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U.S. FinRnCIRL ORTA
Week ending September 13,1967

library

BANK RESERVES (Pages 2, 3 and 12)

COMMERCIAL BAM CREDIT (Page 4)

Total reserves of member banks, which limit
both bank credit and the money stock, increased at a 7
per cent annual rate in the six months from the four
weeks ending March 15 to the four weeks ending September
13. This growth compares with a 5 per cent rate of
increase from 1964 to 1966. From 1957 to 1964 the trend
rate was about 3 per cent.

Commercial bank loans and investments have risen
at an estimated 13 per cent annual rate since last December,
compared with a 9*5 per cent annual rate in the comparable
period in 1966.

Member bank reserves are in turn influenced
by Federal Reserve credit. This credit has increased
at a 7 per cent annual rate in the past 6 months compared
with a 10 per cent rate from 1964 to 1966.

Loans, which account for about two-thirds of total
bank credit, have risen at an 8 per cent rate this year,
down from the l4 per cent rate of the like period last year.
Business loans, which account for roughly one-third of
total loans, are estimated to have increased at a 9 per
cent annual rate this year, down markedly from the 20 per
cent rate of the corresponding period last year.

EXCESS RESERVES AM) BORROWINGS (Pages 8 and 12)

In contrast, commercial bank investments have
increased at a 23 per cent rate since December, whereas
they changed little during the like period last year.

Bank reserves in excess of legal requirements
on deposits have fluctuated around a $350 to $400 million
range since 1964. Because these funds are non-earning
assets, banks seek to keep them at a practical minimum.

MONEY STOCK

Member bank borrowings from Reserve Banks have
been below $100 million most of the time since April, a
tively small amount. The low level of borrowing re­
ts in part the availability of alternative sources
hort-term funds to banks.

K


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

(Pages 5 and 12)

The nation's money stock, consisting of private
demand deposits and currency in the hands of the public,
averaged $179-3 billion in the four weeks ending September
6, up at a 9 per cent annual rate since late February.
From 1964 to 1966 money grew at a 4 per cent rate while
from 1957 to 1964 the trend rate was 2 per cent.

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: September 15, 1967

FEDERAL RESERVE CREDIT [1
Seasonally Adjusted by this Bank

Billions of Dollars

[2

Billions of Dollars

Annual rates of change of Federal Reserve Credit
adjusted for reserve requirement changes
from four weeks ending:
June Ik, 1967

Federal Reserve Credit Adjusted
for Reserve Requirement Changes

Federail Reserve. Credit

Federal Reserve Holdings of U.s. Government
and Federal Agency Securities
* Data beginning March 2, adjusted
for the effect of the changes in
Til I
1 reserve requirements.
1/ Federal Reserve Credit excluding float and a few minor
items.
2j Seasonal adjustment for Federal Reserve Holdings

Borrowings

Latest data preliminary
12

L I 1
26 2


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

Borrowings from Federal Reserve not seasonally adjusted.
Unadjusted data appear in Board's H.4.1 release.
:

i__I__I__ I__I__I__I
Jan.

29 5 12
Mar.

28 5 12

26 3

26 2

June

Prepared by Federal Reserve Bank of* St. Louis

*
■Billions of Dollars

RESERVES
All Member Banks in the Nation
Weekly Averages of Daily Figures

. Seasonal adjustment computed by this
bank using data ending December 1965*
Unadjusted data appear in the Board's
H.k.l release.
1—I—!—h
_
TOTAL RESERVES
.
_ Annual rates of change, average of.
_ four weeks ending Sept. 13, 1967
from four weeks ending:
" June lk, 1967
+ & (°
‘
- Mar. 15, 1967
+ 7.3
~

3
Billions of Dollars

Total

Reserves Available for
Private Demand Deposits

RESERVES AVAILABLE FOR
_
PRIVATE DEMAND DEPOSITS
Annual rates of change, average of-

22.0

June

5 12

26 2

Oct.

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

lk, 1967

— - Latest data preliminary
Seasonal adjustment 'actors have been revised
Latest data plotted week ending:Sept. 13, 1967
to incorporate data through early 1967
31 7 lk 28 5 12
26 2
16
30 7 lk 28 k
16
15 29 5 12
15 22 1
June
Jan.
Sept.
Feb.
Nov.
Prepared by Federal Reserve Bank of St. Louis

4
Ratio Scale
Billions of Doll ars


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

Bank Credit

Al I Com me rcia I Ba n ks

Ratio Scale
Billions of Dollars

Seasonally Adjusted

------- ----------- 1400
+9.5%

335.5

275.4

219.5

Total Bank Credit
Investmen
+0.7%

Aug.’67

1960

1962

1963

1964

1965

1966

1967

Source: Board of Governors of the Federal Reserve System; Data presented are averages of end
of currentand preceding month.
Percentages are annual rates of change between periods indicated. They are presented to aid in
comparing most recent developments with past "trends."
Latest data plotted: August estimated
Prepared by Federal Reserve Bank of St. Louis

5

MONEY STOCK*
Billions of Dollars

Billions of Dollars

Seasonally Adjusted

— Annual rates of change, average of
_ from four weeks ending:

— Aug. i960 - Aug. 1966

WEEKLY DAT,

13-week centered

Weekly

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

Latest data preliminary

18 25 1

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

15 22 1

15

J__ I__L
29 5 12

31 7 lb 28 5 12
June

26

2

16

30 6 13

27 4

Prepared by Federal Reserve Bank of St. Louis

CERTIFICATES OF DEPOSIT 11
Large Commercial Banks
Wednesday Figures

Billions of Dollars
21.0

6
Billions of Dollars

Annual rates of change, seasonally unadjusted data
average of four weeks ending Sept. 6,1967 from
four weeks ending:

20.0

Aug. 1964 - Aug. 1966

Current and year ago data appear in the
Latest data preliminary
Latest data plotted:
5 12

26 2


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

16

30 7 lit

1/
28 k 11

25 1 8

22

1

Negotiable time certificates of deposit

19 26 3
Prepared by Federal Reserve Bank of St. Louis

TIME DEPOSITS*
All Commercial Banks

186
184

Seasonally Adjusted

Annual rates of change, average of
from four veeks ending:

182

y- /3.0

WEEKLY DATA

180

1967
jUu 7

;

n/S i

178

#

174
172
170
168
166
164
162

(lo
158
156
Latest data preliminary
15%
18 5 1

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

15 22 1

15

29 5 12

26 3

* 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".
J__1.........................................
31 7 14 28 5 12 26 2
16 30 6 13 27 4
18251
15 29613
Prepared by Federal Reserve Bank of St« Louis

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

•
Millions of Dollars

g
Millions of Dollars

1100

1100

1000

1000

BIWEEKLY SETTLEMENT PERIODS

Excess Reserves

Net Free Reserves

Borrowings

-100

-100

-200

-200

Latest data preliminary
Latest data plotted: two weeks ending Sept. 13, 1967


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

lilt
12

26

24

7

30

13

11

25

June

Prepared by Federal Reserve Bank of St. Louis

Billions of Dollars
I I I I I I—I

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures
I

I

I

9
: .llions of Dpi:

Seasonally Ad justed by this Bank

_ from four weeks ending:

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

Latest data preliminary
512

262


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

1

15 22 1

15

29 5 12263

31 7 14

May

June

28 5 12

July

26 2

30 6 13
Aug.

1967
Prepared by Federal Reserve Bank of St. Louis

Per Cent

10

YIELDS ON SELECTED SECURITIES
Weekly Averages of Dally Rates Ended Friday

Per Cent

Long-Term
Government Bonds

Discount Rate
Three-Month Treasury
Bill Market Yield -

Latest data plotted are averages of rates available for the week ending: Sept. 15, 1967
1—J__ L
J__l_l__L
J__ I__ L
17 2k 3
17 31 7 lk 28 5 12 26 2
16 30 71^ 28 4
6 13 27 3
18 251 15
29 6 13

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

June

27 3

17

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 Paper
4-to-6 Month

_Prime Bankers1
Acceptances

Discount Rate

Latest data plotted sure averages of rates available for the week ending: Sept. 15, 19^7
6 13

27

3


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

17 2k 3

17

31 7 14

28 5 12

26 2

16

30 7 14

28

h

18 25 1

15

29 6

13

27 3

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
FOR PRIVATE
WEEK
ENDING DEMAND DEPOSITS

TOTAt
RESERVES

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

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

FREE
RESERVES

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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

WEDNESDAY FIGURES
MILLIONS OF DOLLARS

SEASONALLY

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

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PREPARE D BY FEDERAL RESERVE BANK OF ST. LOUIS

13

14

SELECTED YIELDS
YIELDS OH U. S. GOVT. SECURITIES
LONG-TERM

XREA^BILL

PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
WEEK ENDING FRIDAY

WEEK
ENDING
mi

3-5 YEAR

1

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4.3L

3 9S

44S

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________ 14- __ 4£4___

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________ 21____ 7*1*% s
__ Ikl____ ___4 (.x
T
_________Lx . 4 7*____

PRIME
COMMERCIAL
pplUF
LARGE
CORPORATE
PAPER
BANKERS
90 DA£.
Aoo
4-6-MONTH ACCEPTANCES CD'S**
PER CENT PER ANNUM
AVERAGES OF DAILY FIGURES
FRIDAY
WEEK ENDING FRIDAY
FTcOm
£■//

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

£.0 0

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•AVERAGES OF RATES AVAILABLE

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

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

.

3.9 L

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS