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u.

S.

/VC//1L

a A Tj£\

Week ending: March 1, 1972

LIBRARY


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

Growth rates of both the monetary base and Federal
Reserve credit have increased in recent months. The monetary
base, a primary determinant of the money stock, has risen at
a 5.7 percent annual rate in the last six months and at a more
rapid 7.7 percent rate in the last three months (page 2).
Federal Reserve credit, the component of the monetary base
that reflects monetary policy actions, has increased at a
10.5 percent annual rate in the last six months and at a
12.7 percent rate in the last three months (page 3).
The nation's money stock, which averaged $231.0
billion in the four weeks ending February 23, has risen at a
2.6 percent annual rate in the last six months and at a 6.3
percent rate in the last three months (page 5). The money
stock has been rising at slower rates than the monetary base
largely due to the rapid increase in time deposits in recent
months. Total time deposits have risen at a 16.4 percent
annual rate in the last six months and at a 20.4 percent rate
in the last three months (page 6). The rise in time deposits
in recent months reflects a sharper decline in rates paid on
many competitive instruments than on most time and savings
accounts.
Commercial and industrial loans at large commercial
banks plus outstanding loans sold by these banks have not kept
pace with the growth of monetary aggregates. These loans
averaged about $85 billion in February, approximately the
same as the average for August and about $400 million below
the average for November. The prime commercial loan rate
averaged 4.63 percent in February, about 70 basis points
above the average yield on prime 4- to 6-month commercial
paper, whereas the prime rate averaged about 30 basis points
above the yield on prime commercial paper in August (pages
10 and 11).

Prepared by Federal Reserve Bank of St. Louis
Released: March 3,1972

MONETARY BASE 1/
MULTIPLIERS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

94
COkTOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MARCH 1, 1972 FROM
THE FOUR WEEKS ENDING:

DEC.
DEC.
NOV.
SEr.
SEP.
AUG.
JUN.

29, 1971
1, 1971
3, 1971
29, 1971
1, 1971
4, 1971
30, 1971

92

11.1
7.7
6.6

90

5.75.7
5.3
6.4

MONETARY BASE
88

86
1972

MILLIONS

!AN. 21
84

I I I I I I
LATEST DATA PLOTTED WEEK ENDING: MARCH 1, 1972
RATIO
2.9

RATIO

2.8
MULTIPLIER

2.7

2.6

2.5

BAT.lfl
2.4

111111111 i I
6 20

9 17

JAN

FEB

3 17 91

14 28 12 26

9 23

7 21

4 18

JUL

AUG

1

19 28 IS 27 10 24

OCT

NOV

9 22

5 19

2 18

JAN

FEB

1

19 28

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 23, 1972
1/ USES OF MONETARY BASE ARE MEMBER BANC RESERVES At© CURRENCY HELD BY THE PUBLIC AND NOITITH
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AM) SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF TW BABE SEE THE AUGUST 1988 •'REVIEW” OF THIS ------2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES 1/

ALL MEMBER BANKS

3

IN THE NATION

FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

33.0

BILLIONS OF DOLLARS
33.5

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF _
THE FOUR WEEKS ENDING
MARCH 1, 1972 FROM

33.0

32.5

32.0

— SEP

Z_ JUN

31.5

RESERVES

31.0

31.0

30.5

iaZ£

BJUJPNS

30.0

30.0
29.5

82
COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
MARCH 1, 1972 FROM

78

80

16.2

-----DEC.

78

SEP.
10.5

FEDERAL RESERVE CREDIT

11.6

76

74

1972

72

MILLIONS

— 70

6 20

9 17

JAN

FEB

9 17 91

14 21 12 26

APR

MAY

0 29

7 21

4 10

JUL

AUG

1

19 20 19 27 10 24

8 22

I I 1 I I

5 IB

2 16

JAN

FEB

1

15 20

LATEST DATA PLOTTED WEEK ENDING. MARCH 1, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
176. 1
176.5
176.9
177.2
178.2
179.1

6 20

3 17

JAN

FEB

3 17 31

9 23

MAY

7 21

4 18

JUL

14 28 12 26

APR

AUG

1

OCT

NOV

8 22

5 10

2 16

JAN

IS 29 IS 27 10 24

FEB
1972

1971

1

15 20

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 23. 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.8 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/24/71

6/23/71

7/21/71

8/25/71

1 1.8
10.5
8.4
7.2
6. 1
5.7
5.4
6.1

7.2
3.5
2.3
1.5
1.5
1.7
3.2

1 .0
0.2
-0.2
0. 1
0.7
2.4

-2.9
-2.2
-1.4
-0.4
1.8

9/22/71 10/20/71 11/24/71 12/22/71

TO THE AVERAGE
OF FOUR ¥£EKS
ENDING:
7/21/71
8/25/71
9/22/71
10/20/71
11/24/71
12/22/71
1/26/72
2/23/72


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

-1.3
-0.5
0.5
3.0

0.0
1.1
4.0

2.3
6.1

8.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
229.0

229.2
229.8
231 .A
232.5

e 20

5 17

JAN

FEB

9 17 91

14 2« 12 26

APR

8 29

7 21

4 It

JUL

MAY

AUG

I

15 M is

rr

OCT

to *4

■ 22

JAN

NOV

FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 25. 1072
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.fl RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR VCEKS ENDINGt
2/24/71

fl/23/71

7/21/71

8/25/71

1 1.4
10.2
8.4
7.3
6.3
5.9
5.7
6.3

7.7
4.5
3.2
2.4
2.4
2.6
3.9

1.8
0.9
0.6
0.9
1.4
3.0

-1.7
-1.0
-0.3
0.6
2.6

8/22/71 10/20/71 11/24/71 12/22/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
7/21/71
8/25/71
0/22/71
10/20/71
11/24/71
12/22/71
1/28/72
2/23/72


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

-0.5
0.4
1.3
3.5

1.0
2.0
4.5

3.1
6.3

8.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

= 280

= 270
TOTAL time DEPOSITS

~ 260

■= 250

240

230
NET TIME DEPOSITS IK

=

220

■=

210

200

6 20

3 17

3 17 31

14 28 12 26

APR

9 25

7 21

4 18

1

15 29 15 27 10 24

OCT

MAY

8 22

5 >9

2 16

1

15 29

NOV

1971

1972

LATEST DATA PLOTTED WEEK ENDINGs FEBRUARY 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TlkC 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, AVERAGE OF FOUR WEEKS END INGt

2/24/71

6/23/71

7/21/71

8/25/71

17.0
13.9
13. 1
13.0
13.2
13.5
14.8
15.0

4.5
5.5
7. 1
8.7
9.8
12.4
12.9

4.4
6.9
8.9
10.2
13. 1
13.6

10.2
11.8
12.8
15.8
16.0

9/22/71 10/20/71 11/24/71 12/22/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:

7/21/71
8/25/71
9/22/71
10/20/71
11/24/71
12/22/71
1Z26/72
2/23/72


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

13.7
14.4
17.7
17.5

15.2
19.2
18.6

21.9
20.3

22.2

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

= 510

=
MONEY STOCK PLUS TOTAL TIME DEPOSITS

500

= 490

=.

490

470

=

490

=

450

=

440

~

450

=

420

MONEY STOCK PLUS NET TIME DEPOSITS

6 20

3 17

3 17 31

M 28 12 26

9 23

7 21

JUL
1071

4 IS

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 23,
CURRENT DATA APPEAR

1

13 28 13 27 10 24

S 22

3 18

2 IS

JAN

AUG

FEB

1

IS 28

1872
1872

IN THE BOARD OF GOVERNORS' H.6 RELEASE.

** Mi IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANCE, AVERAGE OF FOUR WEEKS ENDING:
2/24/71

8/23/71

7/21/71

8/25/71

8/22/71

14.2
12. 1
10.7
10. 1
9.7
9.7
10.2
10.6

6. 1
4.9
5.1
5.6
6.1
7.5
8.3

3.0
3.9
4.7
5.5
7.2
8.2

4. 1
5.2
6.1
8.0
9. 1

6.5
7.3
9.3
10.4

10/20/71 11/24/71 12/22/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/21/71
8/25/71
8/22/71
10/20/71
11/24/71
12/22/71
1/28/72
2/23/72


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

8.0
10.4
11.5

12.3
13.2

15. f

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

17

5 17 51

14 28 12 26

APR

MAY

7 21

4 18

JUL

9 25

AUG

1

billions of dollars

15 29 15 27 10 24

OCT

8 22

NOV

5 19

2 16

JAN

FEB

1

15 29

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 23, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1972
JAN.

FEB.

MAR.

5
12
19
26
2
9
16
23
1
8
15
22
29

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

33.2
33.2
33.2
33.3
33.4
33.5
33.8
34.2

240.0
240.7
240.9
241.4
242.4
243.0
244.4
245.0

M2 m
468.2
469.2
469.8
470.6
472.2
473.4
475.8
477.5

ft SEE FOOTNOTE PAGE 6.
MR SEE FOOTNOTE PAGE 7.
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
375 r--------- 1------------------

BILLIONS OF DOLLARS
----- ---------- ---------- -I 375

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

6 20
JAN

3 17
FEB

3 17 31

14 26 12 26

9 23

7 21
JUL

4 18
AUG

1

IS 29 13 27 10 24

OCT

8 22

NOV

5 19
JAN

2 16
FEB

1

15 29

1972
LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 23,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-PELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

15U.

BILLIONS
CRED1T
PROXY

CRED1T
PROXY
JAN.

19
26
FEB.
2
9
16
23


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

Adjusted

361.4
361.9
361.3
362.0
363.2
363.6

365.7
366. 1
365. 1
365.7
366.9
367.3

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
FEBRUARY 23, 1972 FROM THE FOUR
WEEKS ENDIN&t
CREDIT
CRED1T
PROXY
PROXY
ADJUSTED
DEC.
NOV.
OCT.
SEP.
AUG.
JUL.
JUN.

22,
24,
20,
22,
25,
21.
23,

1971
1971
1971
l 971
1971
1971
1971

10.5
12.0
11.2
9.4
9.3
8.8
8.9

9.3
10.0
10.3
9.2
9. 1
8.4
8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGFS OF DAILY RATES ENDED FRIDAT

PERCENT
8.5 -----

PERCENT
----- 8.5

CORPORATE Aaa BONDS

MUNICIPAL
BONDS**

PRIME COMMERCIAL
LOAN RATE

THREE-MONTH TREASURY
BILL MARKFT YIELD

1

15 29 12 26 12 26

JAN

FEB

MAR

9 23

7 21

4 18

APR

MAY

JUN

2 16 30 13 it 10 24

JUL
1971

AUG

SEP

DISCOUNT RATE

8 22 5 19

OCT

NOV

3 17 31

DEC

14 28 11 25 10 24

JAN

FEB
MAR
1972

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi MARCH 3. 1972

CORPORATE
Aaa BONDS

1972
JAN.

7
M

FEB.

MAR.

21
28
4
1 1
18
25
3 #
10
17
24
31

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7.19
7. 1 7
7. 16
7.22
7.25
7.29
7.28
7.26
7.25

3.59
3.16
3.31
3.46
3.35
3.09
3.04
3.22
3,42

5.31
5.20
5.32
5.47
5.55
5.51
5. 47
5.50
5.52

5.61
5.57
5.61
5.67
5. 70
5.71
5.65
5.63
5,62

MUNICIPAL
BONDS MK

5.03
4.99
5.17
5.29
5.35
5.27
5.24
5.28
N.A.

* AVERAGES OF RATES AVAILABLE.
*# BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11
SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED PR I DAY

PERCENT

PERCENT
8.5

8.0

7.5

7.0

6.5

COMMERCIAL PAPER
4-T0-6 MONTH

6.0

5.5

5,0

4.5
FEDERAL FUNDS RATE
4.0

3.5

3.0

1

15 29 12 26 12 26
FEB
MAR

9 23

4 18

2 16 30 13 27 10 24

3 17 31

14 26 11 25 10 24

JAN

FEB
1972

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 3,


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

PRIME
COMMERC1AL
PAPER
4-6 MONTH

1972
JAN.

FEB.

MAR.

7
14
21
28
4
1 1
’8
25
3 #
10
17
24
31

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD ’ S K8K

4,38
4. 10
3.98
3.88
3.98
4.00
3.93
3.88
3.88

3.85
3.55
3.53
3.33
3.20
3.28
3.50
3.19
3.20

4.10
3.88
3.88
3,85
3.75
3.50
3.45
3. 44
3.59

1972

4.34
4.10
4.02
3.97
3.82
3.67
3.61
3.53
3.65

Hf AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAY'S AVAILABLE
** DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER,
CURRENT DATA APPEAR fN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12
BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BORROWINGS

EXCESS RESERVES

-0.4

NET FREE RESERVES
1.2

-

1.6

-

6 20

3 17

3 17 31

14 28 12 26
APR
MAY

9 23

7 21
JUL

4 18
AUG

1

15 29 13 27 10 24

8 22

1971
LATEST DATA PLOTTED WEEK ENDING. MARCH 1,


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

5 19
JAN

2 16
FEB

1

15 29

1872
1972

MILLIONS
1972
JAN.

FEB.

MAR.

5
12
19
26
2
9
16
23
1
6
15
22
29

EXCESS
RESERVES
312
105
218
192
245
80
325
178
21 1

BORROWINGS
57
17
14
12
16
43
17
16
68

FREE
RESERVES
255
88
204
180
229
37
308
162
143

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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