Full text of U.S. Financial Data : Week Ending: October 17, 1973

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Week ending: October 17, 1973
juwsr

The nation's money stock has declined slightly in the
past three months, following a rapid rise in the previous three
months.
Money has increased 5 percent in the past year, below
the 6.3 percent average growth rate from 1967 to 1972. The mone­
tary base has increased at a 4.3 percent rate in the past three
months, compared with an average growth rate of 6.1 percent from
1967 to 1972.
The volume of outstanding large certificates of deposit
(CDs) has declined in recent weeks after increasing rapidly in the
first eight months of 1973. The outstanding volume of large CDs
rose from $43.2 billion on average in December 1972 to $67.4
billion in mid-August. Since mid-August the volume of large CDs
has declined to $63.9 billion in the week ended October 10. The
recent decline in large CDs probably reflects both an increased
marginal reserve requirement on certain time deposits and some
slackening in the rate of increase in the demand for bank loans as
shown in recent bank business loan data.
In the past two months,
business loans have increased at a 5.8 percent rate, compared with
a 34 percent rate in the previous eight months.
The recent slower growth in business loans at commercial
banks probably reflects to some extent the change in the cost of
borrowing from banks relative to other sources of funds. Evidence
of a shift from bank loans to other credit instruments is reflected
in the recent increase in the volume of commercial paper. Total
commercial paper has increased to $38.1 billion in the week ended
October 3, up from $35.5 billion two months earlier. From December
to August, a period when yields on four- to six-month commercial
paper averaged about 40 basis points above the prime bank loan
rate, the volume of commercial paper was unchanged on balance. Cur­
rently, yields on commercial paper are about a percentage point
below the prime rate.


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

Prepared by Federal Reserve Bank of St. Louis
Released: Octoberl9, 1973

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

104
MILLIONS

102

100

98

96

94

2 16 30

13 27

11

25

8 22

6 20

3

17 31

14 ?«

FEB

14 26

MAR

11

2S

9 23

6 20

4 16

1

15 29

IZ

26 10 24

APR

LATEST DATA PLOTTED WEEK ENDING; OCTOBER 17, 1973
USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
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 QF FOUR WEEKS ENDING;
10/18/72

2/14/73

3/14/73

4/18/73

5/16/73

6/20/73

9.7
8.3
8.7
7,2
6.5
6.8

7.1
8.0
6,2
5.7
6. 1

7.7
5.5
5.0
5.7

5.2
4.7
5.6

7/18/73

8/15/73

TO THE AVERAGE
of Four weeks
ENDING;
3/14/73
4/18/73
5/16/73
6/2Q/73
7/18/73
8/15/73
9/19/73
10/17/73


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

9.3
9.5
9.4
8.9
9.0
8.2
7.7
7.8

13.0
11.6
10.0
10.0
8.5
7.7
7.9

PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS

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

RATIO

RAT Id*

MULTIPLIER

• 2.5
1973

RAT I 0

12

19
26

2.611

21592
2.560
2.576

llLllllLu
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
BILLIONS OF DOLLARS
94------ ,----- ,----- ,------ n----- ------ ----- ---92

BILLIONS OF DOLLARS

-- ---- -----

COMPOUNDED ANNUAL RATES
__ OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
_ OCTOBER 17, 1973 FROM
THE FOUR WEEKS ENDING:
AUG.
JUL.
JUN.
-- MAY
APR.
MAR.
__ OCT.

FEDERAL RESERVE CREDIT

1 973

-

-5.0
-0.9

1973

2 16 90 19 2T 11 25

6 22

6 20

9 IT 91 H 28 14 28 11 25

9 29

6 20

MILLIONS

1 I 1 I I I
1 15 29 12 26 10 24

1973
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 17, 1973
1/ RATIO OF MONEY STOCK * Ml > / MONETARY BASE.
2/ DEFINED TO I'NGLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND ''OTHER'1 ASSETS ADJUSTED FOR
RETIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEpfisiTS AMONG °
CLASSES OF BANKS,
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

94

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
215

BILL IONS
SEP.
204.0
203. 5
201.7
204.6
203.0

210

205

200

195

2

18 30

13 27

11

25

8 22

6 20

3

17 31

4 28

FEB

14 28

11

25

9 23

6 20

4

18

1

15 29

1Z 26

10 24

MAR
1973

1972
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
CURRFNT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt
10/11/72

2/7/73

3/7/73

4/11/73

5.7
4.0
4.3
5.9
6.5
5.9
5.0
4.2

2. 1
3.3
6. 7
7.5
6.4
5.0
3.7

1 .2
6.3
7.4
6.0
4.5
3. 1

11.5
11.5
8.7
6.2
4:3

5/9/73

6/13/73

7/11/73

5.6
2.6
0.6

-1.1
-2.5

8/8/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 7/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/ 8/73
9/12/73
10/1Q/73


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

14.0
9.5
6.2
3.9

-3.6

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF .DOLLARS

BILLIONS OF DOLLARS
275

BHUQNS
263.8
264.0
263.6
261.7
264.6
263.6

270

265

260

255

250

2 16 30 13 27

II

25

6 22

6 20

3 17 31

14 26 14 26 11

FEB

MAR

0 23

APR

6 20

4 16

JUN

JUL

15 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 10, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/11/72

2/7/73

3/7/73

4/11/73

5/9/73

6/13/73

7/11/73

5.1
2.9
1.6

0.0
-0.8

8/8/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 7/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/ 8/73
9/12/73
10/10/73


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

6.5
5.3
5.7
6.8
7.1
6.5
5.8
5. 1

4. 1
5.4
7.8
8. 1
6.9
5.7
4.7

3.6
7.3
7.8
6.5
5.2
4.1

11.5
11.0
8.4
6.4
5.0

12.2
8.5
5.9
4.3

-1.3

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

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

2 16 SO 13 27 II

25

• 22

6 20

S 17 SI

14 2« 14 2« 11

FEB

MAR

25

0 23

APR

6 20

4 14

JUN

JUL

LLLLJ
1 IS 29 12 H 10 24

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 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 0100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/11/72

2/7/73

3/7/73

4/11/73

5/9/73

B/13/73

7/11/73

11.1
10.5
10.6
10.4
9.8
9.8
10.2
10. 1

8. 1
9. 1
9.2
8.3
8.5
9.3
9.3

9.6
9.5
8.4
8.6
9.5
9.5

10.2
8.5
8.6
9.7
9.8

7.3
7.8
9.4
9.5

6.9
9.4
9.5

11.6
11.1

8/8/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 7/73
4/11/73
5/ 9/73
8/13/73
7/11/73
8/ 8/73
9/12/73
10/10/73


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

11.9

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
630
620
610

MONEY STOCK PLUS TOTAL TIME DEPOSITS
600
= 590
= 580
= 570

540
530
MONEY STOCK PLUS NET TIME DEPOSITS
520
510
2 16 30 13 27 II

25

• 22

6 20

3 17 31

M 26 14 26 11

FEB

MAR

25

9 23

APR

6 20

JUN
1973

4 16

I

15 29 12 26 10 24

JUL

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
CURRENT DATA APPEAR TN THE BOARD OF GOVERNORS* H.<6’ RELEASE,
38* M* 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:
10/11/72

2/7/73

3/7/73

4/11/73

5/9/73

6/13/73

7/11/73

8/8/73

6.8
8.5
8.2
7.5
7.4
6.9

10.8
9.7
8.5
8.1
7.4

9.6
8.0
7.7
6.9

5.9
6.3
5.6

5.8
5.1

5.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 7/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/ 8/73
9/12/73
10/10/73


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

8.9
8.0
8.2
8.7
8.6
8.2
8.0
7.7

6. 1
7.2
8.4
8.2
7.6
7.5
7. 1

PREPARED BY FEDERAL RESERVE BANK OF ST.

^OUIS

0

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
btAbUNALLT

BILLIONS OF DOLLARS
70 ----- -i----- ----

AUJUblLU

BILLIONS OF DOLLARS

--- ---- ---- 70

3M i V

iT8 Y

f

15 29

AUG

SEP

OCT
1972

NOV
JWL

DEC

JAN

FEB * MAR

APR

MAY

12 26

10 24

JUN
1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
■
EYg: .or RgaoTA?
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
A **?

-*

/vfti- r'f

..... - - _

'

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

MONEY AND TIME DEPOSIT DATA
i SM. 1 t5! liL'i CERTIFICATES
OF DEPOSIT
1973

BILLIONS
net Time
DEPOSITS *

M2 m

:3MI€W3 2X3J*
er\8\a

A.5

s\‘\ i

1
8
15
22
29
SEP.
5
12
19
26
OCT.
3
r, 10
17
24
a 3i

65.5
66.2
67.3
67.4
67.6
67. 1
67.4
68. 1
66.9
64.9
63.9

\ AUG.

T.T
8.3

2,8
F.8
A. \

548.4
549. 1
550.3
552. 1
550.2
552.2
551.9
551.6
550.8
555.0
555. 1

284.6
285.5
285.9
287.2
287.3
288. 4
287.9
288. 1
289. 1
290.3
291.5
3* \
Kt
9 .8

f .\

* SEE FOOTNOTE PAGE 6.
** SEE FOOTNOTE PAGE J.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

?.<U0.- ,Tg 30 JlMAfi 3VR323R JAP3Q33 NS GSRAS.SfiR


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

D11
455

445

435

CREDIT PROXY ADJUSTED 1/
425

415

405

CREDIT PROXY

395

385

2

16 30

13 27

11

25

6 22

6 20

3

17 51

14 26

FEB

14 28

1

15 29

12 26

10 24

MAR
1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
W ,I1NSLUS!?»,“EM6ER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1973

BILLIONS

5
12
19
26
3
10


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

CREDIT
PROXY

CRED1T
PROXY
ADJUSTED

437.9
439.8
439.0
437.3
440.6
439. 1

445. 2
446.7
446.6
444.7
447.6
446. 1

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 10, 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
AUG.
JUL.
JUN.
MAY
APR.
MAR.
OCT.

8,
1 1 .
13,
9,
11.
7,
11.

1973
1973
1973
1973
1973
1973
1972

9.3
8. 1
9.2
9.5
9.6
11.2
12.0

10. 1
9. 4
10.3
10.6
10. 7
12.2
1 2.6

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY*

PERCENT
9.5 --

PERCENT
-- 9.5

9.0

8.5

CORPORATE AAA BONOS

THREE-MONTH TREASURY
BILL MARKET YIELD

MUNICIPAL
BONDS seas

DISCOUNT RATE

4 18

1

AUG

SEP

15 29 13 27

OCT
1972

10 24 8 22

NOV

DEC

5 19

2

JAN

FEB

16

2

16

MAR

30 13 27

APR

II

MAY

25 8 22

6 20

3 17 31

JUN
1973

JUL

AUG

14 28 12 26

SEP

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; OCTOBER 19, 1973

1973
AUG.

SEP.

OCT.

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

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECUR1T1ES

MUNICIPAL
BONDS KX

7.53
7.61
7.71
7.77
7.73
7.64
7.63
7.65
7.60
7.59
7.56
7.56

8.30
8.70
8.88
8.71
8.62
8.80
8. 94
8.38
7. 13
7.42
7. 14
7.22

8.02
8.16
7.80
7.50
7.35
7.27
7.45
7. 10
6.85
6.87
6.77
6.80

6.90
6.97
6.83
6.74
6.62
6.45
6.52
6.43
6. 28
6.27
6.20
6.26

5.59
5.58
5. 47
5.44
5.34
5.18
5.18
5.05
5.00
5.04
4.99
N. A.

i .

-.

* AVERAGES OF RATES AVAILABLE.
USE BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
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

no

11.0

10.5

10.0

10.0

9.5

9.0

8.5

6.0
7.5

7.0

FEDERAL FUNDS RATE
PRIME BANK
LOAN RATE

6.5

6.0
COMMERCIAL PAPER
5.5

5.0

4.5

4 16

15 29

15 27

10 24

5

19

2

16

2

16 30

1972

13 27

11

25

8 22

6 20

3

17 31

14 28 12 26

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 19, 1973


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

1973
AUG.

SEP.

OCT.

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

PRIME
COMMERC1AL
PAPER
4-6 MONTH

FEDERAL
FUNDS *k

PRIME
BANKERS’
ACCEPTANCES

9.88
10.05
10.25
10.25
10.45
10.38
10.48
10.45
9.65
9.38
9. 13
9. 00

10.57
10.39
10.39
10.52
10.79
10.79
10.74
10.80
10.84
10.72
9.87
10.07

9.85
10.15
10.25
10.25
10.25
10.25
10.35
10.43
9.75
9.50
9.28
9. 00

90 DAY
s see

cd*

10. 14
10.52
10.81
10.71
10.93
10.93
10.90
10.97
10.37
9.63
9.70
9. 36

_____
* AVERAGES OF RATES AVAILABLE.
KM£ FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR 'N
THE BOARD OF GOVERNORS’ H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.
PREPARED BY FEDERAL RESERVE BANK OF ST.

.OH’S

0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
billions of

IN THE NATION

AVERAGES OF DAILY FIGURES

DOLLARS

billions of dollars

3.0
1311

MHUQNS.

SEP. 12
19
26
3
10
17

1488
1707
2191
1519
1355
1168

BORROWINGS

j I I I
2 16 30 13 27 11 25

SEP

6 22

6 20

3 17 31 14 ?8 14 28 11 25

FEB

OGT
1972

9 23

6 20

4 16

1

15 29 12 26 10 24

MAR
1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 17, 1973

BUSINESS LOANS

( COMMERCIAL AND
BILLIONS OF DOLLARS

\

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

“ COMPOUNDED ANNUAL RATES OF CHANGE
—AVERAGE OF THE FOUR WEEKS ENDING
BUS I NESS
BUS I NESS
LOANS
LOANS
ADJUSTED
BUSINESS LOANS ADJUSTED 1/
—JUL. 11
15.8

20.2

21.4

MILLIONS
BUSINESS LOANS

2 16 50 13 27 11 25

8 22

6 20

3 17 31

14 28 14 28 11 25

BUS I NESS
BUSINESS
LOANS
LOANS
ADJUSTED

9 23

6 20

1

15 29 12 26 10 24

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 10, 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.

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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS