Full text of U.S. Financial Data : Week Ending: November 20, 1974

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84#,

3 V3

Week ending: November 20, 1974
LIBRARY
JUN 0 8 1979
Data for noney stock, tine deposits and related items
reported in this release incorporate revisions released this
week by the Board of Governors of the Federal Reserve System.
The revisions reflect new benchmark data for nonraember bank
deposits available from the June 1974 call reports, data from
internationally oriented banking institutions, and revised
seasonal adjustment factors. On page 12 of this release is a
listing of revised weekly money stock data since the beginning
of 1974.
Recent growth rates for the money stock computed with
the revised data are about the same as those computed with the
old series. According to the revised data, the money stock in­
creased at a 3.6 percent annual rate in the past six months and
a 7 percent rate in the previous six months, averaging about a
5 percent rise in the past year.
.
These growth rates for the money stock are considerably
slower than those for the monetary base over comparable periods.
The monetary base rose 7 percent in the past six months and 9.4
percent in the previous six months for a rise of more than 8
percent in the past year.
The recent discrepancy between growth rates of the
monetary base and money stock is larger and has been sustained
longer than usually has been the case. Growth rates of the
monetary base and the money stock typically are similar, as
illustrated by the growth rates of 8.4 percent and 8.7 percent
for 1972.
This divergence between growth rates is reflected in
a declining multiplier between the monetary base and the money
stock. Rapid growth of large certificates of deposit at com­
mercial banks from March through August of this year limited
the proportion of monetary base available to support demand de­
posits, contributing to the lower multiplier. Rapid growth of
currency in the hands of the public enlarged the negative effect.
Of the $3.4 billion rise in the monetary base from April to
October, $3 billion went into currency and only $0.4 billion
into member bank reserves; whereas, on average, currency in
the hands of the public is only a little more than one-half of
the monetary base. Since monetary base in the form of reserves
supports a larger amount of money stock than does monetary base
in the form of currency, the effect of the recent large increase
in currency has been to reduce the rate of growth of the total
money stock relative to the rate of growth of the base.


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

Prepared by Federal Reserve Bank of St. Louis
Released: November 22, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1H

MILLIONS
OCT.

112

110

108

106

104

102

5 18

a IT 31

14 28 12 26

NOV
1973

DEC

9 23

8 20

6 20

3 17

FEB

MAR

APR

1

13 29 12 28 10 24

7 21

4 IS

AUG

SEP

2 16 30 13 27

1974

LATEST DATA PLOTTED WEEK ENDING) NOVEMBER 20, 1974
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES PLUS CURRENCY HELD BY THE PUBLIC AND NON­
MEMBER BANKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. THE MAJOR SOURCES
OF THE MONETARY BASE ARE FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE CONFUTED BY THIS
BANK. A DETAILED DESCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS
REPRINT NO. 31 FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING)
11/21/73

2/20/74

4/17/74

9.7
8.7

8. 1

5/22/74

8/19/74

7/17/74

8/21/74

9/18/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING)
4/17/74
5/22/74
8/19/74
7/17/74
8/21/74
9/18/74
10/23/74
11/20/74

2


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Federal Reserve Bank of St. Louis

9.2
9.4
8.9
8.9
7.9
7.9
7.9
8.3

8.8

7.4
7.3
7.4
8.0

•
8.4
6.4
6.6

6.9
7.6

7.3
5. 1
5.5

4.8
5.5

6.1

6.2

7.1

7.4

4.0
5.5
7.0

7.7
9.2

10. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER^
FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULTIPLIER

IflZA
OCT.

BATIO
9

2.556

LATEST OATA PLOTTED WEEK ENDING); NOVEMBER 13. 1974

BILLIONS OF DOLLARS
100 .--------- ,------------ .-----

ILL IONS OF DOLLARS
—----------------------------------

100

-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
---- THE FOUR &EEKS ENDING
NOVEMBER 20, 1974 FROM
- THE FOUR WE&KS ENDING;
AUG. 21
JUN.

19

FEB. 20
NOV. 21

1974
1974
1974
1974
1974

-1.2
5.3
4.3
5.5
6.2

FEOERAL RESERVE CREDIT

1973

1974

5 1®

3 17 31

SEP

OCT
NOV
1973

14 26 12 26 8 23

DEC

JAN

6 20

8 M

3 17

FEB

MAR

APR

7 21

4 18

AUG

SEP

MILLIONS

2 18 30 13 27

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 20, 1974
1/ RATIO OF MONEY STOCK C Ml ) / MONETARY BASE.
2/ DEFINED
RESERVE __________
CLASSES OF BANKS.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

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

BILLIONS OF DOLLARS
225 --------- 1------------ 1-----

1211
OCT.

5 19

BILLIONS OF DOLLARS
----- ------------ ---------- 225

BILLIONS
9

3 17 31

214.6
215.8
215.6
214.4
215.0
215.5

14 28 12 20

NOV
1975

DEC

9 23

e 20

6 20

3 17

FEB

MAR

APR

1

13 29 12 20 10 24

7 21

AUG

i i i i

4 IS

i i i i i u

2 IS

13 27

SEP

LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 13, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
11/14/73
2/13/74 4/10/74 5/15/74 6/12/74 7/10/74 B/14/74 9/11/74
TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
4/10/74
5/15/74
6/12/74
7/10/74
8/14/74
9/11/74
10/16/74
11/13/74

4

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

6.2

5.6
5.8
6.1

5.3
4.7
4.1
3.9

7.5
7.5
7.6
6.1

5.1
4.3
3.9

5.0

2.6

7.9
4.8
3.3
2.5

2.3

2.2

6.0

4.3
3.3

3.6
2.1

-0 * 5

1.4

-0.5
-0.3

1.2

-0.8
-0.4

0.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
290 --------- 1------------ ,-----

BILLIONS OF DOLLARS
----- ------------ ---------- 290

BILLIONS
280.8
282.4
282.0
281.1
282.0
282.3

3 17 31

SEP

14 28 12 26

OCT
NOV
1973

DEC

9 23

JAN

6 20

6 20

3 17

I

FEB

MAR

APR

MAY

15 29 12 26 10 24

7 21

AUG

4 16

2 16 30 13 27

SEP

LATEST DATA PLOTTED WEEK ENDING! NOVEMBER 13, 1974
CURRENT DATA APPEAR

IN THE BOARD OF GOVERNORS’

H.6 RELEASE.

THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGi
2/13/74 4/10/74 5/15/74 6/12/74 7/10/74 8/14/74 9/11/74

11/14/73
TO THE AVERAGE
OF FOUR WEEKS
ENDiNGi
4/10/74
5/15/74
6/12/74
7/10/74
8/14/74
9/11/74
10/18/74
11/13/74


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Federal Reserve Bank of St. Louis

7.4
6.9
7.0
6.9
6.3
5.8
5.3
5.2

8.7
8.3
8.0
6.8
6.1

5.4
5.2

6.0
6.2

5.0
4.3
3.8
3.8

7.0
5.0
4.1
3.5
3.6

4.0
3.2
2.7
2.9

1.7
1.6

1.5

2.1

2.2

2.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.5
13.0

90 DAY CD'S
12.5

12.0
11.5

11.0
10.5
COMMERCIAL PATER

10.0
9.5
9.0
8.5

CORPORATE

BONDS

8.0

7.5
7.0
6.5

6.0
5.5
5.0
4.5
$5^

f

7 21

5 1*

SEP

OCT

t II N M U II 28

DEC

JAN

*22

* 22

9 19

S 17 91 14 2* 12 f*

JUN

FEB

9 2*

JUL

9 20

4 1*

SEP

OCT

1 15 29

LATEST DATA PLOTTED ARE AVERAOES OF RATES AVAILABLE FOR THE WEEK END INC. NOVEMBER 22. 1974

*"• -

PRIME
90 DAY
CD'S one

1974
SEP.

6
13

20
OCT.

27
4

11

18
25
NOV.
1

8

15

22 X

12.30

12.00

11.89
11.16
10.87
10.28
9.96
9.63
9.15
9.16
9.05
8.75

4-8 MONTH
11.72
11.63
11.25
10.58
10.18
9.70
9.31
8.90
8.83

8.88
8.81
8.71

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

MUNICIPAL
BONDS MB

11.79
11.46
10.95
10.36
9.79
9.61
9.31
9.12
8.95
8.83
8.94
8.91

9.13
9.20
9.29
9.32
9.37
9.38
9.29
9.19
9.09
8.99
8.89
8.85

6.88

6.79
6.76
6.62

6.68

6.52
6.48
6.51
6.65

6.66

6.55
N.A.

29

* AVERAGES OF RATES AVAILABLE.
„
S8C BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA. _ __ „ ___ ____
9SBC SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES Foft THE WEEK END ING VttDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
 N.A. - NOT AVAILABLE

6

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Federal Reserve Bank of St. Louis

0

I

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

FEDERAL FUNDS RATE

DISCOUNT RATE

S It

2 l« 30 14 Zt n 25

DEC

JAN

* 22

* 22

S 19

> IT 91

FEB

II 21 It 2«

JUN

JUL

t 25

* 20

4 1*

SEP

OCT

I

IB 29

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE BEER ENDIMBi NOVEMBER 22. 1974

JSOSk

1974
sep.

OCT.

20

11.64
11.48
11.41

11

11.04
10.43

e

13
27
4

13
25
NOV.
1

8

15

22 X

11.12
10.11

9.81
9.72
9.63
9.37
9.34

3-MONTH
TREASURY
BILLS

9-S YEAR
GOVCMGCNT
SECURITIES

SECURITIES

9.34
9.10
7.64
6.81
6.64
7.24
7.73
7.60
7.95
7.66
7.26
7.46

8.61
8.32
8.35
8.14
8.13
7.98
7.95
7.90
7.98
7.83
7.67
7.57

7.33
7.31
7.31
7.27
7.31
7.27
7.22
7.18
7.12
7.04
6.92
6.87

29

X AVERAGES OF RATES AVAILABLE.
m
ay averages for
ending Wednesday two days earlier
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.G RELEASE.

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Federal Reserve Bank of St. Louis

than date shown.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

4?0 -------

BILLIONS OF DOLLARS
----- ------------ ------- -3 420

1-------------

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

5 19

3 17 S)

14 28 12 26

NOV

9 23

DEC

6 20

8 20

3 17

FEB

MAR

APR

1

13 29 12 23 10 24

7 21

4 18

AUG

SEP

2 18 30 13 27

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 13, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.fi RELEASE.
*N£T TIME DEPOSIT3 ARE DEFINED ASj SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
SIPXl.Lli9^TES-.0L-DlP0SIT 0THER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BAMCS.

•

NET TIME DEPOSITS

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGf
11/14/73

2/13/74

4/10/74

3/13/74

6/12/74

7/10/74

8/14/74

9/11/74

7.9
7.7
8.9

7.2
9.0

9.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/10/74
5/15/74
6/12/74
7/10/74
8/14/74
9/11/74
10/18/74
11/13/74

12.5
11.5
10.9
11.1
10.8

10.4
10.1

10.3

9.7
9.2
9.8
9.6
9.2
9.0
9.4

7.3
8.9
8.8

8.5
8.3
8.9

9.9
9.4
8.8

8.5
9.2

10.3
9.3
8.8

9.6

8

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

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

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

5 19

3 17 31

14 28 12 20

NOV
1973

DEC

9 23

0 ZO

0 20

3 !7

FEB

MAR

APR

1 13 29 12 20 10 24

7 21

4 18

AU6

SEP

2 10 30 IS 27

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 13. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
MK Mx IS DEFINED AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 81.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
11/14/73

2/13/74

4/10/74

5/15/74

6/12/74

7/10/74

8/14/74

9/11/74

7.3
6.5
5.9
6.4

5.0
4.8
5.6

4.5
5.7

6.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/10/74
5/15/74
6/12/74
7/10/74
8/14/74
9/11/74
10/16/74
11/13/74


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

10.1

9.3
9.0
9.1

9.1
8.7
8.9

8.6

8.2

8.3
7.9
7.9

7.7
7.3
7.4

6.7
7.6
7.0
6.6
6.2

6.5

8.7
7.4
6.7
6.2

6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS.
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
92 --------- ------------ -------

BILLIONS OF DOLLARS
------- ------------ ---------- 92

I I I I I I I
I

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

15 » 12 26 10 24

MAY

1973

7 21

4 16

AUG

SEP

2 16 50 15 27

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 13, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.fl RELEASE.
WEEKLYAREPORTmGCCOtI*!cRaALSBAFKSeP0S'1 ,SSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE

BILL IONS
CERTIFICATES CERTIFICATES
NET TIME
OF DEPOSIT
OF DEPOSIT
DEPOSITS*
NOT SEAS. ADJ.

1974
SEP,

4
1 1

18
25
OCT.
2
9
16
23
30
NOV.
6
13

88.5
88.7
88.6

88.7
89.3
89.2
88.8

88.9
88.3
87.4
87. 1

83.9
84.6
84.8
84. 9
86.0

86.4
86. 1
86.2
86. 1

85.7
85.5

322.5
322.6
322.6
323.0
323.5
324.6
325.8
326.8
326.9
328. 1
328. 1

M2 *K

603.4
603.5
603.0
80 3.ft
604.2
605.4
608.2
608.6
608. 0
610.0
610.5

C.SJ
27

SEE FOOTNOTE PAGE 8
SEE FOOTNOTE PAGE 9

SHE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

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

BILLIONS OF DOLLARS

.1974

BILLIONS OF DOLLARS

MILLIONS

OCT. IB

1744
1322
1098

— 0.5
5 19

5 17 31

14 28 12 26

NOV
1875

9 29

DEC

6 20

0 20

3 17

FEB

MAR

APR

1

19 29 12 26 10 24

7 21

4 16

AUG

SEP

2 16 90 13 27

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 20, 1974

BUSINESS LOANS

( COMMERCIAL
BILLIONS OF DOLLARS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
132

— COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF •
_ THE FOUR WEEKS ENDING
NOVEMBER IS, 1974 FROM
— THE FOUR WEEKS ENDING.
" SEP. 11

130
128
126

15.4
124
122

20.2

120

118
116
114

MILLIONS

112
110

108
106
5 19

3 17 31

14 28 12 26

9 23

6 20

6 20

3 17

FEB

MAR

APR

1973

1

13 29 12 26 10 24

7 21

4 16

2 16 90 19 27

0

1974

LATEST DATA PLOTTED WEEK ENDING, NOVEMBER 13, 1974

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

Revised Money Stock (M1) as of November 21, 1974
Ses.eon° lly

Averages of Daily Figures
Billions of Dollars

12lit___________ _____________________1974
January

2
9
16
23
30

$271.8
270.7
270.8
270.5
270.5

February

6
13
20
27

March

July

3
10
17
24
31

$280.4
279.1
280.6
280.1
280.1

271.6
272.7
273.9
273.8

August

7
14
21
28

280.6
280.9
280.6
280.6

6
13
20
27

274.9
275.4
274.6
275.3

September

4
11
18
25

280.9
280.8
280.4
280.6

April

1
10
17
24

276.4
276.3
277.4
276.7

October

2
9
16
23
30

May

1
8
15
22
29

276.5
277.0
277.6
278.2
277.5

280.7
280.8
282.4
282.0
281.1 P

November

6
13

282.0 p
282.3 P

5
12
19
26

278.8
279.6
280.0
280.1

June

P - Preliminary

12


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