Full text of U.S. Financial Data : Week Ending: November 25, 1970

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u.s.WeekfinnnciRL
data
ending: November 25, 1970
Market interest rates have declined since
January (pages 10 and 11). Yield curves of Government
securities, comparing January 20 with November 20,
1970, indicate that short-term rates have fallen much
more than long-term rates (page 9). Short-term rates
have declined sharply as loan demand has weakened and
as the Federal Reserve System has purchased securities
making short-term funds more available. In addition,
some of the funds raised in the capital markets have
been temporarily invested in short-term market instru­
ments, which tends to lower their yields. Long-term
rates have not fallen as much, due mainly to a strong
demand for long-term funds bolstered by a continued
strong expectation of price increases and by the de­
sire to improve liquidity.
Yields on three-month Treasury bills averaged
4.93 per cent in the three days ending November 25,
lowest since the Fall of 1967. These securities have
fallen about 1 percentage point in the past four weeks,
and over 3 percentage points since early January.
Yields on prime four- to six-month commercial paper
averaged 5.75 per cent in the first three days of
this week, down about 90 basis points in the past three
weeks. Long-term Government securities averaged 5.96
per cent in the first half of this week, down about
90 basis points in the past four weeks, and down about
70 basis points from January. Aaa-rated state and
local Government bond rates were 5.95 per cent on
November 12, down about 40 basis points since January.


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

Following decreases in market rates, but re­
acting to the same supply and demand forces, commercial
banks early this week lowered their interest rate on
loans to prime business customers from 7-1/4 per cent
to 7 per cent. The prime rate has now fallen a total
of 1-1/2 per centage points so far in 1970.

Money Stock Revision. The Board of Governors
of the Federal Reserve System has revised the money
stock series. The new series reflects annual revisions
of seasonal factors and benchmark adjustments, as well
as major adjustments for a downward bias (in the old
series) arising from international transactions. The
level of the new series for money stock during October,
1970 is $213.0 billion, compared to $206.0 billion for
the old series. Similarly, money stock in February is
$204.5 billion by the new series, compared to $199.3
billion by the old series. For an illustration of the
impact of this revision on the rates of change of money
for 1970 see page 5.
A more complete description of the new series,
as well as listings of the revised data, will be avail­
able in the near future.

Prepared by Federal Reserve Bank of St. Louis
Released:November 27', 1970

Billions of Dollars
.Annual rates oi change, average of
84
■ four weeks ending November 25, 1970 from

MONETARY BASE LL
FEDERAL RESERVE CREDIT 12
Averages of Daily Figures

Billions of Dollars
84

Seasonally adjusted by this bank

' four weeks ending:
Monetary
Base

83
'Sept. 23,
Aug. 26,
July 22,
'June 24,
'May 27,
iApr. 22,

82

F. R.
Credit

1970
1970
1970
1970
1970
1970

Monetary Base

-March 25, 1970

81

_

80

79

1957-1969
+ 3 .1
Uses of the monetary base are member bank
reserves and currency held by the public
and nonmember banks, adjusted for reserve
requirement changes and shifts in deposits.
For a description of the base see the August
- 1968 Review of this bank.

78

U8.L7
77

Federal Reserve Credit
76
67
Monetary
Base
66

a

7
Its
53
3o
7
/V

65

64

pii

Defined to include holdings of securities,
loans, float, and "other" assets, adjusted
- MoV
for reserve requirement changes and changes in

Latest data plotted week ending: November 25, 1970

i m i i i i i i i i r ii i r i r m i I i i I I M


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

3 17
Sept.

1
1969

15 29
Oct.

12 26
Nov

requirements due to shifts in deposits among

D 5,3
-A Cls>
(o
!, 8
cj,
: 8| 3*70
, 6i99
;8/fc97
9/64/

i 9*a8/y
ag. 8 MSS'
ZAZAS
SiaoB
8aso8

ju

8 30 7*?

F.R. Credit

i<n>i5s
4=639*?

u8
Is
trl lets’!

IsSrfC
Lcl5SS
L7W9
(*8 gets
AgJ'SS
1*851
3
CpC U Is 8

classes of banks
13 27
May

10 24 8 22
June
, July
1970

30 14 28 11 25
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
1971

RESERVES
All Member Banks in the Natio
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Annual rates of change, average of four weeks

Billions of Dollars
30.5

1

ending November 25, 1970 from four weeks ending
30.0

Sept. 23, 1970
X July 22, 1970
■— June 24, 1970
7 May 27, 1970

29.5

4I Apr. 22, 1970
X March 25, 1970
29.0

28.5

28.0

27.5

27.0

26.5
TOTAL
EE SERVES
26.0

26.0

25.5

Regulations M and D effective October
16, 1969 and Regulation D effective
October 1, 1970.
Current data appear in the Board's
U.9 release.

25.0

Latesfi data plotted week ending: November 25, 1970


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

24.5
1

15 29

13

27 10 24 8 22
June
July
1970

5

19
Aug

2

16

30

14 28

11 25

Prepared by Federal Reserve Bank of St. Louis

9

23

0

Billions

of

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Dollars

Billions- of Dollars

New Series

IS 8 S

Ib9.
lloS.3
98

8

Latest data plotted week ending: November 18, 1970
9

23


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

6

20

3

17

Sept.

1i

i 15' ■ 29
■ ' 12
I'

26 10

Nov.

24

7

21

4

l

OlMI Lf 51 I

(NEW SERIES ONLY)'
18

4

18
Mar.

1

15 29

13

27 10 24
June

8

22

5

19

2

16 30
Sept.

14 28
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23

6

20
Jan.

5

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending Nov. 18, 1970 from four weeks ending:
New
Ser ie s

Series
Aug. i9, 1970
May 20, 1970
Feb. 18, 1970

-h<3- V

New Se ries

e

Estimated by Federal Reserve Bank of St. Louis

I 8 71^

Latest data plotted week ending: November 18, 1970 ( NEW SERIES ONLY)
9 23
July


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

6 20
Aug.

III!

15 29
Sept.
Oct.
1969

i i 1
12 26
Nov.

- i i i i 11 i i i ii ii i i
L'cc,

7 21
Jan.

4

18
Feb.

4 18
Mar.

1

15 29 13 2 7 10 24
22
Apr.
May
June
July
1970

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
l)ec.

6

20
Jan.
1971

TIME DEPOSITS
Billions of Dollars
231 r | | i i

6

All Commercial Banks
Averages of Daily Figures
Seasonally Adjusted

■ i

Billions of Dollars

Annual rates of change, average of four weeks ending:
3/11/70

4/8/70

5/13/70

6/10/70

7/8/70

8/12/70

9/9/70

to average
of four
.weeks ending:
-5/13/70 1
-6/10/70
-7/8/70
'8/12/70
-9/9/70
10/14/70
'11/11/70

+19.0
+15.2
+20.9
+21.5
+23.7

+13.8
+13.5
+21.5

+10.0
+21.5

+22.0

+22.0

+24.3

+24.7

+28.5
+26.8 .
+28 9

+33.5
+34.0

+28.1

ta v./ +;H.5"

S

i o.

Not updated for the week of November 18, 1970
due to major revision of the Money Stock series

'9 as.o.&
Current data appear in the Board's H.6 release.

i i i i i iti

m

i rn

i m n r:

i
i data plotted
i
iweek ending:November
m
Latest
11, 1970
!....................................................................
^ J_L_L
3 17
29 12 26 10 24 7 21‘ 4 18
9 2?
.
riov.
Dec.
Jan.
Feb.


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

June

16 30
:.

14 28
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
197X

11 iot

MONEY STOCK PLUS TIME DEPOSITS
Averages of Daily Figures
Seasonally Adjusted

of Dollars

432

Billions of

430

430

Annual rates of change, average of four weeks ending:
428
426
424

3/11/70

4/8/70

5/13/70

6/10/70

7/8/70

8/12/70

9/9/70

428
426

Jto average
of four
Weeks ending:

424

422
420
418
416
414

Dol
432

-5/13/70
-6/10/70
-7/8/70
-8/12/70
"9/9/70
"‘10/14/70
11/11/70

422

+13.8

+11.6

+ 8.6

+10.3
+13.0
+13.7
+14.2

+ 7.8
+11.7
+12.8
+13.5

420
+ 6.7
+14.6
+15.3
+15.7

+12.1

+13.4
+14.0

418
+19.8
+18.7

+16.4
1-13,7

416
-+/a,a. I

414

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

394

392

392

390

390

388

388

386

386

384

384

Not updated for the week of November 18, 1970
due to major revision of the Money Stock series

382
380

________________

378
376
374
372

0~~

i I i i n i i i i i i i
23
July


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

6

15 29 12 26 10 24
20 3 17 1
Aug.
Sept.
Oct.
Nov.
Dec.
1969

7

_

9
ya./.a
lip ‘1^3.1
_
0(3

--------------- -------------------

30

------------------------------ O C.T

1

-

;

HZS-O

_

1 & 7< O

-

4 18
Feb.
.

4

18 1
Mar.

15 29
Apr.

13 27
May

10 24
June

8

■i

22
July
1970

5

-L

1

1

1

1

19 2 16 30 14 28
Aug. '
Sept.
Oct.

1

'

1

i 1-

1 1 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

1

9

1

,

1

L380
378

374

-

23
Dec.

a yao.o

376

-

a8 9 a u. Cp

------------------------ f7cv
y y a-j.t
--------------------------------------- , ys.9,

21
Jan.

382

:___________
-------------------------------------- i—------------ —

------------------------N
---------------------------------------a 1vaa?

Current dat appear in the Board's H.6 release
' ' ' • t i i i i i i l l I I I I I I 1 I
'I'll
Latest data plotted week ending: November 11, 1970__
9

aic 9/8,?

5<±pt

372

-

0

6
Jan.
1971

_

CERTIFICATES OF DEPOSIT Q_
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

Millions of Dollars
5e.pt
.

£

Zoj'io
SU.oto
l<* StMaV

Current and year ago data appear in the
Board's H.4.2 release.
1/ Negotiable time certificates ef deposit
in denominations of $100,000 or more.
Latest data plotted week ending: November 18, 1.970

Julv


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

6

20

3

,17 1
Sept.

15

29 12

2

10 24

7

21

4

18
.

4 18
Mar.

1

15 29 13 27
Apr.
May

10 24
June

8

22
July
1970

5

19
Aug.

2

16 30
Sept.

14 28 11 25
Oct. Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6
•

20
Jan.
1971

YIELDS ON U. S. GOVERNMENT SECURITIES

Per Cent


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

Years to Maturity

9

YIELDS ON SELECTED SECURITIES
•tvgti of Daily Ratos Etidod Friday

Per Cent

Per Cent

11.00
3-5 Year ^ Long-Term
Gove mment

Corporate1

10.50

10.50

10.00

10.00

£.83
9.50

9.00

9.00

8.50

8.50

8.00

7.50

3-5 Year
Govt. Sec

Three-Month ^
Treasury Bill
Market Yield
Discount Rate

6.00

6.00

5.50

5.00

- Latest data plotted are averages of rates bailable for the week ending:November 27, 1970
11

25

8

22
Aug.

5 19
Sept.


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

3
1969

17

31 14 28
Nov.

12 26

9

23

6

20

6

20
Mar.

3

17
Apr.

1

15 29 12 26 - 10 24
May
June
July
1970 '

7

21
Aug.

4

18 2
Sept.

16 30

13 27

Prepared by Federal Reserve Bank of St. Louis

11 25
Dec.

4

22
J an.

11
SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

Prime
Commercial
Paper
4-6 Month

Per Cent

Prime
90 Day
Acceptances

Federal
Funds

. S5

1.50

lo • 3 &

U>,L>3

U > Ip 1

lo. os'
S.taO

Comnercial Paper
4-to-6 Month J*

Bankers' /
Acceptances

Federal Funds Rate

Discount Rate

"Latest data plotted are averages of rates available for the week ending: November 27, 1970

11

25

8

22
Aug.

5 19
Sept.

3

17

31 14

28 12 26
Dec.

9

23
Jan.

6

20

6

20
Mar.

3

17

1

15

29 12

26 10 24
June July
1970

7

21
Aug.

4

18 2
Sept.

16

30

13 27

* AVERAGES OF RATES AVAILABIE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE


** DATA ARE SECONDARY MARKET RATE, WEEKLY AVERAGES ENDING WEDNESDAY
http://fraser.stlouisfed.org
TWO DAYS EARLIER.
CURRENT DATA APIEAR IN THE BOARD'S H.9 RELEASE.
Federal Reserve Bank of St. Louis

Prepared by. Federal Reserve Bank of St. Louis

11 25 8 22
Jan.
Dec.

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

Millions of Dollars
3,200

Millions of Dollars

- EXCESS ~^—JL i -I L
RESERVES
BORROWINGS

3,000
2,800

V/
i 81
/?/

2,600

3c2

2,400

2,200

2,200

1,800
1,600
Borrowings

1,200
1,000

Excess

1,000
1,200
Net Free Reserves

1,400

1,800

2,200

2,800

Latest data plotted week ending: November 25, 1970

3,000
9

23


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

6

20

3

17 1
15 29
Sept.
1969

12

26
Nov.

74
.

7

21
Jan.

4

18
Feb.

4 18
Mar.

1

15 29
Apr.

13 27
May

10 24 8 22
June
July
1970

5

19
Aug.

2

16 30
Sept.

14

28 11

Prepared by Federal Reserve Bank of St. Louis

25

9

23

6

20
J an.
1971