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fVt Bis

u s. f innnciRL

DATA

V£o HjS-

JSRARY

Week ending November 1r 1967

BANK RESERVES

TIME DEPOSITS

Total reserves of member banks (page 3) have
risen at a 10 per cent annual rate in the three months
since July, the same rate as since January. Most of
the increase in reserves has been used to support the
expansion of bank earning assets and total deposits,
with excess reserves (page 8) being kept at a practical
minimum throughout the year.

Time deposits at all commercial banks (page 7)
averaged $180.4 billion in the four weeks ending October
25, up at a 14 per cent annual rate since July, and at a
17 per cent rate since January. By way of comparison,
time deposits rose at a 12 per cent trend rate from
1957 to 1966.

Reserves available for private demand deposits
(total reserves less reserves required for Government,
time, and net interbank deposits) are significant since
they are a measure of potential expansion of demand deposits
and money.
These reserves have risen at a 2. 5 per cent rate
since July, and at a 7 per cent rate since January. Re­
cent rates of growth of both total reserves and reserves
available for private demand deposits are well above
their trend rates from 1957 to 1966.
MONEY STOCK
The nation*s money stock (page 5), consisting
of private demand deposits and currency in the hands of
the public, averaged $180.3 billion during the four weeks
ending October 25, up at a 5.6 per cent annual rate since
and at a 7.7 per cent rate since January. Private
dHInd deposits (page 4), the larger and more volatile
component
of money, have risen at a 6
per cent annual
rate since July, and at an 8. 5 per cent rate since January.
From 1957 to 1966, money rose at a 2.4 per cent trend rate,
while private demand deposits grew at a 2 per cent rate.


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

A particularly volatile component of time
deposits is large negotiable certificates of deposit
(page 6). These CD*s which represent a source of funds
to commercial banks and a liquid asset to investors,
averaged $20 billion in the four weeks ending October 25,
about $700 million below their late August peak, but up
$5 billion for the year to date. After rebounding sharply
from the depressed levels of late 1966, CD's outstanding
showed relatively little change from April through early
July, although short-term interest rates continued to
ease and banks were able to compete effectively for these
funds. The volume of CD's outstanding rose sharply during
July and August, but fell off in September when rate
relationships made Euro-dollars more attractive to some
larger U.S. banks.
In recent weeks, bankers' expectations
of relatively modest near-term loan demands have probably
caused them to seek CD funds of longer maturities, and some
banks are now offering the 5-1/2 per cent maximum rate
permitted under Regulation Q.

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: November 3, 1967

FEDERAL RESERVE CREDIT [1_
Weekly Averages of Daily Figures

Billions of Dollars

Billions of Dollars

SeotonollyAdjutted by this Bonk [j

)

__Annual

rates of change Federal Reserve Credit
__adjusted for reserve requirements changes

FEDERAL RESERVE
,
HOLDINGS
CREDIT'

H S'
t/X

—from four weeks ending:

/?

l(>
. X

7S-7C
VC.is'
VCJj'
Vi*S?
Vi.Vi
ViS/

VC-//

■

H(, So

■

13
3o

VCX7
V6Xe

L 6

Vi-13

Vi,.3a

/3

VC-W

VC,*/

-

lo

VC.Sfo

y^Sjt

-

17
i

V7.£e)
VC-37

Vi.7/e
Vi.SX.

~
-

//

V7-33

V7-VJ

'

It

y- f.S

VC-7X
VC-Sg
VC.Lo
*7.0?
VC.7y
Vi.Af

it. ‘it

v/.

'
/d

+ // V

^
'

ik-Vf

-y^ ■ W'

V1.77

-

•
-

-

ko

;

¥-7-73

.

H-L.Vf 7 ¥7.0A, p_

i

Federal Reserve Credit

Federal Reserve Holdings of U.S. Government
and Federal Agency Securities

-Borrowings

_ Latest data preliminary
_ Latest data plotted week ending:Nov. 1, I967
I I I I I 1 1 1 1 1 1 1 1 1 1
5
19 2 16 30 l4 28 11 25 8 22 8 22
5
7 21
Sept.
1966

Digitized for♦FRASER
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/ Federal Reserve Credit excluding float and a few minor
items, and adjusted for reserve requirement changes.
2j Seasonal adjustment for Federal Reserve Holdings
computed hy this bank using data ending December 1966.
Borrowings from Federal Reserve not seasonally adjusted.
Current unadjusted data appear in the Board's H.4.1 release.
19

3

17

31 lH 28
June

12 26
July

1967

9 23
Aug

6

20

4

18

1

15 29

13

27 10

2k

7

0
21

6

Jan.

l|j|^
Prepared by Federal Reserve Bank of St. Lotos

20

3

REAVES

All Member Bcmks in the Nation
Weekly Avera es of Daily Figures

Billions of Dollars

Seasonal adjustment computed by this
bank using data ending December 1965*
Unadjusted data appear in the Board's_
_
H.4.1 release.
___

TOTAL RESERVES
Annual rates of change, average of
four weeks ending Nov. 1, 1967
from four weeks ending:
Aug. 2, 1967
y- 'O-O
May

3, 1967

y-

1, 1967
2, 1966

yy-

TOTAL
RESERVES

<f-<£

Feb.

Billrons of Dollars

/O.O

Nov.

y
alY fO

4y\<r/

RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS

—

^ s# :

Reserves Available for "
Private Demand Deposits

22.0

_

ff

/&

““

3-

UAO

_

7

/t -M

StO>
o

/h

/C.-S'f

Ji

L/ &>
;
/y

/Ayy

JO

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of
four weeks ending Nov. 1, 19&7
from four weeks ending:
Aug. 2, 1967
+

May

3, 1967

7

21

5 19


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

2

16

30

Ik

28 11 25
Jan.

8

22

8

/6.V7

r

//

/(.. t-l
/t. to

—
_

H

Uy-' /

/° -

Latest data plotted week ending: Nov. 1, 1967
I

22

5

19

17 31

14 28 12
June

26 9

23

I

6

I

I

20
Sept.

I

I

k

I

I

18
Oct.

I

I_ I___I_ I_ I_ i___I_ 1
_
_ _ _
_

1 15

29

13 27
Dec.

1—

j <? jt, /S —
n _

cS 7

,f

Seasonal adjustment factors nave been revised
to incorporate data through early ^967. t

H 03
'C-31

w. y

ft?

Feb. 1, 1967
Nov. 2, 1966

—

/(■+*

___I_ I___!_J—I—1_
_

10

1

7

21

Prepared by Federal Reserve Bank of St.Louis

16.2

DEMAND DEPOSIT COMPONENT OF U.S. MONEY STOCK*
Averages of Daily Figures
Seasonally Ad justed

Billions of Dollars

Billions of Dollars

Annual rates of change, average of
four weeks ending Oct. 25, 1967
from four weeks ending:
July 26, 1967
+ J-.8
Apr. 26, 1967
+/0.0
Jan. 25, 1967
V- g.SOct. 26, 1966
v- ^,/

WEEKLY DATA

1967

1957-1966

_ 13-week centered.
_ moving average

Weekly

*
_Latest data preliminary
— Latest data plotted week ending:
16 30
Sept.

Oct.


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

l4 28

11

25 8
Jan.

.
22

8

22

5

19

3

17

31

14 28
June

12 26

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

20

4

18

1

15 29 13
Nov.

27

10 24

Prepared by Federal Reserve Bank of St. Louis

0
20

3

Bir
196
195

MO Ar STOCK*
Averages of Daily Figures
SeasonallyAd usted

.ons of Dollars

5
Billons of Dol lars
196

1 1 1 1 1 1 11 1 11 1 m 1 1 11
Annual rates of change, average of
-four weeks ending Oct. 25, 1967

195
194

194
193

ruiy 26, 1967
Vpr. 26, 1967

192

ran. 25, 1907
“C)ct. 26, 1966

191

“ L957-1966

WEEKLY DATA
1967

+S.L

.

/<f.?

CLUu
0 <r 7*/9
°oa>

-f- 7-7
J
/- i.y

190

0

192

///
7 7 f- 3
? / 78 8

190

7°

AO

773(7

n
it

/f0.7

A3
„

188

r
„ .
ou.

187
186
185

184

191

/77. A
/77. /
177 7
7717

/£

189

193

177L
t7t i
m7

189

188

/71J
Ai ito. a.
7 nr 2

■3S

//o.y
1 77. 7

187

186
185
c

184

183

183

182

182
181

181
>

180
179

71+

178

\J

LA
f

V7<7.7_

180
179
178

177

177

176

176

%
13-week centered
moving average

175

y

*

175
174

174
173

*’

V

172

173

v
v

** »•*

Weeklv

172­

•*

171
..

170

>«<In*

171

•*' s*

170

169

169

168

168

*

167

0

Latest data preliminary
Latest data plotted week ending: Oct.
1 1 1 1 1 1 i 1 ........... 1 1 1 1 1 1 1
7 21 5 19 2 16 30 14 28 11 25
Dec.
Jan.
Sept. Oct.
Nov.
1966


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

25, 1967
1 1 1 1 1 1 1
8 22
8 22 5 19
Feb.
Max. Apr.

3

17
May

Current data appear in the Board's H.o release. Back
167
data appear in the August 1967 Federal Reserve Bulletin.
For trend of monev stock bv moiiths see this bank's
monthly release entitled "Monetary Trends".
0
_J 11 ........ HI...... Mill ........... HI
31 14 28 12 26 9 23 6
20 4
Feb.
Mar. Ai >r.
Dec.
Jan.
June
July
Aug.
Sept.
Oct.
Nov.
1968
1967
Prepared by Federal Reserve Bank of St. Louis

CERTIFICATES OF DEPOSIT Q.
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

I 1 I I 1 LiiiJ I 1 11 II 1 1TTT]
Annual rates of change, seasonally unadjusted data,
average of four weeks ending Oct. 25, I9&7 frc«
four weeks ending
July 26, 1967
+ /3.1
Apr. 26, 1967
t I2.Z
Jan. 25, 1967
* 2S.S
Oct. 26, 1966

Millions of Dollars
1967

IS, 9s 3

5

/%
7
/q, 5 29

19 69 fc
2c. Ilg

+ 2Z2

ZQ 3 19
20,329
20,570

f- 20.3

ZO,

7V2

20, I/O
zo, ys7

22.0

22.0

9, 8<)9

/

19,9

97

7% 9S8

20,01$
19,993
20,101 P

21.0

21.0

20.0

20.0

latest data preliminary
Latest data plotted:

0ct • 25> !967

I I I 1 i M 1 I I I I I I M I I I I
7 21 5
19 2 16 30 lit 28 11 25 8 22 8 22
Sept.
Oct.
Nov.
Dec.
Jan. Feb.
Mar.
1966


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

5

19
Apr.

3

17 31
May

14 28 12 26
June
July
^^1967

9 23
Aug.

Current and year ago data appear
Board's H.4.2. release.
1/ Negotiable time certificates
in denominations of $100,000
I I 1 I 1 I i I 1 I 1 1 I I
6 20 4 18 1 15 29 13 27 10 24
Sept.
Occ.
Nov.
Dec.
Jan.

in
of deposit
or more
!
1111
eb.

Prepared by Federal Reserve Bank of St . Louis

Mar.

Apr

7

TIM E£| POSITS*
All ComNrrcial Banks
Weekly Averages of Daily Figures
Seasonally Ad usted

Billions of Dollars

of Dollars

from four weeks ending:

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".

Latest data preliminary
latest data plotted week ending:Oct. 25, 1967
1 5 19
it.
Oct.


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

2
1966

16 30
Nov.

I I I I I I
14 28 11 25 8 22
Dec.
Jan.
Feb.

8

22
Mar.

5

19
Apr.

3

17 31
May

14 28
June

12
1967

26 9 23
July
Aug.

6

20

4

18

1

15

29

13 27

10 24
1968

Prepared by Federal Reserve Bank of St. Louis

8
Millions of Dollars

Millions of Dollars

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

1,900

_L

EXCESS
RESERVES

1,800

-L

BIWEEKLY DATA

1,700

bO

FREE
RESERVES
t'see
t £fO

1,500

BORROWINGS

W7
VVO
3ki

JV7
Sf

+ AV)

317

no

t 3. LI

3bl
3JJ

V7

V

3 AO

1,600

.

1,400

If

1,300

1,200
BIWEEKLY SETTLEMENT

WEEKLY DATA

1,100
1,000

1,100

1,000

i

900
800

700
600
500

Excess Reserves

4oo
300

Reserves

200
100
Borrowings

0
-

100

-

200

-

300

-

-One Week

400

-

-


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

26

9

23

7

21

1

15

1

15

29

12

7

21
June

5

19

2

30

13 27

11 25

8

22

6

20
Dec.

3

17

31 14

28

Prepared by Federal Reserve Bank of St. Louis

13 27
Mar.

1,000

-

12

900

-

1,100

800

-

.Latest data preliminary
-latest data plotted : one week ending Nov. 1, 1967

700

-

1,000

600

-

-

500

-

1,100

9

BUSING LOANS
Large Commercial Banks

Billions of Dollars

Bill!'

of Dollars

Wednesday Figures
Seasonally Adjusted by this Bank

Millions of Dollars

frcsa four weeks ending:

UNADJUSTED

■

/A
/‘f

63?H
6 3?<-j

4 3 7?7
63*71
61,309

a.
f

<*9

43, 7? *
63 nr
64*91

69 4
63,??*.
(,3,479

£u

3'

SEASONALLY
ADJUSTED

61,

/6
J3
ja
6
/3

6,4,43?
6 4,4*3'

4C

43

3>7

J.

6303-6
64,S'6 6
64,1*9

63,397

Jt9

63,373
64,911
(>469/
6.3,3/y
6 4,-39?
6,3,1 ej
63,5 3r

*3,

?4f
63 3,4.

63.7 96,
OS


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

63,3-4(,

p

_Current and year ago unadjusted data appear in
-the Board's H.U.2. release.
Seasonal adjustment
computed by this bank using 1962 through 1966 data

Latest data preliminary
INI

63,0*/ p

l I I II I

I I II I

I I I I I
20 4 18

1

15

!9

l l 1 l 1
7 10
13

24

7

21

6

June

Prepared by Federal Reserve Bank of St. Louis

20

3

Per Cent

YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

3-MOUTH
THEAS. 3-5
j7
2-1

as
i

LOUG-CORPORATE

BILL TEAR TERM

>

h

ra

/<f
aS
f'

>

Aba

v.jo xm y ry
v. n s.i-f y.fe

s.sy
ssy

V.

if S'. Ik

ytf

S SL

v jv s- te

y-90

ssi

y . *s

v7/

s sf

s, it

y. n sjs y.?s

y.Ao 5. At
¥ If S-3S

V9L

j-,sf

s.tj,

9 9! S-33

1-TJ
y ■}(,

s tS
Sts

y.j/

v

s.tt

/£

9Z1 s.iy

fit

s.tS

21.

ysy s.h¥

so/

sty-

ay
t>
'3
ao

57

Corporate
Aaa,Bonds

j.i-i

9-V7 six' s.ey x.ct
y.m s-99 s.o*
y.si s. it s./o
v.fc/ sss s.jy

s.ia5.i fc
s.e3

y.st. S.Sl

£90
X 93

9 St- S.tS

£*9

J 3i

Long-Term
Government Bonds

Discount Rate

Three-Month Treasury
Bill Market Yield

Latest data plotted are averages of rates available for the week ending: Nov.
9

23

7
.

21
Oct.

4

1966

18 2 16
Nov.
Dec


1ES OF RATES AVAILABIP!
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

30 13

27 10

24

10 24

7

21

5

19 2

16 30
June

3,

1967

14 28 11 25 8
22 6 20
July
Aug.
Sept. Oct.

3

17 1
Nov.

15 29
Dec.

12 26
Jan.

9

23
Keb.

6

1967
Prepared by Federal Reserve Bank of St. Louis

22
Mar.

5
A]

Per Cent

SELECTED SHORTWRM INTEREST RATES
Weekly Averages of Daily Rates Ended Friday

Per Cent

PRIME
PRIME
%-6-MOUTH

ACCEPTANCES CD'S**

S’, oo

Prime Ccmaercial Paper
„ 4-to-6 Month

Prime Bankers
itances

Federal Funds Rate

I 1 I 1 1 i I I
1..J—i -L.I—I—I_L_L
21 4 18 2 16 30 13 27 10 24 10 24 7
Oct.
Feb.
1966
* AVERAGES OF RATES AVAI1ABLE
Digitized for** SOURCE: SALOMON BROTHERS AND HOTZLER
FRASER
http://fraser.stlouisfed.org MARKET RATE ON 90-DAY PRIME CD'S.
SECONDARY
9 23 7
Sept.

Federal Reserve Bank of St. Louis

21

5

I I I I I
l I 1 i l
I I I I
19 2 16 30 14 28 11 25 8 22 6 20
June
Sept. Oct

3

17 1

15 29

12

26 9

23

8

Prepared by Federal Reserve Bank of St. Louis

22
Mar.

5
Apr

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