Full text of U.S. Financial Data : Week Ending: March 28, 1973
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£J. RESEARCH LIBRARY Federal Reserve Bank Week ending: March 28r 1973 of St. Louis AUG 2 6 1998 The money stock, defined as private demand deposits plus currency in the hands of the public, has risen at a 5.5 percent annual rate in the past six months. In the past twelve months, money has increased 6.6 percent, compared with a 6.2 percent average rate from early 1967 to early 1972, and a 3.9 percent average rate from late 1962 to late 1966. The components of the money stock have grown at different rates in recent months. The demand deposit component of money, which comprises about three-fourths of the money stock, has increased at a 4.4 percent annual rate in the past six months, compared with an 8.2 percent rate in the previous six months. On the other hand, the currency component has risen at a 10 percent rate in the past six months, and rose at a 6.1 percent rate in the previous six months. Both short- and long-term interest rates have risen on balance in recent months. The increases in short-term rates have been quite large, leading to a substantial narrowing of the gap between short- and long-term rates. In February 1972, the spread between the 3-month Treasury bill rate and the corporate Aaa bond rate was an historically large 4 percentage points. Early this week, a differential of about 1 percentage point prevailed with Treasury bill rates averaging 6.26 percent and corporate Aaa bond rates at 7.31 percent. Normally short-term rates rise relative to long-term rates during business expansions and fall relative to long-term rates during business declines (see page 9) . The prime bank loan rate, as of early this week, was generally quoted at 6-1/2 percent, up 1/4 of 1 percentage point from the level prevailing in recent weeks. This rate is now 3/4 of 1 percentage point above last November. Meanwhile, four-to six-month commercial paper rates averaged 7.13 percent early this week, up 1.9 percentage points from last November. The secondary market rate on 90-day CDs averaged 7.23 percent in the week ending March 28, up about 2 percentage points from November. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: March 30, 1973 MONETARY BASE 1/ MULTIPLIER*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 102 — COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF __ THE FOUR WEEKS ENDING MARCH 28, 1973 FROM THE FOUR WEEKS ENDING: JAN. — DEC. NOV. OCT. “ SEP. AUG. — MAR. 31, 27, 29, 25, 27, 30, 29. 1973 1972 1972 1972 1972 1972 1972 100 98 10.5 96 MONETARY BASE 94 1322 MILLIONS — 92 — 90 FEB. 21 MAR. 1 99 LATEST DATA PLOTTED WEEK ENDING: MARCH 28, 1973 RATIO 2.9 RATIO 2.8 MULTIPLIER 2.7 2.6 2.5 FEB. 14 RATIO .632 2.4 MAR. 2.590 2 16 I 15 29 12 26 10 24 7 21 S 19 2 16 30 13 27 SEP 11 OCT 25 « 22 6 20 5 17 31 14 28 14 28 11 FEB MAR 1973 25 APR LATEST DATA PLOTTED WEEK ENDING: MARCH 21, 1973 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC ANO NOVEMBER BANKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF TH£ BASE SEE THE AUGUST 1968 "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 J* REiERVES AVAILABLE TQfcSUPPORT PRIVATE NONBANK DETOSITS^ ALL MEMBER BANKS FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING MARCH 28. 1973 FROM THE FOUR WEEKS ENDING: 31.0 JAN. 31. 30.5 1973 BILLIONS OF DOLLARS 31.5 31.0 RESERVES 4.3 30.5 30.0 29.5 29.0 29.0 .1973. BILLIONS FEB. 21 = 28.5 9.67 9-24 MAR. 9.85 29.36 28.0 28.0 29.51 90 - COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF __ THE FOUR WEEKS ENDING MARCH 28, 1973 FROM THE FOUR WEEKS ENDING: 86 JAN. 31 -- DEC. 27 1973 1972 29.2 25.6 SEP. 1972 22.1 27 88 86 84 FEDERAL RESERVE CREDIT 82 1SL5. 80 MILLIONS. 1 85 14 s; — 78 1111 2 16 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25 « 22 6 20 3 17 31 H 29 14 21 11 25 LATEST DATA PLOTTED WEEK ENDING: MARCH 28, 1973 1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 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 DEPOSITS AMONG CLASSES OF BANKS. 3/ BEGINNING NOVEMBER 9, 1972 DATA ARE ADJUSTED DUE TO WAIVERS ASSOCIATED WITH THE EFFECTS OF A CHANGE IN REGULATION J.* * BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4 DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 205 BILLIONS 200.6 198.6 199.8 198. 1 200 195 too 185 Z 16 1 15 29 IZ 26 10 24 7 21 9 19 Z 16 90 19 Z7 11 Z9 « ZZ 6 20 9 17 91 14 Z6 M 26 11 Z5 FEB MAR 1973 LATEST DATA PLOTTED WEEK ENDING: MARCH 21, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 7/19/72 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 3/22/72 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 2/21/73 3/21/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.0 8.2 7.6 7.5 7.3 7.2 6.8 6.2 7.4 6.4 6.6 6.4 6.4 5.8 5. 1 6.6 6.8 6.5 6.5 5.8 5.0 5.8 5.7 5.9 5.2 4.4 6.4 6.4 5.4 4.4 6.0 4.8 3.6 4.5 3.1 1.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 265 BILLIONS 258.3 255.9 257.6 255.9 260 255 250 2-45 240 2 16 » 15 29 12 29 10 24 7 21 5 19 JUN JUL 2 19 30 13 27 11 SEP 25 9 22 OCT 9 20 DEC 3 17 31 14 28 14 29 II 25 FEB MAR APR LATEST DATA PLOTTED WEEK ENDING: MARCH 21, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE, COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 3/22/72 7/19/72 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 2/2T/73 3/2T/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.5 7.7 7.5 7.4 7.4 7.5 7.0 6.6 7.2 6.8 6.9 6.9 7. 1 6.5 6.0 7.3 7.3 7.2 7.4 6.5 5.9 6.6 6.7 7.1 6.2 5.5 7.1 7.4 6,2 5.5 7.5 5.8 4.9 5.3 4.3 2.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 #IME DEPOSITS ALL T^OMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS = 330 320 310 TOTAL TIME DEPOSITS = 300 5 290 = 2 SO = 270 NET TIME DEPOSITS* = 260 = 250 = 240 I I I I 2 16 1 15 29 12 26 10 24 7 21 5 19 JUN JUL 2 16 50 15 27 11 25 SEP 6 22 6 20 OCT 5 17 51 14 26 14 26 II FEB MAR 1973 1972 25 APR LATEST DATA PLOTTED WEEK ENDING. MARCH 21. 1973 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 DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 3/22/72 7/19/72 8/23/72 11 .4 1 1.7 11.8 1 1.9 1 1.5 12. 1 1 1.6 11.4 13.6 13.3 12.9 12. 1 12.9 12.0 11.7 13.0 12.6 1 1.7 12.7 11.7 11.3 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 2/21/73 3/21/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.3 11.1 12.5 11.4 11.0 10.5 12.5 11.1 10.7 12.8 10.8 10.3 11.7 10.8 7.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MON# STOCK PLUS TIME#EPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 600 1=--- ------ -- BILLIONS OF DOLLARS --- -------- = 600 MONEY STOCK PLUS TOTAL TlkC DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS**' 1 IS 2» 12 26 10 24 5 IS JUN 2 16 SO IS 27 II 25 • 22 6 20 3 17 31 14 2< JUL 14 28 11 MAR 25 APR 1972 LATEST DATA PLOTTED WEEK ENDING: MARCH 21, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. ** Mi 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: 3/22/72 7/19/72 8/23/72 9.4 9.7 9.6 9.6 9.4 9.8 9.3 9.0 10.3 9.9 9.9 9.5 10.0 9.2 8.8 10.0 10.0 9.4 10. 1 9.2 8.7 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 8/23/72 9/20/72 10/18/72 11/22/72 12/20/72 1/24/73 2/21/73 3/21/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.5 8.9 9.8 8.8 8.3 8.8 10. 1 8.8 8.2 10.2 8.3 7.7 8.7 7.7 4.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 8 CERT#71 CATES OF DEPOSI# LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 58 ----- ----------- 2 16 I IS 29 12 26 10 24 7 21 5 19 JUN JUL 2 16 90 19 27 SEP It 25 6 22 6 20 9 17 91 OCT H 26 14 2« FEB MAR APR LATEST DATA PLOTTED WEEK ENDINGi MARCH 21, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. SUSuikpoiT'lNG'coJuER^BAMclf05'1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis » •'».«» OR MORE BY LAR8E MONEY AND TIME DEPOSIT DATA 1973 FEB. MAR. APR. 7 M HI H8 7 14 21 28 4 1 1 18 25 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOS1TS » M2 m 47.3 48.2 49. 1 50.7 52.2 54.5 55.2 272.8 274.0 274.1 274.4 275.3 275.6 276.2 529.0 530.4 532.3 530.3 533.0 531 .5 533.6 * SEE FOOTNOTE PAGE 6. net SEE FOOTNOTE PAGE 7. PREPARED BY FEDERAL RESERVE BANK OF ST LOUIS Interest Rates Monthly Averages of Daily Figures 10 9 8 7 6 Corporate Aaa Bonds 5 4 3 ill™ Month Treasury Bill 2 1 0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 54, 1957-58, 1960-61, and 1969-70 represent periods of business recessions as defined by the National Bureau of Economic Research. The shaded area in 1966-67 represents an Prepared by Federal Reserve Bank of St. Louis YIELDS W SELECTED SECURI 1%s AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 8k0 -- PERCENT -- 8.0 CORPORATE AAA BONDS PRIME BANK LOAN RATE MUNICIPAL BONDS SB* DISCOUNT RATE I I I I 4 16 3 17 31 14 28 12 21 APR « 23 MAY 7 21 4 18 JUL AUG I 13 29 <5 27 10 24 OCT NOV « 22 3 10 2 16 JAN PEB 2 13 SO 13 27 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK EhOINGt MARCH 30, 1973 1973 FEB. 2 9 16 23 MAR. 2 9 16 23 30 * APR. 6 13 20 27 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS 801 7.20 7.22 7.23 7.22 7.25 7.27 7.29 7.31 7.31 5.70 5.56 5.43 5.58 5.81 5.85 6.05 6.31 6.26 6.50 6.55 6.53 6.67 6.76 6.84 6.90 6.91 6.79 6,13 6.16 6.10 6.15 6.16 6. 18 6.22 6.24 6.19 5.16 5.16 5.06 5.13 5.22 5.27 5.34 5.35 N.A. *9?BONDG|uYER1SAIvIraGE''iNDEX'OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - NOT AVAILABLE 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 PERCENT -- COMMERCIAL PAPER 4-T0-6 MONTH FEDERAL FUNDS RATE 4 18 3 17 31 14 28 12 26 APR MAY 9 23 7 21 4 18 JUL AUG 1 IS 29 13 27 OCT 10 24 8 22 NOV 3 19 2 JAN FEB 16 2 16 30 13 27 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 30, 1973 1973 FEB. 2 9 16 23 MAR. 2 9 16 23 30 * APR. 6 13 20 27 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS lot PRIME BANKERS’ ACCEPTANCES 90 DAY CD* SDH 6.10 6.20 6.22 6.25 6.30 6.53 6.85 7.08 7.13 6.35 6.21 6.58 6,79 6.75 7.02 7.13 6.96 7.11 5.98 6.13 6.13 6. 13 6.30 6.65 6.83 7.00 7.00 5.98 6.15 6.28 6.31 6.38 6.60 6.85 7.05 7.23 * AVERAGES OF RATES AVAILABLE. not FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 8.0 12 BORROWINGS FROM FEDERAL RESERVE BANKS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 2.5 ----- 1------ 1-- -------- ---- 2-5 ISZ1 MILUQNS FEB, 21 MAR. r 2013 BORROWINGS 2 16 1 FEB MAR 15 29 12 26 10 24 APR MAY 7 21 5 18 JUN JUL 1972 2 16 30 13 27 II AUG ZS 6 22 6 20 3 17 31 14 26 14 28 II 25 FEB MAR 1973 SEP APR LATEST DATA PLOTTED WEEK ENDING. MARCH 26, 1973 BUSINESS LOANS BILLIONS OF OOLLARS 102 roo 96 96 94 ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 102 T COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING -MARCH 21, 1973 FROM THE FOUR WEEKS ENDING: BUS I NESS BUSINESS LOANS LOANS ADJUSTED. JAN. __DEC. NOV. - OCT. SEP. — AUG. MAR. 24, 20, 22, 16, 20, 23, 22, 1973 1972 1 872 1 872 1 872 1 872 1972 64.7 47.8 36.6 33.3 29.4 27.1 17.9 65.2 48.6 39.6 34.5 30.0 27.6 17.8 92 BUSINE:ss lc ANS A DJUSTED 90 - MILLIONS. 1973 88 “ BUSINESS BUSINESS LOANS _ LOANS ADJUSTED - 86 'BUSINf :SS LC ANS 84 82 1 U- MIL 1 1 1 1 1 1 I. 1 1 1 1 1 1 MIL 111 1 1 1 97,305 95,552 98,167 96,117 99,102 97,026 100,305 98,318 MAR. 100,506 96,540 101,280 99,397 I I 1 I I I I I I 1 » I I I * I I I I I I 1 I I i 1 1 1 1 6 20 2 16 FEB MAR APR MAY JUN JUL 1972 AUG SEP OCT NOV DEC 3 17 31 JAN 14 26 14 26 II 25 FEB MAR APR 1973 LATEST DATA PLOTTED WEEK ENDING. MARCH 21, 1973 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 62
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