Full text of U.S. Financial Data : Week Ending: October 22, 1969
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« Research Federal Reserve Bank of St. Louis • • library in s f in n n r i n III I I■ A < ■ l mm <|4| i A#A Week ending: October 22, 1969 am 21 m Monetary magnitudes continue to indicate con siderable restraint. Since early June the money stock has been about unchanged. Earlier in the year money increased at a 4.4 per cent rate, compared with a 7 per cent increase in 1968 (page 5). foreign bank, the reserve requirement is 10 per cent, unless the borrowings amount to less than 4 per cent of the bank's average deposits subject to reserve requirements, in which case the reserve requirement on the borrowings is 3 per cent. The income velocity of money (the annual rate of turnover of the money stock with respect to income) increased more sharply from the second to the third quarter of 1969 than it had in any other quarter since 1966, when for a period of nine months, from April to January 1967, there was no growth in the money stock (page 6). Velocity increased from 4.61 in the fourth quarter of 1968 to 4.66 in the second quarter of 1969 to 4.73 in the third quarter. As a result of these new reserve requirements, in the week ending October 22 required reserves of member banks averaged about $405 million higher than tne amount required on the basis of time and demand deposits. Total meiDer bank reserves, which are adjusted for changes in reserve requirements and for seasonal factors and include excess reserves, were $27.1 billion. These reserves have declined at an 8.8 per cent annual rate since early June after remaining about unchanged on balance during the first half of the year (page 3). Changes in Federal Reserve Regulations M and D require member banks to hold reserves behind some borrowing and lending involving their foreign branches or other foreign banks beginning the week ending October 22. Activities subject to the new requirements are: (1) borrowing between a member bank and its foreign branch; (2) lending by a foreign branch of a member bank to a U.S. resident; and (3) borrowing by a member bank from a foreign bank. In the first two cases the reserve requirement is 10 per cent of borrowing or lending in excess of the level at that bank in a specified period last spring. In the case of borrowing from a banker's acceptances outstanding increased $87 million in September to $5.2 billion. Since last December these acceptances have increased about $800 million, compared with about a $100 million increase in the previous year. The volume of both bankers' acceptances and commercial paper have increased rapidly since last December. In contrast, outstanding large negotiable certificates of deposit at large commercial banks are less than one half their December level, due to Regulation Q ceilings which prevent banks from offering competitive returns (page 8). http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Rates of change reported in this release are intended to serve as summaries which may be useful in analyzing recent developments. Prepared by Federal Reserve Bank of St. Louis Released: October 24,1969 .11: MONETARY BASE LL FEDERAL RESERVE CREDIT^ Averages of Daily Figures of Dollars 82 Billions of _ Seasonally adjusted by this bank. Monetary Annual rates of change, average of four weeks ending Oct. 22, Base 1969 from four weeks ending: r) -. U 81 Monetary Base 80 79 Apr. 23, 1969 Jan. 22, 1969 J une 11, 1969 F. R. Credit A/, S + /.Q 1957-1968 78 Monetary Base 77 76 75 74 F.R.Credit Federal Reserve Credit 73 1/ 62 Uses of the monetary base are member bank /O /7 C.S, 633 !°3,7iC _ reserves and currency held by the public c3.4 te'i.ZIV - and nonmember banks, adjusted for reserve / requirement changes and shifts in deposits. S For a description of the base see the August 1968 Review of this bank. ' ■ io^360 _ _ - is U4, AA 4.V, 99/ P — - 61 Defined to include holdings of securities, loans, float, and ''other” assets, adjuste 60 0 10 24 July 7 21 Aug. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 18 2 Sept. 16 30 13 27 11 25 Oct. Nov. Dec. 1968 8 22 Jan. 5 19 Feb. 5 19 Mar. 2 16 30 14 28 Apr. May 11 25 9 23 June July 1969 6 20 Aug. 3 17 Sept. 15 29 Oct. 12 26 Nov. Prepared by Federal Reserve Bank of St. Louis 10 24 Dec. 7 21 Jan. 1970 in the Nation All Member 5c1 ily Figures Averages of Seasonally Ad usted Billions of Dollars Annual rates of change, average ending Oct. 22, 1969 from four i Jan. 22, 1969 !s of Dollars of four weeks - TOTAL JC —Latest data preliminary .Latest data plotted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Current data appear in the Board's H.9 release. June July Aug. Sept. 1969 Prepared by Federal Reserve Bank of St. Louis DEMAND DEPOSIT COMPONENT OF MONEY STOCK Averages of Daily Figures Seasonally Ad usted Billions of Dollars 4 billions ot Dollars Annual rates of change, average of four weeks ending Oct. 15, 1969-from four weeks ending: Apr. __ Jan. 16, 15, 1969 1969 OU. June 11, I 1969 Dec. 25 - June 11 1957-1968 Data include the annual revision of seasonal factors and. benchmark adjustments of nonmember bank deposits. Current data appear in the Board's H.6 release. __ Latest data preliminary Latest data plotted week ending: 10 24 July http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 1968 16 30 13 Oct. 15, 1969 27 11 25 Dec. 8 22 J an. 5 19 . 5 19 Mar. 2 16 30 14 28 11 25 9 23 Apr. May June July _ 1969 6 20 Aug. 3 17 Sept. 1 15 29 12 Prepared by Federal Reserve Bank of St. Louis 26 10 24 7 21 Jan. MONfiLSTOCK Bil^^ Averages IBbaily Figures Liars Billions of of Doliars Seasonally Ad 215 Annual rates of change, average of four weeks ending: July 16, / 9 F.9 211 1969 Apr. 16, 1969 Jan. 15, 1969 Oct. 16, 1968 June 11, 1969 210 209 208 - O .*f 207 Dec. 25 - June 11 206 1957-1968 205 204 203 202 201 200 199 198 197 196 195 194 193 192 191 190 189 188 Data include the annual revision of seasonal factors r ~ and benchmark adjustments of nonmember bank deposits.' 1.,.. appear . .. _ J the X. 1— Board's n J. J v -H.6 TJ 1 release. 1 A no n _Current . data in I I I I I I I I I I I 1 I I I I I I L ___ Latest data preliminary Latest data plotted week ending: Mil 10 24 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21 4 l 1..J-I 18 2 16 30 Sept. 1968 I I 1 1 187 186 I I -1 L t 1 185 Oct. , 9 0 1 1 1 1 1 1 13 27 11 25 Nov. Dec. 6 22 5 19 5 19 2 16 30 14 28 11 25 June 9 23 July 6 20 3 17 1 15 29 12 26 Prepared by Federal Reserve Bank of St. Louis 10 24 Dec. 7 21 INCOME VELOCITY OF MONEY GNP/Money Stock Annual Rates of Turnover 5.4 ———i— Annual Rates of Turnover —n—— 4. 73 Latest data plotted: 1958 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis third quarter 1969 preliminary. 1960 1961 1966 Prepared by Federal Reserve Bank of St. Lo 5.4 till MONEY STOCI^LUS TIME DEPOSITS Ave rag e Daily Figures Seasonally Ad justed Dollars 432 Billiions of Dollars 430 Annual rates of change, average of four weeks 428 ending Oct. 15, 1969 from four weeks ending •39Z.S 4? 6 42'. 42? July 16, 39 f. 1969 Apr. 16, 1969 Jan. 15, 1969 Oct. 16, 1968 39 7.2. 390-3 39S. f 39*7. 7 399.0 •393.1 3?2.f 393.5 3 93. lo 393. 9 3 92.3 39J-9, 393. (c 420 June 418 416 414 412 312. S' 410 408 406 404 402 400 398 396 394 39* .S 392 390 388 386 384 382 380 378 376 Data include the annual revision of seasonal factors and benchmark adjustments of nonmember bank deposits Current data appear in the Board's H.6 release n~f 1 1 1 1 11 i 1 1 11 374 372 Latest Data Preliminary Latest Data Plotted Week Ending: <r Oct. 15, 1969 i 1 11 1 1 11 1 1 1 1 i 1 rmTTm m i i 10 24' July http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 21 Aug. 4 18 Sept. 2 16 30 13 27 11 25 Oct. Nov. Dec. 1968 2 16 30 14 28 Apr. May 11 25 June 9 23 July 1969 3 17 Sept'. 1 15 29 12 26 Oct. Nov. Prepared by Federal Reserve Bank of St. Louis 10 24 Dec. CERTIFICATES OF DEPOSIT H -iOT Large commercial Banks of Dollars Billions of Wednesday Figures Annual rates of change, data not seasonally adjusted, average of four weeks ending Oct. 28 15, 1969 from four weeks ending: _ Million^ of Dollars | /*3,4Ti A3 /(JL /V* ' A<j*. 4b July 16, 26 Jan. 15, 1969 -*.• j /*, tvu c*7 •St.fi. a 1969 j /*, 4./A 24 22 20 18 16 14 12 10 8 6 0: Current and year ago data appear in the Board's H.4.2. release. \J Negotiable tine certificate* ef deposit Latest data preliminary Latest data platted: Oct. 15, 1969 25 Aug. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sept. 8 22 . 5 19 Feb. 5 19 Mar. 2 16 Apr. 30 14 28 May 11 25 June 9 23 July 6 20 Aug. 3 17 Sept. 1 15 29 12 Oct. 26 Nov. 1969 Prepared by Federal Reserve Bank of St. Louis 10 24 Dec. 7 . BUSINESS LOANS Large Coidfercial Banks Wednesday Figures Billions of Dollars Billions of Dollars Seasonally adjusted by this bonk. 84 four weeks ending Oct. 15, 1959 from four weeks ending: 82 July 16, Oct. 16, 1969 80 1968 1960-1968 78 76 74 72 70 77. 9/7 &z± 68 7 i, rJV 66 64 62 Current and year ago unadjusted data appear in the Board's H. 4.2 release. Latest data preliminary Oct. 15, Seasonal adjustment computed by this bank using 1963 through 1968 data. 1969 Latest data plotted: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sept. May June July 1969 Aug. Sept. Prepared by Federal Reserve Bank of St. Louis Jan. 1970 10 YIELDS ON SELECTED SECURITIES Averages of Daily Rates Ended Friday Per Cent 9.50 •Month ■easury , 1969 ! 3-5 Year Per Cent Corporate Long Term 7 .o/ 9.00 7.Jf U lb 7. 3J Prime Commercial Loan Rate 7.3 3 Corporate Aaa^Bonds 7.00 Three-Month TreasuryBill Market Yield 6.00 6.00 Long-Term "Government Bonds Discount Rate 5.00 4.50 4.00 3.50 Latest data plotted are averages of rates available for the week ending: Oct. 24, 12 26 9 23 Aup. 6 20 Sept. 1968 http://fraser.stlouisfed.org *ATCRAGES OF RATES AVAILABLE Federal Reserve Bank of St. Louis 15 Hov. 29 13 27 10 24 7 21 . 7 21 Mar. 4 18 Apr. 2 16 May 1969 30 13 27 11 25 June July 1969 22 Aug. 5 19 Sept. 3 17 31 14 Prepared by Federal Reserve Bank of St. Louis 2 3 1? 26 Dec. 9 23 Jan. SELECTED SHORT-«pM INTEREST RATES Averages of DailyRates Ended Friday Per Cent Per Cent 11.00 11.00 Prime C runnier rial Paper 1969 4-6 Month 10.50 Prime Bankers' 90 Day Acceptances . ,CP's, 8. so * 10.50 s. 7 s' r.sa 8.3S S', / s 10.00 . s.so 10.00 r.oa r /a S’. co S’, £ 5 %MS 8. SO 50 ?. So 8. 8. Uo S’. 3 S’. 7S S’. 7S r. <c 3 9.00 Federal Funds Rate T.*Sl 8.50 8.00 Bankers Acceptances 7.50 Commercial Paper 4-to-6 Month 6.00 6.00 " "Discount Rate 5.00 5.00 ^Latest data plotted are averages of rates available for the week ending: l .1, l .[. .1. I, —l 12 26 9 23 6 20 Sept. 4 18 Oct. 1 15 29 13 l 27 10 24 l i i.-.-t. 7 21 7 21 Mar. * AVERAGES OF RAXES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE ** SOURCE: SALOMON BROTHERS AND HUTZLER http://fraser.stlouisfed.org SECONDARY MARKET RATE ON 90-DAY PRIME CD’S Federal Reserve Bank of St. Louis 4 Oct. 24, 18 2 16 1969 30 13 27 June 11 25 8 22 Aug. 19 Sept. 3 17 31 14 28 12 Nov. Prepared by federal Reserve Bank of St. Louis 26 9 23 Jan. 1970 Millions of Dollars 3,200 1969 12 BORROWINGS AND EXCESS RESERVES All Member Banks in the Nation Averages of Daily Figures Millions of Dollars BORROWINGS EXCESS RESERVES 2,800 // 0(o /CO 2,000 2,000 ^Borrowings. 1,200 /6/S Excess Reserves 1,200 - - 1,000 - 1,200 -1,400 ■Net Free Reserves -2,600 Latest data preliminary -Latest data plotted week ending: 4 18 Sept. 16 30 13 1968 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 27 11 25 Oct. 22, 8 22 Jan. 1969 5 19 Feb. 5 19 Mar. 2 16 30 pr. 23 14 28 11 25 May June 6 20 3 17 Sept. 1 15 29 12 26 10 24 Dec. 7 21 Jan. 4 18 4 1970_ 1969 Prepared by Federal Reserve Bank of St. Louis 18 Mar.