Full text of U.S. Financial Data : Week Ending: May 17, 1978

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Week ending: May 17, 197S
L!BRAR^tlterest rates on three-month Treasury bills rose above
‘'ceiling..,, rates on savings deposits at banks and nonbank thrift
ru n inajti^utfions in July of last year, and yields on U.S. Treasury
‘ " securities with longer maturities rose above ceiling rates on
longer-term time deposits at banks and thrifts late last year.
The rise
of
market rates relative to ceiling rates has
contributed to a slowing of the growth of deposits at banks and
thrifts in recent months, as indicated in the table below.
Annual Rates of Growth of Net Time Deposits
at Commercial Banks and Deposits at
Nonbank Thrift Institutions
(Seasonally Adjusted)
Month

Banks

Thrifts

1977 May
June
July
Aug.
Sept.
Oct.

8.7%
11.0
16.0
8.8
9.3
9.2

12.5%
13.1
15.8
19.0
18.4
15.6

Month
1977 Nov.
Dec.
1978 Jan.
Feb.
Mar.
Apr.

Banks
9.7%
4.7
8.7
8.7
6.7
5.9

Thrifts
11.8%
10.8
8.8
7.2
8.9
7.3

To allow depository institutions subject to interest rate
ceilings greater flexibility in attracting funds, two new deposit
categories have been authorized for commercial banks and nonbank
thrifts, effective June 1, 1978. One category is a time deposit
of $10,000 or more with maturity of six months. The ceiling rate
on these deposits at commercial banks will be the discount yield
on most recently issued six-month Treasury bills. This ceiling
rate will change each week if the rate on six-month Treasury
bills changes. The ceiling rate on this category of deposits at
thrifts will be one-quarter of a percentage point higher.
This
new
category
of
deposit has many of
the
characteristics of six-month Treasury bills, but there are some
significant differences for investors.
These deposits are
nonnegotiable, making them less liquid than Treasury bills.
h
penalty for early withdrawal is the same as that for other time
deposits.
Issuing institutions may offset these aspects of
illiquidity by lending to depositors using those deposits as
collateral so long as the loan carries an interest rate at least
one JIrcentage point higher than the rate being paid on the
deposit pledged.
The other new category of time deposit h®s a minimum
raai-uritv of eight years, minimum amount of $1,000, ceiling rate
of7 75yperclnt atycotnn4rcial banks, and 8 percent at thrifts.

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Federal Reserve Bank of St. Louis

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Prepared by Federal Reserve Bank of St. Louis
Released: May 19, 1978

2

MONETARY BASE
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
IM------------- 1------------ .------

___APR.

BILLIONS OF DOLLARS
------------------------------- 138

133 .4
133.8

~ MAY

2

134.8
134.7

16 30 13 27

MAR

APR

11

MAY

25

3 22

JUN

1J.1 I
« 20

3 17 31

JUL

AUG

H 28 12 2©

SEP

OCT

» 23

7 21

4

18

JAN

1

15

1

15 28 12 28

FEB

APR

1977
LATEST DATA PLOTTED WEEK ENDING: MAY 17,

10 24
MAY

1978

KHOEissmsmm
MONETARY BASE

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/18/77

8/17/77 10/19/77 11/16/77 12/14/77

1/18/78

2/15/78

3/15/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/19/77
11/16/77
12/14/77
1/18/78
2/15/78
3/15/78
4/19/78
5/17/78

9.5
9.3
9.0
9.5
10.0
9.3
9.2
9.2


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

9.2
8.7
9.6
10.2
9.3
9. 1
9. 1

7.9
9.7
10.6
9. 1
8.9
9.0

10.3
11.3
9.3
9.0
9.0

8.2
8.2

5.8

8.4

6.8

8.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO
2.9

2.8

2.7

2.7

MULTI PLIER

2.6
2.5

2.5

2.4

isza
. 5

frATIC t

2.3

APf

MA'

5 1111 1 1 1 1 1 1 1 1 11- ill. I.LLL 1 1 1 1 1 1 1111 i ii 111 ILL linil _LLLii.ni
LATEST DATA PLOTTED WEEK ENDING. MAY TO, 1978
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
“ MAY 17. 1978 FROM
___ THE FOtlR WEEKS ENDING.
—

MAR.
FEB.
— JAN.
_ DEC.
NOV.
— AUG.
_ MAY

15,
15,
18,
14,
16,
17,
18,

1978
1978
1978
1977
1977
1977
1977

ADJUSTED FEDERAL RESERVE CREDIT

10.8
10.9

1978

I I I I
2

16 SO 15 27

APR

11

23

8 22

6 20

3 17 31

MAY

LATEST DATA PLOTTED WEEK ENDING. MAY 17,

H 28 12 26

SEP

OCT

9 23

BILLIONS

I I I I
7 21

4 18

1

DEC

JAN

FEB

15

I

13 29 12 26 10 24

1978

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT
CONSISTS wr
OF runjviL
FEDERAL i>wvw>
RESERVE
OF Obvuni
SECURITIES
JJ l l Miriilidio
*w iHOLDINGS
ivuw i iw wr
■ im. LOANS, FLOAT
AND OTHER _________
___________
ASSETS. ADJUSTED
----------------------------FEDERAL-------------------------RESERVE CREDIT IS
-------------------------------------------CONFUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE $AJt£ TYPE OF DEPOSITS BETWEEN BAWS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BAfK OF ST. LOUIS

3

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
840 c-----------,----------r—.

BILLIONS OF DOLLARS
----------------- ----------- =» 840

823.7
825.9
827.8
829.5
833.7
830. 1

2 16 30 13 27

MAR

APR

11

MAY

25

8 22

JUN

JUL

AUG

SEP

OCT

NOV

DEC

1

JAN

15 26 12 36

10 24

FEB

1977
LATEST DATA PLOTTED WEEK ENDING: MAY 10,

1978

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

MONEY STOCK PLUS NET TIME DEPOSITS (M2)

5/11/77

8/10/77 10/12/77

11/9/77

12/7/77

1/11/1

6.2
6. 9
6.3
6.6
7.3

7.5
6.5
6.8
7.7

6.3
6.8
7! 9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/12/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78
3/ 8/78
4/12/78
5/10/78

9.8
9.4
8.9
8.6
8.6
8.2
8. 1
8.4


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

8.5
7.8
7.5
7.7
7.2
7.3
7.7

6.6
6.6
7. 1
6.5
6.7
7.4

2/8/78

6. 1

7.8

3/8/78

9.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
billions

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

OF DOLLARS

billions

of

dollars

341.8
344.0

___ APR

346.5
350.5

ml i.i
2 16 30 13 27
APR

11

25

8 22

6 20

3 17 31

M 28 12 26

0 23

7 21

MAY

4 18
JAN

1 15
FEB

l

15 2* 12 26 10 24

1978
LATEST DATA PLOTTED WEEK ENDING: MAY 10,

1978

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.

MONEY STOCK (Mi )
COMPOUNDED ANNUAL RATES OF CHANGE ,
5/11/77

8/10/77 10/12/77

AVERAGE OF FOUR WEEKS ENDING:

11/9/77

2/7/77

1/11/78

2/8/78

5.7
6.0
4.3
5.3
7.5

8.0
5.1
6.2
8.7

2.7
5.1
8.6

4.3
9.1

3/8/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/12/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78
3/ 8/78
4/12/78
5/10/78

8.3
7.8
7.0
7.3
7.2
6.4
6.7
7.7


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

7.8
6.3
6.9
6.9
5.8
6.2
7.6

3.6
5.6
5.9
4.5
5.4
7.3

14.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

TTTT

—i 10.0

CORPORATE

PRIME BANK
LOAN RATE

90 DAY

CD'S***

COMMERCIAL PAPER
MUNICIPAL
BONDS**

il l I
1

18

MAR

I

IS 29 13 27

APR

MAY

10 21

JUN

8 22

JUL

5

IB

AUG

2

16 30

SEP

14

28

OCT

ll

25 8 2

NOV

DEC

JAN

FEB

1977

1978

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END

90 DAY
CD*S ***
MAR.

APR.

MAY

3
10
17
24
31
7
14

6.88
6.87
6.83
6. 84
6.86
6. 95

21

6. 94
7.1 4
7.24
7.27
7.45

28
5
12
19 *
26

ING:

MAY 19,

1978

PRIME
COhMERC 1AL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS *x

6.80
6.79
6.79
6.80
6.80
6.83
6.85
6.86
£.91
6.99
7. OS
7. 14

6.80
6.80
6.80
6.76
6.80
6.85
6.84
6.92
7.06
7. 18
7.27
7.31

8.49
8.48
8.45
8.45
8.48
8.53
8.56
8.57
8.59
8.62
8.65
8,69

5.63
5. 53
5.58
5.59
5.69
5. 76
5.74
5.79
5. 98
5. 99
N, A.

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

* AVERAGES OF RATES AVAILABLE.
AA BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPA1

RONn^

tmiirqpiav

Z.^oMaIF

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.5

8.0

7.5

3-5 YEAR
TREASURY SECURITIES
7.0

FEDERAL FUNDS RATE

DISCOUNT RATE

5.5

>NTH TREASURY
IKET YIELD

I

15 29 13 27 10 24

8 22

5 10

2 18 30 14 28 11 25

0 23

6 20

3 17

JAN

FES

3 17 31

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 10,

1978
MAR.

APR.

MAY

3
10
17
24
31
7
14
21
28
5
12
19 *
26

14 28 12 26

1078

FEDERAL
FUNDS Jl8k

3-MONTH
TREASURY
BILL

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.80
6.76
6.77
6.77
6.82
6.86
6.74
6.78
7.00
7.27
7.32
7.34

6.39
6.29
6.27
6.22
6.34
6.37
6.29
6.22
6.26
6.38
6.37
6.29

6.84
6.81
6.80
6.77
6.89
6.94
6.91
6.93
7.06
7. 16
7.25
7.29

7.78

8. 1 1
8.09
8.06
8.06
8.16
8.21
8.23
8.20
8.27
8.31
8.38
8.35

7.77
7.72
7.71

7.83
7.87
7.87
7.87
7.98
8.02
8.09
8.07

* AVERAGES OF RATES AVAILABLE.

“

TO|KBo!SoNOfWlS\lR5oRS™S.SARlLiAsk!“ THAN DATE SH0W-

SSSfuS?


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Federal Reserve Bank of St. Louis

c“PUTeD BY THE fED£RAL RESERVE BA* «=ST- L0UISPREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
•495

BILLIONS OF DOLLARS
—---------- ----------- -3 495

r------------1---------- p----ISIS

BILLIONS

I M I I I I I
2

16 30 13 27 II
APR

25

8 22

8 20

5 17 SI

14 28

12 28

9 23

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 10,

7 21

4

DEC

JAN

IB

I

IS

1

IS 20

12 28

10 74

FEB

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B RELEASE.
DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
I
°F DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COliMERCIAL BACKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
5/11/77

8/10/77 10/12/77

11/9/77

12/7/77

1/11/78

6.7
7.7
7.7
7.6
7.2

7. 1
7.3
7.2
6.9

8.9
8.1
7.4

2/8/78

3/8/78

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
10/12/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78
3/ 8/78
4/12/78
5/10/78

10.9
10.5
10.3
9.5
9.6
9.4
9.2
8.9


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

8.9
8.9

8.0
8.2
8.0
7.7

8.3

8.9
7.4
7.9
7.9
7.7
7.4

7.4
6.7

6.2

PREPARED BY FEDERAL RESERVE BAI* OF ST. LOUIS

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

BILLIONS OF DOLLARS
265 ------------- ,---------- 1------

ISIS.
_

BILLIONS OF DOLLARS
------ ----------- -------------- 265

BILLIONS

APR

250.9
253.2
253.7

255.1

258.7
25-4.3

c

ID

MAR

au IS 2/

APR

1]

zs

MAY

8 Z2 6 20

JUN

JUL

3 17 31

AUG

H 26 12 26 9 23

SEP

OCT

NOV

7 21

A

DEC

JAN

18

1

13

15 29 12 26 10 2A

FEB

1977
LATEST DATA PLOTTED WEEK ENDINGt MAY 10,
CURRENT DATA APPEAR

1978

IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE ,
5/11/77

8/10/77 10/12/77

11/9/77

AVERAGE OF FOUR WEEKS ENDING>

12/7/77

1/11/78

2/8/78

3/8/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/12/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78
3/ 8/78
4/12/78
5/10/78

7.8
7.2

6.0
6.2
5.2
6.3

5.5
6.9


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

6.9
5.0
5.7
5.7
4.2
4.9

6.8

1.3
4.0
4.3
2.5
3.7
6.3

4.0
4.4

2.2

3.7
6.7

7.0
3.3
4.7

8.2

0.3
3.4
8.2

2.6
9.1

15.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ISIS

BILLIONS OF DOLLARS

BILLIONS
90.9
90.8
91.4
91.9

2 16 30 13 27 11

APR

25

8 22

8 20

3 17 31

MAY

14 28 12 26

SEP

0 23

OCT

7 21

DEC

JAN

FEB

1977

1078

LATEST DATA PLOTTED WEEK ENDING* MAY 10,

1978

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

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING*
5/11/77

8/10/77 10/12/77

11/9/77

12/7/77

1/11/78

2/8/78

3/8/78

8.7
10.2

10.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
10/12/77
11/ 9/77
12/ 7/77
1/11/78
2/ 8/78
3/ 8/78
4/12/78
5/10/78

9.9
9.8
9.8
10.0
10.2
10. 1
9.9
10.2


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

10.2
10.0
10.3
10.6
10.4
10.1
10.5

9.3
10.0
10.6
10.3
9.9
10.4

10.3
11.0
10.5
10.0
10.6

11.7
10.9
10.2
10.8

10.7
9.8
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

of dollars

2.5
I

2 16
MAR

1579

MILLIONS

26

809

10

1688

30 13 27 11 25 8 22
APR
MAY
JUN

6 20
JUL

8 17 81 H 28 12 26' 0 23
AUG
SEP
OCT
NOV

1 15 29 12 26 10 24
MAR
APR
MAY
1978

1977
LATEST DATA PLOTTED WEEK ENDINGt MAY 17,

1978

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
132
130
128
126

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED
/

-

-

128

~
-

124
122
120
118

132
130

-

“

_

126

_

124

_

~

_

—

122
120
118

116

_

I 14
112

110
108
106
104

0

_

—
ANNUAL RATE S
_OF CHANGE. AVERAGE OF
— THE FOUR *EEKS ENDING
-MAY 10, 1978 FROM
— THE FOUR WEEKS ENDINGi

_

— mar.
8. 1078
— FEB.
B. 1078
— JAN.
11, 1978
— DEC.
7, 1077
_ NOV.
0. 1077
AUG. 10, 1077
— MAY
11, 1077

_

10.0
21.2
10.2
16.6
13.8
12.7
11.4

-1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1
2 16 30 13 27 11 25 8 22

MAY

-U.l J-LLL 1
JUL
AUG
1977

LATEST DATA PLOTTED WEEK ENDINGt MAY 10r


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

_

MILLIONS

1

1 1

SEP

1 1

OCT

.1111 1
NOV

1 1

DEC

1

1 1

JAN

1

5
12
19
26
3
10

129,431
129,585
129,951
130,350
130.900
132,047

APR

110
108

-----~
-----

l!

MAY

1978
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

112

_I

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
MAR
1978

1 16

114

106
104
0

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

I I II
9 17 91

14 28 12 28

SEP

OCT

•

29

7 21

4 18

1

DEC

JAN

FEB

19

1

19 2* 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING. MAY 10, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.B RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR. MORE BY LARGE
WEEKLY REPORTING C08WCRCIAL BANCS.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS