Full text of U.S. Financial Data : Week Ending: November 30, 1977

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US.

F//V/I fS/St

L.

Week ending: November 30, 1977

DEC

Short-term interest rates have tended to stabilize in recent weeks,
following sharp rises in rates in several steps since April of this year. Yields on
dgf certificates of deposit and 4-6 month prime commercial paper have changed
little since mid-October, and the Federal funds rate has changed little on average
since the week ending October 21. Yields on 3-month Treasury bills have declined 28
basis points from the average of the week ending October 14 to the average of the
most recent week.
Long-term interest rates have also remained stable in recent weeks. Yields
on corporate Aaa bonds and long-term Treasury securities have changed little since
mid-October, after rising slightly in September and early October. On balance, long­
term interest rates have changed very little since December of last year. For
example, the yield on corporate Aaa bonds has shown only small fluctuations around 8
percent since the start of this year.

SELECTED INTEREST RATES

Period
(Average Rate
for Week Ending)

Prime
Commercial
Paper
(4-6 Month)

3- Month
Treasury
Bills

Corporate
Aaa
Bonds

Long-Term
Treasury
Securities

Federal
Funds

90 Day
CD's

April 15

4.65 %

4.84 %

4.88 %

4.55 %

8.05 %

7.48 %

May 27

5.45

5.58

5.60

5.06

8.04

7.53

September 2

6.02

5.98

6.00

5.56

7.92

7.40

October 14

6.41

6.58

6.54

6.32

8.04

7.61

October 21

6.50

6.80

6.66

6.17

8.05

7.62

December 2*

6.55

6.62

6.57

6.04

8.07

7.65

1977

*

Averages of rates available.


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

Prepared by Federal Reserve Bank of St. Louis
Released:

December

2, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
134 -----1-----,----

BILLIONS OF DOLLARS
-- ------ ----- 134

BILLIONS
— OCT.

6 20

3 17

OCT

NOV
1976

128.6
129.0
129.3
129.7
129.7
129.7

1

15 29 12 26

JAN

9 23

9 23

FEB

6 20

4 IB

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

2 16 30 14 26

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 30, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AWn fllRRFWTY
IN CIRCULATION (CURRENCYRATIO
HELD BY
THE PUBLIC
AND ININTHE
VAULTS OF COMMERCIAL
BANKSw)£eADJUSTED
CHANGES
AND SHIFTS
THESAMETYPE
OFDEPOSI TSBET
N^BANkI
DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
G0LD ST0CK- 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:
12/1/76
3/2/77 4/27/77
6/1/77 6/29/77 7/27/77 8/31/77 9/28/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:

2


4/27/77
6/ 1/77
6/29/77
7/27/77
8/31/77
9/28/77
11/ 2/77
11/30/77

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

7.9
7.4
7.2
7.7
8.3
8.4
8.6
8.8

9.3
8.6
9.1
9.7
9.7
9.8
10.0

5.8
7.4
8.7
8.9
9. 1
9.5

8.7
10.1
10.0
10.0
10.3

11.7
11.1
10.8
11.0

11.1
10.8
11.0

10.0
10.5

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO
3.0

2.9

2.8
MULTIPLIER
2.7

2.6

2.5
RATIO
2.4

2.3

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23, 19T7
BILLIONS OF DOLLARS
114

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 30, 1977 FROM
THE FOUR WEEKS ENDING:
SEP.
AUG.
JUL.
JUN.
JUN
MAR
DEC

28,
31,
27,
29,

1977
1977
1977
1977
---

112
110

13.6
12.5
12.5
13.4

ADJUSTED FEDERAL RESERVE CREDIT
106

11.4
106
104
102

1977

BILLIONS

OCT. 2

110.5

—

100

—

98

l-Llil-ll
6 20

3 17

OCT

NOV
1976

1

15 28 12 26

JAN

9 23

FEB

9 23

6 20

4 18

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

2 16 30 14 28

1977

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 30, 1977
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 SUBTRACTING 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 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
810
805

OCT.

19

799.0
800.8
798.0
801.8
802.9
802.2

800
795
790
785
780
775
770
765
760
755
750
745
740
735
730
725
720

8 20

3 17

OCT

NOV
1976

1

15 29 12 26

JAN

9 23

9 23

6 20

4 18

1

15 29 13 27 10 24

FEB

7 21

5 19

SEP

OCT

2 18 30 14 28

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS CM2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
11/24/76

2/23/77

4/20/77

5/25/77

6/22/77

7/20/77

8/24/77

9/21/77

10.9
10. 1
9.8
10.5
10.3
10.3
10.2
9.6

9.6
9. 1
10.3
10. 1
10. 1
10.0
9.2

7.3
9.8
9.6
9.7
9.7
8.7

11.6
10.6
10.4
10.3
9. 1

11.9
11.3
10.9
9.3

9.4
9.6
7.9

9.9
7.5

6.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/20/77
5/25/77
6/22/77
7/20/77
8/24/77
9/21/77
10/26/77
11/23/77


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

4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
340 -----1-----1----

BILLIONS OF DOLLARS
-- ------ ----- 340

BILLIONS
333.3
334.5
331.3
333.8
333.9
331.5

6 20

3 17

1

15 29 12 26

JAN

9 23

9 23

FEB

6 20

4 18

APR

MAY

1

15 29 13 27 10 24

7 21

5 10

I I I I

2 16 SO 14 2t

1976

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23r 1977
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 (Mi )
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
11/24/76

2/23/77

4/20/77

5/25/77

6/22/77

7/20/77

8/24/77

9/21/77

9. 1
7.5
9.3
9.0
9.4
9.7
8.0

5.0
8.7
8.4
9.1
9.5
7.4

9.7
8.9
9.6
10. 1
7.5

11.9
12.0
1 1.8
8.4

9.6
10.3
6.5

11.8
6.1

3.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/20/77
5/25/77
6/22/77
7/20/77
8/24/77
9/21/77
10/26/77
11/23/77


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

7.0
7.0
6.4
7.6
7.6
8.0
8.4
7.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
10.0 i—

PERCENT
—I 10.0

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

COMMERCIAL PAPER

1

15 20 12 26 10 24

7 21

4 18

4 18

JAN

FEB

MAR

1

15 20 15 27 10 24

8 22

5 10

2 16 30 14 28 11

25

O 23

OCT NOV
1977
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 2, 1977
1976

1977
OCT.

7
14
21
28
NOV.
4
11
18
25
DEC.
2 *
9
16
23
30

6

PRIME
COMMERCIAL
90 DAY
PAPER
CD'S nee** *** 4-6 MONTH
6.43
6.58
6.80
6.72
6.67
6.74
6.69
6.65
6.62

6.39
6.54
6.66
6.61
6.61
6.61
6.59
6.56
6.57

PRIME
BANKERS’
ACCEPTANCES

Aaa BONDS

MUNICIPAL
BONDS N8K

6.48
6.64
6.62
6.53
6.69
6.66
6.57
6.51
6.46

7.99
8.04
8.05
8.06
8.08
8. 10
8.07
8.07
8.07

5.60
5.70
5.67
5.59
5.55
5.55
5.45
5.45
N. A.

CORPORATE

* AVERAGES OF RATES AVAILABLE.
BOND-BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*** ffVEN-OAY .AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
»i .
DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
N, A. ” NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

--

8.0

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE
DISCOUNT RATE

OCT

NOV
1976

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL
1977

5 10

AUG

2

16 30 14 28 II

SEP

OCT

NOV

25

I

0 23

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 2, 1977

FEDERAL
FUNDS**

1977
OCT.

7
14
21

28
4
11
18
25
DEC.
2 *
9
16
23
30
NOV.

6.41
6.41
6.50
6.49
6.50
6.58
6.42
6.51
6.55

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.09
6.32
6.17
6.09

6.38
6.61
6.59
6.49
6.60
6.55
6.49
6.48
6.49

7.05
7.21
7.30
7.32
7.36
7.30
7.24
7.25
7.27

7.53
7.61
7.62
7.64
7.70
7.71
7.67
7.65
7.65

6.20
6.15
6.07
6.06
6.04

* AVERAGES OF RATES AVAILABLE.
**JurrentAdataEappe^rF?5 theKb!5!rdNofWgovernors™h

9ArIlIaseIER THAN date shown-

treasury bill“yieldsRonSdiscountRbIsiI.ARE computed by the federal reserve bank


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

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
475 i---- 1-----1---

BILLIONS OF DOLLARS
-- ------ --- -I 475

BILLIONS
465.7
466.3
468.0
468.9
470.7

6 20

OCT

9 17

1

15 29 12 26

NOV

JAN

9 29

9 29

6 20

APR

FEB

1

4 18

15 29 19 27 10 24

MAY

7 21

5 19

SEP

OCT

2 16 90 14 28

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23, 1977
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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/23/77 4/20/77 5/25/77 6/22/77 7/20/77 8/24/77 9/21/77
11/24/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/20/77
5/25/77
6/22/77
7/20/77
8/24/77
9/21/77
10/26/77
11/23/77

8


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

13.8
12.5
12.4
12.7
12.3
11.9
11.6
11.3

9.9
10.3
11.1
10.9
10.5
10.3
10.1

9.0
10.8
10.5
10. 1
9.8
9.7

13.2
11.9
11.0
10.5
10.2

12.0
10.8
10.2
9.9

9. 1
8.9
8.9

8.5
8.5

8.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

8ILL IONS OF DOLLARS
250 -----1-----,----

BILLIONS OF DOLLARS
-- ------ ----- 250

246. 1
247.2
243.8
246.2
246.3
243.8

1

OCT

NOV

JAN

FEB

APR

15 29 13 27 10 24

7 21

5 19

2 16 30 14 28

MAY
1977

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOS T COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
11/24/76

2/23/77

4/20/77

5/25/77

6/22/77

7/20/77

8/24/77

9/21/77

6.2
6.4
5.6
7.0
7. 1
7.6
8.0
6.5

9. 1
7. 1
9. 1
8.8
9.4
9.7
7.4

4.2
8.2
8.0
8.9
9.4
6.6

9.1
8.5
9.6
10.0
6.6

12.0
12.3
12. 1
7.6

10.0
10.6
5.5

12.3
4.7

1.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/20/77
5/25/77
6/22/77
7/20/77
8/24/77
9/21/77
10/26/77
11/23/77


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
87.3
87.5
87.6
87.7
87.7

— NOV

6 20

3 17

1

15 29 12 26

JAN

9 23

9 23

FEB

6 20

4 18

APR

MAY

1

15 29 13 27 10 24

1976

7 21

5 19

2 16 SO 14 28

1977

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
11/24/76

2/23/77

4/20/77

5/25/77

6/22/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/20/77
5/25/77
6/22/77
7/20/77
8/24/77
9/21/77
10/26/77
11/23/77


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

7/20/77

8/24/77

9/21/77

10.6
10.2

10.5

\
8.9
8.7
8.6
9. 1
9. 1
9.1
9.4
9.4

8.6
8.5
9.3
9.3
9.3
9.6
9.6

7.9
9.5
9.3
9.4
9.7
9.7

10.6
9.9
9.8
10.2
10. 1

10.8 ^
10.4'
1 0.7
10.4

9.2
10.0
9.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

UO1.

INI.

- NOV.
Z
1.5 ---

2.5

MILLION&

-

£0

1444

2 1113
9 887
16 534
23
881
30 1073

A
T

1 1 1
OCT

LLLL. I N I

t V

—

a

—

\r

0.5

1 1 _i.l 1 1

IT
NOV
1976

1 1 1

1 1 1

X

DEC

JAN

FEB

1 1 1 1

MAR

1 1 1
APR

1 1 1

1 1 1 1

MAY

JUN

1 1 1

JUL
1977

1111

j

11 J 11 Jill

21
SEP

AUG

19

OCT

2.0
1.5

v-

Jill

1.0

billions of dollars

TTTT

—

977

IN THE NATION

AVERAGES OF DAILY FIGURES

>

2.0

'TTTT

BILLIONS OF DOLLARS
2.5

1.0

0.5

_LLL

2 16 90 14 28

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 30, 1977

cCOMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS
126 r---- ----- ----

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
-- ------ ----- >26

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS END I NG '
— NOVEMBER 23, 1977 FROM
— THE FOUR WEfeKS ENDING: .
“ SEP.
— AUG.
— JUL.
— JUN.
_ MAY
FEB.
— NOV.

OCT

21, 1977
24, 1977
20, 1977
22, 1977
25, 1977
23, 1977
24, 1976

NOV
1976

DEC

19.1
M.2
12.9
9.4
10.5
8.0
7.0

JAN

■

OCT. 19

.

NOV.

2

SEP

OCT

■

FEB

MAR

APR

MAY

5 19

JUN
;

2 18 90 14 28

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 23, 1977


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
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
78

BILLIONS OF DOLLARS
---- ------- ------ 78

--- 1--- 1--BILLIONS
-- OCT.

88.9

72.2

6 20

3 17

OCT

NOV

1

IS 28 12 26

JAN

9 23

FEB

9 23

6 20

4

APR

MAY

18

1

15 29 IS 27 10 24

7 21

5 18

SEP

OCT

2

16 30 14 28

LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

12

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

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS