Full text of U.S. Financial Data : Week Ending: May 30, 1973

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%

Week ending: May 30, 1973

The money stock has risen at a 6.2 percent annual rate
in the past three months. This rate is not significantly
different from the growth rate in the past six, nine, and twelve
month periods, and is also about the same as the long-run
average growth rate of 6.3 percent from 1967 to 1972. Money
stock plus net time deposits has risen at about an 8 percent
rate in the past three and six months, compared with an 8.A
percent average rate from 1967 to 1972.
Member bank borrowings averaged $2.A billion in the
past week, up from an average of $1.7 billion in the previous
four weeks. Until this week, borrowings had fluctuated around
$1.7 billion on average since mid-February, ranging from a high
of $2.1 billion to a low of $1.5 billion during this period.
For comparison, borrowings increased substantially in the second
half of 1972 and early 1973. In general, the level of
borrowings reflects the gap between short-term money market
interest rates and the discount rate. Currently, the prospec­
tive higher costs of an increased volume of outstanding large
CDs funds, reflecting the recently announced increase in
marginal reserve requirements, has resulted in a lower relative
cost of member bank borrowing from Reserve Banks.
Treasury bill rates have registered strong increases
in the past few weeks, after declining somewhat during April and
early May. Early this week, rates on 3-month Treasury bills
averaged 6.88 percent, compared with 6.1 percent three weeks ago.
Other short-term rates have also increased. The Federal Funds
rate averaged 7.95 percent in the statement week ending Wednesday,
compared with 7.6 percent in early May. Other rate increases
include prime commercial paper rates, which averaged 7.5 percent
early this week, up from 7.1 percent in early May, and the
secondary market rate on 90-day CDs, which averaged 7.75 percent
early this week, up from 7.A percent in early May.
Income velocity (gross national product divided by the
money stock) has risen at an average rate of 2.8 percent since
early 1971 and at a A.l percent rate since early 1972 (page 9).
This compares with an average rate of 1.6 percent in the past six
years and an average rate of 3.2 percent from 1952 to 1966.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis
Released: June 1, 1973

MONETARY BASE v
MULTIPLIER^

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
102

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 30, 1973 FROM
THE FOUR WEEKS ENDING.
MAR.
FEB.
JAN.
DEC.
NOV.
NOV.
MAY

28,
28,
31,
27,
29,
1,
31,

1973
1973
1973
1972
1972
1972
1972

100

7.8
10.4
8.5
8.6
9.0
8.6
8.2

98
MONETARY BASE
96

94

1511

fctJLLIQtjS.
92

LATEST DATA PLOTTED WEEK ENDING. MAY 30. 1973
RATIO
2.9

RATIO

2.8
MULTIPLIER
2.7

2.6

2.5
APR.

1
2.4

S 19

3 17 31

14 29 12 26

JUN

9 23

6 »

4 19

SEP

JUL

OCT

1

1972

15 29 13 27 10 24

7 21

FEB

4 19

2 16 30 13 27

MAR
APR
1973

LATEST DATA PLOTTED WEEK ENDING. MAY 23, 1973
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1966 "REVIEW" OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^
ALL MEMBER BANKS

FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
i
. i a/ j rnuw
THE FOUR WEEKS ENDING
RESERVES

31.0

—MAR. 28,
JAN. 31

1973

10.8

1973

30.5

30.0

29.5

1973
29.0

BILLIONS
30.05

28.5

0.38

92
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MAY 30, 1973 FROM
THE FOUR WEEKS ENDINGt
FEB.
JAN.

MAY

28
31

31

1973

18.3

1972
1972

88

19.0

1973

90

18. 4
17.1
11.9

86
FEDERAL RESERVE CREDIT
84

62

1973

MILLIONS

25
16

5 19

3 17 31

M 28 12 28

9 23

8 20

4 18

1

15 29 IS 27 10 24

1972
LATEST DATA PLOTTED WEEK ENDING. MAY 30,
1/ CURRENT DATA APPEAR

7 21

7 21

86
89

4 18

2 18 30 IS 27

1973
1973

IN THE BOARD OF GOVERNORS1

H.9 RELEASE.

2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND " OTHER11 ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.
3/ BEGINNING NOVEMBER 9, 1972 DATA ARE ADJUSTED DUE TO WAIVERS ASSOCIATED WITH THE EFFECTS
OF A CHANGE IN REGULATION J.
*

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


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

60

78

0

DEMAND

DEPOSIT

COMPONENT

OF

MONEY

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS of dollars

STOCK
billions of dollars

200.2
198.2

200.8

200.2
202.4
201.7

31

14
JUN

I S 28 13 27 10 24
JUL

MAR

APR

LATEST DATA PLOTTED WEEK ENDING* MAY 23, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/24/72

9/20/72 10/25/72 11/22/72 12/20/72

1/24/73

2/21/73

3/21/73

1.3
1.0
4.1

0.6
4.7

6.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/25/72
11/22/72
12/20/72
1/24/73
2/21/73
3/21/73
4/25/73
5/23/73


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Federal Reserve Bank of St. Louis

8.0
7.9
7.5
7.4
6.8
6.2
5.6
6.3

5.8
5.7
5.9
5.2
4.5
3.8
5.0

6. 1
6.3
5.2
4.4
3.6
5.0

6.0
4.8
3.8
3.0
4.7

4.5
3.3
2.5
4.6

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

BILLIQHS
258.9
257.0
259.4
259.5
261.3
260.7

5 19

3 17 31

14 26 12 26

JUN

JUL

9 23

6 20

4 16

SEP

OCT

1

15 29 13 27

10 24

7 21

4 16

MAR

13 27

APR

LATEST DATA PLOTTED WEEK ENDING. MAY 23, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/24/72

9/20/72 10/25/72 11/22/72 12/20/72

1/24/73

2/21/73

3/21/73

2.3
2.8
5.2

3.2
6.2

7.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/25/72
11/22/72
12/20/72
1/24/73
2/21/73
3/21/73
4/25/73
5/23/73


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Federal Reserve Bank of St. Louis

7.7
7.6
7.5
7.6
7.0
6.6
6.3
6.8

6.6
6.7
7.1
6.2
5.6
5.3
6.2

6.9
7.4
6. 1
5.4
5. 1
6. 1

7.5
5.8
5.0
4.7
6.0

5.3
4.5
4.3
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME

DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

5 19

3 IT 31

14 29 12 24

JUN

9 23

6 20

4

SEP

JUL

OCT

19

1

IS 29 13 27 10 24

7 21

7 21

1072
latest data plotted week ending:

4 19

2 19 90 IS 27

1073
may

23, 1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*«T TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS Tit
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
5/24/72

9/20/72 10/25/72 11Z22/72 12/20/72

1/24/73

2/21/73

3/21/73

7.6
8.2
8.5

9.0
9.2

9.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
10/25/72
11/22/72
12/20/72
1/24/73
2/21/73
3/21/73
4/25/73
5/23/73


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Federal Reserve Bank of St. Louis

12.5
12.4
11.9
12.5
11.8
11.5
11.3
11.2

12.3
11.1
12.5
11.4
11.0
10.7
10.6

10.0
12.3
10.9
10.5
10.2
10.2

12.8
10.8
10.3
10.0
10.0

11.7
10.8
10.3
10.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY

STOCK

PLUS

TIME

DEPOSITS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

8ILLI0NS OF DOLLARS
610 =------------------------

BILLIONS OF DOLLARS
----- ------------- --------3 610

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

Si*

• 17 II

14 M 12 M

JUN

JUL

* 23

*20

4 1*

SEP

OCT

I

13 » 13 27 10 24

7 21

FEB

4 1*

MAR

2 16 30 19 27

APR

LATEST DATA PLOTTED WEEK ENDING. MAY 23, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

m Ml

IS DEFINED ASi 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!
3/24/72
9/20/72 10/25/72 11/22/72 12/20/72 1/24/73 2/21/73 3/21/73
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
10/25/72
11/22/72
12/20/72
1/24/73
2/21/73
3/21/73
4/25/73
5/23/73


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Federal Reserve Bank of St. Louis

10.2
10.0
8.7
10.1
9.5
9.1
8.8
9.0

9.5
8.9
9.8
8.8
8.3
8.0
8.4

8.3
9.9
8.5
8.0
7.7
8.2

10.2
8.3
7.7
7.4
8.0

8.7
7.8
7.4
8.1

5.0
5.6
6.9

6. 1
7.8

8.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
64

BILLIONS OF DOLLARS

64

-

62

-

60
-

50
48
46
44
42
40
38
36
34

56

-

56

52

60

-

58

54

62

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-/

56

-

-

54
52

!lll jjjjj 111- in- Nil- 1 1 1
5 19

APR

9 17 91

MAY

14 29 12 2«

JUN

JUL

9 29

AUG
1072

« 20

SEP

1 1 1

4 19

OCT

1 1 1,1
1

1 1 1 .11 LL. ■ LLL _LLi_ 111

19 29 19 27 10 24

NOV

DEC

JAN

7 21

7 21

FEB

4 if

APR

2 16
MAY

JUN

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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Federal Reserve Bank of St. Louis

MONEY AND TIME DEPOSIT DATA

1973
APR.

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

57.7
59.0
58. 1
58.8
59.3
61.1
61.8
61.9

276.6
276.6
279.0
278.6
279.0
278.8
279.9
280.9

46
44
42
40
36
56
34

1 1 U. ILL
IS 27

LATEST DATA PLOTTED WEEK ENDING) MAY 23, 1973

BILLIONS
NET TIME
DEPOSITS*

46

(

1873

CERTIFICATES
OF DEPOSIT

SO

M2*
534.1
534.1
537.9
535.6
538.4
538.3
541.2
541.6

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

LOUIS

0

9

Income Velocity of Money
GNP/Money Stock
Annual Rates
of Turnover

Annual Rates
of Turnover

1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973
Annual rates of turnover computed with quarterly GNP (current dollars) at seasonally adjusted
annual rates, and seasonally adjusted monthly averages of daily money stock.
Latest data plotted: 1st quarter


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

8.0 ----

----- 8.0

7.5
CORPORATE Aaa BONDS
7.0

6.5

6.0
MUNICIPAL
BONDS**

5.5

5.0

-4.5
DISCOUNT RATE
4.0
THREE-MONTH TREASURY
BILL MARKET YIELD
5.5

3.0

Z.5

0

2 It 90 14 21 II 25

JUN

JUL

AUG
1972

*22

I

SEP

15 29 12 26

DEC

JAN

9 25

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END INGi JUNE 1, 1973

1973
APR.

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

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7.27
7.25
7.25
7.27
7.26
7.26
7.29
7.32
7.33

6.45
6.20
6. 16
6.23
6.24
6.07
6.22
6.56
6.88

6.77
6.67
6.73
6.79
6.79
6.76
6.76
6.82
6.81

6.16
6.09
6.07
6.10
6.15
6.15
6.21
6.31
6.30

MUNICIPAL
BONDSm
5.22
5.07
5.17
5.14
5.10
5.10
5.14
5.20
N. A.

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

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

t

11

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
9.0

8.5

8.0

7.5

7.0

6.5

RIME SANK
OAN RATE

6.0

ICIAL PAPER

5.5

5.0
FEDERAL FUNDS RATE
4.5

4.0

3.5

7 21

5 IB

APR

MAY

2

10 30 M 21 II

JUL

25

8 22

AUG
1972

6 20

I

S 17

OCT

NOV

IS 29 12 20

JAN

9 23

FEB

9 25

6 20

APR
1973

4 18

1

IS 29

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING] JUNE 1, 1973

1973
APR.

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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS 888

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S XX

7.18
7.13
7.13
7.13
7.13
7.13
7.23
7.38
7.50

7.18
6.84
7.23
7.14
7.43
7.60
7.81
8.06
7.95

7.00
6.98
6.88
7.00
7.00
7.00
7.13
7.33
7.38

7.27
7.31
7.27
7.28
7.34
7.38
7.45
7.47
7.57

X AVERAGES OF RATES AVAILABLE.
*8 WEDNESDAY TWO AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK APPEAR IN
FEDERAL FUNDS
ENDING
DAYS EARLIER THAN DATES SHOWN.
CURRENT DATA
THE BOARD OF GOVERNORS’ H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
1973

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS Of DOLLARS

BILLIONS OF DOLLARS

MILLIONS

16
23
30

1916
1688
2400

BORROWINGS

5 19

9 17 SI

14 tl 12 M

JUN

9 IS

« <0

4 19

SET

JUL

I

IS » 19

n

10 14

7 tl

7 St

4 u

t ii w is n

OCT

1972
LATEST DATA PLOTTED WEEK ENDINCt MAY 30,

1973

BUSINESS LOANS
AND
INDUSTRIAL

( COMMERCIAL

BILLIONS OF DOLLARS

)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

108
- COMPOUNDED ANNUAL RATES OF CHANGE
_AVERAGE OF THE FOUR WEEKS ENDING
MAY 23, 1973 FROM THE FOUR
- WEEKS ENDINGi
BUSINESS
~
BUSINESS
LOANS

-

LOANS

“MAR. 21,

1973

104

ADJUSTED

27.9
36.9
44.0

108

29-3

32.5
20. S

102

39.6
100

40.8
38.4
33.8

98

-BUSINESS LOANS ADJUSTED 14

21.2

98
94
92
90
BUSINESS
APR.

LOANS

88

18

BUSINESS LOANS

86
104,590

84

I 11 LJ-ii

1111
S 19

3 17 31

14 26 12 26

JUN

9 23

6 20

SEP

JUL

4 16

OCT

10 24

7 21

4 14

MAR

APR

2 II N II B

1973

1972
LATEST DATA PLOTTED WEEK ENDINGi MAY 23,

IS 27

7 21

FEB

5 29

1 I 1 1 111

1973

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS