Full text of U.S. Financial Data : Week Ending: March 22, 1978

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S'.

F//V/I/VC#>1 /. DATA

YA

Week ending: March 22, 1978
5*£fC mA
LfBf

DEC 2 6 197?

This week the Board of Governors released a revision of
money stock data and related measures to incorporate benchmark
adjustments for domestic nonmember banks and revised seasonal
factors. The benchmark adjustments are based on Call Reports for
December 1976, and March, June and September 1977. Because these
benchmark revisions include four Call Reports, they are somewhat
larger than usual. For example, these adjustments added $400
million to the level of Ml at the end of 1976 and $1.6 billion
to the level of Ml at the end of 1977. The level of M2 was
reduced by about $400 million at the end of 1976 and raised by
about $1.4 billion at the end of 1977. All data on money stock
and related items in this release are on the revised basis.
The seasonal and benchmark adjustments tended to
substantially smooth the pattern of Ml growth during 1976 and
1977. As shown in the table below, the slow first quarter growth
rate in each year was raised substantially by this revision. For
example, the first quarter growth rate in 1977 was raised from
4.3 percent to 7.1 percent. For the year 1977 as a whole Ml
increased 7.8 percent on the revised basis, compared to a 7.4
percent increase in the previously reported data. The somewhat
greater increase in Ml over the whole year reflects upward
adjustments due to benchmark data which were concentrated in the
first half of the year.

Growth Rates of Ml
(Compound Annual Rates of Change)
Ml: 1976
Old
Revised
Quarters
I
II
III
IV
First half of Year
Second half of Year
Full Year

2.9 %
8.5
4.4
6.7
5.6
5.6
5.6

4.7 %
7.0
3.8
7.4
5.9
5.6
5.7

Ml: 1977
Old
Revised
4.3 %
8.7
9.7
7.0
6.5
8.3
7.4

7.1 %
8.3
8.3
7.4
7.7
7.8
7.8

The revision has also substantially influenced the
reported growth rate of Ml over the very recent period. For
example, last week Ml was reported in this release to have
declined at a 2.3 percent annual rate from the four weeks ended
January 11, 1978 to the four weeks ended March 8, 1978. Using
revised data, Ml increased at 2.2 percent annual rate over this
same period.


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

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

24,

1978

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
136

BILL!ONS
132.7
132.6
132.7
132.6
132.5
133. 1

__FEB

134

132

130

130

128

126

124

122

120

5

19

JAN

2

16

2

16 30 13 27

FEB

APR

11

25

B 22

6 20

3

17 31

H 28

SEP

MAY

12 26

9 23

OCT

7 21

A 18
JAN

1977

1

15

l

IS 29

FEB
1978

LATEST DATA PLOTTED WEEK ENDING-. MARCH 22, 1978
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE 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 MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/23/77

6/22/77

8/24/77

9.4
9. 1
9.5
9.3
9. 1
9.7
9.9
9.2

10.0
10.5
10.0
9.6
10.4
10.6
9.6

9.6
9.2
8.7
10.0
10.4
9. 1

9/21/77 10/19/77 11/23/77 12/21/77

1/25/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/24/77
9/21/77
10/19/77
11/23/77
12/21/77
1/25/78
2/22/78
3/22/78


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

9.9
9. 1
10.6
10.9
9.3

7.9
10.2
10.7
8.9

1 1.2
11.6
9.0

13.6
9.6

6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER^
ADJUSTED FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

PL1ER

BALLS.

LATEST DATA PLOTTED WEEK ENDING: MARCH 15, 1978
BILLIONS OF DOLLARS
118 -----,-----.----

BILLIONS OF DOLLARS
-- ----- ----- “I »I8

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
MARCH 22, 1978 FROM
THE FOUR WEEKS ENDING)
JAN.
DEC.
NOV.
OCT.
SEP.
JUN.
MAR.

25,
21,
23,
19,
21,
22,
23,

1978
1977
1977
1977
1977
1977
1977

9.6
13.7
12.2
11.4
12.3
12.0
11.2

ADJUSTED FEDERAL RESERVE CREDIT

•1SZ&

BILLIONS ~

I I I I I I I I
2 16 50 13 27 II 25

JAN

FEB

MAR

APR

MAY

8 22

6 20

3 17 31 M 26 12 26

JUN

JUL
AUG
1977
LATEST DATA PLOTTED WEEK ENDING: MARCH 22. 1978

SEP

OCT

9 23

7 21

1

JAN

IS 29

FEB

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES I daws pi mr
ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACflNG TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THF SFRIF<£ for rpSERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOS1TS BF TWFFN^rak^
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THI^Iai*?*


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 C M2 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
825

BILLIONS
816.4
816. I
817.5
817.5
818.5

815
810
805
800
795
790
785
780
775
770
765
760
755
750
745
740

5 19

2

16

JAN

FEB

2

16 30

13 27

11

25

6 20

3

17 31

M 28

12 26

9 23

7 21

4

16

JAN
1977

1

15

1

15 29

FEB
1978

LATEST DATA PLOTTED WEEK ENDING: MARCH 15. 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS ( M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/16/77

6/15/77

8/17/77

10.0
9.7
9.7
9.4
9.0
8.9
8.6
8.3

10.6
10.4
9.6
9.0
8.8
8.5
8. 1

9. 1
8.3
7.7
7.7
7.5
7. 1

9/14/77 10/12/77 11/16/77 12/14/77

1/18/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/17/77
9/14/77
10/12/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78


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

8.3
7.5
7.6
7.4
6.9

6.5
7.0
6.9
6.4

6.9
6.7
6.1

7.2
6.3

5.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
345

billions

339.4
338.9
339.4
339.3
339.2
338.6

340

335

330

325

320

315

310

5 19

2 16

JAN

FEB

2 16 30 13 27 11

APR

25

8 22

6 20

3 12 31

H 28 12 28

9 23

MAY

7 21

4 18

1

DEC

JAN

FEB

15

1

15 29

LATEST DATA PLOTTED WEEK ENDING: MARCH 15, 1978
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.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/16/77
6/15/77 8/17/77 9/14/77 10/12/77 11/16/77 12/14/77 1/18/78
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/17/77
9/14/77
10/12/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78


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

8.5
8.4
8.7
8. 1
7.6
7.9
7.5
6.8

9.1
9.6
8.4
7.6
8.0
7.4
6.5

9.5
7.5
6.5
7.3
6.6
5.6

7.4
6.1
7.2
6.4
5.3

3.9
6.0
5.4
4.2

6.9
5.7
4.2

6.9
4.5

1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
-- 9.5

9.5 --

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

90 DAY CD'S#**

COMMERCIAL PAPER
MUNICIPAL
BONDS**

J-L.l.1-1 I 1
4

JAN

18

FEB

LLll-LLI 1 1 III 1 II ll I I I 1-11 1 I I I I I I LlllIj I I I I I I I I I 1 I I I I I I I l I l
4

18

MAR

1

15 29

APR

13 27

MAY

10 24

JUN

8 22

JUL
1977

5

19

AUG

2

16 30

SEP

14 28

OCT

11

25

NOV

9 23

DEC

6 20

3

JAN

FEB
1978

17

3

17

31

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 24, 1978

1978
JAN.

6
13
20
27
FEB.
3
10
17
24
MAR.
3
10
17
24 *
31

90 DAY
CD'S *aeie

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

MUNICIPAL
BONDS **

6.77
6.88
7.06
6.97
6.90
6.88
6.90
6.91
6.88
6.87
6.83
6.84

6.69
6.77
6.85
6.83
6.81
6.79
6.80
6.82
6.80
6.79
6.79
6.79

6.71
6.98
6.89
6.85
6. 82
6.81
6.83
6.83
6.80
6.80
6.80
6.76

8.30
8. 40
8.44
8.47
8.46
8.46
8.47
8.49
8.49
8.48
8.45
8.45

5.64
5.75
5.74
5.70
5.63
5.59
5.61
5.65
5.63
5.58
5.58
N.A.

* AVERAGES OF RATES AVAILABLE.

3Bt5 BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
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

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.5 --

PERCENT
-- 8.5

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

JAN

FEB

1978
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 24, 1978

1978

JAN.

6
13
20
27
FEB.
3
10
17
24
MAR.
3
10
17
24 X
31

FEDERAL
FUNDS X*

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.69
6.58
6.78
6.72
6.80
6.75
6.76
6.78
6.80
6.76
6.77
6.77

6.20
6.60
6.48
6.44
6. 42
6.44
6.48
6.45
6.39
6.29
6.27
6.20

6.57
6.94
6.84
6.82
6.80
6.84
6.90
6.88
6.84
6.81
6.80
6.75

7.52
7.78
7.75
7.74
7.68
7.71
7.81
7.83
7.78
7.77
7.72
7.70

7.91
8.05
8.04
8.05
8.05
8.08
8. 12
8. 12
8. 1 1
8.09
8.06
8.05

* AVERAGES OF RATES AVAILABLE.

** EeSDTAM^^RF?5 T^IKB^^FWi^Iffis^.g^lLi^kIER THAN °ATE SH0WNTREaIuRY BILl"yEELDSRONSDISCOUNTRBASE|.ARE C0MPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.

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
490

BILLIONS
485

477.0
478. 1
478.2
479.3
479.7

480
475
470
465
460
455
450
445
440
435
430

5 19

2 16

2 16 SO 13 27 11 25

JAN

FEB

APR

8 22

6 20

3 17 31 14 28 12 26

9 23

MAY

7 21

DEC

JAN

1977

1 15 1 15 29
FEB
1978

LATEST DATA PLOTTED WEEK ENDING: MARCH 15, 1978
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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/16/77

6/15/77

8/17/77

1 1 .0
10.7
10.4
10.2
10.0
9.5
9.5
9.3

1 1.5
10.9
10.5
10.0
9.4
9.4
9.2

8.8
8.9
8.6
8. 1
8.2
8. 1

9/14/77 10/12/77 11/16/77 12/14/77

1/18/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/17/77
9/14/77
10/12/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78

8


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

9.0
8.5
7.9
8. 1
8.0

8.4
7.7
7.9
7.9

6.9
7.5
7.5

7.5
7.5

8.2

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
255

billions

249.5
248.9
249.3
249.2
248.9
248. 1

— MAR

250

245

240

235

230

5 19

2 16

2 16 30 13 27 11 25

JAN

FEB

APR

6 22

6 20

3 If 31 M 28 12 26

MAY

SEP

9 23

OCT

4 16

JAN

1 15
FEB
1978

1 15 29

LATEST DATA PLOTTED WEEK ENDING: MARCH 15, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/16/77
6/15/77 8/17/77 9/14/77 10/12/77 11/16/77 12/14/77 1/18/78
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/17/77
9/14/77
10/12/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78


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

8. 1
8. 1
8.5
7.5
6.9
7.2
6.6
5.8

9.2
9.6
7.9
6.9
7.3
6.5
5.4

9.4
6.6
5.4
6.2
5.3
4. 1

6. 1
4.7
5.9
4.9
3.5

1.9
4.4
3.6
2.2

5.7
4.1
2.2

5.2
2.4

-1.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CURRENCY COMPONENT
OF MONEY STOCK
billions

of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

dollars

billions

of

dollars

billions

89.9
90.0
90.3
90.5

S It

2 16

2 16 30 13 27 11 23

JAN

FEB

APR

8 22

6 20

3 17 31 14 26 12 26

MAY

SEP

9 23

7 21

4 18

I IS

1 IS 29

OCT

1977

1978

LATEST DATA PLOTTED WEEK ENDING: MARCH 15. 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/16/77

6/15/77

8/17/77

9.4
9.5
9.7
9.7
9.7
10.3
9.9
9.9

9.3
9.8
9.8
9.7
10.6
10. 1
9.9

10.3
10.2
10.0
11.1
10.3
10.2

9/14/77 10/12/77 11/16/77 12/14/77

1/18/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/17/77
9/M/77
10/12/77
11/16/77
12/M/77
1/18/78
2/15/78
3/15/78

10


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

10.5
10. 1
1 1.5
10.5
10.2

9.7
11.6
10.3
10. 1

12.5
10.4
10.1

11.0
10.4

7.5

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

12I&

billions of dollars

millions

FEB. 15

5 19

2

JAN

FEB

16

282

2 16 30 13 27

APR

11

23

6 22

6 20

3 17 31

MAY

A 28 12 26

SEP

9 23

OCT

7 21

DEC

A IS
JAN

1977

I

15

I

15 29

FEB
1978

LATEST DATA PLOTTED WEEK ENDING: MARCH 22. 1978

BUSINESS LOANS
( COMMERCIAL
BILLIONS OF DOLLARS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
- MARCH 15, 1978 FROM
— THE FOUR WEEKS ENDING:

MILLIONS

— DEC. M, 1977
11.8

1977
1 J 1-LLJ I 1
5 19

2 16

JAN

FEB

2

16 30 13 27 11

25

8 22

6 20

3 17 31

M 28 12 26

SEP

OCT

9 23

7 21

4 16

1

JAN

FEB

15

I

15 29

LATEST DATA PLOTTED WEEK ENDING: MARCH 15. 1978


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS


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

BILLIONS OF DOLLARS
82

BILLIONS
80
76.6
76.8
77.6
76.9

MAR

78
76
76
72
70
68

66
66
62
60

5 19 2 16 2 16 50 15 27
JAN

FEB

APR

I I I I
1 25 » 22 S 20 ! IT 11 II 8 12 26
MAY

SEP

OCT

9 23

7 21

6 l«

JAN

15 I IS 29

FEB

LATEST DATA PLOTTED WEEK ENDING! MARCH 15. 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS