Full text of U.S. Financial Data : Week Ending: May 16, 1973

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J-

[research library
i pede^al Reserve bank

Week ending: May 16. 1973

of St. Louis

(\Ub Z & 19®
The nation's money stock, defined to include private
demand deposits and currency in the hands of the nonbank public,
averaged $258.7 billion in the four weeks ending May 9. The
money stock has risen at a 5.5 percent annual rate in the last
six months and has increased 6.4 percent during the past year.
For comparison, the money stock grew at a 6.3 percent rate from
1967 to 1972.
Effective May 17, the Federal Reserve Board suspended
Regulation Q interest rate ceilings on certificates of deposit
(CDs) of $100,000 or more that mature in 90 days or more. At
the same time, it was announced that, effective in June, a mar­
ginal reserve requirement of 8 percent will be charged on further
increases in large CDs and bank-related commercial paper. The
8 percent reserve requirement will apply to increases in large
CDs and bank-related commercial paper above the total level
existing during the week ending May 16, or above $10 million,
whichever is larger.
Reserve requirements on Eurodollar
borrowings were reduced from 20 percent to 8 percent. Regu­
lation Q interest rate ceilings on deposits of $100,000 or
more had been 6.75 percent on maturities of 90-179 days, 7
percent for 180 days to one year, and 7.5 percent for one year
or longer.
Interest rates on CDs of $100,000 or more with
maturities of 30-89 days have been suspended since June 1970.
In recent weeks, several short-term money market rates
have exceeded the now suspended CD rates on maturities of 90 days
to one year. For example, yields on 4- to 6-month prime commer­
cial paper have averaged about 7.13 percent since the end of
March; the secondary market for 90-day CDs averaged over 7
percent in about mid-March and 7.45 percent in the recent week.
The high yields payable on large CDs reflect the strong
demand for funds by commercial banks in order to meet an increased
demand for bank loans. Business loans adjusted at large commercial
banks rose from $93 billion in mid-January to over $104 billion
in early May 1973. To obtain funds to meet this surge in loan
demand, banks offered higher yields on certificates of deposit.
Certificates of deposit at large commercial banks increased from
$44 billion in mid-January to $60 billion in early May 1973.


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

Prepared by Federal Reserve Bank of St. Louis
Released: May 18, 1973

V

2
MONETARY BASE
MULTIPLIER 2/

v

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
_

BILLIONS OF DOLLARS4
102

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR i/EEKS ENDING
100

THE FO&R WEEKS ENDING
MAR.

14

1973
96

96

MONETARY BASE

94
1973
APR.

MILLIONS

11

98.79
92

LATEST DATA PLOTTED WEEK ENDING: MAY 16, 1973
RATIO
2.9^

RATIO

2.8
MULTIPLIER
2.7

2.6

2.6 r

2.5
RATIO
2.583
2.607
2.4

2.555
2.598
2.614
1

15 29

12 26

10 24

7 21

3 19

2

16 30 13 ZT

11

25

8 22

6 20

3

17 31

14 28 14 28 11

FEB

MAR

23

9 23

APR

LATEST DATA PLOTTED WEEK ENDING: MAY 9, 1973
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 DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 ’•REVIEW OF THIS BANK.
2/ RATIO OF MONEY STOCK l Ml ) / MONETARY BASE,


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TOflBUPPORT
miVATE NONBANK DETOS I TS 1/
ALL MEMBER BANKS

FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

'BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
31.5

~ COMPOUNDED ANNUAL RATES
I OF CHANGE. AVERAGE OF
__ THE FOUR WEEKS ENDING
_ MAY 16, 1973 FROM
THE FOUR WEEKS ENDING)

31.0

30.5
RESERVES
30.0

29.5

29.5

1213
APR.

g.l_LL I QMS

1

29,0

29.37
! 83
28.5

llllll

90
-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING
MAY 16, 1973 FROM
THE FOUR WEEKS ENDING:

88

-- FEB

-- MAY

86

17

1972

11.5

84
FEDERAL RESERVE CREDIT

82

1973
APR.

MILLIONS

80

1
78
16

89

JJ-1I I I I I I I I
1 19 29 12 26 10 24

7 21

5 19

2 16 30 19 27 11 29
SEP
OCT
1972

6 22

6 20

9 17 91 14 26 14 26 11 29
FEB MAR APR
1973

9 29

LATEST DATA PLOTTED WEEK ENDING) MAY 16, 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 DEP6SITS 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

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
205

billions

APR.

199.3
198.9

200.2
198.2
200.9

— MAY

200

200.2

195

190

185

I I I I I I I
I

IS 29

12 26

I I I I
10 24

7 21

S

19

2

16 30

13 27

11

23

6 22

6 20

3

17 31

H 26

H 26

MAR
1973

1972

I 1

25

9 23

APR

LATEST DATA PLOTTED WEEK ENDING: MAY 9, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
5/10/72

9/6/72 10/11/72

11/8/72

12/6/72

9.8
4.4
5.2
3.4
3.8

4.8
5.8
3.4
3.9

1/10/73

2/7/73

3/7/73

2. 1
3.3

1.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/11/72
11/ 8/72
12/ 6/72
1/10/73
2/ 7/73
3/ 7/73
4/11/73
5/ 9/73


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

7.7
7.7
7. 1
8.2
6.5
6.7
5.7
5.7

5.8
5.0
7.8
4.9
5.4
4. 1
4.3

5.5
9. 1
5. 1
5.7
4.0
4.3

0.3
-0.8
0.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
|265

:
_
-

BILLIONS OF DOLLARS
265

i i—
i9ii
billi QNS

APR. 4
11
18
25
MAY
2
9

260

-

257. 5
257. 5
258. 9
.

260

0

259. 5
259. 4

rA

u

255

250

r

-

A Vv

255

250

»s,J
r
-

-

245

245

*
-

240

240

!!llll

_LLL J 1 LL -LUJ .in

in i

1 15 29 12 26 10 24

7 21

5 19

MAR

JUN

JUL AUG
1972

APR

MAY

111 All. J-L-U- -LLL -Li .11
6 22

2 16 50 15 27 II 25

SEP

OCT

6 20

NOV

DEC

1 1 1 _LLL -LLL. 1 1 1L

3 17 )| 11 26 H 26 ll 25

JAN

FEB

MAR
1973

APR

9 25

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 9, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
5/10/72

9/6/72 10/11/72

11/8/72

12/6/72

1/10/73

2/7/73

3/7/73

5.4
6.6
4.8
5.4

1 .3
0.8
2.5

4.1
5.4

3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/11/72
11/ 8/72
12/ 6/72
1/10/73
2/ 7/73
3/ 7/73
4/11/73
5/ 9/73


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

7.4
7.4
7.2
8.4
6.7
7.0
6.3
6.4

6.4
6.2
8.8
5.9
6.4
5.4
5.7

6.4
9.9
5.8
6.5
5.3
5.7

11.3
5.5
6.4
4.9
5.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

AIME DEPOSITS
ALL~OMMERCI AL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
350 t=----- ----- ---

BILLIONS OF DOLLARS
-------- ----- =q 350

TOTAL TIME DEPOSITS

NET TIME DEPOSITS

1

13 29 IZ 26 10

24

T Zl

5 19

2 16 30 19 ZT II

SEP

29

8 ZZ

8 20

3 IT 31

H ZB H II II

FEB

OCT

MAR

Z5

APR

LATEST DATA PLOTTED WEEK ENDING. MAY 9. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
m NET t|up DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIF ICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
3/7/73
2/7/73
9/6/72 10/11/72 11/B/72 12/6/72 1/10/73
5/10/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/11/72
11/ 8/72
12/ 6/72
1/10/73
2/ 7/73
3/ 7/73
4/11/73
5/ 9/73


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Federal Reserve Bank of St. Louis

12.5
12.6
12.3
12.5
12.2
1 1.8
11.4
11.4

12.4
1 1.7
12.2
1 1.8
11.2
10.7
10.8

11.7
12.4
11.8
11.1
10.5
10.6

12. 1
11.5
10.6
10. 1
10.3

12.0
10.7
10.0
10.3

9.0
8.7
9.3

8.1
9.1

9.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MOI-Pr- STOCK PLUS T I ME^EPOS I TS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

1

13 29 12 29 10 24

T 21

3 19

23

* 10 90 13 27 1

SEP

• 22

6 20

3 ir 31

14 Z8 14 tl II

FEB

OCT

MAR

25

9 23

APR

1972
LATEST DATA PLOTTED WEEK END I MG« MAY 9, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
XX Mi IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 0).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/10/72

9/0/72 10/11/72

11/8/72

12/0/72

1/10/73

2/7/73

3/7/73

11.6
8.6
8.5
7.6
7.9

9.0
8.7
7.5
7.9

5.2
4.9
6.0

6.1
7.2

6.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/11/72
11/ 8/72
12/ 0/72
1/10/73
2/ 7/73
3/ 7/73
4/11/73
5/ 9/73


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Federal Reserve Bank of St. Louis

9.9
10.0
9.7
10.4
9.5
9.4
8.9
9.0

9.5
9.0
10.6
9.0
8.9
8.1
8.3

9.1
11.2
9.0
8.9
8.0
8.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSI#

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

I IS 29 12 29 10 24

T 21

5 19

2 16 30 13 77 II 25

SEP

I 22

« 20

billions of dollars

S 17 *1 M 29 14 2* 11 25

FES

OCT

MAR

9 25

APR

1072
LATEST DATA PLOTTED WEEK END I NO. MAY 9, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.fl RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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Federal Reserve Bank of St. Louis

MONEY AND TIME DEPOSIT DATA

1973
MAR.

7
T4
21
28
APR.
4
1 1
18
25
MAY
2
9
16
23
30

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

M2 ME

52.2
54.5
55,2
50,3
57,7
59.0
58.1
58.8
59.3
61.1

275.3
275.6
276.2
276.8
276.6
276.6
279.0
278.6
279.0
278.9

533.0
531.7
533.7
532.8
534.1
534.1
537,9
535.7
538.5
538,3

K SEE FOOTNOTE PAGE 6.
XX SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
435 r------ ----- ---

BILLIONS OF DOLLARS
-------- ----- =1 435

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

I

15 29 12 26 10 24

7 21

5 19

2 16 30 13 27

II

25

8 22

6 20

3 17 31

14 26 14 28 11

25

9 23

1973
LATEST DATA PLOTTED WEEK ENDINGi MAY 9,

1973

CURRENT DATA APPEAR IN THE BOARD OF SOVERNORS’ H.9 RELEASE,
W U^U!£&<£“S1 cSffAI?§fl!|g>NaSI&SilrfTioUBCK?’<:'*L P'‘PE,,■ “W”-'-"' BOWMMNGS OF

1973

BILLIONS

4
1 1
18
25
2


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Federal Reserve Bank of St. Louis

9

CRED1T
PROXY

CRED1T
PROXY
ADJUSTED

421.1
419.2
420.5
421.4
424.3
423.4

426.0
424. 1
425.8
426.8
429.5
428. 4

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MAY 9, 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
MAY

7.
7,
10,
6,
8,
11.
10,

1973
1973
1973
1972
1972
1972
1972

15.5
18.0
14.6
15. 1
14. 1
13.8
12.2

16.3
18.4
15. 1
15.4
14.3
14. 1
12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

MUNICIPAL
BONDS** —

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

3 17 31

14 28 12 26
APR
MAY

9 23

7 21

4 16

1

15 29 13 27

10 24

6 22

5 19

2

JAN

FEB

16

2

16 30 13 27 11

25

1972
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 18, 1973

1973
MAR.

APR.
,
MAY

2
9
16
23
30
6
13
20
27
4
1 1
18 *
25

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECUR1T1ES

MUN1C1 PAL
BONDS net

7.25
7.27
7.29
7.31
7.31
7.27
7.25
7.25
7.27
7.26
7.26
7.28

5.81
5.85
6.05
6.31
6.29
6.45
6.20
6. 16
6.23
6.24
6.07
6. 18

6.76
6.84
6.90
6.91
6.79
6.77
6.67
6.73
6.79
6.79
6.76
6.75

6. 16
6. 18
6. 22
6. 24
6. 18
6. 16
6.09
6.07
6. 10
6. 15
6. 15
6. 15

5.22
5.27
5. 34
5.35
5.26
5.22
5.07
5. 17
5. 14
5. 1 0
5. 10
N. A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS.
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

THURSDAY DATA.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

8.0

PERCENT
--- 8.0

—

PRIME BANK
LOAN RATE

COMMERCIAL PAPER

FEDERAL FUNDS RATE

3 17 31

MAR

H 28 12 26

APR

MAY

9 23

JUN

7 21

4

JUL

AUG

18

1

IS 29 13 27

SEP

OCT

10 24

NOV

8 22
DEC

S 19

z

JAN

FEB

1972

16

Z

16 30 13 27

MAR

L

_
MAR.

!
APR.

MAY
1

2
9
16
23
30
6
13
20
27
4
1 1
18 *
25

.

11

25

MAY

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 18,

1973

APR

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS net

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD'S HBK

6.30
6.53
6.85
7.08
7. 13
7.18
7.13
7.13
7. 13
7.13
7.13
7.21

6.75
7.02
7.13
6.96
7. 1 1
7.18
6.84
7.23
7. 14
7.43
7.60
7.81

6.30
6.65
6.83
7.00
7.00
7.00
6.98
6.88
7.00
7.00
7.00
7.09

6.38
6.60
6.85
7.05
7.23
7.27
7.31
7.27
7.28
7.34
7.38
7.45

1973

l

1_______
* AVERAGES OF RATES AVAILABLE.
** FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK END ING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR
THE BOARD OF GOVERNORS* H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.


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Federal Reserve Bank of St. Louis

IN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

t

*

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

1973

MILLIONS

BILLIONS OF DOLLARS
2.5

2.0

1845
1.5

1.0

BORROWINGS

0.5

1

15 29 12 26 10 24

7 21

S 19

2 16 30 13 27 11

25

I 22

6 20

3 17 31

14 29 14 29 11 25

FEB

MAR

9 23

APR

LATEST DATA PLOTTED WEEK ENDING. MAY 16. 1973

BUSINESS LOANS

( COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
106

- COMPOUNDED ANNUAL RATES OF CHANGE
_AVERAGE OF THE FOUR WEEKS ENDING
MAY 9, 1973 FROM THE FOUR
- WEEKS ENDING:
BUS I NESS
BUSINESS
LOANS
LOANS
ADJUSTED
'MAR. 7, 1973
- FEB. 7, 1973
JAN. 10, 1973
~DEC. 6. 1972
_ NOV. 8. 1972
OCT. 11. 1972
- MAY 10. 1972

104
102
100

34.5
46.9
47.5

98

36.3
33.5

96

39.0
32.2

20.8

94

BUSINESS LOANS ADJUSTED 14

92
90
MILLIONS
BUSINESSBUSINESS
LOANS
LOANS ADJUSTED

88
86

BUSINESS LOANS

102,381
64
82

1

15 29 12 26 10 24

7 21

JUN

5 19

JUL

2 16 30 13 27

SEP

1

OCT

8 22

6 20

5 17 51

14 29 14 29 11

FEB

MAR

25

9 23

APR

LATEST DATA PLOTTED WEEK ENDING. MAY 9. 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES.
HOLDING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS