Full text of U.S. Financial Data : Week Ending September 25, 1968

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RESEARCH LIBRA
of St. Louis

mm
monetary aggregates

.S. finflnCIRL

Week ending September 25, 1968

Most
nave continued to in­
crease much more rapidly than their trend rates. Most
notably, bank credit outstanding at large commercial
banks has increased at an 18 per cent annual rate in the
last three months, compared with a 10 per cent increase
over the past year and an 8 per cent trend rate of growth
from 1960 to 1967. Money plus time deposits (page 4) has
grown at an 11 per cent rate in the last three months, com­
pared with 8 per cent for the past year and a 6 per cent
rate from 1957 to 1967. The recent acceleration in the
growth rates of bank credit and of the broad measure of
money may be ascribed to a rapid increase in time depos­
its at commercial banks (page 7) since July 1st, and
particularly to a jump in large certificates of deposit
(page 6) in July and early August.
The growth of other monetary magnitudes in the
last few months has been in line with trends over the
past year or year and a half, much more rapid than the
trends of the previous 10 years. The monetary base
(page 2) averaged $74.5 billion in the four weeks ending
September 25. This represents a 5 per cent annual rate
of increase from three months earlier, about the same as
the rise since a year ago, and about twice the average
annual rate of increase from 1957 to 1967. The nation's
money stock (page 3), consisting of demand deposits and
currency in the hands of the public, has risen at a 6
per cent annual rate in the last three and 12 month
periods, compared with a 2.6 per cent trend rate from
1957 to 1967.


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

DATA

In most recent weeks the growth of the money
stock has been slow relative to the last three months
and year, and interest rates have remained in a narrow
range. These developments suggest to some analysts
that growth in the demand for credit may be slowing,
making it somewhat easier to control monetary aggre­
gates. On the other hand, the moderation in the growth
of money has prevailed for only a short period and may
reflect only irregular forces or inadequacies of the
data.
Interest rates on Treasury issues have declined
on balance since late May, with most of the decline
coming in June and July. The interest rate on long­
term Government bonds, which averaged 5.38 per cent
for the week ended May 17, averaged 5.08 for the three
days ending September 25, and the Treasury bill rate has
declined from a peak of 5.82 per cent in May to a 5.14
per cent average for the three days ending September 25.
For the first 12 weeks of fiscal 1969, July 1
to September 23, the Treasury deficit was $4.0 billion,
down about $3 billion from the $7.1 billion deficit for
the corresponding period of fiscal 1968, according to
the Daily Treasury Statement. Tax and other cash re­
ceipts were about $8.5 billion above receipts for the
same period last year, reflecting the surtax and ris­
ing incomes. Withdrawals had also risen $5.5 billion,
or 13 per cent, above the amount for the same period
last year. Federal expenditures, roughly comparable to
withdrawals in the Daily Treasury Statement, grew at a
7 per cent trend rate from 1957 to 1967.

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 27,1968

MONETARY BASE H.
FEDERAL RESERVE CREDIT 12.
Averages of Daily Figures

ns of Dollars
78

TTTTTTTTTTTTTTTTTTTT7

Billions of Dollars

Seasonally adjusted by this bank

Annual rates of change, average of four weeks
ending September 25, 1968 from four weeks
ending:
77
Monetary Base

76

26. 1968
June
27, 1968
Mar.
27, 1967
Dec.
Sept. 27, 1967

s.s
+ 4. J-

■/

+J3

1957- 1967
75

Credit

■+8A
-HO <*
+n• u
3U
Monetary Base

1
74

Monetary
F.R, Credit

73

St. /
72

sr. z.
ST O

71

70

56

55

\]

Uses of the 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 Review of this bank.

54

2/

As defined in the statistical tables of the
Federal Reserve Bulletin, adjusted for reserve
requirement changes and shifts in deposits.

data preliminary
data plotted week ending: Sept.
53

6

20
Sept.

4

18
Oct.


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

1
1967

15 29
Nov.

13 27 10 24
Dec.
Jan.

7

21
Feb.

6

20
Mar.

3

17
Apr.

1
15
May

29 12
26
June

10 24. 7
21
July
Aug.

1968

4 18
Sept.

2

16
Oct.

30

13 27
Nov.

11 25
Dec.

8 22
Jan.

5

19
Feb.

1969

5
19
Mar.

2
Apr.

MO
STOCK*
A verages oFDaily Figures
Seasona Ily Ad us ted

i

.ions of Dollars
205

3
Billions of Dollars

204
Annual rates of change,
four weeks ending Sept.
four weeks ending:
June
19, 1968
Mar.
20, 1968
Dec.
20, 1967

203
202
201

Sept.

200

20,

average of
18, 1968 fi

•h L>- 0
f

1967

4.0

1957-1967

199
198
197

196
195

194
193

192
191
190
189
188
187
186
185
184
13-week centered
moving average

183

Weekly

182

181
180
179

178
177
* Current data appear in the Board's H.6 release.
Back
data appear in the June 1968 Federal Reserve Bulletin■
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends".

176
”

Latest data preliminary
Latest data plotted week ending: Sept. 18, 1968

1~l I I I I 1 i I M I I I I I I I- 1 I I 1 I I I I I I
6

20

Sept.

18

4

1

Oct.


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

15
Nov.

1967

29 13

27
Dec.

10

24
Jan.

7 21
Feb.

6

____________________
20

liar.

3

17

Apr.

1

15
May

29 12

26

10 24

June

1968

July

7

21

Aug.

4 18
Sept.

2

16 30
Oct.

13

27 11 25

Nov.

Dec.

8

22
Jan.

5

19
Feb.

5

19
Max.

1969

Prepared by Federal Reserve Bank of St. Louis

2
Apr.

MONEY STOCK PLUS TIME DEPOSITS*
Averages of Daily Figures
Seasonally Ad

*♦10

*♦08
Annual rates of change, average of
406
from four weeks ending:
June
19, 1968

404

4oe
400

Sept.

20,

1967

f

7, 7

3! 3U.3

396
396
394
392
390

388

386
384

382
380
378
376
374
372
370

368

366
364
362
360
358
356
354

*
352

Latest data preliminary
Latest data plotted week ending: Sept. 18, 1968

350

Current data appear in the Board's H.6 release.
Back
data appear in the June 1968 Federal Reserve Bulletin.
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Trends".

0s

111 III I II
6

20

4

18

\ Sept


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

1 15

29

13 27

10 24

7 21

6

20

3

17

1

15

29 12

26
June

10 24
July

7

21

4

18

2

16

30

13

27 11 25

8

22

5

19

Prepared by Federal Reserve Bank of St

5

19

2

BUSIN
LOANS
Large Commercial Banks
Wednesday Figures

of Dollars
73

5
Billions of Dol_
73

Seasonally adjusted by this bank.
Annual rates of change,
four weeks ending Sept.
from four weeks ending:
June
19, 1968
+ 9.S

72

Mar.
Dec.
Sept.

20,
20,
20,

average of
18, 1968
72

1968 -/■ //, i
1967 J-/0. f
1967 / ?. 7
71

71
1960-1967

70

70

6113

69

69

68

68

67

67

MILLIONS OF DOLLARS

66
UNADJUSTED

6 1 CCC
6S. 7/7
is. iVZ

65

is, is. 3
61 /SI

61 9fS

61. SOS P

64

66

SEASONALLY
ADJUSTED

(9, Cil
If, ICL
US'
is. 9S-0
61,110

65

6,9,/o 7

69,11? P

64

63

63

62

62

Latest data preliminary
Latest data plotted:
Sept,

6l
0~
6

20

Sept.

4

18

mu

15 29 13 27
Oct.
Nov.
Dec.
1967


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

1

Current and year ago unadjusted data appear in
the Board's H.4.2 release.
Seasonal adjustment
computed by this bank using 1962 through 1967 data

18, 1968

10 24
Jan.

7

21
Feb.

1

15 29
May

12 _ 26

10 24

June

July

1968

7

21

Aug.

I 41 1 181 I 2I 116I I 30I I13I III
I I I I I I22III5 I19I 1 5
27 11 25
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

6l

' 0
19

Mar.

1969
Prepared by Federal Reserve Bank of St. Louis

2

t

pr.

ion:

CERTIFICATES OF DEPOSIT [1
Large Commercial Banks
Wednesday Figures

of Dollars

Billions of

0

27

26

Annual rates of change, seasonally unadjusted data
average of four weeks ending Sept. 18, 1968 from
four weeks ending:
June
19, 1968
/Si. 8
Mar.
20
1968 y- //.S'
Dec.
20, 1967
Sept. 20, 1967
8-3

/- n.i

1964-1967
25

24

23

22

l/. 83

Millions of Dollars
1968

21

/? is*/% ozi
n iiI
!% S3?
!% 9*-f
Zb.tii

20

H, l$0
u iso
It. 93/

it.m
19

n zso

23,3°*/
31 /?7
2S /SS

-7/ 833 P
18

17

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

Board's H.4.2. release.
1/ Negotiable time certificates of deposit
18, 1968

in denominations of $100,000 or more.

16

0

C
20
Sept.

4

18
1
15 29
Oct.
Nov.
1967


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

13

27 10

Dec.

24

Jan.

6

20 3
17
Mar.
Apr.

15 29

12 26 10 24
June
July
1968

4

18 2
Sept.

16
30
Oct.

13 27 11 25
Nov.
Dec.

8

22
J an.

5

19
Feb.

19
Mar.
1969

Prepared by Federal Reserve Bank of St. Louis

5

2
A

*OS ITS*
TIME
All Commercial Banks
Averages of Daily Figures
Seasona I!y Ad us ted

Billions of Dollars

Billions of Dollars

Annual rates of change, average of
1968
from four weeks ending:
June
19, 1968 +/6>.f
Mar.
Dec.

20,
20,

1968
1967

--- CL

+-/0./
+ 9-0

----

^ /9i y
/i /// j

2/ /99 0
"
18 >t*-S__I
/K. S'__'
' // /IS. ?__

208

—!

206

_□ 1957-1967

/f—

Latest data preliminary
Latest data plotted week ending: Sept.

6

.

20

4

18


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

1

15

29 13

27

10 2b

data appear in the June 1968 Federal Reserve Bulletin.
For trend of time deposits by months see this bank's
monthly release entitled "Monetary Trends".

18, 1968

7

21

6 20

3

17

1

15

29 12

26

10 24
July

7
Aug

21

4

18

2

l6

30 13

27 H

25

8

22

5

19

5

19
Mar.

Prepared by Federal Reserve Bank of St. Louis

2
Apr.

s

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent
9.00

ri

'y

U

i

Per Cent

it

3-MONTH
TREAS. 3-5
BILL
YEAR

LONGTERM

CORPORATE
Aaa

f ■*

S.OI

J.2g

\ 9 i.%
% S'- //

5.2.9
5.35

G s./s\0 S.n

sjc,

5.33

(, 5-V
$ 5.2.3
o 5/f

5.30
S.3L
S.M

5. 9S
5.97
5.95
5. 95
5.9S’

1S-H

S.iL,

(,■ OS)

6-oc

Corporate
Aaa Bonds

Three-Month Treasury
Bill Market Yield

—

Discount Rate

■
Long-Term
■
■Government Bonds

8

22

Sept.

I i
6

1 I I_I_1—1—J_L
3 IT
1 15

20

Oct.

Nov.

1967

OF RATES AVAILABLE
*AVERJ
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Dec.

29 12

26

Jan.

9

£3

Feb.

8

22
Mar.

5

19

Jtpt.

3

17 31
May

14

■l-l-l, 1_L

28 12 26

June

July

1968

9

23

Aug.

6

20

It

18

1

15

29 13

27 10

2b

7' 21

7

21

;

1969
Prepared by Federal Reserve Bank of StJ

lis

9
SELECTED SHORT-1WM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent

PRIME
COMMERCIAL
PAPER
4-6-MONTH

rrrr
PRIME
BANKERS'
ACCEPTANCES

S.ll

5. St
5.55
5.55
S.M
, 51S
r 5.IS

7-50 _i_

LARGE
90 DAY FEDERAL
CD'S ** FUNDS

Jr. go
S, $0
S.SC
r. So
s.gc

S.'j'T

s.n
8.00--

Per Cent

f.SO

jr.go

S. 7 0
S.i3

T.00-Commercial Paper
4-to-6 Month
Federal Funds Rate

Acceptances
Discount Rate-

Latest data plotted are averages of rates available for the week ending: Sept. 27,

8

22

6

3 17
Nov.
1967

20

1

15

29

12 26

9

*AVERAGES OF RATES AVAILABLE

**SOURCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
SECONDARY MARKET PATE ON 90-DAY PRIME CD'S.

Federal Reserve Bank of St. Louis

23

8

22

5

19

3

17

31

14 28 12
June
1968

1968

26 9

23

6

20

4

18

1

15

29

13 27

10 24

7

21

7

21
Mar.

1969
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

2,000

10
Millions of Dollars

EXCESS
^RESERVES BORROWINGS
I
BIWEEKLY DATA

1,800 ----

I 73 Si
3/32 i
(L /i Jix
^ 3? 335~
5<fC.//WS

W/
£1/
tf?

H

Siy

1,300

1,300

1,200

1,100

BIWEEKLY SETTLEMENT PERIODS

WEEKLY RESERVE PERIODS -

1,000

1,000

Borrowings

Net Free Reserves

_1/ Because of the change in Regulation D
placing all member banks on a one-week

.

reserve adjustment period, beginning with
the week ending September 18, 1968 the

'

above reserve data are reported on a
Latest data preliminary__
-

1,000

-

1,100

Latest data plotted:

one-week period.

.

one
-

13

27

11 25


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

8

22

6

20

3

17

31

14

28 13 27

10

24

8

22
May

5

19
June

3

17

31 14

28 11

25

9

23

6

20

1 15 29 12 21

July

1968
Prepared by Federal Reserve Bank of St

12

26

9

1,100

Week
Ending
Jan.

4, 1967

11

Feb.

18
25
1, 1967

8
15

22
Mar.

1, 1967

8
15

22
Apr.

29
5, 1967

12

May

19
26
3, 1967

10

June

17
24
31
7, 1967
14

21
July

28
5, 1967

12
19
26
Aug.
2, 1967
9
16
23
30
Sept.
6, 1967
13


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Federal Reserve Bank of St. Louis

Total
Federal Reserve
Credit
Seasonally
Adjusted
50.5
50.9
50.8
51.4
51.1
51.0
51.4
51.6
51.2
51.7
51.7
52.3
52.4
52.2
52.3
52.6
52.9
52.8
52.9
52.8
52.9
52.5
52.7
52.4
52.5
52.7
52.7
53.0
53.2
53.5
53.3
53.2
53.4
53.5
53.3
53.4
53.2

Total
Federal Reserve
Credit
Seasonally
Adjusted

Week
Ending
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

4,
11
18
25
1,
8
15
22
29
6,
13
20
27
3,
10
17
24
31
7,
14
21
28
6,
13
20
27
3,
10
17
24
1,
8
15
22
29
5,
12

1967

1967

1967

1968

1968

1968

1968

1968

1968

53.7
54.2
54.4
54.4
54.1
54.4
54.5
54.9
54.8
55.2
55.1
55.0
55.2
55.3
55.5
55.7
55.8
55.5
55.5
55.6
55.4
56.0
56.4
56.9
57.0
57.1
57.1
57.6
57.7
57.7
57.2
57.6
57.7
58.1
57.9
57.6
58.1

Week
Ending
July

Total
Federal Reserve
Credit
Seasonally
Adjusted

3, 1968

10

Aug.

17
24
31
7, 1968
14

21
28
Sept. 4, 1968

11
18
25

58.2
58.0
58.4
58.7
58.5
58.9
59.3
60.1
59.9
59.7

Week
Ending

7, 1968
14
21
28
Sept.
4, 1968
11
18
25

Aug.

S?.7
S9 O
S9.S P
Week
Ending
Aug.

7, 1968
14
21
28
Sept. 4, 1968
11
18
25

Total
Effectiye
Reserves
Seasonally
Adjusted
26.41
26.20
26.60
26.26
26.24

si
jy.oe

S* P
Reserves
Available
For Private
Demand Deposits
Seasonally
Adj us ted

/l-Ld
n
n. 77
11 s
n.
7 7-7 A-

n 37
11 JR/

Averages of daily figures in billions of dollars.
P - preliminary

11