Full text of U.S. Financial Data : Week Ending: November 3, 1971

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Week ending: November 3, 1971

LIBRARY
JUN 0 5 1979
Growth of most monetary aggregates has slowed in recent
months, however, the period has been relatively short. The money
stock has risen at a 2 per cent annual rate in the past four
months, after rising at a very rapid 10.5 per cent rate in the
first six months of 1971 (page 5).
For comparison, money grew at
a trend rate of 3.3 per cent from 1957 to 1969 and increased 5.4
per cent in 1970.
Deceleration in the expansion of the monetary base
accounts for a substantial portion of the recent slowing of the
money stock. The base has risen at a 2.5 per cent rate in the
past three months, after growing at a 10.2 per cent rate in the
previous seven months (page 2). In comparison, the base rose at a
3.7 per cent rate from 1957 to 1969 and increased 6.2 per cent in
1970.
Market interest rates have continued to decline in
recent weeks (pages 10 and 11). Yields on three-month Treasury
bills averaged 4.21 per cent in the first part of this week, about
1.1 percentage points below the early August level.
The Federal
funds rate, the interest rate banks charge on overnight interbank
loans and a key short-run indicator of money market conditions,
has declined somewhat less than the Treasury bill rate since early
August. This rate averaged 5.19 per cent in the week ending
November 3, about 45 basis points below early August.
Reflecting
the declines of market rates, the prime lending rate was reduced
this week from 5-3/4 per cent to 5-1/2 per cent, the second
decline in recent weeks.
Yields on seasoned highest-grade corporate bonds averaged
7.27 per cent early this week, down from 7.70 per cent in early
August. The Bond Buyer's index of 20 municipal bonds was at 5.11
per cent on October 29, down about 1 percentage point since early
August. The recent declines in market rates probably reflect a
downward revision of price expectations by market participants due
to the new economic program and some improvements shown in price
indices, as well as a large foreign demand for U.S. Government
securities.


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

Prepared by Federal Reserve Bank of St. Louis
Released: November 5,7977

MONETARY BASE u
FEDERAL RESERVE CREDIT*/
AVERAGES OF DA IL/ FIGURES
SEASONALLY

BILLIONS OF DOLLARS

adjusted

by

this

BANK

BILLIONS OF DOLLARS
90

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING

88
MONETARY BASE
JUN.
— JUN.

30,

!971
86

84

82
MILLIONS

80

78
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS END ING
NOVEMBER 3, 1971 PROM _
THE FOUR WEEKS END INGi
SEP.
AUG.

!,
4,

197)
1971

76

12.1
7.5
FEDERAL RESERVE CREDIT

— JUN.

74

72

70

511

MILLIONS
68

2 16 30 14 28 1! 25
OCT
NOV

9 23

6 20
JAN

3 17
FEB

3 17 31

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 3,
'/

14 28 12 26
APR

LL1-1.1

9 23

MAY

JUL

4 18
AUG

1

13 29 13 27 10 24
OCT
NOV

1971

member bank reserves and currency held by the public and nonmember

r&

las

2/ ill «H||mentHchanges
wLAoocS

in
andSchangesE<* requirements due

oef°sits-

to°shifts

™

inSdep6s$sUamongFOR

Or BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

RESERVES

ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
53.0 -------------------------

BILLIONS OF DOLLARS

-----------------------1 53.0

32.0

30.5

20.0

29.0

11 I I
2

!« 30 14 21 II

SEP

OCT

25

NOV

9 23

DEC

6 20

3 17

3 17 31

JAN

FEB

MAR

14 2« 12 2«

APR

MAY

9 23

JUN

ioro

* BREAK

31.9
31.7

IS » 13 27

OCT

10 24

NOV

H.9 RELEASE.

IN REGULATION D EFFECTIVE OCTOBER 1,

BILLIONS

I

1871

IN THE BOARD OF GOVERNORS'

IN SERIES DUE ,T0 CHANGES


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

4 19

,a71

LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 3.
CURRENT DATA APPEAR

7 21

1970.

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR AlEEKS ENDING
NOVEMBER 3, 1971 FROM
THE FOUR wtEKS ENDING.
SEP.
AUG.
JUN.
JUN.
MAY
MAR.
MAR.

1,
4,
30,
2,
5,
31,
3,

1971
1971
1971
1971
1971
1971
1971

0.0
3.9
3.7
3.0
4.6
4.0
5.4

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
180

174.9
175.1
174.2
174.4
175.0

175

170

165

160

I I I I
; 16 30 14 » 11

OCT

2S

• 23

NOV

6 20

3 17

JAN

FEB

3 17 31

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 27.
•CURRENT DATA.APPEAR

14 28 12 26

APR

r 2i

4 1«

1

15 28 13 ZT 10 24

OCT

NOV

1971

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
10/28/70

0 23

MAY

AVERAGE OF FOUR WEEKS ENDING*

2/24/71

3/24/71

4/28/71

5/26/71

6/30/71

7/28/71

12.7
13.8
12.6
12.7
11.2
8.2
6.7

14.1
12.4
12.6
10.8
7.4
5.9

12.4
12.8
10.4
6.3
4.7

11.2
8.6
4.2
2.8

8.1
2.3
0.9

-2.3
-2.7

8/25/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
3/24/71
4/28/71
5/26/71
6/30/71
7/28/71
8/25/71
9/29/71
10/27/71


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

6.3
7.4
8.6
8.7
9.2
8.6
6.9
6. 1

-5.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

255

226.7
227.3
226.4
226.5
227.3

230

225

220

215

210

2 li Sc M a 11

OCT

H

9 23

NOV

6 20

3 17

JAN

FEB

9 17 51

14 28 12 26

APR

LATEST DATA PLOTTED V*EEK ENDING. OCTOBER 27.

9 23

7 21

4 18

1

15 29 13 27 10 24

MAY

OCT

NOV

1971

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

COMPOUNDED ANNUAL RATES OF CHANGE .

AVERAGE OF FOUR WEEKS ENDINGt

10/28/70

2/24/71

3/24/71

4/28/71

5/26/71

6/30/71

7/28/71

8/25/71

6.8
7.7
8.6
8.7
9.2
8.6
7. 1
6.5

12.3
12.9
11.9
12.3
10.7
8. 1
7.0

13. 1
11.7
12.2
10.3
7.4
6.3

11.5
12.3
9.9
6.4
5.2

11.4
8.5
4.7
3.6

8.0
3.1
2.0

-1.5
-1.4

-3.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/24/71
4/28/71
5/26/71
6/30/71
7/28/71
8/25/71
9/29/71
10/27/71


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
270

260

250
TOTAL TIME DEPOSITS
240

230

220
NET TIME DEPOSITS*

210

200

190

2 16 30 14 28 11 25
OCT
NOV
1970

9 23

6 20

3 17

3 17 31

LATEST DATA PLOTTED WEEK ENDING< OCTOBER 27,

14 28 12 26
APR
MAY

9 23

7 21

4 18

1

15 29 13 27 10 24
OCT
NOV

1971

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 DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

10/28/70

2/24/71

3/24/71

4/28/71

5/26/71

6/30/71

7/28/71

8/25/71

24.5
23.0
21.9
20.6
18.9
17.6
16.4
16.3

23.8
21.0
18.8
16. 1
14.5
13.2
13.4

16. 1
15. 1
12.7
11.4
10.5
11.1

14. 1
11.1
9.9
9. 1
10.0

9.4
8.3
7.8
9. 1

5.3
5.8
7.9

6.3
8.9

10.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/24/71
4/28/71
5/26/71
6/30/71
7/28/71
8/25/71
9/29/71
10/27/71


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
500

490

480

MONEY STOCK PLUS TOTAL TIME DEPOSITS

470

460

450

440

430
MONEY STOCK PLUS NET TIME DEPOSITS
420

4)0

400

2 18 30 14 28 11 25

9 25

6 20
JAN

3 17
FEB

3 17 31

14 28 12 26
APR
MAY

1970

9 23

7 21
JUL

4 18
AUG

1

15 29 IS 27 10 24
OCT
NOV

1971

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 27,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*8» M2 IS DEFINED AS. 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 ENDING:

10/28/70

2/24/71

3/24/71

4/28/71

5/26/71

6/30/71

7/28/71

S/25/71

15.0
15. 1
14.9
14.4
13.8
12.9
11.6
1 1.2

18.2
16.9
15.3
14.1
12.6
10.6
10.2

14.7
13.5
12.5
10.9
9. 1
8.7

12.5
11.4
9.7
7.7
7.5

10.2
8.4
6.3
6.4

6.7
4.5
5.0

2.6
3.7

3.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/24/71
4/28/71
5/26/71
6/30/71
7/28/71
8/25/71
9/29/71
10/27/71


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

PREPARED BY FEDERAL RESERVE BANK OF 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

20

18

2 16 30 H 28 M 25
OCT
NOV

9 23

6 20
JAN

3 17
FEB

3 17 31

14 28 12 26
APR
MAY

9 23

7 21
JUL

4 18
AUG

1

19 29 13 27 10 24
OGT
NOV

1970
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 27,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

CERTIFICATES
OF DEPOSIT

1971
SEP.

OCT.

NOV.

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

30.8
31.5
31.9
32.7
33.5
33.0
33.5
33.7
33.2

BILLIONS
NET TIME
DEPOS1TS ***
228.4
228.8
228.7
229.3
229.7
230.8
231.1
231.8
232.5

M2

m

455.9
456.6
455.9
456.2
456.4
458. 1
457.5
458.3
459.9

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4*

9

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
-------------------- -------- -i 365

365 r—--------------------- *-----

CREDIT PROXY ADJUSTED !/

CREDIT PROXY

2 T6 30 14 28 11 25

9 23

6 20
JAN

3 17
FEB

3 17 31

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 27,

14 28 12 26
APR

9 23

MAY

7 21
JUL

4 18
AUG

1

15 29 13 27 10 24
OCT
NOV

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

SEP.
OCT.

BILLIONS

22
29
6
13
20
27


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

CRED1T
-PROXY

CRED1T
PROXY
ADJUSTED

348.8
348.4
349.1
348.8
349.7
350.8

352.9
352.9
353.5
353.4
354.9
355.9

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 27, 1971 FROM THE FOUR
WEEKS ENDING:
CRED1T
CRED1T
PROXY
PROXY
ADJUSTED
AUG.
JUL.
JUN.
MAY
APR.
MAR.
FEB.

25,
28,
30,
26,
28.
24,
24,

1971
1971
1971
1971
197!
1971
197!

5.5
7.2
7.9
7.3
7.8
8.7
9.7

7.0
7.7
8. 1
7.7
7.5
7.3
7.7

PREPARED B7 FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT
9.0

PER CENT
-------- 9.0

r~—

CORPORATE Aaa BONDS

MUNICIPAL
aotus
PRIME COMMERCIAL
LOAN RATE

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

I I I I
2 1 8 30 18 27 II 28 8 22 5 19
OCT
NOV
DEC
JAN
FEB
1970

■4 1 8
SEP

I I I I I I I I
5 18 2 16 30 H 28 II 25 9 23
MAR
APR
MAY
JUN
JUL
1971

8 20 3 17
AUG
SEP

I IS 29 12 26
OCT
NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt NOVEMBER 5,

1971
SEP.

OCT.

NOV.

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

1971

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERIMENT
SECURITIES

MUNICIPAL
BONDSWK

7.45
7.42
7.44
7.44
7.46
7.44
7.42
7.37
7.31
7.27

4.47
4.62
4.79
4.74
4.65
4.51
4.45
4.47
4.36
4.21

5.89
5.94
6.00
6.01
5.91
5.84
5.68
5.62
5.53
5.40

5.58
5.51
5,59
5.59
5.52
5.47
5.44
5.47
5.43
5.33

5.39
5.36
5.38
5.48
5.24
5.17
4.99
4.97
5.1 1
N.A.

m AVERAGES OF RATES AVAILABLE.
m BOND 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

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

W331-130HS 03133139

Z

das

St V

BORROWINGS AND EXCESS RESERVES
All MEMBER BANKS
IN THE NATION
AVERAGES OF DAILY" FIGURES

BILLIONS OF DOLLARS

U6

BILLIONS OF DOLLARS

------------ ---------- 1—

BORROWINGS'

EXCESS RESERVES

-0.4

NET FREE RESERVES

2 16 30 14 28 II 25 9 23
SEP
OCT
NOV
DEC
1970

6 20
JAN

3 17
FEB

3 17 31 14 28 12 26 9 23
MAR
APR
MAY
JUN
1971

LATEST DATA PLOTTED WEEK ENDING) NOVEMBER 3,


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

7 21
JUL

4 18
AUG

I 15 29 13 27 10 24
SEP
OCT
NOV

1971

MILLIONS
EXCESS
RESERVES

1971
SEP.

OCT.

NOV.

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

324
205
247
227
343
214
101
304
44
413

BORROWINGS
706
765
457
329
424
309
450
332
414
215

FREE
RESERVES
-

382
560
210
102
8!
95
349
28
370
198

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

1.6

-