Full text of U.S. Financial Data : Week Ending: October 27, 1971

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Week ending: October 27, 1971
?4h(! wjJ

* 05 ,973

The nation’s money stock, consisting of private demand
deposits and currency in the hands of the public, averaged $226 7
billion in the four weeks ending October 20, slightly lower than
three months earlier (page 5). Since the beginning of 1971, however
money has risen at a 7.3 per cent annual rate, compared with a 5.4 ’
?oLCent ^ate in 1970 311(1 a 3,3 Per cent trend rate from 1957 to
1969. Private demand deposits (page 4) have declined at a 2.3 per
cent rate in the past three months, while currency has risen at a
3 per cent rate.
Much of the success of the new economic program will depend
to a considerable extent on the rate of monetary expansion accompanying
the program. Maintenance of the growth rate of money at about a 3 to
5 per cent annual rate can greatly assist the new program. Should a
substantially greater rate of monetary expansion occur for any length
of time, monetary actions might offset any reduction in inflation
that the program might bring. On the other hand, should a rate of
monetary expansion substantially lower than 3 to 5 per cent continue
for any length of time, the present business recovery might be stifled.
Money stock plus net time deposits (M2), another measure
of money used by some analysts to measure monetary influences on the
economy, has risen at a 3.3 per cent annual rate in the past three
months, compared with a 12 per cent rate from February 1970 to
June 1971 (page 7). In addition to the slight decline of money in
the past three months, net time deposits at commercial banks have
decelerated in recent months, also contributing to the slowing of
M2 (Page 6). Net time deposits have risen at a 7.8 per cent rate
in the past three months, after rising at a 17 per cent rate in the
previous sixteen months.
Net inflows into saving and loan institutions have remained
at high levels in recent months. Deposits at these institutions rose
at a 21 per cent annual rate from June to September, only about 2
percentage points less than in the first half of 1971. In contrast,
growth of deposits at mutual savings banks decelerated at a 9 per *
cent rate in the third quarter, after rising at a 19 per cent rate
m the first half of 1971.


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

Prepared by Federal Reserve Bank of St. Louis

Released: October 29,1971

r

2

MONETARY BASE v
FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
OCTOBER 27, 1971 FROM THE FOUR WEEKS ENOINGi

BILLIONS OF DOLLARS
9C

88
MONETARY BASE

86

84

82

80

78
_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
-----OCTOBER 27, 1971 FROM THE FOUR WEEKS ENDINGi

-

25
JUL. 28

12.6

AUG.

JUN.
'—MAY
APR.
_ MAR.

76

30

FEDERAL RESERVE CREDIT
74

26
28
24

FEB. 24
72

70

IBZl

MILLIONS
68

2 16 30 14 26 11

NOV
OCT
1970

25

9 23

6 20

3 17

JAN

FEB

3 17 31

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 27.

14 26 12 26

9 23

7 21

4

JUL

AUG

16

1

15 29 13 27 10 24

OCT

NOV

1971
1971

1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOtMEMBER
BANKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS.
FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 ■•REVIEW OF THIS BANK.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND 1•OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

3

RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

33.0

32.5

32.0

32.0

31.5

31.5

31.0

30.5

30.0

30.0

29.5

29.0

29.0

28.5

2 16 30 14 26 II

25

0 23

6 20

3 17

JAN

FEB

3 17 31

14 26 12 26

APR

0 23

7 21

4 18

1970

1

15 29 13 27 10 24

OCT

MAY

NOV

1971

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 27,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
* BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1,


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

1911
SEP.
OCT.

22
29
6
13
20
27

91LL1ONS
31.8
32.3
31.9
31.7
31.8
31.4

1970.

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
OCTOBER 27, 1971 FROM
THE FOUR WEEKS ENDING:
AUG.
JUL.
JUN.
MAY
APR.
MAR.
FEB.

25,
28,
30,
26,
28,
24,
24,

1971
1971
1971
1971
1971
1971
1971

1.8
5.2
4.0
3.0
6.6
5.5
5.9

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

BILL!QN§
175. 1
174.9
174.9
175. 1
174. 1
174.3

2 16 30 14 28 11

25

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

1970

0 23

7 21

4 18

1

15 2* 13 27 10 24

1971

LATEST DATA PLOTTED VI€EK ENDING. OCTOBER 20,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,
10/21/70

AVERAGE OF FOUR V«EKS ENDING

2/17/71

3/17/71

4/21/71

5/19/71

6/23/71

7/21/71

8/18/71

18.7
12. 1
14.5
13.7
12.0
9.3
7.5

9.3
13.4
12.7
10.8
8.0
6. 1

10.6
10. 4
8.6
5.7
3.9

16.2
12.0
7.4
4.9

6.5
2.5
0.5

-0.7
-2.3

-4.5

TO the average
OF FOUR WEEKS
ENDING:
3/17/71
4/21/71
5/19/71
6/23/71
7/21/71
8/18/71
9/22/71
10/20/71


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

5.5
7.9
6.6
8.6
8.7
8.2
6.9
5.9

PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
235 --------------1-----------,-----

BILLIONS OF DOLLARS
-------------------- ----------- 235

BILLIQNS
227. I
226.7
227.3
226.3
226.5

— OCT

2 16 30 14 2* II

25

9 23

6 20

3 17

3 17 31

14 2« 12 2«

9 23

7 21

4 1«

1

15 29 13 27 10 24

1870
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 20.

1871

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

10/21/70

2/17/71

3/17/71

4/21/71

5/19/71

6/23/71

7/21/71

6.0
8.0
7.1
8.5
8.8
8.3
7. 1
6.3

16.9
11.8
13.4
13. 1
11.4
9. 1
7.6

9.6
12.4
12.2
10.5
8.0
6.5

10.0
10.5
8.7
6. 1
4.6

14.9
11.1
7.2
5.2

7. 1
3.4
1.8

0.0
-1 . 1

8/18/71

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/17/71
4/21/71
5/19/71
6/23/71
7/21/71
8/18/71
9/22/71
10/20/71


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

2.8

-

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

/

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

260

250
TOTAL TIME DEPOSITS
240

230

220
NET TIME DEPOSITS*

210

-

200

190

2 16 50 14 28 11

25

0 25

6 20

5 17

JAN

FEB

5 17 51

14 28 12 26

0 25

7 21

4 18

1

15 20 15 27 10 24

OCT

1970

NOV

1971

LATEST DATA PLOTTED WEEK ENDING; OCTOBER 20,

1971

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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

10/21/70

2/17/71

3/17/71

4/21/71

5/19/71

6/23/71

7/21/71

8/18/71

23.7
23.4
21 .8
20.8
19.2
17.8
16.6
16.3

27.6
22.5
20.3
17.7
15.6
14. 1
13.9

17.4
16.5
14.2
12.4
11.3
11.5

13.5
11.3
9.7
9.0
9.6

11.1
9. 1
8.4
9.2

5.6
6.0
7.5

5.7
7.8

9.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/17/71
4/21/71
5/19/71
6/23/71
7/21/71
8/18/71
9/22/71
10/20/71


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

BILLIONS OF DOLLARS

500 cr

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

2 16 90 14 20 11

25

Q 25

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

I

a 23

JUL

IS 29 13 27 19 24

AUG

1970
LATEST DATA PLOTTED WEEK ENOINGt OCTOBER 20,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
N6N M2 IS DEFINED AS: CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS <M2)
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING.

10/21/70

2/17/71

3/17/71

4/21/71

5/19/71

6/23/71

7/21/71

8/18/71

14.3
15.4
14. 1
14.4
13.8
12.8
1 1.7
11.1

22.2
17.0
16.8
15.3
13.5
1 1.6
10.7

13.6
14.6
13.3
11.5
9.7
9.0

11.6
10.8
9. 1
7.5
7.0

13.0
10.1
7.9
7.2

6.4
4.8
4.6

3.0
3.3

3.1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/17/71
4/21/71
5/19/71
6/23/71
7/21/71
8/18/71
9/22/71
10/20/71


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
36

34

32

30

28

26

24

22

20

18

2 1630 14 26 11

25

0 23

OCT
NOV
1970

6 20

3 17

JAN

FEB

3 17 31

14 26 12 26

APR

6 23

MAY

7 21

4 18

JUL

AUG

1

15 2B 13 27 10 24

OCT

NOV

1971

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 20.

1971

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.


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

MONEY AND TIMI

197
SEP.

OCT.

NOV.

1
8
15
22
29
6
13
20
27
3
10
17
24

DEPOSIT DATA

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1 TS 16

30.8
31.5
31.9
32.7
33.5
33.0
33.5
33.7

228.4
228.8
228.7
229.3
229.7
230.8
231.1
231.9

M2 616

455.9
456.6
455.9
456.2
456.4
458. 1
457.6
458. 4

* SEE FOOTNOTE PAGE 6.
686 SEE FOOTNOTE PAGE 7.
PREPARED BY 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
---------------------------- m 365

365 r----------- 1--------- -----

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

2 16 30 14 28 1

25

9 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

9 23

7 21

4 18

JUL

AUG

1

15 29 13 27 10 24

1970
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 20,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
INCLUDES MEMBER BAM< DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1211

SEP.
OCT.


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

15
22
29
6
13
20

BILLIONS
CREDIT
PROXY

PROXY
ADJUSTED

350.2
348.8
348.4
349. 1
348.8
349. 7

353.9
352.9
352.9
353.5
353.5
354.9

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 20, 197' FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
AUG.
JUL.
JUN.
MAY
APR.
MAR.
FEB.

18,
21,
23,
19,
21,
1 7,
1T,

1971
1971
1971
1971
1971
1971
1971

6.9
7.7
7. 1
8.0
7.7
8.7
10. 1

8.0
7.8
7.3
8. 1
7.0
7.0
7.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT

PER CENT
9.0

8.5
CORPORATE Aaa BONOS

8.0

7.5

7.0
MUNICIPAL
6.5
PRIME COMMERCIAL
LOAN RATE

6.0

5.5

5.0
DISCOUNT RATE
4.5

THREE-MONTH TREASURY
BILL MARKET YIELD

4.0

3.5

3.0

4 18

2 16 30 13 27 II 25

NOV
1970

8 22

DEC

5 10

5 19

FEB

MAR

2 16 30 14 28 11

MAY

25

9 23

JUN
1971

6 20

3 17

AUG

SEP

1

IS 29 12 26

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THF WEEK ENDING: OCTOBER 29,

1971
SEP.

OCT.

NOV.

3
10
17
24
1
8
15
22
29 *
5
12
19
26

1971

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECUR1T1ES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS *K

7.45
7.42
7.44
7.44
7.46
7.44
7.42
7.37
7.33

4.47
4.62
4.79
4.74
4.65
4.51
4.45
4.47
4.38

5.89
5.94
6.00
6.01
5.91
5.84
5.68
5.62
5.60

5.58
5.51
5.59
5.59
5.52
5.47
5. 44
5.47
5.44

5.39
5.36
5.38
5.48
5.24
5.17
4.99
4.97
N.A.

...

_

__________________________________

* AVERAGES OF RATES AVAILABLE.
m
BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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

PREPARED BY FFDFRAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM
PER CENT
9.0

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT
-------- 9.0

-------

COMMERCIAL PAPER
4-TO-6 MONTH

FEDERAL FUNDS RATE

4 18

2 16 30 13 27 11

25

8 22

5 10

5 10

2 16 30 14 28 11

25

0 23

6 20

3 17

1

15 20 12 26

1970
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 29,


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

1971
SEP.

OCT.

NOV.

3
’0
1 7
24
1
8
15
22
29 X
5
12
19
26

PRIME
COMMERC1AL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS***
ACCEPTANCES

90 DAY
CD1 S XX

5.70
5.75
5. 75
5.75
5.75
5.75
5.63
5. 45
5.25

5. 70
5.75
5.42
5.48
5.35
5.25
5.35
4.98
5.19

5.50
5.50
5.50
5.50
5.40
5.23
5.03
4.98
4.88

5.56
5.55
5.60
5.66
5.62
5.53
5.44
5.29
5.18

1971

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAI_ABLF
** DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNFSDAY TWO
DAYS FARL1ER.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.9 RELEASE.
PREPARED BY FEDERAL RFSERVE BANK OF ST. LOUIS

I

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BORROWINGS

EXCESS RESERVES

-0.4

0.8

-

NET FREE RESERVES

2 16 30 14 28 11

SEP

OCT
NOV
1970

25

9 23

DEC

6 20

3 17

JAN

FEB

3 17 31

MAR

LATEST DAT* PLOTTED WEEK ENDING: OCTOBER 27,


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

14 26 12 26

APR

MAY

9 23

JUN
1971

7 2

4 16

JUL

AUG

1

15 29 13 27 10 24

SEP

OCT

NOV

1971

MILLIONS
EXCESS
RESERVES

1971
SEP.

OCT.

NOV.

1
8
15
22
29
6
13
20
27
3
10
17
24

324
205
247
227
343
297
101
304
44

BORROWINGS
706
765
457
329
424
310
450
332
4'4

FREE
RESERVES
-

382
560
210
102
81
13
349
28
370

L_
PREPARFD ev FEDERAL RESERVF BANK OF ST. LOUIS