Full text of U.S. Financial Data : Week Ending: November 10, 1971
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/ Week ending: November 10,1971 library iL’fu 05 1379 The nation's money stock, defined as private demand deposits and currency in the hands of the public, has increased at a 7 per cent annual rate in the past ten months (page 5). Growth of money over this period, however, has been uneven. For example, money grew at only a 1.7 per cent rate in the past four months, compared with a 10.6 per cent rate in the previous six months. For comparison, money grew at a trend rate of 3.4 per cent from 1957 to 1970. The declines of market interest rates have been substantial since the levels immediately preceding the mid-August announcement of the New Economic Program (pages 10 and 11). These declines have offset a large portion of the rise in interest rates which occurred during the spring and summer months. For example, the three-month Treasury bill rate averaged 4.18 per cent in the three days ending November 10, down 106 basis points from early August, which offsets over one-half of the rise in this rate from March to early August. Yields on Aaa corporate bonds averaged 7.24 per cent in the first half of this week, down 47 basis points from early August, which offsets about three-fourths of the rise occurring earlier in 1971. This week the Federal Reserve Board announced a reduction in the discount rate from 5 per cent to 4.75 per cent at several Federal Reserve Banks. The reduction brings this rate into closer alignment with short term market interest rates. SELECTED INTEREST RATES 3 days Ending 11/10/71 Three-month Treasury bills Federal Funds Prime 4- to 6-month Commercial Paper 3- to 5-year Government Securities Bond Buyer's Index of 20 Municipal Bonds Aaa Corporate Bonds Prime Rate Change in basis points since week ending months ending 8/13/71 3/71 1/70 4.18% 4.84 4.88 -106 - 74 - 95 + 80 +113 + 69 -369 -414 -390 5.50 -131 + 76 -264 -104 - 18 4.99—^ 7.24 5.50 - 47 - 50 -197-/ + 16^ -124-/ + -300 1 —^November 5, 1971 February 1971 -/june 1970 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: November 72,7971 MONETARY BASE 1/ FEDERAL RESERVE CREDIT v AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANCE, AVERAGE OF THE FOUR WEEKS ENDING ---- NOVEMBER 10, 1971 FROMTHE FOUR WEEKS ENDING. BILLIONS OF DOLLARS 90 _ - SEP. AUG. JUL. —JUN. _ 8, 11, 7, 9, 1971 1971 1971 1971 ~ APR 88 MONETARY BASE 1.8 2.2 5.2 5.7 86 4.6” 6. 1 6.6 84 82 Ml MILLIONS 80 78 _ COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING —NOVEMBER 10, 1971 FROMTHE FOUR WEEKS ENDING. - SEP. AUG. 8, 11, 1971 1971 6.7 6.8 ... _ ------ i0.7 76 — JUN MAR. . 10, 9.9 ____ 1971 FEDERAL RESERVE CREDIT 74 ~ 10.6 10.4 9.6 72 70 ail MILLIONS 68 2 16 30 14 26 II OCT NOV 1970 25 9 23 6 20 3 17 JAN FEB 3 17 51 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 14 26 12 26 APR 9 23 MAY 7 21 4 16 1 IS 29 13 27 OCT 10 24 NOV 1971 1971 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 1'REVIEW * OF THIS BANK. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND •'OTHER" ASSETS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG CLASSES OF BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 33.0 ----------------------- BILLIONS OF DOLLARS ------ ---------- ---------- 33.0 32.5 31.5 31.5 31.0 30.5 30.0 30.0 29.5 29.5 29.0 28.5 28.5 2 16 SEP 30 14 28 11 25 0 23 OCT NOV DEC « 20 JAN 3 17 FEB 3 17 31 14 28 12 MAR APR MAY 4 18 JUL 1 15 20 13 27 10 24 AUG 1970 LATEST DATA PLOTTED WEEK ENDING, NOVEMBER 10. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. * BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER I, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis billions ian OCT. NOV. 6 13 20 27 3 10 31.9 31.7 31.7 31.4 31.7 31.4 1970, COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING NOVEMBER 10. 1971 FROM THE FOUR WEEKS ENDING: SEP. AUG. JUL. JUN. MAY APR. MAR. 8, 11. T, 9. 12, 7, 10, 1971 1971 1971 1971 1971 1971 1971 -5.3 0.0 3.7 1.5 3.2 4.4 4.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 B.ILLIQNS 174.9 175. 1 174.2 174.4 175 174.5 170 165 160 2 16 30 14 2S II 25 0 23 S 20 JAN 3 17 FEB 3 17 31 14 28 12 26 APR MAY 1970 0 23 4 18 I 15 28 13 27 10 24 OCT NOV 1971 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 5, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 11/4/70 3/3/71 3/31/71 5/5/71 6/2/71 6/30/71 5.8 6.4 2.0 1.0 7.9 1.7 0.5 8/4/71 9/1/71 -1.6 -2.3 -6.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/31/71 5/ 5/71 6/ 2/71 6/30/71 8/ 4/71 9/ 1/71 10/ 6/71 11/ 3/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.7 6.9 10. 1 9.3 9. 1 9.0 7.0 6. 1 6.7 14.3 11.5 10.7 10.2 7.0 5.7 16.0 11.8 10.8 10.2 6.5 5. 1 17.2 13.6 12.2 7. 1 5.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 235 BLLLIQNS 226.7 227.3 230 226.5 227.2 226.6 225 220 215 210 2 16 30 14 26 II 25 0 23 6 20 3 17 JAN FEB 3 17 31 H 26 12 26 APR 9 23 7 21 4 16 I 15 29 13 27 10 24 MAY 1970 OCT NOV 1971 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 3, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 11/4/70 3/3/71 3/31/71 5/5/71 6/2/71 6/30/71 6.3 6.4 2.9 2.0 7.7 2.7 1.7 8/4/71 9/1/71 -0.5 -0.9 -4.0 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/31/71 5/ 5/71 6/ 2/71 6/30/71 8/ 4/71 9/ 1/71 10/ 6/71 11/ 3/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.7 7.4 9.9 9. 1 9. 1 8.8 7.2 6.5 7.9 13.7 11.2 10.6 10.0 7.3 6.2 15. 1 11.4 10.6 9.9 6.8 5.6 15.0 12.5 11.1 7.0 5.6 PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 260 250 TOTAL TIME DEPOSITS 240 230 220 NET TIME DEPOSITS* 210 200 190 2 16 50 1 4 28 11 OCT 25 9 23 6 20 3 17 JAN NOV FEB 3 17 31 14 28 12 26 APR 9 23 1970 7 21 4 18 JUL MAY AUG I 15 29 15 27 10 24 OCT NOV 1971 LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 3, 1971 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 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, 11/4/70 3/3/71 3/31/71 5/5/71 AVERAGE OF FOUR WEEKS ENDING: 6/2/71 6/30/71 8/4/71 8.0 7.5 7.5 8.8 5.5 6.2 8.0 7. 1 9.3 9/1/71 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/31/71 5/ 5/71 6/ 2/71 6/30/71 8/ 4/71 9/ 1/71 10/ 6/71 11/ 3/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25.4 23.0 22. 1 20.9 18.7 17.5 16. 4 16.3 21.1 19.6 17.8 14.7 13.4 12.4 12.7 14.8 14.0 11.4 10.5 9.9 10.5 14.3 10.5 9.6 9. 1 9.9 10.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 500 j=-------------------- ----- BILLIONS OF DOLLARS -------- ---------- --------=, 500 MONEY STOCK PLUS TOTAL TIME DEPOSITS MONEY STOCK PLUS hCT TIME DEPOSITS *8 2 16 30 14 28 11 25 8 23 6 20 3 17 JAN FEB 3 17 31 14 28 12 26 APR 7 21 4 18 JUL 8 23 MAY AUG 1 15 28 13 27 10 24 OCT NOV 1970 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 3, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. m Mz 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 END 1NGt 11/4/70 3/3/71 3/31/71 5/5/71 6/2/71 6/30/71 8/4/71 9/1/71 7.3 7.0 5.3 5.4 6.6 4.5 4.8 3.4 4. 1 3.1 TO THE AVERAGE OF FOUR WEEKS ENDING. 3/31/71 5/ 5/71 6/ 2/71 6/30/71 8/ 4/71 9/ 1/71 10/ 6/71 11/ 3/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16.2 14.9 15.7 14.8 13.7 13.0 1 1.7 11.3 14.3 16.4 14.4 12.6 1 1.6 9.8 9.4 14.8 12.7 11.0 10.2 8.4 8. 1 14.5 11.4 10.2 8.0 7.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 2 16 50 14 20 11 25 OCT NOV 0 23 6 20 JAN 3 17 FEB 3 17 31 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 3, 14 20 12 26 APR MAY 0 23 BILLIONS 7 21 JUL 4 10 AUG 1 of dollars 15 20 15 27 10 24 OCT NOV 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1971 SEP. 1 8 15 22 29 OCT. 6 13 20 27 NOV. 3 10 17 24 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOS1TS « 30.8 31.5 31.9 32.7 33.5 33.0 33.5 33.7 33. 1 32.8 228.4 228.8 228.7 229.3 229.7 230.8 231.1 231.9 232.3 232.7 M2 m 455.9 456.6 455.9 456.2 456.4 458. 1 457.5 458.4 459.5 459.3 K SEE FOOTNOTE PAGE 6. *K 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 BILLIONS OF DOLLARS CREDIT PROXY ADJUSTED 1/ CREDIT PROXY 2 16 50 14 28 II 25 OCT 9 25 6 20 5 17 JAN NOV FEB 5 17 51 14 28 12 26 APR 9 23 7 21 4 18 JUL MAY 1 15 20 15 27 10 24 AUG OCT NOV 197 1 1970 LATEST DATA PLOTTED WEEK ENDING) NOVEMBER 3, 1971 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. 1211 BIIUQNS CREDIT PROXY SEP. OCT. NOV. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 29 6 13 20 27 3 CREDIT PROXY ADJUSTED. 348.4 349. 1 348.8 349.8 350.6 352.8 352.9 353.5 353. 4 354.9 355.7 357.8 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING NOVEMBER 3, 1971 FROM THE FOUR WEEKS ENDING: CREDIT CREDIT PROXY PROXY ADJUSTED. SEP. AUG. JUN. JUN. MAY MAR. MAR. 1 , 4, 30, 2, 5, 31, 3, 1971 1971 1971 1971 1971 1971 1971 4.6 8.0 8.3 7.2 8.2 8.9 9.5 6.4 8.8 8.6 7.8 8.2 7.7 7.7 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY CORPORATE Aaa BONDS MUNIC PRIME COMMERCIAL LOAN RATE DISCOUNT RATE THREE-MONTH TREASURY BILL MARKET YIELD 4 18 NOV FEB DEC MAR LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOING« NOVEMBER 12, 1971 1971 SEP. 3 10 17 24 OCT 1 8 i5 22 29 NOV. 5 12 * 19 26 CORPORATE Aaa BONOS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECUR1T1ES MUNICIPAL BONDS N8K 7.45 7.42 7.44 7.44 7. 46 7.44 7.42 7.37 7.31 7.25 7.24 4.47 4.62 4.79 4.74 4.65 4.51 4.45 4.47 4.36 4.18 4. 18 5.89 5.94 6.00 6.01 5.91 5.84 5.68 5.62 5.53 5.41 5.50 5.58 5.51 5.59 5.59 5.52 5. 47 5.44 5.47 5.43 5.33 5.37 5.39 5.36 5.38 5.48 5.24 5. 17 4.99 4.9/ 5. 1 1 4.99 N.A. ^BO^BUYFR'^AviRAGE^NOEx'OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - N0T AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS u SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT PER CENT COMMERCIAL PAPER 4--T0-6 MONTH FEDERAL FUNDS RATE 4 18 2 16 30 13 2/ H 25 NOV 1970 8 22 5 19 5 19 2 16 30 H 28 It 25 9 23 6 20 3 17 1 15 29 12 26 DEC 197! LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi NOVEMBER 12, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 SEP. 3 10 17 24 OCT. 18 15 22 29 NOV. 5 '2 *• '9 26 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNOS PRIME BANKERS' ACCEPTANCES 90 DAY CD'S not 5.70 5.75 5.75 5.75 5.75 5.75 5.63 5.45 5.25 5.03 4.88 5.70 5.75 5.42 5.48 5.35 5.25 5.35 4.98 5.25 5.13 4.90 5.50 5.50 5.50 5.50 5.40 5.23 5.03 4.98 4.88 4.78 4.75 1971 5.56 5.55 5.60 5.66 5.62 5.53 5.44 5,29 5.18 4.99 4.91 * AVERAGES OF RATES AVAILABLE. FEDERAL FUNOS 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 BORROWINGS AND EXCESS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS ------ ---------- ---------1 -6 EXCESS RESERVES -0.4 -0.4 0.8 0.8 - - NET FREE RESERVES 1.2 1.2 - - -1 .6 2 16 30 14 28 II 25 SEP OCT NOV 1970 9 23 DEC 6 20 3 17 JAN FEB 3 17 31 MAR LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14 29 12 26 APR MAY 9 23 JUN 1971 7 21 4 18 I JUL AUG SEP 15 29 15 27 10 24 OCT NOV 1971 MILLIONS 1971 SEP. 1 8 15 22 29 OCT. 6 13 20 27 NOV. 3 10 17 24 EXCESS RESERVES 324 205 247 227 343 214 49 304 44 413 19 BORROWINGS 706 765 457 329 424 309 449 332 414 215 122 FREE RESERVES - 382 560 210 102 81 95 400 28 370 198 103 PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS
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