Full text of U.S. Financial Data : Week Ending: November 14, 1973

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Fl/V/lWCIiaZ. DATAI
Week ending: November 14r 1973
LIBRARY]
JUN 0 8 1979

Growth of the money stock has slowed in recent months.
Money has increased at about a 1.5 percent annual rate in the
past three months. During the first three months of this year,
money growth also slowed to below a 2 percent annual rate. In
the next four months, however, money growth accelerated to about
an 8 percent rate.
Growth of money stock plus net time deposits (time and
savings deposits other than large certificates of deposit) shows
no significant deceleration in the past year. The 8.2 percent
rate of increase in the last three months is similar to the 8.5
percent rate in the previous nine months. This pattern, despite
slower growth in money, reflects increases in net time deposit
growth. Net time deposits have increased at a 14.4 percent rate
in the past three months, compared with a 9.4 percent rate in
the previous nine months.
Large certificates of deposit (CDs), however, have
declined, on a seasonally adjusted basis, since mid-September.
The outstanding volume of large CDs at large commercial banks is
about $61.6 billion. This is about $5.5 billion lower than in
mid-September. Several measures since late June have raised
reserve requirements on large CDs and other sources of member
bank funds. Increases in these marginal reserve requirements
are on amounts issued in excess of $10 million or the level a
bank had outstanding in the week ending May 16, 1973, whichever
is larger.
Many market interest rates have risen sharply in
recent weeks following declines in the previous month or so.
Yields on three-month Treasury bills averaged 8.48 percent in
the first part of this week compared to 7.07 percent in late
October and 8.94 percent in mid-September. The average 9
percent yield on prime four- to six-month commercial paper,
early this week is about three quarters of a percentage point
higher than in late October.


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

Prepared by Federal Reserve Bank of St. Louis
Released: November 16, 1973

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

MILLIONS

102

100

98

96

94

4 16

I

15 29 13 27 10 24

OCT

7 21

7 21

4 1«

FEB

6 20

SEP

MAR

APR

2 16 90 13 27 11 25

JUN

1972

< 2t

5 19

3 17 91

14 26

JUL

1973

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 14, 1973
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 “REVIEW11 OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
11/15/72

3/14/73

4/11/73

5/16/73

6/13/73

7/11/73

8/15/73

9/12/73

10.0
9.6
9. 1
9. 1
8.2
7.9
7.8
7.5

9.7
8.5
8.5
7.2
6.8
6.9
6.5

7.2
7.5
6.2
5.9
6.2
5.9

7.2
5.5
5.3
5.8
5.4

5.3
5. 1
5.7
5.3

3.7
5.0
4.7

6.1
5.4

5.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
4/11/73
5/16/73
6/13/73
7/11/73
8/15/73
9/12/73
10/17/73
11/14/73


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERi/
FEDERAL RESERVEFIGURES
CREDIT*/
AVERAGES OF DAILY
SEASONALLY ADJUSTED

MULTIPLIER

RATIQ

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 1973
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

“ COMPOUNDED ANNUAL RATES
__OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
_ NOVEMBER 14, 1973 FROM
THE FOUR WEEKS ENDING:
1973
1973
1973
1973
1973
1973
1972

AUG.
JUL.
“

APR

FEDERAL RESERVE CREDIT

6.2
-1.9
-1.9
0.1
-0.6
1.4
8.5

1973
OCT.

« 20

4 14

1

13 29 19 27 10 24

7 21

7 21

4 14

FEB

MAR

APR

2 16 30 19 27 11 25

JUN
1973

1972

S 22

Ml LI»ONS

1

5 19

3 17 31 14 26

JUL

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 14, 1973
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
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.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.

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

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

BILLIONS
203.0
205.2
202.3
205.0
205.9

6 20

1

13 29

13 27

10 21

7 21

1 16

6 30

13 27

JUN

1972

|
JUL

6 22

3 19

3 17 31 11 26

1973

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7,

l973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
11/8/72

3/7/73

3.3
3.8
5.5
6.3
5.7
5.0
3.9
4.3

1.2
5.9
7.4
6.0
4.9
3. 1
3.8

4/4/73

5/9/73

10.9
11.3
8.5
6.7
4.3
4.9

14.8
9.5
6.9
3.9
4.8

6/6/73

7/4/73

8/8/73

0.3
-1.8
0.6

-3.6
0.2

9/5/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 4/73
5/ 9/73
6/ 6/73
7/ 4/73
8/ 8/73
9/ 3/73
10/10/73
11/ 7/73


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

6. 1
3.8
1 . 1
2.6

0.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

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

BILLIONS
263.6
265.6
262.8
265.0
266.5

6 20

4

SEP

OCT

18

1

IS 29 13 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2

16 30

13 27

II

8 22

3 19

3 17 31

14 28

1973
LATEST DATA PLOTTED WEEK ENDINGs NOVEMBER 7, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
11/8/72
3/7/73
4/4/73
5/9/73
6/6/73
7/4/73
8/8/73
9/5/73
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 4/73
5/ 9/73
6/ 6/73
7/ 4/73
8/ 8/73
9/ 5/73
10/10/73
11/ 7/73


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

4.9
5.5
6.7
7.2
6.5
5.8
5.0
5.2

3.6
7.0
7.9
6.5
5.4
4. 1
4.6

11.0
11.0
8.3
6.8
5.0
5.4

13.0
8.5
6.4
4.3
4.9

5.7
3.9
2. 1
3.2

0.9
-0.3
1.5

-1.3
1.5

2.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME

DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

•20

4

SEP

OCT

IS

1

15 29 13 27

10 24

4 1*

7 21

FEB

MAR

2

16 30 13 27

II

23

• 22

3 19

3 17 SI

14 tt

APR

1972

1973

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

’

* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS. TIME DEPOSITS OTEN 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:
11/8/72

3/7/73

4/4/73

5/9/73

6/6/73

7/4/73

8/8/73

9/5/73

9.6
9.5
8.8
8.6
9.5
9.6
10.8

9.8
8.8
8.5
9.7
9.7
11.0

7.9
7.8
9.5
9.6
11.2

7.2
9.6
9.7
1 1 .6

10.9
10.5
12.7

12.2
14.7

14.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
4/ 4/73
5/ 9/73
6/ 6/73
7/ 4/73
8/ 8/73
9/ 5/73
10/10/73
11/ 7/73


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

10.3
10.3
10. 1
9.7
9.4
10.0
9.9
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

620
MONEY STOCK PLUS TOTAL TIME DEPOSITS

610
600
590
580
-f 570
-|

560

-f

550

-|

540

-f

530

MONEY STOCK PLUS NET TIME DEPOSITS**
-H 520

510

6 20

4 IS

I

13 29

13 22

10 24

2 2

2 21

FEB

MAR

4

IS

2

16 30

1972

13 22

11

23

S 22

3

19

3

12 31

14 23

1973

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

»Mi IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 61.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF FOUR WEEKS ENDING:
11/8/72

3/7/73

7.6
7.9
8.5
8.5
8.0
8.0
7.5
8.0

6.8
8.4
8.5
7.5
7.6
7.0
7.8

4/4/73

5/9/73

10.4
9.9
8.3
8.3
7.4
8.3

10.3
8.0
8.0
7.0
8. 1

6/6/73

7/4/73

8/8/73

9/5/73

6.3
6.8
6.0
7.4

6.0
5.2
7.1

5.6
8.2

8.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 4/73
5/ 9/73
6/ 6/73
7/ 4/73
8/ 8/73
9/ 5/73
10/10/73
11/ 7/73


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
70

66
66
64
62
60
56
56
54
52
50
46
46
44
42
40

e zo

i ic

1

13 29

13 2T

10 24

FEB

T 21
MAR

4

1C

2

16 30

13 27

11

23

C 22

3

19

3

17 31

14 2C

APR

1972

1973

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 1973
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

1973
SEP.

5
12
19
26
OCT.
3
10
17
24
31
NOV.
7
14
21
28

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS X

M2 m

66.8
67. 1
67.9
66.5
64.9
63.9
63. 1
63.3
62.5
61 .6

288.6
288.2
288.3
289.4
290.4
291 .5
292.5
293.3
295.4
295. 1

552.4
552. 1
551.9
551.2
555. 1
555. 1
558.0
556. 1
560. 4
561.5

* SEE FOOTNOTE PAGE 6.
SBC SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
455

445

CREDIT PROXY ADJUSTED 1/

435

425

415

CREDIT PROXY

405

395

385

6 20

4 18

1

13 28 13 27

10 24

7 21

4

1«

2

16 30 13 27

II

23

C 22

3 18

3 17 31

14 2«

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 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.

I9Z3

BILLIONS
CREDIT

CREDIT
PROXY

PROXY.. ADJUSTED
OCT.

NOV.

3
10
17
24
31
7


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

440.7
439. 1
441.1
438.2
439.7
439.9

447.7
446. 1
448.3
445.0
446.2
446.6

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
NOVEMBER 7, 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY ADJUSTED
SEP.
AUG.
JUL.
JUN.
MAY
APR.
NOV.

5,
e,
4,
6,
9.
4,
8,

1973
1973
1973
1973
1973
1973
1972

3.2
7.0
6.8
7.9
8.4
8.8
11.2

2.5
7. 1
7.4
8.5
9.0
9.4
11.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
9.5

9.0

8.5

8.0

7.5

CORPORATE Aaa BONDS

7.0
THREE-MONTH TREASURY
BILL MARKET YIELD
6.5

6.0

DISCOUNT RATE

5.5

5.0

MUNIC

4.5

4.0

1

IS 29 13 27

OCT

10 24

NOV

6 22

5 19

2

JAN

FEB

16

2

16 30 13 27

APR

11

25

6 22

6 20

3 17 31

MAY

M 26 12 26

SEP

0 23

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING) NOVEMBER 16, 1973

CORPORATE
Aaa BONDS

1973
SEP.

7
14
21
28
OCT.
5
12
19
26
NOV.
2

9
16 X
23
30

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

7.64
7.63
7.65
7.60
7.59
7.56
7.58
7.64
7.65
7.67
7.69

8.80
8.94
8.38
7. 13
7.42
7.14
7.16
7.07
7.38
8. 12
8.48

7.27
7.45
7. 10
6.85
6.89
6.77
6.80
6.80
6.83
7.03
7.17

6.45
6.52
6.43
6.28
6.27

6.20
6.27
6.28
6.27
6.33
6.36

MUNICIPAL
BONDS sat
5.18
5. 18
5.05
5.00
5.04
4.99
5.05
5. 12
5.17
5.19
N. A.

* AVERAGES OF RATES AVAILABLE.
** 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

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY* **

PERCENT

PERCENT
—i 11.0

11.0 r—

FEDERAL FUNDS RATE
PRIME BANK
LOAN RATE

COMMERCIAL PAPER

5.0 -y

1

15 29 15 27

10 24

8 22

5 19

2 16

2

16 30 15 27

II

25

8 22

6 20

3 17 31

14 28 12 26

9 23

SEP

OCT NOV
DEC
JAN FEB
MAR
APR MAY
JUN
JUL
AUG
SEP OCT
NOV
1972
1973
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 16, 1973

1973
SEP.

7
14
21
28
OCT.
5
12
19
26
NOV.
2
9
16 X
23
30

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS *x

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD'S 88K

10.38
10.48
10.45
9.65
9.38
9.13
9.03
8. 56
8.28
8.69
9.00

10.79
10.74
10.80
10.84
10.72
9.87
10.07
9.98
9.90
9.71
10.03

10.25
10.35
10.43
9.75
9.50
9. 28
9.00
8.81
8.50
8.69
8.75

10.93
10.90
10.97
10.37
9.63
9.70
9.36
9.15
8.53
8.91
9.10

* AVERAGES OF RATES AVAILABLE.
** FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK END ING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS’ H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

BILLIONS OF DOLLARS

1973

6 20

1 18

BILLIONS OF DOLLARS

M LL IONS

OCT. 10

SEP

IN THE NATION

AVERAGES OF DAILY FIGURES

BORROW INGS

13 29 13 27

10 21

7 21

7 21

4 18

FEB

1

OCT

MAR

2

16 30 13 27

11

25

8 22

5 19

3 IT

14 28

APR

LATEST DATA PLOTTED WEEK ENDINGs NOVEMBER 14, 1973

BUSINESS LOANS
AND INDUSTRIAL

( COMMERCIAL
BILLIONS OF DOLLARS

~ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ NOVEMBER 7. 1973 FROM THE FOUR
WEEKS ENDING:
—
BUSINESS
—
BUSINESS LOANS
_
LOANS ADJUSTED
~ SEP.
— AUG.
_ JUL.
JUN.
— MAY
—_APR.
_NOV.

5,
8,
4,
6.
9,
4,
8,

1973
1973
1973
1973
1973
1973
1972

)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
114
112
110

BUSINESS LOANS ADJUSTED 14

108

-7.3
-0.5

106
104

22.0

102
-

100
98

BUSINESS LOANS

96
MILLIONS
94
BUS I NESS _
BUSINESS LOANS___
LOANS ADJUSTED--OCT.

3

92
90
88
86

nr I'm I rmlm
6 20

1 It

OCT

1

t3 29 13 27 10 24

NOV
972

7 21

7 21

1 18

FEB

MAR

2 1 6 30 13 27 11

8 22

3 19

3 17 31

H 28

APR
1973

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 7, 1973
1/ INCLUDES LOANS SOLO OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES.
HOLDING COMPANIES, AND OTHER AFFILIATES.

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS