Full text of U.S. Financial Data : Week Ending: November 1, 1978

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F//V>a /VC//I L.

DATA*

vn et*

Week ending: November 1, 1978

LIBRARY
OEC

l 6 1979
This past week the Federal Reserve hanks
raised their discount rates from 8.50 percent to 9.50
percent. This discount rate increase,' the third in
the past two months and the seventh since early
January, was one of several measures taken, according
to
the Board of Governors' press release,
"to
strengthen the dollar and thereby counter continuing
domestic inflationary pressures."
Among,the other measures announced by the
Federal
Reserve
was
the
establishment
of
a
supplementary 2 percent reserve requirement to be
applied to all outstanding member bank time deposits
in denominations of $100,000 or more and certain other
member bank liabilities.
The supplementary reserve
requirement became effective in the week beginning
Thursday, November 2, 1978. The Board estimated that
this
change
in
reserve
requirements
on
large-denomination time deposits will increase member
bank required reserves by approximately $3 billion in
the
reserve
settlement week beginning Thursday,
November 16, 1978.
(The two-week period between the
increase in the reserve requirements and the increase
in required reserves is a consequence of the system of
lagged reserve requirements.) The Board of Governors
stated that this supplementary reserve requirement was
imposed "to moderate the recent relatively rapid
expansion in bank credit" and to
"increase the
incentive for member banks to borrow funds from abroad
and thereby strengthen the dollar...."
Also this past week most large commercial
banks raised their prime lending rate from 10 percent
to 10.50 percent in two successive quarter point
increases. The latest prime rate increase, from 10.25
percent to 10.50 percent, is the sixth increase in the
past two months and the eleventh of this year.


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

Prepared by Federal Reserve Bank of St. Louis
Released. November 3, 1978

2

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
44

BILLIONS
140. I
140.3
140.6
140.8
141.0
141.1

5

SEP

19

2

16 30

14 20

OCT

11

JAN

25

B 22

8 22

FEB

JUN

JUL

1977
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 1, 1978
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BA1*S AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COfcMERCIAL BANKS) ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
11/2/77

2/1/78

3/29/78

5/3/78

AVERAGE OF FOUR WEEKS ENDING:

5/31/78

6/28/78

11.2
8.9
10.6
10.8

7.4
10.2
10.5

8/2/78

8/30/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/29/78
5/ 3/78
5/31/78
6/28/78
8/ 2/78
8/30/78
10/ 4/78
11/ 1/78

8.9
8.8
8.9
9.3
9.5
8.9
9.6
9.7


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

6.9
7.6
8.5
8.8
8.2
9.2
9.4

9.0
10.0
10. 1
8.9
10. 1
10.3

11.2
10.9
9.2
10.5
10.7

10.1
10.6

13.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7---- .

MULTIPLIER i/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

2.9

2.9

2.7

MULT IP LIER
■v,

\

.

1978
SEP

RAT £

■ I? |:pS

OCT ■

if

i:fli

ii nil

Illl

i

11

i ii i

111

i.i i

1 1 1

-iii i

1 1 1

1 1 1 1

1 1 1

.1 1.1

mil

i i i i i i i i i i i i:

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 25, 1978
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
124

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 1, 1978 FROM

122
120

AUG. 30,

1978
1978
1978
1978
1978
1977

-----JUN. 28,

MAY
_

31

NOV.

1 1 .5

1 18

12.6
10.9

116

11.4

114

112
ISIS.
27

EE.

BJLLIQNg.
120.6

110
108
106

I I I I I I I 1 I I I I I I I I I
5 10

SEP

2 18 30 14 28 11

25

8 22

8 22

5 10

OCT

3 17 31

14 28 12 28

0 23

0

6

SEP

OCT

1977
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 1, 1978
1/ RATIO OF MONEY STOCK CMl ) / MONETARY BASE.
2/ f£RES#L5E?f^LCf,E?^I,,£9^lIJ^OF FSBS5AL reserve moldings of securities, loans, float
RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
I^]L!:EJ>E,5AL RESERVE banks from THIS series, AND ADJUSTING THE SERIES for re­
serve REQUIREMENT RATIO CHANGES AND SHIFTS IN THE §AKE TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY? DATA ARE COMPUTED BY THIS B/InK


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
875

1978

BILLIONS

870

EP.

862.6
86-4.1
864.5
869.4
869.3
865.7

865

CT,

20
27
4
11
18
25

860
855
850
845
840
835
830
825
820
815
810
-E3 805
800
795
-=| 790
0
1978

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 25, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING*

10/26/77

1/25/78

3/22/78

4/26/78

5/24/78

6/28/78

7/26/78

8/23/78

6.4
7. 1
7.4
7.5
7.5
7.8
8.3
8.3

6.8
7.3
7.5
7.6
8.0
8.7
8.5

9.6
9. 1
8.8
9.2
9.8
9.5

8.5
8.4
8.9
9.8
9.4

8.0
8.9
9.9
9.5

9.4
10.7
9.9

1 1.9
10.5

10.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
3/22/78
4/26/78
5/24/78
6/28/78
7/26/78
8/23/78
9/27/78
10/25/78


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T---------- *

MONEY STOCK (Ml )

billions of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

dollars

billions of dollars

BILL I.Q.NS.
361.1
360.2
364.3
364.3

1977

1978

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 25, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMANO DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
10/26/77

AVERAGE OF FOUR WEEKS ENDING:

1/25/78

3/22/78

4/26/78

5/24/78

6/28/78

7/26/78

8/23/78

7.0
8.6
8.2
7.8
7.9
8.7
8. 1

15.2
12.2
10.6
10.3
11.0
9.8

10.0
8.6
8.6
9.8
8.6

6.3
7.0
8.9
7.7

7.0
9.6
7.9

11.6
8.7

8.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/22/78
4/28/78
5/24/78
6/28/78
7/26/78
8/23/78
9/27/78
10/25/78

4.8
6.9
7.8
7.7
7.5
7.6
8.2
7.8


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.5

10.0

CORPORATE

I ME BANK

90 DAY CD'S!

COMMERCIAL PAPER

MUNICIPAL

1 1 II I
2

ia 30 14 28 11

25

0

OCT
NOV
1977

a 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

0 23

MAY

7 21

JUL

15 20 13 27 10 24

AUG

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 3,

1978
SEP.

1
8
15
22
29
OCT.
6
13
20
27
NOV.
3 *
10
17
24

NOV

1978

90 DAY
CD' S MBteK

PRIME
COMMERCIAL
PAPER
4-6 MONTH

8.19
8.35
8.44
8.63
8.83
8.95
9.15
9.26
9.64
10.10

8.03
8.24
8.43
8.51
8.60
8.75
8.97
9.07
9. 19
9.47

PRIME
BANKERS'
ACCEPTANCES

1978

CORPORATE
BONDS

MUNICIPAL
BONDS KK

8.67
8.67
8.63
8.70
8.77
8.81
8.85
8.88
8.94
9.06

6. 16
6. 13
6.02
6.12
6.09
6.07
6. 10
6.14
6.21
N. A.

Aaa

8.19
8.31
8.44
8.62
8.82
8.89
9.06
9.33
9.59
10.35

* AVERAGES OF RATES AVAILABLE.
X* BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
***
OFSeco»~DARY MARKET RATES FOk THE MEEK El® I MG WEDNESDAY TWO DAYS
N A ^"noPaHuLABL?5 SH0WN'
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

A______ >

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
10.0

TREASURY SECUR ITIES

FEDERAL FUNDS RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET Yl

2 16 30 M 28 11

25

9 23

OCT
NOV
1877

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

0 23

MAY

7 21

4 18

JUL

AUG

1

13 29 13 27 10 24

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END IMG« NOVEMBER

FEDERAL
Furesm
SEP.

1
8

15
22
29
6
13
20
27
NOV.
3 X
10

8.28
8.30
8.33
8.36
8.62

8.85
8.71
8.78
9.24
9.29

3,

1978

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL men

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.50
7.60
7.77
8.02
7.96
8.14
7.98
7.89
7.70
8.69

7.55
7.74
7.79
7.98
8.28
8.38
8.42
8.56
8.61
8.98

7.86
7.86
7.95
8.08
8.16
8.23
8.28
8.46
8.53
9. 11

8.36
8.33
8.32
8.40
8.46
8.48
8.47
8.56
8.68
9.05

8.34
8.31
8.28
8.40
8.51
8.55
8.53
8.59
8.64
8.75

17
24

*,AVERAGES OF RATES AVAILABLE.

L
?*£!£?


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

JHM “TE
ARE C0“’UTE0 W

a** OF ST. LOUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
515

BLLLJ.QNS
505

510

501.5
502.3
504.2
505. 1
505. 1
506.8

— OCT

505
500

485
480
475
470
465
460

2 10 30 14 28 11

25

8 22

8 22

5 1©

3

17 31

1977

14 28

12 26

© 23

6 20
SEP

OCT

1978

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 25,

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASt

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:
10/26/77

1/25/78

3/22/78

4/26/78

5/24/78

6/28/78

6.7
6.5
7.0
7.4
8. 1
8.6
8.9

5.8
6.8
7.5
8.4
9.0
9.3

7.4
8.2
9.2
9.8
10.0

9.3
10.2
10.7
10.8

11.2
11.4
11.4

7/26/78

8/23/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/22/78
4/26/78
5/24/78
6/28/78
7/26/78
8/23/78
9/27/78
10/25/78

7.6
7.2
7.0
7.3
7.5
8.0
8.4
8.6


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

12.1
11.8

11.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
275 ---------- 1---------- .--------

BILLIONS OF DOLLARS
------------------------------- 275

BJLUQNS
266.0
264.5
268.5
268.3
263.1

5

!®

2

16 SO

14 28 11

25

JAN

8 22

8 22

5 1®

3 IT 31

FEB

14 28 12 26

JUN

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 25,

0 23

JUL

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS*

H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
10/26/77

1/25/78

3/22/78

4/26/78

5/24/78

6/28/78

7/26/78

8/23/78

2.9
6.0
7.0
6.8
6.6
6.8
7.6
7.0

6.5
8.2
7.7
7.3
7.5
8.4
7.5

17.2
13.0
1 1.2
10.7
11.3
9.8

9.4
8.0
8.2
9.5
8.0

5.5
6.5
8.5
6.9

6.9
9.6
7.2

1 1.6
7.9

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/22/78
4/26/78
5/24/78
6/28/78
7/26/78
8/23/78
9/27/78
10/25/78


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

BILL I..Q.N5.

95.8
95.7
96.0

7 21

5 10

SEP

OCT

2 1C 50 14 28 11

25

JAN

8 22

8 22

5

19

3 17 31

14 28 12 26

9 23

1

15 29

FEB

1977

1978

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 25, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
0/26/77

1/25/78

3/22/78

4/26/78

5/24/78

6/28/78

7/26/78

8/23/78

10.7
10.2
8.9
9. 1
10.2
10.0

12.0
9.5
9.7
11.0
10.6

7. 1
8.0
10.0
9.8

7.2
10.3
9.9

13.1
11.6

12.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/22/78
4/26/78
5/24/78
6/28/78
7/26/78
8/23/78
9/27/78
10/25/78

9.9
9.4
10.2
10. 1
9.4
9.5
10. 1
10.0


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

8.3
9.9
9.8
8.9
9. 1
10.0
9.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

BILLIONS OF DOLLARS
3.5 r---------1---------- 1--------

3979

AVtKAGtS OP

IN THE NATION

DAILY FIGURES

BILLIONS OF DOLLARS
----------------------------Z3 3-5

MILLIONS

1249

5 18

OCT

2

18 30 14 28 11

NOV
1977

DEC

25

JAN

8 22

8 22

FEB

5 18
APR

3 17 31
MAY

14 28

12 26

JUN
1978

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 1, 1978

BUSINESS LOANS
(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
144

COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF _ THE FOUR WEEKS ENDING
OCTOBER 25, 1978 FROM
— THE FOUR WEEKSENDING: '
__AUG. 23,
JUL. 26,
— JUN. 28,
— MAY 24,
_ APR. 26,
JAN. 25,
— OCT. 26,

1978
1978
1978
1978
1978
1978
1977

1 0.4
9.9
8.0
11.6
1 3,6
15.9
13.8

'

138
136

'

134
132
130
128
126
124
SEP. 20

136,954

OCT.

137,784

4

118
5 18

2 18 30 1 4 28 11

JAN

28

8 22

-LI I I I I 1 1 I I I 1 I I I

8

FEB

1977

1978

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 25, 1078


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

0

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

1977

BILLIONS OF DOLLARS
94

1978

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 25, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' h.6 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS