/70 11/4/70 12/2/70 12/30/70 2/3/71 3/3/71 3/31/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 11/ 4/70 12/ 2/70 12/30/70 2/ 3/71 3/ 3/71 3/31/71 5/ 5/71 6/ 2/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15.3 14.6 15. 1 15.0 16. 2 16.6 15.6 16. 1 11.2 '3.3 '3.6 '6.3 16.6 '5. 2 16.0 M. 7 14.5 17.4 18.0 16.0 16.8 16.0 19.4 19.6 16.8 1 7.7 19.9 20.0 16.5 17.5 23.9 17.5 18.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 ----- ---- --- 3 29 13 27 10 2* 8 22 5 19 2 16 30 M 28 11 25 OCT 9 23 NOV 6 20 3 IT JAN FEB BILLIONS OF DOLLARS --------- ------ 30 3 '7 31 M 28 12 26 APR 9 23 MAY LATEST DATA PLOTTED WEEK ENOING, JUNE 2, 1971 CURRENT AND YEAR AGO DATA APPEAR IN THE BOARD OF GOVERNORS’ H.4.2 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF $100,000 OR MORE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 APR. 28 MAY 5 12 19 26 JUN. 2 M1LL1ONS 27,219 27,127 27,185 27,606 28,137 28,076 PREPAREO 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 BILLIONS OF DOLLARS 355 345 335 CREDIT PROXY ADJUSTED 325 315 CREDIT PROXY 305 295 285 1 IS 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 3 17 31 1970 14 26 12 26 9 23 1971 LATEST DATA PLOTTED WEEK ENOING: JUNE 2, 1971 CURRENT DATA APPEAR 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. 1911 APR. 28 MAY 5 12 19 26 JUN. 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILL I.QN3 CRED1T PROXY CRED1T PROXY ADJUSTED 335. 1 337. 1 339.5 339.6 340.9 341.7 339.8 341.6 343.7 343.6 344.7 345.8 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JUNE 2. 1971 FROM THE FOUR WEEKS ENDINGt CRED1T CRED1T PROXY PROXY ADJUSTED MAR. 31 MAR. 3 FEB. 3 DEC. 30 DEC. 2 NOV. 4 SEP. 30 13.3 13.6 15.9 16.2 17.0 17.0 16. 1 7.7 7.7 9.5 9.8 10.9 10.8 9. 4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT 9.0 --- PER CENT ---- 9.0 CORPORATE AAA BONDS PRIME COMMERCIAL LOAN RATE m i l M i ll N -ti MUNICIPAL BONDS** DISCOUNT RATE 5.0 4.5 THREE-MONTH TREASURY BILL MARKET YIELD 4.0 3.5 3.0 LLLLU 3 17 1 APR MAY LATEST r 15 29 12 26 10 24 JUL 7 21 AUG 1970 4 18 SEP 2 16 30 13 27 OCT NOV 1! 25 DEC 8 22 JAN 5 19 5 19 FEB MAR 1971 MAY 2 9 16 23 30 r M 21 28 JUNE 4 1 1 * 18 25 2 16 30 APR I 971 data plotted arf averages of rates available for the week endings APR. 1 JUN june 14 28 1! MAY h, 25 JUN 1971 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES municipal 7. 22 7.23 7.24 7.24 7.3’ 7.43 7.48 7.57 7.66 7.69 7.67 3.61 3.78 3.96 3.8! 3.93 3.84 3.96 4.36 4.38 4.28 4.5’ 4.85 5.08 5.37 5. 59 5.77 5.92 5.98 6.20 5.97 5.92 6. 19 5.64 5.66 5.73 5.82 5.8’ 5.92 5.96 6.04 5.90 5.79 5.87 5. 15 5. 21 5.32 5. 48 5.69 5.85 5.96 5.96 5.86 5.70 N.A. BONDS ** * AVERAGES OF RATES AVAILABLE. _ Tii ** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS SELECTED SHORT-TERM AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT 9.5 --- TTT7 TTTT t t t t 8.0 —- 7.5 V \j \ £ 6.5 6.0 1 1 1 FEDEP AL FUNt)S RA1 T IL L 4.0 - T im TT T 4.5 1 15 29 12 26 10 24 APR MAT JUN JUL 1.1 J - TTTT 3 >7 1111 1 L..1 1 L.L -LLLL j 11 -LI 1. J_1_LL 16 30 13 27 11 23 8 22 5 19 3 19 2 16 30 7 2< 4 18 2 AUG 19/0 SEP OCT NOV DEC JAN FEB MAR LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 APR. | 1 2 9 16 23 30 MAY 7 M 2' 28 JUNF 4 1 ' K 18 25 4.5 4.0 \\Mf - 5.5 5.0 \,r A 3.0 _LLL 1.111 -1.-L1- J..L.LL. ■L.L1 / A i/V i A 3.5 0 I II I 5 5.5 5.0 7.0 111 Li 6.0 A A A T\ A 8.5 - TTTT 6.5 JLLLL 7.0 9.0 -U-U.J 111 COMME RCIAL F’APER 4-T0- 6 MONTF 8.0 9.5 - 8.5 7. 5 PER CENT --- 1 9.0 INTEREST RATES APR 197! Ill 14 28 11 MAY ! 23 JUN JUNE H, 1971* ** PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNOS PRIME BANKERS’ ACCEPTANCES 90 DAY CD'S HK 4.23 4.28 4.58 4.70 4.80 5.00 5.00 5. 15 5.25 5.38 5.38 4.20 4. 13 4.23 4.23 4.18 4.65 4.48 4.73 4.78 4.72 4. 78 4.00 4. 13 4. 38 4. 45 4.60 4.83 4.88 4.95 5.00 5.00 5. '3 3.87 3.94 4. 13 4.46 4.72 4.82 4.83 4.91 5. '2 5.25 5.28 L * AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE ** DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO DAY? EAR.-IER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3.5 3.0 0 BORROWINGS AND EXCESS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS —I----- -----2.0 2.0 (------------ ---------- r— BORROWINGS EXCESS RESERVES NET FREE RESERVES -0.4 - 0.8 - 0.8 - 1.2 -I .6 - 2.0 I 15 29 13 27 10 24 APR MAY JUN 8 22 JUL 5 19 AUG 1970 2 16 30 14 28 11 SEP OCT NOV 25 9 23 DEC 6 20 3 17 JAN FEB 3 17 3! MAR 14 28 12 26 APR 1971 MAY 9 23 JUN LATEST DATA PLOTTED WEEK ENDING: JUNE 9, 1971 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MILLIONS 1971 APR. 7 14 21 28 MAY 5 12 19 26 JJNF 2 9 16 23 30 EXCESS RESERVES BORROWINGS 197 150 84 176 174 99 308 269 645 154 277 208 81 48 365 230 i 15 '75 291 85 FREE RESERVFS - 80 58 3 128 191 13' 193 94 354 69 _L ___ PREPARED e* FEDERAL RESERVE BANK OF ST. LOUIS - 2.0