Full text of U.S. Financial Data : Week Ending: November 17, 1976

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

7

LJ. ss.

jl

/vc/^a

mdjxtax

Week ending: November 17, 1976

DEC - 5 197?


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

The money stock (Ml), which has displayed
very volatile short-run behavior, has, on balance,
grown at a 5.5 percent annual rate over the last
three months, compared to a 5.3 percent rate from
early November 1975 to early August 1976. The more
broadly defined monetary aggregate M2 has grown at a
12 percent rate in the current period, somewhat faster
than the 10.2 percent rate during the previous nine
months. The monetary base, the aggregate whose growth
underlies the growth of both Ml and M2, has also risen
at a somewhat faster rate — about 8 percent since
early August, compared to about a 7 percent rate
recorded in the previous nine months.
On balance, both long- and short-term
interest rates have continued to drift downward over
the last three months. This is a continuation of the
pattern of interest rate movements that has prevailed
since the end of June. Currently short-term rates are
about 50-80 basis points below their June levels.
Three- to five-year Government securities are about 100
basis points below their June levels. Municipal and
long-term Government bond yields are currently about 50
and 25 basis points, respectively, below their June
averages.
As the cost of borrowing Federal funds has
been below the discount rate in the current period,
member bank borrowings from Federal Reserve Banks have
continued to remain at a low level. This is a
continuation of a pattern that has prevailed since the
end of October 1975. Since the fall of 1975, the
federal Reserve Banks have lowered their discount rates
only once, from 6 percent to 5.5 percent in mid-January
of this year. Since January the Federal funds rate has
remained well below the discount rate, except for the
period from late May to early July when the spread
between the Federal funds rate and the discount rate
was, on average, about zero.

THIS RELEASE WILL BE MAILED LATER
THAN USUAL NEXT WEEK DUE TO A HOLIDAY
ON THURSDAY, NOVEMBER 25, 1976.

Prepared by Federal Reserve Bank of St. Louis

Released. November 79, 7976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

ISZfi.

BILLIONS OF DOLLARS
130

MILLIONS
128

126

124

122

120

118

3 17

1

15 29 12 26

10 24

7 21

4 16

JAN

FEB

3 17 31

14 28 12 26

APR

9 23

MAY

1975

7 21

4 18

JUL

AUG

1

15 29 13 27 TO 24

1976

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, 1976
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL 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 MOhETARY BASE ARE
FEDERAL RESERVE CREDIT AM) THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AM) USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
11/19/75

2/18/76

4/14/76

5/19/76

6/16/76

7/14/76

8/18/76

9/15/76

8.8
9.7
8. 1
7.6
7.9
7.6
7.8

10.0
7.2
6.8
7.3
7.1
7.4

6.9
6.5
7.2
6.9
7.3

3.7
5.5
5.6
6.3

7.4
6.9
7.5

7.6
8.1

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/14/76
5/19/76
6/16/76
7/14/76
8/18/76
9/15/76
10/20/76
11/17/76

2

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

7.1
7.2
8.0
7.2
7.0
7.2
7.1
7.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

2.8

MULTIPLIER

1876
OCT.

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 10,

BAT IQ
6

2.441

1976

BILLIONS OF DOLLARS
118 ----------,-------------,-----

BILLIONS OF DOLLARS
-------- ---------- ----------- 118

COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
~ NOVEMBER 17, 1976 FROM
__ THE FOUR WEEKS ENDING.
-

SEP.
AUG.

15,
18,

1976
1976

8.0
8.4

ADJUSTED FEDERAL RESERVE CREDIT

1376

s 17

1

15 29 12 26 10 24

7 21

4 16

JAN

FEB

3 17 31

14 26 12 26

APR

1975

9 23

MAY

7 21

4 18

JUL

AUG

1

MILLIONS

13 29 13 27 10 24

OCT

NOV

1976

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, 1976
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS, FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACTING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AM) SHIFTS IN THE §AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THISBANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS of dollars

BILLIONS
723.8
725.7
724.4
727.6
730.8

3 17

1

15 29 12 28 10 24

7 21

4 15

JAN

FEB

3 17 31

14 25 12 26

APR

9 23

4 IS

!

15 29 13 27 10 24

OCT

MAY

NOV

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 10, 1976
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*
11/12/75

2/11/76

10.1
11.1
10.6
9.9
10.2
10.1
10.4
10.6

12.2
11.0
9.9
10.3
10.1
10.5
10.9

4/7/76

5/12/76

6/9/76

7/7/76

9.0
8.9
10.1
10.8

10.7
1 1.5
12.0

8/11/76

9/8/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
4/ 7/76
5/12/76
6/ 9/76
7/ 7/76
8/11/76
9/ 8/76
10/13/76
11/10/76

4

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

11.7
9.6
10.3
10.1
10.6
11.0

6.2
8.4
8.5
9.5
10.2

11.1
12.0

13.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
315 ---------- ,-------------,-----

ILL IONS OF DOLLARS
----- ---------- ---------- 315

310.0
310.8
308.7
310.0
310.5
310.4

SEP

OCT

NOV
1975

DEC

JAN

FEB

MAR

1

APR

MAY

JUL

AUG

15 29 IS ZT 10 24

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Tl* MONEY STOCK CONSISTS OF DEMAN) DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC

MONEY STOCK (Mi )

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/ 7/76
5/12/76
6/ 9/76
7/ 7/76
8/11/76
9/ 8/76
10/13/76
11/10/76


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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS
ENDING*
11/12/75
2/11/76
4/7/76 5/12/76
6/9/76
7/7/76 8/11/76
9/8/76

3.6
6.2
5.7
4.7
5.3
4.9
5.1
5.3

10.7
8.6
6.5
7.0
6.2
6.2
6.5

10.7
6.6
7.3
6.2
6.2
6.5

0.0
3.5
3.0
3.7
4.5

4.1
3.2
4.0
4.9

5 7
5.9
6.5

4.0
5.5

7.4

V

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YI ELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

—i 10.0

10.0 r9,5

9.5

9.0

9.0
CORPORATE

6.5

8.5

6.0

6.0

7.5

7.5
MUNICIPAL

7.0

7.0

6.5

6.5
COMMERCIAL PAPER

6.0

6.0

5.5

5.5

5.0

5.0

4.5

4.5

4.0

4.0

0

5 IB

3 17 SI M 24 12 28

NOV

B 23

DEC

6 20

3 IB

FEB

MAR

2 16 30 14 26 II 25

MAY

JUN

B 23

6 20

3 17

AUG

SEP

1 15 28 12 28

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* NOVEMBER 19, 1976

1976
SEP.

OCT.

NOV.

3
10
17
24
1
8
15
22
29
5
12
19 X
26

90 DAY
CD’S M9BR

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

AM BONDS

CORPORATE

MUNICIPAL
BONDSm

5.33
5.34
5.35
5.28
5.33
5.28
5.17
5.04
5.08
5.08
5.10
5.14

5.45
5.50
5.50
5.38
5.38
5.38
5.22
5.13
5.13
5.13
5.13
5.13

5.28
5.31
5.30
5.26
5.25
5.22
5.05
4.93
5.01
4.98
5.02
4.99

8.41
8.38
8.39
8.36
8.37
8.33
8.31
8.31
8.33
8.30
8.31
8.29

6.52
6.52
6.50
6.52
6.47
6.33
6.25
6.30
6.33
6.34
6.39
N.A.

* AVERAGES OF RATES AVAILABLE.
BBK BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
XXX SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES Fofc THE WEEK END ING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

6

N.A. “ N0T AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

DISCOUNT RATE

FEDERAL FUNJS RATE

5 19

3 17 31

14 26 12 26

NOV

9 23

B 20

S 19

2 16 SO 14 2B 11 25

MAY

DEC

JUN

9 23

6 20

3 17

AUG

SEP

1

15 29 12 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK EICiNGi NOVEMBER 19, 1976

1976
SEP.

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

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.28
5.25
5.22
5.21
5.32
5.17
5.02
4.97
4.99
5.06
4.98
5.02

5.09
5.11
5.10
5.05
5.06
5.04
4.86
4.84
4.90
4.83
4.92
4.85

5.56
5.53
5.52
5.43
5.48
5.31
5.09
5.11
5.19
5.12
5.19
5.09

6.91
6.88
6.89
6.80
6.80
6.61
6.35
6.39
6.56
6.51
6.55
6.43

7.72
7.70
7.66
7.62
7.63
7.56
7.50
7.55
7.59
7.57
7.57
7.60

m AVFRAGFS OF RATES AVA11 ABLE

» SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

am

BILLIONS OF DOLLARS
425
420

billions
413.8

415

415.7
417.6
418.7
420.4

410
405
400
395
390
385
380
375
370
365
360
355

3 17

1

15 29 12 28 10 24

7 21

4 18

JAN

FEB

3 17 51

14 28 12 28

APR

9 23

MAY

7 21

4 18

JUL

AUG

1

15 29 15 27 10 24

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS, 1\ME DEPC»ITS 0?EN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
11/12/75

2/11/76

15.5
15.1
14.6
14.2
14.2
14.3
14.7
14.9

13.5
13.0
12.7
13.0
13.2
13.9
14.3

4/7/76

5/12/76

6/9/76

7/7/76

13.0
13.5
14.8
15.4

14.5
15.8
16.3

8/11/76

9/8/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/ 7/76
5/12/76
6/ 9/76
7/ 7/76
8/11/76
9/ 8/76
10/13/76
11/10/76

8

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

12.4
12.1
12.7
13.1
14.0
14.5

11.3
12.4
13.0
14.2
14.8

16.7
17.1

18.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
1376

BILLIONS OF DOLLARS
240

BILLIONS

OCT

230.1
231.1
235

230.5
230.5
230.2

230

225

220

215

3 17

t IS a 12 26 10 24

7 21

4 1«

S 17 31 14 a 12 26
APR
MAY

S 23

7 21

4 18

1

15 28 IS 27 10 24

OCT

NOV

1975
LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 10, 1976
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 ENDINGi
11/12/75
2/11/76
4/7/76 5/12/76
6/9/76
7/7/76 8/11/76
9/8/76
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
4/ 7/76
5/12/76
6/ 9/76
7/ 7/76
8/11/76
9/ 8/76
10/13/76
11/10/76


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

1.3
4.4
3.9
2.9
3.7
3.3
3.5
4.0

9.4
7.2
5.0
5.6
5.0
4.9
5.5

10.0
5.5
6.5
5.3
5.2
5.8

-1.7
2.3
1.8
2.4
3.6

3.1
2.1
2.8
4.1

5.0
4.9
6.0

2.6
4.8

7.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

II11
9 17

1

15 29 12 28 10 24

7 21

4 18

JAN

FEB

5 17 91

14 28 12 26

APR

1975

9 29

MAY

7 21

JUL

1

AUG

15 29 15 27 10 24

OCT

NOV

1976

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 10, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

1976
SEP.

OCT.

NOV.

10

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

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

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
65.7
65.3
64.9
65.1
65.8
65.5
64.8
64.1
63.3
62.7
62.5

62.8
62.4
62.0
62.2
62.9
62.7
62.4
62.0
61.4
61.3
61.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

'ollars

billions of dollars

1.5

m

—
—
—_
1.0

J 976
OCT.

13
20
27
NOV. 3
10
17

__
0.5

MILLIONSL

-

47
48
120
202
51
54

-

—
_

-

1.0

0.5

1
1
1
1

111

9 17

SEP

1 IN . 1 1 1
1

1 1 1 1

1 1 1 J_LL 1 I 1 1

15 29 12 26 10 24 7 21

OCT
NOV
1975

DEC

JAN

4 16

FEB

5 17 91

MAR

1 1 1

1 1 1 ,1111 _LLL JLLL Mill 1 1 1

14 28 12 26

APR

MAY

9 25

JUN
1976

7 21

JUL

4 18

1

AUG

i i.i

15 29 15 27 10 24

SEP

OCT

NOV

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 17, 1976

BUSINESS LOANS

BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124
122
120
118
116
114
112
110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
— NOVEMBER 10. 1976 FROM
— THE FOUR WEEKS ENDING: .
~ SEP. 8
— AUG. 11
— JUL. 7
_ JUN. 9
MAY 12
~ FEB. 11

1976

104
102

22.5
15.5

100
98

-4.8

96

mil
9 17

1

15 29 12 26 10 24

7 21

4 18

JAN

FEB

9 17 31

14 28 12 26

APR

1975

9 29

MAY

7 21

4 18

JUL

AUG

1

15 26 19 27 10 24

OCT

NOV

1976

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 10, 1976


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

FEDERAL RESERVE BANK OF ST. LOUIS
P. 0. BOX 442
ST. LOUIS, MISSOURI 63166
RETURN POSTAGE GUARANTEED

FIRST CLRSSI11RIL
PRESORTED

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

570 p------- ,------------ ,-----! CONFOUNDED AfM-AL RATES OF CHANGE,
= AVERAGE of the four weeks ending
560
FR0“ « F0UR
CREDIT

fflOXY.
= SEP.
-AUG.
= UIL.
— JUN.

8,
11,
7,
9,

1878
1978
1976
1976

IE,

1976
1975

CREDIT
PROXY

ABJUSJE&

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY
CREDIT

518.5
520.0
520.2
593.1

3 17

I

13 99 12 28 10 24

CREDIT
PROXY
ADJUSTED
597.1
529.2
529.7
559.6
539.0

N I I I I I I I II I

7 21

A 18

JAN

FEB

3 IT 31

H 28 12 28

APR

8 23

MAY

7 21

« 18

JUL

AUG

1

15 29 13 27 10 2«

OCT

NOV

LATEST DATA PLOTTED WEEK ETCINGi NOVEMBER 10, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.
]/

12

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

CEfTrAl^oWlEH• N^§ttT§$u$£?,C'^ PAPEfi' EUR000LLAR BORROWINGS

of

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS