Full text of U.S. Financial Data : Week Ending: May 25, 1977
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l/ u: FINANCIAL. ID ATA wiSS Week ending: May 25, 1977 3 rtf HjJ LIBRARY DEC 2 6 1979 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The rate of growth of net time deposits (page 8) has slowed noticeably during the past three months. After increasing at a 14.5 percent annual rate from late May 1976 through mid-February 1977, net time deposits have increased at a much slower 8.9 percent rate from mid-February through late May 1977. Most of this recent reduction in the growth rate of net time deposits has occurred since mid-April when short-term market interest rates increased. Net time deposits at commercial banks consist of savings deposits, time deposits open account, plus time certificates of deposit other than negotiable certificates of deposit issued in denominations of $100,000 or more. The growth of such deposits depends, in part, on the spread between the interest rates offered on these deposits and market rates of interest on securities. As market rates of interest on securities rise above time deposit rates, the growth of net time deposits slows. During the latter part of 1976, time and savings deposit rates were about the same as, or higher than, the market interest rates on short-term Treasury securities. Growth of net time deposits was very rapid during this period. With short-term interest rates on Treasury securities rising in recent months, the rate of growth of net time deposits has declined. Interest rates on most securities have increased since mid-April. Although short-term rates increased by the largest amount, intermediate- and long-term rates have also increased from their mid-April levels. Despite the recent increase in the prime bank loan rate, the spread between the prime rate and the interest rate on four- to six-month commercial paper is currently less than 100 basis points. Since June 1976, this spread has generally been more than 130 basis points. Prepared by Federal Reserve Bank of St. Louis Released: May 27, 1977 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 136 MILLIONS 134 132 130 128 126 124 122 5 APR 19 2 1« 30 MAY 14 28 JUL 11 25 8 22 6 20 3 17 1 AUG 1976 15 29 12 26 JAN 9 23 9 23 6 20 4 18 1 15 29 FEB 1977 LATEST DATA PLOTTED WEEK ENDING: MAY 25, 1977 THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM THE FEDERAL RESERVE BANK OF ST. LOUIS. MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 5/26/76 8/25/76 10/27/76 11/24/76 12/22/76 1Z26/77 2/23/77 3/23/77 8.6 8.5 7.3 9.0 7.3 6.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 10/27/76 11/24/76 12/22/76 1/26/77 2/23/77 3/23/77 4/27/77 5/25/77 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.3 7.7 7. 1 6.7 6.8 7.0 7.2 6.9 8.1 7.0 6.3 6.5 6.9 7. 1 6.8 6.8 5.7 6. 1 6.8 7. 1 6.6 3.8 4.9 6.0 6.5 6.1 5.5 6.8 7.2 6.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIERS ADJUSTED FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO MULTIPLIER RATIO 2.444 2.445 2.42 2.435 LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 122 COMPOUNDED ANNUAL RATES -- OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING MAY 25, 1977 FROM __ THE FotlR WEEKS ENDING: 120 118 116 DEC. 22 1 976 MAY 1976 26 114 ADJUSTED FEDERAL RESERVE CREDIT 112 110 1977 108 MILLIONS 106 1111 104 25 1 12 7 21 5 19 2 16 30 14 28 11 25 8 22 6 20 3 17 I I I I I I I 1 15 29 12 26 JAN 1976 9 23 FEB 9 23 6 20 APR 1977 4 18 1 15 29 MAY LATEST DATA PLOTTED WEEK ENDING: MAY 25, 1977 1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE. 2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT AND OTHER 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 775 BILLIONS 770 763,0 761.7 763.9 762.8 763.7 765 760 -E3 755 750 745 740 735 730 725 720 715 710 705 700 695 690 685 5 APR 19 2 16 SO H 28 11 25 8 22 6 20 3 17 1 MAY 15 29 12 26 JAN 9 23 9 23 1 6 20 FEB APR 15 29 MAY 1976 LATEST DATA PLOTTED WEEK ENDING: MAY 18, 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: 5/19/76 8/18/76 10/20/76 11/17/76 12/15/76 1/19/77 2/16/77 3/16/77 6.6 8.8 8.4 10.3 9.3 9.9 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// 7 5/18/77 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.8 10.4 10.4 10.8 10.3 10.0 10.3 10.0 12.5 11.9 12.3 11.2 10.8 11.0 10.6 12.0 12.6 10.9 10.3 10.7 10.2 12. 1 10.0 9.5 10. 1 9.7 9.9 9.3 10. 1 9.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS C MONEY STOCK ( Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 330 BILL!ONS 321.4 321.0 322.7 321.3 320.8 322.2 325 320 315 310 305 300 295 5 APR 18 2 16 30 MAY 14 28 JUL 11 25 8 22 6 20 3 17 OCT AUG 1976 NOV 1 15 29 12 26 JAN 9 23 FEB 9 23 6 20 APR 1977 4 18 1 15 29 MAY LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. THE MONEY STOCK CONSISTS OF DEMAND OEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC. MONEY STOCK (Mi ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 5/19/76 8/18/76 10/20/76 11/17/76 12/15/76 1/19/77 2/16/77 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.7 5.3 4.3 5.8 4.9 4.8 5.8 6. 1 6.6 4.6 6.9 5.3 5.2 6.5 6.8 3.2 7.7 5.0 5.0 6.7 7.2 7.5 4.0 4.2 6.4 7.0 6.7 6.1 8.3 8.7 0.6 5.7 6.8 9. 9 10.0 12.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 10.0 9.5 9.0 CORPORATE AAA BONDS 8.5 8.0 7.5 PRIME BANK LOAN RATE 7.0 >_ t _ 6.5 COMMERCIAL PAPER 6.0 5.5 5.0 4.5 4.0 2 16 30 M 28 11 25 9 23 6 20 AUG 1976 3 17 I 15 29 12 26 10 24 7 21 4 16 JAN SEP FEB 4 16 1 15 29 13 27 MAY 10 24 JUN 1977 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 27, 1977 1977 APR. 1 8 15 22 29 MAY 6 15 20 27 36 JU^iE 3 10 17 24 90 DAY CD’S mat PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDS 36* 4.81 4.85 4.84 4.74 4.81 4. 94 5.21 5.35 5.58 4.88 4.88 4.88 4.86 4.86 4.98 5.25 5.53 5.63 4.76 4.79 4.76 4.76 4.82 5.06 5.33 5.43 5.55 8.10 8. 10 8.05 7.99 8.01 8.04 8.07 8.06 8.06 5.85 5.79 5.70 5.73 5.68 5.76 5.82 5.70 N.A. * AVERAGES OF RATES AVAILABLE. HOE BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. 39Of 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 PERCENT 8.0 -- .J-L.L1 - 8.0 1 A 3-5 YlEAR GOVEFINMENT SECURI TIES V \ 1 \ ^ , vA 6.5 r / / 7.0 6.5 1 1 1 ~r~ i J • \ 1 \ \ - -1-1.1..]. 6.0 —’ D1SCC UNT RATE 5.5 5.5 V f 1 TH ^EE-MON TH TR EASUR" r B1 LL MARK ET Yl ELD 1 5.0 EDERA . FUNDS RATE a. - 1 1 1 X: - / S - / 4.5 5.0 1 1 1 6.0 1 ‘V 1 1 1 1 ■ \ / Vs J 1 1 / 7.0 7.5 ..LI / TT 7.5 4.5 1 1 1 . 1- Sy r— - 4.0 4.0 sl 111 APR 1 1 1 111 1 1 1 1 MAY JUN JUL 1 1 1 1 1 1 .1111 1 1 1 JJ L 1 jii 111 J_LL .11 1 1 1 1 1 _lu! AUG SEP NOV FEB MAY OCT DEC JAN MAR 1976 APR JUN 1977 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 27, 1977 1977 APR. 1 8 15 22 29 MAY 6 13 20 27 * JUNE 3 10 17 24 FEDERAL FUNDS** 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR GOVERNMENT SECUR1T1ES LONG-TERM GOVERNMENT SECURITIES 4.74 4.60 4.65 4.71 4.82 5. 15 5.31 5.34 5.45 4.57 4.58 4.55 4.51 4.51 4.75 4.96 5.05 5.10 5. 15 5, 14 5.03 5.04 5.18 5.28 5.46 5.52 5.47 6.70 6.70 6.52 6.49 6.59 6.72 6.78 6.79 6.78 7.56 7.55 7.48 7.45 7.51 7.57 7.61 7.58 7.54 * AVERAGES OF RATES AVAILABLE. ** SEVEN-DAY AVERAGES FOR WEEK END ING WEDNESDAY TWO DAYS EARL IER THAN DATE SHOWN CURRENT 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 460 BILLIONS 455 441.6 440.7 441.2 441.5 442.8 443.9 450 445 440 435 430 425 420 415 410 405 400 395 390 385 7 21 5 19 APR MAY 2 16 30 M 28 JUL 11 25 8 22 6 20 3 17 1 AUG 1976 15 29 12 26 JAN 9 23 9 23 6 20 FEB 1977 LATEST DATA PLOTTED WEEK ENDING: MAY 18, 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 #100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 5/19/76 8/18/76 10/20/76 11/17/76 12/15/76 1/19/77 2/16/77 3/16/77 11.3 11.0 9.6 10.4 8.9 8.2 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 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.8 14.5 15.2 14.8 14.5 14. 1 13.7 13. 1 17.3 17.9 16.5 15.8 15. 1 14.4 13.5 19.2 16.4 15.4 14.4 13.6 12.5 15.4 14.4 13.4 12.7 1 1 .6 12. 1 11.6 11.3 10.2 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 245 BILLIONS APR. 13 238.6 237.8 239. 1 240 — MAY 237.3 238.4 235 230 225 220 5 19 2 16 30 14 28 11 25 8 22 6 20 3 17 1 15 29 12 26 JAN 9 23 9 23 6 20 4 18 1 15 29 FEB 1976 1977 LATEST DATA PLOTTED WEEK ENDING: MAY 18, 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: 5/19/76 8/18/76 10/20/76 11/17/76 12/15/76 1/19/77 2/16/77 3/16/77 -2.2 4.3 5.7 10.1 10.2 13.3 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.7 4.5 3.2 5.2 3.8 3.8 4.9 5.4 6. 1 3.4 6.6 4.3 4. 1 5.7 6.2 1.7 7.7 3.9 3.8 6.0 6.6 7.2 2.4 2.7 5.5 6.2 5.9 5.1 8.0 8.4 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 54 52 7 21 APR 5 19 2 16 50 14 28 11 25 8 22 MAY 6 20 3 OCT NOV 17 1 15 29 12 26 9 23 1976 9 23 6 20 4 18 1 15 29 1977 LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1977 APR. 6 13 20 27 MAY 4 11 18 25 JUNE 1 8 15 22 29 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 61.4 60.4 59.6 59.3 59. 4 F0.3 6 .2 62.4 61.6 61.3 61.2 61.3 62.0 62.3 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 billions of dollars 1SZL MILL I ON?. APR. 20 5 19 APR 2 16 SO 14 28 MAY JUL 11 25 8 22 8 20 3 OCT AUG NOV IT 1 IS 29 12 26 JAN 9 9 23 6 20 4 APR FEB MAY 18 1 15 29 LATEST DATA PLOTTED WEEK ENDING: MAY 25, 1977 BUSINESS LOANS ( COMMERCIAL AND INDUSTRIAL ) BILLIONS OF DOLLARS 12 4 ---------- ---- WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS - ----- ------ 124 - _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ~THE FOUR WEEKS ENDING - MAY 18, 1977 FROM — THE FOUR WEEKS ENDING: . MILLIONS APR. 13 116,979 5 19 APR MAY 2 16 30 14 28 JUL 11 25 8 22 6 20 3 17 AUG SEP OCT NOV 1976 LATEST DATA PLOTTED WEEK ENDING: MAY 18, 1977 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JUN 1 15 29 12 26 DEC JAN 9 23 FEB 9 23 6 20 4 APR MAY 18 1 15 29 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING MAY 18* 1877 FROM THE FOUR 570 CRED I T CRED I T PROXY -PROXY flkjUglSQ. 560 16, 16, 19, 15, 17, IS, 19, AUG. 1977 1977 1977 1976 1976 1976 1976 550 CREDIT PROXY ADJUSTED 1/ 540 530 520 CREDIT PROXY BILLIQNS CREDIT EBflXY, 540.0 537.7 537.2 535.9 537.8 5 19 2 16 30 14 28 11 25 JUL AUG G 22 6 20 3 OCT NOV 17 1 15 29 12 26 9 23 JAN FEB 1976 LATEST DATA PLOTTED WEEK ENDING: MAY 18, CURRENT DATA APPEAR 1/ 9 23 6 20 CREDIT PROXY ADJUSTED 510 547.1 547.9 545.6 500 543.6 545.9 490 4 18 1 15 29 1977 1977 IN THE BOARD OF GOVERNORS' H.9 RELEASE. INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. EURODOLLAR BORROWINGS OF PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
@FedFRASER