Full text of U.S. Financial Data : Week Ending: May 18, 1977

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

V/

u.
i

Week ending: May 18r 1977

LIBRARY
dec

%

6 197§

I


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

After surging upward by a large amount in
the week ended April 6, net demand deposits which are
included in the major monetary aggregates have
remained almost unchanged. In the week ended April
6, net demand deposits rose $5 billion on a seasonally
adjusted basis. In the most recent week for which
data are available, the week ended May 11, net demand
deposits averaged about the same as in the week ended
April 6.
This past week many large commercial banks
raised their prime rate from 6.25 percent to 6.50
percent. The prime rate is the interest rate charged
by banks to their large commercial customers with the
highest credit rating. This upward adjustment in the
prime rate follows the general upward adjustment of
other market interest rates that has taken place in
the last few weeks. For example, the interest rate
on prime 4-6 month commercial paper, a major
alternative source of funds for prime rated
borrowers, has averaged 5.24 percent over the last
three weeks, compared to an average of 4.87 percent
over the previous three weeks.
The Federal funds rate has risen quite
sharply in recent weeks. From an average of slightly
above 4.60 percent over the first half of April, the
funds rate has risen to an average of 5.34 percent in
the week ended last Wednesday. This increase in the
funds rate has moved it from a level well below the
discount rate to a level slightly above the current
discount rate of 5.25 percent; the discount rate
which has prevailed since late November of last year.
Concurrent with this closing of the gap between the
Federal funds rate and the discount rate, member bank
borrowings from Federal Reserve Banks has started to
increase. Member bank borrowings had remained at
very minimal levels for an extended period of time
(p. 11). For example, over the first half of last
month when the Federal funds rate was about 60 basis
points below the discount rate, member bank
borrowings averaged about $50 million or less.
During the last three weeks member bank borrowings
have averaged $165 million.

Prepared by Federal Reserve Bank of St. Louis
Released: May 20, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

136 i----------- i---------- 1-----

---- ----- ---- ~i 136

MILLIONS
132,382
_

MAY

3 17 31

14 28 12 26

8 23

7 21

4 18

JUL

AUG

1

15 29 13 27 10 24

OCT

8 22

NOV

S 18

2

JAN

FEB

16

2 16 30 13 27 11

1976

1977

LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977
£CIR|LATToNAfcURRENCYT^LD BY^THE PUBLIC™IN THE^ULffop'-COMiRC1lAL^Sf MItED
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY

bam?/

JIKrl
a

ncTAii cn^^c ARE

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING
5/19/76

8/18/76 10/20/76

1/17/76 12/15/76

1/19/77

2/16/77

9.0
9. 1
8.3

8.4
7.6

3/16/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/20/76
11/17/76
12/15/76
1/19/77
2/16/77
3/16/77
4/20/77
5/18/77

2

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

7.2
7.4
7.3
S. 4
6.8
6.9
7. 1
7.0

8.2
7.7
6.2
6.9
7.0
7.3
7. 1

7.5
5.0
6.3
6.5
7. 1
6.9

3.4
5.6
6.0
6.7
6.6

5.3
6.0
6.9
6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

25

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

MULTIPLIER

RATIO
2.440

LATEST DATA PLOTTED WEEK ENDING: MAY 11, 1977
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
120

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 18. 1977 FROM

1 18
116

1977

NOV.
-- AUG

17

114
1976
1976
1976

ADJUSTED FEDERAL RESERVE CREDIT
112
110
108

977
APR.

106

MILLIONS

13

—I 104

4 112
18 1 1
I I I I ll
3 17 31

14 28 12 26

9 23

7 21

4 18

1

15 29 13 27 10 24

JUL AUG
1976

8 22

5 19

2

16

JAN

FEB

2

16 30 13 27 11

APR

25

MAY

1977

LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977
1/ RATIO OF MONEY STOCK <Ml) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRActlNG TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
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 BANK OF ST. LOUIS

3

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
770

BILLIONS
761.3
763.0
761.7
763.9
762.6
763.7
745
740
735
730
725
720
715
710
705
700
695
690
665
680
9 17 91

14 28 12 28

APR

0 29

MAY

7 21

4 18

15 20 19 27 10 24

JUL AUG
1976

OCT

8 22

NOV

5 10

2 16

JAN

FEB

2 16 90 19 27 11

APR

25

MAY

1977

LATEST DATA PLOTTED WEEK ENDING: MAY 11, 1977
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:
5/12/76

8/11/76 10/13/76 11/10/76

12/8/76

1/12/77

2/9/77

6.7
8.5
8.5

9.8
9.4

3/9/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/13/76
11/10/76
12/ 8/76
1/12/77
2/ 9/77
3/ 9/77
4/13/77
5/11/77

4 FRASER
Digitized for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

9.5
10. 1
10.3
10.8
10.2
10.0
10.2
10.0

12.0
11.8
12.3
11.2
10.8
10.9
10.6

12.3
13.0
11.2
10.6
10.7
10.4

12.7
10.4
9.9
10.2
9.9

10.2
9.5
10.0
9.7

10.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
330

BILLIONS
320.3
321.4
321.0
322.7
321.2
320.8

APR.

325

320

315

310

305

300

295

3 17 31

M 28

APR

12 26

9 23

MAY

7 21

4 18

JUL

AUG

1

IS 29 13 27 10 24

OCT

8 22

NOV

5 19

2 16

JAN

FEB

2 16 30 13 27 11

APR

25

MAY

1977
LATEST DATA PLOTTED WEEK ENDINGs MAY 11, 1977
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 , AVERAGE OF FOUR WEEKS ENDING:
5/12/76
8/11/76 10/13/76 11/10/76 12/8/76 1/12/77
2/9/77
3/9/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/13/76
11/10/76
12/ 8/76
1/12/77
2/ 9/77
3/ 9/77
4/13/77
5/11/77


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

4.2
4.9
4.3
5.6
4.7
4.6
5.3
6.0

6.2
4.8
6.9
5.3
5.1
6.0
6.8

4.5
8. 1
5.4
5.1
6.3
7.3

7.9
4.5
4.3
5.9
7.1

6.3
5.5
7.1
8.3

0.4
4.5
6.7

8.0
9.8

12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.0

PERCENT
—I 10.0

—

CORPORATE

Aaa

BONDS

PRIME BANK
LOAN RATE

MUNICIPAL
\
BONDS** --

COMMERCIAL PAPER

S 19

2 16 30 14 28 11

25

9 23

6 20

AUG
1976

3 17

1

15 26 12 26 10 24

SEP

7 21

JAN

1

FEB

15 29 13 27

MAR
1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 20, 1977

1977
MAR.

4
11
18
25
APR.
1
8
15
22
29
MAY
6
13
20 5K
27

90 DAY
CD’S #S3K

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Am BONDS

MUNICIPAL
BONDS **

4.88
4.87
4.83
4.80
4.81
4.85
4.84
4.74
4.81
4.94
5.21
5.35

4.85
4.85
4.88
4.88
4.88
4.88
4.88
4.86
4.86
4.98
5.25
5.50

4.83
4.84
4.81
4.79
4.76
4.79
4.76
4.76
4.82
5.06
5.33
5.38

8. 10
8.12
8.09
8.09
8. 10
8. 10
8.05
7.99
8.01
8.04
8.07
8.07

5.92
5.92
5.90
5.88
5.85
5.79
5.70
5.73
5.68
5.76
5.82
N. A.

* AVERAGES OF RATES AVAILABLE.
## BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
see* SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N.A. - NOT AVAILABLE

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.0 --

PERCENT

--

V N
^

8.0

3-5 YEAR
GOVERNMENT SECURITIES

DISCOUNT RATE

FEDERAL FUNDS RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

4.0

0

4.0

111
5 1©
MAR

1 1 1 Llll LLLJ-.I 1.11 LLLL llll JJJ llll
2 16 30 14 28 11 25 9 23 6 20 3 17 1 15 29 12 26 10 24
APR
MAY
JUN
JUL
AUG SEP
OCT
NOV
DEC
1976

Nil

1 1 1
7 21
JAN

1 1 1
4 18
FEB

1 1 1
4 18
MAR
l977

1 15
APR

0

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 20, 1977

1977
MAR.

4
1 1
18
25
APR.
1
8
15
22
29
MAY
6
13
20 516
27

FEDERAL
FUNDS *6K

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECUR1T1ES

4.68
4.63
4.62
4.77
4.74
4.60
4.65
4.71
4.82
5.15
5.31
5.34

4.66
4.63
4.59
4.57
4.57
4.58
4.55
4.51
4.51
4.75
4.96
4.99

5.23
5.22
5.18
5.17
5.15
5.14
5.03
5.04
5.18
5.28
5.46
5.45

6.76
6.77
6.71
6.68
6.70
6.70
6.52
6.49
6.59
6.72
6.78
6.71

7.60
7.60
7.56
7.55
7.56
7.55
7. 48
7. 45
7.51
7.57
7.61
7.57

F# AVERAGES OF RATES AVAILABLE.
AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN
_ T9yR5E,NT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
*
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.


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
455

BILLIONS

450

441.1
441.6

445

441.2

440

442.8
435
430
425
420
415
410
405
400
395
390
385
380
3 17 31

14 28 12 26

APR

9 23

MAY

7 21

4 18

JUL

AUG

1

15 29 13 27 10 24

OCT

8 22

NOV

S 19

2 16

JAN

FEB

2 16 30 13 27 11

APR

25

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 11, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*NET TIME DEPOSITS 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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/12/76
8/11/76 10/13/76 11/10/76 12/8/76 1/12/77
2/9/77
3/9/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/13/76
11/10/76
12/ 8/76
1/12/77
2/ 9/77
3/ 9/77
4/13/77
5/11/77

8


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

13.8
14.4
15. 1
14.9
14.6
14.2
13.9
13. 1

16.6
17.3
16.5
15.8
15.1
14.6
13.5

18.7
16.8
15.6
14.7
14.1
12.7

16.4
15.0
14.0
13.4
11.9

12.9
12.4
12. 1
10.6

11.4
11.4
9.7

11.2
9.0

8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
245

BJLUONg
237. 1
238.6
237.8
239. 1
237.8
237.4

240

235

230

225

220

3 17 31

14 28 12 26

9 23

7 21

4 18

JUL

AUG

1

IS

26 13 27 10 24

OCT

8 22

NOV

5 19

2 16

JAN

FEB

2 16 30 13 27 11

APR

25

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 11, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
5/12/76
8/11/76 10/13/76 11/10/76 12/8/76 1/12/77
2/9/77
3/9/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/13/76
11/10/76
12/ 8/76
1/12/77
2/ 9/77
3/ 9/77
4/13/77
5/11/77


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

3.0
4.0
3.2
5.0
3.7
3.5
4.4
5.2

5.6
3.8
6.5
4.3
4.0
5. 1
6. 1

4.0
8.5
4.6
4.2
5.6
6.9

7.8
3.0
2.8
4.8
6.4

5.1
4.2
6.3
8.0

-2.5
2.8
5.7

7.4
10.0

13.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL

BANKS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

78
76
74
72
70
68

66
64
62
60
58
56

52
I I I I 1 I I I I I I I I 1 I I I I I I I I I I

I I M I I I I I I I I I I I I I I I I I I I I I I

11 I I I 1 1 -ll ILL

3 17

1

31

MAR

14 28 12 26

APR

MAY

9 23 7 21

JUN

JUL

♦ 18

AUG
1976

15 29 13

SEP

OCT

27 10 24 8 22

NOV

DEC

5 19

2 16

2 16 30 13 27 11

JAN

FEB

MAR
1977

APR

25

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 11, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

1977
MAR-

2
9
16
23
30
APR.
6
13
20
27
MAY
4
11
18
25

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS- ADJ. SEAS-. ADJ60.3
60.5
60.5
60.8
61.6
61.4
60.4
59.6
59.3
59.4
60.3

62.7
62.4
62.0
61.8
62.5
62.4
61.6
61.3
61.2
61.3
62.0

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 NAT I ON
BILLIONS OF DOLLARS
1.5

AVERAGES OF DAILY FIGURES

billions

OF dollars
1.5

r' "l

E

1977

1.0

APR. 13

38

27
4
11
18

99
214
156
126

tJU

1Y

-

MILLION&

1.0

-L L J -L i

0.5
-

-

7

j

0.5

-LLi_L --LLL ~LLL -LLLL J-LL
a

17 a

MAR

14

APR

9a

\9

I 1 i

-LLLL

1 1 1

I 1 1

1 1 1 1

9

MAY

JUN

JUL AUG
SEP
OCT
1976
LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977

NOV

DEC

I 1 1

-LI 1

-LLLL -LLJ

-LLL

5 18

2 16

2 16 30 IS 27 11

JAN

FEB

MAR
1977

APR

25

MAY

BUSINESS LOANS

C COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
124 ------ ----- --

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
---- —--- ----~i 124

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— the four Seeks ending
— MAY 11
1977 FROM
— THE FOUR WEEKS ENDING: .
~ MAR.
— FEB.
— JAN.

9, 1977
9, 3977
12, 1977

3 IT 31 14 28 12 26

MAR

APR

8 23

JUN

■

7 21

4 18

1

15

1-1 I I I I I I

29

JUL AUG
SEP
OCT
1976
LATEST DATA PLOTTED WEEK ENOING: MAY 11, 1977


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

MAY

0.0
4.4
4.5

NOV

5 19

2 16

JAN

FEB

2 16 30 15 27 11

APR

25

MAY

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
580

r COMPOUNDED A1MJAL RATES OF CHANGE,
= average of the four weeks ending
= MAY 11, 1077 FROM THE FOUR
— WEEKS ENDING!
=
CREDIT
=
CREDIT
PROXY

=

.PROXY

=

570

ADJUSTED.
560

550

1976

CREDIT PROXY ADJUSTED 1/

1976
1976

540

530

520

CREDIT PROXY

510

CREDIT

£BOXY
539.3
539.3
540.0
537.7
537.3

ADJUSTED
546.7
547.1

543.6

S 17 SI

14 28 12 26

APR

MAY

B 23

7 21
4 18
JUL
AUG
1976

1

LATEST DATA PLOTTED WEEK ENDINGi. MAY 11,

IS 2B IS 27 10 24
OCT
NOV

8 22

S IB
JAN

2 IS
FEB

500

545.6

2 16 30 IS 27 11 2S
APR
MAY
1977

1977

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BAAK DEPOSITS. SAAK-RELATED COMMERCIAL PAPER. EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER MONOEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

490