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1/

U.S. FinflnCIHL
\V

ORTH

.

Week ending October 25, 1967
FEDERAL RESERVE CREDIT

MONEY STOCK

Federal Reserve credit (page 2) averaged $47-6
billion during the four weeks ending October 25, up at
a 9 per cent annual rate in the three months since
July, and at a 12 per cent rate' since January. The
principal factor in the expansion of this credit has been
System open market purchases of Government securities;
member bank borrowings (page 8) declined early in the
year and have been negligible since about April.
Federal Reserve credit rose at a 7 per cent trend rate
from 1957 to 1964, and at a 10 per cent rate from 1964
to 1966.

The nation's money stock (page 5), consisting
of private demand deposits plus currency in the hands
of the public, averaged $180.2 billion during the four
weeks ending October 18, up at a 6 per cent annual rate
since early July, and at a 7.5 per cent rate since early
January. By way of comparison, money rose at a 2 per
cent trend rate from 1957 to 1§64, and at an accelerated
4 per cent rate from 1964 to 1966.

BANK RESERVES
Total reserves of member banks (page 3) aver­
aged $24.6 billion during the most recent four week
period. These reserves, which largely determine the
amount of bank credit, have risen at a 10 per cent annual
rate since July, the same rate as since January.
Recent rates of growth in total reserves are markedly
higher than the 3 per cent trend rate from 1957 to 1964,
and the 4.5 per cent rate from 1964 to 1966.
Reserves available for private demand deposits
(total reserves less reserves required for Government,
time and net interbank deposits) have risen at a 2.4 per
cent rate since July, and at a rapid 7 per cent rate
during the past nine months. The slower rate of growth
in these reserves during the past three months reflects
an increase in reserves used as backing for Government
demand deposits. Reserves available for private demand
deposits, which provide a base for monetary expansion,
rose at a considerably slower 1.5 per cent rate from
1957 to 1966.

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

A broader measure of money (page 4), which
includes time deposits at commercial banks, has risen
at a 10 per cent rate in the past three months, and at
a 12 per cent rate since January.
This measure, which
is similar in magnitude to total bank credit, rose at
a 5 per cent trend rate from 1957 to 1964, and at an 8
per cent rate from 1964 to 1966.
BUSINESS LOANS
Business loans at large commercial banks
(page 9) have shown little net change during the past
three months, after rising during the first half of the
year. Heavy corporate borrowings in the capital market,
in anticipation of higher interest rates during the
latter part of the year, have probably had a dampening
affect on the recent demand for business loans.

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 27, 1967

FEDERAL RESERVE CREDIT Q_
Weekly Averages of Daily Figures

of Dollars

Billions of Doll

Seasonally Adjusted by thijBankl2

52
FEDERAL RESERVE
HOLDINGS
CREDIT
+S-7L Hi,.!/
Hi.ir Hi, .7/

Annual rates of change Federal Reserve Credit

51

50

adjusted for reserve requirements changes
verage of four weeks ending Oct. 25, 19&7
from four weeks ending:
July 26, 1967
A 8-1
Apr. 26, 1967
y- gj
Jan. 25, 1967
y-//./
Oct. 26, 1966
!<-//./

Hi.7i
Htt.7

Hi. Hi
Hi-a

Hi.Sg
Hie-UO

¥i-9f

H7.o«

'K.i’t
HiAe

1957-1966

Hi,-73.

HC>7H

Hi 80

Hi. AT
Ht,.3o

Hi .^3
Hi-HH
Hi.ye

49

H&.rj

Hi*))
Hi. lit,

Hi-3 7
i 733

48

WW
mm f

H 7.Z3 \
¥7-77

Hi. 1"3~
H7.H1
Hg-tO
H7.f3fi

47
Federal Reserve Credit

1*6

45
Federal Reserye Holdings of U.S. Government
, ^^ 'and Federal Agency Securities^

44

M
■j

€

43

42

Borrowings

r

1*1

40

o'

Latest data preliminary
Latest data plotted week ending: Oct. 25, 1967
1 1 1 1 1 1 1 1 1 1 1 I
5
19
2 16 30 lk 28 11 25 8 22 8 22
5
Oct.
Nov.
Dec.
Jan.
Feb. Mar.


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

1966

19
Apr.
a;

opy*

31 lk 28
June

Federal Reserve 'Credit excluding float and a few minor
items, and adjusted for reserve requirement changes.
Seasonal adjustment for Federal Reserve Holdings
computed hy this bank using data ending December 1966.
Borrowings from Federal Reserve not seasonally adjusted.
Current mad justed data appear in the Board's H.4.1 release
12 26
July

1967

9 23
Aug.

6

20 k 18
Sept. Oct.

1

15 29
Nov.

13

27 10

Dec.

2k 7
Jan.

21

6

20

Feb.
Mar.
1968

Prepared by Federal Reserve Bank of St. Louis

ij. oAq . dbeted to

(f,* *5

RESERVES
All Member Banks in the Nation
Weekly Averages of Daily Figures

Billions of Dollars

Billions of Dollars

I i i i i i i i i i i i—i i i i—n-!
Seasonal adjustment computed by this
bank using data ending December 196

TOTAL RESERVES
Annual rates of change, average of
four weeks ending Oct. 25, 1967
from four weeks ending
July 26, 1967
Apr. 26, 1967
Jan. 25, 1967
Oct. 26, 1966

' 66

I I FT Til
TOTAL
RESERVES

Unadjusted data appear Tn the Board's
H.4.1 release.

As.e/
A3-8S
°)‘f. c-S

1957-1966

J3.iif

t-

3L+.<>3

ca./o
■ay./j

K

AY SO
A Y. (.3

RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS

n.L?
22.0

tL.3>

li-3i

iM*ms Available for
Private Demand Deposits

/6.0C

HAC,
UAO
/tJA/4.JV

/fc.O 7

/i.rr

a

3


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

16
Nov.

I966

U '1
/6/S

/(o.il
/6. f!

/t.60
/b.01

Lates
ata pre
Latest data plotted week ending
I—I__1 1 1 ,i 1 T_l J

2

/k'+f

1957-1966

Seasonaladjustment factors have been revised
to incorporate data through early 1^67.
519
Oct.

/t.J3
/631

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of
four weeks ending Oct. 25, 1967
from four weeks ending:
July 26, 1967
Apr. 26, 1967
Jan. 25, 1967
Oct. 26, 1966

30 lir 28 11 25
Dec.
Jan.

8

22

Feb.

8

22

Mar.

3 17 31 Ik 28 12 26
May
June
July

1967

9
23
Aug.

6

20 h 18
Sept. Oct.

I__I__I

1 15
Nov.

I

29

25, 1967

I__I__L_L

13 27
Dec.

10

2k
Jan.

7
21 6 20
Feb.
Mar.
1968

Prepared by Federal Reserve Bank of St.Louis

MONEY STOCK PLUS TIME DEPOSITS *
Averages of Daily Figures
Seasonally Ad ustec

of Dollars

Billions of

382
380

378
376

37^
372

four
from
July
Apr.
Jan.
Oct.

weeks ending Oct. 18, 1967
four weeks ending:
19, 1967
-f 10.1
19, 1967
y-//.y
18, 1967
// 7
19, 1966
i- rg

.1957-1966

y

l.

o

370
368

366
364

362
36o

358
356
354
352
350
348
346
344
342
340
338
336
334
332
330
326

326
324

_ _ Latest data preliminary
; _Latest data plotted week ending:Oct.

0

1 ......................... ........ .
7 21
Sept.

5 19 2
Oct.


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

1966

16 30
Nov.

14

28
Dec.

11 25
Jan.

____________________________
For trend of money stock plus tine deposits by months
__________________________ see this bank's monthly release entitled "Monetary Tr<

18. 1967
8 22
Feb.

1 1 1 1 I

8 22
Mar.

1

5 19
Apr.

I II
3

11 31 1 14 28I 1 12 261
I
11
n

17
May

June

July

1967

1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 I I I _LLI_L_L
9 23
Aug.

6
20
Sept.

4 18
Oct.

1

15
Nov.

29

13 27
Dec.

10 24
Jan.

7 21
Feb.

6

:
Prepared by Federal Reserve Bank of St. Louis

20

3

aty , (jXX-teA
of Dollars

Bill

MONEY STOCK*
Averages of Daily Figures
Seasonally Adjusted

^ ^
l^O i JXLctun.0

Billions of Dollars
196

196
195

194
193
192

191

.Annual rates of change, average of
-four weeks ending Oct. 18, 1967
-from four weeks ending:
-July 19, 1967
y- 4>,3
-Apr. 19,
1967
-h S.A.
-Jan. 18,
1967
tl.S
-Oct. 19,
1986
+S.i

WEEKLY DATA

1967
177 7

1957-1966

179.3
/ 78 8
/7?.A

190

189

177 /

188

/foe

/7S0
131-3

187

186

I/O. j-

//a?

185
184
183

182
181

180
179

178

i

177
176

13-week

175
174
173
Weekly
172

171
170
169

168
167
Latest data prelimln
Latest data plotted wee

0

7

21 5 19
Sept. Oct.


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

2

1966

16 30
Nov.

ending: Oct

l4 28
Dec.

11 25
Jan.

8 22
Feb.

8

22 5 19
Mar. Apr.

3 17
May

31

14 28

June

Current data appear in the Board1s H.6 release.
Back
data appear in the August 1967 Federal Reserve Bulletin
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends"
llll 1 1 1 1 1 1 1 1 1 1 1
' 1 1 » '
29 13 27 10 24 7 21 6 20 3
12 26 9 23
Mar. Apr
Feb.
Jan.
Dec.
Nov.
July
Aug.

1967
Prepared by Federal Reserve Bank of St. Louis

0

CERTIFICATES OF DEPOSIT H
Ld rg e CO m rn e rc ioI Ba n ks
Wednesday Figures

Billions of Dollars

Billions of Dollars

Annual rates of change, seasonally unadjusted data
- average of four weeks ending Oct. l8, 1967 from
— four weeks ending:

■h
+

Millions of Dollars
,
1967

30. 4
20. 5

20, 3 II

20, HO
20, V37

22.0

22.0

21.0

21.0

20.0

20.0

Current and year ago data appear in the
Board's R.k.2. release.
1/ Negotiable time certificates of deposit

Latest data preliminary
Latest data plotted:
19


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

2

16

30

14

1111

1
28

11 25

8

22

8

7

22

Mar.

June

Oct.

21 6

Nov.

Prepared by Federal Reserve Bank of St. Louis

20
Mar.

3
Apr

7

TIME DEPOSITS*
All Commercial Banks
Weekly Averages of Daily Figures
SeasonallyAd usted

ons of Dollars

212
210

Billions of Dollars

208
from four weeks ending:
206

204
202
200
198
196

194
192
190
188
186

184
182
180

178
176

174
172
170
168
166

164
162
160
158
156
Back
data appear in the August 1967 Federal Reserve Bulletin
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

154
Latest data preliminary

0
7

21

5

19


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

2

16 30

14

28 11

25

8

22

8

22

5

19

3

17

31

14 28
June

12 26 9
23
July
Aug.

6

20
Sept.

4

18
Oct.

1

15

29

13 27

10

24

7

21

6

Prepared by Federal Reserve Bank of St. Louis

20

3

Millions of Dollars

BORROWINGS AND EXCESS RESERVES
Ail Member Banks in the Nation

Minions of

s

Dollars

1,900

1,900

1,800

1,800
EXCESS
RESERVES

BORROWINGS

+hi
yvo

«jv7
trO

317

110

3bl
337

V7
IS
JO

1,700
1,600
1,500

3-SO

1,300

/fS'

370

1,200

1,1*00

P

737

1,200

WEEKLY DATA

1,100

;*■
im

1,000

1,000

aaa P

900

in.
S3

800
700
600
500

Excess Reserves

1*00
300

Ret Free Reserves

200
100
Borrowings
0
-

100

-

200

-

300

-

1*00

-

-


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

1966

23

7

21

1

15

1

1,000

-

9

900

-

1,100

800

-

1,000

700

-

-

600

-

Latest data preliminary
latest data plotted: two weeks ending Oct.

500

-

1,100

25, 1967
15

29

12

7 21
June

5

19
July

1967

2

16
Aug

30

13 27

u

25

8

22

6

20

3

17

31 lU

28

13 27
Mar.

Jan.

1968
Prepared by Federal Reserve Bank of St. Louis

»

BiJ

ions of Dollars

69

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

Billions of Dollars
1

Seasonally Adjusted by this Bank

68

6?

Annual rates of change, average of
four weeks ending Oct, 18, 1967
from four weeks ending:
July 19,
1967
-0.7
Apr. 19,
1967
^4
Jan. 18,
1967
*7.7
Oct. 19,
1966
6t,<

1 1

fcCv S'
<t /SL

n
<5

AC
^

1960-1966
/6>
zJ 3
3€
J. 6

66

/3
AC

<57
-

65

i
//
IS

1 1 1 1 1 II 1 1 1 II 1
Millions of Dollars
SEASONALLY
ADJUSTED
UNADJUSTED
(.1, c3~ A.
6 3,797
6 3,813
63 8if
6 3 e-cj
6y.3o9
63, 7fi 8
63 yy<r 63, S’? A.
6.j, 893
63,j;y
i 3 cc6>
63,373
63,3366
6-p, ?yy
i I't?
6*269/
6 3,33?
6J.3/y
63S9?
6, A A
63/t?
63,fe3
63,3 97
(,3,3 sr
6 3.S69
6A
63.3SS
63 S/J63. 7tS P
6 3.337 p

68

6?

66

6k

63

62

61

60

59

58

57-.
cr

Latest data preliminary
latest data plotted: Oct. 18, 1967
I I I I I I I I I I II I
7 21
5 19 2 16 30 lk 28 11 25 8 22 6
22
Sept.
Oct.
Nov.
Dec.
Jan. Feb.
Mar.
1966


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

Current and year ago unadjusted data appear in
the Board's H.k.2. release.
Seasonal adjustment
computed by this bank using 1962 through 1966 data
5 19
Apr.

3

17
May

31 lk 28 12 26
June
July
I967

9

23
Aug.

20

k

Sept.

18
Oct.

1

15
Nov.

29

13

27 10

Dec.

2k

Jan.

7

21 6 20
Feb.
Mar.
1968

Prepared by Federal Reserve Bank of St. Louis

3
Apr.

10

YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

Per Cent

Corporate

Aaa Bonds

Government Bonds

Discount Rate

Three-Month Treasury-I---Bill Market Yield

-----

Latest data plotted are averages of rates available for the week ending: Oct. 27, 1967

9

23

7

21

4

18

2

16

30 13

27 10

24

10

24 7

21

5

19 2

r
1966

* AVERAGES OF RATES AVAILABLE


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

16 30

14

28 11

25 8

22

6

20

3

17

1

15

29

12 26

9

23

8

June
1967

1968

'
Prepared by Federal Reserve Bank of St. Louis

22

5

11
*

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

Per Cent

PRIME

PRIME
PAPER
It-6-MOUTH

LARGE

ACCEPTANCES CD'S**

—- J.
s. to

* SI

Prime Commercial Paper
4-to-6 Month

Prime Bankers'
Acceptances

unt Rate

Federal Funds Rate

Latest data plotted are averages of rates

9 23
Sept.

7

21 4 18 2
Oct.

Nov.

Mar.

June

1966
* AVERAGES OF RATES 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

Prepared By Federal Reserve Bank of St. Louis

Apr


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102