Full text of U.S. Financial Data : Week Ending: September 19, 1973

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

Week ending: September 19, 1973
library:

JUN 0 8 1979

The money stock has increased at a 5.4
rate in the past six months. Within this period
a 2.9 percent rate of increase in the past three
an 8 percent rate in the previous three months.
increased 5.8 percent in the past year, somewhat
percent average rate from 1967 to 1972.

percent annual
money grew at
months and at
Money has
below the 6.3

Money plus net time deposits, a more broadly defined
monetary aggregate, has increased at a 7.6 percent annual rate
in the past six months. This period is composed of a 6.3
percent rate in the past three months and an 8.9 percent rate
in the previous three months.
The slowing in this aggregate
reflects the slowing of the money component. The net time
deposit component has increased at a 9.6 percent annual rate in
the past three months, the same as the rate in the previous
three months. The recent growth of time deposits was facili­
tated by the raising of maximum interest rate ceilings payable
by banks on consumer-type savings deposits as well as the
exemption of ceiling rates on some longer maturity savings
deposits.
The monetary base, a primary determinant of the trend
growth of the money stock, has slowed to a 4.7 percent annual
rate in the past three months, as compared with an 8.1 percent
rate in the previous three months.
Federal Reserve credit has
actually declined in recent months.
The recent contraction of
this aggregate has tended to offset the influence on the base
of the large decline in Treasury deposits at the Federal Reserve.
These deposits have declined from $3 billion in late June to
only $0.2 billion in the week ending September 12.
The prime bank loan rate is now quoted at a record
level of 10 percent at a number of commercial banks.
This rate
compares with a peak of 8-1/2 percent in 1969-1970.
Despite
this latest change, the prime rate remains 50 basis points
below the four- to six-month commercial paper rate. In
addition the cost of bank funds through the issuance of 90-day
large CD's is nearly 11 percent and is slightly over 11 percent
for 90-day Eurodollars. The effective cost of these funds is
even higher after reserve requirements are taken into account.


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

Prepared by Federal Reserve Bank of St. Louis
Released: September 21, 1973

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1 04

MILLIONS

102

— SEP.

100

98

96

94

5 19

2

16 30

13 27

11

25

8 22

6 20

3

17

31

14 28

H 28

11

25

9 23

6 20

4

16

1

15 29

12 26

1973

1972
LATEST DATA PLOTTED WEEK ENDINGs

SEPTEMBER 19.

1973

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.

COMPOUNDED ANNUAL RATES OF CHANGE ,
9/20/72

1/17/73

2/21/73

3/21/73

9.2
9. 9
10.0
9.8
9.3
9.4
8.5
8. 1

8. 1
8.8
8.8
8. 1
8.4
7.2
6.8

12.2
11.0
9.5
9.6
8.0
7. 4

9.5
8. 1
8.6
6.9
6.4

AVERAGE OF FOUR WEEKS ENDINGs

4/18/73

5/16/73

6/20/73

7/18/73

7. 1
8.0
6. 1
5.7

7.7
5.4
5.0

5.2
4.7

2.3

TO THE AVERAGE
OF FOUR WEEKS
ENDINGs
2/21/73
3/21/73
4/18/73
5/16/73
6/20/73
7/18/73
8/22/73
9/19/73


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIERS
FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO
2.9

2.8
MULTIPLIER
2.7

2.6

2.5
AUG.

2.615
2.604
2.605

2.4

2.577

2.589
2.61 1

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12, 1973
BILLIONS OF DOLLARS

BILL TONS OF DOLLARS
94

COMPOUNDED ANNUAL RATES
___OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
- SEPTEMBER 19, 1973 FROM
THE FOUR WEEKS ENDING:
-

JUL.
JUN.

18,
20,

92

90

1973 -12.8
1973 -2.4

FEDERAL RESERVE CREDIT

---- APR.
MAR.

68
86

84
82
!97?
AUG.

MILLIONS

15

I I I I I I
5 19

2 10 30 13 27

U

25

0 22

0 20

3 17 31

14 20 14 29 11

25

9 23

0 20

4

10

I

4L o

15 29 12 20

1973
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 19, 1973
1/ RATIO OF MONEY STOCK (Ml) / MONETARY BASE.
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 DEp6s(TS AMONG
CLASSES OF BANKS.
DATA ARE SEASONALLY ADJUSTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
215

203.7
204.8
205. 2
203.3
203.7
203.8

210

205

200

195

5 IS

2 16 30 13 27

II

25

8 22

6 20

3 17 31

14 28 14 28 II

FEB

MAR

25

S 23

6 20

5 28 12 26

APR

1972

1973

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12,

1973

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
9/13/72

1/10/73

2/14/73

3/14/73

4/11/73

2.0
3.3
6.9
7.8
6.0
4.9

2.0
7.2
8.2
6.0
4.8

11.5
11.5
7.9
6.0

5/9/73

6/13/73

7/11/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/14/73
3/14/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/15/73
9/12/73


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

4.8
5.0
4.0
4.3
5.7
6.3
5.5
4.9

-0.3
-0.8
0.8
4. 1
5.2
4.2
3.4

14.0
8.4
6.0

4.3
2.4

-1.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL-IONS OF DOLLARS

BILLIONS OF DOLLARS
275

BILLIONS
263.6
270

263.0
263.7
263.8

265

260

255

250

5 19

2

16 90 13 27 11

25

6 22

6 20

3 17 31

14 26 14 26 11

FEB

SEP
OCT
1972

MAR

25

•

23

6 20

4 16

JUN

APR

JUL

1

15 20 12 26

1973

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12,

1973

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
9/13/72

1/10/73

2/14/73

3/14/73

4/11/73

5.8
6. 1
5.3
5.7
6.7
7.0
6.3
5.8

0.9
0.8
2.5
5.0
5.8
4.8
4.3

4. 1
5.5
8.0
8.3
6.7
5.8

4.4
8.0
8.4
6.5
5.4

11.5
11.0
7.8
6.4

5/9/73

6/13/73

7/11/73

4.3
2.9

0.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/14/73
3/14/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/15/73
9/12/73


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

12.2
7.7
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

lilMlili

BILLIONS OF DOLLARS

5
=

350

E

340

1
TOTAL

330

TIME DEPOSI TS

1

i

MUM

320
S

E
E 300

300

E
200

290

E
280

280

|

260

NET TIME DEPOSI

lllllllll

270

3S

270

rs* ~

200
1 1 1 _LLLL -1 Lb
1 1 1 1 1 1 1
16 30 13 27 11 25 6 22 6 20

1 1 1

1

5 19

2

JUL

AUG

SEP

OCT

NOV

DEC

1J.-LL
3 17

JAN

111

31

..111.

1 1 1

14 26 14 24 11

FEB

MAR

APR

i i 1

lilt
• 23

4 20

MAY

JUN

23

-L1.-L IIH J_Lu
4 14
1 13 2* 12 24
JUL

AUG

SEP

1973

1972
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

W NET TIME DEPOSITS ARE DEFINED AS> SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS Tl»
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 4100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
9/13/72

1/10/73

2/14/73

3/14/73

4/11/73

5/9/73

8/13/73

11.6
11.1
10.7
10.8
10.6
10. 1
10.0
10.4

8.8
8.7
9.3
9.3
8.6
8.8
9.4

8.4
9.4
9.3
8.5
8.7
9.4

9.8
9.6
8.5
8.8
9.6

10.2
8.5
8.9
9.8

7.3
8.2
9.5

7.6
9.6

7/11/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/M/73
3/14/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/15/73
9/12/73


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

11.8

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
630
620
610
600

MONEY STOCK PLUS TOTAL TIME DEPOSITS

= 590
■= 580
5
=

II

25

9 22

6 20

3

17 31

SEP
OCT
1972

14 2*

FEB

14 29

MAR

I

23

9 23

=

9 20

4

JUN

APR

530
520

=

21« 90 19 27

540

=

19

550

=

S

560

5

MONEY STOCK PLUS NET TIME DEPOSITS

570

510

JUL

19

3 29 12 29

1973

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** M* IS DEFINED AS: CURRENCY. DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS IM2)
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING.

9/13/72

1/10/73

2/14/73

3/14/73

4/11/73

5/9/73

6/13/73

7/11/73

8.7
8.6
8. 1
8.3
8.7
8.6
8.2
8. 1

4.9
4.9
6.0
7.3
7.3
6.9
6.9

6.3
7.5
8.7
8.4
7.7
7.6

7,3
8.9
8.5
7.7
7.6

10.8
9.7
8.3
8. 1

9.6
7.9
7.7

5.9
6.3

5.8

TO THE AVERAGE
OF FOUR WEEKS
ENDINGs
2/14/73
3/14/73
4/11/73
5/ 9/73
6/13/73
7/11/73
8/15/73
9/12/73


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
70 ----------------------- -------

S IS

Z 16 30 19 Z7

II

Z3

« ZZ

6 ZO

3 17 31

14 Z« 14 Z6

FEB

I

BILLIONS OF DOLLARS
------- ------------- ---------- 70

ZS

B 23

6 ZO

4 16

JUN

MAR

JUL

1

15 ZB 1Z 26

1873

LATEST DATA PLOTTED WEEK ENDING, SEPTEMBER 12,

1973

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


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

* •'«.000 Ofl MORE BY LARGE

MONEY AND TIME DEPOSIT DATA

1973
JULY

AUG.

SEP.

4
1 1
18
25
1
8
15
22
29
5
12
19
26

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

MZ m

63. 1
63.9
64.4
65.4
65.5
66.2
67.3
67.4
67.6
67. 1
67.0

283.0
282.4
283.2
283.4
284.6
285.5
285.9
287.2
287.3
288.3
288.3

547.4
546.8
548.0
547.0
548.4
549. 1
550.3
552. 1
550.2
552.0
552.2

* SEE FOOTNOTE PAGE 6.
3e* 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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
455

445

435

CREDIT PROXY ADJUSTED 1/
425

415

405
CREDIT PROXY
395

385

5 19

2

16 30 13 27

11

25

8 22

6 20

3 17 31

14 28 14 28 11

1972

25

9 23

6 20

1973

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12,

4 18

1

15 29

12 26

'

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1211

BILLIONS
CREDIT
-ER.QXY ,

AUG.

SEP.

8
15
22
29
5
12


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

CREDIT
PROXY
ADJUSTED

435.0
437.8
437.7
435.7
437.8
439.7

441.5
445. 1
444.9
443.2
445. 1
446.6

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 12, 1973 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
JUL.
JUN.
MAY
APR.
MAR.
FEB.
SEP.

11,
13,
9.
1 1 ,
14,
14,
13,

1973
1973
1973
1973
1973
1973
1972

10. 1
10.8
10.8
10.7
12.0
13.8
12.8

11.9
12.4
12.2
12.0
13. 1
14.9
13.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY*

PERCENT
9,5 ----

PERCENT
----- 9.5

CORPORATE AAA BONDS

THREE-MONTH TREASURY
BILL MARKET YIELD

BONDS MK

DISCOUNT RATE

5 29 13 27 10 24

4 16

JUL

AUG

OCT

NOV

6 22

3 19

2

JAN

FEB

16

2

16 SO 13 27 11

APR

25

6 22

6 20

3 17 31

14 26

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 21, 1973

1973
JULY

AUG.

SEP.

6
13
20
27
3
10
17
24
31
7
14
21 S
28

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS 9BK

7.41
7.44
7.45
7.48
7.53
7.61
7.71
7.77
7.73
7.64
7.63
7.65

7.94
7.78
8.03
8.17
8.30
8.70
8.86
8.71
8.62
8.80
8.94
8.64

7.15
7.29
7.48
7.76
8.02
8. 16
7.80
7.50
7.35
7.27
7.45
7. 18

6.44
6.43
6.50
6.64
6.90
6.97
6.83
6.74
6.62
6.45
6.52
6.45

5.34
5.40
5.37
5.48
5.59
5.58
5.47
5.44
5.34
5. 18
5. 18
N. A.

* AVERAGES OF RATES AVAILABLE.
get BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPA. BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
11.0 r-

PERCENT
11.0

—

FEDERAL FUNDS RATE
PRIME BANK
LOAN RATE

COMMERCIAL PAPER

I 1 I 1 I I I 1 I 1 I I 1 I I I I I I I I I I I I I 1 1 I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I
4 IS

JUL

AUG

1

15 29 13 27

SEP

OCT
1972

10 24

NOV

S 22

DEC

3 19

2 IS

JAN

FEB

2 IS 30 13 27

MAR

APR

11

23

MAY
1973

S 22

JUN

S 20

3 17 31

JUL

AUG

14 28

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 21, 1973

1973
JULY

AUG.

SEP.

6
13
20
27
3
10
17
24
31
7
14
21 X
28

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS **

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'Saw

8.75
8.90
9. 15
9.60
9.86
10.05
10.25
10.25
10.45
10.38
10.48
10.50

10.21
9.52
10.22
10.58
10.57
10.39
10.39
10.52
10.79
10.79
10.74
10.80

8.94
9.00
9.05
9.50
9.85
10.15
10.25
10.25
10.25
10.25
10.35
10.50

8.67
9.03
9.36
9.85
10.14
10.52
10.81
10.71
10.93
10.93
10.90
10.97

* AVERAGES OF RATES AVAILABLE.
*23 FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS’ H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
billions

of

AVERAGES OF DAILY

dollars

1973
AUG.

FIGURES

billions

of

dollars

MI LL IQNS
15

1916
2135
2558
2362
1487

BORROWINGS

I I I I
5

19

2

16 30

13 27

11

25

6 ZO

8 22

3

17 31

14 28

FEB

14 Z8

11

25

9 23

6 20

4

18

1

15 29 12- 26

MAR
1973

1972
LATEST DATA PLOTTED WEEK ENDING:

SEPTEMBER 19,

1973

BUSINESS LOANS

( COMMERCIAL

BILLIONS OF DOLLARS

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

T1 2
~ COMPOUNDED ANNUAL RATES OF CHANGE
— AVERAGE OF THE FOUR WEEKS ENDING
_ SEPTEMBER 12, 1973 FROM THE FOUR
WEEKS ENDING:
BUS I NESS
BUS I NESS
LOANS
LOANS
ADJUSTED
1973
1973
1973
1973
1973
1973
1972

JUL.
— JUN.
_ MAY
— MAR.
__ SEP.

110
108
-BUSINESS LOANS ADJUSTED

106

1/

23.2
19.8

26.2

21.6
21.2

104

21.0

22.4

102

27.0

100

23.9
28.6
26.0

98
—

96
94

MILLIONS
92
BUS I NESS
LOANS,

BUSINESS LOANS

LOANS
adjusted;

90

88
86
84

I I I N I I I I I I I

I I II
5

19

Z

16 30

13 27

11

25

8 22

6 20

3

17 31

14 28

14 28

11

25

9 23

1

6 20

JUN

15 29 12 28

JUL

1973

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 12,

1973

i7 INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


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Federal Reserve Bank of St. Louis