Full text of U.S. Financial Data : Week Ending: November 4, 1970

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

a.s. finhnc:nl
LIBRARY

Wesk ending: November 4, 1970

The nation's money stock, consisting of demand
deposits and currency in the hands of the public, has
increased at a 5.3 per cent annual rate since the four
weeks ending February 25, a period of eight months (page 5).
By comparison, money grew at only a 1.6 per cent rate
from January 1969 to February 1970. Previously, growth
of money had accelerated from a 2 per cent annual rate
in the 1953-65 period to a 4 per cent rate from 1965 to
p *ly 1967 and to a 7 per cent rate during 1967 and 1968.

the first half of this year (page 12). These loans are
now at their lowest level since October 1968. The recent
decline in borrowings reflects slowing of loan demand,
monetary expansion, and reintermediation by means of
certificates of deposit and other time deposits. Further­
more, borrowing is now less attractive because the dis­
count rate is more nearly in line with market rates than
it has been for some time reflecting the recent decline
in short-term market rates.

Demand deposits, which are about three-fourths
of the money stock, have increased at a 4.7 per cent annual
rate in the past eight months (page 4). By comparison, this
measure changed little from January 1969 to February 1970.
The currency component has increased at a 6.8 per cent
rate the past eight months after growing 6.1 per cent
during the previous year.
Member bank reserves, which underlie bank
credit and the money supply, have increased at a 9.2
per cent annual rate during the past eight months (page 3).
By comparison, this measure had declined at a 1.4 per
cent rate from January 1969 to February 1970. The
monetary base has increased at a 7.0 per cent rate in
the past eight months, compared with a 2.8 per cent
i
^ of increase from January 1969 to February 1970.
Federal Reserve credit, the aggregate over which the
Federal Reserve system has the most direct control,
has increased at an 8.3 per cent rate in the past
eight months, compared with a 2.7 per cent rate of in­
crease from January 1969 to February 1970 (page 2).
Member bank borrowings at the Federal Reserve
have averaged about $475 million in the past four weeks,
down from $1.2 billion a year ago, and $1 billion in

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

GROWTH OF SELECTED MONETARY AGGREGATES

(Annual Rates of Change)

Federal Reserve
Credit
Member Bank
Reserves**
Monetary Base
Money Stock
Demand Deposits
Currency

4 wks ending
3/4/70 to
4 wks ending
11/4/70

1957
to
1965

1965
to
1969

1/69
to
2/70

7.8

8.1

2.7

8.3

N.A.
2.9
2.2
2.0
2.8

5.1
5.2
5.1
4.8
6.1

-1.4
2.8
1.6
0.4
6.1

9.2
7.0
5.3*
4.7*
6.8*

*

Four v/eeks e nding February 25, 1970 to the four weeks
ending October 28, 1970.
** Calculations are not strictly comparable due to changes
in Regulations D and M.
N.A. - not available.

Prepared by Federal Reserve Bank o? Sh Louis
Releasad-.November 6, 1970

MONETARY BASE LL
FEDERAL RESERVE CREDIT [2

Billions of Dollars
Annual rates of change, average of
four weeks ending November 4, 1970 f romfour weeks ending:
Monetary
Base
— - Aug. 5, 1970
•
July 1, 1970
— June 3, 1970
"May 6, 1970
~1
Apr. 1, 1970
March 4, 1970

2
Billions of Dollars
84

Seasonally adjusted by this bank

F.R.
Credit

83

82

+ 1.3 1
Monetary Base
81

19 57-19-69
I
_
~
_
_
-

Uses of the monetary base are member b
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.

80

79

78
69

68
Federal Reserve Credit

67

MonetaryEase

>F.R. Credit —
66

65

Defined to include holdings of securities,
loans, float, and "other" assets, adjusted
for reserve requirement changes and changes in
Latest data plotted week ending: 'November 4,jl970

requirements due to shifts in deposits among
classes of banks.

9

23
July


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

6

20
Aug.

3 17
Sept.

1
1969

15 29 12 26
Oct.
' Nov.

10 24
Dec.

7 21
Jan.

64

4 18
Feb.

4 18
Mar.
'

1

15 29
Apr.

•
13 27
May

10 24 8" 22
June
, July
1970

5

19

J_l_L
■till
2 16 30 14
Sept.

I i I
28 11

Prepared by Federal Reserve Bank of St. Louis

25

9

111,!
23 6

0
20

.

RL ^RVES
All Member Banks in the Nation
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
30.5

rTTTTTT

3
Billions of Dollars
30.5

Annual rates of change, average of four weeks
ending November 4, 1970 from four weeks ending:
30.0
Aug. 5, 1970
4 June 3, 1970
“May 6, 1970
—[■Apr. 1, 1970
■“ March 4, 1970

29.5

i~ 7.0
+ /o. o"
y- 9-3—

29.0

28.5

28.0

28.0

27.5

27.0

27.0

26.5
TOTAL
RESERVES
26.0

26.0
lie

25.5

7

* Breaks in series due to changes in H
Regulations M and D effective October
16, 1969 and Regulation D effective
October 1, 1970.
____

3,8
25.0

Current data appear in the Board's
H.9 release.

Latest data plotted week ending: November 4, 1970'

9

23


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

6

20

3

17
Sept.

1

15

29

12 26

10 24

7

21

24.5

4

18

4

18

1

15 29

13

27 10 24 8 22
July
June
1970

5

19
Aug.

2

16 30
Sept.

14 28

11 25

Prepared by Federal Reserve Bank of St. Louis

9

23

6

20

0

an:

ons

of

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

Dollars

Billions

174

of Dollars
174
173

Annual rates of change, average of four weeks ending:

173
I

3/25/70

4/29/70

5/27/70

7/1/70

7/29/70

8/26/70

172

172
171

1-0

171

to average
four
ending:

170
169

+12.6
+ 9.4
+ 5.5
+.5.2
+ 6.3
+ 5.4

169
168
167
166

+11.3
+ 5.5
+ 5.1
+ 6.4
+ 5.3

168
+ 0.3
+ 3.1
+ 2.5

167
+ 7.7
+ 5.1

+ 3.1
+ 2.3

+ 5.8

+ 3.8

166

- o-

165

165

164

164

163

163

162

162

161

161

160

160

159

159

158

158

157

157

156

156

155

155

154

154

153

153

152

152

151

151

150

150

149

149

148

148

147

147

146

146
145
144

0

145
Current data appear in the Board's H.6 release.-------—1—I—I—I—l—l—l—<—‘—i—>—i—i—i—■—i—1—L—*—1—*—1 ■ * -—t“rT-----Latest data plotted week ending:October 28. 1970----9 23
July


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

6

20

3 17
Sept.

1

15

29

12

26 10 24
Dec.

7

21

4

144
18
.

4

18
Mar.

1

15 29
Apr.

13 27 10 24 8 22
May
June
July
1970

5

19
Aug.

2

16 30

14 28

11 25
Ilov.

Prepared by Federal Reserve Bank of St. Louis

9

23

6

30

0

Llions

MONF^TOCK
Averages or oa\\y Figures
Seasonally Adjusted

f Dollars

Billions of Dollars

219
218

Annual rate's 'of change, average of four weeks ending:

217

2/25/70

3/25/70

+12.0
+ 9.8

+11.7

4/29/70

5/27/70

7/29/70

7/1/70

8/26/70

216
215

3 average
: four
;eks ending

214
:n

212
211
210

129/70
i2i no
/1/70
/29/70
/ 26/70
/30/70
3/28/70

+ 6.6

+ 0.9

+ 6.8

+ 4.0

+ 0.6
+ 2.8

+ 4.9

-b^.O

209
208
207
206
205
204
203

202
201
200
199
198
C (a • /

197

6 .7

196
4? -

195

3.05 ?

194

£as.o
t(, I

«o7./

193

C ~j i

192

o.
I
SxT-3

5, C

- 191
Current data appear In

Vl ^iTm

PI—I PI ! I I I I I l

Latest data plotted week ending: October 28, 1970
I I I 'I I I ! I I I 1 I I i I I i -J—t — - ' 1 1 ^
10 24
12 26
3
17 1 15 29
Dec.
Sept.
Oct.
1969


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

4 18
Mar.

1

15 29 13 2 7 1° 24 8 22
Apr.
May :
June
July
1970

30 14

11 25

Prepared by Federal Reserve Bank of St. Louis

TIME DEPOSIT5
All Commercial Banks
Averages of Daily Figures
—]------------------ -4------------------------ Seasonally Adjusted
J il I I ii 1111II
H+Hi.i-i in-rf i i i i i i

of Dollars
231
229

Billions of

Annual rates of change, average of four weeks ending:

227

3/25/70

2/25/70

4/29/70

'

5/27/70

7/1/70

7/29/70

+30.7
+32.0

+30.2

8/26/70

225
223

221
219
217
215
213

to average
of four
weeks ending:
4/29/70
5/27/70
7/1/70
7/29/70
8/26/70
9/30/70

+19.1
+16.1
+14.5
+18.8
+20.4
+22.7
+5£.$

10/28/70

+17.6
+15.1

+20.1
+21.8
+24.1

+ 9.7
+18.0
+20.5
+23.4

+22.0
+23.9
+26.6

+ 2.1.3

211
209
207
205
203

201
199
197
195
193
191
189
187
185
183
181
179
177
175
173
171
O'

I I I I I I II I I I I I I I TTTTn ' I XT--IX_______ :

Latest data plotted week ending: [October 28, 1970
I I I II I ! I I I I I i I I 111 MIM:!
1-1-1 ' -1­
9

23
July

6

20
Aug.


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

3 17
Sept.

1

15 29 12 26 10 24
Oct.
Nov.
Dec.
1969

7 21’ 4 18
Jan.
Feb.

4 18
Mar.

1* 15 29 13 2 7 10 24 8 22
June
July
Apr.
May
1970

5

19
Aug.

2
16 30
Sept.

14 2 8
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
1971

Llioi

of Dollars

432

2/25/70

428

424
422
420
418
416

j

Billions oi
432

Annual rates of change, average of four weeks ending:

430

426

.■O

MONEY STOCK '~"NS TIME DEPOSITS
Averages o> Daily Figures
Seasonally Adjusted
.uxnnxcT-T-j-j. ..ui-uxuimxmiTrm

/"S

3/25/70

4/29/70

5/27/70

7/1/70

430

7/29/70

8/26/70“

428

to average
of four
weeks ending:
4/29/70
5/27/70
7/1/70
7/29/70
8/26/70
9/30/70
10/28/70

426
424
+15.5
+12.9
+10.4
+12.3
+13.4
+14.1

414

422
+10.8
+13.0
+14.1
+14.8

420

+ 5.2
+10.0

+11.1
+13.5
+14.6

+12.0
+13.2

+18.7
+18.4

418
+17.7

416
414

-------- T

412

412

410

410

408

408

406

406

404

404

402

402

400

400

398

398

396

396

394

354

392

392

390

390

388

388

386

386

4n.i

■5“

IS,, Hll'D

384

)9 ,

384

40 8.3

, V/

382

a

380

a8 V2A, 7

378

380
378

382

4ao.o
W.3,

|

30.
“7i VS7,o

376

376

H
374
372
o'

ai vaa7
a.8
<a

1 ■ ■ i i ■ ■ i i i ■ i r i i .1 1 I l 1 I l I JJ...I i_____ L_____ illI_________ ___ ____
Latest data plotted week ending: jOctober 28, 19/0________________________________________________________

n i

9 .23
July

m

6


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

M 11 i r 11 i -i i 11 r 111 ii 111

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

7

21
Jan.

.1-1
4

18
Feb.

n Ti
4

T.i——n.i

18 1
Mar.

15 29
Apr.

I 1 11 1. I. ! 1 !

13 27
May

10 24
June

8

374
372

;

2: 2
July
1970

5

19

2

1 ! 1
16 30 14 28
Sept.
Oct.

■1....1.1..21
11 25 9

Prepared by Federal Reserve Bank of St. Louis

'
23

6
J an.
1971

0

ioi

CERTIFICATES OF DEPOSIT Q_
Large Commercial Banks
Wednesday Figures

Dollars

26

Billions of Dollars

24

22

20

18

16

14

12

10

8

Millions of Dollars

if70

f\oq

S IBJlB
IS /8,9V£

6

Ulc ,
Current and year ago data appear in the
Board's H.4.2 release.
1/ Negotiable time certificates »f deposit
in denominations of $100,000 or more.

4

\)7H

<5 .&OJB0

5ep+

• a.i,070
/<? ai.iJW

I *-j

3> 3! 1

2

0

6

20

July


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

3

17 1
Sept.

15

29 12 2
' Nov.

10 24
Dec.

7

21
Jan.

4

4 18
Mar.

15 29 13 27
Apr.
May

10 24
June

8

22
July
1970 '

5

19
Aug.

2

16 30

14 28

11

Prepared by Federal Reserve Bank of St. Louis

25

9

23

6

20
J an.
1971

MEMBER BANK DEPOSITS St -CT TO RESERVE REQUIREMENTS
(CREDIT PROXY)
Averages of Daily Figures

of Dollars

m

i • ,

Aug. 26, 1970
July 29, 1970
July 1, 1970
Hay 27, 1970
Apr. 29, 1970
Mar. 25, 1970
[" Feb. 25, 1970

9- /o.7

-h
+ jc.7
b >7-7
-h ' 3.7

Billions of

Seasonally Adjusted

Annual rates of change, average of
four weeks ending Oct. 28, 1970 from
four weeks ending:

Credit
Proxy

§

Credit
Proxy
Adjusted

4-113
b /3-°
-h Il3

CREDIT
PROXY
ADJUSTED

b I/ O
/- /o.C,

-

3H-3
-

CREDIT
PROXY

-

1/ Total member bank deposits plus nondeposit items —
— is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
CREDIT
adjusted, but nondeposit items are included in the
PROXY
series on a seasonally unadjusted basis due to the
■360. h
short period for which most items are available.
3o Ay
3*0.3
__ Nondeposit items included in the series are as fol­
362. i
lows: gross liabilities of banks to own foreign
3c>L-r
branches and to branches in U.S. territories and pos----?25. o
- sessions; Euro-dollars borrowed directly from for­
3 on. i
JOS.3
- eign banks or through brokers and dealers; com­
5o 13
324.0
- mercial paper issued by bank holding companies or
3o ?.?~
33 0.1
“other bank affiliates; and loans or participations
23c 4
in pools of loans sold under repurchase agreement
_ to other than banks and other than banks’ own
affiliates or subsidiaries.
3//.£
I I l-l n I ! I II I I I I I I ! II 1 I I I i I 1 I !
_i—t_i_i i
4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25 9 23 6 20
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Apr.
1971
1970
CREDIT
PROXY

__

Current data appear in the Board’s H.9 release, i
................................ i ' i i i i * i i I l l 1 I I l l l l i
Latest data plotted week ending: October 28, 1970j
9 23
July

6


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

_L

20
Aug.

i i i i i i i i i ii r~Ti i !~l I
3 17
Sept.

1
1969

15 29 12 26
Oct.
Nov.

10 2'*
Dec.

7

21
Jan.

OcT

1
4

18
Feb.

Prepared by Federal Reserve Bank of St. Louis

10

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent
11.00

11.00
Government

Bill

0

i

ierm
L» oi i
Government

corporate

f

■7-va
7,^0

10.50

10.50

?.av

1,0

fa,£3

7.C9
h07
7,o£
71 (
?.
fa.8^

10.00

fa*

A '£2

fi.OU
B.cf

10.00

H.C /

fa, fa 5
9.50

9.50

9.00

Prime Commercial
Loan Rate

Corporate
Aaa Bonds

8.50

8.00

7.50

3-5 Year
Govt. Sec.

7.00

Three-Month
Treasury Bill
Market Yield

6.50

Discount Rate

Latest data plotted are averages of rates available for the week ending: jNov. 6] 1970;

5.00
11

ill8 i;22 115 i 19i in
111 ii 11 n i n 1111 ii 11111111
i 111! i.tttt
3 17 31 14 28 12 26 9 23 6 20 6 20
3 17 1 15 29 12

25
July

Aug.

Sept.


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

Oct.
1969

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

26 10 24
June
July
1970

7

21
Aug.

4

18 2
Sept.

16 30
Oct.

13 27
Nov.

Prepared by Federal Reserve Bank of St. Louis

11 25
Dec.

4 22
Jan.
1971

SELECTED SHORT-TERM INTEREST RATES
Per Cent

Per Cent

Averages of Daily Rates Endcsd Friday
Prime
_| j ] ! i n
_ JCommercial _
Prime
.

j

Paper
14-6_ Month
i 7.5C

II

1.38

ig
*5
3

7.3 &
7. ?.o
7 ii

90 Day

.

<? i

<£.??

3 i
J 0 ■!

b.8o
(p • io 3

t ;

Bankers'
Acceptances

fc.88

io!i>S

(o. u3

Commercial Paper
A-to-6 Month

Bankers
Acceptances

Federal Funds Rate

Discount Sate

'Latest data plotted are averages.of rates

11

25

8

22

5

19

3

17

31 14

available for the week ending: Nov. 6, i970

28 12
Nov.

26

9

23

6

20
Feb.

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

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

6 20
Mar.

June

July

Sept.

Prepared by Federal Reserve Bank of Sr. Louis

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

Millions of Dollars

3,200
EXCESS '*
I I I I
RESERVES
BORROWINGS

3,000

Millions of Dollars

FREE
RESERVES

3,000

LoU, o

'78

7fe3

2,600

5oc

‘Us.O

(etej

2,200

2,200

H 53

2,000

-'3/

Borrowings

1,000

Excess Reserves

1,000
1,200
Net Free Reserves

- 1,400
1,600
1,800
2,000

2,800

Latest data plotted week ending: Nov. 4, 19701

3,000
13 27
July


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

Aug.

Sept.

1969

Oct.

Nov.

Doc.

Jan.

Feb.

Mar.

Apr.

r~\

May

10

24

June

22
July

1970

5

19
Aug.

'

2

16 30
Sept.

.4

28 11
Oct.

Prepared by Federal Reserve Bank of St. Louis

25
Nov.

9

23
Dec.

6

20
Jan.

1971