Full text of U.S. Financial Data : Week Ending: October 13, 1976
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http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F//V>»/VC/>1JL a XX Week ending: October 13, 1976 Although business loans at large commercial banks (paj»e 11) have declined, on average, by 6.1 percent from a year ago, most of the decline came in the first half of 1976. In fact, over the last two months business loans have increased at a A.2 percent annual rate. From a high of $131 billion in early December 1974, business loans at large banks declined to about $120 billion in December 1975. By August 1976 business loans had decreased even further to $110 billion. However, since early August they have returned to levels comparable to those in late June 1976. Although business loans have declined, on balance, over the last year, total loans at all commercial banks (excluding domestic commercial interbank loans) have increased by 3.8 percent. Since March, total loans have increased at a slightly higher 4.3 percent rate, and over the last two months they have increased at an even more rapid 8.4 percent rate. With the Federal funds rate averaging 22 basis points lower than the discount rate over the third quarter, member bank borrowings from Federal Reserve Banks have averaged $98 million. This is higher than the $71 million average for the first quarter of 1976 when the Federal funds rate was 77 basis points lower than the discount rate. Member banks can cover short-term reserve deficiencies by borrowing either from the Federal Reserve Banks or from other commercial banks. The discount rate, which has been 5.50 percent since mid-January 1976, is set by the Board o Directors of each Federal Reserve Bank, subject to approval by the Board of Governors of the Federal Reserve System. An alternative to borrowing from a Federal Reserve Bank is to borrow Federal funds (balances of other commercial banks on deposit at Federal Reserve Banks) from other banks. Loans of Federal funds are made at the market-determined Federal funds rate, which has averaged 5.17 percent in the current week. On a seasonally adjusted basis, large certificates of deposit at large commercial banks are currently about $9 billion below their level at the end of June 1976. On the other hand, net time deposits (which exclude large CDs) have continued to grow rapidly during 1976. Since the end of June, net time deposits have increased by about $17 billion, which represents a 16.8 percent annual rate of growth. Prepared by Federal Reserve Bank of St. Louis Released: October 15, 1976 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 130 MILLIONS 128 126 124 122 120 118 6 20 3 17 AUG SEP 1 13 29 12 26 10 24 7 21 4 16 3 17 31 14 26 12 26 APR 9 23 MAY 7 21 4 16 JUL AUG 1 13 29 13 27 1976 LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 13, 1976 THE MONETARY BASE CONSISTS OF kEMBER BA*K RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION CCURRENCY HELD BY THE PUBLIC AND IN THE VAULTSOF COMMERCIAL BANKS), ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BAMCS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COkTUTED 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. MONETARY BASE COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDtNGt 10/15/75 1/14/76 3/10/76 4/14/76 5/12/76 6/16/76 7/14/76 8/11/76 8.6 9.2 9.2 7.9 7.4 7.8 7.7 7.9 8.3 6.7 6.2 6.9 6.9 10.0 7.2 6.4 7.3 7.2 5.6 5.0 6.4 6.5 2.6 5.4 5.8 7.3 7.2 6.8 TO THE AVERAGE OF FOUR WEEKS END 1NG» 3/10/76 4/14/76 5/12/76 6/16/76 7/14/76 8/11/76 9/15/76 10/13/76 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.0 7.5 8.0 8.1 7.4 7.1 7.4 7.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIERi/ ADJUSTED FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER ISIflt RATIO 1 J I I I I 1 1 LATEST DATA PLOTTED WEEK ENDING. OCTOBER 6, 1976 BILLIONS OP DOLLARS BILLIONS OP DOLLARS IIS COMPOUNDED ANNUAL RATES OF CHANCE. AVERAGE OF THE FOUR WEEKS ENDING OCTOBER 13. 1976 FROM THE FOUR WEEKS ENDINCi AUG. JUL. JUN. MAY APR. JAN. OCT. 11, 14, 16, 12, 14, 14, 15. 1976 1976 1976 1976 1976 1976 1975 8.0 7.0 5.3 6.1 7.4 7.5 7.9 116 114 112 110 ADJUSTED FEDERAL RESERVE CREDIT 108 106 104 ISIS. MILLIONS - 102 100 6 20 AUG 3 17 SEP 1 13 29 12 26 10 24 OCT NOV DEC 1975 7 21 JAN 4 1« FEB 1 1 I I M I I 1 I I I I I 1 I 3 17 31 14 23 12 26 9 23 7 21 4 16 1 13 26 13 27 MAR APR MAY JUN JUL AUG SEP OCT 1976 LATEST DATA PLOTTED WEEK ENDING. OCTOBER 13. 1976 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 SUBTRACtlNG TREASURY DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR^SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS VWCRE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED 8Y 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 BILLIONS OF DOLLARS 197$ TIME DEPOSITS (M2) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 730 725 BILLIONS 715.6 715.6 720 719.9 719.7 715 710 705 705 — 700 695 690 665 660 675 670 665 660 655 650 * 20 3 17 AUG SEP 1 15 29 12 2>i 10 24 7 21 41* JAN FEB 14 26 tz 2* 3 17 APR MAY 7 21 4 1* JUL AUG 9 23 1 15 29 13 27 1976 LATEST DATA PLOTTED WEEK ENDING* OCTOBER 6, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS l M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING. 10/8/75 1/7/76 3/3/76 4/7/76 12.5 13.6 12.4 11.3 11.7 11.3 11.5 12.9 11.2 10.0 10.6 10.4 10.8 12.3 10.2 11.1 10.7 11,1 5/5/76 6/9/76 7/7/76 8/4/76 9.7 9.6 10.4 11.4 11.9 11.1 TO THE AVERAGE OF FOUR WEEKS ENDING. 3/ 4/ 5/ 6/ 7/ 6/ 9/ 10/ 4 3/76 7/76 5/76 9/76 7/76 4/76 8/76 6/76 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10. 1 9.9 10.9 10.5 10.0 10.4 10.3 10.5 7.1 9.1 9.2 9.9 PREPARED BY FEDERAL RESERVE BANK OF ST. i_OU!S 0 MONEY STOCK ( Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 31S BILLIONS OF DOLLARS 315 i—i— ~ 1 - 1970 SEP. 310 I OC T. BILLIONS 1 S 15 305.9 304.3 308.9 zz 29 5U0 .8 S8i .8 6 IT T _ 3t0 .8 A 305 300 205 A r A- - A= i/ r V /V . , - V A A I z 305 300 /v A - - 290 2B0 ‘ill 1 i i 1 ii I 111 AUG 5F OCT 1975 NOV m i _LLL -LLI. JLLLL Ml DEC JAN FEB MAR AFR I 1 1 . 1111 _LLL .1 i i MAY JUN JUL 1.1 1 1 _LLL AUG OCT 1978 LATEST DATA PLOTTED WEEK OOINB. OCTOBER S, 197B CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AM) COIN tCLD BY THE NOWAMC PUBLIC. MONEY STOCK (Ml) COMPOUNDED ANNUAL RATES OF CHANCE , AVERAGE OF FOUR WEEKS ENDINGi A/7/79 10/8/75 1/7/76 3/3/76 7/7/79 9/A/T9 5/5/76 6/8/76 TO THE AVERAGE OF FOUR SEEKS END INCt 5/ 5/78 A/ 7/79 5/ 5/76 9/ 7/ 9/ 9/ 9/79 7/79 A/79 6/76 10/ 9/79 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.9 3.5 5.6 5.3 4.5 5.0 4.7 4.7 4.8 6.3 7.2 5.6 6.2 5.7 5.6 12.3 9.1 6.4 7.0 6.2 6.0 10.7 6.5 7.2 6.2 6.0 0.6 3.5 3.3 3.6 3.5 3.2 3.6 5.9 5.5 3.7 PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 10.5 i— 10,0 PERCENT —1 10.5 - - 9.5 9.0 z - I IQNDS - to IME BAA K AN RATE 1 z V ^ A 8.0 1 ' - k kJIHdir rPAi BONDS** 5.5 r — X| v \ A 0 ^ 90 DAY CO ‘smm = LULL II II 1 111 _LLL .1 *22 S 19 3 17 9t 14 29 12 26 AUG SEP OCT NOV 1975 DEC JJLL 111 8 25 6 20 JAN FEB in 111 3 19 2 16 30 1 4 29 11 23 MAR APR MAY JUN 1976 1 III. III. ..111. ■111 -L 9 23 6 20 JUL AUG 3 17 1 13 29 SEP OCT LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE MEEK ENDING* OCTOBER 15, 1976 1978 AUG. 6 13 20 27 SEP. 3 10 17 24 OCT. 1 8 15 * 22 29 90 DAY CD’S*** PRIME COMMERCIAL PAPER 4—fl MONTH PRIME BANKERS’ ACCEPTANCES CORPORATE Aaa BONDS MUNICIPAL BOM)S** 5.36 5.45 5.35 5.35 5.33 5.34 5.35 5.28 5.33 5.28 5.17 5.50 5.50 5.50 5.43 5.45 5.50 5.50 5.38 5.38 5.38 5.25 5.34 5.34 5.33 5.30 5.28 5.31 5.30 5.26 5.25 5.22 5.09 8.51 8.48 8.42 8.42 8.41 8.38 8.39 8.36 8.37 8.33 8.31 6.65 6.60 6.60 6.58 6.52 6.52 6.50 6.52 6.47 6.33 N.A. ______________ * AVERAGES OF RATES AVAILABLE. 6 Mi BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. mrn 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 6.5 5.0 z 5JJ_L 1 1 1 7.0 5.5 4,5 4.0 • ^ 7.5 6.0 *\ COM! 4ERCIAL PAPEI -LLJ1 5.0 T s' ✓ V TTTT TTTT 6.0 p 111 Li. 6.5 arTi 8.5 - TTTT 7.5 7.0 9.5 9.0 CO VORATf Aaa 8.5 8.0 10.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4.5 4.0 0 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT PERCENT DISCOUNT RATE FEDERAL FUNDS RATE < 22 5 19 AUG SEP S 17 31 14 26 12 20 NOV DEC • 23 0 20 S 19 FEB MAR 2 It 50 14 2B It 23 9 23 6 20 3 IT 1 IS m LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi OCTOBER 15, 19TB 1976 AUG. 6 13 20 27 SEP. 3 10 17 24 OCT • 1 6 is * 22 FEDERAL FUNDSm 3-MONTH TREASURY BILLS t-YEAR TREASURY BILL 3-5 YEAR SOVERNCNT SECURITIES LONG-TERM S0VERN9CNT SECURITIES 5.36 5.25 5.29 5.28 5.28 5.25 5.22 5.21 5.32 5.17 5.02 5.16 5.17 5.15 5.11 5.09 5.11 5.10 5.05 5.06 5.04 4.90 5.72 5.65 5.64 5.59 5.56 5.53 5.52 5.43 5.48 5.31 5.14 7.12 7.06 7,04 6.96 6.91 6.88 6.89 6.80 6.80 6.61 6.39 7.82 7.80 7.79 7.76 7.72 7.70 7.66 7.62 7,63 7.56 7.51 29 —— - , ___________________________________ * AVERAGES OF RATES AVAILABLE. ** ^KnI!i£,lN£.rWISf£i0AY TO 0AYS EARLIER THAN DATE SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.S RELEASE. RATES ON LONG-TERM GOVERfMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LQUtS 7 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS billions of dollars 409.7 411.3 415.0 416.9 ■ 20 I 11 T IS 9 12 If to 24 7 21 JAN 4 II FEB 14 M 12 M » 1? • 11 7 21 4 t« JUL AUG 1 II HU 2T LATEST DATA PLOTTED SEEK EM) I NO. OCTOBER 6. 1976 CURRENT DATA APPEAR IN TIC BOARD OF GOVERNORS* H.6 RELEASE. PLUS TIME ■ NET TINE DEPOSITS ARE DEFINED AS. yVINOS DEPOSITS. TIME DEPOSITS OPEN AQCOUNT P NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANCE, AVERAGE OF FOUR WEEKS ENDING. IQ/S/75 1/7/76 5/5/76 4/7/76 1B.9 17.9 16.6 16.0 16.1 16.0 16.3 13.2 12.9 12.9 13.5 13.6 14.5 13.4 13.2 14.0 14.2 15.0 w - vs/re 6/9/76 12.6 13.B 14.1 15.1 14.6 14.8 7/7/76 It-4/76 15.7 16.6 17.0 TO THE AVERAGE OF FOUR WEEKS ENDING. V V 5/ 6/ 7/ «/ 0/ 10/ 3/76 7/76 5/76 9/76 7/76 4/76 fl/76 6/76 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16.2 15.4 15.3 14.9 14.7 14.6 14.0 15.2 15.9 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 240 BILLIONS 225.2 235 229.0 230 225 220 215 4 16 AUG SEP JAN FEB APR 1 IS 29 19 27 MAY 1975 1976 LATEST DATA PLOTTED WEEK ENDING* OCTOBER 8, 1976 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. DEMAND DEPOSIT COMPONENT OF MONEY STOCK COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING* 10/8/75 1/7/76 0.6 1.2 3.7 3.4 2.7 3.2 3.0 3.0 2.4 6.6 5.5 4.0 4.7 4.2 4. 1 3/3/76 4/7/76 5/5/76 11.5 7.9 5.2 5.9 5.0 4.7 10.3 5.7 6.5 5.3 4.9 -0.8 2.1 1.9 2.1 6/9/76 7/7/76 8/4/76 2.3 2.0 2.2 4.7 4.1 2.1 TO THE AVERAGE OF FOUR WEEKS ENDING* 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10/ 3/76 7/76 5/76 9/76 7/76 4/76 8/76 6/76 i http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS BILLIONS OF DOLLARS 6 20 3 17 WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED I 11 21 12 30 10 24 7 21 JAN 4 IS FEB 3 17 31 14 2S 12 26 1975 BILLIONS OF DOLLARS 9 23 7 21 4 IS JUL AUG 1 13 29 13 27 1976 LATEST DATA PLOTTED WEEK ENDING* OCTOBER 6, 1976 CURRENT DATA APPEAR IN THE BOARO OF BOVERNORS* H.S RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE MEEKLY REPORTING COMMERCIAL BANKS7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1976 AUG. 4 11 18 25 SEP. 1 8 15 22 29 OCT. 6 13 20 27 CERTIFICATES CERTIFICATES OP DEPOSIT OF DEPOSIT NOT SEAS. ADJ. SEAS. ADJ. 67.3 66.6 66.2 66.0 65.7 65.3 64.9 65.1 65.8 65.6 66.5 65.4 64.4 63.5 62.8 62.4 62.0 62.2 62.9 62.7 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 K5 --------- ------------------ BILLIONS OF DOLLARS ----- 1------------ 1--------- 1.5 18Zft 6 20 5 17 1 15 29 12 28 10 24 7 21 <1 18 3 17 31 14 28 12 28 AUG SEP JAN FEB MAR OCT NOV 1975 DEC APR MAY 9 23 7 21 JUN 1976 JUL MILLIONS 4 18 1 18 29 13 27 AUG SEP OCT LATEST DATA PLOTTED WEEK ENDING. OCTOBER 13, 1976 BUSINESS LOANS (COMMERCIAL AND BILLIONS OF DOLLARS 124 122 120 -*^s— 118 116 114 116 \ 112 10B 106 104 102 BILLIONS OF DOLLARS 124 122 120 116 - - 110 INDUSTRIAL) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED 114 - 112 - — - - - - _ COMPOUNDED ANNUAL RATES OF CHANGE, average of inc ruun crvirt(I — OCTOBER 6. 1976 FROM — THE FOUR WEEKS END INGi “ AUG. 4, 1976 100 — JUL. 7, 1976 — JUN. 9, 1976 5, 1976 96 — MAY APR. 7, 1976 JAN. 7, 1976 96 ^ ‘ OCT. 8, 1975 **1-1.1 1 1 1 1 1 1 1 1 1 1 4.2 0.7 -1.4 -0.5 -4.5 -9.0 -6.1 1 1 1 . 19715 MILL IQ .SEP. L 1.1.11. J.1.1 .1-11.1 _LLLL -111. 1 1 1 8 20 3 17 1 13 29 12 26 10 24 7 21 4 18 3 17 AUG SEP JAN FEB MAR OCT NOV 1975 NS DEC 1 1 1 1 31 14 28 12 26 9 23 APR MAY JUN 1976 1 6 15 22 29 OCT • 6 LI l 1 JJJL 110 106 106 104 ~ 102 111,276 _ 111,236 _ 111,075 111,497 “ 111,644 ~ 112,029 — 1 L.1.1 11111.' 7 21 4 16 1 13 29 13 27 JUL AUG SEP 96 OCT LATEST DATA PLOTTED WEEK ENDING. OCTOBER 6, 1976 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 FEDERAL RESERVE BANK OF ST LOUIS P. 0. BOX 442 ST. LOUIS, MISSOURI 63166 FIRST CLASS MAIL U. S. POSTAGE RETURN POSTAGE GUARANTEED PERMIT FIRST CLASS (MIL PRESORTED MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 550 BILLIONS OF DOLLARS iniiiiii 8ILLI0NS OF DOLLARS 560 = COMPOUNDED ANNUAL RATES OF CHANGE, = average of the four *keks ending = OCJOOER 6, ’976 FROM THE FOUR — WEEKS ENDINGi CREDIT CREDIT PROXY PROXY ADJUSTED l 540 520 4, 7, 9. 5. 7. 7. 8. 1976 1976 1978 1976 1976 1976 1975 540 1*2 1.8 4.3 3.3 3.3 2.9 3.5 i / CREDI T PROX 510 t ADJl STED \/T— 530 1 r- | \ 520 iniiiiii 530 = AUG. = JUL. = JUN. -MAY = APR* = JAN* = OCT. CRED! T PROX" 500 510 500 1976 BILLIONS 400 CREDIT PROXY CREDIT PROXY ____= adjusted 490 — SEP. 480 470 OCT. LLL 8 20 AUG X 3 17 SEP I 11 LLL INI I IS 2S 12 28 10 24 OCT NOV DEC 1975 LL 7 21 JAN LLL -LL J. I 4 18 FEB 1 6 15 22 29 6 JLL Ill I I I I 3 17 31 T4 29 12 28 9 23 MAH APR MAY JUN 1976 514.0 513.6 516.4 516.0 514.2 520.2 522.6 521.5 524*1 524.6 522.6 528.6 ----3 3 = *•— 11 I I II I I I 1 I I 1 I ll 7 21 Jin. 4 t« AUG 1 15 2® 13 22 SEP OCT LATEST DATA PLOTTED MEEK ENDINGi OCTOBER 6. 1978 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. " ^A?f§?^*N»!g&SIrfTgl«RC'AL PAPER- EUR000LL^ BORROWINGS OF PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 480 4/0