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Week ending: September 15,1971 library JUN 05 1979 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The nation's money stock, defined as private demand deposits plus currency in the hands of the public, has increased at 10.6 per cent annual rate in the past seven months (page 5). In the past three months, the growth of money has slowed to a 5.1 per cent annual rate. These rates are rapid by historical standards; money grew at a 3.4 per cent trend rate from 1957 to 1970. Many short- and long-term market interest rates remain below their August 13 levels, the week preceding the announcement of the new economic policies, after rising in the previous five months. Throughout 1971, most rates have remained below their levels of November 1970, the tentative trough month of the recent recession (pages 10 and 11). Yields on three-month Treasury bills averaged 4.82 per cent in the three days ending September 15, 42 basis points below the week of August 13 (see table below). The rates on three- to five-year Government securities averaged 6.03 per cent in the first half of this week, down 78 basis points from their August 13 level. Yields on seasoned corporate Aaa bonds averaged 7.43 per cent this week, down about 28 basis points from five weeks earlier. SELECTED INTEREST RATES 3 days Change in basis points since ending week ending week ending 9/15/71 8/13/71 3/12/71 11/70 Three-month Treasury bills Federal Funds Prime 4- to 6-month commercial paper 3- to 5-year Government securities Long-term Government bonds Aaa corporate bonds Discount rate 4.82% -42 +154 -46 5.38 5.75 -20 -08 +190 +150 -22 -55 6.03 -78 +128 -34 5.60 -30 - 17 -64 7.43 5.00 -28 -0- + 23 + 25 -62 -85 Prepared by Federal Reserve Bank of St. Louis Released: September 17,1971 MONETARY BASE ^ FEDERAL RESERVE CREDIT ^ AVERAGES OF DAILY FIGURES BILlIONS of dollars seasonally adjusted by this bank billions of dollars _ COMPOUNDED annual rates OF CHANCE. AVERAGE OF THE FOUR WEEKS ENDING — SEPTEMBER 15, 1971 FROM. THE FOUR WEEKS ENDING JUN. 16 MONETARY BASE 1211 AUG. MILLIONS 1 78 . COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING -----SEPTEMBER 15, 1971 FROM. THE FOUR WEEKS ENDING. - JUL 76 14.8 74 _ FEB. JAN. 17 13 FEDERAL RESERVE CREDIT 13.5 72 70 1211 AUG. MILLIONS 1 68 Lilli I IJ 29 12 26 9 23 7 21 4 18 2 16 30 13 27 JAN 10 24 10 24 5 19 APR FEB 1970 7 21 MAY 1971 2 16 30 14 28 II 25 8 22 LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 15, 1971 1/ USES OF 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 1968 "REVIEW OF THIS BANK. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND "OTHER" ASSETS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG CLASSES OF BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 3 RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 33.0 31.5 31.5 31.0 30.0 30.0 29.5 28.5 28.5 28.0 1 15 20 12 26 9 23 7 21 4 18 2 16 30 13 27 JAN 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22 FEB LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 15, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. * BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1971 AUG. SEP. 11 18 25 1 8 15 BLLLJ.QNS 31.5 31.8 31.4 31.9 32.3 32.2 1970. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING SEPTEMBER 15, 1971 FROM THE FOUR WEEKS ENDING: JUL. JUN. MAY APR. MAR. FEB. JAN. M, 16, 12, 14, 17, 17, 13, 1971 1971 1971 1971 1971 1971 1971 17. 9 7..9 8.,6 10.,3 8.,6 9..3 9..5 PREPARED BV FEDERAL RESERVE BANK OF ST. LOUIS DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DA ICY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of DOLLARS BILLIONS 176. 7 176.5 175.6 175.5 I IS 29 12 26 9 23 7 21 OCT 1970 4 18 2 16 30 13 27 NOV JAN 10 24 10 24 7 21 S 19 2 16 30 14 28 !1 25 8 22 FEB 1971 LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 8. 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGs 9/9/70 1/6/71 2/10/71 3/10/71 20.4 12.0 16.3 14.8 12.6 11.2 5.9 13.7 12.5 10.4 9.2 4/7/71 5/5/71 12.8 11.5 9.3 8. 1 18.6 13.0 10.7 6/9/71 7/7/71 5.8 4.9 3.3 TO THE AVERAGE OF FOUR WEEKS END 1NGi 2/10/71 3/10/71 4/ 7/71 5/ 5/71 6/ 9/71 7/ 7/71 8/11/71 9/ 8/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.7 5. 1 6.4 5.3 7.9 7.9 7.5 7. 1 10.2 11.8 8.2 12.2 11.7 10.3 9.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS of DOLLARS billions of dollars 228.6 227.1 IS 29 12 26 9 25 7 21 4 19 OCT 1 NOV 2 16 90 13 27 10 24 10 24 JAN 7 21 9 19 2 It 30 H 21 II 23 JUL FEB *22 AUG LATEST DATA PLOTTED VHiEK ENDING. SEPTEMBER 8, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS ENDING. 9/9/70 1/6/71 2/10/71 3/10/71 18.5 12.0 15. 1 13.9 12.1 10.6 7.0 12.9 1 1.9 10.2 8.9 4/7/71 5/5/71 12.1 11.1 9.3 7.9 16.5 12. 1 9.7 6/9/71 7/7/71 6.6 5. 1 3.4 TO THE AVERAGE OF FOUR WEEKS ENDING. 2/10/71 3/10/71 4/ 7/71 5/ 5/71 8/ 9/71 7/ 7/71 8/11/71 9/ 8/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.7 5.5 6.7 5.9 7.9 8.0 7.7 7.2 10. 1 11.5 8.6 11.7 1 1.3 10.2 9.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6 TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 270 r=-------------------- ----- BILLIONS OF DOLLARS ----- ---------- ---------- =] 270 TOTAL TIME DEPOSITS NET TIME DEPOSITS* 15 29 12 28 9 23 7 21 4 18 OCT 1 NOV JAN FEB 7 21 3 19 APR 2 T 6 30 13 27 10 2A 10 24 MAY 2 16 SO 14 28 11 23 8 22 LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 8, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. * NET TIME DEPOSITS ARE DEFINED AS. SAVINGS DEPOSITS. TIDEPOSITS OPEN ACCOIWT PLUS TIME CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100.000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOING: 9/9/70 1/6/71 2/10/71 3/10/71 32.5 25.0 22.1 19.9 16.8 15.4 19.6 18.0 16.3 13.6 12.4 4/7/71 5/5/71 13.6 12.8 10.5 9.7 13.5 10.3 9.4 6/9/71 7/7/71 7.4 7.1 5.5 TO THE AVERAGE OF FOUR WEEKS ENDING. 2/10/71 3/10/71 4/ 7/71 5/ 5/71 6/ 9/71 7/ 7/71 8/11/71 9/ 8/71 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19.4 21.9 22.8 21.3 20.6 19.7 18.0 17. 1 31.3 30.4 25.6 23.3 21 .3 18.4 17.0 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 MONEY STOCK PLUS NET TIME DEPOSITS I !5 29 12 26 9 23 7 21 4 18 2 16 30 13 27 JAN 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 6 22 FEB 1970 1971 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 8, 1971 CURRENT DATA API LA,; IN THE BOARD OF GOVERNORS’ H,6 RELEASE. St8* M2 IS DEFINED ASi 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 END INGt 9/9/70 1/6/71 10.4 13.2 14.2 13.2 13.9 13.5 12.6 11.9 20. 1 20.3 16.8 17.3 16. 1 14.2 13.0 2/10/71 3/10/71 25. 1 18.4 18.5 16.9 14.4 13.0 13.3 15.4 14. 1 11.9 10.6 4/7/71 5/5/71 13.0 12. 1 10.0 8.9 14.8 11.1 9.5 6/9/71 7/7/71 7.0 6. 1 4.4 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/10/71 3/10/71 4/ 7/7! -V S/71 6/ V71 7/ 7/71 8/11/71 8/7’ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 32 ------------ ---------- ------- 15 29 12 26 9 23 7 21 4 OCT 1 NOV 18 2 16 30 13 2/ JAN 10 24 10 24 7 21 BILLIONS OF DOLLARS ------- ------------------------ 32 S 19 2 16 30 14 28 M 25 8 22 FEB LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 8, 1971 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA CERTIFICATES OF DEPOSIT 1971 JULY AUG. SEP. 7 M 21 28 4 1 1 18 25 1 8 15 22 29 B1LL1ONS NET TIME DEPOS1TS * 29.6 30. 1 30. 1 30.5 30. 1 29.7 30.3 30.5 30.8 31.3 226.5 226.5 226.8 227.0 227.4 227.7 227.6 228. 1 228.4 229.0 M2 m 455. 1 453.8 454.5 453.9 454. 1 456.3 456.3 456.3 455.8 456. 1 S SEE FOOTNOTE PAGE 6. *88 SEE FOOTNOTE PAGE 7. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS (CREDIT PROXY ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILL1ONS OF DOLLARS D1 365 355 345 CREDIT PROXY ADJUSTED 335 IREDIT PROXY 325 315 305 — I 15 29 12 26 9 23 7 2t 4 18 LATEST DATA PLOTTED WEEK ENDINGi CURRENT DATA APPEAR " LLLL 2 16 30 13 27 10 24 10 24 SEPTEMBER 8, '971 !N THE BOARD OF GOVERNORS' 7 21 5 19 2 16 30 14 28 11 25 8 22 H.9 RELEASE. CERTA I MOTHER * NONDEPOSIT loURCEs!*0'AL PAPER' EURODOLLAR BORROW,NOS OF 1971 BILLIONS CRED1T PROXY AUG. SEP. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 1 1 18 25 I 8 CRED!T PROXY ADJUSTED 344.2 344. 4 346.8 350. 1 349.9 349.9 348. ' 348.7 350.5 353.8 353.9 353. 7 COMPOUNDED ANNUAL RATES OF CHANGE AVERAGE OF THE FOUR WEEKS ENDING SEPTEMBER 8. 1971 FROM THE FOUR WEEKS END IN6t CREDIT CREDIT PROXY PROXY ADJUSTED JUL. JUN. MAY APR. MAR. FEB. JAN. 7, 9. 5, 7, 10, 10, 6, 1971 1971 ’97’ 1971 197’ 197’ 1971 13.9 10. 1 10.8 11.2 ’ ' .4 12.7 ’3.5 ’2.5 9.6 9.8 9.0 8.5 9.2 9.6 PREPARED BY FEDERAL RESERVE BANK OF ST. ^OUIS 295 YIELDS ON SELECTED SECURITIES AVERAGE'S OF DAILY RATES ENDED FRIDAY PER CENT 9.0 ------ PER CENT ------- 9.0 - n V-V - 0 .L I PRIME COMM ERC1AL LOAN RATE A / X /f |A A V 1 f' V % Vs 1 DISCO UNT R ATE TTTT r •v V / A / 1 A M il I N I THREE- MONTH TREAS URY\ \_ BILL MARKET YIELD TTTT TTTT 3.0 \ T N ___ , 3.5 \ “ini JUL 11.1. 111 AUG 1 1 1 1 -LLL 1-11. JLl.l 1. SEP OCT 1970 NOV DEC JAN 1 1.1. ...1J, 1 1 FEB MAR APR 1 1 1 111 1111 MAT 1971 JUN JUL ) 111 -111.AUG SEP LATEST DATA PLOTTED ARE AVERAGES OF RATFS AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 17, 1971 CORPORATE Aaa BONDS 1971 JULY AUG. SEP. 2 9 16 23 30 6 13 20 27 3 10 17 3* 24 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERMMENT SECUR1T1ES MUNICIPAL BONDS ** 7.63 7.65 7.64 7.63 7.66 7.69 7.71 7.48 7.50 7.45 7.42 7.43 5.17 5.40 5.38 5.45 5.39 5.28 5.24 4.71 4.69 4.47 4.62 4.82 6.70 6.70 6.64 6.82 6.92 6.85 6.81 6.05 6.06 5.89 5.94 6.03 5.97 5.92 5.82 5.91 5.96 5.93 5.90 5.64 5.70 5.58 5.51 5.60 6. 19 6.06 6.03 5.97 6.05 6.07 6.03 5.49 5.71 5.39 5.36 N.A. * AVERAGES OF RATES AVAILABLE. ** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7.5 6.5 1 1 1 1 4.0 \ 8.0 - < 4.5 / JJLL 5.0 V \ 1, L 5.5 \ /--- 1111 ■LLJ.l 6.0 MUNICI »AL BONDS** 8.5 7.0 -L U L L u 6.5 s -Xa l 1.1 7.0 \ [ .11 .LI. . h BON ?S TTTT 1111 7.5 ia , CORPOR £.0 1 1 - £.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 6.0 5.5 5.0 4.5 4.0 3.5 3.0 SELECTED SHORT-TERM INTEREST RATES AVERAGES OF DAILY RATES ENDED FRIDAY PER CENT 9.0 PER CENT ------- 9.0 8.5 8.5 8.0 8.0 r.s 7.5 7.0 7.0 6.5 6.5 6.0 COMMERCIAL PAPER 4-T0-6 MONTH 6.0 5.5 5.5 5.0 5.0 4.5 4.5 FEDERAL FUNDS RATE 4.0 4.0 3.5 3.5 3.0 3.0 0 3 17 31 14 28 11 25 9 23 6 20 NOV 4 18 DEC 1 15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 AUG LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi SEPTEMBER 17, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PRIME COMMERCIAL PAPER 4-6 MONTH 1971 1 JULY i i AUG. SEP. 2 9 16 23 30 6 13 20 27 3 10 1 7 IK 24 FEDERAL FUNDS PRIME BANKERS’ ACCEPTANCES 5.10 5.10 5.20 5.48 5.40 5.65 5.58 5.53 5.48 5.70 5.75 5.53 5.60 5.63 5.50 5.63 5.63 5.63 5.63 5.55 5.53 5.50 5.50 5.50 1971 90 DAY CD’S KK 5.65 5.75 5.75 5.75 5.75 5.75 5.83 5.78 5.63 5.70 5.75 5.75 SEP 5.53 5.59 5.68 5.77 5.80 5.80 5.82 5.88 5.75 5.56 5.55 5.60 * AVERAGES oF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE ** DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 BORROWINGS AND EXCESS RESERVES ALL MEMBER BANKS !N THE NATION AVERAGES OF DAILY FIGURES a'Ll IONS OF DOLLARS 2.0 |----------------------------------------- 1— BILLIONS OF DOLLARS BORROWINGS EXCESS RESERVES 0.8 - NET FREE RESERVES 1.2 - 1 15 29 12 26 JUL AUG 9 23 7 21 SFP OCT 1970 4 18 NOV 2 16 30 13 27 DEC JAN FEB LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER ’5, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 24 7 21 5 19 MAR 10 24 APR MAY 1971 2 16 30 14 28 11 JUN JUL AUG 25 8 22 SEP '971 MILLIONS EXCESS RESERVES 1971 JULY AUG. SEP. 7 14 21 28 4 1 1 18 25 1 8 15 22 29 277 5 282 67 517 27 224 109 345 224 266 BORROWINGS 661 991 ' 121 545 764 593 1 179 771 708 765 457 FREE RESERVES - 384 986 839 478 247 566 955 662 363 541 191 PREPARED BY FEDERAL RESERVF BANK OF ST. LOUIS 2.0 -
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