Full text of U.S. Financial Data : Week Ending September 11, 1968

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

cy. 3

RESEARCH LJBRAR
of St. Louis

Mm m

li S. finflnCIRL DATA
Week ending September It, 19(8

MONEY STOCK (Page 3)

MEMBER BANK RESERVES

Monetary aggregates have grown rapidly in
recent weeks continuing trends which began early in
1967. In the last three months, the money stock has risen
at a 7.3 per cent annual rate, similar to the rapid
6.8 per cent annual rate for the last 20 months and in
marked contrast to the 2.6 per cent trend rate from
1957 to 1967.

Federal Reserve Regulation D, concerning re­
serves of member banks, was amended effective September
of this year. The major features of the amendment
include: 1) establishment of a one-week reserve
period for non-reserve city banks as well as for
reserve city banks, 2) reserve requirements calculated
on the basis of deposits two weeks earlier, 3) use of
vault cash of two weeks earlier in meeting reserve
requirements and 4) provision that either excess or
deficiency in reserve balances averaging up to 2 per
cent of required reserves may be carried forward to
the next reserve week.

FEDERAL RESERVE CREDIT AND MONETARY BASE (Page 2)
Beginning with this issue Federal Reserve credit
in this publication is a new series based on "Federal
Reserve Bank credit outstanding" as defined in the
statistical tables of the Federal Reserve Bulletin. The
series is seasonally adjusted by this bank and then ad­
justed for changes in reserve requirements and shifts in
deposits. Monthly data since 1947 and weekly data since
January 1967 are available on request from the Research
Department of the Federal Reserve Bank of St. Louis.
Federal Reserve credit is the largest component
of the monetary base and historically has been the main
determinant of the trend of the base. Federal Reserve
credit has grown at a 13 per cent annual rate in the
last three months and 12 per cent since a year ago.
The monetary base averaged $74.7 billion during the four
weeks ending September 11, up at a 7 per cent annual
rate in the last three months and 7 per cent from the
corresponding weeks a year ago.


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

The new regulation will put all banks on a
standard reporting schedule and the lag feature will
make it possible for member banks to meet their
reserve requirements more precisely, probably reducing
the average level of excess reserves. Since the amount
of reserves required will be established before the
beginning of the reserve period and since they may be
met either by supplied or by borrowed funds, the impact
of monetary actions intended to reduce rates of growth
in bank reserves, bank credit, and money may be delayed
by increased borrowing by member banks from Reserve
Banks.

Rates of change reported in this release are
intended to serve as summaries which may he
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: September 13,7968

MONETARY BASE \]_
FEDERAL RESERVE CREDIT (2

Hi ns of Dollars
78

77

76

Billions of Dollars

Seasonally adjusted bv this bank.
Annual rates of ch ange, ave rage of four weeks
ending Septembe: : 11, 1968 from four weeks
ending:
Monetary Base
F.R. Credit
12,
13,
13,
13,

June
Mar.
Dec.
Sept.

1968
1968
1967
1968

1957- 1967

+ 7.1
+ (».(*
+ (>■(.

7

-h <33
-h/3.*-hn.S
-h/a.z-

7

J3.3
7

75

IJlI 9
Monetary base
r
\

i
74

6

Monetary
Base

1968

73

L

\

|rs

» S9.' '

1
v

j

t
A

72

/>

ft
±
/I
rA

71

1
*

k

>

r

L_,
V

t

73. J
73.6
7J-3
71°

Mj!

»•?

' ' JO
n
At
j!

is. 9
75. o
71/
73.9
71. a
71 S
7t. ?
71. 7

7

/ (1
u
It
u 1
//

S

r

70

r

AJ
/ F V1

f
r a
/f
. u

_

1
Federal Reserve
_ Credit

_
F.R. Credit_

S7 t
sr. /
Si./
Si. L.
sr. o
sj.y
sib
Sj,s
ff-9
37 3
U.J

71.3

S}.7
SI. 7 P

7*.Z P

6

~
~
!-

- 5
~
_

5

_

_

5

5

56

- —*
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 Review of this bank.

55

1/

54

5

5

2/

As defined in the statistical tables of the
Federal Reserve Bulletin, adjusted for reserve
reauirement chances and shift s in deposits.

Latest data preliminary
11, 1968

5

53
<f
6 20
Sept.

4
~

18 1
Oct.

1967

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

15 29
Nov.

13 27 10 24
Dec. Jan.

7

21
Feb.

6
20
Mar.

3

17
Apr.

1

15
May

29 12 26 10 24
June
July
J68

7 21
Aug.

4 18
Sept.

2

16
Oct.

30

13 27
Nov.

11 25
Dec.

8 22
Jan.

5

19
Feb.
1969

5 19
Mar.

2
Apr.

MONEJ^TOCK*
Averages ofDaiiy Figures
Seasonally Ad justed

.ions of Dollars
205
Tl I IN'

i 1

1

rr

1 Tl

1

Billions of Dollars
205

—1—
204
203

202

201

June
Mar.
Dec.

200
199

204
WEEKLY DATA
1968

*
rour weeKs ending bept • 4
" from four weeks ending
•
5
6
6
6

JS JgJ-l
23- /il>3
21 /#7- *
Qu,
< /f73

+- /■j
+ g.O

1968
1968
1967
1Q67

7

-b

/. 7
at

/A

203
_
_
.
-

uTbSt
2l

-1957-1967

n-

j

198

1C,

198

/9

*7

195

u**' r n

194

r

196
195

193
192

192
—

191

191

T~

190

Ik

A

r

189

j
Li j L

& •

A
A

/9o r .

190
189

y

188

188

♦

187

1

187

[♦

186
,

185

^

.s

186

V*'

185
184

184
13-week centered

:

183
s*

182

183

We ekl y

S

182
_[

181

181

180

180
—

- !•

179

178

178
—
177

177

—

A»0

, "

176
175

197

194

193

179

200
199

C J m no/
/ / ns/
fO J.w
U

196

201

m-f

i

197

202

_
..
Latest data preliminary
— Latest data plotted week ending: Sept. 4, 1968
1 1 1 1 1
1 11ljl
l 1
6 20 4 18 1 15 -29 13 27 10 24 7 21
Mar.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
1967


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

J,..

L1—1—

,

176

for trend of money stock by months see this bank s
monthly release entitled Monetary Trends .
i
_i_
1111
1
J-LL

_LL

ITI 1 1 L
Apr.

May

June

July

1968

Aug.

_L

Sept.

_LL

Oct.

_LL.

Nov. •

Dec.

Jan.

Feb.

175

" 0

1

Mar.
1969

Pre ared by Federal Reserve Bari of St.

ouie

Apr.

MONEY STOCK PLUS TIME DEPOSITS*
Averages of Daily Figures
SeasonallyAdjusted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of
four weeks ending Sept. 4, 1968 from
four weeks ending:
June

+ /0, J

5, 1968

1957-1967

___
___

Latest data preliminary
------- ------Latest data plotted week ending: Sept. 4, 1968
20

4

18


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

1

15

29

13 27

10 24

7 21

6

20

3

17

1

15

29 12

26
rune

Current data appear in the Board's H.6 release. Back
data appear in the June 1968 Federal Reserve BulletinT
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Trends".

10 24
July

7

21

4

18

2

16

30

13.

27 11 25

8

22

5

19

5

19
•r.

Prepared by Federal Reserve Bank of St. Louis

2
Apr

RESBES
All Member Ban^ in the Nation
Averages of Daily Figures

Billions of Dollars

1/ Data prior to Jan. 18, 1968 adjusted for
estimated effect of reserve requirenent
changes

TOTAL RESERVES
Annual rates of change, average of
four weeks ending Sept. 11, 1968
from four weeks ending:
June
Mar.

12,1968
13, 1968

,

Dec.
Sept.

13, 1967
13, 1967

-h 7 O
y

Billions of Dollars

TOTAL
EFFECTIVE
RESERVES

Seasonal adjustment computed by this
bank using data ending December 196?.
Unadjusted data appear in the Board's
H.4.1. release.

28.0

AS. 7

IS. S3

zs.s?
is 74,
as. iaAS.SY

f-?s

1957-1967

27.5

27.0

6 At 6.0/
0^1. J A
1 ‘to AS.Sc

n As.b3

26.5

aC-tft

si atS3

Total 1/

CL, 7 hi-n
ti *(. 10

11 it. to

it lL.lt

Ipt.VM, AY
// at. HP

RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSIT

ML/
/

n-AD

n
n-2i
n ss

Reserves Available for
Private Demand Deposits

P-3S

I

A7

7 7.7S
1/ Data prior to Jan. 18, 1968 adjusted for
estimated effect of reserve requirement
changes.

Latest data preliminary
Latest data plotted week ending

k

18

1

Oct.


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

1967

15 29 13 27
Nov.
Dec.

10 2k
Jam.

7

21
Feb

n *7
11. si*
17. s*

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
4.
Annual rates of change, average of
four weeks ending Sept. 11, 1968
from four weeks ending:
June
Mar.
Dec.

6 20
Sept.

n.*t

/7-Sl

6

20
Mar.

3

17
Apr.

1

12 26 10 2k
June
July

1968

1968
1968
1967
1967

31 r.ff

SLua

7

n-if

H 77 P
+ L.S
+ (r *-

r

11 '7 71
u n.n
-V- y n ft
<7 nss'P

1957-1967

11, 1968
15 29
May

12,
13,
13,
13,

s 7 nst

7

21
Aug.

k

18

Sept.

2

16
Oct.

30 13 27 11 25
Nov.
Dec.

8 22
Jan.

5

19 5 19
Feb.
Mar.
1969

Prepared by Federal Reserve Bank of St. Louis

Apr.

CERTIFICATES OF DEPOSIT H
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars

Annual rates of change, seasonally unadjusted data,
average of four weeks ending September 4, 1968 from
four weeks ending:
June
Mar.
Dec.
Sept.

5,
6,
6,
6,

1968
1968
1967
1967

1964-1967

+Sf.(>
/
/
^

2
8. Z,
X. t

4?.

+ m

22. 2/
Millions of Dollars
1968

/f¥li
/? yji

/t 019

/?
27/
/? S3 8
/j 92/
it m

Z)
zso
u iso
1/ 93/
n m
22 zso
03 3

XX tot P

Latest data preliminary
Latest data plotted: Sept

6 “20' 4 18' 1 15 29
Sept.
Oct.
Nov.
1967


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

Current and year ago data appear in the
Board1s H.4.2. release.
1/ Negotiable time certificates of deposit
in denominations of $100,000 or more.

4, 1968

13 27 10 24
Dec.
Jan.

6
Feb.

20 3 17
Mar.
Apr.

15 29

12 26 10 24
June
July
1968

13 27 11
J an.

Prepared by Federal Reserve Bank of St. Louis

Mar.

Lons

TIME C^OSITS*
All Commercial Banks
Averages of Daily Figures
- Seasonally Ad usted —

Dollars

218
Annual rates of change, average of
four weeks ending Sept; 4, 1968
from four weeks ending:

216
214

Billions of Dollars

212
210
208

Sept. 6, 1967

206

1957-1967

204

202
200
198
196
194
192

190
188
186
184

182

180
178

176
174
172

170
168
166
164

162
160

* Current data appear in the Board's H.6 release.
Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

Latest data preliminary
Latest data plotted week ending

158

6

20

4

18


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

1

15

29 13

27

10 24

7

21

6 20

3

17

1

15

29 12

26

10 24
July

7
Aug

21

4 18

2

16

30 13

27 11

25

8

22

5

19

5

19
Iter.

Prepared by Federal Reserve Bank of St. Louis

2
Apr

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

Mill Ions of Dollars

Millions of Dollars

2,000
EXCESS
RESERVES

BORROWINGS

FREE
RESERVES

1,500

1,200
BIWEEKLY SETTLEMENT PERIODS

Borrowings

100

Net Free Reserves
500

-

1,000

Latest data preliminary__________________ _
Latest data plotted: two weeks ending Sept. 11, 1968
-

13 2?
Sent.

11 25
Oct.


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

8

22
Nov.

6

1111 [TillI
20 3 17 31 14 28 13 27
Dec.

Jan.

Feb.

Mar.

10 24
Apr.

8

22
May

5

19
June

3 17
July

31 14
Ai

11

25

9

23

6

20

1

15 29

12 26

12

Prepared by Federal Reserve Bank of St. Louis

1,000

BUSJ0SS LOANS
Large Commercial Banks
Wednesday Figures

Billions of Dollars
73

Billions of Dollars
73

Se o so no I ly adjusted by this bank
Annual rate of change, average of
four weeks ending Sept. 4, 1968
from four weeks ending:
June
Mar.
Dec.
Sept.

5,
6,
6,
6,

I9o8
1968
1967
1967

1960-1967

61.12.

SEASONALLY
ADJUSTED

L7.7J1
iHH
n
H.iAl

Ll il 7
L-L/kfrtliAL
ilVUO
iZMl
kl.ejj

* 7. y/7

LS.VI
1*1 3+D

n-

LlSt*
<**P1

kl.UZ.*
69,3$*
j
LI.ill

6UfI
maxi
Lf.llt

(1 000

dm

trio*,
i 1.33$

61 6*A.
6S/JL3 ■

6t.9ft> a

it.m fi

Latest data preliminary
plotted:


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

4

18
Oct.

Errrt

the Board's H..4.2 release.
Seasonal adjustment
computed by this bank using 1962 through 1967 data

Sept. 4, 1968

15 29 13 27
Nov.
Dec.
1967
1

rrtrm

10 24
Jan.

7 21
Feb.

61, in ?

6 20
Mar.

317
Apr.

1

15 29
May

12

26

June

10 24
July

1968

7

21

Aug.

4 18 2
Sept.

16 30 13 27
Oct.
Nov.

1125. 8 22
Dec.
Jan.

5

19
5 19
Feb.
Mar.
1969

Prepared by Federal Reserve Bank of St. Louis

II

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Frida

Per Cent

3-MONTH
TREAS. 3-5
BILL YEAR

_ '«•*

—

j:47

—

ii

s.ts

—

3/
a~ 7

s no
S. fcG

:
—
“My

i-i

S?S

£3X

icy s.ss
sy/
S.8C

s.u8

SV3
S30

iv/

sy s.i7
s?i/ sir

it

X30

Si7 S./S

S

S.3S

S.Sg S./A.
S.5I S./o

J.37

_

It S.3t
S.iH

_fl-5

7

f

LONG- CORPORATE
TERM

11

_

Per Cent

S&J S./+

jtoj

Corporate
Aaa Bonds

Three-Month Treasur;
Bill Market Yield

Discount Rate

3*^ 5*
Long-Term
-Government Bonds-

gept, 13 1968
-L.,1 1111
ill! 20
l1* 28 12 26 9 23 6
June July
Aug.
:

Latest data plotted are averages of rates available for the week ending:
8

22

6

20

3 17

1967

1


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

15 29 12 26
Dec.
Jan.

9 23
Feb.

8 22
Mar.

5

19
Apr.

3

17 31
May

4

18

1

15

29 13

27 10

24

7

21

7

21

196^
Prepared by Federal Reserve Bank of St. Louie

11

SELECTED SHORT-^M INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent
9-00

Per Cent

I I I I I II I I II I II II I II
__
PRIME
__
COMMERCIAL
PRIME
LARGE
-PAPER
BANKERS' 90 DAY
—I4-6-MONTH ACCEPTANCES CD’S**

1.00
i./J

L/3

4-/3

L.oo

444

S.lo
S. 7-5"

4/4
4 cS

LOO

SIS

4.0 0
4.0 0

4.40

L.OD
4-00

S.13
5.83
S. IS
5S)0
5. Li

515
5. ^
J.L3
5^3

4-00

■£■ 9S
f.80
5.80

5. SO
S.80
sT.fi>

Commercial Paper4-to-6 Month
-

5-80

5~.LJ

Federal Funds Rate

Acceptances
Discount Rate

Latest data plotted are averages of rates available for the week ending:

8

22

6

20

3

17

1

15

29

12 26

9

*AVERAGES OF RATES AVAILABLE

**S0URCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
SECONDARY MARKET RATE ON 90-DAY PRIME CD’S.
Federal Reserve Bank
of St. Louis

23

8

22

5

19

3

17

'

31

Sept. 13, 1968

14 28

12 26 9 23
July
Aug

6

20

4

18

1

15

29

13 27

10 24

7

21

7

21

, ,
,
.
Prepared by Federal Reserve Bank of St. Louis