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RESEARCH LIBRARY

Federal Reserve Bank

Week ending: May 3, 1972

of St. Louis

'm 2 7 1998


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

The nation's money stock has expanded at a
6.2 percent annual rate in the past year, compared with
a 5.9 percent trend growth rate from late 1966 to late
1971 (page 5). More recently, money has increased at
a rapid 9.5 percent annual rate in the past four months,
after little increase in the last five months of 1971.
The more rapid growth of money in recent months
reflects primarily the more rapid growth of reserve
aggregates such as the monetary base and total reserves.
For instance, the monetary base has risen at an 11.7 per­
cent annual rate in the past four months, compared with
a 3.6 percent rate in the last five months of 1971 (page
2).
In the past year the base has risen at a 7.3 percent
rate, compared with a trend growth rate of 5.8 percent
from late 1966 to late 1971. The money multiplier, de­
fined as money stock divided by the base, has been quite
stable in the past four months, averaging 2.54 in the
past four weeks, only slightly below the 2.56 of four
months earlier. In the last five months of 1971, the
multiplier drifted somewhat lower, accounting for about
one—third of the slowdown in money during this period,
while the base accounted for the remainder. Historically,
the money multiplier has been fairly stable.
Total member bank reserves have increased at a
13.2 percent annual rate in the past four months, while
growing at only a 4.8 percent rate in the last five
months of 1971 (page 3). In the past year, reserves
have risen at an 8.6 percent rate.

Prepared by Federal Reserve Bank of St. Louis
Released: May 5,7972

MONETARY BASE
MULTIPLIERS

u

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94

_
r

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
—MAY 3. 1972 FROM
THE FOUR WEEKS ENDING:

1972

_

OCT

1971

92

12.8

9.9
11.7
9.6
8.5
7.7
7.4

90

-

MONETARY BASE

88

86

I97g
MAR.

MILLIONS

2!

12

LATEST DATA PLOTTED WEEK ENDING: MAY 3,

91

84

1972
RATIO
2.9

RATIO

2.8

MULTIPLIER
2.7

2.6

2.5
RATIO

2.4

Mill
5 17 51

14 28 12 26

APR

MAY

9 25

7 21

4 16

1

15 29 15 27 10 24

OCT

JUL
AUG
1971

LATEST DATA PLOTTED WEEK ENDING: APRIL 26,

NOV

6 22

5 19

2

JAN

16

I

15 29 12 26 10 24

FEB
1972

1972

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 THE BASE SEE THE AUGUST 1968 11 REVIEW OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml J / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES

ALL MEMBER BANKS

3

IN THEI ON

FEDERAL RESERVE CREDIT

v

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
33.5

- COMPOUNDED ANNUAL RATES
ZL_OF CHANGE, AVERAGE OF _
- THE FOUR WEEKS ENDING
- MAY 3, 1972 FROM
Z THE FOUR WEEKS END INGi
=~ MAR.
tZ FEB
l- JAN
IZ"DEC
- NOV
OCT
31.5 lZ_ SEP

1,
“

1972
---------

21.9

33.0

32.5

“

13.4

32.0
RESERVES
31.5

31.0

30.5

L972

BILLIONS

Z

MAR.

30.0

29.5

29.5
1.1 1 I I
0

82
-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
___THE FOUR WEEKS END ING
MAY 3. 1972 FROM
THE FOUR WEEKS ENDING.
MAR.
— FEB.
JAN.
_ DEC.
NOV.
OCT.
----- SEP.

1, 1972
2, 1972
5, 1972
1, 1971
3, 1971
6, 1971
1, 1971

80

78

11.4
10.9

FEDERAL RESERVE CREDIT

10.0

76

74

.1972
MAR.

MILLIONS

72

2:
70

3 17 31

M 28 12 26

APR

MAY

8 23

7 21

JUL

5 29 13 27 10 24

AUG

LATEST DATA PLOTTED WEEK ENDING. MAY 3,

OCT

« 22

NOV

5 19

2 16

JAN

FEB

1

15 29 12 26 10 24

1972

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
2/ 2K1-ES2 12 INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER* * ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUlAEMENTS DUE TO SHIFTS IN DEP6SITS AMONG
CLASSES OF BANKS•


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

4
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
185

aiLU.QMS

MAR.

180. 1
179.5
181.1
181.0
180.4
181.0

180

175

170

165

5 17 31

14 28 12 26

APR

9 23

MAY

7 21

4 18

1

15 29 15 27 10 24

JUL
AUG
1971

OCT

8 22

5 19

2 16

JAN

NOV

1

15 29 12 26 10 24

FEB
1972

LATEST DATA PLOTTED WEEK ENDINGi APRIL 26.

1972

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

COMPOUNDED ANNUAL RATES OF CHANGE,
4/28/71

8/25/71

9/29/71

6.9
5.8
4.7
4.3
4.2
5.0
5.7
6.0

-2.3
-2.2
-1. 1
-0.4
1.6
3.3
3.9

-1 . 1
0.0
0.7
3.0
4.7
5.3

10/27/71

AVERAGE OF FOUR WEEKS ENDING:

11/24/71

12/29/71

1/26/72

2/23/72

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72
2/23/72
3/29/72
4/26/72


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

0.0
0.9
3.7
5.6
6. 1

2.3
5.6
7.4
7.7

8.0
9.7
9.5

12.8
11.6

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOChP
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
240

233.8
233.4
235. 1
234.9
234.6
235.2

235

230

225

220

215

3 17 31

4 28 12 20

APR

B 23

MAY

7 21

4 18

1

15 29 13 27 10 24

JUL
AUG
1971

OCT

0 22

5 19

2 16

1

15 29 12 26 10 24

NOV
1972

LATEST DATA PLOTTED WEEK ENDING. APRIL 26.

1972

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

COMPOUNDED ANNUAL RATES OF CHANGE,
4/28/71

8/25/71

9/29/71

7.0
6. 1
5.0
4.7
4.5
5.3
6.0
6.2

-0.8
-1.0
0.0
0.6
2.5
3.9
4.5

-0.3
0.9
1.5
3.6
5.2
5.7

10/27/71

AVERAGE OF FOUR WEEKS ENDING:

11/24/71

12/29/71

1/26/72

2/23/72

12.5
11.5

10.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72
2/23/72
3/29/72
4/26/72


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

0.8
1.6
4.2
5.9
6.4

3. 1
6. 1
7.7
8.0

8.3
9.6
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

UME DEPOSITS
LiME

—

ALL ®bMMERC!AL BANKS
(BbMMERCIAL

•

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

•i
BILLIONS OF DOLLARS

----------------- -----------=i 300

300 |=----------------------------

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

3 17 51

14 20 12 26
APR
MAY

9 23

7 21
JUL

4 18
AUG

1

15 29 13 27 10 24
OCT
NOV

« 22

5 10

2 16

JAN

IS 20 12 20 10 24

1972

1971
LATEST DATA PLOTTED WEEK ENDING. APRIL 26,
CURRENT DATA APPEAR

1

FEB

1972

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 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BAfKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
4/28/71

8/25/71

9/29/71

10/27/71

11/24/71

12/29/71

1/26/72

2/23/72

8.5
9.3
10.0
11.0
12.6
13.0
12.9
12.5

10.7
1 1.8
13.3
15.8
16.0
15.3
14.5

14.2
15.4
18.2
17.9
16.8
15.6

16.0
19.5
18.9
17.3
15.9

21.9
20.3
18.0
16.1

22.2
18.2
15.8

14.2
12.3

10.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/29/71
10/27/71
11/24/71
12/29/71
1/26/72
2/23/72 3/29/72
4/26/72


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

k#iey stock plus tii# deposits
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

530 pr

520

510

500

MONEY STOCK PLUS TOTAL TIME DEPOSITS

490

480

470

460

MONEY STOCK PLUS NET TIME DEPOSITS**

450

440

430

3 17 31

14 28 12 26

APR

9 23

7 21

4 16

JUL

MAY

AUG

1

13 29 13 27 10 24

OCT

8 22

3 19

2

JAN

NOV

FEB

16

I

15 29 12 26 10 24

1972
LATEST DATA PLOTTED WEEK ENDING. APRIL 26,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
5W M2 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, AVERAGE OF FOUR WEEKS ENDING.
4/28/71

8/25/71

9/29/71

10/27/71

11/24/71

12/29/71

1/26/72

7.7
7.7
7.5
7.8
8.5
9. 1
9.4
9.4

4.8
5.2
6.6
8.0
9.1
9.6
9.4

6.9
8.1
9.7
10.7
11.0
10.6

8.3
10.3
11.4
11.6
11.1

12.3
13. 1
12.8
12.0

15.0
13.8
12.5

13.4
1 1 .8

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/29/71
10/27/71
11/24/71
12/29/71
1Z26/72
2/23/72
3/29/72
4/26/72


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

CERTIFICATES OF DEPOSIT
LARGE •bMMERC AL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
36 ------------- ----------- --------

14 28 12 25

9 25

7 21

4 18

JUL

5 17 51

1

15 29 15 27 10 24

AUG

OCT

LATEST DATA PLOTTED WEEK ENDINGs APRIL 26,

6 22

NOV

BILLIONS OF DOLLARS
-------- ----------- -------------- 36

5 19

2 15

JAN

1

15 29 12 25 10 24

FEB

1972

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.


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

MONEY AND TIME DEPOSIT DATA

1972
MAR.

APR.

MAY

1
8
15
22
29
5
12
19
26
3
10
17
24
31

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

33.8
33.7
33.0
33. 1
33.7
33.4
34.2
35.0
35.5

245.9
245.7
246.8
246.4
246.6
247.7
247.5
247.9
248.4

M2

m

477.3
478. 1
480.7
480.2
480.0
482.8
482.3
482.5
483.5

* SEE FOOTNOTE PAGE 6.
MB* SEE FOOTNOTE PAGE 7
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
385 ------------- 1-----------------

BILLIONS OF DOLLARS
----------------- ----------- n 385

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

3 17 31

14 23

12 26

9 23

7 21

4

JUL

AUG

18

1

15 29 13 27

LATEST DATA PLOTTED WEEK ENDING. APRIL 26,

OCT

10 24

8 22

5 19

2

JAN

NOV

FEB

16

1

IS 29 12 26

10 24

1072

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.& RELEASE,
U

FA™’

1911

BILLIONS
CREDIT
-EEMYL

MAR.
APR.


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

22
29
5
12
19
26

CRED1T
PROXY
ADJUSTED

368.9
369.6
372.2
372. 1
371.8
372.9

372.7
373.4
375.8
375.6
375.3
376.7

EU,°°°LL<K

b<w»,NOs

cr

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
APRIL 26, 1972 FROM THE FOUR
WEEKS ENDING.
CREDIT
CREDIT
PROXY
-PROXY
ADJUSTED
FEB.
JAN.
DEC.
NOV.
OCT.
SEP.
AUG.

23,
26,
29,
24,
27,
29,
25,

1972
1972
1971
1971
1971
1971
1971

16.7
13.1
13. 1
13.9
13.3
11.9
11.1

16.,3
12.i 5
12. 5
12. 4
12. 4
11. 5
10. 9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES

4

AVERAGES OF DAILY KATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BOT©S

MUNICIPAL
BONDS**

PRIME COMMERCIAL
LOAN RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

5 18

2 16 30 14 28 11 25
MAY

8 23

JUN

6 20

3 17

AUG

1

DISCOUNT RATE

15 28 12 26 10 24

7 21

4 18

JAN

SEP

FEB

3 17 51

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 5,

1972
MAR.

APR.

MAY

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

MAY

1972

CORPORATE
AM BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS m

7.25
7.24
7.22
7.24
7.24
7.25
7.28
7.33
7.36
7.34

3.44
3.57
3.85
3.81
3.82
3.80
3.81
3.64
3.54
3.61

5.50
5.57
5.84
5.83
5.92
6.07
6.08
6.02
5.86
5.70

5.62
5.62
5.67
5.68
5.69
5.73
5.76
5.76
5.71
5.69

5.29
5.18
5.32
5.34
5.40
5.49
5.54
5.50
5.20
N.A.

l... _
....
•
* AVERAGES OF RATES AVAILABLE.
.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY
N.A. - NOT AVAILABLE


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

14 28 12 26

APR

data.

PREPARFD BY FEDERAL RESERVE BANK OF ST. LOUIS

fc
SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF

PERCENT

DAILY

RATES ENDED FRIDAY

PERCENT

COMMERCIAL PAPER
4—TO—6 MONTH

FEDERAL FUNDS RATE

5 IB

2

16 90

4 29 II

MAY

25

JUN

B 29

6 20

AUG
1971

3 17

1

15 20 12 2« 10 24

7 21

4 18

JAN

SEP

FES

3 17 31


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

MAR.

APR.

MAY

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

MAY

1972

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*** MAY S,

1972

14 28 12 28

APR

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

3.90
4.00
4.20
4.30
4.33
4.50
4.63
4.63
4.55
4.59

3.28
3.60
3.93
3.98
4.18
4.29
4.09
3.91
4.39
4.23

PRIME
BANKERS'
ACCEPTANCES
3.60
3.73
4.03
4.13
4.40
4.50
4.48
4.33
4.25

1972

90 DAY
CD' S IKK
3.65
3.70
3.86
4.09
4.28
4.39
4.56
4.68
4.60
4.49

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
** DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE,
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

BORROW I NG^AND EXCESS RESERvS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1.6

BORROWINGS

1.2

0.8

0.4

EXCESS RESERVES

-0.4

0.8

0.8

-

-

NET FREE RESERVES

1.2

1.2

-

-

3 17 31

M 28 12 26
MAY

9 23

7 21

4 '«

JUL

APR

AUG

15 29 13 27 10 24

OCT

LATEST DATA PLOTTED WEEK ENDING. MAY 3,


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

1

8 22

NOV

5 19

2 16

JAN

FEB

I

IS 29 12 26 10 24

1972

MILLIONS
1972
MAR.

APR.

MAY

1
8
15
22
29
5
12
19
26
3
10
17
24
31

EXCESS
RESERVES

-

-

82
176
393
133
285
374
212
9
301
167

BORROWINGS
67
103
13
115
153
1 41
13
45
279
117

FREE
RESERVES

-

-

15
73
380
248
132
233
199
54
22
50

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

1.6

-


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102