Full text of U.S. Financial Data : Week Ending: October 21, 1970

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

/

U.S. fUlRflCIRL ORTH
^frreo

LIBRARY

Week ending: October 21 r 1970

The nation's money stock, consisting of demand
deposits and currency in the hands of the public, has
increased at a 5 per cent annual rate since the four weeks
ending March 11, a period of seven months, compared with
a slower 2.7 per cent rate in 1969 (page 5). Monetary
growth over a period of several months has usually exert­
ed considerable influence on the growth of total spending,
and the recent more rapid monetary expansion might be
expected to stimulate the rate of growth of total spend­
ing in the near future (see "A Monetarist Model for
Economic Stabilization" in the April 1970 Review of this
Bank).
Other monetary aggregates which largely deter­
mine the growth of money have continued to increase at
relatively rapid rates. Total member bank reserves have
increased at an 11 per cent annual rate in the past seven
months, compared with little change in 1969 (page 3).
Federal Reserve credit, the aggregate over which the
Federal Reserve System has the most direct control, has
increased over the past seven months at an 8 per cent
rate, compared with a 3 per cent rate in 1969 (page 2).


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

The total volume of commercial paper outstand­
ing (short-term unsecured promissory notes issued by busi­
ness firms and sold to investors either directly or through
dealers) declined from $39 billion in June to an average
of $35 billion in September (page 6). By comparison,
this class of security more than doubled from May 1968
to May 1970. Bank-related paper accounted for about twothirds of the total decline. The new reserve requirement
placed on funds obtained by member banks through their
affiliates makes this channel of attracting funds much
less attractive than formerly.
The volume of large certificates of deposit at
large commercial banks continued to rise sharply in
September (page 6). These deposits increased from $10.6
billion in January to $21.6 billion in September, and have
increased $8 billion in the last three months alone. In
contrast, CD's declined about $13 billion from December
1968 to January 1970. The growth of CD's has been due
largely to the decline of competitive market rates relative
to maximum ceiling rates. This changing relationship
has been brought about by declining market interest rates
and the raising of Regulation Q ceilings in January and
their complete suspension on short-term CD's in June.

Prepared by Federal Reserve Bank of St. Louis

Released: October 23,1970

ill

MONETARY BASE
FEDERAL RESERVE CREDIT 12
Averages of Daily Figures

s of Dollars

84

83

Monetary
Base
Aug. 19, 1970
July 22, 1970
June 24, 1970
May 20, 1970
Apr. 22, 1970
Mar. 18, 1970

82

81

84

Credit

+ <,.3

+ /<2.V

9-4.7
V-4.7
f¥ 7

-hiJ
f-7. A-

Monetary Base

y-^./

m

h1957-1969

80

79

Billions of Dollars

Annual rates of change, average of
four weeks ending October 21, 1970 from
four weeks ending:

.
Uses of the 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.

78

77

Federal Reserve Credit
76
67

Monetary.
F.R. Credit

66

8 lleBi

8*3.3.

,8isi <?
65

8iZh?
8lle£C
t/uz

^A'Vv
64

Latest data plotted week ending: October 21,

0

l.

1970

i i i i i ri i i i i i r i i r l m ITT ITT l


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

6

20
Aug.

3 17
Sept.

1

1969

15 29
Oct.

12 26
Nov.

10 24
Dec.
‘

7 21
Jan.

Defined to include holdings of securities
loans, float, and 'bther" as sets, adjusted
for reserve requirement changes and changes in
requirements due to shifts in deposits among
classes of banks.
i—i—i—i
_i__i__L4 18 4 18 1 15 29 13 27 10 24 8 .22
5 19 2
Feb.
Mar.
Apr.
May
June
, July
Aug.
1970

Wlibl
lc83C*j
If&CiS'

unug)

UGiZc
U155S-

47*??

Ct# &>%0

16 30 14 28 11 25
Sept.
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

1971

RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Billions of Dollars
30.5

| | |

I |

Billions of Dollars
30.5

Seasonally Adjusted

Annual rates of change, average of four weeks
ending October 21, 1970 from four weeks ending
Aug.
July
'June
May

19,
22,
24,
20,

Mar

30.0

1970
1970
1970
1970

-f /A /

18, 1970

29.5

-h 9.J
29.0

28.5

28.0

27.5

27.0

26.5
. TOTAL
RESERVES

/ ilc

48,8 '

26.0

* Breaks in series due to changes in
Regulations M and D effective October

25.5

25.5

Current data appear in the Board's
H.9 release.

25.0

Latest data plotted week ending: October 21, 1970

9

23


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

6

20

3

17

1
1969

15

29

12 26

10 24

7

21

24.5
4

18

4

18

1

15 29

13

27 10 24 8 22
July
June
1970

5 19
Aug

2

16

30

14 28

11 25

Prepared by Federal Reserve Bank of St. Louis

9

23

6

20
1971

0

Bi 1
174

ons

of Dolla:

I I I I I

II I I 1 I

173

I

2/11/70

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted
r
i i i i ii i i i i ii i i i i n i ii i i i i i

Billions

of Dollars
174

Annual rates of change, average of four weeks ending:
3/11/70
4/15/70
5/13/70 6/17/70 7/15/70 8/12/70

173

172
171
170

144
168
167
166

172
to average
of four
weeks ending:
4/15/70
5/13/70
6/17/70
7/15/70
8/12/70
9/16/70
10/14/70

171
+ 14.5
+ 6.0
+ 5.5
+ 4.5
+ 3.9
+ 5.4

4.1

170
+ 8.2
+ 6.8
+ 5.3
+ 4.4
+ 6.0
4-4.5-

—
- 3.4
- 2.0
- 1.3
4- 1.7
4D,b

4- 2.3
4- 1.8
+ 4.8
4- X 4

169
168

4- 0.8
4- 5.1
4-S.T

!

+ 7.3

167

4-3.3 -H'U

166

165

4165

164

164

163

163

162

162

161

161

160

160

159

159

158

A

A

A

157

\ -\

156

1 L
J
L \
r
t

T
r

-

7i \

j

158

r \

157

' 5(o.-!T

156

0
.,

155

155

154

154

153

- / q 7 -0

153

151

n

/j&y
Z57.9
jst. y

150

*
1 U>

t£f-t
IS1.+
158.8

150

3o ize.v
1w 15 8.8
\E\c.5

148

152

J

S

/A

149

<33

148

OCT

147

151

149

147

146

146

145

145

Current data appear in the Board's H.6 release.
144

0:

152

Latest data plotted week ending: October i4, 1970_
I I » I I I I I I I I I I I I I I I I I j i : ! I I M
3 17 1 15
29 12 26 10 24 7 21 4
18
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
1969


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

144
15 29

13 27 10 24 8 22
June
July
May
1970

5

19
Aug.

16 30
Sept.

14 28
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9

23
Dec.

6

20
Jan.
1971

0

llio:
219

MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

of Dollars

TTTTTTT

218

Billions of

I I II I |. IJ.
J.LULLL LI J I l I I l 1 I M r I I I I I l I I I I
Annual rates of change, average of four weeks ending:
2/11/70

3/11/70

4/15/70

5/13/70

6/17/70

7/15/70 8/12/70'

217
216
215
214
213
212

211

to average
of four
weeks ending:
4/15/70
5/13/70
6/17/70
7/15/70
8/12/70
9/16/70
10/14/70

215
+ 12.9
+ 6.6
+ 6.3
+ 5.4
+ 4.8
+ 5.8
+ 4.3

+ 8.7
+ 7.6
+ 6.2
+ 5.3
+ 63
+ -5-.0

214
+
+
+
4-

0.3
0.4
0.7
2.8
1.*3

+ 3.5
+ 3.0
+ 5.0
+-3.4

4- 1.8
4- 4.9
+ A.‘4

4- 6.5
4-3.3

213

212
4-4,/

211

210

210

209

209

208

208

207

207
206

206

AOS.

205

205

204

204

203

203

202

202

201

201

200

200

^n/A/ ^

199

199
198

198

/ 9_7*

197
196
195

goy.s'
o?G (c . /
&0&, ■7

197
196
195

c?C(o
3.05. S’

194

194

Aol-l
JCS'.C

193

193

/
3.03,0

192

192

A oSi

191

191
190
189

0'

190

Current data a ppear in the Board's H.6 release.

i i i i i i n i ii i r i i i i i i

ft t~n

Latest data plotted week ending: October 14, 1970
i i i i i ' i i i i i ' i t i i i i i i i i. i l . i m i i
9 23 6 20
3
17 1 15 29
July
Aug.
Sept.
Oct.
1969


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

189
1

15 29 13 2 7 10 24 8 22
Apr.
May
June
July
1970

5

19
Aug.

2

16 30 14 28
Sept.
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6

20
Jan.
1971

'

0

6

CERTIFICATES OF DEPOSIT U AND COMMERCIAL PAPER [2
Outstanding Volume

Billions of Dollars

Billions of Dollars

Commercial Paper

-Certificates of Deposit

Latest data plotted:

1965


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

Negotiable time certificates of deposit in denominations of $100,000 or more
•
at large commercial banks. Monthly averages of Wednesday figures.
Data prior
to July 1965 estimated by the Federal Reserve Bank of St. Louis.
Total volume of commercial paper outstanding. Averages of current and preceding
end-of-month seasonally adjusted figures.
_

September, 1970

1966

1967

1968

1969

1970

Prepared by Federal Reserve Bank of St. Louis

1971

RATES ON CERTIFICATES OF DEPOSIT H
AND COMMERCIAL PAPER 12
13

12

11

10

9

8

3
Commercial Paper

7

6
Certificates of Deposit
5

4

3

-

2

1

Latest data plotted: September, 1970
L.l I I I I II I I I 1 II I I 1 I I


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

new lasue rate °n 6 month certificates of deposit of $100,000 or more through June 1970
Since June data plotted are 90 day secondary market rate.
8 June 19/U
2/ Prime commercial paper, 4- to 6- months maturity.
Averages of dealers' daily offering
rates.

1970
Prepared by Federal Reserve Bank of St. Louis

1971

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

8

Income Velocity of Money
Annual Rates
of Turnover

GNP/Money Stock

Annual Rates
of Turnover

1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970
Annual rates of turnover computed with quarterly GNP (current dollars) at seasonally adjusted
annual rates, and seasonally adjusted monthly averages of daily money stock.
Latest data plotted: 3rd quarter preliminary
Prepared by Federal Reserve Bank of St, Louis

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY)
Billions of Dollars

324
322
320
318
316
314
312

Billions of Dolla

Averages of Daily Figures

328

328
326

9

Seasonally Adjusted
326
-Annual rates of change, average of
— four weeks ending Oct. 14, 1970 from
four weeks ending:
Credit
Pr oxy
Credit
—
Aug. 12, 1970
July 15, 1970
-June 17, 1970
May 13, 1970
Apr. 15, 1970
— Mar. 11, 1970

-

)

Adjusted •

+ '3-*
/-ar.y

y- “•/

/
f

Jr

324

if

322
320
318

-

316

V-AA?

CREDIT
PROXY
ADJUSTED

-h/3,3
-t/z-'f

<

/

)

Proxy
7u /?■?
y- o?0?
t /?.vT
-h /£•£

/
■

* a s.

314

-

312

.

310

AK
r .10 9

310
308

308

306

306

304

304

302

302

300

300

298

298
296

296
r

294

294
292

292

-

290

290

288

288

286

286

284
282

CREDIT
PROXY

280

3cd. b

3o /.y

278

303.,

274

3cn. I
30 8.3
3 07.9

272

30?,*270
268

0'

Current data appear
> i i i i i i i i i i
Latest data plotted
i i i t i i i i i i i
9 23 6
20 3 17
July
Aug.
Sept.


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

in the Board's H.9 release.
i i i i i i i i i i i i i i i
week ending: October 14, 1970.
i i i i i i i i i i
......................
1 15 29 12 26 10 24 7 21
Oct.
Nov.
Dec.
Jan.
1969
.

3/0,

_ ADJ.

3/?.y
3*0.3

y

3 0J.J3>o(c-y

276

CREDIT
PROXY

3as o
3 av.3
!3^v. 9
329.0

3 A 3.7

33,5,3

JW 3-?

4

18
Feb.

4 18
Mar.

1/ Total member bank deposits plus nondeposit items — is sometimes referred to as the "adjusted credit
proxy." Member bank deposit figures are seasonally
”
— adjusted, but nondeposit items are included in the
— series on a seasonally unadjusted basis due to the
"
_ short period for which most items are available.
_ Nondeposit items included in the series are as fol.
_ lows: gross liabilities of banks to own foreign
.
_ branches and to branches in U.S. territories and pos-— sessions; Euro-dollars borrowed directly from for-- eign banks or through brokers and dealers; com— mercial paper issued by bank holding companies or
’
~ other bank affiliates; and loans or participations
~ in pools of loans sold under repurchase agreement
_ to other than banks and other than banks ' own
.
_ affiliates or subsidiaries.
-

i i i i i
I I I 1 I I__L
15 29 13 27 10 24 8 22
Apr.
May
June
July
1970

i i i 111 i i i i i i i i i i i i i i i i i i i r
5 19
Aug.

2 16
Sept.

30

14 28
Oct.

11 25
Nov.

Prepared by Federal Reserve Bank of St. Louis

9 23
Dec.

6

20
Jan.
1971

284
282
280
278
276
274
272
270
268
0

10

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

11.00
3-Month
Xreasury
Bill

Per Cent
11.00

Corporate
3-5 Year

10.50

10.50

7. HO
7.05"

__ Cfer
10.00

10.00

£.88
9.50

9.50

9.00

9.00
Prime Commercial
— Corporate
Loan Rate
— Aaa Bonds

7.50

3-5 Year
Govt. Sec.

7.00

Three-Month ^
Treasury Bill
Market Yield

6.50

Discount Rate

6.00

5.00

- Latest data plotted are averages of rates available for the week ending: Oct. 23, 1970
11

25

8

22
Aug.

5 19
Sept.


* AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3

17
Oct.
1969

31 14 28
Nov.

12 26
Dec.

9

23
Jan.

6

20

6

20

9 12 26 10 24
June
July
1970 '

7

21
Aug.

4

18 2
Sept.

16 30

13 27
Nov.

Prepared by Federal Reserve Bank of St. Louis

11

25

4 22
J an.

11
SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

Per Cent

Prime
Commercial
Prirne
■ 1 -l
^ )
Paper
Bankers'
1^70
,4-6 Month
Acceptances
£<tp-1~ V ! 7.SO
‘ 7,13
*
ii :
-i
1

90 Day
CD'S **
7.55
-r./j-

Federal
Funds

to. 73
to. to=3
to. Cfc

5. 70

to, 30
to . ao
to,S3
to, i_5"

Commercial Paper
4-to-6 Month

Bankers
Acceptances

Federal Funds Rate

Discount Rate

Latest data plotted are averages.of rates available for the week ending: Oct. 23, 1970

11 25
July

8

22
Aug.

5 19
Sept.

3

17 31 14 28 12 26
Oct.
Nov.
Dec.

9

23
Jan.

6

20
Feb.

1969
* AVERAGES OF RATES AVAILABIE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE

** DATA ARE SECONDARY MARKET RATE, WEEKLY AVERAGES ENDING WEDNESDAY
http://fraser.stlouisfed.org
DAYS
EARLIER.
CURRENT DATA APIEAR IN THE BOARD'S H.9 RELEASE.
Federal ReserveTWO
Bank
of St.
Louis

6

20
Mar.

3 17
Apr.

1

15 29 12 26 10 24
May
June July
1970

7

21
Aug.

4

18 2
Sept.

16 30
Oct.

13 27 11 25 8 22
Nov.
Dec.
Jan.
1971

Prepared by Federal Reserve Bank of St. Louis

BORROWINGS AND, EXCESS RESERVES
All MemberBanks in the Nation
Averages of Daily Figures

Millions of Dollars

EXCESS
RESERVES

12
Millions of Dollars

BORROWINGS

2,800
2,600

2,200
2,000

Borrowings

1,200

1,200

Excess Reserves

1,000
1,200

1,200
Net Free Reserves

1,800

2,000
2,200

2,600
Latest data plotted week ending: Oct. 21, 1910
3,000

3,000
9 23
July


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

6

20
Aug.

3

15 29
17 1
Sept.
1969

12

2/ 10

24

7

21
J an.

4

18

4 18
Mar.

15 29
Apr.

13 27
May

10 24 8 22
June
Ju
1970

5

19

2

16 30
Sept.

14

28 11

Prepared by Federal Reserve Bank of St. Louis

25

9

23

6

20
1971