Full text of U.S. Financial Data : Week Ending November 22, 1967

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✓

S. FinfintlflL

DATA_ _ _ _ _

Week ending November 22,1967
INTEREST RATES

(Pages 10 and 11)

Most U.S. interest rates moved higher this week
in the wake of the 14.3 per cent devaluation of the pound
sterling to $2.40, and the increase in the British Bank
Rate to 8 per cent, the highest level since World War I.
The Federal Reserve raised the discount rate, or the rate
at which it lends to member banks, to 4.5 per cent from
the 4 per cent rate which had prevailed since mid-April.
The discount rate is considered by many to be a key rate
:uMthe structure of U. S. interest rates and was raised
pwffiarily to prevent an outflow of short-term, interest
sensitive capital from this country. Many large com­
mercial banks responded to the discount rate increase by
raising the prime loan rate, or the rate charged large
corporate borrowers, from 5-5 per cent to 6 per cent.
The
increase occurred despite relatively modest business loan
demands at commercial banks in recent months.
Reflecting in part the higher Federal Reserve
discount rate, the market yield on three-month Treasury
bills (page 10) averaged 4.84 per cent in the three days
ended November 22, up fairly sharply from the previous
week, and about 1.5 percentage points above the early
June level.
On the other hand, longer-term interest
rates moved slightly lower this week, largely for technical
reasons.
Interest rates on long-term Government bonds
(|^^e 10) averaged 5*44 per cent in the three days ended Novem­
ber 22, while the rates on outstanding high-grade corpo­
rate bonds averaged 6.08 per cent.
Both these rates are
considerably above their highs of 1966.


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

MONEY STOCK

(Pages 4 and 5)

The nation's money stock (page 5), consisting
of private demand deposits and currency in the hands of
the public, averaged $180.6 billion during the four
weeks ended November 15, up at a 5 per cent annual rate
in the three months since early August, and at an 8 per
cent rate in the nine months since early February.
In
contrast to recent rates of growth, money rose at a 2
per cent trend rate from 1957 to 1964, and at an
accelerated 4 per cent rate from 1964 to 1966.
A broader measure of money (page 4), which
includes time deposits at commercial banks, has risen at
a 9 per cent annual rate since early August, and at
a 12 per cent rate since February. By way of comparison,
this measure, which is similar in magnitude to total
bank credit, rose at a 5 per cent trend rate from 1957
to 1964, and at an 8 per cent rate from 1964 to 1966.
CERTIFICATES OF DEPOSIT

(Page 6)

Large negotiable certificates of deposit aver­
aged $20.4 billion during the four weeks ended November 15,
up at a 5 per cent rate since early August, compared with
a 20 per cent rate of growth from 1964 to 1966.
Some
banks are now, however, offering the 5-1/2 per cent
maximum rate permitted under Regulation Q on CD's of
both shorter and longer maturities, indicating that
they are actively seeking to attract these funds.

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 24, 1967

FEDERAL RESERVE CREDIT [1
W e e k ly Ave ra g e S of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally Adjusted by this Bank [2
FEDERAL RESERVE
HOLDINGS
CREDIT

-Annual rates of change Federal Reserve Credit
- adjusted for reserve requirements changes
- averages of four weeks ending Nov. 22, 1967
“from four weeks ending:

V If lie

_ Federal Reserve Credit

Federal Reserve Holdings of U.S. Government
and Federal Agency Securities

-Borrowings

1/ Federal Reserve Credit excluding float and a few minor
items, and adjusted for reserve requirement changes.
2/ Seasonal adjustment for Federal Reserve Holdings
computed hy this hank using data ending December 1966.
Borrowings from Federal Reserve not seasonally adjusted.
Current unadjusted data appear in the Board's H.U.l release

Latest data preliminary
Latest data plotted week ending: Nov. 22, 1967

7

21

5


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

19

2

16

30 14

28

11 25

8

22

8

22

5

19

3

17

31 iu 28
June

12

26

July

9

23

6

20

h

18

1

15 29

13

27 10

2U 7

21

6

Aug

1967
Prepared by Federal Reserve Bank of St. Louis

20

3

^

RESERVES
Billions of Dollars

All MtHlbtT Bonk> ifl tH< Nation

Billions of Dollars

Weekly Averages of Daily Figures
TT'i

i

i

i t i

r~r

i

i

i

Seasonal adjustment computed by this
bank using data ending December 1965.
Unadjusted data appear In the Board's —
H.4.1 release.
_

TOTAL RESERVES

“Annual rates of change, average of

AafX- If
/3
ao
si
OU' V

_ frcm four weeks ending:

t

//•/

//

y

jo.3-

y

____
____

total

RESERVES.

j./

/i
sS

>i«>, /

<3 V./3___

Si.JO

.

4V./3___
si /g __
s-J.iS___
Si31--si.g/--st.ko--sixi---

! W)

--

Total

reserves

AVAILABLE
----------FOR PRIVATE
DEMAND DEPOSITS

1967^/^4 /u.n

Reserves Available for '
Private Demand Deposits

22.0

// /{..it

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of
from four weeks ending:
Aug. 23, 1967

21

5 19


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

2

16

30 l4

28 11
Jan.

25

8

22

8

+(d.<J

9-7.^

-----~

'

1957 - 1966
y/.J'
_________
• 1 1 I L 1 1 1 I, L 1. 1 I 1 I I I 1 I
.Latest data preliminary
Latest data plotted week ending: Nov. 22, 1967

factors have been revised
to incorporate data through early 1967. _
7

i3 3

May 24, 1967
Feb. 22, 1967
Nov. 23, 1966

22

5

19

3

17 31

14
June

28 12

26

July

9
Mar.

Aug

Prepared by Federal Reserve Bank of St.Louis

Apr.

MONEY STOCK PLUS TIME DEPOSITS*
of Dollars

Averages of Da ily Figu res

Billions of

Seasonal
382

380

Annual rates of change, average of

378

from four weeks ending:
+ g-l

376
374

+ 10.1

372
■h 4. 0

|B70
368
366
364
362
360
358
356

354
352
350
348
tf46
344
342
34o
338
336
334
332
330

328
326
324

0

6
_Latest data preliminary
Latest data plotted week ending: Nov. 15. 1967

____________________________
____________________________

11

T1 1 . 1 , 1 1 1 1 1 . 1 1 1 1 . 1 r 1 ■ 1 1 1 ■ 1 ; . 1 1 1
7

21

Sept.

5

19 2

Oct.


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

16 30 14
Nov.

1966

28
Dec.

11 25

8

22

Jan.

Feb.

8

22

Mar.

5

19

Apr.

3

17

May

II
31

14 28
June

release.

Back

For trend of money stock plus time deposits by months
__ __
see this bank’s monthly release entitled "Monetary Trends".

II 1 1 1 1 11 1 1 1 1 1 11 1 11 1 1 1 1 1 1 i 1 1 r 1 i 1 1 1 i 1 1
12 26 "9
July

1967

23
Aug.

6

20 4

Sept.

18

Oct.

1

15
Nov.

29

13 27

10 24

7

Dec.

Jan.

Feb.

21

6

20

Mar.

1968
Prepared by Federal Reserve Bank of St. Louis

3
A

MONEY STOCK*
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
196

Billions of Dollars
196

Annual rates of change, average of
four weeks ending Nov. 15, 1967
from four weeks ending
Aug. 16, 1967
y- y-7
May 17, 1967
Feb. 15, 1967
Nov. 16, 1966
1957-1966

WEEKLY DATA

1967

mi
3 mi

■i-A.t

jo

ng.o

47 ni 3
5U- 1 /to 3

u 1 go. 9

// itos

js nil
Thr^

/

/

fo.i

f /il l

13-week centered
moving average

Weekly

Latest data preliminary
Latest data plotted week ending:Nov. 15, 1967
I I I 1 1 1 1 1 I I I 1 I I I I I I I I I I I 1 1-1_J_L
8 22 5
7 21 5 19 2 16 30 14 28 11 25 8 22
Sept.

Oct.


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

Nov.

1966

Dec.

Jan.

Feb.

Mar.

19

Apr.

3

17 31

May

14 28
June

12

Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends"
1 1 1 1 1
l I' 'I I I I 1 1 1 1 1 1 1 1 1 1 1 .........1
I
1 1 1 1
1 15 29 13 27 10 24 7 21 6
26 9 23
6
20 4 18

July

1967

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

20

3

Mar. Apr.

I960
Prepared by Federal Reserve Bank of St. Louis

CERTIFICATES OF DEPOSIT 1
Billions of Dollars

0

Lorge Commercial Banks

Billions of Dollars

Wednesday Figures
___ Annual rates of change, seasonally unadjusted data
___ average of four weeks ending Nov. 15, 1967 from
--- four weeks ending:

+- 10.3
22.0

22.0

21.0

21.0

20.0

20.0

Millions of Dollars
1967

20,233

Current and year ago data appear in the
_
_
Board's H.4.2. release.
1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.

Latest data preliminary
latest data plotted:

1.1.-Li.
7 21 5
19 2 16 30 lL 28
Sept.
Oct.
Nov.
Dec.


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

1966

11 25
Jan.

8

22

Feb.

8 22
Mar.

5

19
Apr.

3

17 31
May

14 28 12 26
June
July
1967

9 23
Aug.

6

20 L 18 1 15 29 13 27
Sept.
Oct.
Nov.
Dec.

10 2k
Jan.

7

21

6

20

Mar.

1968
Prepared by Federal Reserve Bank of St. Louis

3
Apr

»
bii;

212
210

208
206
204

7

TIME DEPOSITS*
All Commercial Banks
Weekly Averages of Daily Fig ures
Seasonally Adjusted

ons of Dollars

Billions of Dollars

— — Annual rates of change, average of
four weeks ending Hov. 15, 1967
from four weeks ending:
Aug.
16, 1967
-f/^ 7
___ May
17, 1967
i-.ur,
---Feb.
15, 1967
+

202
200

196
196

19l»
192

190
188

R.86
184

182
180
178
176
174
172
170
168
166
164

h
160
158
156
154

—*
—
—
—

0
7

21

5

19


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

2

16 30

14

28 11

25 8

.1 1 I, I I
22

8

22

5

19

3

17

Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bulletin
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

-i

- Latest data preliminary

I .i

I—I—1—I—LJ—I—I

I

I

I

I

!—1

I

1

l_l

I

I

...................... 1

1

1

1

21
June

July

6

Aug,

Prepared by Federal Reserve Bank of St. Louis

20

3

8
of Dollars

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures

1,900

Millions of Dollars

1,900

1,800

l,8op

BIWEEKLY DATA

i,7oo

EXCESS
RESERVES

1,600

BORROWINGS

3£J

1,700

FREE
RESERVES

1,600

rvtl-

1,500

l, 500

1,1*00

US)
+J.U

fUr^ t

ftoo

1,1*00

v-su 7 p
1,300

1,200

1,200
BIWEEKLY SEmaffiST PERIODS

1,100

WEHCLY DATA

1,100
1-3 VS
t !3 A

1,000

1,000

i-nf

900
800
700

6oo
500

1*00
300

200

£.00
0
100
200
300

1*00
500
600
700

800
900

1,000

1,000

Latest data preliminary
Latest data plotted: two weeks ending Bov. 22, 1967

1,100

1,100
25

9

Oct.


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

23
Nov.

1966

7

21
Dec.

4
Jan.

15
Feb.

1

15
Mar.

29

12
Apr.

26 10

24

May

7

21

June

5

19
July

1967

2

16
Aug.

30

13 27

11 25

Sept.

Oct.

8

22
Nov.

6

20
Dec.

3

17

31 l1*

Jan.

28

Feb.

1968
Prepared by Federal Reserve Bank of St. Louis

13 27
Mar.

*

'

BU

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

ions of Dollars

69

68

Billions of Dollars

Seasonally Adjusted by this Bank
Annual rates of change, average of
four weeks ending Nov. 15, 19^7
from four weeks ending
Aug. l6, 1967
May 17, 1967
+ S.O
Feb. 15, 1967

Millions of Dollars
SEASONALLY
UNADJUSTED
UIJiS
L3./W
U3 397
IS.SLV
t33/i
LJ 300

Nov. 16, 1966
67
i960 - 1966

41, Vo/

66

t>3lA>7

65

63

62

61

60

^59

58

57

0'

Current and year ago unadjusted data appear in
the Board's H.4.2. release.
Seasonal adjustment
computed by this bank using 1962 through 1966 data

Latest data preliminary
Latest data plotted:
Nov. 15, 1967
5

I I I I I I I II I I I I I I I I I

19

2 16
Oct.
Nov.
1966


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

30

14 28 11
Dec.

25

Jan.

8

22

Feb.

I I I I I I I I I I I I I I I I I II I I I I I I I I I
1 15 29 13 27 10 24 7 21 6 20
12 26 9 23
Nov.
Dec.
Jan.
Feb.
Mar.
June
July
Aug.
1968
1967

31 14

28

Prepared by Federal Reserve Bank of St. Louis

3
Apr.

10
YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

iotas.

BILL

Per Cent

LONG-CORPORATE
3-5
YEAR

Bonds

it Bonds

Discount Rate

Three-Month Treasury
Bill Market Yield

Latest data plotted are averages of rates available for the veek ending: Nov. 24, 1967
9

23 7 21
Sept.
Oct.

4
1966

18 2 16 30 13 27 10 24
Nov.
Dec.
Jan.
Feb.


♦AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

10 24
Mar.

7 21
Apr.

5
19 2 16 30 14 28 11 25
May
June
July
Aug.
1967

22 6 20
Sept. Oct

3

17

1

15

29

12 26

9

23

8

Prepared by Federal Reserve Bank of St. Louis

22

5

Per Cent

Latest data plotted
i i I I I
9 23 7
21 4 18 2
Sept.
Oct.
Nov.
1966
* AVERAGES OF RATES AVAILABLE

** SOURCE: SALOMON BROTHERS AND HOTZLER
http://fraser.stlouisfed.org MARKET RATE ON 90-DAY PRIME CD'S.
SECONDARY

Federal Reserve Bank of St. Louis

Per Cent

SELECTED SHORT-TERM INTEREST RATES
Weekly Avera ijes of Daily Rates Ended Frida
PRIME
COMMERCIAL
PRIME
LARGE
PAPER
4-6-MONTH ACCEPTANCES CD'S**
dUph I
<r

S.OO

s.oo
S.oo
S.oo
S 00
S.oo
S', oo

ts
<34
<2?
4- c

O
<33

S./3
S'. Xi

3
/o
n

S'. /3
S./3
S./3

<3V

S. 37

<30

*

-Prime Commercial Paper
Month

Prime Bankers

ttscoun ;

Federal Funds Rate

6
June

Sept.

20
Oct

3

17 1

15 29

12

26 9

23

8

22
Mar.

Prepared by Federal Reserve Bank of St. Louis

5
Apr