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Week ending: November 24, 1971

library

JUN 0 5 1979
The nation's money stock, defined as private demand
deposits and currency in the hands of the public averaged $227.3
billion in the four weeks ending November 17, up at a 7 percent
annual rate in the past ten months, compared with a 3.4 percent
trend rate from 1957 to 1970 (page 5). In the past three months,
however, the money stock has declined slightly after increasing
at a rapid 10.6 percent rate in the previous seven months.
Growth of the monetary base (page 2), which underlies the growth
of the money stock, has contributed substantially to the slowing
of money.
For instance, the base has risen at only a 4 percent
rate m the past three months after rising at an 8.4 percent rate
in the previous seven months.
Business loans at large commercial banks, adjusted to
include loans sold to their affiliates, have risen at a 4.6 per­
cent annual rate in the past ten months, compared with a trend
rate of 10 percent from 1960 to 1969 (unadjusted). Growth of
business loans adjusted has accelerated to a 7.5 percent rate
PaSt f°Ur m°nths’ Total loans at all commercial banks,
w ich include business loans at large commercial banks, rose
at a 14 percent rate from June to October, compared with a 6 per­
cent rate in the previous sixteen months. Total bank investments
rose at a 5 percent rate from June to October, however, after
increasing at a 21 percent rate in the previous sixteen months.
Market interest rates remain well below their August 13
levels, although in recent weeks some upward movement in rates
has occurred, especially long-term rates. Yields on long-term
Government bonds averaged 5.55 percent in the first part of
this week, up more than 20 basis points from three weeks earlier
but down 40 basis points from early August. Yields on three-month
Treasury bills averaged 4.33 percent in the three days ending
November 24, up somewhat from last week, but still down about 90
basis points from early August.


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

Prepared by Federal Reserve Bank of St. Louis
Released: November 26, 1971

-1

MONETARY BASE v
FEDERAL RESERVE CRED I T 2/
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
90 -- NOVEMBER 24, 1971 FROMSEP.
AUG.
JUL.
88 —JUN.
MAY
_ APR.

22
25
21
23
26
21

MONETARY BASE

1971

MILLIONS

19LL

MILLIONS

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
76 —NOVEMBER 24, 1971 FROMFEDERAL RESERVE CREDIT
AUG.
JUL.
T4 —JUN.
MAY
_ APR.
MAR.

25
21
23
26
21
24

10.7

—

4
7 21

4 18

OCT

NOV

2 16 30 <3 27 10 24 10 24

JAN

FEB

7 21

5 19

APR

MAY

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 24,

2 16 30 M 28 11 25

JUL

AUG

8 22

68

76

6 20

3 !7

OCT

NOV

'

15 29

1971

1/ USES OF MONETARY BASE ARF. MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMF.MBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST -968 "REVIEW** OF THIS BANK.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT ANO "OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

RESERVES
ALL MEMBER BANKS
BILLIONS OF DOLLARS

IN THE NATION

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

33.0

33.0

32.0

30.0

29.0

29.0

4 18

OCT

NOV

2 16 30 15 27 10 24 10 24
JAN
FEB

7 21
APR

5 19
MAY

LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 24,

2 16 30 14 26 11 23

JUL

8 22

6 20

3 17

OCT

AUG

NOV

1 13 29

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.


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

gllUQNS,
31.4
31.7
31.4

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 24. 1971 FROM
THE FOUR WEEKS ENDINGi
SEP.
AUG.
JUL.
JUN.
MAY
APR.
MAR.

22,
25,
21,
23,
26,
21,
24,

1971
1971
1971
1971
1971
1971
1971

-5.3
2.6
5.7
3.8
3.2
6.1
5.4

PREPARED BY FEDERAL RESERVE BAT* OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

180

175.0
175.4
175

170

105

160

OCT

4 18
NOV

2 16 30 19 27 10 24 10 24
JAN
FEB

7 21
APR

9 19
MAY

2 16 30 14 28 11 25

JUL
1971

1970
LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17,

8 22

AUG

6 20
OCT

3 17
NOV

1

19 29

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
11/18/70

3/17/71

4/14/71

5/19/71

8/16/71

7/14/71

8/18/71

9/15/71

8. 1
9.3
9.6
9.6
9.3
8. 1
6.7
6.2

1 1.8
1 1.8
1 1.3
10.4
8.2
5.9
5.3

13.2
12.0
10.7
8.1
5.5
4.9

10.6
9.4
6.3
3.6
3.2

8.2
4.7
1.8
1.6

2.7
-0.2
0.0

-4.2
-2.7

-2.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/14/71
5/19/71
B/16/71
7/14/71
8/18/71
9/15/71
10/20/71
11/17/71


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
235 -----,-----,----

BILLIONS OF DOLLARS
- ----- ------ 235
-

billions

227.2
227.0
227.7
227.3

— NOV

227.2

4 18

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21
APR

5 19
MAY

LATEST DATA PLOTTED WEEK ENDING? NOVEMBER 17,

2 16 30 14 28 II 29

JUL

AUG

8 22

6 20
OCT

3 17
NOV

1

13 29

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING?
11/18/70
3/17/71 4/14/71 5/19/71 6/16/71 7/14/71 8/18/71 9/15/71
TO THE AVERAGE
OF FOUR WEEKS
ENDING?
4/14/71
5/19/71
6/16/71
7/14/71
8/18/71
9/15/71
10/20/71
11/17/71


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

8.3
9.2
9.4
9.5
9.2
8.2
6.9
6.5

11.6
11.4
1 1.0
10. 1
8.3
6.4
5.8

12. 1
11.3
10. 1
8.0
5.8
5.2

10.3
9. 1
6.6
4.3
3.8

8.2
5.3
2.9
2.5

3.4
1.0
1.0

-2.3
-1.2

-1.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS

*

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

7 21

4 18

OCT

NOV

JAN

FEB

7 21

5 19

APR

2 16 30 13 27 10 24 10 24

MAY

2 16 30 M 28 11 25

8 22

6 20

3 17

OCT

1

is 29

NOV

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, 1071
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
* 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 DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGt
11/18/70

3/17/71

4/14/71

5/19/71

6/16/71

7/14/71

8/18/71

9/15/71

26. 1
23.3
22. 1
20.5
18.0
16.8
16.3
16. 1

18.4
17.2
15.2
12. 1
11.2
11.3
1 1.5

13.3
12.0
9.2
8.6
9.2
9.7

1 1.7
8.0
7.5
8.5
9.2

5.3
5.5
7.3
8.3

3.9
6.7
8.1

9.3
10.5

12.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/M/71
5/19/71
6/16/71
7/M/71
8/18/71
9/15/71
10/20/71
11/17/71


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

7 21

4 18

OCT

NOV

JAN

FEB

7 21

9 19

APR

2 16 30 13 27 10 24 10 24

MAY

2 10 90 M 28 11

JUL

25

8 22

6 20

3 17

OCT

AUG

NOV

1

15 29

LATEST DATA PLOTTED WEEK END INGi NOVEMBER 17, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
m Me IS DEFINED ASj CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS ( M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGi
11/18/70

3/17/71

4/14/71

5/19/71

6/16/71

7/14/71

8/18/71

9/15/71

16.6
15.9
15.5
14.7
13.4
12.3
11.4
11.1

14.9
14.2
13.1
11.1
9.7
8.8
8.6

12.9
11.8
9.8
8.4
7.5
7.5

11.0
8.5
7.0
6.3
6.5

6.7
5.4
5.0
5.4

3.6
3.7
4.5

3.2
4.5

5.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/14/71
5/19/71
6/16/71
7/14/71
8/18/71
9/15/71
10/20/71
11/17/71


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

PREPARED BY FEDERAL RESERVE BANK CF 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

7 21

4 It

OCT

NOV
1970

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

3 IS

APR

MAY

2 16 30 14 2* II 25

8 22

6 20

3 17

OCT

NOV

I

15 2S

1971

LATEST DATA PLOTTED WEEK ENOINGi NOVEMBER 17, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8*00,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1971
OCT.

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

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

M2 W

32.7
32.9
32.9
32.7
32. 1
31.8
32. 1

229.6
229.8
230.7
231.2
231.5
231.9
233.0

456.5
457.0
457.7
458.8
458.8
459. 1
460.2

* SEE FOOTNOTE PAGE 6.
wrn SEE FOOTNOTE PAGE 7.
PREPARED BY FEOERAL RESERVE BANK OF ST

LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

I I I I
4 IS

OCT

2 16 30 13 27 10 24 10 24

3 19

APR

NOV

7 21

2 IS 30 14 26 II 23

6 22

MAY

6 20

3 17

OCT

NOV

1

IS 29

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER IT, 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 NONDEPOSIT SOURCES.

1971

BILLIONS
CREDIT
PROXY

13
20
27
NOV.
3
10
17

OCT.


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

CREDIT
PROXY
ADJUSTED

348.8
349.8
350.6
352.7
352.2
352.8

353.4
354.9
355.6
357.7
357.3
358.2

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

15,
18,
1 4,
16,
19.
14,
17,

1971
1971
1971
1971
1971
1971
1971

3.3
8.5
9.0
7.5
8.6
8.8
9.1

5. 7
9. 7
9. 5
8. 0
9.,0
8., 1
7.,7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT

PER CENT

CORPORATE AAA BONDS

RIME O
OAN RA

- \.X
DISCOUNT RATE
THREE-MONTH TREASURY
BILL MARKET

2 16 SO IS 27 n 29

NOV

DEC

8 22

S 19

9 10

FEB

MAR

2 16 30 H 28 11 25

MAY

9 23

JUN

6 20

9 17

AUG

SEP

1

13 29 12 26 10 24

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. NOVEMBER 26, 1971

1971
OCT.

1
8
15
22
29
NOV.
5
12
19
26 X
DEC.
3
10
17
24
31

CORPORATE
Am BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS XX

7.46
7.44
7.42
7.37
7.31
7.25
7.24
7.27
7.28

4.65
4.51
4.45
4.47
4.36
4. 18
4.18
4.15
4.33

5.91
5.84
5.68
5.62
5.53
5.41
5.47
5.47
5.62

5.52
5.47
5.44
5.47
5.43
5.33
5.37
5.46
5.55

5.24
5.17
4.99
4.97
5. 1 1
4.99
5.19
5.25
N.A.

* AVERAGES OF RATES AVAILABLE.
MfBOND 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
8.5 ---

PER CENT
--- 8.5

8.0

T .5

r.o
6.5
COMMERCIAL PAPER
4-T0-6 MONTH

6.0

5.5

5.0

4.5
FEDERAL FUNDS RATE
4.0

3.5

3.0

0

I I 1 I I I
2 16 30 13 27 H 25

8 22

9 19

9 19

2 18 90 14 28 11 29

9 23

8 20

3 17

1

15 29 12 28 10 24

AUG SEP
NOV DEC
FEB MAR
MAY JUN
1970
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. NOVEMBER 26, 1971


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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

1971
OCT.

1

8
15

22
NOV.

29
5

12
19
26 *
DEC.
3

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S let

5.75
5.75
5.63
5.45
5.25
5.03
4.88
4.93
4.88

5.35
5.25
5.35
4.98
5.25
5.13
4.83
4.85
4.90

5.40
5.23
5.03
4.98
4.88
4.78
4.75
4.75
4.79

5.62
5.53
5.44
5.29
5.18
4.99
4.91
4.88
4.88

10
17
24
31
* AVERAGFS OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
Wf DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES END ING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BILLIONS OF

BORROWINGS AND EXCESS RESERVES
All member banks inFIGURES nationBILLIONS
the
DOLLARS
AVERAGES OF DAILY

OF DOLLARS

EXCESS RESERVES

-

0.8
NET FREE RESERVES

1.6

-

4 <8

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

3 10

APR

MAY

2 16 30 14 28 11 25

8 22

6 20

3 17

OCT

NOV

1

15 20

LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 24, 197’


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

MILLIONS
1971
OCT.

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

EXCESS
RESERVES
214
49
210
51
413
19
246
195

BORROWINGS
309
449
332
413
215
122
289
539

FREE
RESERVES
95
- 400
- 122
- 362
198
- 103
43
- 344

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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