Full text of U.S. Financial Data : Week Ending: May 28, 1969

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

RESEARCH LIBRARY
Federal Reserve sJIk
of St. Louis
^6 2 7 igs

s.

finsntifu 88i

Week ending: May 23, 1969

The nation's money stock., consisting of demand
deposits and currency held by the public, averaged $194.9
billion in the four weeks ending May 21, up at a 3.9 par
cent annual rate from the four weeks ending November 20
(page 5). Over the same period, time deposits have shown
little net change (page 6), and the money stock plus time
deposits has grown at a 1.5 per cent rate (page 7). These
rates are all below the unusually rapid rates of the pre­
ceding two years.
Time deposits actually continued rising until
'ate December, and then declined for a month before leveling
If. This pattern is the result of a sharp, continuing
decline in large negotiable certificates of deposit
(page 8) , coupled with moderate growth in other time and
savings deposits. From December to April, the volume
of CD's declined about $6 billion, while the volume of
commercial paper outstanding rose $2 billion.

The divergent movements in commercial paper
and large CD's, which are similar to these recorded in
the last half of 1966, are largely due to interest rate
movements (pages 10 and 11). The rate on 4- to 6-month
commercial paper rose from 6.20 per cent in mid-December
to 7.46 per cent in the early part of the current week.
During the same period, the secondary market rate on
large CD's maturing in three months rose from 6.40 per
cent to 7.45 per cent. But Regulation Q ceilings, which
limit the rates banks can offer on new CD's, remained at
6 per cent for 90 to 179 day deposits and at 6-1/4 per
cent for deposits maturing in 180 days or more. As market
rates have risen relative to these ceiling rates, certi­
ficates of deposit have become increasingly less attrac­
tive to investors, and they have bypassed the banks in
positioning their funds. However, this movement of
funds does not change materially the total volume of
liquid assets or credit extended in the economy. .

Interest Rate Movements
(Changes in Basis Points)
Week ended December 20,
1968 to Week ended
Short-fena Rates
March 28, 1969
+ .75
Federal Funds
- .09
3-Month Treasury Bills
Secondary Market Rates on CD's
4- .25
+ .68
mmercial Paper
+ .48
Bankers' Acceptances
Longer-Term Rates
3-5 Year Government Bonds
Long-Term Government Bonds
Corporate Aaa Bonds
*

+ .25
+ .41
-5- .51

Week ended March 28,
1969 to Three Days
ended May 28,
+ 1 .80
+ .16
+ .80*
+ .58
+ .87

+
+
■ « > «/-

■*»

Week ended March 28, 1969 to week ended May 23, 1969


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

*’ -***■

—

.18
.03
.18

As the accompanying table indicates, most
short-term interest rates have increased at
an accelerated pace since late March, whereas
longer-term rates have tended to level or even
decline. One explanation of these interest
rate movements is that the rise in short-term
rates represents, in part, the initial impact
of recent tighter monetary actions. The
easing in long-term rates say represent expecta­
tions that the effect of the recent tighter
monetary policy will be to reduce the rate of
increase of total spending, prices, and nominal
interest rates over the longer run.

I Rates of change reported in this release are’

intended to serve as summaries *bich say hs ]
useful in analysing recent development®.
Prepared by Federal Reserve Bank of Si. Louis
Released: May 30,1959

MONETAWSASE H
FEDERAL RESERVE CREDIT^
Averages of Daily Figures

of Dollars

80

Billions of

Seasonally adjusted by this bank. __
■Annual rates of change, average of four weeks
■ ending May 28, I9&9 from four weeks ending:

79
Monetary
Base
78

77

(Feb.
Nov.
Aug.
May

26,
27,
28,
29,

F. R. Credit

1969
1968
1968
1968

+■ V, o

V.9
Monetary Base

1957-1968

76

m

75

74

73
Federal Reserve Credit

9
<2, i
? \

72

Jt,
43
3a
7
H
c1/

71

Monetary
Base
74., 2/2
76, VAC.
7V,
77, 4,39

77.1 SI
77, t 7J,
77,\3?7
72,1
7%’ & &
f

F.R.Credit

4>3,*io ?
U 3, /S-3 C.A. 7jV
4.3, 99V
4.3, S3U
4.3, 77 S
feV.-lTF

Li 3*3.
U4, A31 ?

-If Uses of the monetary baae 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.

59

58

57

Latest data .preliminary
.
Latest data plotted week ending:May 28,

0

TTTI7 1 21I m
I M I I n n15 1 2911 121
6 20 3 17

10 24
Jan.


Feb.

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

Mar.

Apr.

May

26 10 24
June
July
1968

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.
=m:

i

7

21
Aug.

4 18
Sept.

2

16 30 13 27 11 25
Oct.
Nov.
Dec.

8 22
Jan.

5

19
Feb.

5

19
Mar.

11 n nrrm 11 h+fs
2

16 30
Apr.
1969

14 28 11 25
May
June

9

23
July

3

RESETS
Billions

ot

All Member Ban^? in the Nation
Averages of Daily Figures
14-1-11

Dollars

J-Annual rates of change, average of four weeks
“ending May 28, 1969 from four'weeks ending:
Reserves
Available
For Private
Demand Deposits

Total
Reserves

28.5

Feb.
Nov.
Aug.
May

26,
27,
28,
29,

1969
1968
1968
1968

+0.3

Billions of Dollars

TOTAL
RESERVES

Seasonal adjustment computed by this
bank^ using data ending December 1967.
Unadjusted data appear in the Board's
H.4.1. release.

/has. •f ailS

tx. 1.7.31

n A7Jt
ii

hn, i ■n 'l'i-

2S.0

1 Jb.+l
ZfcAfc.JP

-/■ 3
+ /•*

33+^7
ia £7,3.4

+ 4.8
+ 6.4

1957-1968

-

tVj 7 -77.52
/V
Jf

3S 31.40?

28.0

3,7.40
TOTAL

27.0

R
°Pv

In order to maintain comparability,
figures since April 17 are on an effective
basis, that is, reduced about $650 million
due to change in reserve requirements.

26.0

m

RESERVES
AVAILABLE
FOR PRIVATE
I
! DEMAND DEPOSITS

lit1

25.5

fflafl. o' n.T9

/x 17.37

RESERVES AVAILABLE FOR
j
PRIVATE DEMAND DEF0SITS,__

n n
il n un
Urn. s. nil

A

7 / 7.JLU_j

/<> n.i.4 L-j-j
o?J

17.4

/7-dV

3a/7.72

7 /If3 -

14 n.siu\—j—

I /7Ml>
«A 6 / 7. L / :

17.0

16.6

16.8

Latest data preliminary
Latest data plotted week ending: May 28, 1969
10 24
Jan.

7 21
Feb.


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

6

20
Mar.

1

15 29
May

12 26 10 24
June
July
1968

7

21
Aug.

4

18 2 16 30 13 27 11 25
Sept.
Oct.
Nov.
Dec.

8

22
Jan.

5

19
Mar.

2

16 30 14 28 11 25
Apr.
May
June
1969

9

23
July

DEMAND DEPOSIT COMPC®NT OF MONEY STOCK
Averages of Daily Figures
Seasonally Ad usted

liions of Dollars

Billions of Dollars

Annual rates of change, average of
-four weeks ending May 21, 1969
from four weeks ending:
Feb. 19, 1969
-+--3-A
.Nov. 20, 1968
-*-3. A.
Aug. 21, 1968
May 22, 1968

y-V.?

j- Latest data preliminary
T~ Latest data plotted week ending:

Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of demand deposits by months see this bank's
monthly release entitled "Monetary Trends".

1
May 21

:r
10

24

7

21


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

6

20
.

3

17
Apr.

1

15 29 12 26 10 24
May
June
July
1968

7

21
Aug.

4 18
Sept.

2

16
Oct.

30

13 27
Nov.

11 25
Dec.

8

22
Jan.

5 19
Feb.

5 19
Mar.

2

16 30 14 28
Apr.
May
1969

11 25
June

9 23
July

o

monfAtock

UL
MONEY STOCK aPLUS U.S GOVERNMENT DEMAND DEPOSITS!!
Averages of Daily Figures

Billions of Dollars

210

Billions of Dollars

210

Seasonally Adjusted
Annual rates of change, average of four weeks
ending May 21, 1969 from four weeks ending:

Money
Stock

Money Stock
Plus
U.S. Gov't. Deposits

+S.3
1957-1968
Money Stock plus
O.S. Government
Demand Deposits

19 G. 9

Money Stock

i i

!Money
1969'Stock

plusj—j—
U. si Government
Demand Deposits

Wf /U.S

fz i/z.1

/y /?y. a
m3

nr^-jS /%3-S

U I93-6,

/? (91,0
zb /?/•£

2 /?£'■*-

- '
1/ Current data on money appear in the Board's H.6
release. Back data appear in the June 1966 Federal
Reserve Bulletin. For trend of money stock by months
see this bank's monthly release entitled "Monetary
Trends"
2/ U.S. Government demand deposits, all commercial banks,
seasonally adjusted by this bank.
Latest data preliminary
Latest data plotted week ending
10 24
Jan.

7

21
Feb.


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

6

20
Mar.

9 /?7.7
/b ML-V

j3' /9V.£
.?£>
1~

I9<f.l

/??.£■

200.3^
! zol-i
/If.o
tin
/9?C
/??.o

/??./

/nl
Z03.I

J
J®/.
3
tirt
c3 GO.?

OZfj

J?/ /?<o.9

May 21, 1969

15 29

12 26 10 24
June
July
1968

4 18
Sept.

2

16 30
Oct.

13 27
Nov.

11 25
Dec

8 22
Jan.

5'
19
Feb.

5

19
Mar.

2

16 30 14 28 IT 25
Apr.
May
June
1969

Prepared-by Federal Reserve Bank of St. Louis

9

23
July

TIME D^sSlTS*

A!l CossimcWal Banks
Averages of Daily Figures
Seosona lly Ad usted

Billions of Dollars

of Dollars

-Annual rates of change, average of four weeks
"ending May 21, 1969 from four weeks ending:
Nov. 20, 1968
May 22, 1968
1957-1968

* 1.1*1__ ’

data appasr In tfe Jena IS* S Pa Scar a 1 Zzasivva Itelletfa. . _
Lstaefc data plottrad vaak finding;

May 21, 1969*

jamthly releesra es£i£l®d “ISsaatasy Fraasds1

I 11 1111 i IN 1 i 111 i i--i I i il i i-ttttt
10 24
Jan.

7 21
Feb.


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

6

20
Mari

3

17
Apr.

1

15 29
• May

12 26 10 24
June
July
1968

7
issg.

4 18 2
Sept.

16 30 13 27 11 25
Oct.
Kov.
Dec.

8 22
Jan.

5

19
Feb.

19
Mar.

2

16 30
Apr.
1S69

14 28 11 25
May
June

Faapased by Federal Reserve Bank of St. Louis

9

23
July

MONEY STOCK PLUS TIME DEPOSITS*
Averages
Figures
Seasonally Adjusted

Billions of Dollars
420 | | | | | r-r

Bili^Ws of Dollars

'Annual rates of change, average of
four weeks ending May 21, 1969
.from four weeks ending:
■Feb.
19, 1969
-9*0,9
'Nov.
[Aug.

20, 1968
21, 1968

1957-1968

J95, 3

Latest data preliminary
Latest data plotted week ending:

10 24

7


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

21 6

20

17

1

15

data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Trends".

-----------------May 21, 1969

29 12 26

10 24
July

7 21
Aug.

4

18

2

16

30 13

I I I 1 I I I I I .1
27 11 25 8 22

l ' ' 1 1 '' ~i l l 1 1
5 19 5 19 2 16

30

14

Prepared by Federal Reserve Bank of St. Louis

28 11 25
June

9

23

Billions of Dollars

CERTIFICATES OF DEPOSIT LI AND COMMERCIAL PAPER [2
Outstanding Volume

8
Billions of Dollars

22.0


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

21.0

Certificates of Deposit

12.0

Commercial P

Latest data plotted: April; 1969. _

!i_J_|_________________________ 'jI|i : ; ' | i
III II
II
r ■ ' “

I I I I I I I I ! I I I I I ' I ' 1 iTtffl

* ‘ I

_1 / Negotiable time certificates of deposit in denominations of §100,000 or more
at large commercial banks. Monthly averages of Wednesday figures. Data prior
to July 1965 estimated by the Federal Reserve Bank of St. Louis.
2/ Total volume of commercial paper outstanding. Averages of current and preceding
end-of-month seasonally adjusted figures.

Prepared by Federal Reserve Bank of St. Louis

$

BUSINESSMANS

Large Com m^pia I Banks
Wednesday Figures

bullions Uf Hollars

SEE

mss

It!

...

—j—t—
' 4Annual rale ol change, average of
-j—J-four weeks ending May 21, 1969
| from four weeks ending:
. 3'
Feb. 19, 1969
|-Nov. 20, 1968
? /G ■ 3

84

82

Billions of

i .144 4 .'

84

82
—t-

+. /•S'.o
-f- 73’ if

rAug. 21, 1968
May 22, 1968

80

80
a
78

Dellars

Seasonoiiy adjusted by thisbank.

.

— H4“1M

—

—

—— —

—

-—

-

b
78
76.93

r

4^
76

76

r—

'
“
r1
■

■
~

•

..
72

.

rr

~

1

’

74

_

_
_.

MILLIONS OF DOLLARS

|4_

1969

73,1 S8
73 fo'3
74 S3 /

_. _

70

73 3/6
7c3 316
73. !/'
73,36?
73.393
* 73737
7?3ty
77,030

'
68
"J

r-

■ ...
j#

66

r

V

.

UNADJUSTED

707076

...

'73'ey 7
7T.A6J
7*733 7
74, Si 3
16,762.
76,6 S3
7637?
76 7 6 7
7C 73?

'
'
■■

64

SEASONALLY
ADJUSTED

_
.

7 4 93 3

.
.

73,o?7
73,332-

-

7 3,9? a
7 3 393
7 9, 00 £
7?,
79
9

-

-

72

70

-

~
-

7

?3,'037
77, ft*79j3 7
'7 7.317
7<f,0'7

'
_
-

7.4/w 7
74 30 41
7/, 1/9

68

66

'

76,797
74, 3-ff

76,667
76
*

64

62

62

1

Latest data pre liminar-7
May 21, 1969
Latest data plo tted:
|
d
r
ZLE
|
_i
1 15 29 12 26 10 24
'
20 _3 17
10 24 7 71
Apr.
June
July
May
Fell.
Mar.
Jsn.
1968


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

_

Current and year
the Board's H.4.2
computed by this
7

71
Alin.

4

18 2
Sept.

16 30 13 27
Oct.
Nov.

-- 1---1-- 1---1---1-- 1---1-- !-----11 25 8
22 5 19
Feb.
Dec.
Jan.

Seasonal adjustment
;o
5

19
Mar.

2

16 30
Apr.
1969

14 28 11 25
May
June

Prepared by Federal Reserve Bank of St. Louis

9

23
Julv

.

YIELDS ON SELECT) SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
9.50

Corporate
3-5 Year
9.00

Long-Term

7

9.00

J\7C

C .30
i> ■ /O
S. 70
Corporate;
I__ Aaa Bonds !
Prime Commercial
Loan Rate
_ Three-Month Treasury 1
Bill Market Yield
T

6.00

Long-Term
Government Bonds
Discount Rate

4.00

Latest data plotted are averages of rates

12

26

9

23

8

22

5

19


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

17
y

available for the week ending:

31 14 28 12 26 9
23
June
July
Aug.
1968

May 30. 1969

21

7

21

4

18

2

16

Prepared by Federal Reserve Bank of St. Louis

30 13 27
June

11 25

Per Get)

Ave rage s of Dai

9.50
Prime
Lomraercial
Faper
4-6 Month

9.00

jcM INTEREST RATES
rates Ended Friday

Prime
90 Day
CD'S

7

U -TO

8.50

L VJ
Federal Funds Kate

8.00

8.00
7.0 O

7.50

Commercial Paper
4-to-6 Month
7 .3?

7. or <0

7.00

Bankers
Acceptances

6.50

6.50

6.00

5.50

Discount Rate
5.00

^ry
4.50

4.00

3.50

0

Latest data plotted are averages of rates available for the week ending

May 30, 1969

~*
23

8

22

5

Ly

3

1/

31 14

23 12

* AVERAGES OF RATES AMAITABLfi

http://fraser.stlouisfed.org 90FRCF.: lATOM 'N RROITIPRS AM.) PUTTIER
MAEKF'C FAIL 01,' O0--.AY Pt jME CD'S
Federal Reserve Bank of St. SECONDARY
Louis

26

9

23

6

20

4

18 1

/

10

2.

7

21

7

Prepared by Feueial Receive Bank jt

16 30

of.

Louis

13

BORROWINGS A^EXCESS RESERVES
All Member BcSRs in the Nation
Averages of Daily Figures

>i? VLicms* of Dollars
1,600

EXCESS
RESERVES

BIWEEKLY SETTLEMENT ffiRIODS

BORROWINGS

FREE
RESERVES

12
fflions of Dollars

EEKLY RESERVE PERIODS -

WEEKLY DATA

7-3 i
X75
7 7U
9U^
/19S

- J-J.7

i

- <*3.7
-

?V7

7S?
l/dS

us
9t*3
- /C33

in
s’
/Uo5

-//■S9
If?
/c3 A 9
-Z3 3 5

-

11 70
/ 3a3

LAI_ _ \

titltn
i/i __I1J

p

.
“ 3
r
i

tj
1
!]_ /
*
i*.

*
r~ /
■ \t
r \
-f -r
A

1,300
1,200

d

1,100

J

1,000

\

A

900

4
if'-

800

r

_

700
600
500

ft

T

1,400

| 1

_

i
t
t
r

rIa\U/xx
v;in :

/
/

*

!\

1,500

_ /3c3
41 \
—J
..
j
nJ
s

(*9/

- U9C,
- 93?
- 7JT4

1,600

it I
I; r
□
s
4_

1t
f\
»
|

A
-/ iVj A kfs \
rrr - F • if
,
__

ilA"rS
HI

_
1_

V-

200

i_
-

-f -

ICO

■—

0

__-

11
.
----- Net Free Reserves
!

-

\:

i\

j

4

s.
1

n

/
r/

uii

L

ft

1

Latest data preliminary
‘Latest data plotted week ending:

May 28»

.

1/ Because of the change in Regulation D
placing all member banks on a one-week
reserve adjustment period, beginning wi
the week ending September 18, 1968 the
above reserve data are reported.on a
one-week period.

.

imiii.mi'111-ii.Jl 1 -U-L1..;L L.L1J-I
10 24
Jan.


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

29 12 26 10 24
June
July
1968

i_j__t

7 21
Aug.

16 30 13 27 11 25
Oct.
Nov.
Dec.

,i

19
Feb.

l
'' l

_j
!

r

-

100

-

200

-

300

-

400

-

500

-

600

-

700

-

800

-

500

-

1,000

-

1,100

-

1,200

J

/J. JS

- 1,300
- 1,400 ’

i...

5

1
i

—

i
A

300

1—

i _

—fn

400

5 19
Mar.

16 30
Apr.
1969

14 28
May

Prepared by Federal Reserve Bank of St. Louis

11 25
June

9 23
July

- 1,500