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U. S.

/VC//11_

Week ending: Merck 29, 1972
library

JUN 0 5 1979


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

The money stock (M^), defined as private
demand deposits and currencyin the hands of the public,
has risen at a rapid 8.9 percent annual rate in the past
three months, after increasing at only a 1 percent rate
in the previous five months. In comparison, money grew
at a 5.7 percent rate from the fourth quarter of 1966
to the fourth quarter of 1970.
Another measure of money has also risen rapidly
in recent months. Money plus net time deposits (M2) has
risen at a 14.3 percent annual rate in the past three
months, compared to a 5.5 percent rate in the previous
five months. M2 rose at a trend rate of 7.3 percent
from the fourth quarter of 1966 to the fourth quarter of
1970. The more rapid growth of this aggregate recently
has not only been fostered by the more rapid growth of
M^, but also the more rapid growth of net time deposits.
These time deposits have risen at a 20 percent rate in
the past three months, compared with a 10 percent rate
in the previous five months.
In general, long-term interest rates are below
their levels of last August and are about the same as
a year ago. For example, yields on seasoned corporate
Aaa bonds averaged 7.24 percent in the two days ending
March 28, compared with about a 7.59 percent rate last
August and 7.21 percent last March. The Bond Buyer's
index of municipal bonds averaged 5.34 percent for the
week ending March 24, down from 5.83 percent last
August and somewhat above the 5.17 percent last March.

Prepared by Federal Reserve Bank of St. Louis
Released: March 31, 1972

MONETARY BASE v
MULTIPLIER 2/­

AVERAGES 0^ DAILY FIGURES
B ! i_L ' OKS OF DOLLARS

SEASONALLY ADJUSTED BY TH I S BANK

BILLIONS OF DOLLARS

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR VVEEKS ENDING
-----MARCH 29, 1972 FROM
THE FOUR WEEKS ENDING:

_

SEP.
SEP.

29

MONETARY BASE

'■971
FEB.

M I LL I ONS

23

92,044

M I I II I
LATEST DATA PLOTTED WEEK ENDING: MARCH 29,

1972
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5

RATIO

2.4

5 17

5

17 51

14 29

12 26

9 25

7 21

4

If

1

15 29

1971
LATEST DATA PLOTTED WEEK ENDING: MARCH 22,

IS 27

10 24

9 22

5

19

2

16

1

15 29

12 26

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 DF.SCR’PTION
OF THE BASE SEE THE AUGUST 1988 ■•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 is

ALL MEMBER BANKS

3

IN THE NATION

BILLIONS

of dollar

33.
COMPOUNDED ANNUAL RATES
Of CHANGE, AVERAGE OF _
THE FOUR *EEKS ENDING

tr

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

f/j

FEDERAL RESERVE CREDIT*/

33.0

32.5

32.5

10.7

10.2

32.0

32.0

31.5

31.5

RESERVES

31.0

30.5

312
FEB.

30.0

MAR.

BULIQNS

23

30.0

29.5

0

82
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING _
MARCH 29, 1972 FROM
THE FOUR WEEKS ENDING:

76

26,
29,
DEC.
1,
.
27,
SEP. 29.
1,
---- JUL.
28,

1972
1971
1971
1971
1971
1971
1971

-2.2
7.7
7.1
5.9
5.7
7.6
7.3

80

_

78
FEDERAL RESERVE CREDIT

76

“

74

312
FEB.

MILLIONS

72

23
70

3 17

3

17 31

14 26

12 26

• 25

7 21

4

16

LATEST DATA PLOTTED V^EK ENDING: MARCH 29,

t

15 29 13 27

10 24

i-iJJJL
1

15 26 12 26

1972

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND " OTHER11 ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BV FEDERAL RESERVE BANK OF ST. LOUIS

0

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

B!Li_!ONS of dollars

BILLIONS
178.0

180. 1
179.9

3 17

9 23

7 21

4

18

1

15 29

15 27

10 24

8 22

17 31

14 28

12 26

5 19

2

JAN

3

FEB

16

1971

1

15 29 12 26

1972

LATEST DATA PLOTTED WEEK ENDING: MARCH 22,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
3/24/71

7/21/71

8/25/71

9.9
7.6
6.3
5.2
4,8
4.7
5.3
5.8

1.0
0.2
-0.2
0. 1
0.6
2. 2
3.3

-2.9
-2.2
-1.4
-0.6
1.6
3.0

AVERAGE OF FOUR WEEKS ENDING:

9/22/71 10/20/71 11/24/71 12/22/71

1/19/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/71
9/22/71
10/20/71
11/24/71
12/22/71
1/19/72
2/23/72
3/22/72


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

-1.3
-0.5
0.3
2.7
4. 1

0.0
0.9
3.7
5.2

2.2
5.6
7.1

7.5
8.9

11.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
240

231.2
232.2
231.3
232.4
233.8
233.6

235

230

225

220

215

3 17

3 17 31

14 28 12 23

APR

9 23

7 21

4

18

I

MAY

LATEST DATA PLOTTED WEEK ENDING* MARCH 22,

15 29

13 27

10 24

8 22

5 19

2 18

1

15 29 12 26

1972

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

COMPOUNDED ANNUAL RATES OF CHANGE,
3/24/71

7/21/71

8/25/71

9/22/71

9.7
7.8
6.6
5.6
5.3
5.2
5.7
6.2

1.8
0.9
0.6
0.9
1.4
2.9
3.8

-1.7
-1.0
-0.3
0.5
2.5
3.6

-0.5
0.4
1.2
3.4
4.5

AVERAGE OF FOUR WEEKS ENDING*

10/20/71

11/24/71

12/22/71

1/19/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
8/25/71
9/22/71
10/20/71
11/24/71
12/22/71
1/19/72
2/23/72
3/22/72


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

1.0
1.9
4.4
5.6

3.2
6.1
7.3

7.8
8.9

11.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

6

TIME DEPOSITS
All COMMERCIAL

banks

A7FRAGFS OF DAILY FIGURES
SFASONALLY ADJUSTED

BILLIONS OF DOLLARS
290 c=----------------------—-

BILLIONS OF DOLLARS
------------------ -i-------- = 290

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

5 ir

3 17 31

14 28 12 26

APR

MAY

9 23

T 21
JUL

1

15 29 13 27

10 24

8 22

5 19

2

JAN

AUG

FEB

16

1

15 29 12 26

1972
LATEST DATA PLOTTED WEEK ENDING: MARCH 22,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PI ll<! Tlk^
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERT IF I CATES 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:

3/24/71

7/21/71

8/25/71

9/22/71

10/20/71

11/24/71

12/22/71

11.0
10.5
10.8
11.3
11.8
13.2
13.7
13.7

4.4
6.9
8.9
10.2
12.8
13.6
13.6

10.2
1 1.8
12.8
15.5
16.0
15.7

13.7
’4.4
17.5
17.5
17.0

15.2
19.0
18.6
17.8

21.9
20.3
18.8

22.2
19.7

1/19/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/71
9/22/71
10/20/71
11/24/71
12/22/71
1/19/72
2/23/72
3/22/72


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

16.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES Or DA'LY FIGURES
SEASONALLY ad justd

’UNS uF DOu^ARS

BILLIONS OF DOLLARS
--------------------—■—=i 520

M0NF7 STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

5

OCT

NOV

19

2

JAN

16

1

15 29 12 26

FEB

197!
LATEST DATA PLOTTED WEEK ENDING: MARCH 22.

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
** Mi

IS DEFINED AS:

CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

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

AVERAGE OF FOUR WEEKS ENDING:

3/24/71

7/21/71

8/25/71

9/22/71

10/20/71

11/24/71

12/22/71

10.3
9. 1
8.6
8.4
8.5
9. 1
9.7
9.9

3.0
3.9
4.7
5.5
7. 1
8.2
8.7

4. 1
5.2
6.1
7.9
9. 1
9.6

6.5
7.3
9.3
10.4
10.7

8.0
10. 4
11.4
11.6

12.5
13. 1
13.0

14.9
14.3

1/19/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/71
9/22/71
10/20/71
11/24/71
72/22/71
1/19/72
2/23/72
3/22/72


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

13.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

s

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

3 17 3!

14 28 12 26

9 23

7 21

4 18

1

15 29 13 27

10 24

6 22

5 19

2

JAN

3 17

10

1

of dollars

FEB

19 29 12 20

1 972
LATEST DATA PLOTTED WEEK ENDING, MARCH 22,

1972

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.


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

MONEY AND TIME DEPOSIT DATA

1972
FEB.

MAR.

APR.

2
9
16
23
1
8
15
22
29
5
12
19
26

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

33.4
33.5
33.8
34.3
33.8
33.7
33.0
33.1

242.4
243.0
244.4
245.0
245.9
245.7
246.8
246.4

M2 m

472.2
473.3
475.6
477.2
477.3
478. 1
480.6
480.0

* 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
385 r----------------------- ------

BILLIONS OF DOLLARS
-------------------- -------- 385

CREDIT PROXY ADJUSTED !/

CREDIT PROXY

3 ir

3 17 3!

14 26

12 26

0 23

T 21

4

JUL

AUG

16

1

15 26 13 27

10 24

S 22

5 18

2

16

1

15 26 12 26

1972
LATEST DATA PLOTTED WEEK ENDINGt MARCH 22,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
V ll,NSLUBES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS. AND CERTAIN OTHER NONDEPOSIT SOURCES.

131Z

BILHQNS
CREDIT
PROXY

FEB.
MAR.


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

16
23
1
8
15
22

CREDIT
PROXY
ADJUSTED

363. 1
363.6
364.7
366.2
368.7
369.0

366.9
367.2
368.3
369.9
372.4
372.7

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 22, 1972 FROM THE FOUR
WEEKS EN6 INGs
CRED1T
CREDIT
PROXY
PROXY, ADJUSTED
JAN.
DEC.
NOV.
OCT.
SEP.
AUG.
JUL.

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

1972
1971
1971
1971
1971
1971
1971

11.2
12.8
13.4
12.5
10.7
10.4
9.8

10.6
11.7

11.6
11.5
10.4
10. 1
9.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
8.5

8.0
CORPORATE AAA BONDS
7.5

7.0

6.5

MUNICIPAL
BONDS**

6.0
PRIME COMMERCIAL
LOAN RATE
5.5

5.0

THREE-MONTH TREASURY
BILL MARKET YIELD

4.5

DISCOUNT RATE

4.0

3.5

3.0

5

19

2 16 50 M 28 11 25

5 19

9 25

6 20

5 17

1

15 29 12 26 10 24

7 21

4

JAN

FEB

18

5 17 51

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MARCH 31,

1972
FEB.

MAR.

APR.

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

14 28

1972

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS MM

7.25
7.29
7.28
7.26
7. 25
7.24
7.22
7.24
7.24

3.35
3.09
3.04
3.22
3.44
3.57
3.85
3.81
3.82

5.55
5.51
5.47
5.50
5.50
5.57
5.84
5.83
5.90

5.70
5.71
5.65
5.63
5.62
5.62
5.67
5.68
5.69

5.35
5.27
5.24
5.28
5.29
5. 18
5.32
5.34
N.A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE 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

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

COMMERCIAL PAPER
4-TO-6 MONTH

FEDERAL FUNDS RATE

5 T9

S

FEB

MAR

19

2

16 30

14 28

11

25

9 23

6 20

3 17

1

15 29 12

26 10 24

7 21

4

18

1971

3


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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

1972
FEB.

MAR.

APR.

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

14 28

1972

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 31,

f

17 31

FEDERAL
FUNDS

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD'S**

3.98
4.00
3.93
3.88
3.90
4.00
4.20
4.30
4.29

3.20
3.28
3.50
3.19
3. 28
3.60
3.93
3.98
4.13

3.75
3.50
3.45
3.44
3.60
3.73
4.03
4.13
4.13

1972

3.82
3.67
3.6!
3.54
3.65
3.70
3.86
4.09
4.28

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER.
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

BILUONS OF DOLLARS

IN THE NATION

AVERAGES OF DAILY FIGURES

1.6 ----------------------- r—

BILLIONS OF DOLLARS

—T------------ ----------

1 .6

BORROWINGS

EXCESS RESERVES

-0.4

-0.4

0.8

0.8

-

-

NET FREE RESERVES

1.2

-

-1.6

5 17

S 17 SI

14 28 12 28

B 23

7 2!

4

18

1

13 20 IS 27

OCT

10 24

8 22

5 It

2

JAN

NOV

1971

t

i972

LATEST DATA PLOTTED WEEK ENDING! MARCH 29,


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

18

IS 20 12 28 -1 .8

FEB

1972

MILLIONS
1972
FEB.

MAR.

APR.

2
9
16
23
1
8
15
22
29
5
12
19
26

EXCESS
RESERVES

-

245
50
31 1
130
82
167
405
74
310

BORROWINGS
16
42
18
14
67
103
14
115
155

FREE
RESERVES

-

229
8
293
116
15
64
391
189
155

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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