Full text of U.S. Financial Data : Week Ending: May 14, 1975
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Week ending: May 14, 1975 The shape of the yield curve for U. S. Government securities has shifted marxedly over the last year (see page At this time last year the yields on short-maturity Treasury securities exceeded yields on long-term Government bonds. By mid-1974 yields on Treasury bills had declined, but there had been little change in yields on intermediate and long-term Government securities. By the end of the year the yield curve had changed considerably from the previous April. Bill rates continued to fall and there were substantial declines in yields on intermediate maturity securities. As a result, the yield curve was reasonably rlat out to the longer maturity area. 1Z)' Since the end of 1974, the yield curve has changed further. Bill rates have fallen sharply while yields on intermediate maturities have risen. In general, the current yield curve is steeply upward sloping out to about two years and then rises less rapidly through the intermediate maturity range. The exception to this pattern is a noticeable dip in the yield curve at about the 12-year maturity range. At the end of April 1975, this dip covered a broader range of maturities extending back to about the 6year area. This dip has narrowed recently as the Treasury scheduled part of its financing in the immediate area by auctioning $1.5 billion of seven-year notes. In April of last year, banks faced a strong demand for credit, the prime rate rose rapidly, and banks reduced their demand for Government securities in an attempt to take advantage of higher yields on loans. In addition, the Federal funds rate was rising rapidly making sales of Federal funds a more profitable use of reserves than purchases of short-term Government securities. Also, the rise in the Federal funds rate made it very costly to carry Treasury bills with borrowed reserves. This year the situation has been reversed, with business loan demand falling rapidly and the prime rate and Federal funds rate both registering sharp declines. So far this year, large commercial banks have offset the reduction in their business loans by acquiring intermediate-term Government securities. From the 4 weeks ended January 1 to the 4 weeks ended flay 7, commercial and industrial loans at weekly reporting large commercial banks, on a nonseasonally adjusted basis, have fallen by $5.8 billion, and their holdings of Government securities have risen $4.8 billion. Of this increase in banks' holdings of Government debt, $4 oillion was in the 1—5 year maturity catagory. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: May 16, 1975 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 2 BILLIONS OF DOLLARS 118 MILLIONS 116 114 112 110 108 106 #20 3 17 MAR APR 1 15 29 12 26 10 23 7 21 AUG 1974 3 18 2 16 30 13 27 11 23 SEP NOV 6 22 DEC 5 19 3 19 FEB MAR 1975 2 16 30 13 26 LATEST DATA PLOTTED WEEK ENDINGs MAY 14, 1975 THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AW) 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 ENDING) 5/15/74 8/14/74 10/18/74 11/13/74 12/11/74 1/15/75 2/12/75 3/12/75 5.6 7. 1 5.2 9.9 6.6 4.8 TO THE AVERAGE OF FOUR WEEKS ENDINGi 10/16/74 11/13/74 12/11/74 1/15/75 2/12/75 3/12/75 4/16/75 5/14/75 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.4 7.5 8.1 7.4 6.7 7.0 7.3 6.7 * 9.5 10. 1 8.5 7.3 7.7 7.9 7.0 10.0 7.4 5.8 6.7 7.2 6.1 6.9 5.0 6.3 7.0 5.8 2.2 4.7 6.0 4.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER 1/ FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER LATEST DATA PLOTTED WEEK ENDING: MAY 7, 1975 BILLIONS OF DOLLARS BILLIONS OF DOLLARS i 106 ~ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF --THE FOUR WEEKS ENDING - MAY 14, 1975 FROM THE FOUR WEEKS ENDING: — MAR. 12 1975 34.1 JAN. 15 DEC. 11 1974 1975 19.5 MAY 15, 1974 15.1 FEDERAL RESERVE CREDIT 12.1 1975 8 20 3 17 MAR APR 1 15 29 12 28 10 23 7 21 3 18 AUG SEP 2 16 30 13 27 11 NOV 25 8 22 DEC 5 19 5 19 FEB MAR 2 16 30 13 26 LATEST DATA PLOTTED WEEK ENDING: MAY 14, 1975 1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER11 ASSETS, ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE SEASONALLY ADJUSTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ef TED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS NET TIME DEPOSITS AVERAGES OF DAILY FIGURES 1 ^ BILLIONS OF DOLLARS SEASONALLY ADJUSTED 645 l------------------------------------------- ________________ ____________ ____ _________ BILLIONS OF DOLLARS -- !------T--- -1 645 BILLIONS 629.7 631.0 631.8 631.0 632.0 634.3 6 20 MAR 3 17 APR 1 15 29 12 28 10 24 7 21 MAY JUN JUL AUG 4 11 SEP 2 16 30 13 27 11 23 NOV 8 22 DEC 1974 LATEST DATA PLOTTED WEEK ENDING: MAY 7, 3 19 5 19 FEB MAR 2 16 30 14 28 19 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 ENDING: 5/8/74 8/7/74 5.9 6.7 7.1 6.2 6. 1 6.7 7.2 7.2 6.0 7.0 5.6 5.5 6.5 7.2 7. 1 10/9/74 11/6/74 12/4/74 5.0 4.9 6.8 7.9 7.7 2.7 5.8 7.3 7.3 1/8/75 2/5/75 8.9 9.8 9.2 10.6 3/5/75 TO THE AVERAGE OF FOUR WEEKS END ING: 10/ 11/ 12/ 1/ 2/ 3/ 4/ 5/ 9/74 6/74 4/74 8/75 5/75 5/75 9/75 7/75 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.7 6.9 6.4 7.6 8.3 8.2 12.2 9. 4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS PILLION? 287.5 288.4 287.4 287.5 289.3 6 20 5 17 1 15 29 12 2« tO 24 7 21 4 16 AUG SEP 2 15 50 13 27 11 25 NOV 5 22 DEC 5 19 5 19 FEB MAR 2 15 50 14 25 LATEST DATA PLOTTED WEEK ENDING: MAY 7, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AM) COIN HELD BY THE NONBANK PUBLIC. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 5/8/74 8/7/74 10/9/74 11/6/74 12/4/74 1/8/75 2/5/75 3/5/75 TO THE AVERAGE OF FOUR WEEKS ENDING: 10/ 9/74 11/ 6/74 12/ 4/74 1/ 8/75 2/ 5/75 3/ 5/75 4/ 9/75 5/ 7/75 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.5 4.0 4.8 3.5 2.5 3.3 4. 1 4. 1 2.4 4.2 2.3 0.9 2.4 3.5 3.6 8.4 3.5 2. 1 1.1 -0.6 3. 1 4.5 4.5 2.3 -5.0 0.0 4. 1 4. 1 2.9 3.1 2.6 5.6 5.3 11.4 9.1 7.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 13.5 13.5 r~ 90 DAY CD PRIME BANK , LOAN RATE j COMMERCIAL PAPER CORPORATE Aaa BONDS IUNICIPAL I0NDS3GK 2 16 30 13 27 It 25 8 22 6"20 3"l73114 28 14 JUL AUG SEP OCT NOV DEC JAN FEB MAR 1974 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY MAR APR MAY 1975 MAR. 7 14 21 28 APR. 4 11 18 25 MAY 2 9 16 * 23 30 26 n25»23 JUN PRIME COMMERCI 90 DAY PAPER CD'S jo** *** 4-6 M0N1 6.38 6.26 6.07 6.06 6.16 6.38 6.35 6.25 6. 15 6.04 5.96 6.25 6.08 5.95 5.91 6.03 6.23 6.20 6.13 6.15 6.08 6.00 PRIME BANKERS’ ACCEPTANCES 6.37 6.29 6. 1 1 6.11 6.15 6.20 6.11 6.16 6.07 6.00 5.87 CORPORATE Am BONDS MUNICIPAL BONDS *6K 8.59 8.61 8.69 8.78 8.87 8.94 8.95 8.97 9.01 8.96 8.89 6.54 6.65 6.77 6.95 6.93 7.03 6.86 6.97 6.95 6.86 N. A. * AVERAGES OF RATES AVAILABLE. MSB BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS THURSDAY DATA *** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOft THE WEEK ENDING WEDNESDAY TWO DAYS N>A.^NO^AVA^LABLpS 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 INTEREST RATES AVLKAGES OF DAILY RATES ENDED FRIDAY percent PERCENT 14.0 M.0 r— FEDERAL FUNDS RATE DISCOUNT RATE m*am f?if§uRif MAR APR MAY JUN JUL AUG 1974 SEP 4 28 14 28 II 23 OCT FEB LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE 1975 MAR. 7 14 21 28 APR. 4 11 18 25 MAY 2 9 16 23 30 MAR FOR THE WEEK END INOi MAY 16 1973 FEDERAL FUNDS JQK 3-MONTH TREASURY BILLS 1-YEAR TREASURY 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 5.88 5.44 5.38 5.53 5.59 5.28 5.44 5.54 5.71 5.42 5.20 5. 57 5.46 5.41 5.53 5.62 5.74 5. 44 5.66 5.51 5.41 5.02 5.69 5.62 5.66 5.81 6.86 6.67 6.67 6.75 6.83 BILL 6.20 6.48 6.30 6.49 6.36 6.13 5.79 6.88 7.05 7. 19 7.47 7.74 7.75 7.90 7.87 7.64 7.49 9 23 APR 6.88 7.05 7.03 7.08 7.09 6.98 6.91 * AVERAGES OF RATES AVAILABLE. ISKaJa^^rF?5 t1KboardNof'mv^ors?¥h.EArelease.‘ER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis than date SH0WN- 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 350 BILLIONS 342.2 342.7 345 343.6 344.4 345. I Z MAY 340 335 330 325 320 315 310 305 300 6 20 3 17 MAR APR 1 IS 29 12 26 10 24 7 21 4 16 AUG SEP 2 16 30 13 27 11 25 NOV 8 22 DEC 5 19 FEB 1974 5 19 2 16 30 14 28 MAR 1975 LATEST DATA PLOTTED WEEK ENDINGt MAY 7, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt TO THE AVERAGE OF FOUR WEEKS ENDINGt 10/ 9/74 11/ 6/74 12/ 4/74 1/ 8/75 2/ 5/75 3/ 5/75 4/ 9/75 5/ 7/75 a http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/8/74 8/7/74 8.0 9.0 9.2 8.7 9.3 9.8 10.0 9.9 9.0 9.4 8.5 9.5 10.1 10.3 10.3 10/9/74 11/8/74 12/4/7 4 12.7 9.9 11.1 11.7 11.7 11.4 7.7 9.9 11.0 11.1 10.9 9.7 11.1 11.3 11.0 1/8/75 2/5/75 3/5/75 14.8 13.6 12.6 12.9 11.8 10.7 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 -- ------ ---- 230 230 ,---- 1---- ,--billions 218.9 219.0 217.8 217.9 219.6 C 20 S 17 1 MAR APR MAY 15 29 12 26 10 24 7 21 4 18 JUN JUL AUG SEP 1974 LATEST DATA PLOTTED WEEK ENDING, MAY 7, 1975 NOV DEC S 19 5 19 FEB MAR 2 16 50 14 28 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. TO THE AVERAGE OF FOUR WEEKS ENDING, 10/ 11/ 12/ 1/ 2/ 3/ 4/ 5/ 9/74 6/74 4/74 8/75 5/75 5/75 9/75 7/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING, 5/8/74 8/7/74 10/9/74 11/6/74 12/4/74 1/8/75 2/5/75 3/5/75 2.5 2.7 3.5 2.0 0.6 1.7 : 6 2.7 0.0 2.0 -0.1 -1.8 0.0 1.5 1.8 6.5 1. 1 -1.8 0.8 2.7 2.9 -0.3 -3.7 0.0 2.4 2.7 -8.7 -2.6 1.1 1.6 0.3 4.3 4.3 1 I 9 9.5 8.0 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 96 94 92 90 86 86 84 82 80 78 76 74 72 70 68 66 64 6 20 MAR 5 17 APR 1 15 29 12 26 10 24 7 21 AUG 1974 4 16 25 2 16 50 15 27 I SEP NOV 8 22 DEC 5 19 5 19 FEB MAR 2 16 30 14 26 0 LATEST DATA PLOTTED WEEK ENDINGt MAY 7, 1975 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. 1975 MAR- 6 12 19 26 APR. 2 9 16 23 30 MAY 7 14 21 28 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 87,8 87.9 88.0 88.4 88. 1 87.0 85.9 85. 1 84.6 84.0 90.2 89.2 89.5 90. 1 90.2 89.4 88.8 87.9 87.2 86.5 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 OF DOLLARS BILLIONS 4.5 c--- --------- e 20 9 17 MAR APR 1 AVERAGES OF DAILY FIGURES IS 20 12 26 10 2* T 2t 1 tC AUG SEP 2 16 90 19 2T 11 23 NOV BILLIONS OF DOLLARS -- 1------1--- =3 4.5 • 22' 9 IS 5 IS 2 16 90 14 21 OEC 1075 LATEST DATA PLOTTED WEEK ENDING, MAY 14, 1975 BUSINESS LOANS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 136 ---- .---- ■--“ COMPOUNDED ANNUAL RATES — OF CHANGE, AVERAGE OF • _ THE FOUR WEEKS ENDING MAY 7. 1975 FROM — THE FOUR WEEKS ENDING. ~ MAR. FEB. 1975 BILLIONS OF DOLLARS -- ------ ---- 136 -15. 1 — JAN. — DEC. NOV. ~ AUG. — MAY 6 20 5 IT MAR APR I 15 28 12 26 10 24 MAY JUN JUL 7 21 4 IS AUG SEP 1974 LATEST DATA PLOTTED WEEK ENDING. MAY 7, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 19 90 19 27 II 29 OCT NOV DEC 6 22 JAN 1-U.l I 5 IS 9 IS FEB MAR 2 14 90 14 21 APR MAY 1975 1975 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 Percent Yields on U.S. Government Securities Percent 10.5 I— http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis —1 10.5 June 28, 1974 December 30, 1974 Years to Maturity Prepared by Federal Reserve Bank of St Louis
@FedFRASER