Full text of U.S. Financial Data : Week Ending: November 22, 1978
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F//VA/VC/AL £D^\TX\ Week ending: November 22, 1978 Sjrrotjgi, library DEC 2 6 1979 The strong demand for bank loans during the last two months has been reflected in rising short-term interest rates. Although short-term interest rates have risen much more in the last two months than during the previous two months, bank loans have expanded about as rapidly in both periods, as shown in the table below. The behavior of bank holdings of securities (investments) and their issuance of large CDs also provide evidence of a continued strong demand for bank loans. Although growth of bank reserves (monetary base minus currency) has increased to an 11.4 percent rate since August, from a 10 percent rate over the previous two months, banks have reduced their holdings of securities and accelerated their issuance of CDs in the last two months to make additional loans available. The most recent weekly data indicate that the strong demand for bank loans is continuing in November. As shown on page 11, business loans at weekly reporting large commercial banks have continued to rise sharply in recent weeks. As the growth of the monetary base has slowed in recent weeks, banks have sharply lnCrffSe^ their issuance of large CDs (page 12) to maintain the growth or loans. Also, this past week most large commercial banks increased their prime lending rate from 10.75 to 11 percent. GROWTH OF SELECTED COMPONENTS OF BANK CREDIT AND LARGE CDs Period: 1978 Total Loans June - Augus t August - October http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Business Loans Investments Large CDs 14.4 % 10.1 % 4.7 % -2.7 X 13.6 11.8 -0.9 14.0 Prepared by Federal Reserve Bank of St. Louis Released: November 24, 1978 2 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 144 BILLIONS 142 140.8 141.0 141.1 141.3 140.8 141.5 132 130 128 I I I I 30 14 28 11 DEC 25 JAN 8 22 8 21 5 10 3 17 31 M 28 12 26 JUN FEB 0 23 6 20 4 18 1 15 20 13 27 JUL LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 22, 1978 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 MONETARY BASE ARE FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS. MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 11/23/77 2/22/78 4/19/78 5/24/78 6/21/78 7/19/78 8/23/78 9/20/78 6.8 8.1 9.0 8.0 8.5 9.5 9.0 9.9 10.9 8.9 9.4 10.5 9.7 12.7 9.2 9.9 1 1 .0 10.0 7.9 9. 1 0.8 9.7 7.4 10. 1 8.9 13.7 10.9 10.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/19/78 5/24/78 6/21/78 7/19/78 8/23/78 9/20/78 10/25/78 11/22/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9. 1 8.9 9.3 9.8 9.0 9.3 9.9 9.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER v ADJUSTED FEDERAL RESERVE CREDIT*/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO 2.9 MULT PLIER \ , l"s==d h>--- L978 OCT . 1 1 2.3 RATIO 2.591 2.587 2.§45 8 2.565 “ 15 2.566 1 1 1 1 .ml -.111111111' 1 '* i is III. ■ INI -U 1 1 1 1 in. jut. 111 -LIU. 1 1 1 -LI 1 LATEST DATA PLOTTED WEEK END IMG: NOVEMBER 15, 1978 BILLIONS OF DOLLARS 126 1 1 1 BILLIONS OF DOLLARS 126 1 “ COMPOUNDED ANNUAL RATES -- OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING “ NOVEMBER 22, 1978 FROM -- THE FOUR WEEKS ENDING. - SEP. AUG. —JUL. - JUN. MAY -- FEB. _ NOV. 20, 23, 19, 21, 24, 22. 23. 1978 1978 1978 1978 1978 1 978 19 77 XT'" AD. USTED FEDER7(L RESERVE CRED1T 12.7 12.8 - 10. 1 1. 9. 1 1. - - _ V - - 112 19M - OCT. 1 10 NOV 108 . 18 1 1 1 -LI..I 1 S 19 OCT 2 ...ii i ie SO 14 28 NOV 1977 DEC 111 11 JAN 1 _LLL 25 8 22 FEB latest data plotted week ending: 111 8 22 MAR 1 1 1 111 1 5 3 19 APR 17 SI MAY 1 1 1 14 1 1 1 28 12 26 JUN JUL 1978 1 1 1 1 9 23 AUG 121.7 “ m — 108 122T2 111 0 6 20 SEP OCT NOV DEC November 22, 1978 1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. 2/ «EDIT CONSISTS OF FEDERAL RESERVE MOLDINGS OF SECURITIES LOANS Fl hat OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACfING TREASURYT DEPORTS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING THE SERIES FOR r!^Y SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE §AME TYPE OF DEPOSITS BETWEEN BaS<S WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 110 .1 22 5 112 bjlliqns 4 MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS billions of dollars 875 870 BILLIONS 869.4 869.3 865. 1 865 860 868.2 870.9 871.0 855 850 845 840 835 830 825 820 815 810 805 800 795 -Ej 790 o 5 19 2 16 30 14 DEC 28 11 25 JAN 8 22 8 22 3 19 3 17 31 H 28 12 26 9 23 1 6 20 15 29 13 27 FEB LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 15, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. MONEY STOCK PLUS NET T ME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE 11/16/77 AVERAGE OF FOUR WEEKS ENDING: 2/15/78 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 8.0 8.2 7.8 8.2 8.7 9.0 8.4 9.8 8.7 9.0 9.5 9.8 8. 9 7.5 8.4 9.2 9.6 8.6 8.2 9.3 9.8 8.5 10.7 10.8 9.1 11.4 8.8 7.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 10/18/78 11/15/78 6.9 7.7 7.8 7.6 7.9 8.3 8.5 8. i http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES StASUNALLY ADJUSTED BILLIONS OF DOLLARS 370 ----- 1------ ,--- LLIONS OF DOLLARS 1------ ----- 370 BILUQN5 364.3 364.3 361.2 362.4 361.3 S DEC JAN 19 5 17 31 FEB 14 21 12 M JUN 9 23 6 20 1 15 29 13 27 JUL 1977 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 15, 197B CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE. THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC. MONEY STOCK (Mt ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING* 11/16/77 2/15/78 4/12/78 5/17/78 6/M/78 7/12/78 5.7 6.2 7. 1 8.3 5.9 5.7 7. 1 8.5 5.7 8.4 9.8 6.0 8/18/78 9/13/78 TO THE AVERAGE OF FOUR WEEKS ENDING* 4/12/78 5/17/78 6/14/78 7/12/78 8/18/78 9/13/78 10/18/78 11/15/78 6.8 9.0 8.8 8.2 8. 1 8.3 8.7 7.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.7 9.9 8.8 8.4 8.7 9.2 7.5 13.6 10.6 9.6 9.7 10.2 7.9 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS s 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT 12.0 11.5 1 1 .0 10.5 10.5 10.0 10.0 9.5 9.0 CORPORATE Aaa BONOS 8.5 PRIME BANK LOAN RATE 8.0 7.5 90 DAY CD’S: 7.0 COMMERCIAL PAPER 6.5 6.0 MUNICIPAL BONDS»* 5.5 5.0 2 16 30 13 27 JAN 10 24 FEB 10 24 7 5 21 APR 19 2 16 30 14 26 11 25 22 6 20 3 17 MAY LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 24, 1978 1978 90 DAY CD’S *98* PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BONDS *BK 8.95 9. 15 9.26 9.64 10. 10 10.77 10.84 10.59 8.75 8.97 9.07 9. 19 9.68 10.27 10.38 10.23 8.89 9.06 9.33 9.59 10.46 10.63 10.47 10. 35 8.81 8.85 8.88 8.94 9.04 9.06 9.02 9.00 6.07 6. 10 6. 14 6.21 6.22 6.17 6. 1 1 N.A. OCT. 6 13 20 27 NOV. 3 10 17 24 * DEC. 1 8 15 22 29 * AVERAGES OF RATES AVAILABLE. _ ___ w *6K BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. MX SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES Foft THE WEEK END ING WEDNESDAY TWO DAYS EARLIER THAN DATES SHC'K. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. N.A. - NOT AVAILABLE PREPARED BY FEDERAL RESERVE BAMt OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 10.5 f— PERCENT —1 10.5 10 0 10.0 3-5 YEAR TREASURY SECURITIES FEDERAL FUNDS RATE DISCOUNT RATE THREE-MONTH TREASURY BILL MARKET YIELD -L-L1.1 1 I I 7 18 44 18 21 OCT I 1 I I I LL-li I I 1 I I I I I 1 I 1 I I I I I I I I I I I I 1 I I 1 1 I l l l 1 l l l 1 I I i I 1 i i i 16 30 30 13 13 27 27 10 10 24 24 10 10 24 24 22 16 NOV DEC 1977 JAN FEB MAR 21 77 21 18 5 5 10 APR MAY 16 30 30 14 14 28 28 11 11 25 25 8 82222 22 16 JUN JUL 1978 AUG SEP 20 66 20 33 17 17 1 OCT NOV DEC 15 15 28 28 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 24, 1978 1978 OCT. 6 13 20 27 NOV. 3 10 17 24 * DEC. 1 8 15 22 29 FEDERAL FUNDS *83 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL *aeK 1-YEAR TREASURY BILL 3-5 YEAR TREASURY SECUR1T1ES LONG-TERM TREASURY SECURITIES 8.85 8.71 8.78 9.24 9.29 9.77 9.68 9.68 8. 14 7.98 7.89 7.70 8.73 8.79 8. 14 8.56 8.38 8.42 8.56 8.61 8.98 9.42 9.29 9.00 8.23 8.28 8.46 8.53 9. 17 9.32 9.08 9.05 8. 48 8.47 8.56 8.69 9.05 9.04 8.93 8.83 8.55 8.53 8.59 8.64 8.72 8.73 8.65 8.64 * AVERAGES OF RATES AVAILABLE. ** SEVEN-DAY AVERAGES FOR WEEK ENDING I WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD ! OF GOVERNORS’ H.9 RELEASE. 3«8ll NEW ISSUE RATE RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS TREASURY BILL YIELDS ON DISCOUNT BASIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 8 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 515 BILLIONS 510 OCT. 505 Z NOV. 500 485 480 475 470 465 460 5 10 2 16 30 14 28 11 25 JAN 8 22 8 22 5 19 3 17 31 14 28 JUN FEB 12 26 » 9 23 8 20 4 18 1 15 20 15 27 JUL LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 15, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. X NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN 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 DEPOSlTS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 11/16/77 2/15/78 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 6. 1 7.0 7. 1 8.0 8.6 8.9 9. 1 7.2 7.3 8.6 9.3 9.6 9.8 8.8 10.0 10. 6 10.6 10.7 10.0 10.9 10.8 10.9 12.3 11.7 11.6 11.6 11.5 10.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 10/18/78 11/15/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7. 1 6.7 7. 1 7.2 7.8 8.2 8.5 8.7 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 275 268.5 268.3 263.0 266.0 264.8 5 19 2 16 30 14 28 DEC 11 23 JAN 8 22 FEB LATEST DATA PLOTTED WEEK ENOING: NOVEMBER 15, 1978 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 ENDING: 2/15/78 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 11/16/77 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 10/18/78 11/15/78 5.6 8.6 8.3 7.7 7.5 7.6 8. 1 6.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.2 10.0 8.7 8.3 8.3 8.8 6.7 15.0 11.2 9.9 9.7 10. 1 7.2 4.6 5.4 6. 1 7.5 4.5 5.0 6. 1 7.7 4.1 7.5 9.1 4.4 10.6 3.6 1.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 10 CURRENCY COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 100 BILUQNS 96.0 _ NOV, 96. 4 96.5 8 22 DEC JAN 5 18 3 17 31 FEB 14 28 12 26 8 23 6 20 JUN JUL 1978 1977 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 15, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. CURRENCY COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF FOUR WEEKS ENDING: 11/16/77 2/15/78 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 10.2 10. 1 10.3 10.0 9.6 10.0 10.2 10. 1 9.2 9.8 9.3 8.9 9.6 9.9 9.8 10.6 9.6 8. 8 9.9 10.2 10.0 9.6 8.5 10.0 10.3 10.0 7. 1 9.4 10.0 9.7 10.3 10.8 10.3 13.0 11.6 10.2 TO THE AVERAGE OF FOUR WEEKS ENDING: 4/12/78 5/17/78 6/14/78 7/12/78 8/16/78 9/13/78 10/18/78 11/15/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS 1M 3.0 IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS MILLIONS —OCT. 1 1249 1314 5 18 2 16 30 14 28 DEC 11 25 JAN 8 22 8 22 5 18 3 17 31 FEB 14 28 JUN 12 26 8 23 JUL SEP OCT LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 22, 1978 BUSINESS LOANS ( COMMERCIAL AND INDUSTRIAL ) BILLIONS OF DOLLARS 144 ----- ,------ ,-- WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED ILL IONS OF DOLLARS —------ ----- 144 COMPOUNDED ANNUAL RATES — OF CHANGE. AVERAGE OF _ THE FOUR WEEKS ENDING NOVEMBER 15, 1978 FROM “THE FOUR WEEKS ENDING: ' _ SEP. AUG. “ JUL. — JUN. _ MAY FEB. — NOV. 13, 16, 12, 14, 17, 15, 16, 1978 1978 1978 1978 1978 1978 1977 14.2 1 1 .9 9.9 9. 1 13.0 15.4 13.7 ■ ' OCT. 11 138,227 139,878 5 18 30 14 28 1 25 8 22 8 22 5 10 5 17 31 14 28 12 26 8 23 J-LLLLLLL1 I 1 I I I 6 20 1 15 28 13 27 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 15, 1978 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 12 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT stASUNALLY ADJUSTED BILLIONS OF DOLLARS IOO --- -i----- 1-“ OCT. I 25 .1 11 1 a 22 a 22 5 IB 3 17 31 M 2a 12 28 B 23 1977 8 20 4 IB 1978 LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 15, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS