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'

•

RESEARCH LIBRARY 1
Federal Reserve Bankll
of St. Louis

S. FinflnCIHL DATA
Week ending: October 29,1969

2 7 1998
Interest rates have risen in the past week
although most rates are still below early October peaks
(pages 10 and 11). Over the past year interest rates
have increased markedly, with yields on prime fourto six-month commercial paper rising about 2-1/2
percentage points. In contrast, Regulation Q
ceilings have remained unchanged and the discount rate
has been increased only three-fourths of a percentage
point during the past year. The discount rate is
currently one percentage point below the three-month
Treasury bill rate; this spread was about onefourth of a percentage point a year ago.
Selected Interest Rates
(Average of Daily Rates)
Week Ending

3- to 5-year Government
securities
Corporate Aaa securities
3-month Treasury bills
Prime 4- to 6-month
commercial paper
Banker's acceptances
Discount rate
Regulation Q ceiling on
large 90- to 179-day CD1's

11/1/68

10/31/69*

Percentage
Increase

5.42
6.15
5.48

7.31
7.25
7.00

34.9
17.9
27.7

5.88
5.88
5.25

8.29
8.00
6.00

41.0
36.1
14.3

6.00

6.00

*Latest rates are averages of the three days ending
October 29.


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

-0-

The volume of commercial paper outstanding
continued to increase rapidly in September, up $7.8
billion since last December, compared with a $3.4
billion increase in the corresponding period of 1968
(page 8). In contrast, the outstanding volume of
large negotiable certificates of deposit at large
commercial banks declined by $12.1 billion from last
December to October 1969, as low Regulation Q ceilings
relative to market rates have prevented banks from
competing effectively for funds.
The money stock has been about unchanged since
early June, indicating greater monetary restraint than
earlier in the year when money grew at a 4.4 per cent
annual rate (page 5). The monetary base, uses of which
are bank reserves and currency, has declined somewhat
since early June (page 2) . The money stock and the
monetary base usually grow at similar rates. For
example, in 1968 they both grew 7 per cent and in the
last three months they both have been about unchanged.
However, small shifts frequently occur in the
multiplier relationship between the monetary base and
money. Since early June, the continuing decline in
the ratio of time deposits to private demand deposits
has been the major factor causing a net increase in
the multiplier, though the more rapid rise in currency
relative to demand deposits has tended to lower the
multiplier. For a more detailed discussion of the
base and multiplier, see "Elements of Money Stock
Determination" in the October 1969 Review of this
bank.
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 31,1969

Ill

MONETARY BASE LL
FEDERAL RESERVE CREDIT^.
Averages of Daily Figures

s of Dollars

82

Billions of

Seasonally adjusted by this bank.
Annual rates of change, average of four weeks
ending Oct. 29, 1969 from four weeks ending:
81

80

79

Monetary
Base
July
Apr.
Jan.
Oct.

30,
30,
29,
30,

F.R. Credit

1969
1969
1969
1968

£kr

/

June il, 1969
1957-1968

78
Monetary Base

77

76

75

74

^.R.Credit

Federal Reserve Credit
73
1/

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.
■

62

61

60
0


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

9
1968

23

3

17

1

15

29

12 26

1969

Prepared by federal Reserve Bank of St. Louis

1970

3

REWVES

All Member BcWts in the Nation
Averages of Daily Figures
Seasonally Ad usted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
_ending Oct. 29, 1969 from four weeks ending:
July 30,
Apr. 30,
_Jan. 29,
—.Oct. 30,

30.0

1969
1969
1969
1968

29.5

June 11, 1969
29.0
1959-1968

28.5

TOTAL
28.0

27.5

27.0

27.0

26.5

26.5
Total
Jl7.3

------Series adjusted by the Board of Governors
-------- to reflect changes in reserve requirements.
For comparability back data have been re­
vised due to the change in Regulation D effec­
tive July 31, 1969 requiring member banks to
__ __ include all "bills payable checks" and so-called
_____ "London checks" as deposits subject to reserve
-------- requirements.

26.0

25.5

25.0

24.5
—Latest data preliminary
^Latest data plotted
10 24

7


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

21

4

18
Sept.

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

Oct. 29, 1969
16 30

13 27

11 25

5

19

5

19

2

16- 30

14 28
May

11 25
June

9
July
1969 ’

6

20
Aug.

3 17
Sept.

1

15

29

12 26

Prepared by Federal Reserve Bank of St. Louis

0

10 24
J an.
1970

4

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Ad justed

Billions of Dollars

Billions of Dollars

TTT7
Annual rates of change, average of four
weeks ending Oct. 22, 1969 from four
weeks ending:
,
July
Apr.
Jan.
Oct.

23,
23,
22,
23,

1969
1969
1969
1968

■h/.O

* 3- 3

June 11, 1969

V

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

4

18

2

Jul-


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

16

Oct. 22, 1969

30 13

27 11

Nov.

Dec.

19

5

19

2

16

30 14

28 II

25

9

23

6

20

3

1

15

29

12

June

1968

Prepared hy Federal Reserve Bank of St. Louis

26 10

24
Dec..

J an.
1970

5

STOCK
Average.* !^R)aily Figures

»

fllars

Bill

BilWWlS OI U'oi iar

Seasonally Ad

215
214

215

Annual rates of change, average of four
weeks ending Oct. 22, 1969 from four
weeks ending:

213

214
213

/ 9 9.1

212

212
July 23,
Apr. 23,
___ Jan. 22,
-Oct. 23,

211
210

1969
1969
1969
1968

+ /. O

211

/ 99. J

210

209

209
June 11, 1969

208
207

208

^Dec. 25 - June 11

206

207
206

1957-1968

205

205

204

204

203

203

202

202

201

201

200

200

199

199

198

198

197

197

196

196

195

195

194

194

193

193

192

192

191

191

190

190

189

189

188
187
186
185

188
Data include the annual revision of seasonal factors r
and benchmark adjustments of nonmember bank deposits.
Current data appear in the Board's H.6 release.

187
186

Latest data preliminary
Oct. 22, 1969
Latest data plotted week ending:

'

0
10

24


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

21

4

18 2
Sepi .

30

13 27 11

22

5

19

5 19
Mar.

2

16 30
Apr.

14 28
May

11 25 9 23
June
.Tulv
1969

6

20
Ann.

3

17 1
Sept.

15 29

12 26

Prepared by Federal Reserve Bank of St. Louis

10

24

7

21
1970

185
0

Hit

of Dollars

234

232
230

224

Billions of

r

July 23, 1969

-

Apr. 23, 1909
_ Jan. 22, 1969
1Q6R

Dollars

"pi i i i i i r~U 1UU
1969
CL^l . 4
l9S.i, 0 /3
i
J9 4.9
/9 V. y -iO 1
1 9J.J
•>7
/?V.^
h
t&yat. J
/ 9J3
JO
n4.A
*4
/?v.*
/94-4S
“

i
Annual rates oi cnnngc,
------------ending Oct. 22. 1969 from four weeks ending

228
226

6

TIME DEPOSITS
All Commercial 3anks
Ave rages of Doily Figures

. 1

a • w
~ <o. U
C

222
1957-1968

220

-f- /

/S

^

\

/93-T
ns. 3

~
p

j

218

234
232
230
228
226
224

222
220
218

216

216

214

214

212

212

210

210

208

208

206

206

204

204

202

202

—

200

200

198

198
196

196
i
/9 3-i

194

194

192

192

190

190

188

188

186

r

186

|

184

184

182

182

180
178
176
174
0

180
and benchmark adjustments of nonmember bank deposits
■ Current data appear in the Board's H.6 release.
r r[ 1
|
r ryTr
n
1 T t t r~T~ 1 r~r~rr
1
r~
.Latest data preliminary
Latest data plotted week ending:

rr

r

r

Ct*

ITT

176
174

9 *^69

1 1 1 1 II 1 1 1 II 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
10 2/.
7 21 4 18 2
14 30 13
27 11 25 8 22 5
19
Julv
Au<’.
Sept.
Oct.
Nov.
Dec. Jan.
Feb.
1968


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

178

Ti r
Mil MM

0
5

19
Mar.

2

16 30
Apr.

14 28 11 25 9 23
May
June
July
1969

6

20
Aug.

3

17 1
Sept.

15 29
Oct.

12 26
Nov.

Prepared bv Federal Deserve Bank of St. Louis

10 24
Dec.

7

21
J.-rn.
1970

MONEY STOCK M|S TIME DEPO
Averages o^Oaily Figures
illi

of Dollars

Billions of Dollars

Seasonally Ad justed

432
430
428
426
424

Annual rates of change, average of four weeks
ending Oct. 22, 1969 from four weeks ending:
July 23, 1969
Apr. 23, 1969
Jan. 22, 1969

422
420
418

June 11, 1969
1957-1968

416
414
412
J93.J
410
408
406
404
402
400
398
396
394
392
390
388
386
384
382
380
378

Data include the annual revision of seasonal factors
and benchmark adjustments of nonmember bank deposits.

376
374
372

rm
Latest Data Preliminary
Latest Data Plotted Week Ending:

Oct. 22, 1969

o'
10 24

7


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

21

4

18 2
Sept.

16

30 13

27 11

25

8 22

5

19

5

19
Mar.

2

16

30 14

28

11 25
June

6

20

3

17

1

15

29 12

Prepared by Federal Reserve Bank of St. Louis

26

10 24
Dec.

7

21

Billions of Dollars

CERTIFICATES OF DEPOSIT LL AND COMMERCIAL PAPER
Outstanding Volume

\2

8
Billions ui

29.0

27.0
26.0

24.0

22.0

Certificates of Deposit

20.0

■Commercial Paper

September 1969
I ii
'
' Commercial Paper:
latest data plotted: Certificates of Deposit: October 1969


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

\J Negotiable time certificat
Monthly averages of Wednesday figures. Data prior
at large commercial banks,
,ank of St. Louis.
to July 1965 estimated by
Averages of current and preceding
2/ Total volume of commercial paper outstanding.
~ end-of-month seasonally adjusted figures.

PreliminaryL

Prepared by Federal Reserve Bank of St. Louis

NEW ISSUE RATE ON CERTIFICATES OF DEPOSIT Q_
EALERS' OFFER NG RATE ON COMMERCIAL PAPER

’Per Cent

Commercial Paper
L. oo

Certificates of Deposit

Latest data plotted:

October 1469

1./ Average new issue rate on 6 month certificates of deposit of $100,000 or more.
Estimated by the Federal Reserve Bank of St. Louis from guide rates published
in the Bond Buyer.
2/ Prime commercial paper, 4- to 6- months maturity.
Averages of dealers' daily
offering rates.

1 I I ft I I- I I i"tT Preliminary i

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

1969

Prepared by Federal Reserve Bank of St. Louis

T

9.50

9.00

10

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
3-Month
Bif?sury

1969
"4 /
3 y
/s
3*.

7 .og
is .9 X

0-9?

o.ro
7.<56
7. 03>
7 /o
7./A
7. to

3
8.50

/9
c2 Co
3

7.03-.
0.77

10

n

8.00

3i *■

7 o/
4..9V
7.oo

3-5 Year

7.03

to. &S

3. 78

7.oo
0.90,

0.0/

O. oo
<o.o 7

7./V

7.30

7.03
7.77
7.73
7. 7V
736
7. /Sl

7.3/

9.00

<,.95
0.98

7.03
7. /A

0../8
0.&3
is. 3/
6. V/

7.

9.50

Corporate
Aaa

Long Term

7.0 7
7.0/
7-/7
7. <3 3

Per Cent

7-/6
7./?

8.50

7. =?y

0..S4,
<o. «rV
(es. / 0

1-37

0.C7
is.3 3

7. 3/
7.05

7.39

8.00
Prime Commercial
corporate
7Vaa Bond

7.50

sy
7.00

•* *

%

t*' ..

7.50

■*lJ
7.A5

**
V

•«*

—f- 1—1—
/. oo

7.00

ee-Month Treasury
Bill'Market Yield
6.50

6.00

6.00
Long-Term
Government Bonds

5.50

5.50
Discount Rate

5.00

5.00

4.00

Latest data plotted are averages of rates available for the week ending:
I—I—1—J—I—I—I—I—I—L—I—1—1—I—1—I—I—I—I

12

26

9

23
Aup.

6 20 4
18 1
Sept.
Oct.
1968


OF RATES AVAILABLE
*AVE1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I

I

1

I

L

I

15 29 13 27
Nov.
Dec.

I

I

I

I

l_l

l

l

10 24 7
21
Jan. Feb.

l

i

|

i

7 21
Mar.

r

i

i

Oct. 31, 1969
i

4 18
Apr.

«

i

2

i

i

i

1

16 30
May

!

I

13 27 11 25
June July
1969

3
Sept.

17 31 14 28 12 26
Oct.
Nov.
Dec

Prepared by Federal Reserve Bank of St. Louis

Jan.

SELECTED SHORl^RM INTEREST RATES
Per Cent

Averages of Daily Rates Ended Friday

— 11.00

10.50

10.00

.

Prime
Commern' al
Prime
Paper
Bankers'
4-6 Month . Ac ttptirtices

V

ft. U U

ft. So

//

/S

r, ~?s
ft. tmS

f. so

AS

S'. <*9

/

90 Day

r.s3

ft. as
ft. Vo

9.00

Federal
i,-. Funds
10.50

10.00

ft. 0 3
ft. /o
ft. oo
ft~cO
9.50

r . Per Qent
11.00

ft. So
ft. UO
ft. 13
ft.'ll

ft./c,
r. /3

Federal Funds Rate
ft. OS
8. SO

6. So

ft- <o3

ft. AS

r.

ft. 9S

as

ft. /j

ft oo
8.50

8.00
Commercial Paper
4-to- 6 Month
Bankers'
Acceptances

7.50

7.00

6.50

6.00
Discount Rate

5.00

■Latest data plotted are averages of rates available for the week ending:
i ' i i ri « i ' i
L 1 I I f I |
12 26 9 23 6 20 4 18
1 15 29 13 27 10 24 7 21 7 21 4 18
Sept. Oct.
Jan.

2

16

30 13 27
June

11 25

8 22

19

3

17 31

14

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


** SOURCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
Federal Reserve BankSECONDARY
of St. LouisMARKET RATE ON 90-DAY PRIME CD'S

Prepared by Federal Reserve Rank of St. Louis

28 12

26

9

23

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures

Millions of Dollars

EXCESS
RESERVES

Millions of Dollars

FREE

BORROWINGS

RESERVES

•3<t I
// 0<o

-ntt*

2.000

70 70 P
Borrowings

1,800

1,000

Excess Reserves

200

-

1,200

-

-1,400
Net Free Reserves
-1,600
-1,800
2,000

-

2,200

2,200

-

-

-2,600
-2-, 800

Latest data preliminary
-Latest data plotted week ending:

Oct. 29, 1969

-3,000
4 18
Sept.


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

30 13 27 11 25
Nov.
Dec.
1968

8 22
J an.

5

19

5

19
Mar.

2

16 30
.pr.

23

14 28 11 25
May
June

6

20
Aug.

3 17
Sept.

1

15 29
Oct.

12 26
Nov.

10 24
Dec.

7

21
Jan.

1969

Prepared by Federal Reserve Bank of St. Louis

4

18 4 18
Feb.
Mar.
1970