Full text of U.S. Financial Data : Week Ending: March 22, 1972
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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 -