Full text of U.S. Financial Data : Week Ending: November 29, 1978
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F/A/ya/vc//i/_ ox\t>a Week ending: November 29, 1978 LIBRARY DEC 2 S 1979 The monetary base, composed of the sum of total reserves of member banks, vault cash of nonmember banks, and the currency holdings of the public, is the major constraint on the amount of money and bank credit. In addition to open market operations, three factors have had a sizable influence on the growth of the base in the last four weeks. Changes in two of these factors reflect the effects of Federal Reserve actions, while the third reflects actions by the Treasury. At the beginning of November, the Federal Reserve established a supplementary 2 percent reserve requirement against member bank time deposits in excess of $100,000 and certain other member bank liabilities. The initial impact on member bank reserves resulted in an increase in member bank required reserves of about $3.1 billion last week (reserve settlement week ending November 22, 1978). Because such an increase in required reserves reduces the amount of money and bank credit a given amount of monetary base can support, the reserve adjustment magnitude (RAM) used to compute the monetary base was reduced by $3.1 billion due to this effect. On November 1, the Federal Reserve discount rate was increased from 8.50 to 9.50 percent, substantially reducing the spread between the discount rate and the costs of alternative sources of reserves to individual member banks. In the last four weeks member bank borrowing averaged $0.6 billion below the previous four weeks, hence, reducing the average level of the monetary base by an equivalent amount. Recent actions by the Treasury have increased the average level of the base. The Treasury's new Tax and Loan Investment Program, which enables the Treasury to invest its funds in interest-bearing notes of commercial banks, was initiated at the beginning of November. During the last four weeks, Treasury deposits with Federal Reserve Banks have averaged $7 billion less than during the previous four week period. This decline serves to supply reserves to commercial banks and, therefore, increases the monetary base by an equivalent amount. The influence of other factors on the monetary base can be offset by open market operations. Although Federal Reserve holdings of U.S. Government securities increased by more than $2 offsetting the impact of the billion last week, partially supplementary reserve requirement on the monetary base, U.S. government securities held by the Federal Reserve have averaged about $4.3 billion less during the last four weeks than during the previous four weeks. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: December I, 1978 2 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS 1978 OCT. NOV. 25 l 8 15 22 29 BILLIONS OF DOLLARS 1 44 BILLIONS 141.0 141.1 141.3 140.8 141.6 142.4 142 . 140 130 128 JAN FEB JUN JUL 1978 1977 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 29, 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! 11/30/77 3/1/78 4/26/78 5/31/78 6/28/78 7/26/78 8/30/78 9/27/78 8.6 9.0 9. 4 9.9 9.0 9.4 9.8 9.5 7. 1 8.3 9.2 8.0 8.8 9.4 9.0 11.3 11.9 9.4 10.2 10.8 10. 1 12.7 8.9 10.1 10.8 10.0 7.4 9.4 10.5 S.6 7.8 9.8 8.9 13.7 11.2 9.9 TO THE AVERAGE OF FOUR WEEKS ENDINGt 4/26/78 5/31/78 6/28/78 7/26/78 8/30/78 9/27/78 11/ 1/78 11/29/78 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER 1/ ADJUSTED FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED tATIO 2.9 RATIO 2.9 MULT PLIER \ * 1978 OCT • NOV 111 i i i i 111 111 111 1111 111 1111 111 XI 1 1 1 1 1 RATIC is ,§ ■ m || XliJLliiLll 1 1 IXXL LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 22, 1978 .IONS OF DOLLARS BILLIONS OF OOLLARS 1 26 COMPOUNDED ANNUAL RATES -- OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING “ NOVEMBER 29, 1978 FROM __ THE FOUR WEEKS ENDING: SEP. 27, 1978 AUG. 30, 1978 —JUL. 26, 1978 _ JUN. 28, 1978 MAY 31, 1978 -- MAR. 1, 1978 _ NOV. 30, 1977 12-4 122 ADJUSTED FEDERAL RESERVE CREDIT - ... 10.2 11.2 9.8 11.1 120 1 18 1215. 112 BILLIONS OCT. 25 no 108 5 19 2 16 30 14 28 11 25 8 22 5 19 9 17 31 14 28 12 28 9 23 16 1 201 I 1 1 I I I I I I I I I I 4 18 1 15 29 13 27 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 29, 1978 1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE. 2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACtlNG TREASURY DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BAf*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 4 MONEY STOCK PLUS NET TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 880 rr----,------ 1--- 1976 CT. OV. 5 10 2 18 25 l 8 15 22 16 30 BILLIONS OF DOLLARS -------------- =3 880 BILLIONS 869.3 865. 1 868.2 870.9 871.1 870.2 14 28 11 23 JAN 8 22 6 22 5 10 5 17 51 FEB 14 28 JUN 12 26 0 23 4 6 20 18 t 15 20 13 27 JUL LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 22, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 1Z23/77 2/22/78 4/19/78 5/24/78 8/21/78 7/19/78 8/23/78 9/20/78 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 7. 1 7.6 7.8 7.6 8.0 8.4 8.5 8.2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.9 8.3 7.9 8.4 8.9 8.9 8.4 9.6 8.5 9. 1 9.7 9.5 8.9 7.7 8.9 9.6 9.4 8.7 8.7 9.7 9.5 8.6 1 1.3 10.5 9. 1 10.3 8.5 7.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 370 ----- .------ .-- BILLIONS OF DOLLARS --------------- 370 BILLIONS OCT. 358.8 361.2 359.5 5 19 2 16 90 14 29 11 25 JAN 8 22 8 22 5 19 9 17 91 14 28 12 26 8 29 6 20 4 18 1 15 28 19 27 FE8 1978 LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 22, 1978 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, AVERAGE OF FOUR WEEKS ENDING. 1/23/77 2/22/78 4/19/78 5/24/78 6/21/78 7/19/78 8/23/78 9/20/78 7.4 8.9 8.9 8.2 8.3 8.6 8.4 7.5 10.6 10.2 8.8 8.8 9. 1 8.8 7.5 12.6 9.6 9.4 9.7 9.2 7.5 5.9 7.0 8.0 7.7 6.0 6.2 7.7 7.5 5.5 9.9 8.8 6. 1 8.7 5.0 2.4 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 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 6 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 12.0 11.5 11 .0 10.5 10.0 10.0 9.5 9.0 CORPORATE AAA BONDS 8.5 ‘RIME BANK ■PAN RATE 8.0 7.5 90 DAY CD'Swa 7.0 COMMERCIAL PAPER 6.5 6.0 MUNICIPAL BONDS** 5.5 5.0 4 OCT 18 2 1 6 30 NOV 1977 15 27 JAN 10 24 10 24 7 21 5 10 2 16 30 14 28 11 25 8 22 6 20 5 17 FEB LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 1, 1978 1978 6 13 20 27 NOV. 3 10 17 24 DEC. 1 X 8 15 22 29 OCT. 90 DAY CO'S X8K* PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BAWCERS' ACCEPTANCES CORPORATE Aaa BONDS 8.95 9. 15 9.26 9.64 10. 10 10.77 10.84 10.59 10.66 8.75 8.97 9.07 9.19 9.68 10.27 10.38 10.22 10.25 8.89 9.06 9.33 9.59 10.46 10.63 10.47 10.36 10.58 8.81 8.85 8.88 8.94 9.04 9.06 9.02 9.00 9.02 MUNICIPAL BONDS ***** 6.07 6. 10 6.14 6.21 6.22 6. 17 6. 1 1 6.16 N.A. * AVERAGES OF RATES AVAILABLE. BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. *** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. N.A. - NOT AVAILABLE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 SELECTED INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY . 3-5 YEAR TREASURY SECURITIES FEDERAL FUM5S RATE __ DISCOUNT RATE THREE-MONTH TREASURY BILL MARKET YIELD till OCT NOV JAN FEB APR 5 19 MAY 2 16 30 M 28 11 JUL AUG 25 8 22 6 20 3 1? LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi DECEMBER 1, 1878 197S FEDERAL FUNDS m 3-MONTH TREASURY BILL 6-MONTH TREASURY BILLWKK 1-YEAR TREASURY BILL 3-5 YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 8.85 8.71 8.78 9.24 9.29 9.77 9.68 9.68 9.85 8.14 7.98 7.89 7.70 8.73 8.79 8. 14 8.63 9.02 8.38 3.42 8.56 8.61 8.98 9.42 9.29 9.00 9.33 8.23 8.28 8.46 8.53 9.17 9.32 9.08 9.12 9.32 8.48 8.47 8.56 8.59 9.05 9.04 8.93 8.87 9.02 8.55 8.53 8.59 8.64 8.72 8.73 8.65 8.66 8.72 OCT. 6 13 20 27 NOV. 3 10 17 24 DEC. 1 * 8 15 22 29 * AVERAGES OF RATES AVAILABLE. «« SEVEN-DAY AVERAGES FOR '*£D< ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN T»« BOARD OF GOVERNORS’ H.8 RELEASE. mm new issue rate RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. TREAS1WY 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 520 r---- ,------ ,-- ILL IONS OF DOLLARS —I------ ---- -i 520 BILLIONS 505.0 506.3 508.5 509.7 510.7 I I I I 5 10 OCT 2 16 NOV 1977 SO 14 28 II DEC JAN 25 S 22 FEB 8 22 MAR 5 18 APR 3 17 31 MAY 14 28 12 26 JUN JUL 1978 8 23 AUG 6 SEP OCT NOV LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 22, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. *£T 3 'JSLflSL M-FjWED AS; SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME CffTIFICATES OF DEIPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOS1TS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 1/23/77 2/22/78 4/19/78 5/24/78 6/21/78 7/19/78 8/23/78 9/20/78 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 6.9 6.7 7. 1 7.2 7.8 8.3 8.5 8.6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.0 6.8 7.2 8. 1 8.7 8.9 9.1 7.4 7.8 9.0 9.6 9.8 9.8 9. 1 10.2 10.7 10.7 10.6 10.5 11.1 11.0 10.8 12.2 11.7 11.4 11.5 11.1 10.5 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 B.LLUQ.NS 263.0 266.0 262.6 5 10 2 16 30 14 28 11 25 8 22 S 22 5 10 3 17 31 M 26 12 26 0 23 6 20 1 15 20 13 27 JUN JUL 1978 1977 LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 22, 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 ENDINGt 11/23/77 2/22/78 4/19/78 5/24/78 B/21/75 7/19/78 8/23/78 9/20/78 11.2 10.6 8.9 8.8 9.0 3.5 6.7 13. 1 9.6 9.3 9.4 8.7 6.5 5. 1 6.5 7.3 6.9 4.5 5.7 6.9 6.6 3.9 9.2 7.9 4.3 7.5 2.6 -0.4 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 6.6 8.6 8.5 7.7 7.9 8.0 7.8 6.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 CURRENCY COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS -- 1--- 1- ---- --- BILLIONS 96.0 96.5 96.4 96.5 96.9 I I I 1 I I I I 5 18 OCT 216 M H NOV 1977 28 DEC 11 25 JAN 8 22 FEB 8 22 MAR 5 IB APR 3 17 31 14 28 12 28 0 23 8 20 MAY LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 22, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. CURRENCY COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 11/23/77 2/22/78 9.9 10.5 10.3 9.9 9.7 10.2 10.2 10.3 7.4 9.7 9.5 9.0 8.9 9.6 9.7 9.9 4/19/78 5/24/78 6/21/78 7/19/78 8/23/78 9/20/78 8.0 8.0 9.6 9.8 10.0 7. 7 9.8 10.0 10.2 11.0 10.8 10.9 12.3 12.0 10.8 TO THE AVERAGE OF FOUR WEEKS ENDING. 4/10/78 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 11.3 10.0 9.5 10.4 10.4 10.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 100 BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS billions 1978 IN THE NATION AVERAGES OF DAILY FIGURES OF dollars billions of dollars MILLIONS — OCT. 25 1314 ■1-LJLL 5 19 2 16 30 14 28 11 25 JAN 8 22 8 22 5 19 3 17 31 14 28 12 26 B 23 6 20 4 18 FEB LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 29, 1978 BUSINESS LOANS (COMMERCIAL AND INDUSTRIAL) ions of oollars WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED billions of dollars ~ COMPOUNDED ANNUAL RATES — OF CHANGE, AVERAGE OF • _ THE FOUR WEEKS ENDING NOVEMBER 22, 1978 FROM — THE FOUR WEEKS ENDING: * ~ SEP. 20, 1 AUG. 23, 1 10.3 “ JUL. 19, 1 — JUN. 21, 1 _ MAY 24, 1 FEB. 22, 1 — NOV. 23, 1 M J LLIONS OCT. 1 NOV. 1 138,227 138,965 139,878 139,898 I I I I I I I I I I I I I I I I8 22 5 19 3 17 31 14 28 12 26 9 23 6 20 LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 22, 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 no ILL IONS OF DO.LARS I WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS S 10 2 It 30 M 21 II DEC JAN 2S 8 22 8 22 5 10 3 17 31 H 28 12 26 0 23 6 20 4 18 FEB LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 22, 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. ^EKLY^ORtTnG0!?^^^^^0811 ISSUED IN DEN0M,NATI0NS OF 0100,000 OR MORE BY LARGE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS