Full text of U.S. Financial Data : Week Ending: October 12, 1977

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

Week ending: October 12, 1977

S

LIE
OEC

There has been a shift from long-term to short-term financing by the
business sector since the beginning of the current economic recovery in early
1975, as illustrated in the chart below. The line plotted in the chart is the
percentage of funds that nonfinancial corporations raised in financial markets
through the following sources: equity issues, bonds, and mortgages.* The
2 6 l97§Percentage of funds nonfinancial corporations raise from those long-term sources
fon/lo
nnvaooft A
-i -r-.
-- - J J__ J_____j______*__ ______
•
A
tends to iincrease
during
recessions and
decline during recoveries.
One reason
for this cyclical pattern in business financing is the cyclical pattern of
business inventories. An important determinant of business demand for short­
term credit is inventory investment, and changes in business inventory
investment are very responsive to changes in the pace of economic activity.
Also corporate bonds outstanding tend to increase more rapidly during recessions
than during periods just prior to recessions. Long-term interest rates tend to
decline during recessions when total demand for credit falls, thus providing
incentives for corporations to lengthen the maturities of their liabilities
during such periods. Equity issues by nonfinancial corporations tend to rise
in the latter part of recessions and early part of recoveries, during which time
stock prices generally rise rapidly. The shift to more short-term financing by
businesses during the past two years appears to have followed the usual cyclical
pattern.
* Funds raised from long-term sources exceed total net funds raised during
periods when nonfinancial corporations reduce their shorter-term liabilities.
Thus, the ratio plotted in the chart is greater than unity during some periods.


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

Ratio of Funds Raised from Long-Term Sources
to Total Net Funds Raised*
Nonfinancial Corporate Sector

.2'———*——i

umiii '—uum

—i——l——i—I—i

mm\

i

lllllllllll

i

1952 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977
*Long-term sources of funds are equity issues, bonds, and mortgages.
Shaded areas represent periods of business recessions.
Latest data plotted: 2nd quarter preliminary

Prepared by Federal Reserve Bank of St. Louis
Released: October 14, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
132

BILLIONS
130

126.5
127.4
127.5
127.9
128.4
127.9

128

126

124

122

120

118

116

114

112

•1

18

1

15 29 13 27

OCT
1976

10 24

NOV

8 22

5 19

2

JAN

FEB

16

2 16 30 13 27

APR

11

23

8 22

6 20

3 17 31

M 28 12 26

MAY
1977

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 12,

1977

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:
10/13/76

1/12/77

7. 1
8.2
8.4
7.5
8.0
8.4
8.5
8.8

9.7
9.8
8. 1
8.7
9.2
9.2
9.5

3/9/77

4/13/77

5/11/77

6/15/77

7/13/77

8/10/77

5.8
7.7
8.7
8.9
9.4

6.7
8.4
8.7
9.3

12.2
11.1
11.3

10.6
1 1.0

10.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 9/77
4/13/77
5/11/77
6/15/77
7/13/77
8/10/77
9/14/77
10/12/77

2


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

1 1.5
8.2
9. 1
9.6
9.6
9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

1211

RATIO
—

2.4

2.604

mu

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 5, 1977
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

112
COMPOUNDED ANNUAL RATES
___OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
- OCTOBER 12. 1977 FROM
THE FOUR WEEKS ENDING*
-

AUG.
JUL.
JUN.

---- MAY
_

APR.
JAN.
- OCT.

10,
13,
15,

11,

13,
12,
13,

1977
1977
1977

1977

1 10
108
ADJUSTED FEDERAL RESERVE CREDIT

13.2
106

1977
1977
1976

104

102

100
1277

BILLIONS
98

96
11.1 1 1
4 18

1

IS 29

13 27 10 24

OCT

NOV

8 22

5 19

2 16

JAN

FEB

2 16 30 13

11

25

8 22

6 20

3 17 31

14 28 12 26

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 12, 1977
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/

CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS FLOAT
ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACflNG TREASURY
DLPOS1TS_AT_FEDERAt- RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME 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

BILLIQNS
AUG.

31

791.2

792.6
799. 1

■= 705
4

18

1

15 29 13 27

OCT

10 2-1

NOV

8 22

5 19

2

JAN

FEB

16

2 16 30 13

U

23

8 22

6 20

3 17

14 28 12 26

LATEST DATA PLOTTED WEEK ENOING: OCTOBER 5, 1977
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 ENDINGt
10/6/76

1/5/77

3/2/77

4/6/77

5/4/77

6/8/77

7/6/77

9.0
9.7
9.0
9.0
10.2
9.6
9.6

11.3
9.5
9.5
11.0
10.0
10.0

9.0
9. 1
11.1
9.9
9.9

7.7
10.8
9.4
9.4

13.6
10.5
10.3

11.1
10.6

8/3/77

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
3/
4/
5/
6/
7/
8/
9/
10/

4

2/77
6/77
4/77
8/77
6/77
3/77
7/77
5/77


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

11.5
1 1.3
11.4
10.7
10.5
11.2
10.6
10.6

7.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
340

BILLIONS
330.5

335

— SEP
331.7
330.6
329.5

330

325

320

315

310

305

l

15 29 13 27

10 24

8 22

5 19

2

JAN

FEB

16

2

16 30 13

11

25

8 22

6 20

3 17 31

M 28 12 26

SEP

1976

OCT

1977

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 5, 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 (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/6/76

1/5/77

4.8
5.5
7.3
6.4
6.5
7.7
7.3
7.6

4. 1
7.5
6. 1
6.2
8.0
7.4
7.9

3/2/77

4/6/77

13.2
8.9
8.4
10.5
9.3
9.6

9. 1
8.3
11.0
9.4
9.8

5/4/77

6/8/77

7/6/77

13.2
9.7
10.1

11.0
11.2

8/3/77

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
3/
4/
5/
6/
7/
8/
9/
10/

2/77
6/77
4/77
8/77
6/77
3/77
7/77
5/77


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

3.8
8.6
7.4
8. 1

7.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YI ELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

10.0 i-

—i 10.0
5

0

5
CORPORATE Aaa BONDS
0

5

0

RIME BANK
OAN RATE

5
MUNI Cl PAL

0

5
COMMERCIAL PAPER

0

5

0

6 20

3 17

AUG

SEP

1

15 29 12 26 10 24

7 21

4

JAN

FEB

18

4

18

I

15 29 13 27
MAY

MAR

1976

10 24

8 22

AUG.

SEP.

OCT.

6

5
12
19
26
2
9
16
23
30
7
14 *
21
28

2

16 30 14 28

1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING:

1977

5 19

JUN

OCTOBER

14,

1977

90 DAY
CD'S

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS M8K

5.65
5.76
5.97
6.01
5.98
5.97
6.10
6.22
6.37
6.43
6.58

5.61
5.75
5.95
5.95
6.00
5.99
6. 19
6.22
6.30
6.39
6.50

5.70
5.83
6.02
5.95
5.93
5.98
6.19
6.22
6.30
6.48
6.61

8.00
8.00
7.99
7.96
7.92
7.90
7.89
7.92
7.96
7.99
8.03

5.63
5.63
5.63
5.58
5.54
5.48
5.51
5.50
5.51
5.60
N.A.

* AVERAGES OF RATES AVAILABLE.
»■£ BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
nee* 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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED
PERCENT
8,0

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
----- 8.0

----

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE
DISCOUNT RATE

IREE-MONTH TREASURY
LL MARKET YIELD

6 20

3 IT

AUG

SEP

1

15 29 12 26

10 24

7 21

4

JAN

FEB

18

4 18

1

15 29 13 27 10 24

8 22

5 19

2

16 30 14 28

1976
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs

1977
AUG.

5
12
19
26
SEP.
2
9
16
23
3D
OCT •
(
14 *
21
28

OCTOBER

14,

1977

FEDERAL
FUNDS xx

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

5.80
5.70
5.94
5.99
6.02
5.97
6.05
6. 10
6.35
6.41
6.41

5.35
5.47
5.56
5.53
5.56
5.65
5.86
5.90
5.89
6.09
6.32

5.83
5.94
6.07
6.02
5.98
6.04
6.14
6. 15
6.21
6.38
6.60

6.86
6.90
6.97
6.89
6.84
6.86
6.93
6.93
6.98
7.05
7. 19

7.53
7.54
7.52
7 45
7.40
7.41
7.45
7.47
7.49
7.53
7.61

* AVERAGES OF RATES AVAILABLE.

^*B§!&!V!S!sr"8 3*£yj§kIER THAM °ATE sn°™TREASURY BI*'Y|iLDSR»|SDl|SC0E5Tl,BASll.AI,E CW™ BV THE F“EBAL BESEmE BANK OF ST.

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

LOUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

billions of dollars

billions of dollars

470
BILLIONS

465
AUG.

31

460
455

460.7
461.8
462.4
462.6
463. 1
464.7

450
445
440
435
430
425
420
415
410
405
400
0

4 18

1

AUG

SEP

IS29 13 27 10 24 8 22
OCT

NOV

5 19

DEC

JAN

2 16

2

FEB

16 30 13 27 11

MAR

APR

25 8 22

MAY

1976

JUN

8 20
JUL

3 IT 31
AUG

14 28 12 26
SEP

OCT

1977

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

OCTOBER 5,

1977

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 DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE
OF FOUR WEEKS ENDING:
~¥ ’
—— 10/6/76

1/5/77

3/2/77

4/6/77

5/4/77

6/8/77

7/6/77

12.7
11.4
11.1
11.1
1 1.8
11.1
10.8

10.0
10.0
10.3
1 1.4
10.6
10.3

8.8
9.6
11.1
10.2
9.9

10.6
12.3
10.8
10.3

13.8
11.1
10.4

11.1
10.2

8/3/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/
4/
5/
6/
7/
8/
9/
10/

2/77
6/77
4/77
8/77
6/77
3/77
7/77
5/77

8

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

16.5
15.7
14.6
13.9
13.6
13.9
13. 1
12.8

7.6

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
250

billions

245.6
244.2
242.7

245

240

235

230

225

1

IS 29 13 2T

OCT
1976

10 24

8 22

NOV

5 19

2

JAN

FEB

16

2

16 30 13 27 11

APR

25

8 22

6 20

3 17 31

MAY

M 20 12 26

SEP

OCT

1977

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

OCTOBER 5,

1977

IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/6/76

1/5/77

3.8
4.6
6.9
5.8
5.8
7.3
6.8
7.2

2.3
6.9
5. 1
5.1
7.4
6.7
7.2

3/2/77

4/6/77

14.5
8.7
8.0
10.7
9.2
9.5

9.2
8. 1
11.5
9.4
9.8

5/4/77

6/8/77

7/6/77

14.2
9.6
10.1

11.4
11.5

8/3/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/
4/
5/
6/
7/
8/
9/
10/

2/77
6/77
4/77
8/77
6/77
3/77
7/77
5/77


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

2.0
8. 1
6.6
7.5

6.6

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
90

BILLIONS
85.8

86.2

88

86.4

86.6
86

84

82

80

78

l

15 29 13 27

OCT
1976

10 24

NOV

8 22

5 19

2

JAN

FEB

16

2

16 30 13

11

25

8 22

6 20

3 17 31

M 26 12 26

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING-. OCTOBER 5, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt
10/6/76

1/5/77

3/2/77

4/6/77

5/4/77

6/8/77

7/6/77

9.4
10.0
9.7
9.9

10.5
9.9
10.2

10.0
10.3

8/3/77

TO THE AVERAGE
OF FOUR WEEKS
ENDINGj
3/
4/
5/
6/
7/
8/
9/
10/

2/77
6/77
4/77
8/77
6/77
3/77
7/77
5/77


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

8.0
8.2
8.2
8.3
8.5
8.7
8.8
8.9

9.8
9.4
9.3
9.4
9.6
9.5
9.7

8.8
8.9
9. 1
9.5
9.4
9.6

8.7
9.0
9.5
9.4
9.7

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
2.5 ---------- 1-------------I-----

iazi
SEP.

4

18

AUG

1

BILLIONS OF DOLLARS
-------- ---------- ---------- 2.5

MILLIONS
7

636

15 29

SEP

13

27

OCT
1976

10 24

NOV

8 22

DEC

5

19

JAN

2

16

FEB

2

16

30

MAR

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 12,

13 27

APR

11

MAY

25

8

22

JUN
1977

6 20

3

JUL

AUG

17

31

H

28

SEP

12 26

OCT

1977

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124
122
120
118
116
114
112
110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
— OCTOBER 5, 1977 FROM
— THE FOUR WEEKS ENDING! .
“ AUG.
— JUL.
— JUN.
— MAY
APR.
JAN.
— OCT.
4

18

3, 1977
6, 1977
8, 1977
4, 1977
6, 1977
5, 1977
6, 1976
1

15

29

13 27

OCT
1976

104
102

6.5
2.8
4.6
5.5
4.0
4.6
6.4
10 24

NOV

AUG. 31

100
98
96

8 22

5

19

JAN

2

16

2

16

FEB

30

13

APR

27

11

25

MAY

8 22

6 20

3

17 31

14 28

SEP

12 26

OCT

1977

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 5, 1977


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

CERTIFICATES OF

DEPOSIT
LARGE COMMERCIAL BANKS
NOT

BILLIONS OF DOLLARS


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

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
78

BiLLIQNg
76

65.0
6-4.9
64.8
65.1
66.3
67.5

74

72

70

68
66

64

62

60

58

56

4

18

I

15 29 13 27

OCT
1976

10 24

NOV

8 22

5

19

JAN

2

16

2

16 30 13 27

1

25

8 22

6 20

3

17 31

14 28

12 26

FEB

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 5,

1977
1977

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS