Full text of U.S. Financial Data : Week Ending: October 31, 1973

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Week ending: October 31, 1973
LIBRARY

JUN 0 8 1979

Since July 1973 there has been no growth in the money
stock or its demand deposit component. Over the past year these
aggregates have increased 5 percent and 4 percent, respectively.
These changes are based on four-week averages of data at the
beginning and terminal points. Averaging over a longer period,
thirteen weeks (one quarter) rather than four weeks, alters the
short period perspective somewhat. For example, money has risen
at a 2 percent annual rate from the thirteen weeks ending July 25
to the latest thirteen weeks. Since the thirteen weeks ending
one year ago, money has increased 5.6 percent.
The monetary base, uses of which are member bank
reserves at Federal Reserve Banks and currency in circulation,
has increased at a 5 percent rate since July and 7.6 percent in
the last twelve months. Changes in the base result from changes
in Federal Reserve credit and other source components of the
base. Federal Reserve credit has declined on balance since July
and has risen 9.3 percent since October 1972. While Federal
Reserve credit is the largest source of the base, changes in
other source components can influence movements in the base.
Growth rates of the monetary base and money are often
similar, especially over extended periods. For example, from
1967 to 1972 money growth averaged 6.3 percent annually while
growth of the base averaged 6.1 percent annually. However,
factors which influence the multiplier (page 3) can result in
divergence between growth rates of the base and money over
periods of various durations. The multiplier of 2.549 for the
week ending October 24 indicates that for each $1 of base in
existence that week, there were $2,549 of money.
Many interest rates have declined from peaks reached in
late summer or early fall. Most comparisons between changes in
long- and short-term rates for this period show greater declines
in short-term rates. Yields on prime commercial paper averaged
8.21 percent in the first three days of this week, down from
about 10.5 percent in mid-September. Yields on corporate AAA
bonds averaged 7.66 percent early this week, compared to a high
of 7.77 percent in mid-Augusto


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

Prepared by Federal Reserve Bank of St. Louis

Released: Novenber 2, 1973

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILL IONS OF DOLLARS

BILLIONS OF DOLLARS
104

MILLIONS

102

100

98

96

94

6 20

4

ia

1

13 29

13 27

10 24

4

7 21

18

2

1« 30

1972

13 27

11

25

8 22

5

19

3

17 31

14 26

1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31, 1973
USES OF 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.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
11/1/72

2/28/73

3/28/73

5/2/73

5/30/73

7/4/73

8/1/73

8/29/73

9.0
9.2
8.6
8.6
8.4
7.7
7.2
7.6

12.9
10.4
9.8
9.2
8.0
7.2
7.7

7.8
7.9
7.6
6.5
5.9
6.6

6.8
6.8
5.5
5.0
6.0

7.5
5.6
5.0
6. 1

4.1
3.8
5.5

2.5
5.2

6.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/28/73
5/ 2/73
5/30/73
7/ 4/73
8/ 1/73
8/29/73
10/ 3/73
10/31/73


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER v
FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

SEP.

19

2.592
2.56'
2.58
2.577
2.592
2.549

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 24, 1973
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
94

COMPOUNDED ANNUAL RATES
__ OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
OCTOBER 31, 1973 FROM
THE FOUR WEEKS ENDING
1973
1973
. 1973
30, 1973
2, 1973
28, 1973
1, 1972

AUG.
-- MAY
_ MAY
MAR.
-- NOV.

92
FEDERAL RESERVE CREDIT
90

4.7
-3.5
2.0
-0.4
1.6
2,4
9.3

88
86

84
82
1973

MILLIONS
80
78

e 20

4 IS

I

15 29

13 27

10 24

7

21

7 21

4

18

1972

2

16 30

13 27

11

25

8 22

5

19

3

17 31

14 28

1973

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31, 1973
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/

I2J,^UgE,TH2LDINGS 0F SECURITIES, LOANS, FLOAT AND 1'OTHER'1 ASSETS, ADJUSTED FOR
Si°o!R^yENT CHANGES AND CHANGES IN REOUIftEMENTS DUE TO SHIFTS IN DEPftsiTS AMONG
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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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

203.5
201.7
204.6
203. 1
202.3

4 18

1

15 29 13 27

10 24

7 21

7 21

4

FEB

6 20

MAR

18

7 16 30 13 77

II

25

8 22

5 19

3 17 31

M 78

APR

LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 24. 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
10/25/72

2/21/73

3/21/73

4/25/73

5/23/73

6/27/73

7/25/73

8/22/73

4.4
3.6
4.9
6.3
6.3
5.5
4.2
4.2

0.6
4.5
7.3
7.1
5.7
3.6
3.7

6.2
9.3
8.6
6.7
4.0
4. 1

14.4
11.9
8.5
4.8
4.8

11.1
6.9
2.9
3.2

2.3
-1.4
0.0

-4.7
-1.9

-2.0

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
3/21/73
4/25/73
5/23/73
6/27/73
7/25/73
8/22/73
9/26/73
10/24/73


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
275

263.6
261 .7
270

263.7
265.8
262.9

265

260

255

250

6 20
SEP

4 ts I
OCT
1972

13 29 13 27

10 23

7 21

7 21

3 18

FEB

MAR

APR

2

16 30 13 27

JUN
1873

II 25

S 22

5 19

3 17 31

13 29

JUL

LATEST DATA PLOTTED WEEK ENDING) OCTOBER 24, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING)
10/25/72

2/21/73

3/21/73

4/25/73

5/23/73

6/27/73

7/25/73

8/22/73

5.4
5. 1
6. 1
7. 1
7.0
6.2
5. 1
5.1

3.2
6.2
8. 1
7.6
6.3
4.6
4.7

7.9
9.7
8.8
6.9
4.9
4.9

13.2
10.8
7.9
5.2
5.2

9.7
6.3
3.5
3.8

2.2
0.0
1.2

-2.4
-0.2

0.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/21/73
4/25/73
5/23/73
6/27/73
7/25/73
8/22/73
9/26/73
10/24/73


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Federal Reserve Bank of St. Louis

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

290

NET TIME DEPOSITS ft

6 20

4 18

SEP

OCT

1

15 29 19 27 10 24

7 21

7 21

4

FEB

MAR

APR

19

2

16 90 19 27 II 29

JUN
1973

1972

• 22

3 19

9 17 91

14 26

JUL

LATEST DATA PLOTTED WEEK ENDING. OCTOBER 24, 1973
CURRENT DATA APPEAR IN THE BOARD Or GOVERNORS’ H.6 RELEASE.
ft 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 ENDING.
10/25/72

2/21/73

3/21/73

4/25/73

5/23/73

6/27/73

7/25/73

8/22/73

10.5
10.2
10. 1
9.9
9.4
9.8
9.9
10.4

9.0
9. 1
9.0
8.3
9. 1
9.4
10.2

9. 1
9. 1
8.2
9.2
9.4
10.3

9. 1
7.9
9.2
9.5
10.6

7.2
9.2
9.6
10.8

9.3
9.9
1 1.4

12.0
13.3

13.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/21/73
4/25/73
5/23/73
6/27/73
7/25/73
8/22/73
9/26/73
10/24/73


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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

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**

6 20

4 IS

SEP

I

3 29 13 27 10 24

OCT

4 IS

7 21

FEB

2 ie SO 13 27 II 25

JUN

MAR

S 22

5 19

S 17 31 14 23

JUL

1972
LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 24, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
WX Mj 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:
10/25/72

2/21/73

3/21/73

4/25/73

5/23/73

6/27/73

7/25/73

8/22/73

6. 1
7.7
8.6
7.9
7.7
7. 1
7.5

8.5
9.4
8.4
8. 1
7.3
7.7

11.0
9.2
8.6
7.4
7.9

8.3
7.8
6.6
7.3

5.9
5.0
6.3

5.0
6.7

6.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/21/73
4/25/73
5/23/73
6/27/73
7/25/73
8/22/73
9/26/73
10/24/73


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Federal Reserve Bank of St. Louis

8.0
7.7
8.2
8.6
8.2
8.0
7.6
7.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
70
68
68
64
62
60
58
56
54
52
50
46
46
44
42
40

6 20

4 IS

SEP

1

15 29 IS 27

10 24

OCT

7 21

7 21

4 16

MAR

APR

1972

2 16 30 13 27

11

25

8 22

5 19

5 17 31

14 26

1973

LATEST DATA PLOTTED WEEK ENDINGs OCTOBER 24, 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.


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Federal Reserve Bank of St. Louis

MONEY AND TIME DEPOSIT DATA
BILLIONS

1973
SEP.

5
12
19
26
OCT.
3
10
17
24
31
NOV.
7
14
21
28

CERTIFICATES
OF DEPOSIT

NET TIME
DEPOS1TS 3E

66.8
67. 1
67.9
66.6
64.9
63.9
63. 1
63.3

288.6
288.2
288.3
289.3
290.4
291.5
292.6
293.3

M2

m

552.4
552. 1
551.9
551 . I
555. 1
555.2
558.4
556.2

* SEE FOOTNOTE PAGE 6.
3* SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST

LOUIS

0

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
455

445

CREDIT PROXY ADJUSTED 1/

435

425

415

CREDIT PROXY

405

395

385

6 20

4

18

1

13 29

13 27

10 24

7 21

FEB

4

18

2

16 30

13 27

11

CURRENT DATA APPEAR

IN THE BOARD OF GOVERNORS’

BILLIONS
CRED1T
PROXY

CRED1T
PROXY
19
26
OCT.
3
10
17
24


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Federal Reserve Bank of St. Louis

5

19

3

17 31

14 28

1973
H.9 RELEASE.

1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER,
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

SEP.

8 22

1973

1972
LATEST .DATA PLOTTED WEEK ENDINGt OCTOBER 24,

1212.

23

MAR

ftDJUSTEP

439.0
437.3
440.7
439. 1
441.3
438.2

446.6
444.7
447.7
446. 1
448.5
445.0

EURODOLLAR BORROWINGS OF

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
OCTOBER 24. 1973 FROM THE FOUR
WEEKS ENDINGs
CRED1T
CRED1T
PROXY
PROXY ADJUSTED
AUG.
JUL.
JUN.
MAY
APR.
MAR.
OC.T-.

22, 1973
25, 1973
27, 1973
23, 1973
25, 1973
21 . 1973
25, T972

5.4
8.3
8, 1
8,7
9.4
1Q>3
11.7

5.5
3.9
9.0
9,7
TO.2
11.0
12.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

CORPORATE

AAA

PERCENT

BONDS

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

1

15 29

13 27

OCT

10 24

NOV

8 22

5

19

JAN

2

16

2

16 30

13 27

APR

FEB

II 25

8 22

6 20

3

17 31

14 28

12

26

9 23

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 2, 1973

1973
SEP.

7
14
21
28
OCT.
5
12
19
26
NOV.
2 *
9
16
23
30

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS XX

7.64
7.63
7.65
7.60
7.59
7.56
7.58
7.64
7.66

8.80
8.94
8.38
7.13
7.42
7. 14
7.16
7.07
7. 26

7.27
7.45
7. 10
6.85
6.89
6.77
6.80
6.80
6.80

6.45
6.52
6.43
6.28
6.27
6.20
6.27
6.28
6.27

5. 18
5. 18
5.05
5.00
5.04
4.99
5.05
5.12
N.A.

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

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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
11.0 i—

PERCENT
—

FEDERAL FUNDS RATE
PRIME BANK
LOAN RATE

COMMERCIAL PAPER

S 29

13 27

10 24

8 22

5

19

JAN

2

16

2

FEB

16 30

13 27

APR

11

25

e 22

6 20

3

17 31

14 28

12 26

9 23

MAY

1972
1973
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 2, 1973


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

1973
SEP.

7
14
21
28
OCT.
5
12
19
26
NOV.
2 *
9
16
23
30

PRIME
COMMERCIAL
PAPER
4-6 MONTH .
10.38
10.48
10.45
9.65
9.38
9. 13
9.03
8.56
8.21

FEDERAL
FUNDS

PRIME
BANKERS’
ACCEPTANCES

10.79
10.74
10.80
10.84
10.72
9.87
10.07
9.98
9.90

10.25
10.35
10.43
9.75
9.50
9.28
9.00
8.81
8.50

90 DAY
CD'S SB***
10.93
10.90
10.97
10.37
9.63
9.70
9.36
9. 15
8.53

* AVERAGES OF RATES AVAILABLE.
** FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS' H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11.0

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

1973

MILLIONS

SEP. 26

2189

billions of dollars

6 20

4

1

18

BORROW INGS

15 29

13 27

10 24

7 21
FEB

7 21

4

MAR

18

2

16 30

13 2T

II

23

8 22

5

19

3

IT

31

14 28

APR

1972
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31, 1973

BUSINESS LOANS

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

BILLIONS OF DOLLARS
IH -----1-----1---“ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ OCTOBER 24, 1973 FROM THE FOUR
WEEKS ENDING:
—
BUSINESS
—
BUS I NESS LOANS
_
LOANS ADJUSTED
“ AUG.
—JUL.
_ JUN.
MAY
— APR.
—_MAR.
_OCT.

22,
25,
27,
23,
25,
21,
25,

1973
1973
1973
1973
1973
1973
1972

-3.8

BILLIONS OF DOLLARS
- ------ ----- 114
-

BUSINESS LOANS ADJUSTED 1/,

-2.9

11.5
24.4

BUSINESS LOANS
MILLIONS
BUSINESS _
BUSINESS LOANS___
LOANS ADJUSTEDSEP. 19
107,930

I I I I I I I
4

18

1

13 29

13 27

10 24

7 21

7 21

FEB

6 20

4

18

2

16 30

13 27

11

25

LLLLL
3 17

31

14 28

MAR

1972
LATEST DATA PLOTTED WEEK ENDING:

OCTOBER 24,

1973

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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Federal Reserve Bank of St. Louis

FOREIGN BRANCHES,

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS