Full text of U.S. Financial Data : Week Ending: May 19, 1971

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Week ending: May 19,1971
library

money supply (demand deposits and currency held by the
public) increased $2.5 billion to $223.3 billion in the week ending
May 12, about the same level as in the first week of April (page 5).
Money grew at a 9.1 per cent annual rate in the past four months,
following a 5.5 per cent increase from February 1970 to January 1971
and a 3 per cent increase during 1969. \J Demand deposits grew 8.9 per
cent in the past four months, compared to 5.1 per cent from February
1970 to January 1971 and 2.4 per cent during 1969 (page 4). In the past
four months Federal Reserve holdings of U. S. Government securities
increased about $1.9 billion, of which $.7 billion were Treasury bills
and $1.2 billion were securities of longer than one-year maturity.

#
Loans and investments at all commercial banks have risen sub­
stantially faster since November 1970 than in the preceding eighteen
months, but their rate of expansion has slowed since February. From
February to April 1971 bank loans and investments grew at a 9.6 per
cent annual rate, after rising at a 15 per cent rate from November 1970
to February 1971. By comparison, they rose at a 9 per cent rate from
February to November 1970 and a 1 per cent rate from May 1969 to February

Total loans grew at only a 2.7 per cent annual rate since
February, compared to a 7.9 per cent rate in the preceding three months.
Loans expanded at a 4.8 per cent rate from May 1969 to November 1970.
Bank investments expanded at a 28 per cent rate since November 1970,
well above the 19 per cent rate that prevailed in most of 1970 and the
7 per cent rate of decline in 1969.
Most interest rates have risen since March, with the rise
particularly pronounced in short-term securities (pages 10 and 11).
For the three days ending May 19, three-month Treasury bills and fourto six-month commercial paper yielded 4.37 per cent and 5.08 per cent,
respectively, compared to 3.38 per cent and 4.19 per cent in March.
Long-term Government bonds and corporate Aaa bonds yielded 6.07 per
cent and 7.55 per cent, respectively, earlier this week, compared
to 5.71 per cent and 7.21 per cent in March. The Bond Buyer index
of 20 municipal bonds rose to 5.96 per cent on Thursday, May 13,
from a rate of 5.28 per cent on March 11.

Data for rates of change of the money supply from February 1970 to
January 1971 and earlier time periods, and in similar manner for bank
loans and investments, are computed from monthly figures as presented in
Monetary Trends, published by this Bank.


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

Prepared by Federal Reserve Bank of St. Louis
Released: May 21,1971

MONETARY BASE ^
FEDERAL RESERVE CREDIT ^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
---------- ---------- ---------- 88

88 -------- 1---------- 1----COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 19, 1971 FROM
THE FOtlR WEEKS END I NGi _
MAR.
FFB.
JAN.
DEC.
NOV.
OCT.
SEP.

17,
17,
20,
16,
18,
21,
16,

1971
1971
1971
1970
1970
1970
1970

8.9
11.2
10.1
11.2
9.8
9.1
8.2

“
MONETARY BASE

MILLIONS
APR.

14

8

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 19, 197! FROM
THE FOUR WEEKS ENDING:MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.

17,
17,
20,
16,
18,
21,
16,

1971
1971
1971
1970
1970
1970
1970

9.3
11.1
12.5
14.3
12.5
11.5
10.2

FEDERAL RESERVE CREDIT

MILLIONS
1

1

’5 29 13 27 10 24

8 22

5 10

2 16 30 14 28 11 25

OCT

9 23

NOV

6 20

3 17

JAN

FEB

71

3 17 31

14 26 12 26

APR

MAY

1970
LATEST DATA PLOTTED WEEK ENDING: MAY 19, 1971
i’' ii
<?F9 np ADJURED
uonftarY BASE ARE MEMBER BANK RESERVFS AND CURRENCY HELD BY THE PUBLIC ANO NONMEMBER
BANKS
FOR RESERVEREQU1REMENT CHANGES JJnDSHIFTS IN DEPOSITS.
FOR A OESCRIPTI ON
OF Th£ BASE SEE THE AUGUST 1968 ■•REVIEW" OF THIS BANK.
DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER" ASSETS, ADJUSTED FOR

2/ RESERVE REQUIREMENT CHANGES ANO CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
32.0

BILLIONS OF DOLLARS
32.0

31.5

31.0

31.0

30.5

30.5

30.0

30.0

29.5

29.5

29.0

29.0

28.5

28.5

28.0

28.0

27.5

4 18

1

15 29 13 27 10 2 4

MAY

8 22

5 19

2 16 30 14 28 11 25

9 23

6 20

3 17

JUN

3 17 31

14 28 12 26

APR

LATEST DATA PLOTTED WEEK ENDINGs MAY 19,

MAY

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
* BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1,


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

1971
APR.
MAY

BILLIONS
14
2!
28
5
12
19

30.5
30.9
30.9
31.5
30.9
31.2

1970.

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 19, 1971 FROM
THE FOUR WEEKS ENDING-.
MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.

1 7,
17,
20,
16,
18,
21 ,
16,

1971
1971
1971
1970
1970
1970
1970

7..8
9..5
9..4
11. 5
11. 9
9..6
10. 4

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

billions
172.7
172. I
169.8
168.6
170.2
172.4

4 l«

1

15 29 15 27 10 24

MAY

8 22

5 19

2 16 50 14 28 11

JUN

OCT

25

9 23

6 20

3 17

3 17 31

NOV

14 28 12 26

APR

1970

MAY

1971

LATEST DATA PLOTTED WEEK ENDING: MAY 12,

1971

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING;
5/13/70

9/9/70 10/14/70 11/11/70

12/9/70

1/13/71

2/10/71

3/10/71

11.9
14.5
8.9

21.6
11.8

6.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/14/70
11/11/70
12/ 9/70
1/13/71
2/10/71
3/10/71
4/14/71
5/12/71


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

6.6
5.2
5.6
5.0
4.4
6. 2
7.5
6.2

0.0
2.5
2. 1
1.7
5. 1
7.1
5.4

2.8
2.2
1 .7
5.8
8.2
6.0

4.3
3.0
7.8
10.2
7.3

0.7
7.7
10.7
7. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF.DAJLY FIGURES
SEASONALLY -ADJUSTED

BILLIONS OF DOLLARS
225 I—®—I------------ 1

BILLIONS OF DOLLARS
-------- ---------- ---------- 225

billions
223.1

222.6

220.3
219.2
— MAY

220.8

223.3

4 18

1

15 29 13 27 10 24

8 22

5 19

2 18 SO 14 28 11 25

OCT

9 23

NOV

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

1970
LATEST DATA PLOTTED WEEK ENOING. MAY 12,

1971

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

COMPOUNDED ANNUAL RATES OF CHANGE ,
5/13/70

9/9/70 10/14/70 11/11/70

AVERAGE OF FOUR WEEKS ENDING:

12/9/70

1/13/71

2/10/71

3/10/71

11.4
13.5
9.1

19.4
11.6

7. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/14/70
11/11/70
12/ 9/70
1/13/71
2/10/71
3/10/71
4/14/71
5/12/71


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

6.0
5.2
5.4
5.0
4.6
6.2
7.3
6.4

1.4
3.0
3.0
2.7
5.5
7.3
5.9

3.7
3.4
2.9
6.4
8.3
6.6

4.7
3.6
7.8
9.8
7.6

2.2
8. 1
10.5
7.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
.
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
260

247.9
248. 1
247.9

250

249.9
250.6
240

230

220

210

200

1

15 29 13 27 10 24

8 22

5 19

2 16 30 14 28 11 25

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

LATEST DATA PLOTTED WEEK ENDING. MAY 12, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
5/13/70

9/9/70 10/14/70 11/11/70

AVERAGE OF FOUR WEEKS ENDING:

12/9/70

1/13/71

2/10/71

3/10/71

31.1
27.9
23.1

27.8
21.6

16.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/14/70
11/11/70
12/ 9/70
1/13/71
2/10/71
3/10/71
4/14/71
5/12/71


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

27.0
25.3
24.8
25.9
26. 1
26.8
26.4
25.0

24. 8
23.8
26.2
26.5
27.7
26.9
24.7

19.0
24.0
25.0
26.7
26.0
23.5

27.5
27.8
29.2
27.8
24.6

30.5
31.6
29.2
25.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
-------- ---------- --------n 480

480 c------- ,-------------1----BILLIONS
=_ APR

471.0
470.7
468.2
467.9
470.7
473.9

MAY

JUN

6 20

3 17

JAN

FEB

3 17 31

14 28 12 28

APR

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 12, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
5/13/70

9/9/70 10/14/70 11/11/70

AVERAGE OF FOUR WEEKS ENDING:

12/9/70

1/13/71

2/10/71

3/10/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/14/70
11/11/70
12/ 9/70
VI3/71
2/10/71
3/10/71
4/14/71
5/12/71


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

16.0
14.8
14.7
15. 1
15.0
16.2
16.6
15.5

12.5
13.1
14.3
14.3
16.3
17.0
15.2

11.3
13.6
13.8
16.4
17.1
15. 1

16. 1
15.6
18.4
18.9
16.2

16.0
19.6
19.8
16. 5

21.1
20.8
16.3

23.8
16.8

12. 1

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS

4 16

1

15 29 13 27 <0 24

BILLIONS OF DOLLARS

WEDNESDAY FIGURES

B'LLIONS OF DOLLARS
30 ---------- ------------- -------

8 22

5 19

2 16 30 14 28 11 25
OCT
NOV

9 23

6 20
JAN

3 17
FEB

3 17 31

14 28 12 26
APR
MAY

LATEST DATA PLOTTED WEEK ENDINGj MAY 12, 1971
CURRENT AND YEAR AOO DATA APPEAR IN THE BOARD OF GOVERNORS’ H.4.2 RELEASE.
NEGOTIABLE tIME CERTIFICATES OF DEPOSIT IN DENOMINATIONS OF 6100,000 OR MORE.


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

MILLtONS

1971
APR.

MAY

7
M
21
28
5
12

27,315
27,237
26,741
27,219
27,127
27,182

PREPARED BY 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
S45

335

CREDIT PROXY ADJUSTED 1/
325

315

CREDIT PROXY
305

295

285

4 18

1

15 20 13 27 10 24

« 22

5 10

2 16 30 14 28 II 25

0 23

6 20

3 17

1970

3 17 31

14 28 12 26

1971

LATEST DATA PLOTTED WEEK ENDING: MAY 12, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1971

APR.

MAY


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

BILL..LONS

7
14
21
28
5
12

CRED1T
PROXY

CRED1T
PROXY

adjusted

335.7
337.9
337.9
335.1
337. 1
339.4

341.6
343.0
342.7
339.8
341.6
343.6

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
MAY 12, 1971 FROM THE FOUR
WEEKS ENDING:
CRED1T
CRED1T
PROXY
PROXY
ADJUSTED
MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.

10
10
13
9
11
14
9

12. 1
14.7
16.0
16.7
17.2
16.4
15.9

5.2
7.7
9.0
10.0
10.5
9.6
8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT
9.0 -------

PER CENT
------- 9,0

CORPORATE Aaa BONDS
PRIME COMMERCIAL
LOAN RATE

MUNICIPAL
BQfcC-S*

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

6 20

3 17 1

MAR

APR

15 29 12 26

MAY

JUN

10 24

7 21

JUL
AUG
1970

4 18

2 16 30 13 27 11

SEP

OCT

NOV

DEC

25

8 22

JAN

5 19

FEB

5 19

MAR
1971

2 16 50 14 28

APR

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 21, 1971

1971
MAR.

APR.

,
1

MAY

5
12
19
26
2
9
16
23
30
7

M

21 *
28

Am BONDS

CORPORATE

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECUR1T1ES

MUNICIPAL
BONDS Ktt

7. 13
7.20
7.26
7.25
7.22
7.23
7.24
7.24
7.31
7.43
7.48
7.55

3.35
3.28
3.39
3.37
3.61
3.78
3.96
3.81
3.93
3.84
3.96
4.37

5.07
4.75
4.55
4.56
4.85
5.08
5.37
5.59
5.77
5. 92
5.98
6.24

5.94
5.77
5.65
5.54
5.64
5.66
5.73
5.82
5.81
5. 92
5.96
6.07

5.37
5.28
5.00
5.03
5. 15
5.21
5.32
5.48
5.69
5.85
5.96
N. A.

* AVERAGES OF RATES AVAILABLE.
S* BONO BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
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

PER CENT
9.5 -------

PER CENT
------- 9.5
““

—

8.5

IN I. N IL

9.0

8.0

-

COM*!
RCIAL 1 APER
4-TO— 6 MONTH

—1

-T,
t

^

8.0

A
-

5.0

z

6.0

\

M il I N I

TTTT

\
\a

4.0

3.0

MAR

4.5

■\ A

4.0

___

vl

5.5

ILLL -L I L J ILL
APR

MAY

111

1 III _LLL

1 1 1

JUN

JUL
AUG
1970

SEP

_LJ_LL _U_L 111
OCT

NOV

3.0

i i i i

111

i lx

JAN

FEB

MAR
1971

DEC

MAR.

APR.

MAY

5
12
19
26
2
9
16
23
30
7
14
21 X
28

1 1 M
APR

11 ia
MAY

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CO'S Ml

4.25
4.25
4.20
4.05
4.23
4.28
4.58
4.70
4.80
5.00
5.00
5.08

3.45
3.48
3.90
3.60
4.20
4.13
4.23
4.23
4.18
4.65
4.48
4.63

3.75
3.70
3.83
3. SO
4.00
4. 13
4.38
4.45
4.60
4.83
4.88
4.92

4.04
3.89
3.81
3.83
3.87
3.94
4. 13
4.46
4.72
4.82
4.83
4.91

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
Ml DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES END ING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.

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

3.5

-

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOINGt MAV 21, 1971

1971

5.5

5.0

/\A aV

FEDEF AL FUM >5 RA1

M IL

4.5

7.0

6.5

IN I

5.5

7.5

-

r\

\l

TTTT

6.0

(\

1LLL

8.5

\ TV

MM

7.0

TTTT

7.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DA I LY F I GURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.0
BORROWINGS
1.6

t.2

0.8

0.4

EXCESS RESERVES

0

NET FREE RESERVES
-0.4

-0.4

0.8

-

-1.2

1.6

-

2.0

-

4 It

1

15 29 13 27 10 24

MAY

t 22

5 19

2 16 30 14 28 11 23

JUN

OCT

NOV

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

MAY

LATEST DATA PLOTTED WEEK ENDING: MAY 19, 1971


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

EXCESS
RESERVES

1971
MAR.

APR.

MAY

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

170
82
265
68
376
277
206
81
82
377
242
115

MILLIONS
BORROWINGS
258
421
290
333
257
197
150
84
1 77
175
98
308

FREE
RESERVES
-

-

88
339
25
265
119
80
58
3
95
202
144
193

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2.0

-