Full text of U.S. Financial Data : Week Ending: September 11, 1974

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

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L

Z7/1 7"A

Week ending: September 11, 1974

library
JUN 0 8 1979

From the four weeks ended in early September of last
year to the most recent four weeks, the money stock has expanded
about 5.5 percent. However, since the money stock expanded at a
much faster rate on average over the first eight months of 1973,
the longer-term growth rate of money which has prevailed since
early 1970 has been reduced only slightly over the past year.
The money stock chart on page 5 shows a trend line of
money growth from the first quarter of 1970 to the second quarter
of this year. Over this period of four and one-half years, the
money stock has risen 6.7 percent per year on average. The level
of the money stock was above this line for much of 1972 and
through the first half of 1973. Since the Fall of 1973 the money
stock has varied closely about the trend line, dropping below in
January and early February and again since early July. In order
to substantially reduce the trend growth of money that has
been observed over a period as long as four and one-half years
would require that a considerably slower growth of money would
have to be maintained for an extended period.
Part of the recent slowing in money stock growth
represents a response to a deceleration in the growth of the
monetary base. Over the last four months the growth of the
monetary base has slowed to a 6 percent annual rate from a 9.3
percent rate over the previous 5 months. The slowing in money
growth also reflects a fall in the money multiplier, as shown on
page 3. The fall in the money multiplier since mid-April has
been associated with a marked rise in interest rates. The rise
in interest rates has reflected a very substantial increase in
the demand for bank credit, as indicated by the rise in the bank
credit proxy on page 12. In order to meet the increased demand
for credit, under condition of a slowing in the growth of the
monetary base, banks have bid agressively for large CDs, as shown
on page 10. The sharp rise in CDs has accompanied the acceleration
in the growth of bank credit, but also has absorbed base money,
hence reducing base available to support the demand deposits
component of the money stock.

Beginning the week of August 28, 1974, a series called
loans sold outright to selected bank affiliates" reflects a
newly issued definition of the group of affiliates included, as
well as a somewhat different group of reporting banks. Because
data prior to August 28 are not comparable to current data, the
series on business loans adjusted" has been discontinued in this
release. For an explanation of the revision of this series see
the H.4.2 Statistical Release, "Weekly Condition Report of Large
Banks and Domestic Subsidiaries" of the Board of Governors of the
Federal Reserve System dated September 6, 1974.


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

Prepared by Federal Reserve Bank of St. Louis

Released: September 13, 1974

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY AOJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

------ ---------------- 112

1 12 --------1----------1----

4 10

1

15 29 12 26 10 24

7 21
NOV

5 19
DEC

2 10 SO 19 27 19 27 10 24
FEB

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 11,

MAR

• 22

5 10

9 17 91

APR

14 20 11 25
AUG
SEP

1974

USES OF MONETARY BASE ARE MEMBER BAf* RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS.
FOR A DESCRIPTION
OF TH£ BASE SEE THE AUGUST 1968 '1 REVIEW'' OF THIS BANK.

*

COMPOUNDED ANNUAL RATES OF CHANGE,
9/12/73

12/12/73

AVERAGE OF FOUR WEEKS ENDINGt

2/13/74

3/13/74

4/10/74

5/8/74

6/12/74

7/10/74

9.3
10.6
9.2
8.7
7.5
7.7

11.6
9.3
8.6
7.3
7.6

9.1
8.3
6.7
7.2

6. 1
4.9
5.8

4.5
5.9

5.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
2/13/74
3/13/74
4/10/74
5/ 8/74
8/12/74
7/10/74
8/14/74
9/11/74

2

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

8.7
8.7
8.8
9.4
8.9
8.7
8.0
8.1

8.0
8.4
9.3
8.6
8.3
7.5
7.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

18Z1

LATEST DATA PLOTTED WEEK END IMG: SEPTEMBER 4,

RATIO

1974

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
___ THE FOUR WEEKS ENDING
SEPTEMBER II. 1974 FROM

— JUN.
_

FEDERAL RESERVE CREDIT

APR.
MAR.

12.4

— SEP.

lail
AUG.

JUL

AUG

SEP

OCT

NOV

DEC

2 16 50 IS 27 15 27 10 24 6 22
JAN
FEB
MAR
APR
MAY

1973
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 11,

2/

CLaIseI

,974

5 10

MILLIONS —
7

94,314

5 17 51

_

14 26 II 25
AUG

SEP

1974

T0 INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND ••OTHER” AS1FTS An MIC rcn trna
OFQBANKsfNT DM^A^SEASONALLY ADJuIteD^tSIS°BANK? SH'FTS ,N DEPf,SITS *****


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

DEMAND

DEPOSIT

COMPONENT

OF

MONEY

STOCK

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
225 ---------- 1--------------1-----

BILLIONS OF DOLLARS
-------------------- ----------- 225

BlLLLQijS.
214.4
215.6
215.6
215.4
214.3
214.9

4 18

1

IS 29 12 26 10 24

7 21

5 18

NOV

DEC

2 18 30 13 27 13 27 10
FEB

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 4,

MAR

8 22

3 18

3 17 31

14 28 II 25
AUG

APR

SEP

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE ,
9/5/73

12/5/73

2.3
5.0
4.8
4.8
5.0
5.2
4.6
4.3

5.7
5. 1
5. 1
5.3
5.6
4.7
4.2

2/6/74

AVERAGE OF FOUR WEEKS ENDING:

3/6/74

4/3/74

5/1/74

6/5/74

7/3/74

4. 1
5.0
5.5
4.2
3.5

5.9
6.2
4.4
3.6

6.7
4.3
3.3

3.0
2.1

0.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/
3/
4/
5/
6/
7/
8/
0/

6/74
6/74
3/74
1/74
5/74
3/74
7/74
4/74

11.8
9.5
8.6
8.3
6.6
5.7

*


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
290 ---------- ,--------------,-----

BILLIONS OF DOLLARS

------ ---------------- 290
1874
_

BILLIONS
279.2
281.0
281.2
281.0
279.9
280.7

AUG

6.7Z TREND LINE
FROM 1ST QUARTER * 70
TO 2ND QUARTER ‘74

JUL

AUC

SEP

OCT

NOV

DEC

JAN

3 17 31
FEB

MAR

APR

1973
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 4,

H 11 II 2*
AUC
SEP

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS
ENDING:
9/5/73
12/5/73
2/6/74
3/6/74
4/3/74
5/1/74
6/5/74
7/3/74
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/
3/
4/
5/
6/
7/
8/
9/

6/74
6/74
3/74
1/74
5/74
3/74
7/74
4/74


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Federal Reserve Bank of St. Louis

3.9
6.1
6.0
6.2
6.2
6.3
5.7
5.5

6.8
6.5
6.6
6.6
6.7
5.8
5.5

12.1
10.5
9.3
8.9
7.3
6.7

6.3
6.4
6.6
5.3
4.9

6.9
7.0
5.2
4.8

6.9
4.6
4.2

3 6
3.3

1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
13.5
13.0
1Z.5

12.0
1 1.5

I 1-5
90 DAY CD'S

11.0

1 1.0
10.5
PRIME BANK
LOAN RATE

10.0

10.0
9.5
9.0
8.5

COMMERCIAL PAPER

8.0
7.5

CORPORATE Aaa BONDS

7.0
6.5

6.0
5.5
5.0
MUNICIPAL
BONDS**

6 20

3 17 31

14 28 12 28

4.5

0 23

7 21
DEC

4 18
JAN

1 15
FEB

1

15 29 12 28 10 24

1973

7 21
JUN

5 19
JUL

2 16 30 13 27

1974

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 13,

90 DAY
CD'S *81*

1974
JULY

AUG.

5
12
19
26
2

9

SEP.

16
23
30
6
13 *
20
27

12.05
12.30
12.66
12.09
11.99
12.05
12.11
12.24
12.48
12.30
12.00

PRIME
COMMERCIAL
PAPER
4-8 MONTH
11.81
11.95
11.95
11.50
11.23
11.48
11.63
11.80
11.85
11.72
11.63

PRIME
BAMCERS'
ACCEPTANCES
11.31
12.00
12.00
12.00
12.00
12.00
12.08
12.16
12.10
11.79
11.50

CORPORATE

Aaa BONDS
8.62
8.66
8.71

8.77
8. 86
8.93
8.98
9. 03
9.08
9. 13
9.17

1974

MUNICIPAL
BONDS*****
6.64
6.95
6.78
6.34
6.70
6.58
6.61
6.73
6.91
6.88
N. A.

* AVERAGES OF RATES AVAILABLE.
S* BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
*** SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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Federal Reserve Bank of St. Louis

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
14.0

PERCENT

10.5
FEDERAL FUNDS RATE

10.0

10.0

THREE-MONTH TREASURY
BILL MARKET YIELD

DISCOUNT RATE

6 20

3 17 31

14 23 12 26

0 23

7 21

4 18

1

JAN

FEB

15

I

15 29 12 26 10 24

7 21

3 10

JUN

JUL

2 16 30 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt SEPTEMBER 13,

1974
JULY

AUG.

SEP.

5
12
19
26
2
9
16
23
30
6
13 ***
20
27

FEDERAL
FUNDSm

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

13.55
13.34
13.04
12.60
12.29
12.09
12.02
12.23
11.84
11.64
11.48

7.53
7.45
7.72
7.43
7.84
8.75
8.75
9.29
9.37
9.34
9. 1 1

8. 47
8.60
8.35
8.08
8.55
8.59
8.58
8.69
8. 69
8.61
8.46

7.12
7.23
7.24
7. 12
7.24
7.31
7.35
7.30
7.36
7.33
7.29

1974

* AVERAGES OF RATES AVAILABLE.
** SKJI£F:2AY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

TIME DEPOSITS
ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410 r--------- -------------- ------

BILLIONS OF DOLLARS
-------------------- -------- =] 410

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

4 18

1

JUL

AUG

15 20 12 26 10 24
SEP

OCT

7 21

5 19

2 16

NOV

DEC

JAN

5 10
FEB

MAR

5 17 31

APR

1973

14 26 11 25
AUG

SEP

1974

latest data plotted week enoing<

September 4,

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
■NET, TI ME DEPOSI TS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT pi tic t mp
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFI CATES OF nFPn<5I T l^liFn >u T,ME
DENOMINATIONS OF *100,000 OR MORE BY UkRGEWEEKLY REPORTING COI*£RC?AL IaKKS^ °

NET TIME DEPOS1TS

•

COMPOUNDED ANNUAL RATES OF CHANGE,
9/5/73

12/5/73

2/6/74

13.6
13.8
12.6
12.1
11.4
11 .5
11.3
11.1

14.5
12.3
1 1.5
10.6
10.9
10.7
10.5

10.0
9.4
8.7
9.4
9.5
9.4

3/6/74

AVERAGE OF FOUR WEEKS ENDING:
4/3/74

5/1/74

6/5/74

7/3/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/
3/
4/
5/
6/
7/
8/
9/

6/74
6/74
3/74
1/74
5/74
3/74
7/74
4/74


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

6.7
6.8
8. 1
8.5
8.5

7.5
9.1
9.3
9.2

9.4
9.6
9.3

11.2
10.3

9.3

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

— 570
MONEY STOCK PLUS NET TIME DEPOSITS Ml
■=

560

- 550
4 IS

1

15 29 12 26 10 24

7 21
NOV

5 19
DEC

2 16 50 15 27 15 27 10 24
FEB
MAR
APR

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 4,

6 22

5 19

5 17 51

14 26 11 25
AUG
SEP

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml Mi 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 ENDINGt
9/5/73

12/5/73

2/6/74

3/6/74

4/3/74

5/1/74

6/5/74

7/3/74

6.6
6.6
7.4
7.0
6.8

7.2
8. 1
7.4
7. 1

8. 1
7.2
6.9

7.5
7.0

5.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
2/
3/
4/
5/
B/
7/
8/
9/

fl/74
6/74
3/74
1/74
5/74
3/74
7/74
4/74


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

8.9
10.1
9.4
9.3
8.9
9.0
8.6
8.4

10.8
9.5
9.2
8.7
8.9
8.4
8.1

1 1.0
10.0
9.0
9.2
8.5
8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATE OF DEPOSIT
LARGE COMMERCIAL BANKS ,
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

4 IQ

1

15 28 12 2C 10 24

7 21
NOV

5 IQ
DEC

2 IQ 30 13 27 15 27 10 24
FEB
MAR

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 4,

BILLIONS OF DOLLARS
----------- ----------- ----------- 90

• 22

5 IQ

3 17 3 I

14 28 It 25

1974

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.
5laLYAREP0RTmGCC0»llIcRC*ALSBANKSEPOS'T ISSUED ,N DENOMINATIONS OF 8100,000 OR MORE BY LARGE


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Federal Reserve Bank of St. Louis

L---------------------1UttEY

1974
JULY

AUG.

SEP.

3
10
17
24
31
7
14
21
28
4
11
18
25

CERTIFICATES
OF DEPOSIT
NOT SEAS. AOJ.
80.8
81.1
83.0
84.8
85.5
86.0
86.9
87.8
88.4
88.6

AM

TIME DEPOSIT KTA

BILLIONS
CERTIFICATES
NET TIME
OF DEPOSIT
DEPOS1TS
85.0
84.7
85.4
85.9
85.6
84.9
84.7
84.6
84.4
85. 1

317.4
318.5
318.5
319.3
320.3
320.6
321.5
321.4
321.9
321.9

----------------------

m

M2

m

598.1
597.8
599.4
598.5
599.6
601.5
602.7
602.4
601 .8
602.6

* SEE FOOTNOTE PAGE 8.
SEE FOOTNOTE PAGE 9.

*rn

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS
iaz±
AUG.

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5 r=-------- 1--------------1-----

BILLIONS OF DOLLARS
--------- ----------- -------- -1 4.5

wiiUQNa

7
14
21
26
SEP.
4
11

BOSS
3040
3437
3533
3906
3805

BORROWINGS

I

4 10

19 21 II M 10 24

7 II
NOV

8 10
DEC

t

18 30 13 *7 13 27 10 M
FEB
MAR

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 11,

0 2?

8 IS

J IT II 14 M II 15
AUC
SEP

1974

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS
152

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

I----------1--------1----------1

BILLIONS OF DOLLARS

152

I

compounded annual rates of change,

AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 4, 1974 FROM THE FOUR
WEEKS ENDING.
^^^^■BUSI NESS
BUSINESS
LOANS!
■-PANS
JUL.
JUN.
MAY
APR.
MAR.
DEC.
SEP.

3,
5,
1,
3,
6,
5,
5,

1974
1974
1974
1974
1974
1973
1973

BUSINESS LOANS ADJUSTED

25.6

NOT
available

31.6
24.6
17.9

BUSINESS

LQAfcgL
BUSINESS LOANS

JUL.
AUG.

126,151
126,748
127,094
127,690
126,234
128,760

BU8
L
ADJUS
129,056
129,564
130,046
130,525

_J

N. A.

I I I I I I I I I I I I I I I I I
4 16
JUL

1 13 29 12 28 10 24
AUG
SEP
OCT
1973

2 16 30 13 27 IS 27 10 24 « 22
JAN
FEB
MAR
APR
MAY
1974

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 4,

3 17 31 14 28 11 23
JUL
AUG
SEP

1974

SEE COVER PA6E
1/SERIES ON'BUS I NESS LOANS ADJUSTED1 HAS BEEN DISCONTINUED IN THIS RELEASE.
FOR EXPLANATION.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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Federal Reserve Bank of St. Louis

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

BILLIONS OF DOLLARS
505 r--------- 1---------------r------

BILLIONS OF DOLLARS
--------- ------------ --------- 13 505

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 4, 1974 FROM THE FOUR
WEEKS ENOINOi
CREDIT
CREDIT
PROXY
-PftQXY
ADJUSTED
JUL.
JUN.
MAY
APR.
MAR.
DEC.
SEP.

3, 1974
3, 1974
1,1974
3, 1974
6, 1974
5, 1973
3, 1973

CREOIT PROXY ADJUSTED 1/

11.9

BILLIONS
CREDIT

-PROXY

CREDIT
PROXY

ADJUSTED

CREDIT PROXY
478.0
488.8

479.9

JUL

1 IS 29 12 26 10 24
AUC
SEP
OCT

7 21
NOV

S l»
DEC

2 16 90 13 27 19 27 10 24 6 22
JAN
FEB
MAR
APR
MAY

1973
LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 4,
CURRENT DATA APPEAR

9

10

9

489.6
489.3
490.3

17 31

14 29 11

29

1974
1974

IN THE BOARD OF GOVERNORS’ H.9 RELEASE.

1/ ,l,NiLU2fL^M8E£ 5£i£ DEPOSITS, bank-related commercial
U.S. BAMCS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

paper,

EURODOLLAR BORROWINGS OF

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

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