Full text of U.S. Financial Data : Week Ending: May 22, 1974

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

Week ending: May 22, 1974
LIBRARY
JUN 0 8 1979


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

The Board of Governors of the Federal
Reserve System recently released a revision of
money stock and related measures which incorporates
benchmark data on nonmember banks available from
the December 31, 1973 '’Call of Condition Report,"
and from reports of foreign agencies and branches.
The main effect of this revision on money stock is
to raise the level by progressive amounts begin­
ning in August 1973. On a monthly basis, the
level of money stock was raised by $0.1 billion in
August-October, $0.4 billion in November, $1
billion in December, $1.2 billion in January and
February, and $1.3 billion in March.
The upward revision in money stock data
has brought the growth of the monetary base and
money closer together for the last six months. On
an average-of-four-weeks to average-of-four-weeks
basis, the money stock, using revised data, has
grown at an 8.2 percent annual rate over the last
six months, compared to about a 7.5 percent annual
rate reported with the unrevised data. Over the
past six months the monetary base has risen at a
9.3 percent rate. The growth rates of base and
money have both been considerably more rapid over
the recent six months than over the previous six
months when the base and money grew at about 6
percent and 5 percent rates respectively. Over
the last year, the monetary base has increased 7.7
percent and the money stock has increased 6.6
percent.
Total time deposit data have also been
revised upward. On average, over the four weeks
ended May 8, total time deposits were about $850
million higher on a revised basis than originally
reported. One of the uses of the monetary base is
to support time deposits. Therefore, the upward
revision in time deposits helps to explain the
remaining discrepancy between the growth of base
and money.

Prepared by Federal Reserve Bank of St. Louis
Released: May 24, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED OY THIS BANK

BILLIONS OF DOLLARS
112

MILLIONS

— MAY

4 18

2 16 90 19 27 II 25

JUN

8 22

5 19

3 17 31

JUL

14 28 12 26
NOV
DEC

9 23

6 20
FEB

6 20
MAR

1973

3 17
APR

I

15 29 12 26

I 974

LATEST DATA PLOTTED WEEK ENDING. MAY 22,

1974

USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND N0M4EMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS.
FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 1’REVIEW■ OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/23/73

8/22/73 10/24/73 11/21/73 12/19/73

1/23/74

2/20/74

3/20/74

6.8
8.6
8.3

10.4
9.4

9.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/24/73
11/21/73
12/19/73
1/23/74
2/20/74
3/20/74
4/24/74
5/22/74


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

5.9
6.2
6.9
7.5
7.2
7.3
7.8
7.7

7.2
8.2
8.8
8.2
8.3
8.8
8.6

9.9
10.3
8.9
8.9
9.4
9. 1

11.2
9.1
9. 1
9.7
9.3

8. 1
8.3
9.2
8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

REVISED DATA

MULTIPLIER

RATIO
APR.

LATEST DATA PLOTTED WEEK ENDING; MAY 15, 1974
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___THE FOUR WEEKS ENDING
MAY 22, 1974 FROM
_ THE FOUR WEEKS ENDING
MAR.

20,

JAN.

1974
1974

12.4

8.0

9.6
9. 3

10. 1
AUG.
-----MAY

1973

8. 3
5.6

FEDERAL RESERVE CREDIT

1971
APR.

4

16

2 16 30 13 27

JUN

II

25

6 22

5 19

3 17 31

14 24 12 26

NOV

JUL

9 23

6 20

6 20

Ml.LU.flM&
4
1

3 17

92
93

1

15 28 12 2®

DEC
1974

LATEST DATA PLOTTED WEEK ENDING; MAY 22,

1974

1/ RATIO OF MONEY STOCK tMl ) / MONETARY BASE.
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 DEPOSITS AMONG
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

BILLIONS
213.6
216.0
213.9
213.0
214.0
215.0

<18

2

16 30

13 27

11

D DATA

25

8 22

5 IS

3 17 31

14 28

NOV

12 26

8 23

6 20

6 20

5

17

1

15 29

12 26

DEC

1973

1974

LATEST DATA PLOTTED WEEK ENDING. MAY 15,

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/16/73

8/15/73 10/17/73 11/14/73 12/12/73

1/16/74

2/13/74

3/13/74

15.0
10. 1

3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/17/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74
4/17/74
5/15/74


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

4.6
4.6
5.9
5.6
4.5
6.4
6.4
5.9

0.2
3.4
3.5
2.2
5.2
5.4
4.8

9.5
7.2
4.4
8.2
7.9
6.8

8.4
4.3
9. 1
8.5
7.2

0.0
7.5
7.2
5.9

10.0
8.7
6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

REVISED DATA

277.7
280. 1
277.8
276.8
278.5
279.3

APR.

BILLIONS OF DOLLARS
285

280

275

270

265

260

4

16

2

16 30

IS 27

JUN

II

25

6 22

5

IS

3

17

31

14 2«

12 26

9 23

6 20

3

17

I

15 29

12 26

JUL
1973

1974

LATEST DATA PLOTTED WEEK ENDING. MAY 15,

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/16/73

8/15/73 10/17/73 11/14/73 12/12/73

1/16/74

2/13/74

3/13/74

14.7
10.6

5.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/17/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74
4/17/74
5/15/74


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

5. 1
5.0
6.2
6. 1
5.3
6.9
7.0
6.6

1.8
4.5
4.8
3.8
6.2
6.5
6.0

9.4
7.9
5.6
8.8
8.7
7.7

9.2
5.8
9.7
9. 3
8.2

2.4
8.4
8.3
7. 1

10.2
9.5
7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS
ALL COMMERCIAL BANKS

6

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

REVISED DATA

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

4

18

2

16 30

13 27

II

25

8 22

5

19

5

17 31

14 28

NOV

12 26

9 23

DEC

6 20

6 20

FEB

MAR
APR
1974

1973

3 17

I

15 29

12 26

LATEST DATA PLOTTED WEEK ENDING: MAY 15, 1974
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 DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/16/73

8/15/73 10/17/73 11/14/73 12/12/73

1/16/74

2/13/74

3/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/17/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74
4/17/74
5/15/74


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

1 1.6
12.4
1 1.7
12.2
12.7
12.7
12.0
1 1.6

14.2
12.5
13.0
13.7
13.6
12.5
12.0

12. 1
13. 1
14.2
14.0
12.4
1 1 .7

11.4
13.3
13.2
11.5
10.8

16. 1
15. 1
12.5
11.5

15.3
1 1 .6
10.6

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
690
680

D DATA

670
660
650

MONEY STOCK PLUS TOTAL TIME DEPOSITS
640
630
620
610
600
590
580
570
560
MONEY STOCK PLUS NET TIME DEPOSITS**-

550
540

4 18

2 16 30 13 27 II 25

8 2?

5 19

3 17 31

14 28 12 26

NOV

9 25

6 20

6 20

1973

1

15 29 12 26

1974

LATEST DATA PLOTTED WEEK ENDING: MAY 15,
CURRENT DATA APPEAR

3 17

DEC

1974

IN THE BOARD OF GOVERNORS*

H.6 RELEASE.

** M? IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE
5/16/73

AVERAGE OF FOUR WEEKS ENDING:

8/15/73 10/17/73 11/14/73 12/12/73

1/16/74

2/13/74

3/13/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/17/73
11/14/73
12/12/73
1/16/74
2/13/74
3/13/74
4/17/74
5/15/74


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

8.4
8.9
9. 1
9.2
9. 1
9.9
9.6
9.2

8. 3
8.8
9. 1
8.9
10. 1
9.6
9. 1

11.1
10.7
10.0
11.5
10.7
9.8

10. 1
9.5
11.4
10. 4
9.5

9.2
1 1 .8
10.5
9.4

12.9
10.6
9.2

11.8
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

<18

2

It 50

IS 27

II

2!

8 22

5 18

9 17 91

14 28

NOV

12 26

9 29

BILLIONS OF DOLLARS

6 20

6 20

9

17

1

19 29

12 26

DEC

LATEST DATA PLOTTED WEEK ENDING* MAY 15, 1974
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.

MONEY AND TIME DEPOSIT DATA
1974
APR.

3
10
17
24
MAY
1
6
15
22
29
JUNE 5
12
19
26

BILLIONS
CERTIFICATES CERTIFICATES
NET TIME
OF DEPOSIT
OF DEPOSIT
DEPOSITS*
NOT SEAS. ADJ.
69.5
71.5
71.8
73.6
74.3
76.0
77.0

71.5
73.9
74.8
76.9
78.0
79.7
80.7

310.5
311.5
312.2
312.3
312.8
312.6
313.4

M2 m
588. 1
589.3
592.3
590.2
589.6
591.1
592.8

REVISED DATA

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.

30

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

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
485

475

465

455

CREDIT PROXY ADJUSTED 1/

445

CREDIT PROXY

435

425

415

«

18

2

16 JO

13 27

11

25

5 22

5

18

3

17 31

M 28

12 26

8 23

6 20

6 20

1973

3

17

1

15 29

12 26

1974

LATEST DATA PLOTTED WEEK ENDING. MAY 15, 1974
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.

1974

APR.
MAY

BILLIQNS

10
17
24
1
8
15


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

CREDIT
PROXY

CREDIT
PROXY
ADJUSTED

459. 1
463.5
462. 1
463.6
466.0
465.8

468.4
472.9
471.8
473.8
476.4
476.5

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MAY 15, 1974 FROM THE FOUR
WEEKS ENDING:
CRED1T
PROXY
CREDIT
PROXY
ADJUSTED
MAR.
FEB.
JAN.
DEC.
NOV.
AUG.
MAY

13,
13,
16,
12,
1 4,
15.
16,

1974
1974
1974
1973
1973
1973
1973

23.4
16.5
13.4
13.5
11.5
9.4
9.6

26.3
18.8
15.4
14.8
13.0
10.3
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

12.0

PERCENT

t—

—1 12.0

I 1 .0

COMMERCIAL PAPER

CORPORATE Aaa BONDS
RIME BANK
OAN RATE

MUNICIPAL
BONDS IKK

6 20
APR

1 l«
MAY

I

IS 29

IS 27

I0 24

7 2I

5

SEP

OCT

I9

2

16 30

14 28

ll

JAN

25

3 22

8 22

5

19

3 17 31

14 23

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt MAY 24. 1974

1974
APR.

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

90 DAY
CD'S 96I8K

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

Aaa BONDS

CORPORATE

MUNICIPAL
BONDSKK

9.68
9.95
10.07
10.40
10.99
11.24
11.34
11.23

9.38
9.60
9.73
10.13
10.73
10.83
10.80
10.59

9.30
9.50
9. 50
9.85
10.40
10.70
10.75
10.75

8. 17
8.25
8.26
8.28
8.34
8.38
8.36
8.36

5.73
5.75
5.61
5.82
5.91
6.00
6. 04
N.A.

* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
n * EARtiJ,rR*^.NA^JES SH0WNCURRENT 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 FRI DAY

PERCENT

PERCENT

12.0
11.5

1 I .0

FEDERAL FUNDS RATE

10.5

10.0

9.5
THREE-MONTH TREASURY
BILL MARKET YIELD

9.0

8.5

8.0

7.5

7.0

DISCOUNT RATE

6.5

6.0

5.5
I I I I
« 20

4 14

I

i-LLl

15 29 1 3 27 10 2 4

I I I I
7 21

5 19

ill 1

2 16 50 14 28 II 25

8 22

1973

A 22

Till
5 19

3 17 31

14 28

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, MAY 24. 1974

1974
APR.

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

FEDERAL
FUNDS ss

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

9.93
10.02
10.36
10.78
11.17
11.29
11.46
10.95

8.51
8.49
8.05
8. 10
8.81
8.60
8.00
8. 10

7.91
7.98
7.94
8.04
8.29
8.51
8.20
8. 18

7.02
7.04
6.99
7.07
7. 1 1
7.09
7.02
7.05

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4,5 r-------- 1------------- 1----974
APR.

BILLIONS OF DOLLARS
----- ------------- --------n 4.5

MILL I ONS.
17

1816
2157
5088

BORROWINGS

4 18

APR

2 16 50 15 27 II 25

MAY

JUN

JUL

8 22

5 18

AUG

SEP

5 17 51

OCT

14 28 12 26

NOV

DEC

9 25

JAN

6 20

6 20

5 17

I

FEB

MAR

APR

MAY

1973

15 29 12 26

JUN

1974

LATEST DATA PLOTTED WEEK ENDING. MAY 22, 1974

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
128

“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
— MAY 15, 1974 FROM THE FOUR
_WEEKS ENDING.
BUS I NESS
"
BUS I NESS
LOANS
—
.LOANS. ADJUSTED

126
124
122

52.5

53.5
39.2

120

27.0

27.4

I IS
I 16
BUSINESS LOANS ADJUSTED 1/

1 14
112
110
MILLIONS

BUSINESS LOANS

BUSINESS-----BUSINESS
LOANS
LOANS
AQ.UUS.TEa----122,257

108
106
104
102
100

98
4 16

2 16 50 15 27 I 1 25

JUN

8 22

5 19

5 17 51

JUL

14 26 12 26

NOV
1973

9 25

6 20

6 20

5 17

I

15 29 12 26

DEC
1974

LATEST DATA PLOTTED WEEK ENDING. MAY 15, 1974
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