Full text of U.S. Financial Data : Week Ending: October 13, 1971

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U.S.

F^l/MXX tSJdJA L MDATJ\

Week ending: October 13r 1971
t

Ml 8)5) 1979
Monetary aggregates have shown diverse rates of growth
in recent months. The money stock, defined as private demand
deposits plus currency in the hands of the public, has slowed
to a 1 per cent annual rate of increase in the past three months
(page 5). For comparison, money grew at a rapid 11 per cent
rate in the previous six months, and increased 5.4 per cent in
1970. Money stock plus net time deposits has risen at a 3.3 per
cent rate in the past three months, compared with a 16 per cent
rate in the previous six months and an 8 per cent increase in
1970 (page 7).
In contrast to the sharp deceleration of monetary growth,
Federal Reserve credit, monetary base, and total reserves have risen
at rapid rates of about 13, 6, 11 per cent, respectively, in the past
three months (pages 2 and 3). Growth of the monetary base, which
over several months largely determines the growth trend of money,
has decelerated somewhat from the 10 per cent rate in the first
half of 1971. Part of this deceleration, however, may reflect tem­
porary factors. Treasury deposits at Federal Reserve banks have
increased in recent months, which, in effect, absorbed reserves sup­
plied by the System, making them unavailable to the private banking
system.
The sharp deceleration of the money stock in the past
three months, compared to the rapid growth of the base, has been
exaggerated by certain factors. One factor has been a sharp rise
in U. S. Government deposits at commercial banks. These deposits
have declined somewhat in recent weeks, but continue at a high
level. Also, there are indications that the seasonal pattern of
money has changed in recent years, causing an apparent slowing of
money in the latter part of the year. Rates of change of the
seasonally adjusted money stock have been less in the last five
months than the first seven months in each of the past six years.
Market interest rates have drifted lower in recent weeks,
though most of the decline in rates occurred immediately following
the announcement of the new economic program (pages 10 and 11).
Yields on three-month Treasury bills averaged 4.45 per cent in the
first part of this week, down 83 basis points from early August.
Seasoned highest-grade corporate bonds yielded 7.44 per cent in
the three days ending October 13, down 25 basis points from early
Augus t.


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

Prepared by Federal Reserve Bank of St. Louis

Released: October 15, 1971

MONETARY BASE u
FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

_
88

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
—OCTOBER 13, 1971 FROM MONETARY BASE
AUG.

1 1

APR.

14

1971

MILLIQ.N1

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR ifoEEKS ENDING
---- OCTOBER 13, 1971 FROM _
THE FOUR WEEKS ENDING.
-

AUG.
JUL.
JUN.
— MAY
APR.
_ MAR

11,
14,
16,
12,
14,

1971
1971
1971
1971
1971
“

10.8
13.4
14.2
13.0”
12.8
11.1

FEDERAL RESERVE CREDIT

12.0

3LL

5 10

2 16 30 14 28 11 25

OCT
1970

NOV

0 25

6 20

3 IT

JAN

FEB

3 17 31

H 28 12 26

APR

MAY

0 23

7 21

4 18

JUL

AUG

MILLIONS

I

15 28 15 27

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 13, 1971
1/ USES OF MONETARY BASE ARE MEMBER BAM< RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF Th£ BASE SEE THE AUGUST 1968 '■REVIEW OF THIS BANK.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT ANO "OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF 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 NAT ON

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

33.0

BILLIONS OF DOLLARS
33.0

32.5

32.5

32.0

32.0

31.5

31.5

31 .0

31.0

30.5

30.5

30.0

30.0

29.5

29.5

29.0

29.0

28.5

28.5

28.0

28.0

5 19

2 16 30 14 28 1! 25

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

9 23

4 16

JUL

I

IS 29 13 27

AUG

1970
LATEST DATA PLOTTED WEEK ENDING; OCTOBER 13, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
* BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, 1970.


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

iSIl
SEP.

8
15
22
2d
OCT•
6
13

BILLIONS
32.3
32.2
31,8
32 « 3
31.9
31.7

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR 1&EEKS ENDING
OCTOBER 13, 1971 FROM
THE FOUR WtEKS ENDING;
AUG.
JUL.
JUN.
MAY
APR.
MAR.
FEB.

11,
14,
16,
12,
14,
10,
10,

1971
1971
1971
197!
1971
1971
1971

5.6
10.7
5.0
S.2
8.0
7.2
7.9

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

175.8
175.8
175.1
174.8
174.9
174.8

175

170

165

160

5 IQ

2 te 30 H 28 11 25

OCT
1970

NOV

Q 25

6 20

3 17

JAN

FEB

3 17 31

14 26 12 26

APR

8 23

MAY

7 21

4 18

JUL

AUG

1

15 20 15 27

1971

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 6, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/7/70

2/3/71

3/3/71

4/7/71

5/5/71

18.8
1 1.6
15.8
14.4
12.6
1 1.3
8.7

6.7
13.7
12.5
10.7
9.6
6.9

12.8
1 1.5
9.4
8.4
5.4

18.6
13.6
11.1
6.9

6/9/71

7/7/71

8/4/71

4.0
-0.5

-2.0

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


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

3/71
7/71
5/71
9/71
7/71
4/71
8/71
6/71

5.0
6.9
5.5
8.4
8.4
7.9
7.6
6.1

5.7
5.4
1.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
235

227.5
227.8
227. 1
226.8
226.7

230

225

220

215

210

5 18

2 16 30 14 28 II 25

9 25

6 20

3 17

JAN

FEB

5 17 31

14 28 12 26

1970

9 23

4 18

1

15 29 13 27

1971

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 6. 1971
CURRENT DATA APPEAR

N THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING;
10/7/70

2/3/71

3/3/71

4/7/71

5/5/71

17.0
11.5
14.5
13.5
12.0
10.7
8.6

7.9
13.0
12. 1
10.6
9.4
7.2

12. 1
11.1
9.4
8.2
5.8

16.5
12.5
10. 1
6.9

6/9/71

7/7/71

6.5
5.6
2.6

4.2
0.7

8/4/71

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

3/71
7/71
5/71
9/71
7/71
4/71
8/71
6/71


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

5.6
7.3
6.3
8.5
8.5
8. 1
7.7
6.5

-0.8

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

260

250
TOTAL TIME DEPOSITS
240

230

220
NET TIME DEPOSITS*
210

200

190

5 10

2 1« 30 14 28 11 25

OCT
1970

NOV

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

9 23

MAY

7 21

4 18

JUL

AUG

1

15 29 15 27

1971

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 6, 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 DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/7/70

2/3/71

3/3/71

4/7/71

5/5/71

33.5
26.2
23. 1
20.8
18. 1
16.2
15.2

21.1
19. 1
17.2
14.7
13.2
12.4

13.6
12.8
10.7
9.7
9.4

13.5
10.5
9.4
9. 1

6/9/71

7/7/71

8/4/71

7.5
7. 1
7.3

5.5
6. 1

7. 1

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

3/71
7/71
5/71
9/71
7/71
4/71
8/71
6/71


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

22.3
23.6
21.9
21.0
19.9
18.3
17. 1
16.3

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

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TI ME DEPOSITS MK

I I I I
5 19

2 16 30 H 28 11 25

9 23

6 20

3 17

JAN

FEB

3 17 31

M 28 12 28

APR

MAY

9 23

7 21

4

JUL

AUG

18

I

IS 29 13 27

1970
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 6,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
96K Mz 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;
10/7/70

2/3/71

3/3/71

4/7/71

5/5/71

24.7
18.7
18.7
17. 1
15.0
13.3
11.8

14.3
15.9
14.6
12.6
11.2
9.7

13.0
12.1
10. 1
9.0
7.6

14.8
1 1 .4
9.6
7.9

6/9/71

7/7/71

8/4/71

7.0
6.3
4.8

4.7
3.3

3.0

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


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

3/71
7/71
5/71
9/71
7/71
4/71
8/71
6/71

13.5
14.9
13.7
14.4
14.0
13.0
12.2
11.2

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

5 10

2 IS 30 14 26 11 25

OCT
1970

0 23

NOV

6 20

3 17

JAN

FEB

3 17 31

MAR

14 2« 12 26

APR

MAY

0 23

7 21

4 16

JUL

AUG

1

15 20 13 27

1971

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 6. 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1971
AUG.

4
1 1
18
25
SEP.
1
8
15
22
29
OCT.
6
13
20
27

CERTIFICATES
OF DEPOSIT
30. 1
29.7
30.3
30.5
30.8
31.5
31.9
32.7
33.5
32.8

BILLIONS
NET TIME
DEPOS1TS ***
227.4
227.7
227.6
228.2
228.4
228.8
228.7
229.3
229.7
230.5

M2 KM
454.2
456.3
456.4
456.4
455.9
456.6
455.8
456. 1
456.4
457.4

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE 7.
PREPARED BY 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
365

355

345

CREDIT PROXY ADJUSTED 1/

335
IREDIT PROXY
325

315

305

295

5 10

2 16 30 14 28 11

25

0 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

APR

MAY

1970

0 23

7 21

4 18

JUL

AUG

1

15 20 13 27

1971

LATEST DATA PLOTTED WEEK ENDING; OCTOBER 6. 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.

MI

SEP.

OCT.


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

1
8
15
22
29
6

BILUONS
CRED1T
PROXY

CRED1T
PROXY
ADJUSTED

349.9
350.0
350.2
348.8
348.4
348.9

353.8
353.8
353.9
352.9
353.0
353.2

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 6. 1971 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
-£ROXY_ ADJUSTED
AUG.
JUL.
JUN.
MAY
APR.
MAR.
FEB.

4,

1971

7, 1971
9,
5,
7,
3,
3,

1971
1971
1971
1971
1971

9.2
9.3

7.5

8.7
9.4
10. 1
11.5

8.9
8.8

7.5
8. 1
7.7
7.6
8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT

PER CENT

0.0
8.5
CORPORATE Aaa BONDS

8.0
7.5

7.0

8. S
PRIME Cl
LOAN RA

:rcial
6.0

5.5

5.0
DISCOUNT RATE
4.5

THREE-MONTH TREASURY
BILL MARKET YIELD

4.0

3.5

3.0

4 ta

AUG

2 16 30 13 27 II

SEP

NOV

25

DEC

a 22

S IS

5 IS

FEB

MAR

2 16 SO 14 2S II

25

8 25

11 iI 1 I I
120 a 17
AUG SEP

| is 20 0

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 15, 1871

1971
AUG.

6
13
20
27
SEP.
3
10
17
24
OCT.
1
8
15 X
22
29

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS an

7.69
7.71
7.51
7.50
7.45
7.42
7.44
7.44
7.46
7.44
7.44

5.28
5.24
4.71
4.69
4.47
4.62
4.79
4.74
4.65
4.53
4.45

6.85
6.81
6.05
6.06
5.89
5.94
6.00
6.01
5.91
5.84
5.69

5.93
5.90
5.64
5.70
5.58
5.51
5.59
5.59
5.52
5.47
5.43

6.07
6.03
5. 49
5.71
5.39
5.36
5.38
5.48
5.24
5. 17
N. A.

* AVERAGES OF RATES AVAILABLE.
*■ BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N« A« “ NOT AVAILAoLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11
SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

COMMERCIAL PAPER
4-T0-6 MONTH

FEDERAL FUNDS RATE

4 1«

2 16 30 13 27 11 25

NOV

I 22

DEC

5 IB

5 IS

FEB

MAR

2 16 SO 14 28 11 25

1970

0 23

6 20

3 17

AUG

SEP

1

IS 20

1971

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. OCTOBER 15, 1971


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

1971
AUG.

6
13
20
27
SEP.
3
10
17
24
OCT.
1
8
15 X
22
29

PRIME
COMMERCIAL
PAPER
4—fl MONTH

FEDERAL
FUNDS

PRIME
RANKERS'
ACCEPTANCES

90 DAY
CD'S MR

5.75
5.83
5.78
5.63
5.70
5.75
5.75
5.75
5.75
5.75
5.63

5.65
5.58
5.53
5.48
5.70
5.75
5.42
5.48
5.35
5.25
5.31

5.63
5.63
5.55
5.53
5.50
5.50
5.50
5.50
5.40
5.23
5.07

5.80
5.82
5.88
5.75
5.56
5.55
5.60
5.66
5.62
5.53
5.44

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
MR DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
1.6 -------------------- -------------------------- 1—

BILLIONS OF DOLLARS

BORROWINGS

EXCESS RESERVES

-0.4

0.8

-

NET FREE RESERVES

1.2

-

1.6

-

5 18

AUG

2 16 30 14 26 11 25

SEP

OCT
1970

NOV

8 23

DEC

6 20

3 17

JAN

FEB

3 17 31

MAR

14 28 12 26

APR

8 23

MAY
JUN
I 971

7 21

4 16

1

JUL

AUG

SEP

15 28 13 27

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 13, 197’


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

MILLIONS
1971
AUG.

4
1 1
18
25
SEP.
1
8
15
22
29
OCT.
6
13
20
27

EXCESS
RESERVES
434
27
224
91
324
205
247
227
353
297
101

BORROWINGS
764
593
1 179
771
706
765
457
328
426
310
450

FREE
RESERVES
- 330
- 566
- 955
- 680
- 382
- 560
- 210
- 101
73
13
- 349

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS