Full text of U.S. Financial Data : Week Ending: March 2, 1977

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

Week ending: March 2, 1977
library


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

The growth in the monetary base slowed in the
last three months compared to the previous nine months.
The primary contributing factor for such a slowing in
this growth rate (from a 7.8 percent annual rate in the
previous nine months to a 4.9 percent annual rate in
the most recent three months) was the deceleration in
the growth rate of adjusted Federal Reserve credit (p. 3).
The growth in Federal Reserve holdings of government
securities was the dominant factor shaping the growth in
the adjusted Federal Reserve credit.
The slower growth rate of the monetary base
since late November has Impacted primarily on the
growth of demand deposits. The growth of this
component of the money stock (Ml) slowed to a 3.5
percent rate in the most recent three months, after
increasing at a 4.8 percent rate in the previous nine
months. The currency component of Ml grew at
essentially the same rate during both periods. Hence,
Ml growth slowed to a 5 percent rate over the last three
months, compared to a 6 percent rate over the previous
nine months.
Over the last three months, short-term
interest rates have, on average, remained below the rate
on passbook savings accounts. For example, the yield
on 3—month Treasury bills averaged 4.55 percent
over the last three months. Consequently, net time
deposits have continued to grow at a rapid 14.2 percent
rate over the last three months. Since both the
currency and net time deposit components of the broader
monetary aggregate (M2) have grown at about the same
rates in the recent period as over the previous nine
months, the growth of M2 has been only slightly
reduced — from 10.6 percent to 10.2 percent.

Prepared by Federal Reserve Bank of St. Louis
Released: March 4, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILL!QMS OF DOLLARS

132

BILLIONS OF DOLLARS

132

— FEB.

MAR.

130

128

126

124

122

120

4 16

JAN

3 17 31

14 26 12 26

8 23

7 21

4 16

1

15 29 13 27 10 24

• 22

DEC

FEB

3 18

2 16

JAN

FEB
1977

1976

2 16 30

LATEST DATA PLOTTED WEEK END I NS: MARCH 2, 1977
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
WHERE DIFFERENT 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 BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENOINGt

3/3/76

6/2/76

8/4/76

9/1/76

9/29/76

11/3/76

12/1/76

1/5/77

6.9
7.3
7.4
7.4
7.7
7.0
7.0
7.0

7.4
7.5
7.5
7.9
6.9
6.9
7.0

8.6
8.3
8.6
7.1
7.0
7.1

7.7
8.4
6.6
6.5
6.7

8.7
6.3
6.3
6.5

5.4
5.7
6.2

4.0
5.1

7.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/ 4/76
9/ 1/76
9/29/76
11/ 3/76
12/ 1/76
1/ 5/77
2/ 2/77
3/ 2/77

2

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

MULTIPLIER

BAT.! Q.

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 23, 1977
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
118

COMPOUNDED ANNUAL RATES
-----OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
" MARCH 2, 1977 FROM
___THE FOUR WEEKS ENDING:
-

JAN.
5, 1977
DEC.
1, 1976
-----NOV.
3, 1976
_ SEP. 29
“
SEP.
1976
1976
-----JUN.
1976
_
MAR.

5.9
3.8
5.3

116
114
ADJUSTED FEDERAL RESERVE CREDIT

112
110
108
106

1877.
IAN.

MILLIONS

—

104

26 111

2 110
23 111

100

2 111

4 18

JAN

FEB

3 17 31

14 28 12 26

APR

MAY

9 23

7 21

4 18

JUL

AUG

1

15 29 13 27 10 24

OCT

NOV

8 22

5 19

2 18

JAN

FEB
1977

2 16 30

LATEST DATA PLOTTED WEEK ENDING: MARCH 2, 1977
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK?


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
760

748.6

7 21

4 16

JAN

FEB

3 17 SI

14 26 12 26

APR

8 23

MAY

7 21

4 13

JUL

AUG

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 23,
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

1

IS 29 13 27 10

OCT

8 22.

5 19

2 16

2 16 30

NOV

1977
H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS ( M2 1
COMPOUNDED ANNUAL RATES OF CHANGE,
2/25/76

5/26/76

7/21/76

8/25/76

8.6
9.0
10.0
10.5
10.9
1 1.0
10.4

10.3
1 1 .6
11.8
12. 1
12.0
11.1

12.3
12.4
12.6
12.4
11.3

AVERAGE OF FOUR WEEKS ENDING:

9/22/76 10/20/76 11/24/76 12/22/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/21/76
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77

4

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

9.6
9.7
9.8
10.3
10.6
10.9
10.9
10.5

13.4
13.4
12.9
1 1.5

12.9
12.4
10.8

12.4
10.2

8.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
325 ---------- 1---------- 1--------

BILLIONS OF DOLLARS
----- -----------—-------- 325

billions

_

JAN

— FEB

313.7
312.9

313.7

4 18

JAN

FEB

3 17 31

MAR

14 28 12 26

APR

MAY

9 23

JUN

7 21

4 18

JUL

AllG

1

13 29 13 27 10 24

OCT

NOV

8 22

3 19~

2 18

JAN

FEB

2 18 30

1976
LATEST OATA PLOTTED KEEK ENDING: FEBRUARY 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AM} COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,

2/25/76

5/26/76

7/21/76

8/25/76

6.5
6.6
5.7
6.3
6.0
6.0
6.4
5.7

3.9
3.1
4.5
4.3
4.6
5.3
4.6

3.9
5.9
5.3
5.4
6.2
5.2

5.4
4.8
5.1
6.1
4.9

AVERAGE OF FOUR WEEKS ENDING*

9/22/76 10/20/76 11/24/76 12/22/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:

7/21/76
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77


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

6.8
6.6
7.4
5.7

4.8
6.5
4.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

10.0

9.5

9.0
CORPORATE Aaa BONDS
8.5

8.0

7.5

PRIME BANK
LOAN RATE

MUNICIPAL
BONDS**

7.0

6.5
COMMERCIAL PAPER

6.0

5.5

—

90 DAY CD'S

5.0

4.5

4.0

2 16 30 13 27 12 26

FEB

9 23

7 21

4 18

2 18 30 13 27 50 24

AUG

MAR

8 22

5 1#

3 17 31

14 28 11

JAN

SEP

25 11 23

FEB
1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 4, 1977

1977
JAN.

FEB.

MAR.

7
14
21
28
4
1 1
18
25
4 1*
11
18
25

90 DAY
CD'S *I6K

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS**

4.68
4.75
4.86
4.88
4.90
4.83
4.78
4.79
4.88

4.63
4.75
4.75
4.83
4.88
4.80
4.78
4.84
4.84

4.70
4.80
4.84
4.87
4.90
4.82
4.78
4.85
4.84

7.88
7.94
7.99
8.01
8.03
8.01
8.04
8.08
8.09

5.75
5.89
5.90
5.92
5.93
5.86
5.83
5.92
N. A.

1; J

* AVERAGES OF RATES AVAILABLE.
^
_
** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*10* SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES Fofl THE WEEK ENDING WEDNESDAY TWUDAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.3 RELEASE.

6

N*A- ■* N0T AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF sr. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
7-0-----

PERCENT
----- 7.0

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

FEDERAL FUNDS RATE

2 16 30 13 27 12 26

FEB

8 23

7 21

4 18

2 16 30 13 27 10 24

MAR

AUG

8 22

5 18

3 17 31

SEP

14 28 11

JAN

25 11

FEB

25

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING' MARCH 4, 1977

1977
JAN.

FEB.

MAR.

7
14
21
28
4
11
18
25
4 *
1 1
18
25

FEDERAL
FUNDSKW

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.47
4.55
4.65
4.72
4.60
4.66
4.70
4.74
4.68

4.49
4.58
4.65
4.72
4.71
4.62
4.63
4.71
4.68

4.76
4.93
5.08
5.18
5.24
5.1 1
5.08
5.22
5.24

6.12
6.48
6.57
6.71
6.78
6.64
6.60
6.76
6.76

7.14
7.35
7.40
7.49
7.52
7.49
7.51
7.59
7.60

* AVERAGES OF RATES AVAILABLE.
«* SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED 6Y THE FEDERAL RESERVE BANK OF ST.


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

LOUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

7

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
445

BILLIONS

440

433.0
433.0
435.0

435
430
425
420
415
410
405
400
395
390
385
380
375
370

4 18

JAN

3 17 31

FEB

M 21 12 2S

APR

9 23

MAY

7 21

JUL
1976

4 19

1

IS 29 13 27 10 24

AUG

OCT

NOV

8 22

5 19

2 18

JAN

FEB
1977

2 18 30

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/25/76

5/26/76

7/21/76

8/25/76

9/22/76 10/20/76 11/24/76 12/22/76

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
7/21/76
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77

12.0
12.2
13.0
13.5
14.2
14.7
14.5
14.2

12.4
13.7
14.4
15.3
15.8
15.4
15.0

15.2
15.9
16.9
17.3
16.4
15.7

17.8
18.4
18.6
17.2
16.3

18.5
18.7
17.1
15.9

19.2
16.9
15.6

15.6
14.2

12.1

1_________________________

8

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
245

BILLIONS
232.3
231.1
231.0
231.8
232.8
231.3

240

235

230

225

220

JJLLLU.
4 16

JAN

3 17 51

FEB

14 28 12 26

APR

9 23

MAY

7 21

JUL
1976

4 18

1

JJLU..U l UiJJJJJ

15 29 IS ZT 10 24

AUG

OCT

NOV

22

5 IS

2 16

:

JAN

FEB
1977

2 16 Ml

MAR

LATEST DATA PLOTTED WEEK ENDING' FEBRUARY 23. 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK

.n

COMPOUNDED ANNUAL. RATES OF CHANGE,
2/25/76

5/26/76

7/21/76

8/25/76

AVERAGE OF FOUR WEEKS ENDING:

S/22/76 10/20/76 11/24/76 12/22/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/21/76
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77


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

5.2
5.5
4.4
5.1
4.8
4.9
5.4
4.5

2.9
1.6
3.3
3. 1
3.5
4.4
3.3

2.6
5.0
4.3
4.5
5.5
4.0

4. 1
3.4
3.9
5.3
3.5

6.0
5.9
7.0
4.5

3.8
6.0
3.2

8.1
3.5

2.5

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
84
82
80
78
76
74
72
70
68
66
64
62
60
58

4 II

JAN

3 17 31

14 28 12 26

9 23

7 21

4 18

1

FEB

IS 29 13 27 10 24

OCT

NOV

1976

8 22

5 19

2 16

JAN

FEB
1977

2 16 30

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 23, 1977
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 BANKS.


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

1977
JAN.

5
12
19
26
FEB.
2
9
16
23
MAR.
2
9
16
23
30

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
65.3
63.7
62.7
62.3
62.0
61.9
61.7
60.8

64.7
63.3
62.4
62.5
62.8
63.5
63.6
63.2

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
1,5---------- ---------- --------

BILLIONS OF DOLLARS
1.5

—T--------!--------------

1SZX MILLIONS
JAN. 26
FEB. 2

7 21

4 18 3 17 31

JAN

FEB

MAR

14 26 12 26

APR

MAY

9 23 7 21

JUN

JUL
1976

4 18

1

AUG

SEP

15 29 13 27 10 24 8 22

OCT

NOV

DEC

3 19

JAN

89
86

2 16

2 16 SO

FEB
MAR
1977

LATEST DATA PLOTTED WEEK ENDING. MARCH 2, 1977

BUSINESS LOANS
C COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1 24
122
120
118
116
114

112
110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
— FEBRUARY 23. 1977 FROM
— THE FOUR WEEKS ENDING.

104
102
JAN. 19
FEB.

2

2.2

-

7 21

4 16

JAN

FEB

3 17 31

14 28 12 26

APR

9 23

7 21

4 18

MAY

1

15 29 1 3 27 10 24

OCT
1976

NOV

8 22

5 19

2 16

JAN

FEB
1977

2 16 30

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 23, 1977


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
u

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS


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

BILLIONS OF DOLLARS

570
= COMPOUtOED ANNUAL RATES OF CHANGE,

AVERAGE OF THE FOUR WEEKS ENDING
FEBRUARY 23. 1977 FROM THE FOUR
WEEKS ENDINGi
CREDIT
CREDIT
PROXY

JBfflCL
22.
24.
20,
22,
25,

E

NOV.
= OCT.

E

AUG,

E 560

aBA&TED.

1976
1976
1976
1976
1976

550

1.6
5.0
6.9
7.5------------------------------------------------------6.4
6.1
CREDIT PROXY ADJUSTED 1/
4.7
I
|

= FEB,

540

530

520

CREDIT PROXY

510
Bi.yj.Qrg,
CREDIT
PROXY

CREDIT

PBQ£L
532.3

540.9

4

16

3

17 31

14 26 12 26

APR

MAY

9 23

7

21

JUL

4 16

AUG

1

13 29 13 27

1976
LATEST DATA PLOTTED *EEK ENDING* FEBRUARY 23,

10 24

8 22

5

490

540.0
539.1

531.6
533.6
531.1

7 21

500

ADJUSTED.

541.1

19

JAN

2

16

FEB

460

2

16 30

1977
1977

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.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS