Full text of U.S. Financial Data : Week Ending: May 9, 1973
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£7. RESEARCH LIBRARY Week ending: May 9, 1973 Federal Reserve Bank of St. Louis AUG ‘zinr http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ........... -lae nation's money stock has risen at a 5.2 percent annual rate in the past six months, slower than the 7.2 percent rate in the previous six months. This recent monetary growth is below the average rate of 6.2 percent from early 1967 to early 1972. Another aggregate, money plus net time deposits, has risen at a 7.8 percent rate in the past six months, slightly below its average rate from early 1967 to early 1972. Some short-term interest rates, after large increases in the first quarter of this year, have been fairly stable, and in some cases have declined in recent weeks. For example, three-month Treasury bill rates averaged 6.04 percent in the first half of this week, down from an average of 6.26 percent in April. Yields on four- to six-month commercial paper averaged 7.13 percent early this week, the same as in each of the previous four weeks. In contrast, the Federal funds rate has continued to rise, averaging 7.6 percent in the seven days ending May 9, compared with about 7 percent in the first half of April. The secondary market rate on large 90-day CDs has also continued to rise in recent weeks, reflecting the bidding by commercial banks for funds in order to meet strong loan demands. Long-term interest rates have also remained rather stable in recent weeks, after increasing only slightly in the first quarter of this year when short term rates increased rapidly. Seasoned corporate Aaa bond rates averaged 7.26 percent early this week, about the same as in early April. Rates on long-term Government securities averaged 6.16 early this week, also the same as early April. Reflecting the rise in short-term interest rates earlier this year, the large-business prime bank loan rate was increased recently to 7 percent. Currently, this rate averages 13 basis points below the prime four- to six-month commercial paper rate, compared with an average of about 50 basis points above the commercial paper rate during 1972. In addition to the increase of the prime rate, the majority of the Federal Reserve Banks raised their discount rate on loans to member banks from 5-3/4 percent to 6 percent effective May 11, 1973. Prepared by Federal Reserve Bank of St. Louis Released: May 77, 1973 MONETARY BASE u MULTIPLIERS 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 *EEKS ENOING MAY 9. 1973 FROM THE FOUR WEEKS ENDING! MAR. 100 10.3 98 _ OCT MONETARY BASE 96 94 1973 MILLIONS APR. 18 99 25 101 92 LATEST DATA PLOTTED WEEK ENDING: MAY 9, 1973 RATIO 2.9 RATIO 2.8 MULTIPLIER 2.7 2.6 2.5 RATIO MAR. APR. 1 15 29 12 26 10 24 7 21 5 19 JUN JUL 1972 2 16 30 13 27 11 25 6 22 6 20 3 17 31 28 2.584 2.583 2.607 2.594 2.555 2.598 14 28 14 28 1 25 2.4 9 ?3 1973 LATEST DATA PLOTTED WEEK ENDING. MAY 2, 1973 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 ’’REVIEW'1 OF THIS BANK. 2/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RESERVES AVAILABLE TQ&SUPPORT TRIVATE NONBANK DETOS I TS 1/ ALL MEMBER BANKS FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 31.5 31 .5 31.0 30.5 I COMPOUNDED ANNUAL RATES _ OF CHANGE, AVERAGE OF ___ THE FOUR WEEKS ENDING _ MAY 9. 1973 FROM _ THE FOUR WEEKS ENDING: I MAR ---- FEB 31.0 1973 30.5 RESERVES 30.0 30.0 29.5 29.5 29.0 1973 BILLIONS 29.0 APR. 9.83 28.5 28.5 0.10 30.10 29.52 llill 90 - COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ___ THE FOUR WEEKS ENDING MAY 9, 1973 FROM THE FOUR WEEKS ENDING: -----FEB. JAN. “ 10 1973 1973 19.6 20.3 10 1972 1972 1972 17.9 18.7 11.1 NOV. MAY 88 86 84 FEDERAL RESERVE CREDIT 82 973 MILLIONS 4 80 87,736 78 1 15 29 12 26 10 24 7 21 5 19 JUN JUL 2 16 30 13 27 11 25 6 22 6 20 3 17 31 14 26 14 26 11 25 FEB MAR 1973 9 23 APR LATEST DATA PLOTTED WEEK ENDING: MAY 9. 1973 1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. 2/ DEFINED TO INCLUDE HOLD INGS OF SECURITIES, .LOANS, FLOAT AND ’’OTHER” ASSETS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS TN DEP6stTS 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. http://fraser.stlouisfed.org PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS Federal Reserve Bank of St. Louis 4 & DEMAND DEPOSIT COMPONENT OF MO I® Y STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 205 BILLIONS 198. 1 199.3 198.9 200.2 200 198. 1 200.9 195 190 185 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 II 25 8 22 6 20 3 17 31 14 28 14 28 11 FEB 1972 25 8 23 MAR 1973 LATEST DATA PLOTTED WEEK ENDING: MAY 2, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, 5/3/72 8/30/72 10/4/72 7.4 7.4 6.7 8.2 6.3 6.6 5.6 5.5 7.4 5.7 8.9 5.3 6.0 4.5 4.6 4.8 9.6 4.8 5.7 4.0 4.1 AVERAGE OF FOUR WEEKS ENDING: 11/1/72 11/29/72 1/3/73 1/31/73 2/28/73 2.7 3.3 0.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 10/ 4/72 11/ 1/72 11/29/72 1/ 3/73 1/31/73 2/28/73 4/ 4/73 5/ 2/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.4 3.9 5.2 3.4 3.6 4.8 6.3 3.7 3.9 -0.3 -1.2 0.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 265 BILLIONS MAR. APR. 256.0 257.5 257.5 258.9 257.0 259.5 260 255 250 245 240 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 FEB MAR 1973 25 9 23 APR LATEST DATA PLOTTED WEEK ENDINGi MAY 2, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, 5/3/72 8/30/72 10/4/72 7.0 7.2 6.8 8.2 6.5 6.8 6. 1 6.2 7.9 6.8 9.6 6.3 6.8 5.7 5.9 6. 1 10.3 5.9 6.6 5.3 5.6 AVERAGE OF FOUR WEEKS ENDING: 11/1/72 11/29/72 1/3/73 1/31/73 2/28/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 10/ 4/72 11/ 1/72 11/29/72 1/ 3/73 1/31/73 2/28/73 4/ 4/73 5/ 2/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.3 5.2 6.2 4.9 5.2 5.6 6.8 5.0 5.4 0.8 0.6 2.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 I ME DEPOSITS ALl^COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL TIME DEPOSITS NET TIME DEPOSITS* I 15 28 12 26 10 24 7 21 5 18 Z 16 30 13 27 II 25 SEP 6 22 6 20 9 17 91 14 26 14 26 11 25 8 29 OCT 1973 LATEST DATA PLOTTED WEEK ENDING: MAY 2, 1973 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: 5/3/72 8/30/72 10/4/72 12.6 12.2 12.0 12.2 11.2 1 1 .0 10.9 12.2 11.9 12.2 11.0 10.8 10.7 11/1/72 11Z29/72 1/3/73 1/31/73 2/28/73 8. 1 8.6 9.9 TO THE AVERAGE OF FOUR WEEKS ENDINGi 10/ 4/72 11/ 1/72 11/29/72 1/ 3/73 1/31/73 2/28/73 4/ 4/73 5/ 2/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12.8 12.8 12.6 12.4 12.5 11.9 11.7 11.5 11.4 12.0 10.5 10.4 10.3 12.3 10.3 10.2 10. 1 9.5 9.7 9.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MO i Y STOCK PLUS BILLIONS OF DOLLARS 7 A T I MEiDEPOS I TS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS MONEY STOCK PLUS TOTAL TIME DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS** 1 15 29 12 26 10 24 7 21 5 19 JUN JUL 1972 Z 18 30 13 27 II ZS 8 22 6 20 3 17 31 14 28 FEB LATEST DATA PLOTTED WEEK ENDING: MAY 2, 14 26 MAR 1973 II 25 S 23 APR 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. DEC Mj 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: 5/3/72 8/30/72 10/4/72 10.3 9.5 10.8 9.4 9. 1 8.4 8.4 9. 4 11.2 9.2 8.9 8.2 8.2 11/1/72 11/29/72 1/3/73 1/31/73 5.2 5.2 6.0 6.2 6. 9 2/28/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 10/ 4/72 11/ 1/72 11Z29/72 1/ 3/73 1/31/73 2/28/73 4/ 4/73 5/ 2/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.9 10.0 9.7 10.4 9.6 9.4 8.9 8.9 11.3 8.7 8.4 7.7 7.8 9.1 8.6 7.6 7.8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERT# I CATES OF 8 DEPOSIT# LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 1 IS 29 12 26 10 24 3 19 7 21 2 16 30 13 27 II 25 8 22 6 20 BILLIONS OF DOLLARS 3 17 31 14 28 FEB 4 21 11 MAR 25 8 23 APR LATEST DATA PLOTTED WEEK ENDING: MAY 2, 1973 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 1973 MAR. APR. MAY 7 14 21 28 4 1 1 18 25 2 9 16 23 30 CERT 1F1 CATES OF DEPOSIT BILLIONS NET TIME DEPOS1TS * 52.2 54.5 55.2 56.3 57.7 59.0 58. 1 58.8 59.3 275.3 275.6 276.2 276.8 276.6 276.6 279.0 278.7 279.0 M2 m 533.0 531.7 533.7 532.8 534. 1 534. 1 537.9 535.6 538.5 * SEE FOOTNOTE PAGE 6. ** SEE FOOTNOTE PAGE 7. PREPARED BY FEDERAL RESERVE BANK OF ST LOUIS 9 MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 435 425 415 CREDIT PROXY ADJUSTED 1/ 405 395 385 CREDIT PROXY 375 365 1 15 29 12 26 10 24 7 21 5 19 JUN JUL 1972 2 16 30 13 27 11 25 6 22 6 20 3 17 31 14 26 14 26 11 FEB 25 9 23 MAR 1973 LATEST DATA PLOTTED WEEK ENDINGi MAY 2. 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. 1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS. AND CERTAIN OTHER NONDEPOSIT SOURCES. 1973 BILLIONS CREDIT CREDIT PROXY PROXY. AQJUSTEP MAR. APR. MAY 28 4 1 1 18 25 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 418.6 421.1 419.2 420.5 421.4 424.3 423.6 426.0 424. 1 425.8 426.8 429.5 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING MAY 2, 1973 FROM THE FOUR WEEKS ENDING: CREDIT CREDIT PROXY PROXY ADJUSTED FEB. JAN. JAN. NOV. NOV. OCT. MAY 28, 31 , 3, 29, 1 , 4, 3. 1973 1973 1973 1972 1972 1972 1972 16.8 17.9 14.5 1 4.9 14.2 13.7 12.3 17.6 18.5 15.0 15.3 14.4 1 4.0 12.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY percent CORPORATE Aaa BONDS MUNICIPAL BONDS** — DISCOUNT RATE LLLL THREE-MONTH TREASURY BILL MARKET YIELD 3 17 31 14 28 12 26 APR 9 23 7 21 4 18 1 15 29 15 27 10 24 8 22 MAY 5 19 2 16 JAN FEB 2 16 30 13 27 11 APR 25 MAY LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 11, 1973 1973 MAR. APR. MAY 2 9 16 23 30 6 13 20 27 4 11 * 18 25 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS 388 7.25 7.27 7.29 7.31 7.31 7.27 7.25 7.25 7.27 7.26 7.26 5.81 5.85 6.05 6.31 6.29 6.45 6.20 6.16 6.23 6.24 6.04 6.76 6.84 6.90 6.91 6.79 6.77 6.67 6.73 6.79 6.79 6.78 6.16 6. 18 6.22 6.24 6.18 6. 16 6.09 6.07 6. 10 6.15 6.16 5.22 5.27 5.34 5.35 5.26 5.22 5.07 5.17 5. 1 4 5.10 N. A. * AVERAGES OF RATES AVAILABLE. , „ *6* BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT PRIME BANK LOAN RATE COMMERCIAL PAPER FEDERAL FUNDS RATE 9 17 31 14 26 12 26 9 29 7 21 1 15 29 19 27 10 24 6 22 5 19 2 10 JAN FEB 2 10 30 19 27 11 APR 25 MAY 1973 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 11, 1973 1973 MAR. APR. MAY 2 9 16 23 30 6 13 20 27 4 1 1 * 18 25 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS sec PRIME BANKERS’ ACCEPTANCES 90 DAY CD'SUM 6.30 6.53 6.85 7.08 7.13 7.18 7.13 7. 13 7. 13 7.13 7.13 6.75 7.02 7.13 6.96 7. 1 1 7. 18 6.84 7.23 7. 14 7.43 7.60 6.30 6.65 6,83 7.00 7.00 7.00 6.98 6.88 7.00 7.00 7.00 6.38 6.60 6.85 7.05 7.23 7.27 7.31 7.27 7.28 7.34 7.38 * AVERAGES OF RATES AVAILABLE. SBIE FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR THE BOARD OF GOVERNORS’ H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS PROM FEDERAL ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1973 RESERVE BANKS BILLIONS of DOLLARS MILLIONS 1648 1466 BORROWINGS 1 15 29 12 26 10 24 7 21 5 19 JUN JUL 1972 2 16 30 13 27 SEP LATEST DATA PLOTTED WEEK ENDING: MAY 9, 11 25 8 22 6 20 3 17 31 14 26 14 26 11 FEB OCT Z5 9 23 MAR 1973 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 106 - COMPOUNDED ANNUAL RATES OF CHANGE _AVERAGE OF THE FOUR WEEKS ENDING MAY 2, 1973 FROM THE FOUR - WEEKS ENDING: BUS I NESS — BUS I NESS LOANS LOANS ADJUSTED FEB. 28, - JAN. 31, JAN. 3, — NOV. 29, _ NOV. 1, OCT. 4, — MAY 3, 1973 1973 1973 1972 1972 1972 1972 39.7 49.2 46.2 38.6 31.9 20.4 104 102 100 42.0 47.8 40.0 36.2 98 20.8 96 94 BUSINESS LOANS ADJUSTED IA 92 90 MILLIONS BUS I NESS BUS I NESS LOANS LOANS ADJUSTED BUSINESS LOANS 68 86 MAR. 28 APR. 100,934 101,323 101,696 1 15 29 12 26 10 24 6 30 13 27 7 21 V 25 6 22 6 20 3 17 31 14 26 14 26 11 62 25 9 23 1973 1972 LATEST DATA PLOTTED WEEK ENDING: MAY 2, 11 84 103,175 1973 INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES, DING COMPANIES, AND OTHER AFFILIATES. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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