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Week ending: March 31 r 1976

L/

JJ

DEC

a 6

The narrowly defined money stock (Ml) has increased at a 3
percent annual rate over the past six months, a rate close to the 3.2
percent rate of increase for the same period a year ago.
In the inter­
- vening six months, from mid-March to mid-September 1975, Ml increased
-at the substantially higher rate of 6.9 percent per year. In contrast
19791
'to this fluctuating pattern of growth, the monetary base increased at
the relatively steady pace of about 7 percent over all three of the
six-month periods. The growth rates of Ml and the monetary base diverge
over these three six-month periods because of different patterns of use
of the increases in the monetary base.
Increases in the monetary base can be used either as currency
or as reserves to support demand, time, or Government deposits. As the
table below indicates, in the most recent six months and in the same
period a year earlier, currency and total time deposits increased at
relatively rapid rates; thus, less of the increase in the monetary base
could be used to support demand deposits. This resulted in the relatively
slow growth of demand deposits over these two periods. Since demand de­
posits account, on balance, for 75 percent of Ml, the relatively slow
growth of demand deposits restrained the growth of Ml. From March to
September 1975, in contrast, the growth of currency and total time de­
posits was relatively slow, leaving more reserves available to support
demand deposits. Consequently, the growth of demand deposits and Ml were
more rapid in this intervening period than in either the preceding or
following six-month periods.
Net time deposits, which include all time deposits other than
large certificates of deposit, have increased progressively faster over
the last 18 months. From mid-September 1974 to mid-March 1975, net time
deposits increased at a 10.3 percent rate. This was followed by a 12.2
percent rate from mid-March to mid-September 1975. In the most recent
six months net time deposits have increased at a 13.8 percent annual rate.
The more broadly defined money stock (M2) consists of Ml plus net time
deposits. The growth pattern of M2 over the past 18 months reflects the
combination of the fluctuating growth rate of Ml and the steadily in­
creasing growth of net time deposits.


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

Compound Annual Rates of Change
for the Four Weeks Ended
9/25/74
to
3/26/75
Monetary Base
Ml
Currency
Demand Deposits
Total Time
Net Time
M2

3/26/75
to
9/24/75

9/24/75
to
3/24/76

7.4 %
3.2
10.9
0.9
10.8
10.3
7.0

6.8 %
6.9
7.9
6.4
4.2
12.2
9.8

7.3 %
3.0
10.3
0.6
8.6
13.8
8.9

Prepared by Federal Reserve Bank of St. Louis
Released: April 2, 1976

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
126

MILLIONS

124

122

120

118

116

114

5 19

5 19

FEB

MAR

2 16 30 14 26 II

8 20

3 17

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGt MARCH 31,

1976

MAY

25

9 23

JUN

1

13 29 12 28 10 24

7 2!
JAN

4 18
FEB

3 17 31

14 28

1976
TO I^T^Y BASE^ISTS OF
BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
CURRENCY HELD BY ™E PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS). ADJUSTED
E£B5E5?KIJ£9UiSaitS Kd110 CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS

?SSTK&e%ETyyr’53S

"0*T*y ■* 13 ,V*,L“LE “

COMPOUNDED ANNUAL RATES OF CHANGE,
4/2/75

7/2/75

9/3/75

*•31™»

AVERAGE OF FOUR WEEKS ENDINGt

10/1/75 10/29/75

12/3/75 12/31/75

1/28/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 3/75
10/ 1/75
10/29/75
12/ 3/75
12/31/75
1/28/76
3/ 3/76
3/31/76

7.0
6.7
5.9
7.1
7. 1
5.7
6.9
7.0

3.8
3. 1
5.6
5.8
4.0
5.9
6. 1

2.9
7.2
7.2
4.4
6.8
7.0

8.2
7.8
4.2
7.1
7.3

11.2
5.2
8.6
8.5

-0.2
6.4
6.8

6.1
6.7

13.4

*

A
V

2


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

MULTIPLIER v
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

MULTIPLIER

BAIJtt

LATEST DATA PLOTTED WEEK ENDING. MARCH 24,

1976

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
118

COMPOUNDED ANNUAL RATES
—OF CHANGE. AVERAGE OF
_ THE FOUR WEEKS ENDING
MARCH 31, 1976 FROM
-----THE FOUR WEEKS ENDINGt
" JAN.
— DEC.
_ DEC.
OCT.
— OCT.
— JUL.
APR.

26,
31,
3,
29,
1
2,
2,

1976
1975
1975
1975
1975
1975
1975

116
114

19.9

112
110

FEDERAL RESERVE CREDIT

12.8

108
106
104

IMS.

MILLIONS

102
100

98
HI I I I
5 19

5 19

2 16 SO 14 29 11

25

9 23

6 20

3 17

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGt MARCH 31,

1976

1975

1

15 29 12 26 10 24

7 21

4 16

JAN

FEB

3 17 31

14 26

1976

1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND 1‘OTHER1* ASSETS, ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSIT^ BETWEEN
i$N52,2Hl?LDinrERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED
BY THIS BANK,


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
690 r--------- 1---------- i--------

BILLIONS OF DOLLARS
----- ---------------------- n 690

BILLIONS
678.4
676.7
678.5
682.0
681.8
681.2

S 18

5 IS

FEB

MAR

Z 15 30 14

6 20

3 17

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING. MARCH 24,

1976

MAY

11 25
JUN

9 23

1

15 29 12 25 10 24

7 21

4 15

JAN

FEB

3 17 31

14 25

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

MONEY STOCK PLUS NET TIME DEPOSITS CM2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGi
3/26/75

6/25/75

8/27/75

7.0
6.3
7.3
6.7
6.9
8.2
8.2

4. 1
6.7
5.9
6.3
8. 1
8.2

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

4


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

10.8
9.8
9.0
9.3
8.7
8.6
9.4
9.3

7.9
6.5
6.9
8.9
8.9

7.6
7.7
10.0
9.8

5.7
9.6
9.4

12.4
11.2

12.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS
297.9
295.8
296.8
299.3
298.7
297.4

5 19

5 19

FEB

MAR

2 16 30 14 26 11

25

9 23

6 20

3 17

AUG

LATEST DATA PLOTTED WEEK ENDING. MARCH 24,

1

IS 29 12 26 10 24

7 21

4 IS

S 17 31

14 28

SEP
1976

1975

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.

COMPOUNDED ANNUAL RATES OF CHANGE,
3/26/75

6/25/75

8/27/75

7.8
6.9
5.6
6. 1
5.0
4.9
4.9
4.9

3.9
2.3
3.9
2.6
2.8
3. 1
3.3

-0.4
3.2
1.5
1.9
2.5
2.9

AVERAGE OF FOUR WEEKS ENDING.

9/24/75 10/22/75 11/26/75 12/24/75

1/21/76

TO THE AVERAGE
OF FOUR WEEKS
END 1NG.
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

3.8
1.4
1.9
2.6
3.0

3.2
3.3
3.8
4.1

-0.2
1.8
2.6

4.4
4.7

5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
]0.5

PERCENT
10.5

i—

—I

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

MUNICIPAL

COMMERCIAL PAPER

90 DAY CD’S

2 1C 30 13 27 II

FEB

MAR

APR

MAY

JUN

25

JUL

6 22

AUG

5 18

SEP

3 17 31

OCT

M 28 12 26

NOV

DEC

9 23

JAN

1975

6 20

5 10

FEB

MAR

FEB.

6
13
20
27
MAR.
5
12
19
26
APR.
2 X
9
16
23
30

APR

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, APRIL 2,

1976

2 16 30

1976

90 DAY
CD’S MBK

PRIME
COMMERCIAL
PAPER
+-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS XK

5.00
5.21
5.20
5.18
5.32
5.41
5.36
5.27
5.19

5.15
5.25
5.28
5.25
5.38
5.38
5.45
5.35
5.25

4.95
4.97
5.02
5.04
5.26
5.21
5.19
5.12
5.09

6.56
8.57
8.56
8.51
8.55
8.55
8.54
8.50
6.45

6.86
6.95
6.97
6.98
7.04
6.96
6.92
6.72
N.A.

* AVERAGES OF RATES AVAILABLE.
^■.BQ^-BUYER-S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*ae* I^VE'fcgAY AVENGES OF SECONDARY MARKET RATES Foft THE WEEK END ING WEDNESDAY TWO DAYS
N.A ^NOT^VaIlABLE^ SH0WN'
currENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
6


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

SELECTED SHORT-TERM
PERCENT

8,0

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

----

----- 8.0

7.5

7.5

7.0

7.0

THREE-MONTH TREASURY
BILL MARKET YIELD

6.5

6.5

DISCOUNT RATE

FEDERAL FUNDS RATE

U-i-J-LL.l I I I I I I I I I I I I I I I I I , II I I I I I I i I I I I I I I I I I I I I I I I I

7 21
FEB

7 21 4 18
MAR APR

2 16 30 13 27 11 26 8 22
MAY
JUN
JUL
AUG

5 19
SEP

3 17 31 14 28 12 26 9 23
OCT
NOV
DEC
JAN

6 20
FEB

1975

5 19
MAR

2 16 30
APR

1976

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* APRIL 2,

1976

—
1976
FEB.

MAR.

APR.

6
13
20
27
5
12
19
26
2 *
9
16
23
30

FEDERAL
FUNDS WE

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
4.84

4.90
4.85
4.87
4.90
5.20
4.99
4.98
4.87
4.95

5.45
5.47
5.58
5.62
5.98
5.86
5.82
5.67
5.74

7.16
7.17
7.20
7.18
7.36
7.30
7.25
7.14
7.06

6.93
6.96
6.94
6.88
6.96
6.91
6.89
6.80
6.77

* AVERAGES OF RATES AVAILABLE.
**
AVER£g£S F?R WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
390

billions

385

380.5
380.9

380

382. 7
383.1
383.8

375

370

365
360
355
350

345
340
335

5 19

S 19

FEB

MAR

2

16 50 14 28

MAY

11

25

9 23

6 20

3 17

1

15 29 12 26 10 24

JUN

T 21
JAN

4 16
FEB

1975

3 17 91

14 28

1976

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’

H.6 RELEASE.

M NET TIME DEPP'.TS 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:
3/26/75

6/25/75

8/27/75

13.4
12.2
11.9
12.0
11.7
11.8
13.1
13.0

9.6
9.6
10.3
10.2
10.4
12.5
12.3

7.9
9.6
9.6
10.1
12.9
12.7

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

8

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

11.3
1C.8
11.1
14.2
13.6

11.2
11.5
15.2
14.5

11.0
16.3
15.1

19.4
16.8

18.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
230 ---------- 1---------- ,--------

BILLIONS OF DOLLARS
----- ------------------------ 230

BILLIONS
220. 7
_

MAR

221.6

223.5
223.0

221.6

FEB

MAR

APR

MAY

JUN

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING: MARCH 24.

10 24

7 21

4 16

JAN

SEP

FEB

3 17 31

14 26

1976

1975

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

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS
ENDING:
3/26/75
6/25/75 8/27/75 9/24/75 10/22/75 11/26/75 12/24/75
t/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

7.2
6.4
4.7
5.2
3.8
3.7
3.5
3.5

3.1
1.0
2.6
0.9
1.2
1.3
1.5

-1.7
2.0
-0.4
0.2
0.5
0.9

1.8
-1.3
-0.3
0.2
0.6

0.8
1.5
1.6
1.8

-2.6
-0.9
0.0

2 4
2.6

2.4

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
92
90
86
86
84
82
80
7-8
76
74
72
70
68

S to

5 19

FEB

MAR

2 16 SO 14 28 It

25

9 25

6 20

3 17

AUG

SEP

1

15 29 12 26 10 24

1975

7 21

4 16

JAN

FEB

3 17 31

14 28

1976

LATEST DATA PLOTTED WEEK ENDING. MARCH 24, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.S 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

1976
FEB.

4
11
18
25
MAR.
3
10
17
24
31
APR.
7
14
21
26

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
75.2
73.9
72.9
72.0
71.3
71.1
71.6
71.9

76.7
75.8
75.3
74.8
73.8
73.0
73.0
72.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FI GURES

: DOLLARS

BILLIONS OF DOLLARS

1SZ6

MILLIONS

FEB. 25
MAR.

FEB

MAR

MAY

JUN

3

4 1«
AUG

SEP

LATEST DATA PLOTTED WEEK ENDING, MARCH 31,

3 IT 3T

14 2«

1976

JAN

FEB
1976

BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

130 r----------------------------

-------------------------------

1976

'30

MILLIONS

FEB,

18

MAR.

3

-5.4

I M I 1 i
FEB

MAR

O 20
AUG

LATEST DATA PLOTTED WEEK ENDING, MARCH 24,

3 17
SEP
1976

1 15 29 12 28 10 24
OCT
NOV
DEC

7 21
JAN

4 18
FEB

3 17 31 14 20
MAR
APR

'■

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 RESFRVE BANK OF ST.

LOUIS

11

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
BILLIONS OF DOLLARS


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

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 24. 1976 FROM THE FOUR
WEEKS ENDING:
„
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED.
JAN.
DEC.
NOV.
OCT.
SEP.
JUN.
MAR.

21,
24,
26,
22,
24.
25,
26,

1976
1975
1975
1975
1975
1975
1975

-----------------------------

1.2
0.9

1.1
4.0
4.1
2.5
3.2

------------------------ ---------------------------------CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

BILLIONS
CREDIT
PROXY
506.9
507.4
506.5
507.6
506.5
507.4

5 1®

5 19

2 16 30 14 28 11

25

9 23

6 20

3

17

1

15 29 12 28 10 24

7 21
JAN

4 16
FEB

CREDIT
PROXY
ADJUSTED,
516.9

515.7
516.7
515.6

3 17 31

14 28

1975
LATEST DATA PLOTTED WEEK ENDING* MARCH 24,

1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’
1/

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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