Full text of U.S. Financial Data : Week Ending: May 14, 1969
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D ■J2.4Z mk eadiito: Total reserves of member banks, adjusted for the April increase in reserve requirements, have de clined at a 2.6 per cent rate since late January, after increasing at an 8 per cent rate in the pre ceding two years (page 12). These reserves are a major determinant of the money supply. Federal Reserve credit, a chief factor affecting reserves, has increased at a 3.7 per cent rate since January, compared with a ° Ter cent rate of growth in the preceding two years x. -ge 2). Private demand deposits at commercial banks have grown at a 2„7 per cent rate in the last three months and at a 1.5 per cent rate since December, down ' from a 6.7 per cent rate in the preceding two years (page 11). Honey stock, which also includes currency held by the public, has followed about the same pattern, increasing at a 3.5 per cent rate in the last three months and at a 2.4 per cent rate since December (page 3). From December 1966 to December 1968, money increased at a 6.5 per cent annual rate. Time deposits have declined at a 3 per cant rate since January (page 7), as market interest rates have been high relative to the Regulation Q ceilings ch limit rates banks are allowed to pay on time and savings deposits. From June to December of 1968, when there was a relative decline in market interest rates, these deposits grew at an annual rate of 18 per cent. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In the past few weeks, there has been a sharp rise in some short-term market interest rates (page S). The rate on Federal fund3 averaged 8.25 per cent last week, with some trading at rates above S per cent. Rates on very short-term Eurodollar deposits reached peaks of 11 to 12 per cent last week. As a result of higher interest rates, banks have reduced their holdings of excess reserves, which earn no interest, and have increased their borrowings from Federal Reserve banks (page 10). The figures reported for excess reserves are an overstatement of unused reserves because banks can apply a portion of them to meet requirements in the following week. This carry-over provision and other measures giving banks greater flexibility in meeting reserve require ments were introduced last September along with the procedure for basing requirements on deposits two weeks earlier. In view of these changes affecting the desired amount of excess reserves, recent develop ments in aggregate reserve measures may tend to overstate the degree of monetary restraint. Borrowing from Federal Reserve banks has become attractive for member banks because the 6 per cent discount rate is low relative to rates on other sources of funds. The large net borrowed reserve figures reported in recent weeks reflect profitmaximising behavior by banks as well as the time deposit disintermediation and increased Federal Reserve restraint. Rates of change reported in this release are! intended to serve as summaries which nay he ! useful In analyzing recent developments. Prepored by Federal Reserve Bank of St. Louis Released: May 16,1969 L ioi MONET4AY BASE LL FEDERAL REHivE CREDIT[2 Averages of Daily Figures of Dollars 80 Billions of Dollars _Seasonally adjusted by this bank. j_ Annual rates of change, average of four weeks j-ending May 14, 1969 from four weeks ending 79 Monetary Base 78 [Feb. iNov. Aug. May 12, 13, 14, 15, F.R. Credit 1969 1968 1968 1968 + 3-7 + 0.6 77-3? 1957-1968 Monetary Base n m 76 75 74 &o.77 73 m 72 Monetary Ease * Federal Reserve Credit 7+ 2 IS 74, yxh 7U, JS3 77, <479 1/ Uses of the 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 description of the base see the August 1968 Review of this bank. 71 57 0 17,3 7Sp 60, 94^2, 6- o, £*',793 r 2/ Defined to include holdings of securities, loans, and float, adjusted for reserve requirement changes and changes in requirements due to shifts fn deposits among classes of banks 56 55 77, 77./73- C-+ Q j aL. 9 6-o, 59, 7 3 7 Latest data preliminary LatesC data plotted week ending: ‘"*3 7 21 Feb. http://fraser.stlouisfed.org e Federal Reserve Bank of St. Louis 6 20 Mar. 3 17 Apr. 1 15 29 May ’ _ 12 26 10 24 June July 1968 7 21 Aug, 4 18 Sept. 2 16 30 13 27 11 25 Cct. Nov. Dec. 8 22 Jan. 5 19 Feb. 5 19 Mar. 2 16 30 Apr. 1969 14 28 11 25 May June Prepared by Federal Reserve Bank of St. Louis 9 23 July ions MONEYWOCK LL MONEY STOCK LLPLUS U.S GOVERNMENT DEMAND DEPOSITS[2 Averages of Daily Figures Seasonally Adjusted f Dollars 210 Billions of - 209 208 207 204 — - Money Stock 1969 V 3-S 1968 + +.3 1968 + 3-L 1968 206 205 - Annual rates of change, average of four weeks "ending May 7, 1969 from four weeks ending: -Feb. “Nov. "Aug. May 5, 6, 7, 8, Money Stock Plus U.S. Gov't. Deposits + 9-2+~ */■ ^ + Y-Y + *>■ — 202 |_ . i 203 \ 1 V r \ 195 7-1968 Money Stock plus U.S. Government Demand Deposits 201 200 i — A A □ r1 / oiUU.6 V 1 L — _ 19 198 197 196 195 Money Stock 194 i i 193 192 191 Money 1969 Stock 190 •fjd-. s /z t f2 -7 /? /9‘/ 2 2b 191.3 189 Money Stock plus U. S. Government Demand Deposits /m 200. 2. 20t-i m.o ns i 188 i?3' s u l?3.(o /9S. £ 187 n tn o Jib /HU /•??■/ /7S-C .86 /jfiv 3 /f+-3— (9S-9 185 ' 9 /?(? 2(3. / cJt. 3 2n 3 2CO. I 1/ Current data on money appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of money stock by months see this bank's monthly release entitled "Monetary Trends". . 2/ U.S. Government demand deposits, all commercial banks, seasonally adjusted by this bank. 184 183 182 — /fo l9(e-V 23 199 i 30 /93U —7r*j_7 /9+.° T <1,00.2 181 180 0' Latest data preliminary Latest data plotted week ending: May 7, 19by 10 24 7 21 J an. Feb. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 May 12 26 10 24 June July 1968 30 Aug. Sept. 13 27 11 25 8 22 June Mar. 1969 MONEY STOCK PLU^IME DEPOSITS* .lioi Averages of Daily Figures Seasonally Ad usted of Dollars Billions of Dollars —----- —i——i 420 420 418 416 414 412 Annual rates of change, avera four weeks ending May 7, 1969 from four weeks ending: Feb. 5, 1969 ->-0.3 Nov. 6, 1968 3 410 ' '08 -1957-1968 406 404 402 400 398 396 394 392 390 388 386 Oy~- t 384 317■ r j82 380 378 376 374 372 370 368 366 364 362 360 Latest data preliminary Latest data plotted week ending: Current data appear in the Board's H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of money stock plus time deposits by months see this bank's monthly release entitled "Monetary Trends May 7, 1969 0" 10 24 7 21 S http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ’O Mar. 17 pr. 1 15 29 12 26 May June 10 24 July 1968 7 21 Aug. 4 18 Sept 16 30 13 It l 111__! ■ 27 11 i t I i I I i i__I t I i __i_l_ 5 19 : 16 30 14 Mar. Feb. Apr. M 1969 23 11 June Julv BUSINESAOANS Large Commercial Banks Wednesday Figures Billions of Dollars □ T 84 82 ■ four “from I Feb. _Nov. 80 7, 1968 8, 1968 * 82 !' | -f/- 73- / - _L_ 84 — H r1960-1968 4 - ! I _I_\1— — 1 80 i 478 L rr _ 1 —— 76 ' . > ■v — 7T . •/ / _ _ 76 tfp r~L — 73,393 It-**/ 7 % <f<3* 7-y /? 7C, r73'*y7 7-s 33 7 74, <76 8 u__. .. 16,962 76,6 S3 76*87 64 X 62 o sg 74 i_ _ 73,71? 68 _ i L MILLIONS OF DOLLARS SEASONALLY UNADJUSTED ADJUSTED IS,933 73,9*8 73, 938 7 3,377 73,13 7 73,333 73,99* 73,376 74 794 73, /// 7336Y t \y 70 TI 44r- 1 _ jf - 1969 72 . J, ! | . —i:—,1— 74 £ 4 74 E 72 7 3 373 7^.3ei6 77,17* . 7V,3*? 7 f, 67S 70 68 77, ??■*79,33 7 7^897 66 73'13 i 73,203, li,J79 70,797 76, SS7 d P ; IMI I II I IT http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 64 ___ 62 -- - - - - - r - " Latest data preliminary _ Latest data plotted: | I I I I | I | I I I-L 78 j r—i 66 Dollars 1i l is ■■ weeks ending May 7, 1969 four weeks ending: 5, 1969 6, 1968 -f /*-3 _Aug. -May Billions of Current and year- ago unadjusted data appear in May 7, 1969 -l-J- 12 26 10 24 June July 1968 7 21 Aug. 4 18 2 Sept. 16 30 13 27 Oct. Nov. the Board's H.4.2 release. Seasonal adjustment _L computed by this bank using 1963 through 1968 data. _|_ 1 l_I_I__l_i_I_1__!__!—1—!—1—L 2 16 30 14 28 11 25 9 23 11 25 8 22 Apr. May June July Dec. Jan. 1969 ;o 6 CERTIFICATES ^DEPOSIT jl Largs Commercia! Banks Wednesday Figures ions Billions of Dt llai Millions of Dollars ; May 7, 27 27 SM 230 26 vT ad,37Y s/ m a.),3+f SI, 03! a# ac/s i ij, nr i /is** <%39£ n&f / § 71+ : /r&tt* i /Xw '! /r ffj 25 24 n 1% l/*- 23 26 25 24 23 / 7, 22 22 21 21 20 20 19 19 18 18 J7.^° 17 17 16 0 Current and year ago data appear in the Board's H.4.2. release. 1/ Negotiable time certificates of deposit in denominations of $100,000 or ssore atest data preliminary atest data plotted I I 1 1-1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis May 7, 1969 16 0 79 12 26 June 10 24 July 1968 7 21 Aug. 4 18 Sept. ? 16 30 13 27 11 Nov. 25 8 22 5 lion TIME DJJpSITS* All Comm I Banks Averages of Dally Figures Seasonally Ad us ted of Dollars 228 226 224 222 220 218 Billions of Dollars i—i——i—races I I—Annual of change, average of four weeks ending May 7, 1969 from four weeks ending: Feb. 5, 1969 — & Nov. 6, 1968 f- &-Y Aug. 7, 1968 V" Ce>3 8, 1968 A 7./ May 11957-1968 216 214 212 210 208 206 04 202 200 I—l 198 196 194 - 192 190 40 3-3 Ail-' W// s 188 186 An*#-7 i.OO.% 10O-1 2 *0-7 184 132 80 231. <8 J6 22.DO. 7 JL3 400-4 178 176 mt-H. i 174 Current data appear in the Board’s H.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of time deposits by months 3ea this bank’s monthly release entitled ’"Monetary Trends”. 172 170 Latest date preliminary Latest data plotted xseek ending: 1569 168 o' mtrdrH 10 24 Jan. 7 21 Feb. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 20 Mar. 3 17 Apr. 1 15 29 May 12 26 10 24 June July 1968 3 i 7 21 Aug. 4 18 2 Sept. 16 30 13 27 11 25 Nov. Dec. Oct, 8 22 Jan. 5 19 Feb. 5 19 Mar. 168 _L 2 16 30 Apr. 1969 14 28 11 25 May June Prepared by Federal Reserve Batik of St. Louis 9 23 July YIELDS ON SELECWPD SECURITIES Aver ages of Daily Rates Ended Friday Per Cent 9.50 Per Cent 9.50 I ! IT 3-Month TS!!!UCy 1969 ■ Corporate 3-5 Year Long-Term i.og 6.0-) &./? HUb- 7 3.50 C-.3 7 (* ■ 3 ‘Z $.3V 8.50 <o. OO & .30 6 . <2,& *■77 i> ./C U.U G./7 5■ 93 6.. i.i U-Xf S. ^o 3. 76 7.00 Prime Commercial Loan Rate 6. 7S I j j— Corporate/ Aaa Bonds Three-Month Treasury Bill Market Yield ’ Discount Rate Long-Term Government Bonds 4.00 Latest data plotted are averages of rates available for the week ending: 12 26 9 23 8 22 Mar. 5 19 ‘AVERAGES OF RATES AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 17 May 31 14 28 12 26 9 23 June July Aug. 1968 Sept. May 16, 1969 21 ir. 4 18 Apr. 1969 2 16 30 13 27 May June Prepared by Federal Reserve Bank of St. Louis 11 25 July SELECTED SHORT-«M INTEREST RATES Averages of Da i ly~Ra tes Ended Friday Per Cent Per Cent Prime Acceptances S5J- 7 90 Day CD'S ** Federal Funds 9.00 &, .So 8.00 7.0 O S* oS 7. 7, 58 3.5 Commercial Paper 4-to-6 Month T~Fp. Bankers Acceptances 6.00 Federal Funds Rate 5.50 5.50 Discount Rate 4.00 3.50 1 Latest data plotted are averages of rates available for the week ending: 12 26 23 8 22 5 19 3 17 31 14 28 12 June * AVERAGES OF RATES AVAILABIE http://fraser.stlouisfed.org ■ ** * SOURCE: SALOMON BROTHERS AND HUTZLER Federal Reserve Bank of St. Louis 1968 26 9 23 6 20 4 18 1 15 29 !ov. 13 27 Dec. 10 24 Jan. 7 21 Feb. 7 21 Mar. 4 18 Apr. 2 16 30 13 27 May June 1969 , , „ , . Prepared by Federal Reserve Bank of St. Lours 11 25 July 10 BORROWINGS AN^XCESS RESERVES All Member Banks in the Nation ions Millions of Dollars if Dollars 600 BIWEEKLY SETTLEMENT PERIODS S 500 UWu 300 S tX. 73 i 87 S 774 944 I/9S ?H7 7S9 1/34 III 7 i, * X mo J2o7 A4t Ji./ 200 ~\•JEEKLY RESERVE PERIODS — 1 1 RFSFRVFS WEEKLY DATA 1969 400 FREE BORROWINGS 100 000 900 r - SJ. 7 --4=^7 j -&>?/ I -0.94 7 L -938 -7S(c . i -US i -9i>4 j ~/OG7 II.<TQ M T~ - °)(pS p i t r i 600 500 s □ A' -0- 300 200 100 v 1,400 v/ T t 1,100 1,000 900 j T l .nr Li V 800 I 700 _ 600 500 1 1 ■>\ t 1 l 1,200 mo r \ T1 rvi 1 H 1,300 1 p ip i _ 1 X / / vlj \ V , 400 f *V A J ~ 1 V “I- r f /"l 700 i J _u_ 1 1 ■J A\ 4 '\ r 800 1,500 ; a7“ 1,600 /■< \ 1 n N £ r r l _ 1 rr \ 400 L_ L y 300 u - c 200 3 >3 Ad •M 100 1 0 0 — 100 s/ \ T 200 300 ~~ A . Ii s f / 500 N Bt 600 700 n / n 900 7 ,000 ~1 ,200 ,300 ,400 ,500 . Latest data preliminary Latest data plotted week ending: i969 3 I I I I M I 1 f .1 J. I I I ! i 1 I I I 1 II i i M 10 24 Jan. 7 21 "el. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 20 Mar. 3 17 Apr. 15 May 29 12 26 10 24 June July 1968 7 21 Aug. r ~t——i - 200 - 300 - 400 - 500 - 600 - 700 - 800 - 900 - 1,000 - 1,100 - 1,200 - 800 ,100 100 U / 400 - \ 1---1--- placing all member banks on a one-week reserve adjustment period, beginning with the week ending September 18, 1968 the above reserve data are reported.on a one-week period. ' ■ > i : < ' * ' > l__!_I__I_i---!-- 1---I-- 1-- i---1-- i---.-- L 16 30 13 27 11 25 8 22 5 19 5 19 4 18 Feb. Mar. Jan. Oct. Nov. Dec. Sept. - 1,300 - 1,400 2 16 30 Apr. 1969 14 2C May 11 25 June 9 23 July - 1,500 11 O^i DEMAND DEPOSIT COMPONENT OF MONEY STOCK* Averages of d^Ply Fig ures Billions &f Dollars Billions of Dollars Seasonally Ad justed 165 165 164 -Annual rates of change, average of four weeks ending May 7, 1969 "from four weeks ending: Feb. Nov. Aug. May 5, 1969 -AT 7 6, 1968 1-3.7 7, 1968 ' *-2.7 8, 1968 + S.G 1357-1968 155 152 y£- 5 j<rc.3 '<r/.? tco.z/+?■! I'/'i.C /•re.9 H9.S «h T /So.3 /SO- 3 /50.3 /V 9. 4 /*?.7 IT I I I II I I latest data preliminary bate:-! data plotted week ending: TJ. ±iii± 10 11 Jan. .:i 1‘ch. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 21) Mar. 3 17 Apr. 1 Current data appear in the Board's 11.6 release. Back data appear in the June 1968 Federal Reserve Bulletin. For trend of demand deposits by tenths set this monthly release entitled "Monetary 'I tends May 7, 1969 15' ?9 12 2.6 10 24 May June July 1968 7 ’1 Aug. I 1 IT! 30 Oct. j Jan. 1.9 Mar. Prepared bv Federal Reserve B;-nk of St. louis Billions of Dollars mmptith 111 Annual rates of change, average of four weeks ending May 14, 1969 from four weeks ending: Reserves 29.5 Available For Private Demand Deposits 29.0 12 RESER^jj All Member Bank^W the Nation Averages of Daily Figures Billions of Dollars cum TOTAL Seasonal adjustment computed by this bank using data ending December 1967. Unadjusted data appear in the Board's H.4.1. release. liki font, J il -iS u- 47.iV 3.7Jt 2.L. Si* If -rt.19 t 36.71 /i.kk.fP e2J ckb.Sl f-/,5 Nov. i-^.O + *.* y-V.3 1968 Ao c?7.27 7 1957-1968 H A7.lt ? 28.0 27.5 TOTAL l —l 27.0 26.5 In order to maintain comparability, figures since April 17 are pn an effective basis, that is, reduced about $650 million due to change in reserve requirements RESERVES AVAILABLE FOR PRIVATE DEMAND DEPOSITS n.iy n /7^1-i RESERVES AVAILABLE PRIVATE DEMAND DEPOSITS^ t n t.7 J f h. 3. n 7i 1 17 U /t f-'ti IS. u sc.n ic m 16.8 Latest data preliminary Latest data plotted week ending: 10 24 Jan. 7 21 Feb. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 20 Mar. 7 tin. /V /7.SP May 14, 1969 12 26 10 24 June July 1968 7 21 Aug. 4 18 2 16 30 13 27 11 25 Sept. Oct. Nov. Dec. 8 22 Jan. 5 19 Feb. 5 19 Mar. 2 16 30 14 28 11 25 Apr. May June 1969 Prenared by Federal Reserve Bank of Si . T/>u is 9 23 Jul; 18.0