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Week ending: November 17, 1971

Growth of monetary aggregates has slowed in recent
months, although their growth so far in 1971 has been rela­
tively rapid. The money stock has risen at a 7 per cent annual
rate in the past ten months, compared with a trend growth rate
of 3.4 per cent from 1957 to 1970 (page 5). Money has increased
at only a 1.5 per cent rate the past four months, however, after
increasing at an 11 per cent rate in the previous six months.
Money stock plus net time deposits (M2) has risen at an 11 per
cent rate in the past ten months, compared with a trend rate
of 5.8 per cent from 1957 to 1970 (page 7). Over the past
four months, M2 has risen at a 4.5 per cent rate, compared
with a 17 per cent rate in the previous six months.
Member bank borrowings from Federal Reserve Banks
have declined sharply in recent months (page 12) . Borrowings
averaged about $200 million for the two weeks ending November 17,
compared with about $800 million in August. A decline in bor­
rowings subtracts from the monetary base, thus contributing to
the recent slowing in the growth of monetary aggregates. Late
last week the discount rate, which is charged on loans to mem­
ber banks from Federal Reserve Banks, was lowered at several
banks from 5 per cent to 4.75 per cent. Preceding this reduc­
tion, the discount rate was approximately the same as the
Federal funds rate, while in August the Federal funds rate
averaged about 60 basis points above the discount rate.


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

Data contained in this release for the
money stock and its components, the time deposit
series, and the money plus time deposit series
have been revised by the Federal Reserve to re­
flect the annual recalculation of seasonal factors
and new benchmarks for nonmember bank deposits.
The growth rate of money was revised upward by
about 1 percentage point in the past four months,
while in the previous six months the growth rate
of money was lowered by about 1 percentage point.

Prepared by Federal Reserve Bank of St. Louis
Released: November 19,1971

MONETARY BASE v
FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 17, 1971 FROMMONETARY BASE

1971
OCT.

MILLIONS
13

78
COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 17. 1971 FROMTHE FOUR WEEKS END INGi

—JUN.

76

FEDERAL RESERVE CREDIT

16

74

10.2
72

70
MILLIONS

68

2 18 30 14 28 11 25

OCT
NOV
1970

9 23

6 20

3 17

JAN

FEB

3 17 31

1« 28 12 26

9 23

7 21

JUL

1

AUG

15 29 13 27 10 24

OCT

NOV

1971

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17, 1971
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC ANO 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 T0 SHIFTS IN DEP6s|TS 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 ----------------------- r-

3

BILL IONS OF DOLLARS
------ ---------- ---------- 33.0

32.5

32.5

32.0

31.5

31.5

30.0

29.5

29.5

29.0

29.0

28.5

28.5

2 16 30 M 26 11 25

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

9 23

4 18

1

15 29 13 27 10 24

MAY

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
X BREAK


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

IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, 1970.

ISLi
OCT.
NOV.

13
20
27
3
10
17

BILLIONS
31.7
31.7
31.4
31.7
31.4
32. 1

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 17. 1971 FROM
THE FOUR WEEKS ENDING:
SEP.
AUG.
JUL.
JUN.
MAY
APR.
MAR.

15,
18,
M,
16,
19.
M,
17,

1971
1971
1971
1971
1971
1971
1971

-5..3
1..3
5.,7
2.,3
3.,9
5..5
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

BILLIONS
174.9
175.0
175.4
175.0

2 16 50 14 28 11 25

9 25

6 20

5 17

JAN

OCT
NOV
1970

FEB

5 17 51

14 28 12 26

APR

9 25

7 21

4 18

1

15 29 15 27 10 24

OCT

MAY

NOV

1971

LATEST DATA PLOTTED *EEK ENDINGt NOVEMBER 10. 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt
11/11/70

3/10/71

4/7/71

5/12/71

6/9/71

7/7/71

8/11/71

11.5
10.6
7.9
4.6
3.9

8.6
5.6
2.3
1.9

4.7
0.9
0.7

-3.6
-2.5

9/8/71

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
4/ 7/71
5/12/71
6/ 9/71
7/ 7/71
8/11/71
9/ 8/71
10/13/71
11/10/71


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

7.8
8.7
9.5
9.3
9.3
8.4
6.8
6.2

11.1
12.4
1 1.3
10.8
9.0
6.4
5.7

13.6
1 1.8
11.1
8.8
6.0
5.2

-3.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
235

226.9
227.2
230
227. 1
226.8

225

220

215

210

2 16 SO 14 2B II 25

9 25

6 20

5 17

JAN

OCT
NOV
1970

FEB

3 17 31

14 28 12 26

APR

9 23

7 21

4 18

1

15 29 IS 27 10 24

MAY

OCT

NOV

1971

LATEST DATA PLOTTED WEEK END INOi NOVEMBER 10, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGi
H/11/70

3/10/71

4/7/71

5/12/71

8/9/71

7/7/71

8/11/71

11.0
10.3
7.9
5.1
4.4

9. 1
6.4
3.4
2.9

5.2
1.8
1.5

-2.0
-1.2

9/8/71

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
4/ 7/71
5/12/71
6/ 9/71
7/ 7/71
8/11/71
9/ 8/71
10/13/71
11/10/71


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

8.0
8.6
9.2
9.2
9.2
8.3
7.0
6.5

10.5
1 1.2
10.7
10.3
8.8
6.6
5.9

12. 1
11.2
10.6
8.7
6.2
5.5

-2.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
270 r=--------- ---------- -----

BILLIONS OF DOLLARS
------------------ ------- a 270

TOTAL TIME DEPOSITS

MET Tl ME DEPOSITS*

2 16 SO 14 20 II 29

OCT

0 29

6 20

9 17

JAN

NOV

FEB

9 17 91

14 29 12 26

APR

7 21

4 19

JUL

0 29

MAY

AUG

1

19 20 13 27 10 24

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 10. 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
ft NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 1100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
11/11/70

3/10/71

25.3
22.9
22.0
20.6
18.2
16.8
16. 1
15.9

19.1
18. 1
16.4
13.1
1 1.7
1 1.5
11.8

4/7/71

5/12/71

6/9/71

7/7/71

8/11/71

13.3
9.2
7.9
8.5
9.3

6.4
5.7
7.0
8.2

3.4
5.9
7.6

7.6
9.5

9/8/71

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
A/ 7/71
5/12/71
6/ 9/71
7/ 7/71
8/11/71
9/ 8/71
10/13/71
11/10/71


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

14.6
13.4
10.4
9.2
9.5
10.0

12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

*

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
500 rr---------- ---------- ------

BILLIONS OF DOLLARS
-------- ---------- --------=i 500

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

2 16 30 14 28 11 25

9 25

6 20

3 IT

JAN

OCT
NOV
19/0

FEB

3 !7 31

14 28 !2 26

APR

9 23

MAY

7 21

JUL

1

IS 29 13 27 10 24

AUG

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
**

fS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS l SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
11/11/70

3/10/71

16. 1
15.4
15.3
14.6
13.5
12.4
11.4
11.0

14.7
14.6
13.5
11.7
10.2
9.0
8.8

4/7/71

AVERAGE OF FOUR WEEKS ENDING:

5/12/71

6/9/71

7/7/71

8/11/71

9/8/71

12.2
9.7
7.9
6.8
6.8

7.7
6.0
5.2
5.5

4.3
3.8
4.5

2.7
3.9

4.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 7/71
5/12/71
6/ 9/71
7/ 7/71
8/11/71
9/ 8/71
10/13/71
11/10/71


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

13.3
12.3
10.5
9.0
7.8
7.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
36

34

32

30

28

26

24

22

20

18

2 16 30 14 28 11 23

9 23

6 20

3 17

JAN

OCT
NOV
1970

FEB

3 17 31

14 28 12 26

APR

9 23

7 21

4 18

I

15 29 13 27 10 24

OCT

MAY

NOV

1971

LATEST DATA PLOTTED WEEK ENOINGj NOVEMBER 10,

1971

CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA
CERTIFICATES
OF DEPOSIT

1971
SEP.

OCT.

NOV.

1
8
15
22
29
6
13
20
27
3
10
17
24

BILLIONS
NET TIME
DEPOS1TS S«

M2 m

31.0
31.0
31.1
31.8
32.5
32.7
32.9
32.9
32.7
32. 1
32.0

227.0
227.6
227.7
228. 1
228.5
229.6
229.8
230.7
231.2
231.5
231.7

454.8
455.3
455. 1
455.2
455.7
456.5
457.0
457.7
458.8
458.6
458.5

* SEE FOOTNOTE PAGE 6.
SIB* 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

BILi. IONS OF DOLLARS
365

355

CREDIT PROXY ADJUSTED 1/

345

335

325
CREDIT PROXY
- 315

305

2

1« 30 14 28

11

25

9 23

6 20

3

JAN

17

3 17 3!

14 28

12 26

1970

9 23

7 21

FEB

4

18

1

'5 29 13 27

10 24

197!

LATEST DATA PLOTTED WEEK END INGt NOVEMBER 10,

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 NONDEPOS!T SOURCES.


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

CREDIT
pROXY
349. 1
348.8
349.8
350.6
352.6
352.2

CREDIT
PROXY
ADJUSTED
353.5
353.4
354.9
357.7

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
NOVEMBER 10, 197! cROM THE FOUR
WEEKS ENDIN&s
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
SEP.
AUG.
JUL.
JUN.
MAY
APR.
MAR.

8,
11.
T,

9,
12,
7.

’0,

1971
197!
! 971
! 971
1971
1971
1971

3.5
8.6
8.6
7.4
8.4
8.9
9.3

5.7
9.6
9.0
8.0
8.6
8.0
7.8

PRFPARFD BY FEDERAL RESERVE BANK QF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

per cent

CORPORATE Aaa BONDS

RIME COMMERCIAL
,OAN RATE

DISCOUNT RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

4

10

2 16 SO 13 27 II

NOV
1970

25

0 22

DEC

5 IB
FEB

5 18
MAR

2 IS 50 14 20 11 25
MAY
JUN
1971

8 23

6 20
AUG

3 17
SEP

1 15 28 12 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. NOVEMBER 19, 1971

1971
SEP.

3
10
17
24
OCT.
1
8
15
22
29
NOV.
5
12
19 *
26

CORPORATE
AAA BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS mm

7.45
7.42
7.44
7.44
7.46
7.44
7.42
7.37
7.31
7.25
7.24
7.27

4.47
4.62
4.79
4.74
4.65
4.51
4.45
4.47
4.36
4.18
4.18
4.13

5.89
5.94
6.00
6.01
5.91
5.84
5.68
5.62
5.53
5.41
5.47
5.40

5.58
5.51
5.59
5.59
5.52
5.47
5.44
5.47
5.43
5.33
5.37
5.36

5.39
5.36
5.38
5.48
5.24
5.17
4.99
4.97
5.1 1
4.99
5.19
N. A.

* AVERAGES OF RATES AVAILABLE.
*X 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

PER CENT
9.0 -------

PER CENT
------- 9.0

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

LLLLl II

4 T8
SEP

II

II

__LUJ__LLJ__LU__LLU

2 16 30 13 27 11 25 6 22
OCT
NOV
DEC
JAN
1970

5 10 5 10
FEB
MAR

2 16 30 U 28 11 25 0 23 6 20
APR
MAY
JUN
JUL
AUG
1971

3 17
SEP

I 15 20 12 26
OCT
NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi NOVEMBER 19,


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

PRIME

COMMERCIAL

PAPER
4-6 MONTH

1971

SEP.

OCT.

3
10
17
24
1
8

NOV.

15
22
29
5
12
19 *
26

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S IKK

5.70
5.75
5.75
5.75
5.75
5.75
5.63
5.45
5.25
5.03
4.88
4.96

5.70
5.75
5.42
5.48
5.35
5.25
5.35
4.98
5.25
5.13
4.83
4.88

5.50
5.50
5.50
5.50
5.40
5.23
5.03
4.98
4.88
4.78
4.75
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
4.88

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
m 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 MLMBER BANKS IN THE NATION
bill, ions

or dollars

AVERAGES

OF

DA! Li' FIGURES

billions of dollars

1 .£

\.2

BORROWINGS

0.8

0.4

EXCESS RESERVES

-0.4

0.8

-

NET FREE RESERVES
1.2

■

1.6

-

±LLL
2 16 30 14 28 11 25

9 23

6 20

3 17

JAN

3 17 31

14 28 12 26

9 23

7 21

4 16

1

13 29 1 3 27 1 0 24

FEB
1971

1970
LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 17, 197’


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

MILLIONS
EXCESS
RESERVES

1971
SEE.

OCT.

NOV.

1
8
’5
22
29
6
’3
20
27
3
’0
17
24

324
205
247
227
343
214
49
210
44
413
19
24P

BORROWINGS
706
765
457
329
424
309
449
332
41 4
215
'22
289

FREE
RESERVES
-

382
560
210
102
81
95
400
122
370
198
’03
43

PREPARFD BY rFDrRA- RESERVE BANK OF ST. i_OU!S

■1 .6

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