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L7.

Week ending: March 17, 1976

LIBRARY
DEO

2 s 197$


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

From early May 1975 to early August 1975 the monetary
base, on a nonseasonally adjusted basis, increased by $2.8
billion, compared to a $3.2 billion increase from early August
1975 to early March 1976. Although the levels of change in these
two periods were very close, the factors which contributed to these
changes were different, as indicated in the table below. For
example, during the three months from May to August 1975 Federal
Reserve holdings of securities decreased by $5.4 billion (a
negative influence on the base), while Treasury deposits at Federal
Reserve Banks decreased by $7.4 billion (a positive influence on
the base). In contrast, over the most recent seven months Federal
Reserve holdings of securities increased by $8.3 billion (a
positive influence on the base), while Treasury deposits at
Federal Reserve Banks increased by $7.6 billion (a negative
influence on the base).
The effect of the reserve adjustment magnitude (RAM)
was greater in the most recent seven months — accounting for
almost half of the change in the monetary base — compared to only
twenty percent in the previous three months. The easing of reserve
requirements on two occasions in the most recent seven months
contributed to the larger effect of RAM on changes in the monetary
base over the most recent period.
Changes in Factors Influencing the Monetary Base—'
Billions of Dollars
(Sign Indicates Effect on Monetary Base)
5/21/75
to

8/20/75
o/

8/20/75 -

to

3/17/76

o/
~

Sources of Monetary Base:
U.S. Government Securities
Loans, Float & Other F.R. Assets
Treasury Deposits at F.R. Banks
Other Factors

$-5.4
-0.1
+7.4
+0.3

$+8.3
+0.8
-7.6

Source Base
3/
RAM^'

$+2.2

$+1.7

+0-6

+1.5

Monetary Base

$+2.8

$+3.2

+0.2

Data are not seasonally adjusted.
2/
—^Change in average of figures for four weeks ended these dates.
— Adjustment for reserve requirement ratio changes and shifts in
the same type of deposits between banks where different reserve
requirement ratios apply. Reserve adjustment computed by this
Bank.
Prepared by Federal Reserve Bank of St. Louis
Released: March 19, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

am
FEB.

11

5 19

5 19

FEB

BILLIONS OF DOLLARS

MILLIONS.
120,811

2 16 30 14 26 II

25

9 23

6 20

3 IT

AUG

MAR

I

15 29 12 26 10 24

7 21

4 16

JAN

SEP

FEB

5 17 31

14 26

1976
LATEST DATA PLOTTED WEEK ENDING: MARCH 17, 1976
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION(CURRENCY HELD BYTHE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHEREDIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD 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 BAT* OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/19/75

6/18/75

8/20/75

6.7
7.0
6.4
6.8
7.4
6.4
6.6
7.0

6.0
5.1
6.0
7.1
5.7
6.0
6.6

5.6
7.0
8.4
6.2
6.5
7.2

9/17/75 10/15/75 11/19/75 12/17/75

1/14/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/20/75
9/17/75
10/15/75
11/19/75
12/17/75
1/14/76
2/18/76
3/17/76


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

6.1
8.2
5.5
6.1
7.0

1 1.0
6.5
6.9
7.8

4.9
6.1
7.4

3.0
5.7

9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER v
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

1376.

RATIO

MAR.

LATEST DATA PLOTTED WEEK ENDING: MARCH 10, 1976
BILLIONS OF DOLLARS
118 ---------- .---------- ,--------

BILLIONS OF DOLLARS
----- ------------- ---------- 118

COMPOUNDED ANNUAL RATES
-----OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENOING
MARCH 17, 1976 FROM
-----THE FOUR WEEKS ENDING:
"
JAN.
— DEC.
_
NOV.
OCT.

14,
17,
19,
“

-----SEP.
— JUN.
MAR.

1976
1975
1975
—

1975
1975
1975

29.1
24.4
18.1

20.2

FEDERAL RESERVE CREDIT

14.0

137.6.

FEB.

5 19

5 19

FEB

MAR

2 16 30 14 26 11

25

9 23

6 20

3 17

1

15 29 12 26 10 24

7 21

MILLIONS

1

4 16

3 17 31

14 26

1975
LATEST DATA PLOTTED WEEK ENDING: MARCH 17, 1976
1/ RATIO OF MONEY STOCK CMl ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND
OTHER'• ASSETS ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS APPLyT SAME TA AREOF DEPOSIT^ BETWEEN
BANKS ^INDIFFERENT RESERVE REQUIREMENT RATIOS IN THE
M TYPE SEASONALLY ADOPTED


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF *

aRS

62"

BILLIONS
= FEB

685
680

676.7
67-8.4
676.7
677.7
681.3

675
670
665
660
655
650
645
640
635
630
625
620
615

5 19

I II

FEB

MAR

2

16 30 14 26 II

23

0 23

6 20

3 17

AUG

7 21

4 16

3 17 31

14 26

SEP

1

13 20 12 26 10 24

1976

1975
LATEST DATA PLOTTED WEEK ENDING: MARCH 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET T IME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
3/12/75

6/11/75

8/13/75

9/10/75

11.0
10.4
9.2
9.0
9. 1
8.5
9. 1
9.3

9. 1
7.4
7.5
7.9
7. 1
8.2
8.5

4.7
5.8
6.8
6.0
7.6
8. 1

5.2
6.7
5.7
7.7
8.3

10/8/75 11/12/75 12/10/75

1/7/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/13/75
9/10/75
10/ 8/75
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76

4


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

8.7
6.8
8.9
9.4

6.3
9.4
9.9

9.1
9.9

13.3

PREPARED BV FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

lSZfi

BILLIONS OF DOLLARS

8 ILL. I QMS.
297.3
297.9
295.8

5 19

5 19

FEB

MAR

2 16 30 14 2* 11

25

9 23

6 20

t IT

AUG

SEP

1

13 29 12 26 10 24

1975

7 21

4 1*

JAN

FEB

3 17 91

14 2«

1976

LATEST DATA PLOTTED WEEK ENDING! MARCH 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
3/12/75

6/11/75

8/15/75

9/10/75

7.6
7.9
6.3
5.9
5.8
5.1
4.9
5.1

6.4
3.9
3.9
4.0
3.3
3.2
3.6

2.7
3.2
3.5
2.6
2.7
3.2

0.4
1.6
1.0
1.5
2.3

10/8/75 11/12/75 12/10/75

1/7/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/13/75
9/10/75
10/ 8/75
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76


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

4.2
2.6
2.7
3.4

1.8
2.2
3.3

1.2
2.9

4.6

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5 i—

PERCENT

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

MUNICIPAL
BONDSaw

COMMERCIAL PAPER

90 DAY CD*Same

4.0

0

4.0
111 ■ 111
7 21 7 21
FEB
MAR

4 18
APR

1111 till
1 1 1
11 1 1
2 18 30 13 27 11 25 8 22
MAY
JUN
JUL
AUG
1975

1 1 1
5 19
SEP

I I I I I I I I I 1 N I I I I I t I I I I I I if
till
3 17 31 14 2« 12 2« 9 23 8 20 5 19 2 18 30 0
OCT
NOV
DEC
JAN
FEB
MAR
APR
1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MARCH 19,

1976
FEB.

6
13
20
27
MAR.
5
12
19 *
26
APR.
2
9
16
23
30

6

1976

90 DAY
CD’S XKK

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS aos

5.00
5.21
5.20
5.18
5.32
5.41
5.38

5. 15
5.25
5.28
5.25
5.38
5.38
5.46

4.95
4.97
5.02
5.04
5.26
5.21
5.22

8.56
8.57
8.56
8.51
8.55
8.55
8.54

6.66
6.95
6.97
6.98
7.04
6.98
N. A.

as AVERAGES OF RATES AVAILABLE.
aas BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
aaas SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
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

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

8.0 ----

----- 8.0

THREE
H TREASURY
BILL MARKET YIELD

DISCOUNT RATE

FEDERAL FUNDS RATE

7 2T

7 21 4 1#

2

FEB

MAR APR

MAY

16 30 13 27 11

JUN

25 6 22

JUL

AUG

5 19

3 17 31

SEP

OCT

M 28 12 29 9 C3

NOV

DEC

JAN

6 20

FEB

1975

5 19 2 19

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt MARCH 19,

FEDERAL
FUNDS mm

1976

FEB.

6
13

20
MAR.

27
5

12
19 IK
26
APR.

4.82
4.73
4.70
4.80
4.95
4.86
4.77

APR

1976

3-MONTH
TREASURY
BILLS
90
85
87
90

20
99
98

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

5.45
5.47
5.58
5.62
5.98
5.86
5.87

1976

LONG-TERM

GOVERNMENT
SECURITIES

6.93
6.96
6.94

6.88

6.96
6.91
6.89

2
9
16
23
30

* AVERAGES OF RATES AVAILABLE.
** ?5K?AM(E5ii®NF?5 ?iKB!!SiSN§F"l§5l&7«s,§*^.|«^“ than 4e show.


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

PREPARED BY FEDERAL

RESERVE BANK OF ST. LOUIS

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS of dollars

billions of dollars

e ILLI ONS.
377.9
379.4
380.5
380.9
381.1
382.2

5 19

5 19

FEB

2 16 30 14 26 11

25

9 23

3 17

SEP

1

15 29 12 26 10 24

7 21

4 16

JAN

6 20

AUG

MAR

FEB

3 17 31

14 26

LATEST DATA PLOTTED WEEK ENDING. MARCH 10. 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
X NFT TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 6100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BAhKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/12/75

6/11/75

8/13/75

9/10/75

13.8
12.5
11.8
11.6
11.9
11.4
12.7
12.9

11.5
10.4
10.5
11.1
10.4
12.3
12.7

6.4
8.0
9.6
8.8
11.7
12.3

9.0
10.8
9.6
12.9
13.3

AVERAGE OF FOUR WEEKS ENDING:

10/8/75 11/12/75 12/10/75

1/7/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
8/13/75
9/10/75
10/ 8/75
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76

8


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

12.5
10.4
14.2
14.5

10.3
15.6
15.7

15.9
15.9

20.7

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

222.0

222.4

222.8

220.7
— MAR

221.6

223.4

5 19

S 19

FEB

MAR

2 16 30 14 29 11

25

9 25

6 20

5 17

1

15 29 12 29 10 24

7 21

4 16

5 17 51

14 29

LATEST DATA PLOTTED WEEK ENDING* MARCH 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING*
3/12/75

6/11/75

8/13/75

9/10/75

6.9
7.5
5.6
5. 1
4.8
4.0
3.6
3.7

5.6
2.8
2.6
2.5
1 .7
1.6
1.8

2.4
2.2
2. 1
1 . 1
1.0
1.4

-1.6
-0.5
-1 . 1
-0.7
0.0

10/8/75 11/12/75 12/10/75

1/7/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
8/13/75
9/10/75
10/ 8/75
11/12/75
12/10/75
1/ 7/76
2/11/76
3/10/76


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

1 .8
0.4
0.4
1.1

-0.6
-0.2
0.8

-1.0
0.5

2. 1

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
92
90
88
86
84
82
80
78
76
74
72
70
68

5 19

5 19

FEB

MAR

2

16 90 14 28 11

25

9 23

6 20

9 17

1

15 29 12 26 10 24

1975

7 21

4 18

JAN

FEB

3 17 31

14 28

1976

LATEST DATA PLOTTED WEEK ENDINGt MARCH 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BAM<S.


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

1976
FEB.

MAR.

APR.

4
1 1
18
25
3
10
17
24
31
7
14
21
28

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
75.2
73.9
72.9
72.0
71.8
71.6

76.7
75.8
75.3
74.8
74.3
73.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.0 ---------------- ------

----- 1-------------1---------- 2-0

JLSZfi. MILLIONS
FEB. 11

5 It

5 IB

2 16 30 14 26 11

FEB

MAR

APR

MAY

25 0 25

JUN

JUL

6 20

AUG

5 17

1

SEP

OCT

15 29 12 26 10 24

NOV

DEC

51

7 21

4 16

5 17 31

JAN

FEB

MAR

1975

14 26

APR

1976

LATEST DATA PLOTTED WEEK ENDINGt MARCH 17,

1976

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
130

126
126
1 24

122
120
116
116
114

112

- no

5 19

5 10

FEB

MAR

2 16 30 14 26 11

25

0 25

6 20

3 17

LATEST DATA PLOTTED WEEK ENDINGt MARCH 10,

15 20 12 26 10 24

7 21

4 18

JAN

1975

1

FEB

3 17 31

14 26

1976
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

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

PROXY

506.2
506.5
506.9
507.4
506.S
507.5

516.4
516.9
515.4
514.3

1 1 1 I 1 1 1 1
5

19

5

19

2

16 30

14 26

MAY

11

25

9 23

6 20

3

17

1

15 29

12 26

10 24

7 21

4

16

5

17 SI

14 26

JUN

1975
LATEST DATA PLOTTED WEEK ENDING: MARCH 10,

1976
1976

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.

* DATA PRIOR TO JANUARY 7, 1976 HAVE BEEN REVISED BUT IS NOT AVAILABLE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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