Full text of U.S. Financial Data : Week Ending: March 24, 1976
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u. Week ending: March 24, 1976 LIBRARY http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Business credit demands at large commercial banks have continued to decline since the beginning of the year and have decreased by $3.8 billion on a nonseasonally adjusted basis. The prime bank loan rate, the rate at which commercial banks make short-term loans to businesses with the highest credit rating, was lowered by many banks on two occasions in January. Since then it has generally remained at 6.75 percent, despite the continued drop in business credit demands. Demand for other types of bank loans has also been slack. The level of outstanding consumer loans at large commercial banks has remained around $35 billion since the beginning of the year and the level of real estate loan demand has also shown little change. In response to the decrease in loan demand, commercial banks have not been aggressively seeking deposits. Large, negotiable certificates of deposit (CDs) have declined by about $10 billion since the beginning of the year. Correspondingly, the rate on 90-day CDs has, at times, dropped as low as 5 percent, the ceiling rate on savings deposits. Meanwhile, banks have experienced a heavy inflow of time deposits other than large CDs (net time deposits) which have increased by $12.5 billion since early January. With the decline in loan demand, commercial banks have invested a slightly larger proportion of their earning assets in securities. For example, in the most recent week 25 percent of the earning assets of large commercial banks were in the form of securities, compared to 22 percent one year ago. The interest rate on three-month Treasury bills is currently 66 basis points below its year ago level. Rates on non-Govemment securities, such as four- to six-month prime commercial paper and bankers’ acceptances, are currently 49 and 98 basis points, respectively, below their levels in March 1975. Many short-term interest rates are as low as they were in 1972 and the prime bank loan rate is at its lowest level since early 1973. One of the reasons for the slack demand for business loans at commercial banks is the attractiveness of other sources of funds. For example, the interest rate on prime fourto six-month commercial paper, an alternative source of short-term business credit, is currently 133 basis points below the prime rate. Prepared by Federal Reserve Bank of St. Louis Released: March 26, 1976 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 2 BILLIONS OF DOLLARS 126 MILLIONS 124 122 120 IIS 116 114 S 19 3 19 FEB MAR 2 II 30 H 21 II 23 B 23 6 20 3 IT AUG SEP I 13 2B 12 2S 10 24 7 21 4 1« JAN FEB 3 !7 SI 14 21 LATEST DATA PLOTTED WEEK ENDING. MARCH 24, 1976 THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AK> CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AfC IN THE VAULTS OF COMMERCIAL BANKS 1, 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. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGt 3/26/75 6/25/75 8/27/75 6.6 6.8 6.0 7.0 7.2 5.9 6.7 7.0 4.6 3.8 5.8 6.2 4.6 5.9 6.4 4.3 7.6 7.8 5.2 6.6 7.3 9/24/75 10/22/75 11/26/75 12/24/75 1/21/76 TO THE AVERAGE OF FOUR WEEKS ENDING. 8/27/75 9/24/75 10/22/75 11/26/75 12/24/75 1/21/76 2/25/76 3/24/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.5 7.9 4.6 6.6 7.3 11.1 5.7 7.9 8.5 1.4 6.0 7.1 4.8 6.6 12.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIERi/ FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO MULTIPLIER 19Z6 FEB. RATIO. 11 2.461 MAR. Ill I I I LATEST DATA PLOTTED WEEK ENDING: MARCH IT, 1976 BILLIONS OF DOLLARS 118 ---------- |---------- ■-------- BILLIONS OF DOLLARS ------------------------------- 11* COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING MARCH 24, 1976 FROM — THE FOUR WEEKS EM) ING “ JAN. — SEP. 21 1976 24, 1975 33.0 24.2 FEDERAL RESERVE CREDIT 1316 MILLIONS 14 114 M I I I I I I S 19 5 19 FEB MAR 21690 14 2611 25 9 28 6 20 5 17 AUG SEP LATEST DATA PLOTTED WEEK ENDING: MARCH 24, 1976 1 15 29 12 26 10 24 7 21 4 18 JAN FEB 5 17 51 14 28 1976 1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS. FLOAT AND "OTHER" ASSFT<> *n lllSTFn FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPEDF DEPOSIT'S BETWEEN Iy^THIS^BANK01FFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE SEASONALLY ADJuItED http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS NET TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 316 BILLIONS OF DOLLARS 690 B]LU QN£ 685 676.7 678.4 680 678.0 681.5 681.4 675 670 665 660 655 650 645 640 635 630 625 620 615 3 IS FEB 9 19 2 IS 90 14 2# 11 MAR MAY 29 9 23 0 20 3 IT 1 13 29 12 26 10 24 JUN T 21 4 16 JAN FEB 3 17 31 14 26 1976 1975 LATEST DATA PLOTTED WEEK END IMGi MARCH 17. 1976 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 END 1NGi 3/19/75 6/18/75 8/20/75 10.7 10.2 9. 1 9. 1 8.9 8.5 9.3 9.2 6.1 6.7 7.3 7.3 6.9 8.2 8.3 4.6 6.4 6.5 6.2 8.1 8.2 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 TO THE AVERAGE OF FOUR WEEKS ENDING i 8/20/73 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 2/18/76 3/17/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 6.1 6.4 6.0 8.3 8.3 8.3 7.2 9.7 9.5 6.0 9.9 9.6 11.1 10.3 12.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 1515. BILLIONS OF DOLLARS 905 BILLIONS 297.3 297.9 295.8 296.8 299.2 298.7 — MAR 900 295 290 285 280 S IB S II FEB MAR 2 16 90 14 26 11 MAY 29 8 29 JUN 6 20 9 17 AUC SEP 1 19 28 12 26 10 24 7 21 4 16 JAN FEB 9 17 91 14 26 1976 LATEST DATA PLOTTED V€£K ENDINQt MARCH 17. 1976 1 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 NOI«AM( PUBLIC. COMPOUNDED ANNUAL RATES OF CHANGE. 3/19/75 6/18/75 8/20/75 7.5 7.6 5.9 5.9 5.4 5.0 5.0 4.9 5.3 2.9 3.6 3.3 2.9 3.2 3.3 1.6 3.3 2.9 2.4 2.9 3.1 AVERAGE OF FOUR WEEKS ENDINGi 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 TO THE AVERAGE OF FOUR WEEKS ENDINGi 8/20/75 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 2/18/76 3/17/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.2 1.2 1.0 1.9 2.3 4.0 2.9 3.5 3.7 0.9 2.5 2.9 3.0 3.4 4.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 0.5 10.0 9.5 CORPORATE BONDS 9.0 8.5 'RIME BANK PAN RATE 8.0 7.5 7.0 MUNICIPAL 6.5 6.0 COMMERCIAL PAPER 5.5 5.0 4.5 4.0 II I I 7 21 7 21 4 18 FEB MAR APR 2 16 30 IS 27 It 23 JUN 8 22 5 19 S IT 31 14 28 12 26 NOV JUL 9 23 DEC 6 20 5 19 FEB MAR 2 16 30 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi MARCH 26. 1976 1978 FEB. MAR. APR. PRIME BANKERS' ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDS m 5,00 5.21 5.20 5.18 5.32 5.41 5.38 5.27 5.T5 5.25 5.28 5.25 5.3S 5.38 5.45 5.42 4.95 4.97 5.02 5.04 5.26 5.2! 5. IS 5.13 8.56 8.57 8.56 8.51 8.55 8.55 8.54 8.52 6.86 6.95 6.97 6.98 7.04 6. 88 6.92 N.A. * AVERAGES OF RATES AVAILABLE. _ _ m BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA. met 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 — MOT AVAILaBLE * 4 PREPARED BY FEDERAL RESER'^E BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 6 13 20 27 5 12 19 26 X 2 9 16 23 30 90 DAY CD’S MMX PRIME COMMERCIAL PAPER 4-6 MONTH SELECTED SHORT-TERM AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 8.0 INTEREST RATES PERCENT ------ 8.0 ---- THREE-MONTH TREASURY BILL MARKET YIELD DISCOUNT RATE FEDERAL FUW)S RATE I FEB MAR APR JUN JUL AUG SEP 3 ii Jt 14 a tz a 9 sa OCT NOV DEC JAN s zo FEB s i» MAR i te so 1976 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* MARCH 26, 1976 1976 FEB. 6 13 20 MAR. 27 5 12 19 26 x APR. FEDERAL FUNDS MW 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 4.82 4. 73 4*70 4.80 4.95 4. 86 4.77 4.79 4.90 4.85 4.87 4.90 5.20 4,99 4.98 4 * 87 5.45 5.47 5.58 5.62 5.98 5.86 5.82 5.67 7.16 7.17 7.20 7.18 7.36 7.30 7.25 7.14 6. 93 6 96 6. 94 6. 88 6. 96 6. 91 6.89 6.82 2 9 16 23 30 * AVERAGES OF RATES AVAILABLE. -ffiarwFMsra http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ™ date ****• PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 390 ---------- 1---------- 1-------1976 FEB. 11 BILLIONS OF DOLLARS ----- ------------------------- 390 BILLIONS 379.4 380.5 380.9 382.7 3 10 3 10 FEB MAR 2 IS 30 14 23 11 MAY 25 0 23 JUN 6 20 3 17 AUG SEP 4 2* JAN FEB LATEST DATA PLOTTED WEEK ENDINGt MARCH 17. 1876 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME OF DO>OSIT OTOERTlCwJ NECOTIA0LE T»ME &RT IFI CATES OF DEPOSIT ISSUED IN KNOMlNATlONsVilOoloOO^ORMOREBY LARGEWEEKLY REPORTING COWCRCIAL BANCS. m k*TT Tii*r deposits arf DEFINED ASi NET TIME DEPOS1TS COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING! 3/19/75 6/18/75 8/20/75 13.6 12.3 11.8 11.8 11.8 11.5 12.9 12.9 10.5 9.9 10.4 10.6 10.3 12.5 12.4 6.9 8.8 9.5 9.3 12.4 12.3 9/17/75 10/15/73 11/19/75 12/17/75 1/14/76 TO THE AVERAGE OF FOUR WEEKS ENDING. 8/20/73 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 2/18/76 3/17/76 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.2 10.7 10.2 13.7 13.4 11.7 10.8 14.9 14.4 10.2 16.1 15.1 18.2 16.2 19.7 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 222.-4 220.7 221.6 223.5 223.0 5 19 5 IB FEB MAR 2 It 90 14 » 11 6 20 3 1T AUG SEP LATEST DATA PLOTTED WEEK ENDING. MARCH 17, 1976 MAY 25 9 25 JUN 1 IS 29 1Z 26 10 24 7 21 4 IS JAN FEB 1975 3 17 31 14 28 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi 3/19/75 6/18/75 8/20/75 6.9 7.3 5.1 5.1 4.4 3.9 3.7 3.6 4.6 1.5 2.3 1.6 1.3 1.4 1.5 0.6 2.2 1.3 0.9 1 . 1 1.3 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 TO THE AVERAGE OF FOUR WEEKS END 1NGi 8/20/75 9/17/75 10/15/75 11/19/75 12/17/75 1/14/76 2/18/76 3/T7/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -1.0 -1.3 -1 . 1 -0.4 0.0 1 .8 1.1 1.3 1.5 -1.2 0.0 0.6 0.8 1.3 2.1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 92 90 88 86 8-4 82 80 78 76 74 72 70 68 5 19 3 18 2 16 30 14 28 11 MAY 23 9 23 JUN 6 20 3 IT AUG SEP I 13 28 12 26 10 24 1975 7 21 4 16 JAN FEB 3 17 31 14 28 1976 LATEST DATA PLOTTED WEEK ENDING. MARCH 17, 1976 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 BAH<S. 1976 FEB. MAR. APR. 4 1 1 18 25 3 10 17 24 31 7 14 21 28 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 75.2 73.9 72.9 72.0 71.8 71.6 71 .5 76.7 75.8 75.3 74.8 74.3 73.5 72.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 10 http://fraser.stlouisfed.org 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 1970 HILIIONI FEB. 18 5 It 3 18 FEB MAR Ml » 14 tl 11 MAY 29 a S3 JUN • 20 3 17 AUG SEP 1 13 21 12 2« 10 24 7 21 4 1* JAN FEB >17 >1 14 M LATEST DATA PLOTTED VEEK ENDING* MARCH 24. 1976 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 150 128 126 124 122 120 118 116 114 112 110 MILLION? 108 FEB. 11 5 18 3 18 FEB MAR 2 16 SO 14 23 11 6 20 3 17 AUG SEP LATEST DATA PLOTTED WEEK ENDINGi MARCH 17. 1976 MAY 25 9 23 JUN 1975 1 13 28 12 26 10 24 7 21 4 18 JAN FEB 3 17 31 14 28 1976 * LEVELS OF BUSINESS LOANS BEGINNING JANUARY 7 ARE NOT COMPARABLE TO PREVIOUS DATA. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS - 540 E 530 520 CREDIT PROXY ADJUSTED 1/ 510 500 CREDIT PROXY BILLIONS CREDIT PROXY ADJUSTED. CREDIT PROXY -FEB. 508.3 516.4 508.9 516.9 515.4 514.4 515.8 516.5 506.5 507.6 508.2 5 18 5 19 2 1630 14 28 MAY 11 25 9 23 JUN 6 20 3 AUG SEP 17 1 15 28 12 10 24 7 21 JAN 1975 LATEST DATA PLOTTED WEEK ENDINGi MARCH 17, 26 4 18 3 17 31 470 14 28 FEB 1976 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS * H.9 RELEASE. 1/ INCLUOES MEMBER BANK DEPOSITS, BANK-RELATED COAHERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. * DATA PRIOR TO JANUARY 7. 1976 HAVE BEEN REVISED BUT IS NOT AVAILABLE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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