Full text of U.S. Financial Data : Week Ending: October 4, 1978
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CJXKTXK
Week ending: October 4, 1978
The Federal funds rate has risen from an average of
I
in AuSust 1977 to 8-85 percent in the most recent
*—,swe€xjr'-'During this period, the Federal Reserve Banks have raised
h<£f$
rates seven times, from 5.25 percent in July 1977
o the currently prevailing rate of 8 percent.
These changes in
the discount rate have been more closely related to movements in
the Federal funds rate than was the case in the most recent past
period of rapidly rising short-term interest rates. As shown in
the figure below, for the five discount rate increases which
occurred during the July 1977 through July 1978 period, the
average difference between the Federal funds rate and the
discount rate in the week immediately prior to the change was 75
basis points.
The two most recent discount rate increases,
August 21 and September 22, 1978, occurred when the Federal
funds rate exceeded the discount rate by only slightly more than
60 basis points prior to the change.
In
contrast,
the
difference between the Federal funds rate and the discount rate
averaged 216 basis points in the week prior to each of the eight
discount rate increases that accompanied the sharp rise in
short-term interest rates during the period from February 1972
through August 1974.
FEDERAL FUNDS RATE MINUS DISCOUNT RATE
* Week prior to Discount Rate change
I I I I
3 17
JAN
FEB
3 17 31
1A 28 12 26
APR
MAY
9 23
7 21
«
1«
1
15 29 13
SEP
OCT
LATEST DATA PLOTTED: WEEK ENDING WEDNESDAY 10-4-78
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Prepared by Federal Reserve Bank of St. Louis
Released: October 6, 1978
2
MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK
BILLIONS OF DOLLARS
■«« ------------- 1---------- 1-----
BILLIONS OF DOLLARS
------------------------------- 1*4
BJLUQNS
_
AUG,
SEP
138.3
138.5
139.4
140.1
140.3
5 17 31
M 28 12 26
OCT
1977
B 29
NOV
7 21
4 18
1
DEC
JAN
FEB
15
1
15 20 12 26 10 24
MAR
APR
7 21
MAY
JUN
1978
5 10
JUL
2 16 30 13 27
AUG
SEP
11
25
OCT
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 4, 1978
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS 1, AOJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.
MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
10/5/77
1/4/78
3/1/78
AVERAGE OF FOUR WEEKS ENDING:
4/5/78
5/3/78
6/7/78
8.5
10.9
10.5
9. 1
10.2
12.2
1 1.2
9.3
10.5
12.7
9.5
11.0
7/5/78
8/2/78
6.5
9.4
9.6
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/
4/
5/
6/
7/
8/
9/
10/
1/78
5/78
3/78
7/78
5/78
2/78
6/78
4/78
10.2
9.0
8.9
8.9
9.6
9.6
9.0
9.6
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8.9
8.7
8.7
9.9
9.8
9.0
9.7
5.8
6.9
9.0
9.0
8. 1
9. 1
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
MULTIPLIER j/
ADJUSTED FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
RATIO
2.9
RATIO
2.9
2.6
1978
AUG. 23
SEP. 3{
1.1 I I I I I I I Ll.l 1 L.1J.1.UJ I I I I I I I I I
I I I I
i_LL
RATIO
P
Is
III1111111111111
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 27, 1978
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
124
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
122
120
2,
5,
1978
1978
10.2
3,
197%
11.7
ADJUSTED FEDERAL RESERVE CREDIT
118
— JAN.
_
OCT
4,
5,
1978
1977
10.8
116
114
lfiZft
BILLIONS.
108
106
I I I 1 I I II I I I I I I 1. L
3 17 31
14 28 12 28
SEP
B 23
OCT
1977
7 21
4 18
1
JAN
FEB
15
1
15 29 12 28 10 24
7 21
5 19
JUN
JUL
2 16 30 13 27 11
SEP
25
OCT
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 4, 1978
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
2/ ^EDEIRAL. RESERVE^CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS. FLOAT
AND
OTHER ASSETS.
ADJUSTED
RESERVE
IS COMPUTED
BY SUBTRACf1NG
TREASURY
DEPO^TSATFEDERAL
RESERVE FEDERAL
BANKS FROM
THIS CREDIT
SERIES/If©
ADJUSTING
THEORIES FOR
RE
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY? DATA ARE COMPUTED BY THISBANK.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
3
4
MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
870 r=---------- 1---------- ,-----
BILLIONS OF DOLLARS
----------------------------870
854.3
861.3
861.7
862.7
I I I I
3
17 31
AUG
14 28 12 20
SEP
OCT
1977
0 23
NOV
7 21
4 10
1
DEC
JAN
FEB
15
1
15 20 12 26 10 24
MAR
APR
7 21
MAY
JUN
1978
5 10
2
JUL
16 30 13 27 11
AUG
SEP
25
OCT
LATEST DATA PLOTTED WEEK ENDlNGt SEPTEMBER 27, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* M.6 RELEASE.
MONEY STOCK PLUS NET T ME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE
9/28/77
12/28/77
3/1/78
3/29/78
AVERAGE OF FOUR WEEKS ENDING:
4/26/78
5/24/78
6/28/78
7/26/78
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 1/78
3/29/78
4/26/78
5/24/78
6/28/78
7/26/78
8/30/78
9/27/78
7.4
7.0
7.5
7.7
7.7
7.7
8.0
8.5
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
6. 9
7.8
8.0
8.0
8.0
8.3
8.9
7.8
8.2
8.2
8. 1
8.5
9.3
9.9
9. 1
8.9
9.2
9.9
8.5
8.4
8.9
9.8
8.0
8.8
10.0
9.3
10.7
12.0
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
370 -------------.---------- .-----
IONS OF DOLLARS
---------- -----------
355.5
360.5
361.8
3 17 51
14 20 12 26
SEP
9 25
OCT
11-LI
7 21
DEC
I
JAN
1-1-1 1
15 20 12 26 10 21
FEB
1111
7 21
5 10
JUN
JUL
2
16 50 15 27 11
SEP
25
OCT
1078
LATEST DATA PLOTTED *EEK ENDINGi
SEPTEMBER 27,
1078
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 M.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.
MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGj
9/28/77
12/28/77
3/1/78
3/29/78
4/26/78
5/24/78
8/28/78
6.3
6.6
8.9
6.4
9.6
7/26/78
TO THE AVERAGE
OF FOUR WEEKS
END 1NGi
3/ 1/78
3/29/78
4/28/78
5/24/78
8/28/78
7/26/78
8/30/78
9/27/78
6.4
5.9
7.5
8.2
8.0
7.8
7.7
8.4
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5.4
8.3
9.3
8.9
8.4
8.2
9. 1
10.3
11.5
10.2
9.2
6.8
9.9
16.0
12.4
10.7
9.9
11.0
10.0
8.6
8.2
9.8
11.6
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
5
37 0
6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY
PERCENT
10.0
10.0
CORPORATE
Aaa BONDS
PRIME BANK
LOAN RATE
90 DAY CD'SHOO*
COMMERCIAL PAPER
MUNICIPAL
BONDS#*
I I I I
5 18
AUG
2 16 30 M 28 11
SEP
OCT
1977
25
NOV
8 23
DEC
6 20
3 17
JAN
FEB
3 17 31
MAR
H 28 12 26
APR
8 23
MAY
JUN
1978
7 21
4
JUL
AUG
18
1
15 28 13 27
SEP
OCT
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; OCTOBER 6, 1978
1978
AUG.
SEP.
OCT.
90 DAY
CD’S H6I6K
PRIME
COMMERCIAL
PAPER
4-6 MONTH
PRIME
BANKERS'
ACCEPTANCES
CORPORATE
Aaa BONDS
MUNICIPAL
BONDS N8K
7.99
7.91
7.91
8. 15
8.19
8.35
8.44
8.63
8.83
8.95
7.86
7.84
7.86
7.95
8.03
8.24
8.43
8.51
8.60
8.71
7.89
7.83
7.93
8.07
8. 19
8.31
8.44
8.62
8.82
8.85
8.76
8.66
8.70
8.69
8.67
8.67
8.63
8.70
8.77
8.79
6. 12
6.03
6. 19
6. 1 1
6. 16
6. 13
6.02
6. 12
6.09
N. A.
4
11
18
25
1
8
15
22
29
6 ***
13
20
27
* AVERAGES OF RATES AVAILABLE.
** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA.
X9I8K SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK END ING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BANK OF ST.
LOUIS
SELECTED
INTEREST RATES
AVtRAGES OF DAILY RATES ENDED FRIDAY
PERCENT
PERCENT
------ 9.5
„
3-5 YEAR
TREASURY SECURITIES
FEDERAL FUNDS RATE
DISCOUNT RATE
THRES-MONTH TREASURY
BILL MARKET YIELD
5 18
2 16 30 14 26 11
AUG
SEP
25
----------------- 9 2]
OCT
NOV
DEC
6 20
JAN
3 1/
FEB
i I I I I I I I
3 IT 51
14 26 12 26
APR
1977
8 23
7 21
MAY
JUL
«
ia
1
15 28 15 27
AUG
latest data plotteo are averages of rates a
FEDERAL
FUNOS ft*
4
1 1
18
25
SEP.
1
8
15
22
29
OCT.
6 *
13
7.89
7.83
7.87
8.14
8.28
8.30
8. 33
8.36
8.62
8.85
3-MONTH
TREASURY
BILL
6-MONTH
TREASURY
BILL man
1-YEAR
TREASURY
BILL
3-5 YEAR
TREASURY
SECURITIES
LONG-TERM
TREASURY
SECURITIES
6.80
6.79
7.12
7.25
7.50
7.60
7.77
7.36
7.17
7.26
7.47
7.55
7.74
7.79
7.98
8.28
8.38
7.65
7.58
7.78
7.79
7.86
7.86
7.95
8.08
8. 16
8.36
8.43
8.34
8.44
8.35
8.34
8.31
8.28
8.40
8.51
8.55
8.02
7.96
8. 1 1
8.21
8.22
8.34
8.33
8.36
8.33
8.32
8.40
8.48
8.48
20
27
* AVERAGES OF RATES AVAILABLE.
-----eOAR^OF^OvlRN^?0^^^® THAN »*TE SHOWN.
“Slug? MrKKSl®
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BY ™ ™>ERAL RESERVE BA* OF ST. LOUIS.
PREPARED 0Y FEDERAL RESERVE BANK OF ST. LOUIS
7
8
t
NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OP DAILY PIbUKfcS
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
---------------------------- -j 515
515 c-------1-------r—
BILLIONS
AUG.
23
497.5
498.7
499.9
501.2
501.5
502.3
111! L-LL
SEP
111111111
DEC
OCT
JAN
JUN
FEB
JUL
LATEST DATA PLOTTED KEEK ENDlNGi SEPTEMBER 27, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE,
NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
9/28/77
12/28/77
3/1/78
3/29/78
6.0
5.9
6.7
7.4
8.3
8.8
5. 8
6.9
7.6
8.7
9.2
4/26/78
5/24/78
6/28/78
7/28/78
9.3
10.4
10.7
11.4
11.4
12.1
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
3/ 1/78
3/29/78
4/28/78
S/24/76
6/28/78
7/26/78
8/30/78
9/27/78
8.1
7.8
7.5
7.3
7.5
7.7
8.2
8.5
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7.8
7.3
7.0
7.4
7.7
8.4
8.7
7.4
8.2
9.4
9.8
PREPARED BY FEDERAL RESERVE BAfK OF ST. LOUIS
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
275 ------------- ,---------- 1------
BILLIONS OF DOLLARS
------------------------------- 275
263.2
261.1
266.3
265.5
266.0
3 17 31
AUG
14 28 12 26
SEP
OCT
1077
0 23
NOV
7 21
4 18
1
DEC
JAN
FEB
15
I I I I
1
15 20 12 26 10 24
7 21
MAR
10
2
16 30 13 27 11
SEP
25
OCT
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 27, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/28/77
12/28/77
3/1/78
3/29/78
4/26/78
5/24/78
9.4
8.0
7.6
9.5
5. 5
5.9
8.5
6/28/78
7/26/78
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 1/78
3/29/78
4/26/78
5/24/78
6/28/78
7/26/78
8/30/78
9/27/78
4.9
4.3
6.6
7.5
7.2
7.0
7.0
7.8
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3.9
8.0
9.2
8.5
8.0
7.8
8.9
11.6
12.4
10.4
9.4
8.8
10.0
18.3
13.3
11.3
10.2
11.4
PREPARED BY FEDERAL RESERVE BANK OF ST.
9
LOUIS
10
CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
12Z&
AUG.
23
BILLIONS
of dollars
BILLIONS
9-4.2
9-4.4
95.0
95.4
I I I I
5 17 31
14 28 12 28
SEP
0 23
15
7 21
DEC
OCT
JAN
1
15 20 12 26 10 24
7 21
SEP
FEB
OCT
LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 27, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
9/28/77
12/28/77
10.7
10.5
9.8
10.5
10.3
9.7
9.8
10.3
10.3
9.3
10.4
10.2
9.4
9.5
10.2
3/1/78
3/29/78
4/26/78
5/24/78
6/28/78
7.1
8.3
10.0
7.7
10.3
7/26/78
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 1/78
3/29/78
4/26/78
5/24/78
6/28/78
7/26/78
8/30/78
9/27/78
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7.4
10.0
9.8
8.7
9.1
10.0
10.5
10. 1
8.7
9. 1
10.2
12.0
9.5
9.8
11.0
13.1
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
lSZfi. MILLIONS.
AUG. 30
1164
1550
OCT.
3 17 31
4
14 28 12 26
SEP
9 25
OCT
7 21
4 18
1
DEC
JAN
FEB
13
1
13 29 12 28 10 24
7 21
5 19
JUN
JUL
2 16 30 13 27 11
SEP
23
OCT
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 4. 1978
BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )
BILLIONS OF DOLLARS
144 -------------,---------- ,----” COMPOUNDED
— OF CHANGE.
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
------------------------------- 144
RATES
:
of
•
jtriuncn
ci , \ ENDINGi
af O rm
— THE
FOUR WEEfcs
JUN.
- MAY
— APR.
MAR.
DEC.
SEP.
28:
24,
26,
28,
28,
28,
1878
1978
1878
1977
1977
AUG. 23
SEP.
136.106
6
136,054
137,170
AUG
SEP
OCT
1077
NOV
DEC
4 14
'
JAN
FEB
15
1
15 29 12 28 10 2 4
7 21
3 10
JUN
JUL
11 1. I J I
2 18 30 13 27 11
SEP
25
OCT
LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 27, 1078
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS
11
12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL
NO I
BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED
ILL IONS OF DOLLARS
LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 27, 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF #100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
@FedFRASER