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Week ending: November 5, 1975

The growth rates of the major monetary aggregates
have slowed in the last three months, compared to the previous
three months. The narrowly defined money stock (Ml) grew at a
0.7 percent annual rate in the most recent three months, in
contrast to an 11.4 percent rate in the previous three months.
The demand deposit component of Ml has shown a similar pattern,
declining slightly in the last three months, in comparison to
an 11.4 percent rate of growth in the previous three months.
Growth of the currency component of Ml, which has slowed sub­
stantially since mid-July, has nevertheless increased more
rapidly than demand deposits in the most recent period.
The growth of net time deposits, which are added to
Ml to obtain the broadly defined money stock (M2), slowed to an
annual rate of 8.1 percent in the last three months from a 17.2
percent annual rate in the previous three months. Consequently,
M2 increased at about a 4.7 percent rate in the most recent three
months, in contrast to a 14.6 percent rate of growth from midApril through mid-July.
Since mid-July the monetary base has increased at a
6.4 percent annual rate, compared to an 8.1 percent rate in the
previous three months. Although Federal Reserve credit, the
major component of monetary base, has grown more rapidly in this
period as compared with the previous three months, it has been
partially offset by large accumulations of Treasury deposits in
Federal Reserve Banks. This, on balance, has restrained the
growth of the monetary base.
For the second consecutive week some commercial banks
have lowered their prime lending rate (the rate charged by com­
mercial banks on short-term loans to large businesses with the
highest credit standing). This week's reduction was from 7.75
to 7.5 percent. Other short-term interest rates have also moved
downward over the last month. Rates on prime four- to six-month
commercial paper and three-month Treasury bills are 81 and 68
basis points, respectively, below their levels of a month ago.


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

Prepared by Federal Reserve Bank of St. Louis
Released: November 7, 1975

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

122 -------- 1---------- 1----

4 18

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

2 16 30 13 27

NOV
1974

11

25

8 22

5 19

5 19

2 16 30 14 28 11

23

9 23

8 20

3 17

AUG

DEC

1

IS 29 12 M

SEP

1975

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5, 1975
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 AM) THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING:
11/6/74

2/5/75

4/2/75

6.8
6. 1
5.9
7.5
6.7
6.8
6.6
6.6

7.3
6.7
9.2
7.7
7.6
7.3
7.3

3.7
8.6
6.7
6.8
6.5
6.5

5/7/75

6/4/75

7/2/75

8/6/75

9/3/75

9.7
8.9
7.9
7.7

4. 1
4.5
5.1

6.1
6.4

6.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/
5/
6/
7/
8/
9/
10/
11/

2

2/75
7/75
4/75
2/75
6/75
3/75
8/75
5/75


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

12.3
8. 1
7.9
7.3
7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

122

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

RATIO

RATIO

MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 29, 1975
BILLIONS OF DOLLARS

112

BILLIONS OF DOLLARS

-----------,--------------.-----

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

COMPOUNDED ANNUAL RATES
___OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
- NOVEMBER 5, 1975 FROM
THE FOUR WgEKS ENDING:

-----JUN.
“ FEB.
_ NOV
_

1975
1975
1975
1975
1975
1975
1974

34.2
24.1
9.7
3.1
7.9
11.6
10.5

FEDERAL RESERVE CREDIT

1975

4 18

2 18 30 13 27

NOV

11

DEC

25

8 22

5 19

5 19

FEB

MAR

2 16 30 14 28 It

25

9 23

6 20

3 17

AUG

MILLIONS

SEP

1

15 29 12 26

1975
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5, 1975
1/ RATIO OF MONEY STOCK (Mil / MONETARY BASE.
2/ PST'NO-UDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND ■■ OTHER" ASSETS ADJUSTED
£®R^5E^ERVE REQUIREMENT RAT 10 CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSI t5 BETWEEN
8Y^HISHBANKDIFFERENT RESERVE REQUIREMENT RATIOS APPLY.
DATA ARE SEASONALLY ADJUSTED


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

112

MONEY STOCK PLUS NET TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
665 r-------- T-------------1-----

SEP.

4 IS

24

2

BILLIONS OF DOLLARS
----- ------------- --------=1 665

654.8
655.8
656.3
659. 1
659.0
657.6

IS 30 13 27 11

NOV
1974

25

DEC

8 22

5 19

5 19

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 29,

MAY

JUN

1975

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.8 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/2/75 7/30/75 8/27/75
1/29/75 3/28/75 4/30/75 5/28/75
10/30/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING*
3/28/75
4/30/75
5/28/75
7/ 2/75
7/50/75
8/27/75
10/ 1/75
10/29/75

4


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

7.2
7.1
8.2
9.7
9.5
9.2
8.7
8.3

9.5
10.9
12.8
12.0
11.3
10.2
9.5

10.6
13.7
12.4
11.3
9.9
9.1

17.7
14.6
12.6
10.6
9.5

14.2
1 1 .7
9.5
8.5

7.1
5.9
5.4

5.0
4.7

4.0

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
305

BILLIONS
293.5
293.7
293.4
294.7
294.3
292.9

300

295

290

285

280

♦

2 10 SO 13 27 It

NOV

25

DEC

8 22

3 19

5 19

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 29,

2 18 30 M 28 11

MAY

25

9 23

8 20

3 17

AUG

JUN

SEP

1

15 29 12 26

1975

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.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING.
10/30/74

1/29/75

3/26/75

4/30/75

5/28/75

7/2/75

7/30/75

8/27/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/26/75
4/30/75
5/28/75
7/ 2/75
7/30/75
8/27/75
10/ 1/75
10/29/75


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

3.0
2.8
4.3
6.2
5.6
5.5
5.0
4.3

6.0
7.9
10.2
8.6
8. 1
7.0
5.9

7.3
11.1
8.6
8.0
6.5
5.2

16.6
11.4
9.8
7.6
5.9

10.0
8.4
6. 1
4.4

2.7
1.8
0.6

2.4
0.7

-1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.0
12.5

12.0
11.5

11.0
10.5

PRIME BANK
.OAN RATE

10.5

10.0
9.5
CORPORATE Aaa BONDS

9.0
8.5
8.0
7.5

MUNICIPAL

7.0
6.5

6.0
COMMERCIAL PAPER
5.5
5.0

SEP

OCT

7 21

7 21

4 18

FEB

5 20 13 27 10 24

MAR

2

16 30 IS 27 11

APR

JUN

25

8 22

5 10

3 17 31

14 28

JUL

1974
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi NOVEMBER 7, 1975

90 DAY
CD'SHBBK

1975
SEP.

5
12
19
26
OCT.
3
10
17
24
31
NOV.
7 *
14
21
28

w

avPRARFS

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS*
ACCEPTANCES

CORPORATE
AAA BONDS

MUNICIPAL
BONDSm

6.94
7.05
7.04
7.03
7.01
7.18
6.50
6.35
6. 16
6.45

6.75
6.75
6.93
6.95
6.93
6.88
6.59
6.23
6.00
6.07

6.82
6.85
6.82
6.81
6.79
6.59
6.38
6.02
5.83
5.83

8.93
8.94
8.98
8.94
8.96
8.92
8.85
8.81
8.77
8.76

7.34
7.40
7.49
7.54
f .Of
7.48
7.29
7.17
7.36
N.A.

OF RATES AVAILABLE

££*BSEVEN^DAY AVERAGES6OF^lcONDARY MARKET^RATES^Oft THE^WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.

6

N.A. - NOT AVAILABLE


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

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS

H.9 RELEASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
12.5

12.0
11.5

11.0
10.5

10.0
9.5
9.0
FEDERAL FUNDS RATE

8.5

8.0
7.5
7.0
THREE'
BILL

H TREASURY
T YIELD

6.5

DISCOUNT RATE

6.0
5.5
5.0
4.5
4.0
6 20

4 ia

1

15 20 15 27 10 24

7 21

7 21

4 II

FEB

MAR

2 16 30 13 27 11 25

APR

1974

6 22

5 19

3 17 31

14 26

1975

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING) NOVEMBER 7, 1975

1975
SEP.

OCT.

NOV.

5
12
19
26
3
10
17
24
31
7 *
14
21
28

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

6.06
6.15
6.28
6.29
6.36
6.06
5.82
5.73
5.65
5.17

6.38
6.43
6.45
6.38
6.46
6.23
6.01
5.73
5.58
5.55

7.07
7.14
7.31
7.21
7.16
6.74
6.51
6.29
6.02
5.91

8.07
8.26
8.34
8.18
8.22
8.00
7.87
7.67
7.50
7.44

7. 1 1
7.25
7.34
7.35
7.43
7.36
7.31
7.22
7.18
7.17

* AVERAGES OF RATES AVAILABLE.
SBK SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
370

BILLIONS
365

361.3
362. 1
362.9
364.4
364.6
364.7

360

355

350

345

340

335

330

325

320

4 18

2 18 30 13 27 11

NOV

25

DEC

8 22

5 19

5 19

FEB

MAR

2 16 30 14 28 11

25

9 23

6 20

3 17

AUG

SEP

1

13 29 12 26

1975
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 29, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
*NET J,1 ME DEPOSLIS ARE,DEF[NED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERT IF ,.?iT5S„°L.DEP0S,T 0THER ™AN NEGOTIABLE TIME dERT IF I CATES 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:
10/30/74

1/29/75

3/26/75

4/30/75

13.6
16.2
15.7
14.2
12.7
12.4

18.6
17.2
14.9
12.9
12.5

5/28/75

7/2/75

7/30/75

8/27/75

7.0
8. 1

8.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/26/75
4/30/75
5/28/75
7/ 2/75
7/30/75
8/27/75
10/ 1/75
10/29/75

8

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

10.7
10.9
11.5
12.8
13.0
12.4
1 1.8
11.7

12.7
13.4
15. 1
14.9
13.9
12.8
12.6

17.8
14.6
12.3
12.0

10.8
9. 1
9.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

i

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

221.4
221.7

221.0
222. 1

221.9

220.2

4 18

2 16 SO

93 27 11

NOV
1974

25

DEC

8 22

3 19

S 19

FEB

MAR

2 16 30 14 28 11

25

9 23

6 20

3 17

AUG

1

IS 29 12 28

SEP

1975

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 29, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,
10/30/74

AVERAGE OF FOUR WEEKS ENDING:

1Z29/75

3/26/75

4/30/75

5/28/75

5.4
7.5
10. 1
8.3
7.7
6.5
5. 1

6.9
11.3
8.4
7.5
6. 1
4.3

17.5
11.4
9.5
7.3
5.0

9.9
7.9
5.7
3.3

7/2/75

7/30/75

8/27/75

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/26/75
4/30/75
5/28/75
7/ 2/75
7/30/75
8/27/75
10/ 1/75
10/29/75


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

0.9
0.9
2.7
4,9
4.3
4.2
3.8
2.9

1.2
0.7
-1.1

1.6
-1.1

-3. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
98 ---------- ------------- --------

4 18

2 16 30 13 27 11

NOV

25

8 22

5 19

5 19

FEB

DEC

MAR

2 16 30 14 28 11

MAY

25

BILLIONS OF DOLLARS
------- ------------- ---------- 98

9 23

JUN
1975

6 20

3 17

AUG

SEP

1

IS 29 12 26

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 29, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
WfcbKLY REPORTING COMMERCIAL BANKS.

1975
SEP.

3
10
17
24
OCT.
1
8
15
22
29
NOV.
5
12
19
26

1T ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE

CERTIFICATES
CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
81.5
82. 1
82.2
83.1
84.1
84.2
83.9
83.5
83.6

77. 1
78. 1
78.7
79.7
80.9
81.6
81.4
81.0
81.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

billions of dollars

billions of dollars

1975

4 1C

2 1C 90 1C 27 11 25

NOV

• 22

5 1C

5 1C

FEB

DEC

MAR

2 1C 30 14 2C 11 25

MAY

C 29

• 20

3 17

AUC

JUN
1975

MILLIONS

SEP

1

15 2C 12 2C

LATEST DATA PLOTTED WEEK ENDING) NOVEMBER 5, 1975

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134
152
150
128
126
124
122
120
118

COMPOUNDED ANNUAL RATES
— OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
OCTOBER 29. 1975 FROM
_ THE FOUR WEEKS ENDING.
__AUG.
JUL.
" JUL.
— MAY
_ APR.
JAN.
“OCT.
4 1C

27,
30,
2,
28,
30,
29,
30,

1975
1975
1975
1975
1975
1975
1974

-1.3
-4.3
-4.3
-7.5
-8.7
-10.9
-7.6

2 1C 30 15 27 11 25

NOV
1974

DEC

116
MILLIONS
.

112

SEP. 24

110
108

'
C 22

5 19

5 19

FEB

2 16 SO 14 20 11 25

9 25

JJJ_LLL

MAR

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 29,


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

114

6 20

3 17

1

IS 29 12 2C

1975
1975
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 29r 1973 FROM THE FOUR
WEEKS END I Wt
CREDIT
CREDIT
---------PROXY
- AUG.
-0.7

.CREDIT PROXY ADJUSTED 1/

CREDIT PROXY
CREDIT

PROXY
498.2
498.2
499.4
300.2
500.3

ADJUSTED
305.3
503.3
506.9
507.9
508.7
507.0

I I Li I I I I I 11 I I I 11
4 16

2

16 30 16 27 11 15
NOV
DEC

6 22

3 19
FEB

3 19
MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 29,

2

16 30 1 4 26 11 23
MAY
JUN

9 23

6 20

3 17

1

15 29 12

1975

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.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS