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0*1

Week ending: March 22, 1972
library

JUN 05 ?9?g

The nation’s money stock averaged $232.7 billion in
the four weeks ending March 15, up from $227.9 billion of three
months earlier. This increase represents an 8.7 percent annual
rate, compared to a 1.5 percent rate for the previous five months.
Since late 1966, money has risen at a 6.0 percent trend rate.
From mid-1962 to late 1966, money rose at a 3.7 percent trend
rate.
Other monetary aggregates have also increased rapidly
in recent months. For example, the monetary base, which largely
determines the money stock, has risen at an 8.2 percent annual
rate in the past two months. The main component of the base,
Federal Reserve credit, which primarily reflects the direct
actions of the Federal Reserve but not the actions of the
Treasury, has risen at only a 0.3 percent rate in the past two
months. In the previous five months the base grew at a 5 per­
cent rate, while Federal Reserve credit grew at an 11 percent
rate. The difference in the grctoth of these two aggregates
recently is explained primarily by a reduction in the large
Treasury balances at the Federal Reserve, which increases the
monetary base with no change in Federal Reserve credit.
i
t

'

Short-term interest rates have risen in recent weeks,
after substantial declines last fall and winter.
For example,
3-month Treasury bill rates averaged 3.82 percent in the three
days ending March 22, up from 3.04 percent in mid-February,
but much below the 5.4 percent rate of late last July. Yields
on four- to six-month commercial paper averaged 4.34 percent
in the first half of this week, up 40 basis points from midFebruary, but 1.4 percentage points below last July.


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

Prepared by Federal Reserve Bank of St. Louis
Released: March 24,1972

2

MONETARY BASE u
MULTIPLIER 2/
AVERAGES OF DAILY FIGURES
BILL'ONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
94

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MARCH 22, 1972 FROM
THE FOUR WEEKS ENDING.
JAN.
DEC.
NOV.
OCT.
SEP.
AUG.
JUL.

19,
22,
24,
20,
22,
25,
21,

1972
1971
1971
1971
1971
1971
1971

8.2
9.3
8.0
6.7
6.0
6.0
6.4

MONETARY BASE

1972
FEB.

MILLIONS.

1

MAR.

I I I I I
LATEST DATA PLOTTED WEEK ENDING. MARCH 22,

1972
RATIO
2.9

RATIO

2.8

MULTIPLIER
2.7

2.6

2.5
RATIO

2.4

6 20

3

17

JAN

FEB

3

17 31

14 28

APR

12 26

9 23

7 21

4

18

MAY

1

15 29 13 27

10 24

8 22

5

19

JAN
1971

LATEST DATA PLOTTED WEEK ENDING. MARCH 15,

2

16

1

IS 29

FEB
1972

1972

1/ USES OF 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 11 REVIEW" OF THIS BANK.
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

0

RESERVES 1/

ALL MEMBER BANKS

3

IN THE NATION

FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
33.5

33.0

Z_
Z

BILLIONS OF DOLLARS
33.5

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF _
THE FOUR WEEKS ENDING
MARCH 22, 1972 FROM
THE FOUR WEEKS ENDING*

33.0

—~ JAN.

19, 1972

0.0

32.5

Z DEC.
- NOV.
— OCT.

22, 1971
24, 1971
20, 1971

7.9
9.2
6.2

32.0

SEP. 22
AUG.
JUL.

31.5

25
21

31.5

RESERVES

31.0

31.0

30.5

30.5

iaii
30.0

FEB.

BILLIONS

1

30.0

29.5

llllll

0

82
-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
___ THE FOUR WEEKS ENDING _
MARCH 22, 1972 FROM
_ THE FOUR WEEKS ENDING.
JAN.
— DEC.
NOV.
_ OCT.

19
22
24
20

SEP.

22

80

78

1971
FEDERAL RESERVE CREDIT

AUG. 25
------JUL. 21

76

74

2LZ

6 20
JAN

3 17
FEB

3 17 31

14 21 12
APR
MAY

»

9 25

7 21
JUL

LATEST DATA PLOTTED WEEK ENDING. MARCH 22,

4 19
AUG

1

15 29 13 27 10 24
OCT
NOV

•

22

5 19

72

MILLIONS

2 16

1

15 29

1972

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/ DEFINES IS INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER" ASSETS, ADJUSTED FOR
RESfRVE REQUjIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPftsiTS AMONG


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

13IZ

BILLIONS OF DOLLARS

BILLIONS
1 77.2
178.2
179.0
178.-4
179. 1

e 20

3 IT

JAN

FEB

3 17 31

14 21 12 2«

9 23

7 21

4 19

I

15 29 13 27

10 24

8 22

5 19

2 16

JAN

FEB
1972

1971
LATEST DATA PLOTTED WEEK ENDINGi MARCH 15,

1

15 29

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.S RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
3/17/71

7/14/71

8/18/71

9/15/71

10.4
8.2
6.7
5.7
5. 1
4.7
5.2
6.0

2.7
0.9
0.7
0.5
0.6
2.0
3.6

-2.9
-1.8
-1.4
-1.0
1.0
3.0

-1.3
-0.9
-0.5
1.8
3.9

AVERAGE OF FOUR WEEKS ENDINGi

10/13/71

11/17/71

12/15/71

1/12/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/18/71
9/15/71
10/13/71
11/17/71
12/15/71
1/12/72
2/16/72
3/15/72


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

0.0
0.2
2.8
5.2

0.4
3.9
6.8

5.7
8.9

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ro cr

MONEY STOCK

•_^IONS

of

AVERAGES OF DA'LV FIGURES
SEASONALLY ADJUSTED

DOLLARS

BILLIONS OF DOLLARS
240

230. 4
231.4
232.4
231.5
232.5
234.5

MAR

235

230

225

220

215

8 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

9 23

7 21

1

15 29

MAY

13 27

OCT

10 24

8 22

5

19

1971
LATEST DATA PLOTTED WEEK ENOINGj MARCH 15,

2

16

1

15 29

NOV
1972

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE
3/17/71

7/14/71

8/18/71

9/15/71

10. 1
8.3
6.9
6.0
5.5
5.2
5.6
6.3

3.4
1.8
1.5
1.5
1.6
2.8
4. 1

-1.4
-0.5
-0. 1
0.3
1.9
3.6

-0.3
0.2
0.7
2.5
4.3

AVERAGE OF FOUR WEEKS ENDINGs

10/13/71

11/17/71

12/15/71

1/12/72

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
8/18/71
9/15/71
10/13/71
11/17/71
12/15/71
1/12/72
2/16/72
3/15/72


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

1.0
1.4
3.5
5.5

1.7
4.5
6.9

6.0
8.7

11.7

PRFPARED BY FEDFRAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
All

commercial

banks

AVERAGE'S OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
290 rr------------------- ---------

BILLIONS OF DOLLARS
----------------- -----------=1 290

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

6 20

3 17

JAN

FEB

3 17 31

14 26 12 26

APR

9 23

MAY

7 21

1

JUL

LATEST DATA PLOTTED WEEK ENDING. MARCH 15,

IS 29 13 27

AUG

10 24

8 22

5 19

2 16

JAN

FEB

1

15 29

1972

OCT

NOV

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 6100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS?

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENOINGi

3/17/71

7/14/71

8/18/71

9/15/71

10/13/71

11/17/71

12/15/71

12. 1
11.2
11.1
1 1.6
12. 1
’3.2
13.8
14. 1

3.9
6.0
8.3
9.8
1 1.9
13.0
13.6

8.3
10.7
12.1
14.4
15.2
15.6

12.8
14.1
16.5
17.0
17. 1

15.5
18.2
18. 4
18.3

20.7
20.0
1 9. 5

21.4
20.3

1/12/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
8/18/71
9/15/71
10/13/71
11/17/71
12/15/71
1/12/72
2/16/72
3/15/72


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

18.4

PREPARED BY PEDERAu RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DA I lY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
520 cr------------------- ---------

BILLIONS OF DOLLARS
----------------- ----------- =1 520

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

6 20

3 17

JAN

FEB

3 17 31

14 26 12 26

7 21

4 16

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING, MARCH 15,

1972

APR

a 23

MAY

1

15 20 13 27 tO 24

6 22

5 10

2 16

JAN

FEB

15 20

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
MBK M2 IS DEFINED AS, CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING,

3/17/71

7/14/71

8/18/71

9/15/71

10/13/71

11/17/71

12/15/71

11.1
9.7
9.0
8.8
8.8
9.2
9.7
10.2

3.6
3.9
4.9
5.6
6.7
7.8
8.8

3.3
4.9
5.8
7.2
8.4
9.5

6. 1
6.9
8.4
9.6
10.6

8. 1
9.7
10.8
11.8

11.1
12. 1
13. 1

13.6
14.5

1/12/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
8/18/71
9/15/71
10/13/71
11/17/71
12/15/71
1/12/72
2/16/72
3/15/72


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

14.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
36

BILLIONS OF DOLLARS
36

-

-

34

34

' -

32

32

-

-

30

30

26

28

26

26

—i—1—1— J_LL 1 1 1 1 .1.1.L _LLL -LIU J Li JJ_L 1 1 1 1 .1 1.1
6 20

3 17

JAN

FEB

3 17 31

14 21 12 »

4 18

I

JUL
1971

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING< MARCH 15,

APR

MAY

JUN

7 21

IS 29 13 27

III

OCT

10 24

1 1 1 1 JJLL 1 1 1

NOV

8 22

5

.1

1972

MAR

0 23

DEC

S 19

2 16

1

15 29

JAN

FEB
1972

MAR

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
34.3
33.8
33.7
33.0

240.0
240.7
240.9
241.4
242.4
243.0
244.4
245.0
245.9
245.7
246.8

M2 XM
468.2
469.2
469.8
470.6
472.2
473.4
475.8
477.5
477.5
478.2
481.3

.

_

* SEE FOOTNOTE PAGE 6.
** 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

BILLIONS OF DOLLARS

365

355

CREDIT PROXY ADJUSTED 1/ "

345

CREDIT PROXY
335

325

315

6 20

3

JAN

FEB

IT

3 17 31

14 28

12 28

8 23

7

21

4

18

JUL
197)

LATEST DATA PLOTTED WEEK ENDING: MARCH 15,

1

15 28 13 27

10 24

8 22

5 19

2 16

JAN

AUG

FEB
1972

1972

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.

L31Z

BJLLIQNS.
CRED1T
PROXY

FEB.
MAR.


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

9
16
23
1
8
15

CRED1T
PROXY
AQJUSTEft.

362.0
363. 1
363.6
364.7
366. 1
368.7

365.7
366.9
367.2
368.3
369.8
372.4

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 15, 1972 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
adjusted
PROXY
JAN.
DEC.
NOV.
OCT.
SEP.
AUG.
JUL.

12,
15,
1/,
13,
15,
18,
M,

1972
1971
1971
1971
1971
1971
1971

10.2
12.9
12.8
1 1.6
9.8
10. 1
9.7

9. 7
1 1. 1
1 1 . 2
10. 9
9. 6
9. 8
9.,3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.5 -----

PERCENT
----- 8.5

8.0
CORPORATE Aaa BONDS

MUNICI PAL
BONDS**

5

PRIME COMMERCIAL
LOAN RATE

TH TREAS
THREE-MONTH TREASURY'S
BILL MARKET YIELD

I

15 29 12 26 12

JAN

FEB

MAR

26 9 23 7 21

APR

MAY

4

16

JUN

2

16 30 13 27

JUL
1971

AUG

10 24

SEP

DISCOUNT RATE

6 22

5 19

3 17 31

OCT

NOV

DEC

14 28 11

JAN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 24,

1972
JAN.

FFB.

MAR.

7
14
21
28
4
11
18
25
3
10
17
24 *
31

25 10 24

FEB
MAR
1972
1972

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONOS *M

7.19
7.17
7.16
7.22
7.25
7.29
7.28
7.26
7.25
7.24
7.22
7.2 4

3.59
3. 16
3.31
3. 46
3.35
3.09
3.04
3.22
3. 44
3.57
3.85
3.82

5.31
5.20
5.32
5.47
5.55
5.51
5. 47
5.50
5.50
5.57
5.84
5.8’

5.61
5.57
5.61
5.67
5.70
5.71
5.65
5.63
5.62
5.62
5.67
5.67

5.03
4.99
5.17
5.29
5.35
5.27
5.24
5.28
5.29
5. ’8
5.32
N.A.

* AJFRAGF.S Oc RAtFS AVA'i_ABLF.
** BCNt B'JVTV S AVERAGE 'NDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NC AVAILABLF


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

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

mil
1

IS 2B 12 26 12 26

9 23

7 21

4

18

2

16 30 ’3 27

10 24

8 22

S IS

3

17 31

M »

JAN
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 24,


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

1972
JAN.

FEB.

MAR.

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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

3.85
3.55
3.53
3.33
3.20
3.28
3.50
3.19
3.28
3.60
3.93
3.93

4.10
3.88
3.88
3.85
3.75
3.50
3.45
3.44
3.60
3.73
4.03
4. 13

(5 'O »

1972

90 DAY
CD'S KM

4.38
4.10
3.98
3.88
3.98
4.00
3.93
3.88
3.90
4.00
4.20
4. 34

II

rEB
1972

4.34
4.10
4.02
3.97
3.82
3.67
3.61
3.54
3.65
3. 70
3.86
4.09

K AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
DBt DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARL'ER.
CURRENT DATA APPEAR IN 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
—|---------- -------------1.6

V' /\ A
EXCESS RESERVES

-0.4

0.8

-

NET FREE RESERVES

1.2

-

1.6

-

3 IT 31

JAN

FEB

MAR

14 28 12 26

APR

MAY

9 23

JUN

7 21

JUL

4

16

1

15 29 13 27

10 24

8 22

5 19

2

JAN

AUG

16

FEB

1

15 29

1971
LATEST DATA PLOTTED WEEK ENDING* MARCH 22,


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

1972

MILLIONS
1972
JAN.

FEB.

MAR.

5
12
19
26
2
9
!6
£3
1
8
15
22
29

EXCESS
RESERVES

-

312
105
218
192
245
50
31 1
’30
70
167
405
74

BORROW 1NGS

FREE
RESERVES

57
17
1 4
12
16
42
18
1 4
68
103
14
1 15

255
88
204
180
229
8
293
116
2
64
391
189

-

PREPARED 8Y FEDERAL RESERVE BANK OF ST

LOUIS

1.6

-

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