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B4j>i

u.s. FinonciRL
LIBRARY

drtr
Week ending October 4, 1967

BUSINESS LOANS (Pages 9 and 13)

MATURITY OF THE PUBLIC DEBT (Continued)

Outstanding business loans at large com­
mercial banks have grown at a 4.6 per cent over the
last three months. After increasing very sharply in
late June and most of July, these loans declined in
August and showed little net change in September.
In the six months from last December to June business
Joans rose at an 8 per cent rate, and from i960 to
Pt)66 they went up at an average 10 per cent rate.

September 1965 to about 53 months in August this year.
The decline began when the yield on long-term Government
bonds moved above the 4.25 per cent rate ceiling per­
mitted on new long-term issues.

COMMERCIAL PAPER (Pages 6 and 11)
Outstanding commercial paper, another
source of funds for large corporations, averaged a
peak of $l6.8 billion in June and has since declined
moderately. On balance, commercial paper has increased
at a 13 per cent rate since January after rising at
a very rapid 63 per cent rate In the last half of
I966 and at a 17 per cent rate from early 1964 to
mid-1966.

The shorter the maturity of the public debt,
the mare expansionary its influence. Short-term debt
instruments are generally more liquid to the holders
than long-term, and it is thought by some observers that
the more liquid are people's assets, the mare likely
they are to spend.
MOREY STOCK (Pages 5 and 12)
The money stock of the country, demand deposits
and currency in the hands of the public, has increased
at a 6.6 per cent rate over the last three months, about the
same as the 6.9 per cent rate of growth in the previous
six months. The recent rates of monetary expansion compare
with a 2.4 per cent trend rate from 1957 to 1966.

Interest rates on prime 4-6-month commercial
paper rose from 4-5/8 per cent in late May and early
fcane to 5 per cent in late July and has remained at
What level.

MATURITY OF THE FUBLIC DEBT (Page 4)
The average maturity of the publicly held
Federal debt drifted downward from 63 months in


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

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 6, 1967

FEDERAL RESERVE CREDIT [1
Weekly Averages of Daily Figures
_...........................1

49

1

1

1

1

I

1

1

rrrrrr

r" ■J£ as

|

pi, ars

WJ. ViiWUgjV.
V cuci tu. ACbCI VC U CUl l
“adjusted for reserve requirement changes
— average of four weeks ending Oct. 4, 1967
_from four weeks ending:
_ July 5, 1967
0
Apr. 5, 1967
Jan. 4, 1967
y,,.s
Oct. 5* 1966
y f.j'

49

48
-1957 - 1966

48

/ 7. y
—1—1—till —1— L |
1 .
1
-1 4 AUJUDUCU -r i
^
for R eserve Requirement Changes

47
♦♦
:

•
—
Fede ral Re serv< : C re lit
ro
\ •*
,\

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F ed ereil Reiserve He>ldIn/?s of U .s. G ove■mmeiit
and Federal Agenc Y Securities

r;:;

45

45

/.y
:Xi

/13or roitfirigs

\ #1/
44

43_
0

for the effect of the changes in
44
reserve requirements.
1/ Federal Reserve Credit excluding float and a few minor
items.
2/ Seasonal adjustment for Federal Reserve Holdings
computed by this bank using data ending December 1965;
Latest data preliminary
Borrowings from Federal Reserve not seasonally adjusted.
43
^Latest data plotted week ending:Oct. 4, 1967
Unadjusted data appear in the Board's H.4.1 release.
< I I I I I I I I » 1 I I I I 1
1 .......................................... I
I
I I l
X
_L
0
26 3
18 25
28512 2
17 31 7 14 28 5 12 26 2
15 22 1
15 29 5 12
16 30 6 13 27 4
18 25 1
15 29 6 13
Feb.
Jan.
Mar.
Apr.
May
June
, July
Aug.
Sept.
Oct.
Nov.
Dec.
1967


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

Prepared by Federal Reserve Bank of St. Louis

3

RESERVES
Billions of Dollars
TOTAL RESERVES
oh s Annual rates of change, average of Weekly

Billions of Dollars

Averages of Daily Figures

'from four weeks ending:
v // 3
/■ ?.S

Total

Seasonal adjustment computed by this
bank using data ending December 1965*
Unadjusted data appear in the Board’s
H.4.1 release.

Reserves Available for
Private Demand Deposits
RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of
from four weeks ending:

Seasonal adjustment factors have been revised
to incorporate data through early 1967.


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

15 221
Feb.

15

29 5 12

17

Latest data preliminary
Latest data plotted week ending: Oct. 4, 1967

31714 28 5 12
June

26 2

18 25 1
Sept.

Nov.

Dec.

Prepared by Federal Reserve Bank of St. Louis

Number
of Months

AVERAGE LENGTH OF MARKETABLE INTEREST-BEARING PUBLIC DEBT

4
Number
of Months
75

70

65

60

55

50

^5

Latest data plotted:


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

August 1967

ko

Prepared by Federal Reserve Bank of St. Louis

5
MONEY STOCK*
Averages of Daily Figures
Seasonally Adjusted

ins of Dollars
184
.Annual rates of change,
four weeks ending Sept.
183
fran four weeks ending:
“June 28, 1967
182 -Mar. 29, 1967
-Dec. 28, 1966
l8l _Sept. 28, 1966
180

Billions of Dollars
184

average of_
27, 1967

183
182

7-7.0
•/- (p- Y
■f- S'.O

181

“1957 - 1966

179
WEEKLY DATA

1961

#
177

/n V

176
175

13-week centered
7

174
mx.

173
172

•

170
169
Latest data preliminary
.Latest data plotted week ending:Sept. 27, 19^7

168
0

4

J_i_I_I-L
18 25 1 15 22 1
Jan.
Feb.

_L


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

J__ L

J__ I__ I__ I__ I__ L

15 29 5 12
26 3
Mar.
Apr.

17
May

”* Current data appear in the Board's H.6 release. Back
data appear in the August 1967 Federal Reserve Bin letin
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

' ' ' II I I 1 1 I I M I M I I I

31 7 14 28 5 12 26
June
July
1967

2

16
30 6 13 27 4
Aug.
Sept.

18 25 1

Oct.

15 29
Nov.

Prepared by Federal Reserve Bank of St. Louis

CERTIFICATES OF DEPOSIT LL AND COMMERCIAL PAPER [2
Outstanding Volume

Billions of Dollars
30

Billions of Dollars
30

28

28

26

26

f

24
22

22
3£ f.cR pL.

20

18

20

A

Cert Lfi.cate: 5 c f Dej)OS it

/■
f

16
4

♦

18
.*

(OA r

16
14

t

—
12

»•*

Ui!

12

.*•

.*♦*
■

»»

8

10

*• ■ «■

10

Ccamm er :is 1 Pa]pei

•

Latest data plotted:

8

,*•V"1 Til t ■ •

Coimner•ci al Pa pe r iVug •

—

6

2l Total volume of commercial paper outstanding.
end-of-month figures, seasonally adjusted.


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

1
1964

1

I
1965

4

Averages of current and preceeding

1

1
1966

_

6

1/ RegOtlaoie time ceruxiicaucB uj.
ajj.
^ r—-” at large commercial banks. Monthly averages of Wednesday figures. Data prior
to July 1965 estimated by the Federal Reserve Bank of St. l£>uis.

4

L96 7

Mil

1967

Prepared by Federal Reserve Bank of St. Louis

7

TIME DEPOSITS*
All Commercial Banks

*

Billions of Dollars

Bill

188
186
184

Seasonally Ad justed
Annual rates of change, average of
from four weeks ending:

182
180
flu-u. 7 72lX
' vy izi.t
a/
ix tuS—

178
176

6

173.4

/a- ji t a'i mi

•

J2f.fi

(iutf
/ 7S.U
^ 7 ne t,

172

. J3 177 i

170

I--

168
166
164
162

•

158
156

154.

Latest data preliminary
.
Latest data plotted week ending:Sept. 27, 19^7
18 25 1


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

15 22 1

15

* Current data appear in the Board's H.6 release. 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".

29 5 12

Prepared by Federal Reserve Bank of St. Louis

Millions of Dollars

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

8
Millions of Dollars

1100

1100

1000

1000

BIWEEKLY SETTLEMENT PERIODS

Excess Reserves

Net Free Reserves

Borrowings
feek Only-100

-200

-200

Latest data preliminary


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

12

26

10

24

21

19

2

30

13

11

25

June
1967

Prepared by Federal Reserve Bank of St. Louis

Billions of Dollars

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

9
Billions of Dollars

Seasonally Ad justed bythisBank

_Annual rates of change, average of

from four weeks ending:
— June 28, 1967

latest data preliminary


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

Feb.

Current and year ago unadjusted data appear in
the Board’s H.4.2. release. Seasonal adjustment
computed by this bank using 1962 through 1966 data.
31 7 14
285 12
June

26 2

16
Aug.

30 6 13 27
Sept.

b

18 25 1
Oct.

Nov.

Dec

Prepared by Federal Reserve Bank of St. Louis

10
YIELDS ON SELECTED SECURITIES
Weekly Averages of Daily Rates Ended Friday

Per Cent

Per Cent

Corporate'
Aaa Bonds

Long-Term
Government Bonds

Discount Rate
Three-Month Treasury'
Bill Market Yield -

Latest data plotted are averages of rates available for the veek ending: Oct. 6, 1967
I I 1 I
6 13 27 3
Jan

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

17 243

17

31

7 14

28 5 12

26

2

16 30 7 l4
June

28 4

11,11
18 251 15

29613

27 3

17 24 1

Prepared by Federal Reserve Bank of St« Louis

11

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

Per Cent

Per Cent

Prime Commercial
4-to-6 Month

Prime Bankers’
Acceptances

Discount Rate

Federal Funds Rate;

6 13

27


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

3

17 24 3

17

31 7 14

28 5 12

26 2

16

30 7 14

28

4

18 25 1

15

29 6

13

27 3

17 24 1

15

June

Prepared by Federal. Reserve Bank of St. Louis

MEMBER BANK

12

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
RESERVES
AVAILABLE
WEEK
FOR PRIVATE
ENDING DEMAND DEPOSITS

TOTAL
RESERVES

AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
MILLIONS OF DOLLARS
EXCESS
RESERVES BORROWINGS

FREE
RESERVES

MONEY STOCK
'
AVERAGES OF DAILY FIGURES
WEEK ENDING WEDNESDAY
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS

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Federal Reserve Bank of St. Louis

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\

BUSINESS LOANS
LARGE COMMERCIAL BANKS

LARGE CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS

WEDNESDAY FIGURES
MILLIONS OF DOLLARS
DATE

UNADJUSTED

SEASONALLY
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DATE

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MILLIONS OF DOLLARS

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18

SEASONALLY
UNADJUSTED ADJUSTED

DATE

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

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14

SELECTED YIELDS
YIELDS ON U. S. GOVT. SECURITIES
3-MONTH
TREAS. BILL
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

LONG-TERM
WEEK
ENDING

3-5 YEAR

PRIME
COMMERCIAL
PRIME
LARGE
PAPER
CORPORATE
rArc"
BANKERS
90 DAY
A aa
4-6-MONTH ACCEPTANCES CD’S
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
FRIDAY
WEEK ENDING FRIDAY
FIGURES

FEDERAL FUNDS
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

4.X7

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6.3 7

464

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4. XY

6. U,

4. )J

6.6<e

4.73

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6.oo

3. 46

4. ?o

6. 6

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6.67

6, Co

4. 03

6.00

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^AVERAGES OF RATES AVAILABLE

http://fraser.stlouisfed.org
4
Federal Reserve Bank of St. Louis

SOURCE: SALOMON BROTHERS AND HUTZLER
SECONDARY MARKET RATE ON 90-DAY PRIME CD’S.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS