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mM.

Week ending: October 3r 1973

L,BRARY
JUN

0 8 1979


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

The nation's money stock averaged $263.3
billion in the four weeks ended September 26, the
same as the four-week average of three months ago.
In the past six months money has risen at a 5.1
percent annual rate. In the past year, money has
risen 5.3 percent, compared with average rates of
6.3 percent from 1967 to 1972 and 2.9 percent from
1957 to 1967.
Money plus net time deposits has increased
at a 4.8 percent annual rate in the past three months.
For comparison, this aggregate has risen at a 7.2 per­
cent rate in the past six months, 7.8 percent in the
past twelve months, and at an average rate of 8.4
percent from 1967 to 1972.
The growth in business loans adjusted has
leveled off in recent weeks after growing rapidly
earlier this year. Business loans adjusted have
shown little net change since mid-August, after
rising 27 percent in the previous twelve months.
The recent moderation in business loan ex­
pansion may be partially the result of a changing
spread between bank loan rates to businesses and
commercial paper rates. Reflecting recent declines
in most short-term market interest rates, yields
on four— to six-month prime commercial paper have
averaged below the prime bank rate in the past two
weeks. Yields on four- to six—month prime commer­
cial paper averaged 10.48 percent three weeks ago
and 9.46 percent early this week. For comparison,
the prime bank loan rate has been 10 percent for
the past two weeks. The commercial paper rate had
been above the prime bank rate since January of this
year.

Prepared by Federal Reserve Bank of St. Louis

Released: October 5, 1973

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

102

100

98

96

94

2 16 SO 13 27 II 25

SEP

« 22

6 20

3 IT 3]

14 2* 14 26 11 25

FEB

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3,

MAR

* 23

* 20

JUN
1973

APR

4 1*

1

13 29 12 26 10 24

JUL

1973

USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOfA^MBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS.
FOR A DESCRIPTION
OF T& BASE SEE THE AUGUST 1968 •■REVIEW OF THIS BANK.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
10/4/72

1/31/73

2/28/73

4/4/73

5/2/73

6/6/73

7/4/73

6/1/73

9.6
10.8
10.6
10. 1
9.7
9.4
8.8
8.1

9.8
9.5
9.0
8.4
8. 1
7.5
6.6

12.9
10.9
9.8
9.2
8.2
7.2

8. 1
7.5
7.3
6.5
5.6

6.8
6.8
6.0
4.9

6.3
5.5
4.2

5.2
3.7

2.4

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
2/28/73
4/ 4/73
5/ 2/73
6/ 6/73
7/ 4/73
8/ 1/73
9/ 5/73
10/ 3/73


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

ratio

MULTIPLIER

RATIO

SEP.

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 26. 1973
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94

COMPOUNDED ANNUAL RATES
___ OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
_ OCTOBER 3, 1973 FROM
THE FOUR WEEKS ENDING:
AUG.
1,
JUL.
4,
JUN.
6,
-----MAY
2,
_
APR.
4,
FEB. 28
-----OCT.
4,
-

92

FEDERAL RESERVE CREDIT

1973-12.6
1973
-3.2
1973 -5.0
1973
-1.6
1973
-0.5
1973
4.7
1972
10.3

90

86

86

64

82
137.3.

MILLIONS

60

78

OCT.
2 16 30 13 27 11 25

6 22

6 20

3 17 31

14 24 14 26 II 25

FEB

MAR

APR

9 23

6 20

4 14

JUN

JUL

1

15 24 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1973
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND *•OTHER" ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPisiTS AMONG
CLASSES OF BANKS.
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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

billions

205.2
203.3
203.7
204.0
203.5

201.8

2 16 30 13 27 11 23

SEP

6 22

6 20

3

IT 31

14 28 M 28 I I

25

B 23

OCT
1972

6 20

4 18

1

13 29 12 28 10 24

1973

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 26,

1973

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

COMPOUNDED ANNUAL RATES OF CHANGE ,
9/27/72

1/24/73

5.4
4. 1
3.9
5.0
6.2
6.2
5.2
4.3

0.6
1.0
3.9
6.3
6.3
4.8
3.5

2/28/73

AVERAGE OF FOUR WEEKS ENDING,

3/28/73

4/25/73

5/23/73

7.8
10.4
9.5
6.5
4.5

14.4
11.9
7.6
4.9

11.1
5.8
3.0

6/27/73

7/25/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
2/28/73
3/28/73
4/25/73
5/23/73
B/27/73
7/25/73
8/29/73
9/26/73


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

-0.3
4.2
7.2
7. 1
5. 1
3.5

1.1
-1.2

-4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOU I*

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
275 -------------1---------- ,-----

BILLIONS OF DOLLARS
----- ---------- ------------- 275

264.9
263.0
263.8
264.0
263.5
261.8

SEP

Z 16 30 13 27 11 23

SEP

8 22

6 20

3 17 31

OCT

14 26 14 26 11 23

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING; SEPTEMBER 26,

9 23

6 20

4 16

I

13 29 12 26 10 24

APR

1973

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING;
9/27/72

1/24/73

2/28/73

3/28/73

4/25/73

5/23/73

6/27/73

6.4
5.4
5.3
6.2
7. 1
7.0
6.0
5.3

2.0
2.8
5.2
7.0
6.8
5.4
4.3

2.6
6.0
8. 1
7.6
5.8
4.5

8.9
10.5
9.3
6.8
5.1

13.2
10.8
7.2
5.2

9.7
5.5
3.5

1.5
0.0

7/25/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
2/28/73
3/28/73
4/25/73
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73


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

-2.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS of DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS *

2 16 SO 13 27 !1

SEP

25

8 22

6 20

S 17 31

OCT
1972

14 28 14 26 11

FEB

MAR

LATEST DATA PLOTTED WEEK END INOi SEPTEMBER 26,
CURRENT DATA APPEAR

9 23

APR

6 20

JUN
1973

4- 18

1

13 29 12 26 10 24

JUL

1973

IN THE BOARD OF GOVERNORS* H.fi RELEASE.

* NET TIME DEPOSITS ARE DEFINED ASs 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:
9/27/72

1Z24/73

2/28/73

3/28/73

4/25/73

5/23/73

6/27/73

7/25/73

11.1
11.1
10.7
10.5
10.3
9.8
10.2
10.1

8. 1
8.2
8.4
8.5
8.0
8.9
8.9

9.6
9.5
9.3
8.5
9.5
9.4

8.8
8.8
8.0
9.2
9. 1

9. 1
7.9
9.4
9.3

7.2
9.5
9.3

9.8
9.4

1 1.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/28/73
3/28/73
4/25/73
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73


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
630 c=---------- -----------------

BILLIONS OF DOLLARS
----- ---------- -----------3 630

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

2 16 30 13 27 II Z5

SEP

$22

6 20

3 17 31

OCT

M 21 14 28 11 23

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 26,

9 23

6 20

4 18

1

13 29 12 26 10 24

APR

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
*8 M* 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:

9/27/72

1/24/73

2/28/73

3/28/73

4/25/73

5/23/73

8.8
8.3
8. 1
8.5
8.8
8.4
8.2
7.8

5. 1
5.6
6.9
7.8
7.4
7.2
6.7

6.2
7.8
8.7
8.0
7.6
7.0

8.9
9.6
8.6
8.0
7.2

11.0
9.2
8.3
7.3

8.3
7.5
6.4

6/27/73

7/25/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/28/73
3/28/73
4/25/73
5/23/73
6/27/73
7/25/73
8/29/73
9/26/73


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

2 16 30 13 27 11 25

8 22

6 20

3 IT 31

14 28 14 28 1 I 23

FEB

MAR

9 23

BILLIONS OF DOLLARS

6 20

4 18

1

IS 29 12 26 10 24

APR

LATEST DATA PLOTTED WEEK ENDINGj SEPTEMBER 26, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 6100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1973
AUG.

SEP.

OCT.

1
6
15
22
29
5
12
19
26
3
10
ir
24
31

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS *

65.5
66.2
67.3
67.4
67.6
67. 1
67.4
68. 1
67.0

284.6
285.5
285.9
287,2
287.3
288.4
287.9
287.8
289.0

M2 UK
548.4
549. 1
550.3
552. 1
550.2
552.2
551.9
551.3
550.9

* SEE FOOTNOTE PAGE 6.
38* 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

B11
455

445

435
CREDIT PROXY ADJUSTED 1/
425

415

405
CREDIT PROXY

395

385

2 16 30 1 3 27 11 25

8 22

6 20

3 17 31

14 28 14 28 11 25

FEB

MAR

9 23

6 20

4 18

I

15 29 12 26 10 24

APR

1972

1973

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 26.

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
17 mSWPSS CERTA?N^OTHER’ NONDEPOST T^SOURCI-sIP^ '

1913

AUG.
SEP.

BILLIONS

22
29
5
12
19
26


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

CREDIT
-PROXY

CRED IT
PROXY
ADJUSTED

437.7
435.7
437.9
439.8
439. 1
437.3

444.9
443.2
445.2
446.7
446.6
444.8

EUR0D0LL*R BORROW INGS OF

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 26, 1973 FROM THE FOUR
WEEKS ENDING:
CRED1T
CRED1T
PROXY
PROXY
A
JUL.
JUN.
MAY
APR.
MAR.
FEB.
SEP.

25,
27,
23,
25,
28,
28,
27,

1973
1973
1973
1973
1973
1973
1972

10.3
9.5
9.8
10.4
10.9
12.3
12.4

1 1.6
10.9
11.2
1 1 .5
11.9
13.3
13. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
9.5 -----

PERCENT
----- 9.5

CORPORATE AAA BONDS

THREE-MONTH TREASURY
BILL MARKET YIELD

[
v

MUNICIPAL
BONDS

DISCOUNT RATE

-LLJJ-LL. I III 1 I I I II II L.L1.1.1l.i 11 I I I I
4 18
AUG

I 15 29 13 27 10 24 8 22
SEP
OCT
NOV
DEC
1972

3 19
JAN

I I I

I I I

_______ _______________

2 16 2 16 30 13 27 II 25 6 22
FEB
MAR
APR
MAY
JUN
1973

6 20 9 IT 31 14 28 12 28
JUL
AUG
SEP
OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: OCTOBER 5. 1973

1973
AUG.

SEP.

OCT.

3
10
17
24
31
7
M
21
28
5 *
12
19
26

CORPORATE
AAA BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS WK

7.53
7.61
7.71
7.77
7.73
7.64
7.63
7.65
7.60
7.59

8.30
8.70
8.88
8.71
8.62
8.80
8.94
8.38
7.13
7.39

8.02
8.16
7.80
7.50
7.35
7.27
7.45
7.10
6.85
6.86

6.90
6.97
6.83
6.74
6.62
6.45
6.52
6.43
6.28
6.27

5.59
5.58
5.47
5.44
5.34
5.18
5. 18
5.05
5.00
N. A.

* AVERAGES OF RATES AVAILABLE.
St* 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 FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—

FEDERAL FUNDS RATE
PRIME BANK
I-LOAN RATE

COMMERCIAL PAPER

OCT
1972

NOV

3 19

2 16

JAN

FEB

Z 16 30 13 27 11 25

APR

8 22

6 20

3 17 31

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. OCTOBER 5,

1973
AUG.

SEP.

OCT,

3
10
17
24
31
7
14

Z\
ZB

5 S
12
T9
26

PRIME
COMMERCIAL
PAPER
4-6 MONTH
9.88
10.05
10.25
10.25
10.45
10.38
10.48
10.45
9.65
9.46

FEDERAL
FUNDS xx
10.57
10.39
10.39
10.52
10.79
10.79
10.74
10.80
10.84
10.72

M 26 12 26

MAY

PRIME
BANKERS’
ACCEPTANCES
9.85
10. 15
10.25
10.25
10.25
10.25
10.35
10.43
9.75
9.50

1973

90 DAY
CD’S WS
10. 14
10.52
10.81
10.71
10.93
10.93
10.90
10.97
10.37
9.63

* AVERAGES OF RATES AVAILABLE.
FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
THEioAHD OF^oSeRNO^'^^LEASe'8
C“""ENT
WPEAR
CD DATA ARE SECONDARY MARKET RATES.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11.0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
1813

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
3.0 -------------1---------- 1-----

BILLIONS OF DOLLARS
---------------- ----------- -n 3.0

MILLIONS.

AUG. 29

2561

12
19
26
3

1487
1707
2191
1519

BORROWINGS

2 16

SO 13 27 11 25 8 22

6 20

5 17 31

AUG

SEP

DEC

JAN

OCT
1972

NOV

14 28 14 28 11 25

FEB

MAR

APR

8 23 6 20

MAY

JUN
1973

4 18

1

JUL

AUG

15 26 12 26

SEP

10 24

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, 1973

BUSINESS LOANS

BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
114

“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ SEPTEMBER 26, 1973 FROM THE FOUR
^ ................... ~NG:
BUSINESS
BUS I NESS
LOANS
LOANS
ADJUSTED
JUL.
____
_ MAY
APR.
— MAR.
— FEB.
__ SEP.

25
_. ,
23,
25,
28,
28,
27,

973
.973
1973
1973
1973
1973
1972

112
1 10
108

BUSINESS LOANS ADJUSTED 1/
17.4
19.8
23.9
25.5

19.4

106

18.9

21.2

104

26.6

102

100
98
96
BUSINESS LOANS
BUSINESS

.LOANS.
AUG. 22
SEP.

BUSINESS
LOANS
ADJUSTEP-

108,657

5

94
92
90

88
86

I I I I I I I
2 16 SO 13 27 11 25

SEP

OCT
1972

8 22

6 20

3 17 31

14 28 14 28 11 25

FEB

MAR

APR

8 23

6 20

JUN
1973

4 18

1

15 28 12 26 10 24

JUL

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 26, 1973
1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS