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t/S.

F//V/1 /VC/>1 Z.

0/17"/l

Week ending: November 24, 1976

library

DEC

a 6 197$


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

This past week the Federal Reserve Board
announced the lowering of the discount rate by the
Federal Reserve Banks to 5.25 percent from the 5.50
percent rate that had prevailed since mid-January 1976.
The discount rate is the interest rate member banks pay
for reserves borrowed from Federal Reserve Banks to
cover temporary reserve deficiencies. Reserve
deficiencies occur when the reserves that member banks
are required to hold exceed their actual reserves.
The discount rate is now at its lowest level
since February 1973 when the discount rate was raised
to 5.50 percent from 5 percent. From February 1973 to
April 1974, the discount rate was steadily increased to
8 percent, where it remained until December 1974.
Since then, it has been steadily decreased by the
Federal Reserve Banks.
The prevailing discount rate is still 35
basis points higher than the interest rate on Federal
funds, an alternative source of funds for commercial
banks. The discount rate has generally been above the
Federal funds rate since mid-October 1975.
Consequently, member bank borrowings from the Federal
Reserve Banks have been at a low level over this
period.
The interest rates on most securities
declined this past week — continuing the general
pattern which began in late June. The interest rate on
4-6 month commercial paper fell 25 basis points, the
Federal funds rate fell 12 basis points, and the
interest rate on 3-month Treasury bills fell 17 basis
points. Long-term rates also declined — the yield on
Corporate AAA bonds fell 8 basis points and the yield
on long-term Government securities fell 11 basis
points.

Prepared by Federal Reserve Bank of St. Louis
Released: November 26, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
132

MILLIONS
130

128

126

124

122

120

118

1

13 29 12 28 10 24

7 21

4 18

3 17 31

14 28 12 26
APR
MAY

1975
LATEST DATA PLOTTEO WEEK ENDING. NOVEMBER 24,

7 21
JUL
1976

1

9 23

AUG

19 29 13 27 10 24
OCT
NOV

8 22

1976

THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
_
.. — adjusted
ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND 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

11/26/75

2/25/76

4/21/76

5/26/76

6/23/76

7/21/76

8/25/76

9/22/76

6.8
6.6
7.7
6.6
6.9
6.9
6.8
7.2

7.5
9.3
7.1
7.6
7.5
7.2
7.7

10.1
6.3
7.2
7.1
6.9
7.5

6.4
7.6
7.4
7.1
7.7

4.3
5.0
5.3
6.4

8.2
7.4
8.3

6.3
7.9

8.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
4/21/76
5/26/76
6/23/76
7/21/76
8/25/76
9/22/76
10/27/76
11/24/76

2

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CREDIT*/
BAT

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ro

RATIO

MULTIPLIER

M

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17,

1976

BILLIONS OF DOLLARS
118

BAlItt

BILLIONS OF DOLLARS
----------------- -------------- H8

--------------1---- 1----COMPOUNDED ANNUAL RATES
—OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
" NOVEMBER 24. 1976 FROM
___THE FOUR WEEKS ENDING.
-

SEP.
AUG.
—JUL.
- JUN.
MAY
- FEB.
_ NOV.

22,
25,
21,
23
26
25
26

1976
1976
1976
--------1976
1976

8.8
8.0
8.9
' "
ADJUSTED FEDERAL RESERVE CREDIT

1370.
OCT.
nov.

1

13 2* 12 26 10 24

7 21
JAN

4 18
FEB

3 17 31

14 26 12 26
APR
MAY

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 24,

9 23

7 21
JUL

4 16
AUG

1

MILLIONS

20 109,195

H 181: ?!

13 29 13 27 10 24
OCT
NOV

6 22

1976

1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS. FLOAT
™&r.2!riRATSiir££^.
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 AND SHIFTS IN THE $AME TYPE OF DEPOsfTS BETWEEN BANKS
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

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

BILLIONS OF DOLLARS

BILLIONS

of

dollars

ftlLLiQM&
727.5

=

I 15 29 12 29 10 24

7 21
JAN

4 19
FEB

9 17 91 14 29 12 29
APR
MAY

LATEST DATA PLOTTED WEEK ETC INOi NOVEMBER 17,

9 29

7 21
JUL

4 19
AUG

1

15 29 19 27 10
OCT
NOV

9 22

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.8 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
11/19/75

2/18/76

4/14/76

AVERAGE OF FOUR WEEKS ENDING*

5/19/76

6/16/76

6.4
8.6
8.9
9.8
10.5

9.3
9.5
10.5
11.1

7/14/76

8/18/76

S/15/78

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
4/14/76
5/19/76
6/18/76
7/14/78
8/18/76
9/15/76
10/20/76
11/17/76

4

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

10.2
10.8
10.3
9.8
10.0
10.0
10.4
10.6

11.4
10.3
9.3
10.0
10.0
10.4
10.8

10.4
9.0
9.8
9.8
10.4
10.9

11.1
11.8
12.3

11.7
12.4

13.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

705

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
320 --------------1-----------,------

ILL IONS OF DOLLARS
-|----------- --------------

19I&
_

BILLIONS.

OCT
310.0

OCT

NOV

DEC

JAN

FEB

MAR

APR

29 IS 2T 10 24

MAY

JUL

1075
LATEST DATA PLOTTED WEEK ENDINQt NOVEMBER 17,

AUG

OCT

• 22

NOV

1976

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,

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
11/19/75

2/18/76

4.1
5.9
5.4
4.6
5.2
4.9
5.1
5.3

9.6
7.9
6.0
6.7
6.0
6.2
6.3

4/14/76

AVERAGE OF FOUR WEEKS ENDING*

5/19/76

6/16/76

7/14/76

0.4
3.9
3.4
4.3
4.7

4.5
3.6
4.6
5.1

8/18/76

9/15/76

6.0
4.8
5.6

7.4

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


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

8.6
5.3
6.5
5.6
5.9

6.1

6.5
6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

320

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

rrn

—i 10.0

CORPORATE Aaa BONDS

MUNICIPAL
BONDS«

___ >
COMMERCIAL PAPER

TTTTTTT

3 17 31 14 20 12 26 9 23
OCT
NOV
DEC
JAN

6 20

5 19

FEB

MAR

2 16 30 14 20 11 23 9 «
MAY
JUN
1976

0 20
AUG

3 IT
SEP

1975
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END IMS s NOVEMBER 26, 1976

1976
OCT.

NOV.

DEC.

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

90 DAY
CO’S SHE*

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
AAA BONDS

MUNICIPAL
BONDS m

5.33
5.28
5.17
5.04
5.08
5.08
5.10
5.14
4.97

5.38
5.38
5.22
5.13
5. 13
5.13
5.13
5.13
4.88

5.25
5.22
5.05
4.93
5.01
4.98
5.02
4.95
4.78

8.37
8.33
8.31
8.31
8.33
8.30
8.31
8.27
8.19

6.47
6.33
6.25
6.30
6733
6.34
6.39
6.26
N. A.

$1I&A$ K$£t’rat|£foIJ TT^3|kH™R^SE

6

EARLIER THAN OATES SHOWN,
.A. - NOT AVAILABLE


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

CURRENT DATA APPEAR IN THE BOARD Or GOVERNORS H.9 RELtASt.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUU

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
------ 7.5

DISCOUNT RATE

iSURY

BILL MAI

FEDERAL FUMJS RATE

3 17 31

14 28 12 26
NOV

DEC

9 23
JAN

6 20
FEB

5 19
MAR

2 16 30 14 28 11 25

9 23

« 20
AUG

3 17
SEP

1 15 29 12 26 10 24

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINSi NOVEMBER 26, 1976

1976
OCT.

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

FEDERAL
FUNDS WK

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-3 YEAR
GOVERMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.32
5.17
5.02
4.97
4.99
5.06
4.98
5.02
4.90

5.06
5.04
4.86
4.84
4.90
4.83
4.92
4.80
4.63

5.48
5.31
5.09
5.11
5.19
5.12
5.19
5.05
4.83

6.80
6.81
6.35
6.39
6.56
6.51
6.55
6.44
6.14

7.63
7.56
7.50
7.55
7.59
7.57
7.57
7.58
7.47

£»fsIvEN-OAY^AVERAGES^OR^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
430 r------------,-----------.-----

OCT.

I

BILLIONS OF DOLLARS
----------------- ----------- =? 430

13

15 N II tt 10 M

1 11

4 It

3 17 31 H 23 11 2«
APR
MAY

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 17,

9 23

7 21

4 19

JUL

AUG

1

13 29 13 27 10 24
OCT
NOV

• 22

1978

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
*NETTlME[)£f03ITSARE DEF1NED AS* SAVINGS DEPOSITS. TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN hCGOTIABLE TIME CERTIFICATES OF DEPOSITlSSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
11/19/75

2/18/78

4/14/78

5/19/78

AVERAGE OF FOUR WEEKS ENDING*

8/18/78

7/14/78

8/18/78

9/15/78

# J85„A!(§&§E
END ING*

4/14/76
5/19/76
6/16/76
7/14/76
8/18/76
9/15/78
10/20/78
11/17/76

8


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

15.4
14.9
14.3
14.0
14.0
14.2
14.6
15.0

12.8
12.2
12.2
12.5
13.1
13.7
14.3

11.7
11.9
12.4
13.2
14.0
14.7

11.3
12.3
13.3
14.3
15.0

13.1
14.2
15.1
15.9

15.1
16.0
16.7

17.2
17,9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLtONS OP DOLLARS
240 --------------1----------- ,-----

BILLIONS OF DOLLARS
------ ----------- -------------- 240

231.1
230.5
230.2
230.1

1

15 29 12 26 10 24

7 21
JAN

4 18
FEB

3 17 31

14 28 12 26
APR
MAY

9 23

7 21

4 16

1

15 29 13 27 10 24
OCT
NOV

6 22

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17, 1076
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE,
11/19/75

2/18/76

4/14/76

1.9
3.9
3.6
2.7
3.6
3.3
3.6
3.9

8.4
6.8
4.6
5.6
4.9
5.1
5.3

7.7
4.0
5.5
4.6
4.9
5.2

5/19/76

AVERAGE OF FOUR WEEKS ENDING.

6/16/76

7/14/76

3.4
2.5
3.5
4.2

5.5
5.7
6.1

8/18/76

9/15/76

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


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

-1.1
2.9
2.3
3.2
3.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

84
82
80

78
T6

74
72
70
88
66
64
62
60

1

15 29 12 26 10 24

7 21
JAN

4 18
FEB

3 17 31 14 28 12 26
APR
MAY

1975
LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17,

9 23

7 21
JUL
1976

4 18
AUG

1

13 29 13 27 10 24
OCT
NOV

8 22

1976

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

1976
OCT.

NOV.

DEC.

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

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. AOJ.
SEAS. ADJ.
65.5
64.8
64.1
63.3
62.7
62.5
62.8

62.7
62.4
62.0
61.4
81.3
81.5
62.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1.3
1976

MILLIONS

OCT. 20

1

IS 29 12 26 10 24

7 21
JAN

4 18
FEB

3 17 31

14 20 12 26
APR
MAY

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 24,

9 23

7 21

4 18

1

IS 29 19 27 10 24
OCT
NOV

9 22

1978

BUSINESS LOANS

BILLIONS OF DOLLARS

( COMMERCIAL AND 1NDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124

122
120
118
1 16
114

112

110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
“THE FOUR WEEKS ENDING
- NOVEMBER 17. 1976 FROM
— THE FOUR WEEKS EWING.

104
102

100
98
96

1

IS 29 12 26 10 24

7 21
JAN

4 18
FEB

3 17 31

14 28 12 26
APR

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 17,


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

MAY

9 23

7 21

4 10

1

IS 29 13 27 10 24
OCT
NOV

0 22

1976
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

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

BILLIONS OF DOLLARS
570 r=------------1----------- 1------

BILLIONS OF DOLLARS
------ ------------------------= 570

^&ifc.,9r^R014 T* F0UR
CREDIT
-EflflXY
SEP.
AUG.
JUL.
JUN.
MAY
FEB.
NOV.

15,
18,
H,
16,
19,
18,
19,

1976
1976
1976
1976
1976
1976
1975

CREDIT
PROXY
ADJUSTED

10.5
7.0
5.2
5.3
6.0
4.2
3.3

11.3
7.0
5.3
5.9
6.6
4.4
3.9
CREDIT PROXY ADJUSTED

1/

BILLIONS

CREDIT PROXY

518.5
520.0
520.2
523.1
526.6

1

15 29

12 26

10 24

7 21

JAN

11*
FEB

3

17 31

14 23

APR

LATEST DATA PLOTTED WEEK ENDINQi NOVEMBER 17,
CURRENT DATA APPEAR

12

23

I4AY

9 23

7

535.2

527.1

illll

21

JUL

529.7
532.6

1

AUG

13 29

13 27

OCT

10 24

6

22

NOV

1976

IN THE BOARO OF GOVERNORS' H.9 RELEASE.

^“ba^S^AND CERTA I^OT** •

NONOtfSfl

' *L PAPH>' B*B0CU'» BORROWINOS Of
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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