Full text of U.S. Financial Data : Week Ending: March 20, 1974

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—

Week ending: March 20r 1974

s£Sjr£oj*fbi.
LIBRARY

JUN 08 19T9
Monetary expansion in the past year has been only slightly
slower than its pace over the previous three years. The money stock
has increased 6.2 percent in the past year compared to about a 7
percent average annual rate from early 1970 to early 1973. The mon­
etary base has risen 7.4 percent in the past year, about the same
average annual rate as in the previous three years. Such similarity
in trend growth rates of base and money provides perspective for
viewing short-period fluctuations in the growth of the money stock.
As shown on page 5 the growth of the money stock since last
January can be divided into three fairly distinct periods; a rapid
growth from January through early June, then a period of almost no
growth through mid-October followed by a period of rapid growth in
recent months.
Although the growth rates of money and the monetary base
may diverge over periods of a few months, over periods of a year or
more the growth of money adjusts to the growth of the base. As
shown in the following table, through early-June the money stock grew
more rapidly than the base. Over the next few months the growth of
the base slowed and the money stock, responding to the slower growth
of the base, slowed by an even more noticeable amount. By mid-October
the growth rates of base and money had moved into a more typical
long-run relationship; with the growth of money at a 5.3 percent
rate from late-January to mid-Octcber and base at a 6.6 percent rate
over the same comparison period.
From mid-October to the most recent four weeks the base
has grown at about a 9 percent rate. With the acceleration in the
growth of the base, the growth of the money stock has sharply accel­
erated to an 8.2 percent rate over the same period. The recent
renewal of rapid monetary growth has offset the slower mid-year growth
of money, and has raised the growth rate of money from late-January
last year to the most recent four weeks to a 6.3 percent annual rate,
which compares with a growth of the base of 7.4 percent over the same
period.
Comparison of Growth Rates of
Money Stock and Monetary Base
4 Weeks Ended to 4 Weeks Ended


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

2/7/73 to 6/20/73
6/20/73 to 10/24/73
10/24/73 to 3/13/74
2/7/73 to 3/13/74

M

1

Monetary Base

8.9%
1.6
8.2

7.5%
5.6
8.8

6.3

7.4

Prepared by Federal Reserve Bank of St. Louis
Released: March 22, 1974

*1

«

2
MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MILLIONS

106

104

102

100

98

9 IT St

14 29 14 29 It 29

FE8

MAR

APR

9 29

6 20

4 19

JUN

JUL

I

19 99 12 19 10 24

r 21

NOV

a 19
OEC

2 19 ao 19 27 19 27
1974

1973
LATEST DATA PLOTTED WEEK ENDINGt MARCH 20. 1974

USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES ANO SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 "REVIEW" OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
3/21/73

6/20/73

8/22/73

6.2
5.8
6.2
6.6
7. 1
7.5
7.2
7.4

4.2
5.3
6. 1
6.9
7.6
7.2
7.4

6.2
7.2
8.2
8.8
8.2
8.3

9/19/73 10/17/73 11/21/73 12/19/73

1/23/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/22/73
9/19/73
10/17/73
11/21/73
12/19/73
1/23/74
2/20/74
3/20/74


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

8.9
9.7
10.0
9.0
9.0

10. 1
10.4
9. 1
9.0

11.2
9.1
9.1

8.1
8.3

6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
)

MULTIPLIERS
FEDERAL RESERVE CRED!T v
AVERAGES

of

daily figures

SEASONALLY ADJUSTED

RATIO

RATIO

2,9

RATIO

o

im A ULLLLULLU III I ll I I.J UJlLlU
; LATEST OATA PLOTTED WEEK ENDING* MARCH IS,- 1974

SlUlONS OF DOLLARS

BILLIONS OF DOLLARS

»■ ----- 1---- I—-- !---- 1----- ---- ---- ---

--- -------- 96

'.V^OUNDSO ANNUAL RATES
■ ;■ CHANGE, AVERAGE OF
]‘-iS FOUR WEEKS ENDING
-H 20, 1974 FROM
THE PQUH WEEKS ENDING.
JAN,
MOV,
OCT.
■ SP,
JUM,

3 17

Si

23, 1974
19, 1973
21, 1975
17, 1973
19. 1973
20, 3973
21, 1973

6,5
7.2
8.9
8,4
8.9
6.0
3.2

14 36 14 29 11, 33

FEB

MAR

APR

FEDERAL RESERVE CREDIT

6 38

6 >0

A

JUN

JUL

1®

I

13 38 13 36 10 34

T 31

S 18

NOV

DEC

3

16 30 19 37 IS 37

LATEST OATA PLOTTED WEEK ENDING. MARCH 20. 1974
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
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 DEP6siTS AMONG
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

FA_5ARat 6. FEDERAL RESERVE BANK OF S . v.0 .

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
208.5
209.3
211.9
209.7
211 .5

5 17 51

14 26 H 28 II 25

FEB

MAR

APR

9 25

I I i i .1

6 20

4 19

JUN

JUL

I I Ml
1

IS 29 12 26 10 24

7 21

9 19

NOV

DEC

2 16 90 IS 27 15 27

FEB

MAR

LATEST DATA PLOTTED WEEK EWING. MARCH 13, 1074
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
3/14/73
6/13/73 B/15/73 9/12/73 10/10/73 11/14/73 12/12/73 1/16/74
TO THE AVERAGE
OF FOUR WEEKS
END 1NG t
8/15/73
9/12/73
10/10/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74


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

7.3
5.5
4.3
4.6
5.3
4.7
4.0
5.5

2.4
1.0
2.2
3.6
3. 1
2.3
4.5

-3.7
0.0
2.7
2. 1
1.2
4. 1

2.0
4.9
3.5
2.2
5.5

8.7
5.5
3.4
7.2

5.1
2.3
7.4

-1.7
6.1

10. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
280 ------1---- ,--

BILLIONS OF DOLLARS
-------------- 280

billions

270.9
271.8
274.6
272.3
275.9
274.7

— MAR

3

17 31

JAN

26

FEB

M 28

MAR

II

APR

25

9 23

MAY

6 20

3

JUN

JUL

16

1

13 29

12 26

10 23

7 21

3

19

2

16 30

13

AUG

13 27

1973
LATEST DATA PLOTTED WEEK ENDING: MARCH 13, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/14/73
6/13/73 8/15/73 9/12/73 10/10/73 11/14/73 12/12/73 1/16/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/15/73
9/12/73
10/10/73
1 1/14/73
12/12/73
1/16/74
2/13/74
3/13/74


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

7.4
6.0
5.0
5. 1
5.9
5.5
4.9
6.2

3.2
2.2
3.0
4.4
4. 1
3.5
5. 4

-1.2
1 .4
4.0
3.6
2.9
5.4

2.6
5.7
4.7
3.7
6.5

8.8
6. 4
4.7
7.9

6.9
4.4
8.6

0.9
7.3

10.5

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

TOTAL TIME DEPOSITS

NET TIME DEPOSITS *

II I 1 I l 1 1.1 L.Ii
3 17 31

14 28 14 26 II 23

MAR

APR

9 23

6 20

4 18

JUN

JUL

I

IS 29 12 26 10 24

7 21

5 19

2 16 30 13 27 13 27

LATEST DATA PLOTTED WEEK ENDINGi MARCH 13, 1974
CURRENT OATA 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:
3/14/73
6/13/73 8/15/73 9/12/73 10/10/73 11/14/73 12/12/73 1/16/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/15/73
9/12/73
10/10/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74


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

10.4
10.9
10.9
11.8
11.3
11.6
12. 1
12. 1

10.7
10.9
12.3
11.4
11.9
12.4
12.4

12.4
14.2
12.4
12.9
13.4
13.3

14.6
12. 1
12.7
13.4
13.3

12.5
13.2
13.9
13.7

11.0
12.7
12.7

15.4
14.5

14.6

PREPARED BY FEDERAL RESERVE 8ANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY F!CURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
660 =---- -------

BILLIONS OF DOLLARS
------------ = 660

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

3 IT 31

H 28 14 28 11

23

9 23

6 20

4

18

JUN

JUL

1

IS 29 12 28

I I i7 i 21<

10 24

NOV

5 19

i i2 i 18l I 30i

DEC

13 27

FEB

15 27

MAR

LATEST DATA PLOTTED WEEK ENDING. MARCH 13. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** M» IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
3/14/73
6/13/73 8/15/73 9/12/73 10/10/73 11/14/73 12/12/73 1/16/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
8/15/73
9/12/73
10/10/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74


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

8.9
8.5
8. 1
8.6
8.7
8.6
8.6
9.2

7.0
6.6
7.7
8.0
8. 1

8. 1
9.0

5.8
8.0
8.4
8.4
8.4
9.5

8.8
9.1
8.9
8.8
10.0

10.7
9.9
9.5
10.9

9.0
3.8
10.7

8.4
11.0

12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
70

68
66

64
62
60
58
56
54
52
50
48
46
44
3 17 31

H 28 14 28 11

FEB

25

9 23

6 20

4 18

1

IS 29 12 26 10 24

MAR

7 21

5 19

NOV

DEC

1973

2

16 30 13 27 13 27

1974

LATEST DATA PLOTTED WEEK ENDING. MARCH 13, 1974
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

MONEY AND TIME DEPOSIT DATA

1974
JAN.

2
9
16
23
30
FEB. 6
13
20
27
MAR. 6
13
20
27

CERT I F 1 CATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

M2 **

64.3
64.8
64.7
65.8
67. 1
66.8
67.0
66.4
66.2
66.0
66.8

302.2
302.5
303.7
304.8
305.3
306.4
307.2
308.0
308.8
308.8
309.0

572.5
572.0
573.7
573.7
573.7
577.3
579. 1
582.6
581.1
584.7
583.7

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MEMBER BANK OFPD.S I TS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
465

CREDIT PROXY ADJUSTED 1/
445

- 435

CREDIT PROXY

425

- 415

3

17 51

14 28 14 28 U

23

9 23

6 20

4 18

I

IS 29

12 26

10 24

7 21

5 19

2

16 30 13 27

FEB

13 27

MAR

LATEST DATA PLOTTED WEEK ENDING* MARCH 13, 1974
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.

1211

FEB.

6
13
20
27
6
MAR.
13


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

BILL 1QN$
CRED1T
.E£Q*Y

CRED1T
PROXY
ADJUSTED

448.3
446,7
445.8
447. 1
450. 1
448. 1

455.5
454.5
453.7
454.8
458. 1
456.5

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
MARCH
1974 FROM THE FOUR
WEEKS en6 INGs
CRED1r
CREDIT
PROXY
_EEQ£L ADJUSTED
JAN.
DEC.
NOV.
OCT.
SEP.
JUN.
MAR.

16,
12.
14,
10,
12,
13,
14.

1974
1973
1973
1973
1973
1973
1973

3.1
7.1
5.7
4.7
4.6
6.6
8.5

4.2
7.4
6.5
5.0
4.9
7.3
9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
1 I .0
10.5

10.0
9.5

9.0

8.5
COMMERCIAL PAPER
8.0
7.5

CORPORATE Aaa BONDS

7.0
RIME BANK

OAN RATE
6.5

6.0
5.5

5.0

4.5

5 19

2 16

JAN

FEB

2

16 30 13 27

1

25

8 22

6 20

3 17 31

A 28 12 26

0 25

7 21

A 18

I

DEC

JAN

FEB

1973

15

I

15 20

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 22, 1974

1974
JAN.

4
1 1
18
25
FEB.
1
8
15
22
MAR.
1
8
15
22 X
29

90 DAY
CD'SnekX

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS XX

9.19
9.08
9. 15
9. 12
8.87
8.27
8.08
7.96
8.07
8.31
8.47
8.64

8.88
8.65
8.75
8.68
8. 38
7.93
7.75
7.69
7.88
8.00
8.18
8.46

8.75
8.75
8.75
8.75
8.55
7.85
7.75
7.75
7.85
8.00
8. 10
8.42

7.73
7.77
7.85
7.88
7.87
7.82
7.85
7.87
7.87
7.92
7.99
8.03

5. 18
5.22
5.24
5.26
5.20
5. 16
5. 18
5.21
5.26
5.27
5.32
N.A.

* AVERAGES OF RATES AVAILABLE.
XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
XXX SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA AFPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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Federal Reserve Bank of St. Louis

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

11.Or—

— I I .0

10.5

10.0

10.0

THREE-MONTH TREASURY
BILL MARKET YIELD

FEDERAL FUNDS RATE

ISCOUNT RATE

4.5

4.5

_I_L _LLL ±1.1.1 till

5

19

JAN

2

16

FEB

2

16 SO

13 27

MAR

APR

ill I I I I
II

25

MAY

6 22

JUN

±U_ J_L
6 20

JUL
1973

3

17 31

AUG

J_L

J_L± ■Li

M 23

SEP

12 26

OCT

1 I

9 23

NOV

7 21

DEC

J_L± ±J_L
4

18

JAN

I

15

FEB
1974

±±
I

IS 29

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 22, 1974

1974
JAN.

FEB.

MAR.

4
1 1
18
25
1
8
15
22
1
8
15
22 ***
29

FEDERAL
FUNDS «x

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECUR1T1ES

9.87
9.76
9.77
9.60
9.47
9. 13
8.93
9.07
8.81
8.98
9.03
9.33

7.49
7.72
7.89
7.99
7.55
7.03
7.06
7.07
7.36
7.71
7.82
8.04

6.83
6.88
6.94
7.06
6.94
6.74
6.70
6.76
6.93
7.06
7. 16
7.37

6.52
6.57
6.57
6.57
6.55
6.50
6.50
6.56
6.62
6.71
6.75
6.86

* 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.


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

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
4.0

1974

MILLIONS

3.5

1376

3.0

BORROWINGS

2.5

2.0
1.5

1.0
0.5
3 17 91 14 28 14 79 II 29

FEB

MAR

9 23

9 20

4

IS

I

IS 29 12 26 10 24

APR

7 21

5

NOV

DEC

19

2

16 50

13

IS 27

1974

1973
LATEST DATA PLOTTED WEEK ENDlNGt MARCH 20. 1974

BUSINESS LOANS

( COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

120
“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
- MARCH 13. 1974 FROM THE FOUR
_ WEEKS ENDING!
BUS I NESS
BUSINESS
LOANS

.loans,,
1974
1973
1973
1973
1973
1973
1973

_JUN
MAR.

1 18
I 16
114

apj.Mgl.EP.
BUSINESS LOANS ADJUSTED 1/

11.7

112

11.5
1 10

10.7
14.5

108

14.9

106

BUSINESS LOANS

104

102
100

MILLIONS
BUS 1 NESS--JSI NESS
LOANS
LOANS
ADJU.STFO

98
9C
94

110,763
92
9(
3

17 31

14 28

FEB

14 28

11

25

9 23

6 20

4

18

I

15 29

12 26

10 24

7 21

3

19

2

16 30

13 27

13 27

MAR
1973

1974

LATEST DATA PLOTTED WEEK END INGi MARCH 13, 1974
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS