Full text of U.S. Financial Data : Week Ending: October 16, 1974

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

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Federal Reserve Bank of St. Louis

Week ending: October 16r 1974

The monetary base has risen at about a 6.6 percent
annual rate since early June. This recent pace is not slow
by comparison to the 4 percent average rate of increase during
the 1960s, but does represent a slowdown from the very rapid
9 percent rate of rise from early October a year ago to early
June. On balance for the past year, the monetary base has
risen about 8 percent. Growth of Federal Reserve credit, the
chief source of the monetary base, has been at a 9 percent
rate since early June and at about the same pace for the
past year.
In spite of continued substantial growth in the mone­
tary base in the past four months, growth of the money stock
has slowed to a 2 percent annual rate since early June. This
is a marked slowdown from the 7.4 percent rate of increase in
the previous eight months. Over the past year growth of the
money stock has been 5„5 percent.
Until recently, growth rates of the monetary base
and the money stock have been similar over twelve-month periods.
A spread as wide as the 2-1/2 percentage points between the
growth rate of the monetary base and the growth rate reported
for the money stock over the past twelve months has rarely
occurred over twelve-month periods in the past.
Net time deposits have risen at an 8.7 percent rate
since early June, compared to an 11.4 percent rate in the pre­
vious eight months. The outstanding volume of large certifi­
cates of deposit rose rapidly during July and August, but
leveled off in September. Total time deposits show substantial
variations in growth during the past year primarily because of
sharp variations in the growth of large CDs outstanding.
On
balance, however, total time deposits have risen slower since
early June than in the previous eight months.

Prepared by Federal Reserve Bank of St. Louis
Released: October 18, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----- ---------- ------------- HZ

MILLIONS

— OCT.

I

15 29

12 26

I I I

10 24

J_l_i_i_I_I_i_I_1—1_I_I_I_I_I_I_I_I_L
7

21

5

19

2

16 30

13 27

13 27

10 24

5

19

3

17 31

14 26

11

25

9 23

1973
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 16.

1974

USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOMvfEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS.
FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 "REVIEW” OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/17/73

1/16/74

3/13/74

4/17/74

5/15/74

6/19/74

7/17/74

8/14/74

9.0
9.2
9.4
8.9
8.9
8. 1
8. 0
8.2

7.7
8.5
7.9
8.0
7.0
7.0
7.3

10.5
8.8
8.8
7.3
7.2
7.6

8. 1
8.4
6.5
6.6
7.1

7.2
5. 1
5.6
6.4

4.7
5.6
6.6

4. 1
5.9

8.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/13/74 .
4/17/74
5/15/74
6/19/74
7/17/74
8/14/74
9/18/74
10/18/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

MULTIPLIER

BALLS.

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 9, 1974
BILLIONS OF DOLLARS
IQO r---------- 1---------- 1-----

BILLIONS OF DOLLARS

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

COMPOUNDED ANNUAL RATES
minvcnnMC
ur
THE FOUR WEEKS
ENDING
uuiwBHt
, r mi ENDING
t rnw
THE FOUR ib
WEEKS

FEDERAL RESERVE CREDIT
— APR.

17

1974

10.8

lflll

1 15 29 II 29 10 24

7 21

S 19

NOV

DEC

2 19 90 15 27 19 27 10 24
FEB

MAR

APR

9 22

9 19

millions

3 17 51 14 29 11 25
AUG
SEP

9 25

1973
LATEST DATA PLOTTED WEEK ENDING. OCTOBER IB,

1974

1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES. LOANS. FLOAT AND 11 OTHER11 ASSETS
OaSSeI S°8«!^"T gSmE'sEASoSSa? *DJ5lTEi^¥E¥;fs0BAI«?


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

ADJUSTED FOR

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

100

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
225

BILLIONS
215.2
21 4.6
214.8
21 4.0
214.9
213.7

220

215

210

205

I

15 29

12 20

10 24

7 21

5

19

2

10 30

13 27

FEB

13 27

MAR

10 24

6 22

S

19

3

17 31

14 28

11

25

9 23

APR

1973

1974

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 9,

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/10/73

1/9/74

3/6/74

4/10/74

5/8/74

6/12/74

3.9
5.0
5.0
4.2
3.2
2.4

6. 1
5.8
4.5
3.3
2.3

6. 1
4.4
2.9
1.8

2.8
1.3
0.3

7/10/74

8/7/74

TO THE AVERAGE
OF FOUR WEEKS
END 1NGi
3/ 8/74
4/10/74
5/ 8/74
6/12/74
7/10/74
8/ 7/74
9/11/74
10/ 9/74


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

7.4
6.5
6.3
6.4
6.3
5.7
5.0
4. 4

4.3
4.4
5.0
5.0
4.4
3.6
2.9

-0.3
-1.1

-1.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
290 ------------------------ ,-----

BILLIONS OF DOLLARS
----- ---------- ------------- 290

8 ILL IONS
280.9
280.6
280.8
280.0
280.7
280.3
6.7/C TREND LINE
FROM 1ST QUARTER '70
TO 2ND QUARTER ‘74

AUG

SEP

OCT
1973

NOV

DEC

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 9,

MAR

5

APR

19

3

IT 31

H 2«

AUG

1)

25

9 23

SEP

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS
ENDING:
10/10/73
1/9/74
3/6/74 4/10/74
5/8/74 6/12/74 7/10/74
8/7/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 6/74
4/10/74
5/ 8/74
6/12/74
7/10/74
8/ 7/74
9/11/74
10/ 9/74


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

7.9
7.4
7.3
7.4
7. 1
6.5
6.0
5.5

5.9
6. 1
6.4
6. 1
5.5
5.0
4.4

6.0
6.5
6. 1
5.3
4.6
3.9

7. 1
6.4
5.2
4.4
3.7

6.2
4.7
3.9
3. 1

3. 1
2.6
1.9

1.7
1.0

0.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
rq 13.5

13.0
90 DAY CD

10.5
COMMERCIAL PAPER

RIME SANK
OAN RATE

CORPORATE

Aaa

BONDS

MUNICIPAL
BONDS m*

S 17 31

14 26 12 26

9 23

7 21

JAN

1 13
FEB

I

15 29 12 26 10 24

7 21

3 19

2 16 30 13 27 11

23

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. OCTOBER 18. 1974

1974
AUG.

SEP.

OCT.

2
9
16
23
30
6
13
20
27
4
1 1
18 X
25

90 DAY
CD'S MWK
11.99
12.05
12.11
12.24
12.48
12.30
12.00
11.89
11.16
10.87
10.28
9.96

PRIME
COMMERCIAL
PAPER
4-6 MONTH
11.23
11.48
11.63
11.80
11.85
11.72
11.63
11.25
10.58
10.18
9.70
9.32

PRIME
BANKERS'
ACCEPTANCES
12. 00
12.00
12.08
12.16
12.10
11.79
11.46
10.95
10.36
9.79
9.61
9.37

CORPORATE
Aaa BONOS

MUNICIPAL
BONOS *K

8.86
8.93
8.98
9.03
9.08
9. 13
9.20
9.29
9.32
9.37
9.38
9.32

6.70
6.58
6.61
6.73
6.91
6.88
6.79
6.76
6.62
6.68
6.52
N.A.

* AVERAGES OF RATES AVAILABLE.
*6 BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
«B» 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 SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
M.O
13.5
13.0
12.5

12.0
11.5

11 .0
10.5

FEDERAL FUNDS RATE

10.0
9.5
9.0
8.5

THREE-MONTH TREASURY
BILL MARKET YIELD

8.0
7.5

DISCOUNT RATE

7.0
6.5

S

17 31

14 26

12 26

4

DEC

16

JAN

1

13 20

12 26

10 24

FEB

7 21

3

16

JUN

JUL

2

16 30

13 27

SEP

II

23

0

OCT

1873
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOINGi OCTOBER 18. 1974

1974
AUG.

SEP.

OCT.

2
9
16
23
30
6
13
20
27
4
1 1
18 X
25

FEDERAL
FUNDSm

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

12.29
12.09
12.02
12.23
11.84
11.64
11.48
11.41
11.12
11.04
10.43
10.11

7.84
8.75
8.75
9.29
9.37
9.34
9. 10
7.64
6.81
6.64
7.24
7.73

8.55
8.59
8.58
8.69
8.69
8.61
8.52
8.35
8.14
8.13
7.98
7.98

7.24
7.31
7.35
7.30
7.36
7.33
7.31
7.31
7.27
7.31
7.27
7.22

____________

* AVERAGES OF RATES AVAILABLE.
4M SEVEN-DAY AVERAGES FOR WEEK END ING WEDNESDAY TWO DAYS EARL IER
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

THAN DATE SHOWN.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL IONS OF DOLLARS
420

BILLIONS OF DOLLARS
420

-

410

mm,

410

03
400

400

—

390
380

TOTj4L TIME DEPO. JITS

z

380

370
360

370
z

~

360

—1

350
340

390

-

350

-

—

z

340

—

330

330
^

-

3Z0

320

z
310

310

--------- j-----------~

NET TIME D EPOSI rs *

300
290

300

z
jxl!

fl 111

Mil Mill

111

1 1 1

MM

290

JJ. .1 -1 1 1

1111
8 22

AUG

SEP

OCT
1973

NOV

DEC

JAN

FEB

MAR

APR

MAY

1 1 1 JJ. 1 1 -111. -ill
5 19

JUN
1974

3

17 31

JUL

H 28 11

AUG

25

SEP

8 23

OCT

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 9, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*NET TIMEDEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
£f5L,,Ll.9$TISo0^t>£P0S 1t 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:
10/10/73

1/9/74

3/6/74

4/10/74

5/6/74

8/12/74

7/10/74

8/7/74

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
3/ 6/74
4/10/74
5/ 8/74
6/12/74
7/10/74
8/ 7/74
9/11/74
10/ 9/74


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

14.4
12.6
12.0
11.4
11.6
11.4
10.9
10.5

1 1.6
10.7
10. 1
10.5
10.4
9.9
9.5

6.5
7.0
8.4
8.5
8.3
7.9

7.9
9.5
9.5
9.0
8.4

10.2
10.0
9.2
8.5

11.2
9.7
8.7

8.3
7.4

6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY F I C'JRES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
700
690
680

MONEY STOCK PLUS TOTAL TIME DEPOSITS
670
660
630
640
630
620
610
600
590
-3 580
MONEY STOCK PLUS NET TIME DEPOSITS**

570
560
550

1

15 29

12 20

10 24

7 21

5

NOV

DEC

19

2

16 30

13 27

FEB

13 27

MAR

10 24

6 22

5

19

3 17 31

14 28

11

25

9 23

APR

1973
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 9, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
**MS IS DEFINED AS: CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS ( M 2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/10/73

1/9/74

3/6/74

4/10/74

5/8/74

6/12/74

7/10/74

8/7/74

11.3
10. 1
9.8
9.5
9.4
9.0
8.6
8. 1

8.9
8.5
8.4
8.4
8.0
7.6
7.0

6.3
6.9
7.3
6.9
6.6
6.0

7.6
8.0
7.4
6.8
6. 1

8.3
7.4
6.7
5.9

7. 1
6.3
5.4

5. 1
4.3

3.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 6/74
4/10/74
5/ 8/74
6/12/74
7/10/74
8/ 7/74
9/11/74
10/ 9/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
92
90
88
86
84
82
80
78
78
74
72
70
68

66
64
1

15 29 12 29 10 24

T 21

5 19

NOV

DEC

2 16 SO 13 27 15 2T 10 24

9 22

1973

5 19

5 IT 51

14 25 II

25

9 25

1974

LATEST DATA PLOTTED WEEK END INC. OCTOBER 9, 1074
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TlfcC CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 5100.000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
_____

1974
AUG.

SEP.

OCT.

7
14
21
28
4
1 1
18
25
2
9
16
23
30

_____m&r m the deposit "data—

BILLIONS
CERTIFICATES CERTIFICATES
NET TIME
OF DEPOSIT
OF DEPOSIT
DEPOSITS*
NOT SEAS. ADJ.
86.0
86.9
87.8
88.4
88.4
88.9
88. 1
89. I
89.5
89.0

84.9
84.7
84.6
84.3
85.0
85.9
85.8
86.4
86.4
85.3

320.5
321.5
321.3
322.0
322.2
322. 1
322.5
322.2
323.4
324.7

~

M2

MR

601.5
602.7
602.4
601.8
603. 1
602.7
603.2
602.2
604. 1
605.0

* SEE FOOTNOTE PAOE 8.
*5 SEE FOOTNOTE PAGE 9.
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
4.5

iar±

btu.L i.qns
SEP. n 3085
18 2921
OCT.

2
9
16

4.0
3.5

3218
2245
1745

3.0
2.5

2.0
1.5

1.0
1

IS 28 12 26

10 24

7 21

5

NOV

DEC

18

2

16 SO 13 27

13 27

6 22

5 18

3

17 31

14 26

AUG

11

25

8 23

0.5

SEP

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 18, 1974

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

1ONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
----- ---------- ------------- 132

- COMPOUNDED ANNUAL RATES
— OF CHANGE, AVERAGE OF
i bit ENDING
rmm
— vwiwout
THE FOUR a,WEEKS

19.2
17.2
JAN

1

15 28

23.9

12 26

10 24

7 21

5

NOV

DEC

18

2

16 SO

13 27

FEB

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 9,


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

13 27

MAR

10 24

APR

6 22

5

18

3

17 31

14 26

AUG

11

25

8 23

SEP

1974
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
505

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 9, 1974 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED

495

485

CREDIT PROXY ADJUSTED
11.9

11.8

JAN.

475

465

455

CREDIT

PROXY
CREDIT PROXY

1

15 29 12 26

10 24

7 21
NOV

5 19
DEC

2 16 30 15 27 13 27 10 24
FEB
MAR
APR

479.9
481.0
480.7
479.9
481.9

8 22

1973

1/

12

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Federal Reserve Bank of St. Louis

3 17 31

445

490.4
491.6
490.8
455

4 28 1
23
AUG
SEP

9 23

1974

LATEST DATA PLOTTED WEEK END INGi
CURRENT DATA APPEAR

3 19

CREDIT
PROXY
ADJUSTED

OCTOBER 9.

1974

IN THE BOARD OF GOVERNORS’

H.9 RELEASE.

INCLUDES MEMBER BANK DEPOSITS, BA18C-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS