Full text of U.S. Financial Data : Week Ending: October 2, 1974

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Week ending: October 2, 1974
LIBRARY!
JUN

1979


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

Available data indicate that since mid-June,
the nation's money stock has risen at a 1.3 percent
annual rate while the monetary base has risen at a 5.8
percent rate. Growth of both of these aggregates has
slowed from the pace earlier in the year. From midDecember of last year to mid-June, the money stock rose
at a 6.2 percent rate and the base grew at an g 3 per­
cent rate.
Over longer periods, growth rates of the
money stock and the monetary base have been similar.
From the first quarter of 1970 to the second quarter
of this year, a period of about four and one-half years,
the money stock grew at a 6.7 percent average annual
rate while the monetary base grew at an average rate
of 7.6 percent per year.
The discrepancy between the growth rates of
the money stock and monetary base from early 1970 to
mid-1974, which is less than one percentage point,
largely is attributable to the rapid growth of time
deposits relative to demand deposits. The amount of
reserves required against time deposits has risen with
the growth of time deposits, reducing the proportion
of the monetary base available to support the demand
deposit component of money.
From the first quarter
of 1970 to the second quarter of 1974, the monetary
base less reserves required to support time deposits
rose at an average rate of 6.6 percent per year, about
the same rate of growth as the money stock over the
same period.

Prepared by Federal Reserve Bank of St. Louis
Released: October 4, 1974

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
112 ------------ 1----------1-----

BILLIONS OF DOLLARS

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

MILLIONS

1

IS 28 12 26 10 24

7 21

5 18

NOV

DEC

2 16 SO IS 27 13 27 10 24

FEB

6 22

S 18

S 17 31

MAR

14 26 11 25

AUG

8 23

SEP

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 2, 1974
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 ''REVIEW1' OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGt
10/3/73

1/2/74

2/27/74

4/3/74

5/1/74

6/5/74

7/3/74

7/31/74

11.6
9.8
8.5
8.6
7.8
7.4

9.6
7.9
8.1
7.2
6.8

5.5
6.5
5.9
5.7

6.5
5.6
5.4

6.2
5.8

4.4

TO THE AVERAGE
OF FOUR WEEKS
END 1 NGt
2/27/74
4/ 3/74
5/ 1/74
6/ 5/74
7/ 3/74
7/31/74
9/ 4/74
10/ 2/74


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

9.3
9.4
10.0
9.5
6.9
6.9
8.4
8. 1

8.6
9.7
9.0
8.3
8.3
7.7
7.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

112

MULTIPLIER v
FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULT I PL IER

RATIO
AUG.

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 25, 1974
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

100
-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
-----THE FOUR WEEKS ENDING
OCTOBER 2, 1974 FROM
- THE FOUR WEEKS ENDING:
- JUL.

JAN.

31, 1974
“1 974
1974
1974
1974
1974
1973

98

1 1.4

96

1 1.8

FEDERAL RESERVE CREDIT

___
12.3
11.4
10.1
10.3

94

92

90

ah1 MILLIONS.

88

86

1

15 29 12 26 10 24

7 21

S 19

NOV

DEC

2 16 90 19 27 19 27 10 24

FEB

MAR

1973
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 2,

8 2*

5 19

9 12 91

14 28 11

AUG

APR

25

9 29

SEP

1974
1974

1/ RATIO OF MONEY STOCK ( Ml > / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND 1’OTHER'1 ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS 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

3

DEMAND

DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL!ONS OF DOLLARS
225 ------------ 1--------- 1-----

BILLIONS OF DOLLARS
----- ---------------------- 225

214.2
214.6
234.8
214.0

I

15 28 12 26 10 24

7 21

5 19

NOV

DEC

2 16 30 13 27 13 27 10 24

FEB

MAR

8 22

5 19

APR

3 17 31

14 28 11

AUG

25

9 23

SEP

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 25, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGi
9/26/73 12/26/73 2/27/74 3/27/74 4/24/74 5/22/74 6/26/74 7/24/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74
8/28/74
9/25/74


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

5.9
6.6
6.7
5.9
6.3
5.9
5.2
4.5

4.5
5.0
4. 1
5.0
4.6
3.9
3.1

9.0
5.9
6.8
5.9
4.7
3.6

3.4
5.6
4.7
3.6
2.5

5.0
4.0
2.9
1.7

5.8
3.7
2,0

0.8
-0.6

-1.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
281.1
279.8
280.6
280.6
280.8
280.0

TO 2ND QUARTER *74

1

IS 29 12 26 10 24

7 21

5 19

NOV

DEC

2 16 SO IS 27 13 27 10 24

FEB

MAR

8 22

5 19

3 17 31

APR

14 26 11

AUG

23

9 23

SEP

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 25. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS EhDING*
9/26/73

12/26/73

2/27/74

3/27/74

4/24/74

5/22/74

6/26/74

7/24/74

6.9
7.5
7.6
7.0
7.2
6.7
6.3
5.7

5.9
6.4
5.7
6.2
5.7
5.2
4.5

9.7
7.2
7.6
6.6
5.8
4.8

5.3
6.6
5.5
4.9
3.9

5.8
4.7
4.1
3.1

5.8
4.6
3.3

2.5
1.3

0.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
2/27/74
3/27/74
4/24/74
5/22/74
8/28/7 4
7/24/74
8/28/74
9/25/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

'3.5

13.5
13.0
12.5
12.0
11.5

1 1 .5

1 1.0
10.5
COMMERCIAL PAPER

'RIME BANK
OAN RATE

10.0
9.5
9.0
8.5

CORPORATE AAA BONDS

8.0
7.5
7.0
6.5
6.0
5.5
5.0

MUNICIPAL

4.5

3

17 31

14 26

12 26

9 23

7 21

4

16

JAN

I

15

1

15 29 12 26 10 24

7 21

5 19

2

16 30 13 Z7

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. OCTOBER 4,

AUG.

SEP.

OCT.
,

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

i_______________

25

FEB

1973

1974

11

90 DAY
co's mm

PRIME
COMMERC1AL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

11.99
12.05
12.11
12.24
12.48
T2.30
12.00
11.89
11.16
10.87

11.23
11.48
11.63
11.80
11.85
11.72
11.63
11.25
10.58
10.25

12.00
12.00
12.08
12. 16
12.10
11.79
11.46
10.95
10.36
9.85

1974

CORPORATE
BONDS

MUNICIPAL
BONDS 4SK

8.86
8.93
8.98
9.03
9.08
9. 13
9.20
9.29
9.32
9.34

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

Aaa

i
- _

J

* AVERAGES OF RATES AVAILABLE.
KB* BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
*** 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
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

14-.0
13.5
15.0
12.5

12.0
11.5

11.5

11.0
10.5

FEDERAL FUNDS RATE

10.0
0.5

».0
8.5
8.0
7.5

DISCOUNT RATE

7.0
8.5

9 17 SI 14 MUM

0 29

7 21

4 IS

I IS

JAN

FEB

1 IS 29 12 26 10 24

5 19

2 IS SO IS 27 M 25

0

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOINGt OCTOBER 4, 1974

1874
AUG.

2
9
16
23
30
SEP.
6
13
20
27
OCT.
4 x
11
18
25

FEDERAL
FUNDS MS

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

7.84
8.75
8.75
9.29
9.37
•• 34
9.10
7.64
6.81
6.53

8.55
8.59
8.58
8.69
8.69
8.61
8.52
8.35
8.14
8.12

7.24
7.31
7.35
7.30
7.36
7.33
7.31
7.31
7.27
7.29

* AVERAGES OF RATES AVAILABLE.
** §£¥f!fc?AY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
410
400
390

TOTAL TIME DEPOSITS
380
370
360
350
340
330
320
310
NET TIME DEPOSITS*
300
290

1

15 28 12 26 10 24

7 21

5 t9

NOV

DEC

2

16 90 19 27 19 27 10 24

FEB

MAR

8 22

5 18

3 17 91

14 28 11

25

8 29

APR

1973

1974

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 25, 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END INGt
9/26/73

12/26/73

2/27/74

3/27/74

4/24/74

5/22/74

6/26/74

7/24/74

14.4
13.3
12.4
11.6
11.7
11.4
11.3
10.7

13.3
11.7
10.6
10.9
10.7
10.6
9.9

7.2
6.8
8.4
8.5
8.8
8. 1

6.5
8.7
8.7
9.0
8.2

9.4
9.3
8.5
8.5

10.8
10.5
9.0

9.5
7.8

7.3

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74
8/28/74
9/25/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
700 r---------- ---------- -----

BILLIONS OF DOLLARS
----- --------------------3 700

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

1

15 29 12 26 10 24

7 21

5 19

NOV

DEC

2 16 90 IS 27 19 27 10 24

FEB

MAR

6 22

9 19

9 17 91

APR

14 2« 11 25

AUG

9 29

SEP

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 25. 1074
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
*MMz IS DEFINED ASi CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
9/26/73

12/26/73

2/27/74

3/27/74

4/24/74

5/22/74

6/26/74

7/24/74

10.7
10.5
10.1
9.4
9.5
9.2
8.9
8.3

9.7
9.2
8.3
8.7
8.3
8.0
7.3

8.3
7.0
8.0
7.6
7.4
6.5

5.9
7.7
7.2
7.0
6.1

7.7
7.1
6.9
5.9

8.4
7.7
6.2

6.2
4.6

4.1

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
2/27/74
3/27/74
4/24/74
5/22/74
6/26/74
7/24/74
8/28/74
9/25/74


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
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
92
90
88
86

84
82
80
78
76
74
72
70
68
66

64
1

ts 29 12 26 10 24

7 21

5 19

2

16 30 15 27 13 27 10

FEB

MAR

8 22

5 18

APR

3 17 31

14 28 11

AUG

1973

23

8 23

SEP

1974

LATEST DATA PLOTTED WEEK END I MGi SEPTEMBER 25, 1974
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.

TBHEY AND T1ME_J> a

1974
AUG.

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

>■'£».

BILLIONS
NET TIME
CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
DEPOS1 TS 36
NOT SEAS. ADJ.
86.0
86.9
87.8
88.4
88.4
88.9
88.2
89.1

84.9
84.7
84.6
84.4
85.0
85.9
85.8
86.4

320.5
321.5
321.3
322.0
322.2
322. 1
322.5
322.2

M2 3M6
601.5
602.7
602.4
601.8
602.8
602.7
603.2
602.2

* SEE FOOTNOTE PAGE 8.
30* SEE FOOTNOTE PAGE 9.


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

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

BILLIONS OF DOLLARS
4.5

iaz± MILLIONS
AUG. 28
SEP. 4

4.0

3535
3.5

3085
OCT.

2

3.0
3218
2.5

2.0

BORROWINGS

1.5
1.0
1

13 28 12 26 10 24

7 21

5 18

NOV

DEC

2 16 30 13 27 13 27 10

FEB

MAR

6 22

3 18

3 17 31

APR

14 26 11

AUG

23

8 23

0.5

SEP

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 2, 1974

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134

" COMPOUNDED ANNUAL RATES
— OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
SEPTEMBER 25. 1874 FROM
_ THE FOUR WEEKS ENDING. '
—JUL.
_ JUN.
MAY
APR.
“ MAR.
— DEC.
— SEP.

24,
26,
22,
24,
27,
26,
26,

1974
1974
1974
1974
1974
1973
1973

15.8
25.4
20.2
20.9
27.8
24.9
18.8

132
130

.

128

-

126
124
122

BUSINESS LOANS

120
118
116
114
112
AUG. 21

110
108
106

I I I I
1

13 28 12 26 10 24

7 21

5 18

NOV

DEC

2 16 30 13 27 13 27 10 24

FEB

MAR

APR

6 22

5 18

3 17 31

14 26 11

AUG

25

8 23

0

SEP

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 25, 1974


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

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

- COItf’OUNDEO ANNUAL RATES OF CHANGE,
- AVERAGE OF THE FOUR WEEKS ENDING
r SEPTEMBER 25, 1974 FROM THE FOUR
- WEEKS ENDINGt
CREDIT
CRED IT
PROXY
=
.PROXY
ADJUSTED
:: JUL
— JUN

1974

495

485

CREDIT PROXY ADJUSTED

- APR

10.S
475

465

455

BILLIONS
CREDIT

JE8PXY.
CREDIT PROXY

CREDIT
PROXY
ADJUSTED

445

479.1
478.3

479.6

490.3
491.6
490.3
488.9

480 7

479.9

1

13 29 12 28 10 24

7 21

3 18

NOV

DEC

2 16 30 13 27 IS 27

FEB

MAR

10 24

« 22

1973
1974

CURRENT DATA APPEAR

14 26 11 25

AUG

H.9 RELEASE.

IN THE BOARD OF GOVERNORS1

INCLUDES MEMBER BANK DEPOSITS. BAUC-REl-ATED COMMERCIAL PAPER,
U.S. BAMCS, AND CERTAIN OTHER NONDEPOSIT SOURCES.


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

3 IT 31

9 23

SEP

1974

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 25.

1/

S 19

APR

435

EURODOLLAR BORROWINGS OF

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS