Full text of U.S. Financial Data : Week Ending: September 22, 1971

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

Week ending: September 22,1971

<%rtn Hjji.
LIBRARY
JUN 05 19?9

The nation's money stock has expanded at a 9 per cent
annual rate so far in 1971 (page 5). The growth of money has
decelerated in recent months, however, despite a continued
rapid expansion in Federal Reserve credit. Over the past three
months, money has expanded at a 3.6 per cent rate, after rising
at an extremely rapid 12 per cent rate in the previous five
months. For comparison, money grew 5.4 per cent in 1970 and at
a trend growth rate of 3.3 per cent from 1957 to 1969.
Growth of time deposits at commercial banks has also
decelerated in recent months, after rising rapidly during most
of 1970 and the first part of 1971 (page 6). Time deposits
other than large certificates of deposit (net time deposits)
have risen at a 6.2 per cent annual rate in the past three
months, somewhat slower than the 10.7 per cent trend growth
rate from 1960 to 1970. In comparison, net time deposits
increased at a 14 per cent rate from February 1970 to December
1970 and at a 24 per cent rate in the first five months of 1971.
Part of the growth of time deposits in commercial banks in 1970
and early 1971 can be attributed to rapid reintermediation of
saving funds; the recent deceleration of time deposit growth
signals a marked slowing of this process.
The growth of saving deposits in nonbank thrift
institutions has slowed somewhat from the growth rate in the
first part of 1971, but has not slowed as much as saving flows
into commercial banks. For example, nonbank thrift institution
deposits have expanded at a 15 per cent annual rate in the past
three months, somewhat slower than the 23 per cent rate in the
first five months of 1971. However, the growth rate over the
past three months is still faster than the trend rate of 8.3 per
cent from 1960 to 1970.
GROWTH OF TIME AND SAVING DEPOSITS
(Compounded annual rates of change)
1960
to
1970
Total Time Deposits
at Commercial Banks

12/68
to
2/70

2/70
to
12/70

12/70
to
5/71

5/71
to
8/71

11.7%

-4.7 %

23.3%

23.3%

2/
10.3%-

1.0

14.3

23.8

3.0

8.6

23.1

15.1

2.0

11.3

23.4

11.6

Net Time Deposits
at Commercial Banks
10.7
Nonbank Thrift Institutions—^ 8.3^
~

Net Time Deposits Plus
Nonbank Thrift Institutions

6.2^

1/ Deposits at mutual savings banks and savings and loan institutions.
27 4 weeks ending 6/16/71 to the 4 weeks ending 9/15/71.
3/ Prior to 1964, Federal Reserve Bank of St. Louis series.


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

Prepared by Federal Reserve Bank of St. Louis
Released: September 24, 1971

MONETARY BASE 1/
FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR llflEEKS ENDING
-----SEPTEMBER 22, 1971 FRO
THE FOUR WEEKS ENDINGi

THIS BANK

BILLIONS OF DOLLARS

_

-

JUL.
JUN.
MAY
— APR.
MAR.
_
FEB.
JAN.

21,
23,
19,
21,
24,
24,
20,

1971
1971
1971
1971
1971
1971
1971

MONETARY BASE

6.8
7.8
7.4
8.0
8.2
8.6
8.7

1971

MILLIONS
25

87

1

88

15

88

8

88

22

88

I I I I

78
_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
-----SEPTEMBER 22, 197! FROM.
THE FOUR WEEKS ENDING:

76

12.5

_

FEB.
JAN.

74

13.8
12.9
12.3

24
20

FEDERAL RESERVE CREDIT

72

70
MILLIONS

7

15

22
5 19

2 16 30 14 28 11 25

9 23

6 20
JAN

3 17
FEB

3 17 31

1970
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 22,

14 28 12 26

9 23

I I I
7 21

1

I I I
4 18

7

I

I
1

! 5 29 13 27

1971
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

3

RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

33.0

33.0

32.5

31.0

31.0

30.5

30.0

30.0

29.5

29.5

29.0

28.0

7 21
OCT

NOV

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 22,

APR

1

IS 20 13 27

MAY

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.

BILLIONS
18
25
1
8
15
22

31.8
31.4
31.9
32.3
32.2
31.8

1970.

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR ifcEEKS ENDING
SEPTEMBER 22. 1971 FROM
THE FOUR WEEKS ENDING:
JUL.
JUN.
MAY
APR.
MAR.
FEB.
JAN.

21,
23,
19,
21,
24,
24,
20,

1971
1971
1971
1971
1971
1971
1971

17.9
10.6
9.6
11.1
9.3
9.3
9.5

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
180

176.7
176.7
176.5
175.6
174.9

5 18

2 16 30 14 28 II 25
OCT
NOV

8 23

6 20
JAN

3 17
FEB

3 17 31

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 15,

14 28 12 28
APR
MAY

8 23

1

7 21

! 5 28 13 27

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,

AVERAGE OF FOUR WEEKS ENDING:

9/16/70

1/13/71

2/17/71

3/17/71

4/14/71

2.8
5. 1
7.4
5.4
8.1
8. 1
7.6
6.8

10.6
14.5
8.5
12.9
12. 1
10.7
9. 1

21.2
10.3
15.5
13.9
11.9
9.9

6.3
14.5
12.9
10.7
8.6

10.6
9.7
8.0
6.0

5/12/71

6/16/71

7/14/71

19.0
13.3
9.6

5.4
3.0

1.0

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
2/17/71
3/17/71
4/14/71
5/12/71
6/16/71
7/14/71
8/18/71
9/15/71


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

BILLIONS OF DOLLARS
235

billions
228.6
228.7
228.1
227.4
227.1
226.9

230

225

220

215

210

5 10

2 16 SO 14 28 II 25

0 23

6 20

3 17

JAN

FEB

3 17 31

14 28 12 26

9 23

7 21
JUL

4 18
AUG

I

15 20 13 27

1970
LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 15,

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE ,

AVERAGE OF FOUR WEEKS ENDING:

9/16/70

1/13/71

2/17/71

3/17/71

4/14/71

5/12/71

6/16/71

7/14/71

3.6
5.5
7.5
6.0
8. 1
8. 1
7.7
7.0

10.4
13.5
8.9
12.2
11.6
10.4
8.9

18.8
10.4
14.2
13. 1
11.3
9.5

7.4
13.5
12.2
10.4
8.4

10.3
9.7
8.2
6.3

16.8
12.1
8.9

6.0
3.6

1.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/17/71
3/17/71
4/14/71
5/12/71
6/16/71
7/14/71
8/18/71
9/15/71


http://fraser.stlouisfed.org
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

260

250
TOTAL TIME DEPOSITS
240

230

220
NET TIME DEPOSITS *

210

200

190

5 10

2 16 30 14 28 II 25

9 23

6 20
JAN

3 17
FEB

3 17 31

14 2* 12 25
APR
MAY

9 23

1

7 21

15 29 13 27

1970
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 15,

1971

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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
9/16/70

AVERAGE OF FOUR WEEKS ENDING:

1/13/71

2/17/71

3/17/71

4/14/71

5/12/71

6/16/71

7/14/71

32.5
30.3
25.4
23.2
20.7
17.9
16.6

30.0
23. 1
21.0
18.4
15.6
14.3

17.7
17. 1
14.8
12.4
11.5

13.6
11.7
9.7
9. 1

12.3
9.5
8.8

6.0
6.2

5.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/17/71
3/17/71
4/14/71
5/12/71
6/16/71
7/14/71
8/18/71
9/15/71


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

20.3
22.4
22.8
21.3
20.6
19.3
17.7
16.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
500 r=-------- -------------- ------

BILLIONS OF DOLLARS
------ -------------- ---------=1 500

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

5 19

2 16 30 ! 4 28 11 25

9 23

6 20

3 17

JAN

FEB

3 17 31

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 15,

14 28 12 26

9 23

7 21
JUL

4 18
AUG

1

15 29 13 27

1971

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
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,
9/16/70

1/13/71

AVERAGE OF FOUR WEEKS ENDING:

2/17/71

3/17/71

4/14/71

5/12/71

6/16/71

7/14/71

24.2
16.6
17.5
15.6
13.5
11.9

12.6
15.2
13.5
11.5
10.0

11.8
10.6
9.0
7.7

14.4
10.9
8.9

6.3
5.0

3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
2/17/71
3/17/71
4/14/71
5/12/71
6/16/71
7/14/71
8/18/71
9/15/71


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

11.5
13.5
14.7
13.3
14. 1
13.5
12.6
1 1.7

20.7
21.5
16.8
17.4
15.9
14. 1
12.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
billions

5 19

of

WEDNESDAY FIGURES
SEASONALLY ADJUSTED

dollars

2 16 50 14 28 11 25

9 25

6 20
JAN

5 17
FEB

5 17 51

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 15.

14 28 12 26

billions of dollars

9 25

7 21

4 18

1

IS 29 15 27

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
AUG.

SEP.

OCT.

4
1 1
18
25
1
8
15
22
29
6
13
20
27

BILLIONS
NET TIME
DEPOS1TS *

30. 1
29.7
30.3
30.5
30.8
31.5
31.9

227.4
227.7
227.6
228.2
228.4
228.8
228.7

M2

m

454.1
456. 3
456.3
456.3
455.8
455.9
455.6

* 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
365 r-----------------------------

BILLIONS OF DOLLARS
—------------- -------- n 365

CREDIT PROXY ADJUSTED 1/

IREDIT PROXY

AUG

SEP

OCT

NOV

DEC

JAN

FEB

9 23

MAR

APR

MAY

7 21
JUL

4 1«
AUG

t

15 29 13 27

1970
LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 15,

1971

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, ANO CERTAIN OTHER NONDEPOSIT SOURCES.

19Z1

BILLIONS
CREDIT
PROXY

AUG.
SEP.


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

1 1
18
25
1
8
15

CREDIT
PROXY
ADJUSTED

344.4
346.8
350. 1
349.9
349.9
350.2

348.7
350.5
353.8
353.8
353.7
353.9

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 15, 1971 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
PROXY
ADJUSTED
JUL.
JUN.
MAY
APR.
MAR.
FEB.
JAN.

M,
16,
12,
14,
IT,
IT,
13,

1 9T1
1971
1971
1971
1971
1971
1971

14.T
10.3
11.2
11.0
11.1
12.4
13.5

13.4
9.7
10.3
9. 1
8.4
9. 1
9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

per cent

CORPORATE AAA BONDS

MUNICIPAL

PRIME COMMERCIAL
LOAN RATE

DISCOUNT RATE
THREE-MONTH TREASURY
BILL MARKET YIELD

4 18

2 16 30 13 27 M 25

2 16 30 14 28 11

8 22
FEB

25

9 25

MAR

8 20
AUG

5 IT
SEP

1

15 29

1970
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 24,

1971

1--------------------------CORPORATE
Aaa BONOS

1971
AUG.

SEP.

OCT.

6
13
20
27
3
10
17
24 *
1
8
15
22
29

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECUR1T1ES

MUNICIPAL
BONDS «*

7.69
7.71
7.48
7.50
7.45
7.42
7.44
7.43

5.28
5.24
4.71
4.69
4.47
4.62
4.79
4.75

6.85
6.81
6.05
6.06
5.89
5.94
6.00
6.00

5.93
5.90
5.64
5.70
5.58
5.51
5.59
5.57

6.07
6.03
5.49
5.71
5.39
5.36
5.38
N.A.

X AVERAGES OF RATES AVAILABLE.
XX BOND BUYER'S AVERAGF INDEX OF 20 MUNICIPAL BONDS,
N.A. - NOT aVa'LABLE


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

THURSDAY DATA.

PRFFARED BY FEDERAL RFSERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PER CENT

PER CENT
9.0

8.5

8.0

7.5

7.0

6.5

COMMERCIAL PAPER
4-T0-6 MONTH

6.0

5.5

5.0

4.5
FEDERAL FUNDS RATE
4.0

3.5

3.0

7 21

2 16 30 13 27 11 25
NOV
DEC
1970

8 22

5

19

FEB

S

19

MAR

2 16 30 14 28 11 25
MAY
JUN

9 23

6 20

3 17

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs SEPTEMBER 24,


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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

1971
AUG.

SEP.

OCT.

6
13
20
27
3
10
17
24 *
1
8
15
22
29

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

5.65
5.58
5.53
5. 48
5.70
5.75
5.42
5. 46

5.63
5.63
5.55
5.53
5.50
5.50
5.50
5.50

15 29

1971

90 DAY
CD'S K*

5.75
5.83
5.78
5.63
5.70
5.75
5.75
5.75

1

5.80
5.82
5.88
5.75
5.56
5.55
5.60
5.66

* 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 THF BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS AND EXCESS RESERVES

ALL MEMBER BANKS

!N THE NATION BILLIONS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

OF DOU.ARS

2.0 ---------------r-

BORROWINGS

EXCESS RESERVES

0.8

-

NET FREE RESERVES

1.2

-

-I .6

1

15 29 12 26 9 23 7 21
SEP
OCT
JUL
AUG
1970

4 18
NOV

2 16 50 13 2/ 10 24 10 24
DEC
JAN
FEB
MAR

9 19
MAY
1971

T 21
APR

2 16 90 14 28 It 25 8 22
JUL
AUG
SEP
JUN

J

LATEST DATA PLOTTED WEEK ENDING) SEPTEMBER 22.


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

1971

MILLIONS
EXCESS
RESERVES

1971
AUG.

SEP.

OCT.

4
1 1
18
25
1
8
15
22
29
6
13
20
27

517
27
224
91
324
224
266
227

BORROWINGS
764
593
1179
771
706
765
457
328

FREE
RESERVES
-

247
566
955
680
382
541
191
101

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2.0

-