Full text of U.S. Financial Data : Week Ending: October 22, 1975
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Ifsisssfl F//V>4 /V£7//l L. 0/1TXK Week ending: October 22, 1975 LIBRARY jUN 08 The Board of Governors of the Federal Reserve System announced last week a reduction from 3 percent to 1 percent in the reserve requirement ratio on member bank time deposits with an original maturity of four years or more. The new reserve requirement ratio is subject to the condition that in no case may the average of reserves on time and savings deposits at any member bank be less than 3 percent, the minimum level specified by law. The new reserve ratio will apply to the level of deposits beginning the week of October 16, and will affect the reserves that banks must maintain during the week of October 30 November 5. The Board estimates that this action will release about $350 million in reserves to the banking system. The Board stated that the purpose of this action was primarily to encourage banks to lengthen the structure of their liabilities. The last change in the reserve requirement ratios on time deposits was announced in November 1974. At that time, the reserve requirement ratio on all time deposits with an initial maturity of six months or longer was reduced from 5 percent to 3 percent. The reserve requirement ratio on all time deposits with 311 initial maturity of less than six months was increased from 5 percent to 6 percent. The purpose of this action was also to encourage member banks to seek longer-term time deposits. The monetary base has increased at a 4 percent annual rate in the last three months, compared to an 8.2 percent rate during the previous three months. However, Federal Reserve credit, a major component of the monetary base, has not followed the same pattern of growth as the monetary base. In the last three months, Federal Reserve credit increased at about a 13 percent rate. The faster growth of Federal Reserve credit in the recent period primarily reflects Federal Reserve actions to offset large movements of Treasury deposits into the Federal Reserve Banks. In the week ended November 5, the effects of the recently announced reserve requirement reduction will increase the reserve adjustment magnitude (RAM) by about $350 million. RAM is used in computing the monetary base and Federal Reserve credit series appearing on pages 2 and 3 of this release. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: October 24, 1975 MONETARY BASE AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS MILLIONS 4 18 2 16 30 IS 27 11 NOV 1974 25 DEC 8 22 5 10 5 19 FEB MAR 2 16 90 14 28 11 MAY 25 0 23 JUN 1975 6 20 3 17 AUG SEP 1 15 20 12 26 LATEST DATA PLOTTED WEEK ENDING: OCTOBER 22, 1975 THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM THE FEDERAL RESERVE BANK OF ST. LOUIS. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 10/23/74 1/22/75 3/19/75 4/23/75 5/21/75 6/25/75 7/23/75 8/20/75 7.8 5.5 8.0 8.0 6.9 7.2 6.6 3.7 8.3 8.2 6.7 7. 1 6.4 8.3 8.2 6.3 6.9 6.1 12.8 8.9 8.8 7.5 4. 1 5.8 4.9 5.0 4.0 5.6 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/19/75 4/23/75 5/21/75 6/25/75 7/23/75 8/20/75 9/24/75 10/22/75 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.9 7. 1 5.9 7.4 7.5 6.8 7.0 6.6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER ^ FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER SEP. 1 LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 15, 1975 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 112 COMPOUNDED ANNUAL RATES __ OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING - OCTOBER 22, 1975 FROM THE FOUR WEEKS ENDING) AUG. JUL. JUN. — MAY . APR. h 20, 23, 25 21 23 1975 1975 ---- 30.7 13.0 “ ‘ 1975 11.4 1 to 108 FEDERAL RESERVE CREDIT 106 10.8 104 102 100 1215. MILLION? 98 96 111.1.1 1 4 10 2 10 30 15 27 11 25 NOV 1974 DEC 0 22 5 IS 5 IB FEB MAR 2 16 30 14 20 11 25 MAY JUN 9 23 6 20 3 17 AUG SEP 1 15 28 12 20 LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 22, 1975 1/ RATIO OF MONEY STOCK (Ml 1 / MONETARY BASE. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND ••OTHER” ASSETS, ADJUSTED FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSIT^ BETWEEN BANKS WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. 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 MONEY STOCK PLUS NET TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 665 r---- 1------ 1-- SEP. 4 18 10 BILLIONS OF DOLLARS -------------- =1 665 656.5 656.8 654.8 655.8 655.8 658.9 2 16 30 13 27 11 NOV 1974 25 8 22 5 19 5 19 2 16 30 14 28 11 MAY DEC 25 JUN 1975 9 23 6 20 3 17 AUG SEP 1 15 29 12 26 LATEST DATA PLOTTED WEEK ENDING: OCTOBER 15, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. MONEY STOCK PLUS NET TIME DEPOSITS (M2) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 10/16/74 1/15/75 3/12/75 4/16/75 5/14/75 6/18/75 7/16/75 8/13/75 8.9 8.6 11.6 11.6 10.9 10.3 9.2 8.6 13.3 12.9 1 1.7 10.8 9.4 15.6 14.3 12.4 11.1 9.4 17.4 13.9 12.0 9.7 8.9 8.2 6.3 6.8 4.7 4.0 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/12/75 4/16/75 5/14/75 6/18/75 7/16/75 8/13/75 9/17/75 10/15/75 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.1 7.5 7.5 9.5 9.7 9.4 9.2 8.4 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED billions of dollars billions of dollars BILLIONS 295.5 295.4 293.5 293.7 292.9 294.6 4 1* 2 16 30 13 27 11 28 NOV DEC 6 22 5 16 3 16 FEB MAR 2 16 30 14 26 11 25 MAY 9 25 JUN 6 20 3 17 AUG SEP 1 IS 29 12 26 LATEST DATA PLOTTED WEEK ENDING: OCTOBER 15, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING! 10/18/74 1/15/75 3/12/75 4/18/75 5/14/75 8/18/75 7/18/75 8/13/75 2.5 3.2 3.2 5.9 5.9 5.4 5.6 4.5 3.9 3.6 7.9 7.6 6.6 6.7 5.1 4.8 11.2 10.0 8.2 8.1 5.9 13.9 11.4 8.7 8.5 5.8 15.4 10.6 9.8 6.3 3.2 4.9 1.7 4.4 0.4 0.4 TO THE AVERAGE OF FOUR WEEKS ENDING! 3/12/75 4/18/75 5/14/75 8/18/75 7/18/75 8/13/75 9/17/75 10/15/75 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT — 13.0 PERCENT 13.0 r: 6 RATE BONDS CORPORATE MUNICIPAL BONDSW COMMERCIAL PAPER e 20 SEP 4 18 1 15 29 13 27 OCT NOV 1974 DEC 10 24 JAN LATEST DATA PLOTTED ARE AVERAGES 1975 5 12 19 26 3 OCT. 10 17 24 * 31 7 NOV. 14 21 28 SEP. 7 21 7 21 4 18 2 FEB MAR APR MAY 18 30 13 27 11 JUN JUL 25 8 22 AUG 5 IS SEP S 17 31 OCT 14 28 NOV 1975 OF RATES AVAILABLE FOR THE WEEK ENDING. OCTOBER 24, 1975 90 DAY CD'S 1088 PRIME COMMERCIAL PAPER 4-6 MONTH PRIME BANKERS' ACCEPTANCES CORPORATE AAA BONDS MUNICIPAL BONDS3M 6.94 7.05 7.04 7.03 7.01 7.18 6.50 6.35 6.75 6.75 6.93 6.95 6.93 6.88 6.59 6.29 6.82 6.85 6.82 6.81 6.79 6.59 6.38 6.09 8.93 8.94 8.98 8.94 8.96 8.92 8.85 8.83 7.34 7.40 7.49 7.54 7.67 7.48 7.29 N.A. W*fBONDG|uYER,SAAvlRA^lliNDEX OF 20 THEmSeEK ENDING WEDNESDAY TWO DAYS *** fARLliRATHAN£DAfll sftQ^^URRENf DATA^pIaR 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 U-5 rr FEDERAL FUNDS RATE ILL MARI TREASURY YIELD DISCOUNT RATE 6 20 4 18 SEP OCT 1 IS 29 13 27 10 NOV 1974 DEC JAN LATEST DATA PLOTTED ARE AVERAGES 1975 5 12 19 26 3 OCT. 10 17 24 X 31 7 NOV. 14 21 28 SEP. FEB MAR APR MAY JUN JUL AUG SEP OCT NOV 1975 OF RATES AVAILABLE FOR THE WEEK ENDING) OCTOBER 24, 1975 FEDERAL FUNDS Mi 3-MONTH TREASURY BILLS 1-YEAR TREASURY BILL 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES 6.06 6.15 6.28 6.29 6.36 6.06 5.82 5.72 6.38 6.43 6.45 6.38 6.46 6.23 6.01 5.76 7.07 7.14 7.31 7.21 7.16 6.74 6.51 6.33 8.07 8.26 8.34 8.18 8.22 8.00 7.87 7.74 7.11 7.25 7.34 7.35 7.43 7.36 7.31 7.22 5LAXpvF^!AYFAVERAGESVF0RAWEiK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN. CuStADATAESppIaR 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 NET TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 370 B.ILUQN? 365 361.0 361.3 361.3 362.1 — OCT 360 364.3 355 350 345 340 335 330 325 320 4 1* 2 16 SO 13 27 NOV I] 25 DEC 6 22 5 19 5 19 FEB MAR 2 10 30 14 29 11 MAY 23 9 25 JUN 1975 0 20 3 17 AUG SEP 1 15 29 12 26 LATEST DATA PLOTTED WEEK ENDING: OCTOSER 15, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ 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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NG* 10/16/74 1/15/75 3/12/75 4/16/75 1 1.8 15.2 15.5 14.7 13.1 12.4 17.0 16.9 15.5 13.4 12.5 5/14/75 6/18/75 7/16/75 8/13/75 8.6 8.4 7. 1 TO THE AVERAGE OF FOUR WEEKS END 1NG: 3/12/75 4/16/75 5/14/75 6/18/75 7/16/75 8/13/75 9/17/75 10/15/75 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.1 11.3 11.3 12.7 13. 1 12.9 12.3 11.9 13.4 13.0 14.9 15.1 14.6 13.4 12.8 19.3 16.7 13.8 12.7 13.9 11.0 10.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS 223.6 223.4 221.4 221.7 220.5 222.0 4 18 2 16 30 IS 27 11 NOV 1974 25 DEC 8 22 5 19 5 19 FEB MAR 2 18 90 14 28 11 25 9 25 6 20 3 17 AUG SEP 1 15 29 12 26 1975 LATEST DATA PLOTTED WEEK ENDING: OCTOBER 15, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 10/16/74 1/15/75 3/12/75 4/16/75 5/14/75 6/18/75 7/16/75 a/15/75 2.3 2.2 7.2 6.8 5.7 6.1 4.1 4. 1 11.5 10.0 7.9 7.9 5.1 14.7 11.6 8.4 8.4 5.0 16.2 10.6 9.9 5.5 1.8 4.2 0.1 4.0 -1.3 -1.3 TO THE AVERAGE OF FOUR WEEKS ENDING: 3/12/75 4/16/75 5/14/75 6/18/75 7/16/75 8/13/75 9/17/75 10/15/75 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0.0 1.1 1.2 4.5 4.5 4.0 4.4 3.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS 98 BILLIONS OF DOLLARS 98 — - - - - - - - 96 96 94 94 92 92 90 90 - __ 88 88 - - 86 86 - 84 84 f - 82 82 / - - - - - - - - 80 80 78 76 76 74 74 111 1111 ...i-LL ._1_LL ■IJ-LL 1.1.L -LLL 1 111 _LLL 1 1 L 1 1 1 1 SEP OCT 4 16 78 2 16 30 13 27 11 NOV 1974 DEC 23 8 22 JAN 3 19 FEB 5 19 MAR 2 16 APR 30 14 28 II MAY JUN 1975 25 l LL -L1.L. 1 1 1 1 _LLL 9 23 6 20 JUL AUG 3 17 I SEP OCT 15 29 12 26 NOV LATEST DATA PLOTTED WEEK ENDING! OCTOBER 15, 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1975 SEP. 3 10 17 24 OCT. 1 8 15 22 29 NOV. 5 12 19 26 CERTIFICATES CERTIFICATES OF DEPOSIT OF DEPOSIT SEAS. ADJ. NOT SEAS. ADJ. 81.5 82. 1 82.2 83. 1 84.1 84.2 84.1 77,1 78.1 78.7 79.7 80.9 81.6 81.6 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 1915 MILLIONS SEP. 17 5 0.5 4 18 SEP 2 16 30 IS 27 11 OCT NOV 1974 25 DEC 6 22 JAN 5 19 5 19 FEB MAR 2 16 90 14 28 11 APR MAY 25 JUN 1975 9 23 JUL 6 20 3 17 AUG SEP 1 15 29 12 26 OCT NOV LATEST DATA PLOTTED WEEK ENDING. OCTOBER 22. 1975 BUSINESS LOANS BILLIONS OF DOLLARS ( COMMERCIAL AND iNDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 134 132 130 128 126 124 122 120 118 COMPOUNDED ANNUAL RATES — OF CHANGE. AVERAGE OF - THE FOUR WEEKS ENDING OCTOBER 15. 1975 FROM ~THE FOUR WEEKS ENDING. 116 MILLIONS 114 112 -6.5 110 108 -7.2 4 16 2 16 90 13 27 11 NOV 1974 DEC 25 8 22 5 19 5 19 FEB MAR 2 16 30 14 26 11 25 9 23 6 20 3 17 AUG SEP 1J...1 1 I 1 15 29 12 26 1975 LATEST DATA PLOTTED WEEK ENDING. OCTOBER 15, 1975 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 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 BILLIONS OF DOLLARS 540 COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING OCTOBER 15, 1975 FROM THE FOUR WEEKS ENDINGt CREDIT CREDIT PROXY -PROXY 530 ADJUSTED 1975 520 -0.2 1975 .CREDIT PROXY ADJUSTED 1/ 500 490 BILLIONS CREDIT PROXY CREDIT PROXY CREDIT PROXY ADJUSTED 480 499.4 496.2 499.4 500.1 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 15, 2 18 30 14 28 11 25 9 23 6 20 3 17 506.4 506.2 505.3 505.3 506.9 1 15 29 12 26 1975 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 470
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