Full text of U.S. Financial Data : Week Ending: May 20, 1970

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

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Week ending: Nay 20, 1970
■^rfowji

LIBRARY
The money stock averaged $202.9 billion in the
four weeks ending toy 13, up at a 6.6 per cent annual
rate during the last three months (page 3). This exper­
ience compares with about no change in money during the
second half of 1969. Recent months have included several
unusual jumps and dips which tend to obscure the trend
growth of money.
Time deposits at commercial banks have increased
at a 15 per cent rate in the past three months, compared
with a 5 per cent average rate of decline in the previous
year (page 6). As a result the money stock defined to
include time deposits has increased at an 11 per cent
rate during the past three months (page 7). The turn­
around in the trend of time deposits reflects for the most
part the relaxation of Regulation Q last January and the
lower short-term market interest rates from early January
to late March. In the last week of torch yields on threemonth Treasury bills averaged 6.16 per cent (6.34 per cent
on a bond-yield equivalent basis), slightly below the 6.5
per cent maximum banks can pay on large certificates of
deposit maturing in 60 to 89 days. Most market interest
rates rose from late torch to early May. In the three days
ending May 20 the three-month Treasury bill rate averaged
6.67 per cent (6.88 per cent on a bond-yield equivalent
as is ) .


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

Other monetary magnitudes have also risen
recently. Federal Reserve credit has increased at a
rapid 10 per cent rate since early February, compared
with a slight 1 per cent rate of growth from June to
February (page 2). The monetary base, with Federal
Reserve credit as its largest source, has risen at an
8.8 per cent rate during the last three months and
at a 6.6 per cent rate over the last six months. By
comparison, growth of the base averaged a 2 per cent
annual rate in the nine months prior to November 1969
(page 2).
Most market Interest rates have increased
since late March (pages 10 and 11). Yields on threeto five-year Government securities averaged 7.94 per
cent in the three days ending May 20, up from 7.08 per
cent in the week ending March 27, Yields on seasoned
corporate Aaa bonds, unlike most rates, changed little
in the first three months of the year, and recently
moved to a new high, averaging 8.16 per cent in the
first half of this week. Rates on prime four- to sixmonth commercial paper averaged 8.25 per cent in the
three days ending May 20, compared with about 8 per
cent in April and 9 per cent in early January.

Prepared by Federal Reserve Bank of St. Louis
Released: May 22, 1970

MONETARY BASE []_
FEDERAL RESERVE CREDIT \2
Averages of Daily Figures

*

Sill

3 of Dollars

82

81

Billions o

Annual rates of change, average of
four weeks ending May 20, 1970 from
four weeks ending:

81

20.2 A.
F.R.
Credit
80

Feb.
Nov.
Aug.

80

18, 1970 + g.Z
19, 1969 +■ & U
20, 1969 -f-sfl /

May 21,

1969

79

-h 3. ?
79

1957-1969

78

78

77

77

I

76

75

68

Uses of the 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.

67
Federal Reserve

74

66

65

12 70

m

73 $33
19! 77&
2o,o *7
7
y i s’d3>j'<2
/3' 79239
Ao $o%/7

64

63

62

0

Defined to include holdings of securities,
loans, float, and ’bther" assets, adjusted
for reserve requirement changes and changes
requirements due to shifts in deposits among
Latest data plotted week ending:May 20,
classes of banks.
L_J_I_l_!_!_I_L_l_I_L_J_I_l_U
8 22 5 19
2 16 30 14 28 11 75 9 23 6 20 3 17 1 15 29 12 26 10 24
Apr.
Ma;.*
June
July
Aug. Sept.
Jan.
Feb.
Oct.
Nov.
Dec.
'
1969


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

Monetary
F.R. Credit
Base

65

/o./

{,<r A,kr
64

<e(, 3(,u

*'(,,91/
73

63

62
4 18
Mar..

1

15 29
Apr.
1970

Prepared by Federal-Reserve Bank of St.Louis

13 27
May

10 24
June

8

22
July

0

RESERVES
Ail Member Banks in the Nation
Averages of Daily Figures
1
Seasonally Adjusted

Billions of Dollars

IT "TTTI 1""
|
|
IT1
1
TTh ! 1 1 1 rnItrrM r
nrrn
rr
J Annual rates of change, average of four weeks

T

Billions of Dollars

1 '

30.0

30.0
Feb. 18, 1970
.Nov. 19, 1969
29.5

•vug.
17U7
May 21, 1969

•/-A-

(,-J
29.5

T’ cK* /
__ 1

-J- ry

lQtQ 1QA<

29.0

1
h_r

29.0

28.5

28.5

f

1

\

/

<N
IV

28.0

J

r

Si -

V
1

V
\

1
'7”

\

nL
\ /1

~

L\
\ tA
V

J
7

TT
A

'A
1

V
>

TOTAL

A
fl

I_L

Bnj

~T

28.0

r

Vy;^7.7

v J7
P1

V

27.5

n

hV
A

ii

J

5
n

1

27.5

W-

X

rf

27.0

27.0

TT
3±t±

26.5

r"

I

Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability, back data have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
include ail "bills payable checks" and so-called ,
"London checks" as deposits subject to reserve .
requirements.

26.0

25.5

25.0

Data exclude increase in required reserves of
about $400 million due to changes in Regulations
M and D effective Oct. 16, 1969.

24.5

Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H. 9 release.

1'1-a te st

0

I

8

dat a p otte d fA a
]□
—1 1 _]
i.

22
Jan.

5


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

19
Feb.

5

19
Mar.

2

2

0, 1 9 70

16 30 14 28
Apr.
May

_i_i

11 25
June

9

_i

23
July
1969

u6

20
Aug.

3 17
Sept.

1

15 29 12 26
Oct.
Nov.

10 24
Dec.

7

21
Jan.

4 18
Feb.

4 18
Mar.

1

-L

!?70
,IRSSERVES

26.5

r

j TOTAL
26.0

-TTIclac H \

3-7.2-

J37-3 ■
25.0

1

15 29 13 27 10 24
Apr.
May
June
1970

Prepared by Federal Reserve Bank-of St. Louis

8

22
July

illi.

4

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Ad justed

of Dollars

171

Billions of

Dollars
171

170

170

Annual rates of change, average of four weeks
ending May 13, 1970 from four weeks ending:

169

169

168
167

Feb. 11, 1970
Nov. 12, 1969
Aug. 13, 1969
May 14, 1969

+S,7
-j- <2.4
y- /.Jl
+■/.(,

1957-1969

-b&.f

166
165

168

;
.

167

-

166
165

164

164

163

163

162

162

161

161

160

160

159

159

158

158

157

157

156

156

155

155

154

154

153

153

152

152

151

151

150

150

149

149

148

148

147

147

146

146

145

145

144

144

143

143

142

142

141

0

Latest data plotted week ending: May 13,. 1970

141

__________ ________ ____________

I 1.1-1-1 I 1 I I I 1 M ! I I ! i I I M [ I l l -i 11 I I I I M it I ' I 1 11 1 1 1 I II l! 1 II I I I 1 I
8

22
Jan.


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

5

19
Fe'-.

5

19
Mar.

2

16 30
Apr.

14 28
May

11 25 9 23
Time
July
1969

6 20
Aug.

3

17 1
Sept-.

15 29
Oct.

12 26
Nov.

10 24
Dec.

7

21
Jan.

4 18
Feb.

4 18
Mar.

1

15 29 13 27 10.24 8 22
Apr.
May
June
July
1970

Prepared by Federal Reserve Bank of St. Louis

0

Llli<

of Dollars

215
214
213
212
211

5

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
215
214

-Annual rates of change, average of four weeks —
'ending May 13, 1970 from four weeks ending: —
Feb. 11, 1970
Nov. 12, 1969

213

212

+ J, 7

211

-f- c2.<>

210

May 14, 1969

210

209

1957-

209

208

208

207

207

206

206

205

205

204

204

203

203

202

202

201

201

200

200

199

199

198

198

197

197

196

196

195

195

194

194

193

193

192

192
Ti'Toa-

191

v

.

a coX

191

190

190

189

189

188

188

187
186
185

0

187
Current data appear in the Board's H.6 release.

. Latest data plotted week ending:
J l

l

8 22
Jan,


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

I

i

5

i

i

19
Feb.

i

5

i

L_i i

19
Mar.

2

i

i

i_j

16 30
Apr.

i

186
185

May 13, 1970

; i. i

14 28
May

i

:

i i

i

i

i

l

11 35 9 23
I me
July
1969

6

20

3 17
Sept.

1

7 21 4 18
Jan. Feb.

4 18
Mar.

1

15 29
Apr.
1970

13 27
May

Prepared by Federal Reserve Bank of St. Louis

10 24
June

0

llii

6

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures
Seasonally Adjusted

of Dollars

234

Billions of Dollars
234
232

232
“Annual rates of change, average of four weeks
~ ending May 13, 1970 from four weeks ending:

230
228
226
224

230
228

-Feb. 11, 1970
“Nov. 12, 1969

-r /«f. •27

226

_ Aug. 13, 19 69
-May 14, 1969

-f. /. S'
■— / .b

224
222

222
1957-1969

>20

220

218

218

216

216

214

214

212

212

210

210

208

208

206

206

204

204

202

202

200

200

198

198

196

196

194

194

192

192

190

190

188

188

186

186

184

184

182

182

180

180
178

178
Current data appear in the Board's H.6 release.

176

176
174

0

174
_ Latest data plotted week ending: May 13, 1970
rI

8

22
Jan.

5

19
Pel.


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

5

19
Mar.

1!IL_J

2

!1I—I!II

L_i

16 30 14 28
Apr.
May

IIi—1

II1_1

>1 26 9 23
June
July
1969

___
Il11

6 20
Aug.

I

I!l_l

3

II

17
Sept.

1

15

29 12

26

10 24

7

21

4

18

4

18

1

15

29

13

1970

Prepared by Federal Reserve Bank of St. Louis

27 10 24
June

8

22

0

.

i Hi-

MONEY STOCK PLUS TIME DEPOSITS
Averages of Doily Figures
Seasonally Adjusted

i of Dollars

432
430

Billions of Dollars

Annual rates of change, average of four weeks
ending May 13, 1970 from four weeks ending:

428
426

Feb.
Nov.
Aug.
May

424
422
420

11,
12,
13,
14,

1970
1969
1969
196?

+ /o.1
+ V-7

•i~b-3L

1957-1969

418
416
414
412
410
408
406
404
402
400
398
396
394
392
390
388

LI 10

386

\(Y\ar

384

/T ; J ?'/■ 0
33 i 394 i
Apr / 1
i \ Hoj.9

382
380

Jj '

\

$7- \ 4fi0.n

378

3,1 [ HOO.S

376

Current data appear in the Board s H.6 release,

374

rrr i i t 1 i 1 i i

372

0’

_ _
*7 ! -37J-6
11 ! 313-3

k I %‘.Vs

Latest Data Plotted Week Ending: May 13, 19*0

LI l i.l M 1 1 I i I I I ..............................
8

22
Jan.

5

19
Feb.


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

5

19
Mar.

2

16 30
Apr.

14 28 11 25
May
June

9 23
July
1969

6

20
Aug.

3

17 1
Sept.

15 29 12 26
Oct.
Nov.

10 24
Dec.

7

21
Jan.

4 18
Feb.

1

a

15 29 13 27 10 24
Apr.
May
June
1970

Prepared by Federal Reserve Bank of St. Louis

«

22
July

CERTiFICATES OF DEPOSIT 11
Large Commercial Banks
Wednesday Figures

Billions of Dollars

“
_
-

8
Billions of Dollars

Annual rates of change, data
not seasonally adjusted, average
of four weeks ending May 13, 1970
from four weeks ending:
Feb. 11, 1970

4-Zlo- 7
*

May 14, 1969
1964-1969

Millions of Dollars
mriJ '

l)

il.o/l

’

//, no

Current and year ago data appear in the
Board's H. 4. 2. release.
If Negotiable time certificates of deposit
in denominations of $100,000 or more.
J I I I 1 I I I l I i I I i I I l l. t I I l i i
Latest data plotted: May 13, 1970
8

22

5


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

19

5

19

2

16

30 14

28
May

.11 25
June

9

23
July
1969 '

6

20
Aug.

3

17
Sept.

1

15 29

12

26 10 24

7

21

4

18

4

18

1

15

29

13

Prepared by Federal Reserve Bank of St. Louis

27 10 24

8

22

0

1X1:

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

ns of Dollars

Billions of Dollars

Seasonally adjusted by this bank
I

88
lAimual rates of change, average of four weeks
ending May 13, 1970 from four weeks ending:
86

Feb.
Nov.
Aug.
May

11,
12,
13,
14,

1970
1969
1969
1969

— hoi
-t-O'if
ti-ft.

7"-3'2,

84
1960-1969

82

80

78

76

74

72

MILLIONS OF DOLLARS
SEASONALLY
UNADJUSTED ADJUSTED

P3Q

70

1&S3I

a
IS

7?.A-7V

AS

£4^
a?

66

0


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

9

1969

23
July

6

20
Aug.

15 29
Oct.

12 26
Nov.

10 24
Dec.

7

21
Jan.

4

18
Fi^b.

1

o,v

71157

ItS 7o
77,&>2

j

7t,7o

7?.J3£
777S9 ,
7J9AJT : 7*^.7 1
7%1a2L I 75U37S

|

.
Latest data plotted: May 13, 1970
Li_i_.I-L.-t_l... 1 I L 1 ! i I I. 1 I I I I I
19 2 16 30 14 28 11 25
8 22 5 19 5
Mar.
Apr.
May
June
Jan.
Feb.

71

7ZSS3

68

yj

HZS
Z.tSo

15 29 13 27
Apr.
May
1970

Prepared by Federal Reserve Bank of St. Louis

I

71,<£73

10 24
June

8

22
July

6 8.

10
YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

PER CENT

CENT
'.50

9.50

.00
Prime Commercial
Loan Rate
.50
;

' Corporate
Aaa Bonds I

8.00

.00

3-5 Year
Govt. Sec.

.50

.00

Three-Month
Treasury Bill
Market Yield-'

.50

Discount Rate

6.00

.00

.50
3-Month
Treasury
Bill
' £.vJvT

>5 Year___ Long-Term

Corporate

.00

(■■3 7

(>■<,T

(,■83

50

It.So

<,-n
A. 00

00

50

Latest data plotted are averages of rates available for the week ending;May 22, 1970
10

2A

7

21

7

21

4

18


* AIT)RAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2

Ifi

30 13 27 11 25
June
1969

8

22

5

19
Sept.

3

17

31 14

78

12 28

9

23

6

20

6

20

3

17

1

15 29

12

10 24
June

1970
Prepared by Federal Reserve Bank of St. Louis

11
SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

11.00

10.50

10.50

10.00

10.00

Federal Funds Rate

Commercial Paper
4-to-6 Month
8.50

1970
7.50

Prime
ommercial 1
Prime
Paper
I Bankers
4-6 Month _^cueDLances
S.sTo
j
7•

2.So
g.JJ

7,71

<?.00
$,0O

%■

13

7 So
7.S2
7.9JT

7*2.3

2,0%

1-3J
t-3’0

2.0 0

.7./?

%.c2

Federal
Funds

7-7?

7.to
7-*S3

:

$-°-3

90 Day

kit
1713

. Bankers
Acceptances

E.00

i

4-13.
H-0%

|
|

Discount Rate

-----Latest data plotted are averages of rates available for the week ending: j^ay 22, 1970
10 24
Jan.

7

21

7

21

4

18

2

16 30

13 27 11 25
June
July
... 1969

8 22
Aug.

5 19
Sept.

3

17
Mar.

15 29 12 26
May
June

*AVERAGES OF RATES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE


** SOURCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
SECONDARY MARKET RATE ON 90“DAY PRIME CD'S
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

12

BORROWINGS AND EXCESS RESERVES
Al! Member Banks in the Nation
Averages of Daily Figures

Millions of Dollars
3,200
3,000

EXCESS
RESERVES

2,800

Ji9
|

jso
9b

2,600

TTTT T

t nr , FREE
BORROWINGS RESERVES

r-*3$
| ~fil
■ -un
-9 Ho

j

7/-

Millions of Dollars

\

fJP-

zn
Ub

2,800

2,400

2,200
2,000

44
Borrowings

1,600
1,400
1,200

U SrA

1,000

.Excess Reserves

1,000

-

1,200

-

Net Free Reserves

-1,400
-1,600
-1,800

2,000

-

2,200

2,200

-

-2,400
■2,600

-2,600
-2,800

Latest data plotted week ending: May 20, 1970
-3,000

-3,000
22

5

19
Feb.


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

5

19
Mar.

2

16
Apr.

30 14

28 11

May

25- ' 9

June
«

23

6 20

3

17

July

Augi

Sept.

15

29 12

26 10

24

7

21
Jan.

4

18

4

18

1

15 29
Apr.

13 27 10 24
May
June

1969

Prepared by Federal Reserve Bank of St. Louis

8

22
July