Full text of U.S. Financial Data : Week Ending: March 11, 1970

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

r/'&**

I 11 1

Week ending; March 11, 1970
library
The money stock and its demand deposit component
have been about unchanged on balance in the past three
months, as they were in the previous six (pages 4 and 5).
Large ostensible increases at the end of December were sub­
stantially reversed by late January.
Changes in the underlying aggregates—Federal
Reserve credit, the monetary base, and member bank reserves—
have been mixed in the last three months, as is sometimes the
case over short periods (pages 2 and 3). Federal Reserve
adit has declined at a 3.5 per cent annual rate, while the
w .se has risen at a 1.8 per cent rate. One factor causing
this divergence was the monetization, in early January, of
$1.2 billion in gold and Special Drawing Rights, which are
sources of the base but are not Federal Reserve credit.
Member bank reserves have declined at a 3.9 per cent in the
past three months. Rapid growth of publicly held currency,
which, like reserves, is a use of the base, possibly accounts
for this development. As a net result of these developments
and others, money has remained little changed.
The rapid gains of most market interest rates in
the last two months of 1969 were reversed in the first two
months of 1970 (pages .10 and 11). However, yields generally
remain near or above the high levels of early last summer,
when the rate on prime business loans was raised to its cur­
rent 8-1/2 per cent. Most market rates are between 3/4 and
;/4 percentage points higher than a year ago.
Short- and intermediate-term rates have fallen
more than long-term rates. Yields on three-month Treasury


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

bills averaged 6.76 ner cent in the three days ending
March 11, and yields on three- to five-year Government
securities averaged 7.12 per cent- both are down more
than a percentage point from peaks in early January but
significantly higher than in March 1969. Yields on long­
term Government bonds, at 6.39 per cent, are about 60
basis points lower than at the end of 1969 but 32 basis
points above mid-March 1969. The rates on seasoned cor­
porate Aaa bonds are down to 7.79 per cent from a high of
7.97 per cent in early February, but remain well above
the 7 per cent average of last summer and the 6.75 per
cent rate of a year ago.
Selected Interest Rates
(Averages of Daily Rates)

Federal Funds
Commercial Paper
Bankers’ Acceptances
3-mo. Treasury bill
Prime Rate
Discount Rate
Corporate Aaa
3-5 year Governments
Long-Term Government
State and Local Aaa

Week Ending
3/13/70*
3/14/69

1968

1964

7.60
8.50
7.88
6.76
8.50
6.00
7.79
7.12
6.39
6.24**

5.66
5.90
5.75
5.33
6.31
5.16
6.18
5.59
5.25
4.20

3.50
3.97
3.77
3.54
4.50
3.55
4.40
4.06
4.15
3.09

6.70
6.75
6.70
6.01
7.00
5.50
6.75
6.34
6.07
4.92

* Latest rates available
** Rate on February 20, 1970

Prepared by Federal Reserve Bank of St. Louis

Released: March 13,1970

: of Dollars

31

80

79

MONETARY BASE LL
FEDERAL RESERVE CREDIT [2
Averages of Daily Figures

Annual rates of change, average of
four weeks ending Mar. 11, 1970 from
four weeks ending:
F.R.
Monetary
Base
Credit
Dec. 10, 1969
-3.S
V- /. f
* J.4.
Sept. 10, 1969
* <3.1
*■/■ 7
June 11, 1969
-h/. a.
hJ./
A J. 3
Mar. 12, 1969

1957-1969

TP—1—r—1—r-r

Seasonally adjusted by this bank
Li_

~h 3.1

'

*7/
AcJ-

“
r

V
■ \

Monetary Rase

78

—

A

Jr
—

-

f
/

A
_
1

Si A v/ M f
\i
~1
~

-i

/
/
/
1

r

V-

M

/

7

V i1 1
V'

L

+ 7.1

77

j, Monetary __Base__•
' ?t,3S<SU .
7f>, 3£3

tL

■h 1.1

June 11, 1969

Billions o:

\
>

r
V

7 ms

//
/S’

.7^OSU

t

n

7? J R
[•

77, A/i
7 t.USi .

A.S
7390*,

1

oir
V

.

7*7 li?

IC.iSij
7
IS,HASP

.

“j
-----

——

_
——

'

76

75

_1_/

Uses of the 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.

-

—

_

|_j
...

_

_

74

73
Federal Reserve Credit
-1
65
F.R. Cre
~

7
H

64
a?
¥■
n
/e
AS
HiaA* +

CC-O .
U<S,£i,7 .
US, SC3
us, 09?

—

irLisLt
<*5,43* ,

c
z

<J^s

a

63

62

Latest data preliminary
Latest data plotted week ending:

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.

Mar. 11,

n

mm

Ui, 773 /
—
4.9,6 33 Ar-

0
8 22
Jan.

5
19
Feb.


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

5
19
Mar.

2

16 30 14 2S
Apr.
May

11 25
June

9 23
July
1969

6 20
Aug.

3
17
Sept.

1

15 29
Oct.
.

12 26
Nov.

10 24
Dec.

7 21
Jan.

4 18
Feb.

4 18 T
Mar.

15 29 13 27
Apr.
May
1970

June

July

RESERVES
A!! Member Banks in the Nation
Averages of Daily Figures
- Seasonally Adjusted

Billions of Dollars

3
Billions of Dollars

-- Annual rates of change, average of four weeks
-- ending Mar. 11, 1970 from four weeks ending:

30.0

30.0

29.5

_ Dec. 10,
-Sept.' 10,
- June 11,
I Mar. 12,

1969
1969
1969
1969

29.5

June 11, 1969
29.0

29.0
1959-1969

28.5

TOTAL

28.0

27.5

27.0

26.5

26.5
Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability, back data have been re-

26.0

mo

five July 31, 1969 requiring member banks to
include all "bills payable checks" and so-called
"London checks" as deposits subject to reserve .
requirements.

Total
R eserves

25.5
•Atf

f

Data exclude increase in required reserves of
about $4 00 million due to changes in Regulations
M and D effective Oct. 16, 1969-

Latest
Latest
i I I 1
8 22

data preliminary
data Dlotted
I I ! I I
5 19 5 19 2 16


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Federal Reserve Bank of St. Louis

30 14

28

11 25
June

25.0

Current data including required reserves
due to changes in Regulations M and D effective

Mar. 11, 1970

26.0

24.5
: 0

9

23
July

6 20
Aug

17

1

15

29 12

26

10 24

7

21

4

18

4 18

1

15

29 13

27 10 24
May
June

Prepared by Federal Reserve Bank of St. Louis

8 22
July

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages ofDaiiy Figures
Sea son a I fy Ad justed

Billions of Dollars

Billions of Dollars

1 I .LLI.LI

Dec.
Sept.
June
Mar.

3.
3.
4,
5,

1969
1969
1969
1969

June 11, 1969
Dec. 25

June 11

1957-1969

Current data appear in the Board's II.6 release
Latest data preliminary
Latest data plotted week ending
8

22

5


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

10

2

If,

30

14 28

Mar. 4, 1970
11

25

9

23

f

20

3

17

1

15

29

12 26

10 24

7

21

4

18

4

18

1

15

29

13 27

1969
Prepared by Federal Reserve Bank of St. Louis

10 24
June

8

22

Lille

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

of Dollars

215
214

211
210
209

Billions of

Annual rates of change, average of four weeks
ending Mar. 4, 1970 from four weeks ending:

213
212

5

-j—
f
I
X-

Dec.
Sept.
June
Mar.

3,
3,
4,
5,

213

1969
1969
1969
1969

212

211
210
209

June 11, 1969

208

208

Dec. 25 - June 11
207
206

207
1957-1969

206

205

205

204

204

203

203

202

202

201

201

200

200

199

199

198

198

197

197

196

196

195

195

194

194

193

193

192

192

191

191

190

190

/??• /

189

189

188

188

187
186
185

Q

187
Current data appear in the Board's H.6 release
. Latest data preliminary
Mar. 4, 1970
- Latest data plotted week ending
1—1—I—t—l—I—i—!_I_I_i_1_1_I__11 I I 1
3 22
5 19 5 19 2 16 30 14 28 11 25 9 23
Jan.
Feb.
Mar.
Apr.
May
June
July
1969


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

186
185
6 20
Aug.

3 17
Sept.

1

15 29 12 26
Oct.
Nov.

10 24
^Dec.

7 21 4 18
Jan. , Feh.

4 18
Mar.

1

0
15 29
Apr.
1970

13 27
May

Prepared by Federal Reserve Bank of St. Louis

10 2.4
June

8 22
July

lli<

f Dollars

234
232

6

TIME DEPOSITS
AH Co mmercial Bonks
Averages of Daily Figures

Billions of Dollars
234

Annual rates of change, average of four weeks
ending Mar. 4, 1970 from four weeks ending:

232

228

224

Dec.
Sept.
June
Mar.

222

1957-1969

230
228
226

230 ■

3, 1969
3, x969
4, 1969
5, 1969

226
224
222

//. 3

220

220

218

218

216

216

214

214

212

212

210

210

208

208

206

206

204

204

202

202

200

200

198

198

196

196

194

194

192

192

190

190

188

188

186

186

184

184

182

182

180

180

178

178
Current data appear in the Board's H.6 release

176
174
0

176
Latest data preliminary
Latest data plotted week ending
J

I I I

22
fan.

5

I

L_1 i

19
Feb.


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

5

I 1 1

19
Mar.

1 i

2

I

L_1

! 1

16 30 14 28
Apr.
May

174

Mar. 4, 1970
11 25 9 23
June
July
1969

6 20
Aug.

3

17
Sept

1

15

29 12

26

10 24

7

21

4

18

4

18

1

15

29

13

1970

Prepared by Federal Reserve Bank of St. Louis

27 10 24
June

8

22

0

1U<
432
430

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

of Dollars

!
Billions o
432

.4-4-4-4 I l II I i i II 1 I II 1—1—1—I L..I-J-I-1
Annual rates of change, average of four weeks
ending Mar. 4, 1970 from four weeks ending:

430
428

428

422

Dec.
Sept.
June
Mar.

1969
1969
1969
1969

422

420

June 11, 1969

420

426
424

418

3,
3,
4,
5,

426
424

418

1957-1969

416

416

414

414

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

394

392

392

390

390
388

388

mo

386

386

384

384

382

382

380

380

378

378

376
374
372
0

Current data appear in the Board's H.6 release

376

1 1 t i 1 i t -rrrr t t i t r-t—r i

374

Latest Data
Latest Data
\ I I I I I I
22 5 19
an.
Feb.


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

Preliminary
Mar. 4, 1970
Plotted Week Ending
I i I I II ! II I M
5 19 2 16 30 14 28 11 25 9 23
Mar.
Apr.
May
June July
1969

^ 372
' 0
6

20

3

17

1

15

29 12

26

10 24

7

21

4

18

4 18

15 29 13 27 10 24 -g 22
Apr.
May
June
July
1970

Prepared by Federal Reserve Bank of St. Louis

8

CERTIFICATES OF DEPOSIT [I
Lcrge Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

Annual rates of change, data
of four weeks ending Mar. 4, 1970
from four weeks ending
A)0. 3
June 4, 1969
Mar. 5, 1969

//.£>/

Millions of Dollars
jo, 7JS
/«, S-:o
ID,
7
ID, ‘/Uf-

y

/ 0,391

/ o,

AS •

Current and'year ago data appear in the

ID, D-3S
ID, 8t>4-

1/ Negotiable time certificates of deposit
__ in denominations of $100, 000 or more.
I

|

|

|

|

l

t

l

l i

i

l

l

Latest data preliminary
Latest data plotted:
8

22

5


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

19

5

19
Mar.

2

i I

1. I

i I

I

I

I l

l

l

Mar. 4, 1970

16 30 14 28
Apr.
May

11 25
June

9

23
July
1969

6

20
Aug.

3

17
Sept

1

15 29

12

26 10 24

7

21

4

18

4

18

1

15

29

13

Prepared by Federal Reserve Bank of St. Louis

27 10 24
June

8

22

.
BUSINESS LOANS
Large Commercial Ba nks
Wednesday Figure s

Billions of Dollars

9
Billions of Dollars

Seasonally adjusted by this bank
Annual rates of change, average of four weeks
ending Mar. 4, 1970 from four weeks ending:

88

Dec. 3, 1969

86
June 4, 1969

Mar. 5, 1969
84

82

80

78

76

74

MILLIONS OF DOLLARS
■
SEASONALLY
UNADJUSTED ADJUSTED
7 9,1SC
is, rs3
79,333­
7 r,?/7

,

72

70

7% I 7S

7f, j.eeS
7 3,3 of
7S,<3tS7?,S*SP,

7 9,
3
79,/S 7
7 7.9-99 P

68

66
Latest data preliminary
Latest data plotted:
1,1.1
19 2 16 30
8 22 5 19
r.
Apr.


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

14

28 11 25 9 23
May
June
July
1969

6 . 20
Aug.

3

17 1
Sept.

0
15 29

12 26

10 24

7

21
Jan.

4

18
Feb.

4

18
Mar.

1

15 29 13 27
Apr.
May
1970

Prepared by Federal Reserve Bank of St. Louis

10 24
June

8

22
JuT

10
YIELDS ON SELECTED SECURITIES

Per Cent

50

9.50

00

9.00
Prime Commercial
Loan Rate

50

8.50
Corporate
Aaa Bonds

00

8.00

50

7.50

Three-Month
Treasury Bill
Market Yield

00

7.00

50

6.50

Government Bonds
6.00

00
Discount Rate

50

5.30
Treasury

00

3-5 Year

Long Term

7. 9/
f ■ 70

4..

7. J J
4. 7/
50

Corporate
_ Aaa
' 7.9O
7. 9/
7.9,2­
7 90
7. 9/

5.00

7-9 7

7-

7.97

6. Yo

7

4.50

7. SS
7. 7 9

7. 7

00

4.00

-4-4-+-1 I I I I I 1 ~M—t~4—M - I I I I 1-1 ) |. j. -i |- 4....}—(-4-f-p-t-l-4-j-}—j-4
50

Latest data plotted are averages of_rates available for the week ending

................................... I I I I i I I......................... I I 1
! I ! 1 I......................................
16 30 13 27 11 25 8 22
5 19 3 17 31 14 28
10 24
May
June
July
Aug.
Sept.
Oct.
JJov.
1969


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

3.50

Mar. 13, 1970
12 26
Dec.

9 23
Jan.

6

20
Feb.

6 20 3
17
Mar. Apr
1970

1

15

Prepared by Federal Reserve Bank of St. Louis

29 12 26
June

10 24
July

0

11
SELECTED SHORT-TERM INTEREST RATES
Avsragss of Daily Rates Ended Friday

Per Cent

Per Cent

11.00

11.00

10.50

10.50

10.00

10.00
Commercial Pape
4-to-6 Month

9.50

9150
Federal Funds Rate

9.00

9.00

-—

8.50

£O

8.50

s Bankers'
___Acceptances
8.00

8.00
Prime

1970

........ ........................

’commercial
Prime ,
r Paper
Bankers
L4r&. Month - Xccep tances
*>■0 0
9.0 f
A 7S
?. 70

7.00

2jU~

i>

y. sj
8. C3

90 Day

Federal
Funds

7.50

' Y.S3
9- OO

9.oo
7. VO
?■ 3 S
?.<£J

■

3. 70

8- ?a
!

|
•

r. rs

9. IS

8.9%

7.00

9. n
9-HO

\

r. 8is

8./JT

7.9 S
7. 8 8

:

8.00

6.50

7. bO

6.00

6.60

i

Discount Rate

5.50

Latest data plotted are averages of rates available for the week ending:
7

21

7

21

4

18

) I I I
16 30
2
May

13 27
June

I I I
I L
11 25 8
22
July
Aug.
1959

5
19
Sept.

3 17
Oct.

5.00

Mar. 13, 1970

l. I., i-l

31 14 28
Nov.

12 26
Dec.

9 23
Jan.

6 20
Feb,

6

20
Mar.

3 17
Apr.
1970

1

15
May

*AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE


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

Prepared by Federal Reserve Bank of St. Louis

29

12 26
June

10 24
July

0

12

BORROWINGS AND EXCESS RESERVES
Ail MemberBanks in the Nation
Averages of Daily Fig ures

of Dollars

3,200

Millions of Dollars
3,200

FREE
■
RESERVES

3,000

3.000

-Jjr V

me
2,600

~ FS~3

2,800

• 7S9
- 77a

2,600

~/o 2^

-Mj y

2.400

-

- ?<)3

2,200

2,200

-?//

-<Z?Y

2,000

-

2.000

P

1,800

1,800
Borrowings

1,600
1.400

1,200

1,200

1,000

1,000
800
600
s Reserves

400

200
0
200
400
600
800
1,000

1,000

1,200

1,200
Net Free Reserves

1,400

1.400

1,600

■1,600

1,800

1,800
2,000

■

2,000

200

2,200

2.400
■2,600

2,600
2,800

Latest data preliminary
Latest data plotted week

■2,800
■3,000

3,000


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

5

19

5

19

28 11 25
June

9

23

6 20

3

17

15

29 12

26 10

24

7

21

4

18

4

18

13 29
Apr.

Prepared bv Federal Reserve Bank of

13 27 10 2
Mar
June

. Lutis

8

22