Full text of U.S. Financial Data : Week Ending November 13, 1968
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■ ■ • RESEARCH LIBRARY l/llv/l <t!i0 & ww SLs-j!PL cf St. Louis u s. finnncifu DATA Week ending November 13, 1968 m 21 m Most interest rates (pages 8 and 9) have in creased since August. Yields on three-month Treasury bills, long-term Government bonds and highest grade Corporate bonds have recovered more than half of the declines of late spring and summer. The bill rate averaged 5.44 per cent during the first half of this week, compared with a low of 4.96 per cent in early August and a high of 5.82 per cent in May. Interest rates on long-term Government bonds averaged 5.32 per cent Tuesday and Wednesday, about halfway between a low of 4.99 per cent in early August and a high of 5.52 per cent in May. Yields on Corporate Aaa bonds reached a low of 5.95 per cent in early September, falling from 6.28 per cent in May, and subsequently have risen to 6.15 per cent. The rising interest rates reflect a strong demand for funds accompanying a continued rapid increase of total demand for goods and services. Recent increases in interest rates may also reflect, in part, short-term effects of a slower growth of money (page 3) since mid-year. The money stock averaged $191.9 billion during the week ending November 6, up about $1.7 billion from the previous week. However, during the past three months the money stock has in creased at a moderate 2.1 per cent annual rate, fol lowing a rapid 8 per cent rate from January to July. Recent growth of money is about in line with the 1957 to 1967 trend rate of 2.6 per cent. Growth of other monetary aggregates has not slowed significantly since mid-year. The monetary base (page 2) has risen at a 5.4 per cent annual rate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis during the past three months, the same as the 5.4 per cent rate from January to July, but faster than the 1957 to 1967 trend rate of 3.3 per cent. Growth of the money stock plus time deposits (page 4) and of bank credit has accelerated since July, reflecting the rapid rise of time deposits (page 7) during the period. The broad measure of money averaged $390.8 billion during the four weeks ending November 6, up at a 10 per cent annual rate from three months ago. The more rapid growth of money plus time deposits and bank credit reflects a rechanneling of financial flows through commercial banks following the mid-year declines of market interest rates relative to rates banks may pay on time deposits. Because the recent growth of bank credit has probably been offset by lower credit flows in other markets, it does not necessarily indicate an acceleration in the growth of total credit in the economy nor a rapid expansion of total liquid assets. The slower growth of the money stock, assuming the demand to hold money grew at about an unchanged rate, probably provides less expansive monetary influence. However, if time deposits do not continue to grow at the recent rapid rate, absorbing reserves which might otherwise support demand deposits, it is unlikely that the recent slower pace of money growth will continue, unless the growth in the monetary base also slows significantly. 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 15,1968 illi' MONETARY BASE FEDERAL RESERVE CREDIT [2 Averages of Daily Figures of Dollars 78 Billions of Seasonally adjusted by this bank Annual rates of change, average of four weeks ending Nov. 13, 1968 from four weeks ending: 77 Monetary Base F.R. Credit i-^.V 1-6-J Feb. 76 t/6-3 f u. 7 tn-3 -f~ & < 1957-1967 75 Monetary Base 74 73 Vi 72 Monetary Base F.R. Credit S9 (, if. 3 (o. $ tot, J~9. 9 71 M, 7 Federal Reserve Credit 70 56 1/ 55 Uses of the 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 Review of this bank. 54 2/ Latest data preliminary Latest data plotted week ending: Nov As defined in the statistical tables of the Federal Reserve Bullet in, adjusted for reserve requirement changes and shifts in deposits. 13, 1968 53 <? 4 18 Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 1967 15 29 Nov. 13 27 Dec. 10 24 Jan. 7 21 Feb. 1 15 May 29 12 26 June 10 24 July 11968 7 21 4 18 Aug. Sept. 2 16 Oct. 8 Dec. 22 5 19 Feb. 1969 5 Mar. MONE|gTOCK* Averages ily Figures Seasonally Adjusted Billions of Dollars Annual rates of change, four weeks ending Nov. from four weeks Billions of Dollars average of ~ 6, 1968 1957-1967 13-week centered moving average Weekly * Current data appear in the Board's H.6 release. Back data appear in the June 1968 IFederal Reserve Bulletin. Latest data preliminary “"“Latest data plotted week ending: Nov. 6 1-1.1. Li 20 Sept. 4 18 1 Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15 Nov. 1967 29 13 27 Dec. 10 - 24 Jan. 6, 7 For trend of money stock by months see this bank's monthly release entitled "Monetary Trends". 1968 21 Feb. 6 20 Mar. 3 17 Apr. 1 15 May 29 12 26 10 June 1968 24 July 7 21 Aug. 4 18 Sept. 2 16 30 Oct. 13 27 11 25 Nov. Dec. 8 22 Jan. 5 19 Feb. 5 19 Mar. 1969 Prepared by Federal Reserve Bank of St. Louis 2 Apr. MONEY STOCK PLUS TIME DEPOSITS* Averages of Daily Figures Seasonally Adjusted Billions of Dollars Annual rates of change, BlXlions of Dollars average of from four weeks ending: May Feb. 8, 7, 1968 -/ 1968 y. /e, 2f, g 1957-1967 * Current data appear in the Board's H.6 release. Latest data preliminary Latest data plotted week ending: Nov. 6 20 4 18 Oct. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 2k Jan. • 6, 7 21 Feb. 1968 6 Back data appear in the June 1968 Federal Reserve Bulletin. For trend of money stock plus time deposits by months see this bank's monthly release entitled "Monetary Trends". 20 3 17 1 15 29 12 26 June i 10 2k July 7 21 Aug. 4 18 Sept 2 16 30 13 27 U 25 8 22 5 19 5 19 Oct. 1968 Prepared by Federal Reserve Bank of St. Louis 2 BUSINESSMANS Large Comm^Rial Banks Billions of Dollars Billions of Dollars Wednesday Figures Seasonally ad justed by this bank. Annual rates of change, average of from four weeks ending: 1960-1967 MILLIONS OF DOLLARS UNADJUSTED 61, eeo 61, 90S -- Current and year ago unadjusted data appear in -- the Board's H.4.2 release. Seasonal adjustment Latest data preliminary _ Latest data plotted: No\ 6 20 4 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 7“ mm 27 10 24 7 21 6 20 1 15 29 12 26 10 24 7 computed by this bank using 1962 through 1967 data. 21 4 If 3013 27 11 25 8 22 5 19 5 19 June Prepared by Federal Reserve Bank of St. Louis 2 CERTIFICATES OF DEPOSIT [1_ Large Commercial Banks Wednesday Figures Billions of Dollars Billions of Dollars ----• Annual rates of change, seasonally unadjusted data ---- average of four weeks ending Nov. 6, 1968 from ---- four weeks ending: ----j Aug. 7, 1968 " ' 1964-1967 ----- Millions of Dollars JJ, C V/* P latest data preliminary Current and year ago data appear in the Board's H.4.2. release. Latest data plotted: \! 20 4 18 Sept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 15 29 13 27 10 24 7 21 6 20 3 Mar. 17 1 15 29 12 26 10 June 24 July 7 21 Aug. 4 18 Sept. 2 Negotiable time certificates of deposit 16 30 13 27 11 25 8 22 Feb. Prepared by Federal Reserve Bank of St. Louis Mar. Apr. TIME ^OSITS*_ All Commercial Banks Averages of Daily Figures Se a son a I ly Adjusted Billions of Dollars ____Annual rates of change, average of 214----four weeks ending Nov. 6, 1968 ---- from four weeks ending: Billions of Dollars . - 1957-1967 168 '* Current data appear in the Board's H.6 release. Back " data appear in the June 1968 Federal Reserve Bulletin. “Latest data preliminary "Latest data plotted week ending: Nov. . - 6, 1968 For trend of time deposits by months see this bank's monthly release entitled "Monetary Trends". ' . in i in11 6 20 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 1 15 29 13 27 10 24 ■7 21 6 20 3 17 1 15 29 IS 26 June 10 24 July 7 £l 4 18 " 2 1630132711258225195192 Aug Prepared by Federal Reserve Bank of St. Louis t YIELDS ON SELECTED SECURITIES Averages of Daily Rates Ended Friday Per Cent Per Cent U J LI __ 3-MONTH TEE AS. 3-5 f_ BILL l |? fog V.9i YEA! ski S.l? LONGTERM CORPORATE : in 1.91 Aaa_ ~ ! i /y to? K s- n s. kr S.66 \ t.co S-e? ! f- is jy s./r s.ii & s.n s.s3 So 6 S. 17 % S-H s.io S.cy S.9S H S.ZS fjb S-/2. : s. 9r 3C X/f f-h s.c$ ! s.9f f,0? SIS s.ts s,i4 s.ty S2Jt . e,crp lot 6-o<> l./o $./3 t rS Corporate Aaa Bonds' Three-Month Treasury Bill Market Yield - Discount Kate Long-Term Government Bondr Latest data plotted are averages of rates available for the week ending: Nov. 15, ...i 8 22 6 20 3 17 1 ♦AVERAGES OF RATES AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15 29 12 26 9 23 8 22 5 19 3 17 31 14 I 28 12 26 [une 1968 .1 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 7 21 July Prepared by Federal Reserve Bank of St. Louis 9Per SELECTED SHORT-T^\ INTEREST RATES Averages of Daily^ates Ended Friday Cent 9.00 TTTTTT if “ fafeit 4-6-MONTH 8.50____ - 23 30 “V 6 - r /3 // : &) f.gf S.gf S-8 2 SSI (,.00 sss 8.50 i.eo 0/3 6/3 S.gp S'IS S90 S.99 S-63 S.st S(o S-7S S.8S sso S.fS S.9S 6-oo s, 10 S'gg S.70 S-13 S. 13 S.g? \*/f 6.50 S.i3 S.6J SU3 — FUNDS, _ s.gc s.gc s.go S.(J S.61 S .77 CD's ** 9.00 r —r LARGE "90 DAYr FEDERAL S.go S.L3 S.Z2 S.M -v 7.00 S-7S Per Cent T S. go S, go s.io s.u s.u sh SM 5.1S S'is sis s.lf So 21 ~Ocj- H ' PRIME BANKERS' ACCEPTANCES s.?r s.u s.u sit /i - 7.50 T PRIME COMMERCIAL 8.00 l 8.00 • ■ 7-50 S, IS £.83 S.9S s.gg 7.00 6/6 S.(9 - 6.50 — Federal Funds Rate - - 6.00 r *r t- ji,** 9 % i — 1r ‘ A aA 6.00 - S.(9 VV ■V fy • 5.50 1V Di ■■ r «■ 1 r*k ■ 5.50 Bankers 1 in t Ra t* Commercial Paper ce pt aiices 4 -t O--6 M an tl 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 3.00 0 .Latest data plotted are averages of rates available for the week ending: Nov. 15, 3.00 1968 b ' 1 8 22 Sept. 6 20 Oct. 1 3 I 1 17 Nov. I L_l 1 L_J 15 Dec. I I I I ft 29 12 26 Jan. I I 9 Feb. 1967 ‘AVERAGES OF RATES AVAILABLE “SOURCE: SALOMON BROTHERS AND HUTZLER http://fraser.stlouisfed.org SECONDARY MARKET RATE ON 90-DAY PRIME CD'S. Federal Reserve Bank of St. Louis —I L—J 23 8 1 22 Mar. 1—L—I 5 19 Apr. 1 1 1—1 3 17 May 1 1 1—I 31 L—I |__i i 14 28 12 June 1968 1 1_ 26 9 23 July Aug. 6 20 Sept. 4 18 1 Oct. 15 Nov. 29 13 27 . Dec. 10 24 7 Jan. Feb. Mar. 1969 21 7 21 Prepared by Federal Reserve Bank of St. Louis BORROWINGS AND EXCESS RESERVES All Member Banks in the Nation Averages ofDaily Figures Millions of Dollars 2,000 Millions of Dollars 1,900 EXCESS RESERVES i BORROWINGS WEEKLY DATA zte // SS6 // 3i7 js /7X FREE RESERVE5 yry -/?? " \ iffS y?/" SVC -no t/-0 X J-/S 1,300 $3S _ ^97 siz -no -J)©? U7S - 1,500 BIWEEKLY SETTLEMENT PERIODS WEEKLY RESERVE PERIODS - 1,000 Borrowings Excess Reserves Net Free Reserves \J - 1,000 - 1,100 Latest data preliminary __ _ _ Latest data plotted: one week ending Nov. 13 27 11 25 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 22 6 20 3 17 31 l1* 13, Because of the change in Regulation D placing all member banks on a one-week . reserve adjustment period, beginning withthe week ending September 18, 1968 the ' above reserve data are reported on a one-week period. _ 1968 28 13 27 10 24 8 22 5 19 June 3 17 31 14 28 11 25 9 23 6 20 1 15 29 12 26 ■Prepared by Federal Reserve Bank of St 12 26 9 • Week ending Total Effective Reserves (Seasonally adjusted) 1968 Aug. Sept. Oct. 7 14 21 28 ZLH/ /7. if ZC.lo /?. Vf /;. fo n. Zi.60 ZL-U fit 5 *i /;. i f 4 11 18 25 ZO.fl U, c? ASs; 2 9 16 23 U.3 + AC.AZ Z7.6! JC HI 9? 17.sr A7-*7 P ) 7.ssr n.<c( 30 Nov. Reserves Available for private Demand Deposits 6 13 H-39 /?■ 2/ n < si ;?■ 33 n. ?o /?. io p Average of daily figures in billions of dollars. P - preliminary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It