Full text of U.S. Financial Data : Week Ending May 29, 1968

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---- —--------------------------- "4

RESEARCH LIBRARY
Federal Reserve Bank 1
of St. Louis

s. Week ending May 29, 1968
finnnciflL data

AUG 2 7 1998
MONEY STOCK (Page 5)

TIME DEPOSITS (Continued)

The nation's money stock, which consists of pri­
vate demand deposits plus currency in the hands of the
public, averaged $185.2 billion in the four weeks ending
May 22, up at a 6 per cent annual rate since early February.
This was faster than 93 per cent of all three-month periods
since 1948, and represents a marked acceleration from the
previous six months. From last August to February, money
rose at a 3.8 per cent rate, whereas earlier last year
m^H^r went up at an unusually rapid 9 per cent rate. In

the legal ceilings time deposits become increasingly
less competitive. A similar situation developed in the
late summer and fall of 1966. In these periods savings
are directed away from banks and other financial inter­
mediaries, where consumers, purchasers of real estate,
and small business typically borrow, to the central
money markets, where large businesses and Governments
obtain the bulk of the funds.

comparison, the money stock rose at an average rate of 2.6
per cent during the 1957-1967 period.

BANK CREDIT (Page 4)

TIME DEPOSITS (Page 7)
Unlike money, the growth of time deposits in
recent months has decelerated. In the four weeks ending
May 22 time deposits in commercial banks averaged $187.1
billion which represents a 5.6 per cent annual rate of
increase since early February, lower than the 9 per cent
rise in the previous six months. By comparison time de­
posits increased at an 18 per cent rate earlier in 1967
and at a 12 per cent trend rate between 1957 and 1967.

Total bank credit of large commercial banks
has grown at a 4.7 per cent annual rate since early
February. Over the last year bank credit increased at
about the 8 per cent trend rate of the 1960-1967 period.
Business loans (Page 9) have become increasing­
ly a more important component of this growth. Since
February business loans have risen at a 12.8 per cent
rate, whereas since last May these loans increased 8.4
per cent. The trend rate of business loans was 9.6 per
cent over the 1960-1967 period. The growth of bank
investments has slowed as business loans accelerated.

A deceleration of time deposit growth is typical
oj^fceriods of high and rising interest rates. Maximum
ySids on time deposits are limited by Regulation Q, and
therefore as yields on other financial assets rise above


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

Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: May 31,1968

FEDERAL RESERVE CREDIT U_
Averages of Daily Figures

2

Billions of Dollars

Billions of Dollars

■ 11 1 1 1 11 1X-U-LJ U-U

54

52

Annual rates of change Federal Reserve Credit
cnanges
averages 01 iour weexs ending May dy 1908
irom lour weeks ending:
Feb. 28, 1968
+ U. <P
-i Nov. 29, 1967
-/-//. 1
—•Aug. 30, 1967
4- / n 8
Mav 31. 1867
-r / /> X

1957-1967
52

1 1 1 1 1 II |

10
n

S0.0S
so. 3a.
50.1 if
s/oc
SC. 31
soon
s'o.&o
so.4,7

1

L

8

IS
°u.

53

52

j

1

H

.

'

r

s/

\

51

Cr\iQ

\
\

_L
Federal Reserve Credit

5018

fi

— —1
H

.

Solo
s/ os
S / 37
siic'e
Sr If
s/n 7
5tiS

54

.3

Federal Reserve

"

49

,

J 1 1 1 1 1 1 1

51

50

TTr

50

—

f

—

49
—

48

v

48

and Federal Agency Securities
47

47

1+6

46
.—1_

Borrowing*

45

45

44

43

. Latest data preliminary
Latest data plotted week ending: May 29, 1968

8 22
Mar.

5

19
Apr.


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

17 31
May

urn

14 28
June

1

12 26 9 23
July
Aug.
1967

1

15 29
Nov.

13 27

Dec.

JV Federal Reserve Credit excludes float and a few minor
items. Data prior to Jan. 18, 1968 adjusted for the
estimated effect of reserve requirement changes.
2/ Seasonal adjustment for Federal Reserve Holdings
computed by this bank using data ending December 1967.
Borrowings from Federal Reserve not seasonally
adjusted. Current unadjusted data appear in the
Board's H.4.1. release.
i l l i i i i i i i i M i i i ii i i i i .......................
10 24 7 21
18 29 12 20 10 24 7 21

Jan.

Feb.

May

June

July

Aug,

190k'
Prepared by Federal Reserve Bank of St. Louis

44

43

4

18

Sept.

o

LRVES
All Member Ei^mks in the Nation
Averages of Daily Figures

Billions of Dollars

X
TOTAL RESERVES
Annual rates of change, average of
four weeks ending May 29, 1968
from four weeks ending:
’ Feb. 28, 1968
- =?■ J
_ Nov. 29, 1967
f SV
. Aug. 30, 1967
+- (. £.
. May 31, 1967

~n n 1 1 m n n—n—1 j 1 1—n~
- Seasonal adjustment computed by this
“bank using data ending December 1967.
Unadjusted data appear in the Board's
H.4.1. release.

27.5 -L

1957-1967

+ 3-3

Str.li,

Billions of Dollars
“i—m—r~r
1 1 1
prior to Jan. 18, 1968 adjusted for
estimated effect of reserve requirement
changes.
- 27.5

yData

1 1 n 1 1—r

27.0
jv as.hs

r>iM-

/ as.nX

r as.S3

at- as 7/ P
■J. <8
i

aS-7/
Total —
RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS

17.13
/3 >7-10

■10 /7./0
a 7 n.oi,
1 iO /7.1a,

n mi
up is
/ /7.3A-

n.30
a* n.*n
n.¥ip
Seasonal adjustment factors
were computed using data
through early 1967.
RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average
four weeks ending May 29, 1968
from four weeks ending:

Reserves Available
Private Demand Deposits

Feb

Latest data preliminary
Latest data plotted week ending
5


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

19 3 17
Apr.
May

31 14
June

12 26 9
July
Aug.
x967

Nov.
Aug.
—' Data prior to Jan. IS, 1968 adjusted for Ma^
estimated effect of reserve requirement
changes.
1957-1967

May 29,

ia'i
Sept.

Oct.

15 '29 13
Nov.

27 ' 10 24 '7
Dec.

Jan.

21 ' 6

Feb.

20 3 ' 17 ' 1
Mar.

Apr.

15 ‘ 29‘l2 ' 26 ' 10 24 ' i
May
1q68

June

July

21
Aug.

Prepared by Federal Reserve Bank of St. Louis

4

IS
Sept.

4

TOTAL BANK CREDIT
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

SeasonallyAdjusted by this Bank
“""['Annual rates of change, average of
_ four weeks ending May 22, 1968
___from four weeks ending:
■- Feb. 21, 1968
4 5.8
— Nov. 22, 1967
L Aug. 23, 1967
4
4__ May 24, 1967

n.n

1960-1967

f 80

Millions of Dollars
SEASONALLY
UNADJUSTED
ADJUSTED
2.00.538
0.02.,! SI
2.00,
<20/, 4-55
J.02,58^
3.08,28-0

i.e~, tcin

f.otjbi’s

20X,c8S

201,881

203,SXX.

2PS,

X02,C2<•

Current and year ago unadjusted data appear in
the Board's H. 4. 2. release. Seasonal adjustment
computed by this bank using 1961 through 1966 data.

“Latest data preliminary
Latest data plotted:
May 22, 1968
8

22

5


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

19

3

J_LI-LL

17 31

14 28
June

J-l- 9 , 23
1.

12 aS

203, S OI

6

20

4

18

l

15

29

13 27

10 24

7

21

6

20
Mar.

3 17
Apr.

1

15 29 12 26 10 24
May
June
July
1968

Prepared by Federal Reserve Bank of St. Louis

7

21
Aug.

4
_
_

18
Sept

MONEj^TOCK*
Averages oruaiIy Figures
Seasonally Ad usted

Billions Of Dollars

Billions of Dollars

II I I I
_ Annual rates of change, average of
_ four weeks ending May 22, 1968
— from four weeks ending:
— Feh. 21, 1968
— Nov. 22, 1967
y- y.6
— Aug. 23, 1967
-+-H 7
-May 2lt, 1967

WEEKLY DATA
1968
(Ur 3
,0 /#•/.!
n / <?7 /
/f4.C

y 1(3-^
<P /tfJ-0

1 1957-1967

-

.

/J" /^Y./

it 1(7-1 P

//7./ -

13-week centered
moving average

Latest data preliminary
Latest data plotted week ending:

8 22
Mar.

5


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

19 3

17 31

14 28 12
June

* Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

MaJ’ 22, 1968
26

9

23 6 20 4 18
Aug. Sept. Oct.

1

15

29 13

27

10 24
Jan.

7

21 6

20
Mar.

3

17

1

15

29 12 26 10
June

24

7

21

Prepared by Federal Reserve Bank of St. Louis

4 18
Sept.

CERTIFICATES OF DEPOSIT [1
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

_ Annual rates of change, seasonally unadjusted data
_
___average of four weeks ending May 22, 1968 from
— four weeks ending:
— Feb. 21, 1968
--2 3,/

+ 4. r

21.0

21.0

20.0

20.0

Millions of Dollars

21, OH

I i. 7W
Latest data preliminary
_Latest data plotted:
1

8

22

5

19


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

3

17

31 14

"

28 12

26

9

23

6 20

4

18

1

15

29 13

27 10

24

?

21

6

Current and year ago data appear in the
_
- ____ te.
1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.
iiiiiiiiiiiiii.il,.., , , .
J-L.L.,1
20
3 17
1 15 29 12 26 10 24
7 21 4

Prepared by Federal Reserve Bank of 3t. Louis

18

TIME D#D SITS*
All Commercial Banks
Averages of Daily Figures
SeasonallyAd usted

Billions of Dollars

Annual rates of change, average of _
_
four weeks ending May_22, 1968
from four weeks ending:

0

Billions of Dollars

— Nov. 22, 1967

Latest data preliminary
Latest data plotted week ending:
22

5

19


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

3

17

May 22, 1968

31 14 28 12 26
June
July

9 23
Aug.

6

20

4

18
:t.

1 15
Nov.

7

Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".
I I I I
29 13 27 10 24 7 21 6 20 3 17 1
15 29 12 26 10 24 7 21
4 18
Dec.
Jan. Feb.
Mar.
Apr.
May
June July
Aug.
Sept
1966
Prepared by Federal Reserve Bank of St. Louis

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

Millions of Dollars

c

1,900

EXCESS
RESERVES BORROWINGS

1,800

Millions of Dollars
1,900

FREE

reserves

1,800

BIWEEKLY DATA
1,700
1,600
1,500
^4oo
^Roo

ff\ £4A/. 2_-'z
It
/f.Oy

i

7.SS
Jbg
iW 7
3V 0
3S~b

u>SS

-310

ull

-303

707

74<?
<su

WEEKLY DATA
MW
‘7 33
/ 4/
SSJkOi*
331
■VOfc
U 4 (e
T<*3
n Si.7
LSI
IJ-k
(c 79
0\OM 1 AU1
< t V/3fo. C
// 37J
7/ 2_
3/¥
311 P
7SJ
tf\Cuu 10
XI
J
1C

1,700

-

1,600

-3 80
- 4 05

1,500

-333"

1,400
-3/?
- 74./
~3
"Z40
-i 3le
-Ja?
-407
- V//
- 3/4
-33uT
-‘iff P

BIWEEKLY SETTLEMENT PERIODS _

1,300
1,200
1,100
IT

1,000
H
1

-

V

Excess Reserves
8 /

u
1_

_J

—|--

7. r

♦<

- * >
/

r

k

>

—

HE WEEK ONLY

Latest data preliminary
latest data plotted:
one week ending May 29, 1968
M I II 1 I I I I M II U I 1 I I I 1 I I I I I I I [ I I
16 30 13 27 11 25
l 15 29 la 26 10 24 7 21 5 19 2
May
June
July
Aug.
Sept.
Oct.
Mar.
Apr.
1967


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

6

22

Nov.

6

20

Dec.

3

17 31

Jan.

14 28
Feb.

13 27 10 24
Mar.
Apr.

8

22
May

5

19
June

3

17 31
July

l4 26
Aug.

11 25
Sept.

1968
Prepared by Federal Reserve Bank of St. Lou:
uis

9

BUSINE AoANS

0

Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

Seasonally ad justed by thisbank.
Annual rates of change, average of
from four weeks
Feb.
21, 1968
Nov.
22, 1967
Aug.
23, 1967
May
2k, 1967
1960-1967

ending:

+Ut
-t //- 7
f
+ ^H
1

0 /

Millions of Dollars
U)JUSTED
(*^13
<W,.?£V

ADJUSTED
4XJ7/
*5.

1*5,3^^
AfcVO?
LL.S/J
6 7.0/3
L7. 171*
4,7.
C.7,573
LI. 7 37
6>7 *31
L7.6/0
u.+a? p

us.sli
k^.pil
1*5, 9¥?

L.S, IS5

t/,,6/3

4 7. ILiut3i

_ Current and year ago unadjusted data appear in
_ the Board's H.k.2 release. Seasonal adjustment
_ computed by this bank using 1962 through 1967 data

__Latest data preliminary
—Latest data plotted:
8 22
Mar.

5

19


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

12 26

3
June

9

23
ig.

6 20
Sept.

k

18
Oct.

1

15 29 13 27
Nov.
Dec.

10 2k
Jan.

7

21
Feb.

6
20
Mar.

3

17
Apr.

1

15 29 12 26
May
June
1968

10 2k
July

7 21
Aug.

Prepared by Federal Reserve Bank of St. Louis

k 18
Sept

10

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent

3-MONTH
THEAS. 3-5 LONG-CORPORATE
BILL YEAR TERM
Aaa
£
s.slo
£.S3 £a£
CIO
13. £ 3£ s.4f £.2-I
«,./?
17

£.3-7

£.70 jrag

1,3-0

U,
J

£ SO

£8$ £.33

4.2.i.

£.£a

£.8/ J3Z
£.23,
J38
4. (£7 S S3.

6.1 £

2jr £.83.
31 SSU

£.<}(* S. is

6 3S
l 17
4 ZB
6 7-1

Corporate
Aaa Bonds

’ Long-Term
‘Government Bonds

1 hree-Month

•easury
Bill Market Yield
Discount Rate

Latest data plotted, are averages of rates available for the week ending: May 31, 1968

mum
10

24

Mar.

7

21

5

19

2

l6 30
June


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

i4

28 11 25

6 22
Sept.

6

20

3

17

l

15

29 3

9

8 22

Mar.

5

19

3

17

31 14

12

26

9

June

Prepared by Federal Reserve Bank of St

23

6

20

Sept.

SELECTED SHORT-T®k INTEREST RATES
» Per Cent

Per Cent

Averages of Daily Rates Ended Friday
PRIME
COMMERCIAL
PRIME
LARGE
BANKERS' 90 DAY FEDERAL
PAPER
4-6-MONTH ACCEPTANCES CD'S** FUNDS
S 4.3
-X 70
S. 7S
■r. S
S.7S
S. 7S
S. It
IX S.lS
S.70
S.f(.
11 S. 7<P
ft
o' 90
•U S. Si
, J
c.oS
5 93
0 OS
6 OS
6
t 00
if. 13
4./J
Ip !3

Prime Commercial Paper
4-to-6 Month

Prime Bankers
Acceptances

Federal Funds Rate.

Discount Rate

10

24

7

21

5

19

14 28

2

11 25

June
* AVERAGES OF RATES AVAILABLE

**S0URCE:
http://fraser.stlouisfed.org SALOMON BROTHERS AND HUTZLER
SECONDARY MARKET RATE ON 90-DAY PRIME CD'S.
Federal Reserve Bank of St. Louis

8

22

6

20

3

17

1

15

hill: 9
26

29 H

23

22

ir,

5

19 3

Apr.

1? 31

14 28

12 26

June

May

July

9

23 6

Aug.

1968
Prepared by Federal Reserve Bank of St. Louis

20

Sep-