Full text of U.S. Financial Data : Week Ending: September 20, 1972

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Week ending: September 20r 1972

The nation's money stock has risen at a rapid 8.6 percent
annual rate in the past eight months, after almost no increase
during the latter part of 1971. For comparison, money grew at a
trend rate of 5.9 percent from late 1966 to late 1971. Underlying
the recent rapid growth of money, reserves available to support
private nonbank deposits have increased at a 10.1 percent annual
rate in the past eight months, compared with a 5.8 percent rate in
the previous four months.
.
Short-term market interest rates have risen sharply in
recent weeks, continuing an upward trend begun last February.
Although rates have risen substantially above their lows of early
this year, in general, they remain below their levels of mid-1971.
Yields on three-month Treasury bills averaged 4.64 percent in the
three days ending September 20, up about 75 basis points from midAugust, but still below the July 1971 rate of 5.39 percent. Yields
on four- to six-month commercial paper averaged 5.13 percent in the
first part of this week, up 28 basis points from mid-August, This
rate averaged 5.75 percent in July 1971.
Long-term interest rates have risen somewhat in recent
weeks, following a downward trend since last April which apparently
reflected the reduction in the rate of price increases. Seasoned
Aaa Corporate bond rates averaged 7.23 percent in the first part of
this week, compared with 7.30 percent last April and 7.64 percent a
year ago last July.
Business loans at all commercial banks registered strong
gains in August. These loans increased at an 8.1 percent annual
rate from December to August, despite almost no increase in June and
July. For comparison, business loans increased at rates of 3.8
percent and 5.8 percent, respectively, in 1970 and 1971. Consumer
and real estate loans have increased even more rapidly than business
loans so far this year. On total, loans made by commercial banks
have increased at a 14.5 percent rate in the first eight months of
the year, compared with a 10 percent rate in 1971 and a 4.5 percent
rate in 1970.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis
Released: September 22, 1972

MONETARY BASE v
MULTIPLIER 2/
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR I&EEKS ENDING
-- SEPTEMBER 20, 1972 FROU
THE FOUR WEEKS ENDING,
JUL. 19
JUN. 21
-- APR.
MAR.
_ FEB.
SEP.

1972

19
22
23
22

1972

MONETARY BASE

1972.

MILLIONS

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 20, 1972

RATIO
2.9

RATIO

2.8

MULTIPLIER
2.7

2.6

2.5

RATIO
2.541

2.4

2.583
7 21

4

IB

1

15 29

13 27

10 24

B 22

5

19

JAN

2

16

I

15 29 12 26

10 24

7 21

5

19

2

16 50

13 27

FEB

1972

1971
LATEST DATA PLOTTED WEEK ENDING, SEPTEMBER 13, 1972

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/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^

Y

ALL MEMBER BANKS

FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
32.0

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF _
THE FOUR WEEKS ENDING
SEPTEMBER 20, 1972 FROM
THE FOUR WEEKS ENDING-.
JUL.
19, 1972 15.4 “
JUN.
21, 1972 11.0
MAY
17, 1972 10.2
APR.
19, 1972 9.8
~
MAR.
22, 1972 9.8
FEB.
23, 1972 10.9
SEP.
22, 1971 8.7
_

31.5
31.0
30.5

31 .5
31.0
30.5
30.0

29.5

RESERVES

29.5
29.0
972

28.5

AUG.

BILLIONS

16

30.56
30.28

.28.5

31.44
30.48
31.08

28.0

30.82

0

84

-

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
__ THE FOUR WEEKS ENDING
SEPTEMBER 20, 1972 FROM
THE FOUR WEEKS ENDING:
JUL.

19, 1972

-2.5

-- JUN.
MAY
_ APR.
MAR.
FEB.
-- SEP.

21, 1972
17, 1972
19, 1972
22, 1972
23, 1972
22, 1971

-0.9
0.1
2.4
5.2
2.5
5.6

82
FEDERAL RESERVE CREDIT

_

80

-

78

76

!97~2
AUG.

MILLIONS

74

I
72
1 .1 I I I I

4

IS

1

15 29

13 27

10 24

S 22

5

19

JAN

2

16

1

15 29

12 26

10 24

7 21

5

19

2

16 SO

15 27

FEB
1972

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 20, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/

I2J.NS=L2E HOLDINGS OF SECURITIES, LOANS, FLOAT AND ' 'OTHER" ASSETS. ADJUSTEO FOR
RESERVE REQUIREMENT CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPOSITS AMONG
CLASSES OF BANKS.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

1972

BILLIONS OF DOLLARS

BILLIONS
185.0
185.9
185.3
186. I
185.8

7 2!

4 18

JUL

AUG

1

15 29 ! 3 27 10 24

OCT

8 22

NOV

5 19

2 16

JAN

FEB

I

15 29 12 26 10 24

1971

7 21

5 19

2 16 30 13 27

1972

LATEST DATA PLOTTED WEEK ENDING, SEPTEMBER 13, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/15/71

1/12/72

2/16/72

3/15/72

4/12/72

5/10/72

6/14/72

7/12/72

1.8
3.7
4.5
4.0
4.3
5. 1
5.7
5.8

12. 1
1 1 .4
8.8
8.3
9.0
9.2
9.0

12.3
8.3
7.8
8.7
9. 1
8.9

5.2
5.7
7.3
8. 1
8.0

3.9
6.6
7.7
7.6

9.3
9.8
9.2

11.7
10.3

9.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/16/72
3/15/72
4/12/72
5/10/72
6/14/72
7/12/72
8/16/72
9/13/72


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

B ! i-L ! ONS OF DOLLARS

BILLIONS OF DOLLARS
245

billion?

240. I
240.9
240.5
241.2
242.5
241.3

240

235

230

225
5.97. TREND LINE FROM

220

7 zi

4

18

I

IS 29 15 27

OCT

10 24

8 ZZ

NOV

5 19

Z 16

t

JAN

FEB

MAR

IS 29 IZ 26 10 24

7 Z!

5 19

Z 16 30 13 27

APR

1971

1972

LATEST DATA PLOTTED WEEK END INS-. SEPTEMBER 13, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/15/71

1/12/72

2/16/72

3/15/72

4/12/72

5/10/72

6/14/72

7/12/72

2.4
4.2
5.0
4.7
4.9
5.5
5.9
6.0

11.1
10.9
8.8
8.3
8.8
8.8
8.6

12.5
9.0
8.2
8.8
8.9
8.7

6.3
6.3
7.6
7.9
7.8

4.5
6.6
7.3
7.3

8.7
8.8
8.5

10.2
9.3

8.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
2/16/72
3/15/72
4/12/72
5/10/72
6/14/72
7/12/72
8/16/72
9/13/72


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

KCT TIME DEPOSITS*

Mill
7 21

4

18

I

IS 2S)

15 27

OCT

10 24

6 22

NOV

S 19

2

I#

JAN

FEB

I

IS 29 II 2S Id 24

7 21

5 19

2 IS » 15 IT

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 13, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING C0M4ERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/15/71

1/12/72

2/16/72

3/15/72

4/12/72

5/10/72

6/14/72

17.0
17. 1
15.7
15.0
15. 1
14.9
14.2
14. 1

18.4
14.6
13.6
14.0
13.9
13.0
13.0

12. 1
11.5
12.6
12.8
1 1 .9
12.0

8.5
1 1.0
11.6
10.8
11.1

13.0
13.2
11.8
12.0

14.5
12.1
12.3

10.5
11.2

7/12/72

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
2/16/72
3/15/72
4/12/72
5/10/72
6/14/72
7/12/72
8/16/72
9/13/72


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Federal Reserve Bank of St. Louis

10. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
550 r=--- ----- ----

ONS OF DOLLARS
---- --- =i 550

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS 39K

7 21

4

18

1

15 29 15 27

OCT

10 24

8 22

NOV

5 19

2

JAN

FEB

18

1

15 29

12 26

10 24

7 21

5 19

2

16 30

15 27

LATEST DATA PLOTTED WEEK ENDING, SEPTEMBER 13, 1972
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 (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
9/15/71

1/12/72

2/16/72

3/15/72

4/12/72

5/10/72

6/14/72

7/12/72

9.5
10.5
10.2
9.8
9.9
10.2
10.0
10.0

14.5
12.6
1 1.2
11. 1
11.3
10.9
10.8

12. 1
10.3
10.4
10.8
10.4
10.4

7.6
8.8
9.6
9.4
9.5

9.0
10.0
9.7
9.7

11.5
10.5
10.4

10.4
10.3

9.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/16/72
3/15/72
4/12/72
5/10/72
6/14/72
7/12/72
8/16/72
9/13/72


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
large
BILLIONS

of

DOLLARS

4 18

1

15 29 13 27 10 24

SEP

commercial

banks

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

OCT

NOV

8 22

5 19

2 16

JAN

FEB

1

billions of dollars

15 29 12 26 10 24

5 19

2 16 30 15 27

LATEST DATA PLOTTED WEEK ENDING***
. SEPTEMBER 13, 1972
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.


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Federal Reserve Bank of St. Louis

MONEY AND TIME DEPOSIT DATA

1972
JULY

5
12
19
26
AUG.
2
9
16
23
30
SEP. 6
13
20
27

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

37.4
37.9
38.2
38.5
38.6
38.6
38.8
39.7
40.4
39.7
40.3

255.7
255.0
255.3
255.9
256.5
257.0
257.7
257.9
258.5
259.6
260.6

M2 m
493.7
495.8
495.0
495.4
496.2
497.2
498.6
498.4
499.8
502.2
501.9

* SEE FOOTNOTE PAGE 6.
** 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
405

395

385

375
CREDIT PROXY ADJUSTED 1/

365

355
CREDIT PROXY
345

4 18

!

15 29 13 27 10 24

OCT

NOV

8 22

5 19

2 16

JAN

FEB

1

13 29 12 26 10 24

7 21

3 19

2 16 50 13 27

1972

LATEST DATA PLOTTED WEEK END INGi SEPTEMBER 13, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

V INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1972

B.1U-IQNS

-PfiQXY

CRED1T
PROXY
ADJUSTED

384.0
385.7
384.3
386.0
386.9
388.2

388.2
389,8
388.7
390. 1
391.0
392.3

CRED1T
AUG.

9
16
23
30
SEP.
6
13


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Federal Reserve Bank of St. Louis

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 13, 1972 FROM THE FOUR
WEEKS ENDING*
CREDIT
CREDIT
PROXY
PROXY A
JUL.
JUN.
MAY
APR.
MAR.
FEB.
SEP.

12,
14,
10,
12,
15,
16,
15,

1972
1972
1972
1972
1972
1972
1971

10.6

11.0

8.7

9. 1
10.3
10,5
1 1 .7
11.9
10.7

10.0
10.3
11 .6
11.9
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RArES ENDED FRIDAY

PERCENT

PERCENT

8.0 --

CORPORATE Aaa BONDS

PRIME COMMERCIAL
LOAN RATE

MUNICIPAL

DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

2 16 30 13 27 10 24

8 22

5 19

3 17 3!

14

JAN

!! 25 10 24

JUL

FEB

AUG

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 22, 1972

1972
7
14
21
28
AUG.
4
1]
18
25
SEP.
1
8
15
22 *
29
JULY

I

1

CORPORATE
Am BONDS

7.20

7.20
7.20
7.22
7.22
7.20
7. 19
7. 17
7. 16
7.19
7.23
7.23

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS #*

4.05
4.03
3.92
3.93
3.79
3.85
3.89
4. 1 1
4.46
4.69
4.71
4.64

5.86
5.85
5.84
5.87
5.85
5.85
5.87
5.94
6. 1 1
6. 19
6.20
6. 13

5.61
5.59
5.56
5.54
5.51
5.48
5.53
5.56
5.62
5.66
5.68
5.68

5.43
5.44
5.41
5.35
5.32
5.24
5.22
5.32
5.38
5.39
5.38
N.A.

1______
W^BONdHuYER' SAVCTAGE 1 VnDEX' OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NOT AVAILABLE


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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

PERCENT

COMMERCIAL. PAPER
4-T0-6 MONTH
5.5 c

FEDERAL FUNDS RATE

2 16 30 IS 27 10 24

8 22

5 19

3 17 3t

14 28 I

JAN

25 10 24

7 21

5 IS

2 16 30 14 28 II 25
JUL

FEB

8 22

AUG

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt SEPTEMBER 22, 1972


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

1972
JULY

7
14
21
28
AUG.
4
11
18
25
SEP.
1
8
15
22 *
29

PRIME
COMMERC1AL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S He*

4.88
4.88
4.88
4.80
4.73
4.70
4.85
4.88
4.95
5.09
5. 13
5.13

4.69
4.53
4.43
4.47
4.63
4.78
4.91
4.69
5. 13
4.44
4. 75
4.95

4.75
4.75
4.75
4.68
4,63
4.63
4.63
4.75
4.75
4.75
4.88
4.88

4.78
4.93
4.89
4.80
4.72
4.70
4.76
4.84
4.92
4.98
5.02
5. 1 1

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS uAST FIVE DAYS AVAILABLE
40K 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

12

v

BORROWINGS AND FXCESS RESERVES
ALL MEMBER BANKS

IN

THE NATION

AVERAGES OF DAILY FIGURES

billions of dollars

billions of dollars

1 .2

BORROW INGS

0.8

0.4

-0.4

NET FREE RESERVES

0.8

-

-

0.8

-I .2
1.2

0.8

EXCESS RESERVES

—

I I I I
4

18

OCT

NOV

5 19

Z

10

JAN

FEB

I

IS 29 12 26 10 24

MAR

APR

MAY
1972

7 21

5

10

JUN

JUL

2

16 30 15 *7

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING; SEPTEMBER 20, "972


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Federal Reserve Bank of St. Louis

MILLIONS
1972
JULY

5
12
19
26
AUG.
2
9
16
23
30
SEP.
6
13
20
27

EXCESS
RESERVES
328
223
147
79
242
130
254
40
280
835
74
246

BORROWINGS
312
227
173
172
363
287
382
348
477
838
149
719

FREE
RESERVES
-

16
4
26
93
121
157
128
308
197
3
223
473

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.4

-0.4