Full text of U.S. Financial Data : Week Ending: May 23, 1973

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U.

RESEARCH LIBRARY

Week ending: May 23, 1973

Federai Reserve Bank
of St. Louis

m 2 6 1998
The nation’s money stock has increased at a 6.1 percent
annual rate in the past three months and at a 5.6 percent rate in
the past six months. These rates are slightly below the average
rate of 6.3 percent from 1967 to 1972, but above the 2.9 percent
rate from 1957 to 1967. The demand deposit component of money has
increased at a 4.1 percent rate in the past six months, in contrast
to a rapid 11 percent rate for the currency component of money.
Aggregates underlying the growth of the money stock, the
monetary base and Federal Reserve credit, have increased at rapid
rates of 9.3 percent and 18.7 percent, respectively, in the past
six months. The more rapid growth of Federal Reserve credit re­
lative to the monetary base is largely the result of the build-up
of Treasury deposits at Federal Reserve Banks from $1.3 billion six
months ago to $4.3 billion in the past four weeks. Increases in
these deposits at Reserve Banks reduce the base relative to Federal
Reserve credit.
The relatively slower growth of money compared to the
growth of underlying aggregates has been due to a decline in the
money multiplier.
The primary factors which explain the decline
of the multiplier are the more rapid growth of currency, time de­
posits, and U.S. Government deposits relative to private demand
deposits.
Late this week several banks raised their prime interest
rate on loans to large business customers from 7 percent to 7-1/4
percent. This increase reflects the increases in short-term market
rates in recent months. For example, since early this year, yields
on four-to six-month commercial paper have increased 1-3/4 percentage
points, compared with 1-1/4 percentage points for the prime bank rate.
Currently, the prime bank rate is 13 basis points below the commercial
paper rate, compared with an average of about 50 basis points above
during 1972.


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

Prepared by Federal Reserve Bank of St. Louis
Released: May 25, 1973

2

MONETARY BASE v
MULTIPLIER 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
02

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
__ MAY 23, 1973 FROM
THE FOUR WEEKS ENDING:
21,
21,
24,
20,
22,
25,
24,

MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
MAY

1973
1973
1973
1972
1972
1972
1972

100

8.5
10.2
8.5
8.4
9.3
8.7
8.3

98
MONETARY BASE
96

94
1973

MILLIONS

9

92

99,231

LATEST DATA PLOTTED WEEK ENDING-. MAY 23, 1973
RATIO
2.9

RATIO

2.8

MULTIPLIER
2.7

2.6

2.5
RATIO
APR.

5 19

3

17 31

14 28

12 26

9 23

6 20

4

16

1

15 29

13 27

10 24

7

21

7 21

11

4

18

2.607
2.594
2.557
2.597
2.615
2.608
2

16 30

— 2.4

13 27

1972
LATEST DATA PLOTTED WEEK ENDING: MAY 16, 1973
1/ USES OF 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 TH£ BASE SEE THE AUGUST 1968 1 “REVIEW OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

RESERVES AVAILABLE ^SUPPORT
Private nonbank d^osits 1/
ALL MEMBER BANKS

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

BILLIONS OF DOLLARS

_

BILLIONS OF DOLLARS
32.0

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
MAY 23, 1973 FROM
THE FOUR WEEKS ENDING:

— MAR. 21,
- FEB. 21,
I JAN. 24,

1973
1973
1973

31.5
RESERVES

10.8
9.4
7.3

31.0

30.5

30.5

30.0

29.5
1973

29.0

APR.

BILLIONS

18

_
29.0

29.83
30.05
30. 12
29.63
30.32
30. 13

28.5

28.5

92
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 23, 1973 FROM
THE FOUR WEEKS ENDING:
MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
MAY

21.
21,
24,
20.
22,
25,
24,

1973
1973
1973
1972
1972
1972
1972

90

11.7
20.0
19.7
19.1
18.7
17.8
11.9

88

86

FEDERAL RESERVE CREDIT
84

82
1973

MILLIONS
80
2

88,557
78

5

19

3

17 31

H 28

12 26

9 23

6 20

4

16

1

15 29 13 27

10 24

7 21

7 21

4

16

2

16 30

13 27

1972
LATEST DATA PLOTTED WEEK ENDING: MAY 23, 1973
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
2/ SKISES T0 >nCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER” ASSETS, ADJUSTED FOR
REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPftsiTS AMONG
CLASSES OF BANKS.
3/ 0FGANCHANGE°TnMREGULAT10N2JDATA ARE ADJUSTED due to WAIVERS ASSOCIATED WITH THE EFFECTS
*

BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4

A

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

210
BILLIONS
198.9

200.2

198.2

200.8

205

200.2

202.4

200

195

190

5

19

3

17 31

14 28

12 26

9 23

6 20

4

SEP

OCT

18

I

15 29

13 27

4

10 24

MAR

18

2

16 30

13

ZT

APR

LATEST DATA PLOTTED WEEK ENDING-. MAY 16, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
5/17/72

9/13/72 10/18/72 11/15/72 12/13/72

1/17/73

2/14/73

3/14/73

0.3
-0.2
1.9

2.1
4.1

3.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/18/72
11/15/72
12/13/72
1/17/73
2/14/73
3/14/73
4/18/73
5/16/73


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

7.8
7.6
6.9
7.9
6.5
6.4
5.6
5.9

5.8
4.6
7.1
4.8
5.0
4.0
4.5

4.4
8.0
4.8
5.0
3.8
4.5

8.5
4. 1
4.6
3.3
4. 1

5. 1
5.4
3.6
4.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

#

MONEY STOCK #
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
270 -----1------ 1--

BILLIONS OF DOLLARS
-- ------ ----- 270

BILLIONS
257.5
258.9
257.0
259.4
259.5
261.4

5

19

3

17 31

14 28

12 26

9 23

6 20

4

18

1

15 29

13 27

10 24

7 21

7 21

4

MAR

APR

18

2

16 30

13 27

1972
LATEST DATA PLOTTED WEEK ENDING; MAY 16, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/17/72
9/13/72 10/18/72 11/15/72 12/13/72 1/17/73 2/14/73 3/14/73
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/18/72
11/15/72
12/13/72
1/17/73
2/14/73
3/14/73
4/18/73
5/16/73


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

7.5
7.4
7.0
8.0
6.7
6.8
6.3
6.5

6.7
5.9
8.2
5.8
6. 1
5.4
5.9

5.6
8.9
5.6
6.0
5.2
5.8

9.8
5.2
5.8
4.9
5.6

5.6
6.3
5.1
5.9

1.5
1.7
3.5

4.6
6.1

5.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

fljTIME DEPOSITS

AL”COMMERCI AL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

340
330
320
TOTAL TIME DEPOSITS
310
300
290
280
= 270
NET TIME DEPOSITS W

= 260
= 250

5

19

3 17 31

14 26

12 26

9 23

6 20

4 18

SEP

OCT

1

13 29

13 27

10 24

7 21

FEB

1972

4

16

2

16 30

13 27

MAR APR
1973

LATEST DATA PLOTTED WEEK ENDING. MAY 16, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 6100.000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/17/72

9/13/72 10/18/72 11/15/72 12/13/72

1/17/73

2/14/73

3/14/73

7.9
8.5
8.6

9.0
8.9

9.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/18/72
11/15/72
12/13/72
1/17/73
2/14/73
3/14/73
4/18/73
5/16/73


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

12.5
12.5
12.0
12.5
12.0
11.6
11.4
11.2

12.6
11.3
12.6
1 1 .6
11,1
10.8
10.6

10.5
12.5
11.3
10.7
10.5
10.3

12.5
10.9
10.3
10. 1
9.9

12.0
10.9
10.5
10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

STOCK PLUS TI ME

tjEPOSITS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

B'LL IONS OF DOLLARS
610 r=--- ------ --

BILLIONS OF DOLLARS

-- --------- 3

MONEY STOCK PlUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS **

APR

MAT

JUN

JUL

AUG
SEP OCT
NOV
1972
i-ATFST DATA PLOTTED WEEK ENDING: MAY 16, 1973

A

DEC

FEB

MAR

1*

2

16 30

13 27

APR

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
**M« 'S DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS ( Mz 1

TO THE AVERAGF
OF FOUR WEEKS
FND1NG:
10/18/72
1 1/15/72
12/13/72
1/17/73
2/14/73
3/14/73
4/18/73
5/16/73


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

COMPOUNDED ANNUAu RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
5/17/72
9/13/72 10/18/72 11/15/72 12/13/72 1/17/73 2/14/73 3/14/73

10.0
9,9
9.5
10.3
9. 4
9.2
8,9
8.9

9.5
8.6
10.4
8. 7
8.6
8. 1
8.3

8. 1
10.8
8.6
8.4
7.9
8. 1

11.3
8.2
8.1
7.6
7.9

9.0
8.6
7.8
8.1

4.6
5. i
6. 1

6. 7
7.5

7.4

PRFPARFD BY FEDERAL RESERVE BANK OF ST. ._0U1S

610

CEFU
LAR

CATES OF DEPOSI
£ ICOMMERCIAL
BANK
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
64 ----------- ---

5 19

3

17 31

H 28

>2

26

9 23

6 20

4 18

’

15 29 13 27 ’0 24

B'Ll IONS OF DOLLARS
--- ------ ----- 64

7 21

7 tl

4

18

2

16 30 ’3 27

1973
LATEST DATA PLOTTED WEEK END'NGi MAY 16, 1973
CURRENT DATA APPEAR 1N THE BOARD OF GOVERNORS’ H.6 RELEASE.

KESLl*§^OT{fLC!oillA§lI[SB2KKSEPOS'T


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

““""“"OM

*'«.000 HI MORF BY LARGE

MONEY AND TIME DEPOSIT DATA

1973
APR.

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

CERTIFICATES
OF DEPOSIT

B'LL'ONS
NET TIME
DEPOS'TS *

M2 **

57.7
59.0
58. 1
58.8
59.3
61.1
61.8

276.6
276.6
279.0
278.6
279.0
278.8
279.9

534. 1
534. 1
537.9
535.6
538.4
538.3
541.2

* SEE FOOTNOTE PAGE 6.
SEE FOOTNOTE PAGE 7.
PRFPARED BY FEDERAL RESERVE BANK OF ST

LOUIS

9
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
445 r---- ------ --

BILLIONS OF DOLLARS
-- ------ ----445

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

5

19

3

17 31

M 26

1Z

26

9 Z3

6 20

4 IS

1

15 29

13 27

10 24

7

21

4

16

2

16 50

13 27

1973
LATEST DATA PLOTTED WEEK ENDING: MAY 16,

1973

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.

1212.

BILL I QMS
CRED1T
PROXY

APR.
MAY

1 1
18
25
2
9
16


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

419.2
420.5
421.3
424.3
423.4
424.8

CRED1T
PROXY
424. 1
425.8
426.7
429.5
428.4
430.2

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MAY 16, 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PRffi&Y ADJUSTED
MAR.
FEB.
JAN.
DEC.
NOV.
OCT.
MAY

14,
M,
1 7.
13.
15.
18,
u.

1973
1973
1973
1972
1972
1972
1972

PRE^ARFD BY

14.6
18.2
14.8
15.2
1 4. 4
13.8
12. 1

cFDERAl

15., 1
18. 6
15. 3
15. 5
14. 8
14. 1
12. 3

RF5ERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
-- 8.0

1111

8.0 --

=
7. 5

7.5

C ORPORA E AAA BONDI

__

-

-

V

f

>

V

/

—

5.5
/* “N

'w'

■J

'"‘v'

^

y

-

v V'

4.5

111!

D1SCC UNT RATE

/

4.0

HREE-MIDNTH T REASU 1Y
1 IILL MAfTKET > IELD

-

3.5

3.5

-

-

TTTT

J ILL

3.0

3.0

2.5

2.5

0

5.0

1

IL L

—1

TTTT

4.0

A—

11 1 1

4.5

IUNJ C1 ?)
Gk10NDS9BK

i

)

TTTT

5.0

6.0
-

\L

_ \ j
I V

6.5

1

r J

-

5.5

IL L

-

6.5

6.0

7.0

11

11

7.0

is--ILL .ILL 1 1 1 1

1 1 1

1 11. 1 1 1 1 -1.1J J 1 1 1 -U 1 1

7 21

5 19 2 16 SO 14 29 11

APR

MAY JUN

JUL

25

« 22 6 20

AUG
SEP
1972

OCT

3 17

1

NOV

DEC

111

15 29 12 25

JAN

111

1111 -LL.L _L.i 1...

9 25 9 25

FEB

MAR

6 20

APR
1973

±LU1

4 19

MAY

1 15 29

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi MAY 25, 1973

1973
APR.

6
13
20
27
MAY
4
11
18
25 *
JUNE 1
8
15
22
29

CORPORATE
Aaa bonds

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS 569

7.27
7.25
7.25
7.27
7.26
7.26
7.29
7.31

6.45
6.20
6. 16
6.23
6.24
6.07
6.22
6.54

6.77
6.67
6.73
6.79
6.79
6.76
6.76
6.83

6. 16
6.09
6.07
6. 10
6.15
6.15
6.21
6.30

5.22
5.07
5.17
5.14
5. 10
5. 10
5. 14
N. A.

* AVERAGES OF RATES AVAILABLE.
BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
9.0 --

PERCENT
-- 9.0

PRIME BANK
LOAN RATE
COMMERCIAL PAPER

FEDERAL FUNDS RATE

5

APR

19

2

16 30

HZ®

MAY

JUL

11

Z5

8 Z2

AUG

6 20

3

OCT

NOV

17

1

IS 29

1Z Z6

JAN

9 23

9 21

6 ZO

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 25,

1973
APR.

6

13
20
27
MAY

4

11
18
25 *
JUNF 1
8
15
22
29

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FUNDSSW

7. 18
7.13
7.13
7.13
7.13
7.13
7.28
7,38

7. 18
6.84
7,23
7.14
7.43
7.60
7.81
8.06

FEDERAL

4

18

1

IS 29

FEB

PRIME
BANKERS’
ACCEPTANCES

7.00
6,98
6.88

7.00
7.00
7.00
7,13
7.29

1973

90 DAY
CD’ S 30***

7.27
7.31
7.27
7.28
7,34
7.38
7.45
7.47

* AVERAGES OF RATES AVAILABLE.
**
AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
TWO DAYS EARL 1ER THAN DATES SHOWN.
CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS’ H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.

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

PREPARED BV FEDERAL RESERVE BANK OF ST. LOU’S

12

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

B'LL IONS OF DOLLARS
2.5 -----1------ 1-1973

billions qf dollars

-- ------ ----- 2.5

MILLIONS

APR. 18

BORROWINGS

5

19

3

17 31

14 26

12 26

9 23

6 20

4

IS

1

15 29 13

4 18

27 10 24

2 16 30 13 27

1973

’972
LATEST DATA PLOTTED WEEK ENDING: MAY 23,

1973

BUSINESS LOANS

(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
108

- COMPOUNDED ANNUAL RATES OF CHANGE
_ AVERAGE OF THE FOUR WEEKS ENDING

106

MAY 16, 1973 FROM THE FOUR

— WEEKS ENDING:
BUSINESS
—
BUS I NESS LOANS
—
LOANS ADJUSTED
— MAR. 14, 1973
— FEB. 14, 1973
JAN. 17
— DEC. ‘
_ NOV.
1972
OCT.
— MAY

31.5
45.5

104
102

32.8
42.8

46.8

100

32.4

98

-BUSINESS LOANS ADJUSTED \/j

96
94
92
MILLIONS
BUSINESSBUSINESS LOANS
LOANS ADJUSTED

90
88

103,680

BUSINESS LOANS

101,696
105,240

5

19

3

17

31

14 26

12 26

9 23

6 20

«

LATF.ST data PLOTTED WEEK ENDING: MAY 16,

16

1

15 29

13 27

10 24

7 21

4

16

2

16 30 13 27

1973

1/ INCLUDFS LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHFS,
HOLDING COMPAN IFS, AND OTHER AFFILIATES.


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

PREPARFD BY FEDFRAL RFSERVF BANK OF ST. LOUIS

86
84