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f^ir\/A /VC/>!| L. DATA
Week ending: September 25, 1974
LIBRARY?
JUN

0 8 1979


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

Most short-term market interest rates have
declined since late August and, in the past week, fell
considerably. Yields on prime four- to six-month com­
mercial paper averaged 10.63 percent in the first part
of this week, down from 11.85 percent in the last week
of August. This yield currently is about the same as
it was in mid-June and remains somewhat higher than last
year's peak reached in September. Yields on three-month
Treasury bills have declined more than two percentage
points since late August and averaged 7 percent in re­
cent days.
The money stock has increased at a 2 percent
annual rate since early June, compared with a 6.4 per­
cent rate in the previous three months and a 7 percent
rate in the six months before that. During the past
twelve months growth of the money stock has been about
6 percent.
The monetary base has increased at a 6 per­
cent annual rate in the past three months, after rising
at about an 8 percent rate in the previous three months.
Over the last twelve months the monetary base has in­
creased about 8 percent.
Federal Reserve credit, the chief source of *
the monetary base, has increased at an 11.5 percent rate
in the past three months, continuing to rise at about
Over
the same pace as in the previous three months.
the past year Federal Reserve credit has grown about
10 percent.

Prepared by Federal Reserve Bank of St. Louis
Released. September 27, 1974

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED 8Y THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

112
MILLIONS

110

108

106

104

102

100

I

IS 29 12 26 10 24

7 21

S 19

NOV

DEC

2

16 30 13 27 13 27 10 24

FEB

MAR

6 22

S 19

3 17 31

14 26 11

AUG

APR

1973

25

9 23

SEP

1974

LATEST DATA PLOTTED WEEK ENDING) SEPTEMBER 25,

1974

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 , AVERAGE OF FOUR WEEKS ENDING:
9/26/73

12/26/73

2/27/74

3/27/74

4/24/74

5/22/74

6/26/74

7/24/74

9. 1
9. 1
9.6
9.4
8.8
9.0
8.2
8. 1

8. 1
9. 1
8.9
8.2
8.5
7.5
7.4

10.8
9.9
8.5
8.9
7.5
7.3

10.2
8.2
8.8
7.2
7.0

6.4
7.7
6.0
6. 1

7.5
5.5
5.6

5.6
5.8

3.8

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
2/27/74
3/27/74
4/24/74
5/22/74
6/26/7 4
7/24/74
8/28/74
9/25/74


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

PREPARED BY FEDERAL RF.SERVE BANK OF ST. LOUIS

MULTIPLIER 1/
FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

1.8? 4

RATIO

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 18, 1974
BILLIONS OF DOLLARS
100 ------------ ,---------- ,-----

BILLIONS OF DOLLARS

---- -------- ----------

100

~

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
- THE FOUR WEEKS END ING
SEPTEMBER 25, 1974 FROM
- THE FOUR WEEKS END ING■
—JUL. 24,
JUN. 26,
- MAY
22,
apr. 24,
MAR. 27,
DEC. 26,
SEP. 26,

1974
1974
1974
1974
1974
1973
1973

11.0
11.5
10.6
•- ‘
1 1.5

FEDERAL RESERVE CREDIT

10.3

374

1

15 29 12 26 10 24

AUG

SEP

OCT
1973

7 21

5 19

NOV

DEC

2

16 30 13 27

JAN

FEB

15 27

MAR

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 25,

10 24

APR

6 22

MAY

5 19

5 17 31

MILLIONS

14 28 11

AUG

25

9 23

SEP

,
1974

1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITI ES, LOANS, FLOAT AND 11 OTHER'' ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND CHANGES
SHtFTS
oep6sits
CLASSES OF BANKS.
DATA ARE SEASONALLY


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

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

BILLIONS OF DOLLARS
225 ------------ 1---------- 1-----

BILLIONS OF DOLLARS
----- ---------- ------------- 225

215.6
215.4
214.3
214.6
214.8

t

IS 28 12 26 10 24

7 21

S 18

NOV

DEC

2

16 90 13 27 13 27

FEB

MAR

10 24

6 22

5 18

3 17 31

APR

4 28 11 25

AUG

8 23

SEP

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 18. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS END 1NGi
9/19/73

12/19/73

4.7
6.0
6. 1
5.3
5.7
5.6
5. 1
4.4

4.7
5.2
3.9
4.9
4.9
4.3
3.5

2/20/74

3/20/74

4/17/74

5/15/74

6/19/74

2.8
5.2
5.0
4. 1
2.9

4.4
4.4
3.4
2. 1

7.0
4.8
2.9

2.4
0.6

7/17/74

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
2/20/74
3/20/74
4/17/74
5/15/74
6/19/74
7/17/74
8/21/74
9/18/74


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

10.3
6.4
7.2
6.6
5.5
4.3

-1.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL IONS OF DOLLARS

BILLIONS
290

BILLIONS
281.2
281.1
280.0
280.6
280.6
280.7

285

6.7% TREND LINE
FROM 1ST QUARTER *70
TO 2ND QUARTER *74

280

275

270

265

I IS 29 12 20 10 24

7 21
NOV

S 19
DEC

2 16 90 IS 27 IS 27 10 24

6 22

S 19

3 IT 31 14 20 11 23
AUG

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 18,

9 23

SEP

1974

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

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGs
9/19/73

12/19/73

2/20/74

3/20/74

4/17/74

5/15/74

6/19/74

7/17/74

5.8
7.0
7.2
6.5
6.8
6.6
6. 1
5.6

6.2
6.7
5.6
6.3
6.0
5.5
4.9

11.3
7.7
8.2
7.4
6.4
5.5

4.6
6.4
5.9
5. 1
4.2

5.6
5.2
4.3
3.5

7. 1
5.3
4.0

3.1
2.0

1.0

TO THE AVERAGE
OF FOUR WEEKS
ENDINGs
2/20/74
3/20/74
4/17/74
5/15/74
6/19/74
7/17/74
8/21/74
9/18/74


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
13.5

PERCENT
13.5
13.0

90 DAY CD'SSSK

12.5

12.0
11 .5

11.5

1 1.0
10.5
COMMERCIAL PAPER

RIME BANK
CAN RATE

10.0
9.5
9.0
8.5

CORPORATE

AAA

BONDS

8.0
7.5
7.0
6.5
6.0
5.5
5.0

MUNICIPAL

4.5
3 17 31

M 28

12 28

0 23

7 21

1

JAN

15

1

15 29 12 26

10 24

5 19

2 18 30 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGx SEPTEMBER 27.

1974
AUG.

!

SEP.

1

OCT.

2
9
16
23
30
6
13
20
27 *
4
11

90 DAY
CD'SHMM
11.99
12.05
12.11
12.24
12.48
12.30
12.00
11.89
11.16

11

25

FEB

PRIME
COMMERCIAL
PAPER
4-6 MONTH
11.23
11.48
11.63
11.80
11.85
11.72
11.63
11.25
10.63

PRIME
BANKERS'
ACCEPTANCES
12.00
12.00
12.08
12.16
12.10
11.79
11.46
10.95
10.46

CORPORATE
BONDS

MUNICIPAL
BONDS **

8.86
8.93
8.98
9.03
9.08
9. 13
9.20
9.29
9.32

1974

6.70
6.58
6.61
6.73
6.91
6.88
6.79
6.76
N. A.

Aaa

&
\____________
* AVERAGES OF RATES AVAILABLE.
BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
*etf SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
M.O

13.5

13.5
13.0
12.5

12.0
11.5
n .0

I 1.0
10.5

FEDERAL FUNDS RATE

10.0
0.5
9.0
8.5

THREE-MONTH TREASURY
BILL MARKET YIELD

8.0
7.5

DISCOUNT RATE

7.0
6.5
I I I I
3

17 31

14

23

12

26

8 23

7

21

1

IS 29

12

26

10 24

7

21

JUN

5

19

2

16

50

13

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. SEPTEMBER 27,

1974
AUG.

SEP.

OCT.

2
9
16
23
30
6
13
20
27 *
4
1 1
18
25

27

11

25

0

JUL

FEDERAL
FUNDS am

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

12.29
12.09
12.02
12.23
11.84
11.64
11.48
11.41
11.12

7.84
8.75
8.75
9.29
9.37
9.34
9.10
7.64
7.00

8.55
8.59
8.58
8.69
8.69
8.61
8.52
8.35
8. 19

1974

7.24
7.31
7.35
7.30
7.36
7.33
7.31
7.31
7.24

|

____________
* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK END!NG WEDNESDAY TWO DAYS EARL IER
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

THAN DATE SHOWN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410 r----------- ---------- -----

BILLIONS OF DOLLARS
----- — ---------- n 410

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

1 IS 2fl 12 24 10 24

7 21
NOV

5

IB

2

16 SO

13

27

IS 27

10 24

8

22

5 IB

3 17 31

DEC

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 18,

H 28 II 25
AUG
SEP

B 23

1S74

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED ASi SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES OF OEPOSIT ISSUED IN
DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS

,

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/19/73

12/19/73

2/20/74

3/20/74

4/17/74

14.0
12.0
11.1
10.9
10.8
10.7
10. 1

8. 1
7.8
8.5
8.8
9. 1
8.6

6.5
7.8
8.4
8.8
8.2

8.9
9.3
9.6
8.7

5/15/74

fi/19/74

7/17/74

TO THE AVERAGE
OF FOUR WEEKS
ENDiNG:
2/20/74
3/20/74
4/17/74
S/15/74
fi/18/74
7/17/74
8/21/74
9/18/74


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

14.0
13.5
12.4
11,8
11.6
11.5
1 1.3
10.8

10.2
10.2
9.0

10.3
8.6

7.9

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
----- ---------- ------------3 700

700 r--------------------- -----

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS**-

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

3 IB

APR

3 17 31

14 28 II
AUG

15

• *»"

SEP

1973
LATEST DATA PLOTTED WEEK ENDING,

SEPTEMBER IS,

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'
**M* IS DEFINED AS:

1974
H.6 RELEASE.

CURRENCY, DEMAND DEPOSITS PLUS «T TIME DEPOSITS (SEE PAGE 8).

MONEY STOCK PLUS NET TIME DEPOSITS (Mz>
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
9/19/73

12/19/73

2/20/74

3/20/74

4/17/74

5/15/74

10.3
9.5
8.5
8.7
8.5
8.2
7.6

9.4
7.7
8.3
8. 1
7.8
7. 1

5.6
7.2
7.2
7. 1
6.3

7.3
7.3
7. 1
6.2

8/19/74

7/17/74

8.7
7.9
6.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/20/74
3/20/74
4/17/74
5/15/74
6/19/74
7/17/74
8/21/74
9/18/74


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

10. 1
10.4
9.9
9.2
9.3
9. 1
8.9
8.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

SILL IONS OF DOLLARS
Si?

’
BILLIONS OF DOLLARS
------- ---------- ------------- 92

f------------ ---------- -------

I

IS 28

12

26

7

10 24

21

NOV

5 18
DEC

2 IS 30 13 27 IS 27 10 24
FEB
MAR

8 22

5 IS

3 17 31

14 28 11 25

9 23

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 18. 1974
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
vIeKLYAREPORT,|INGCCOm!IrC>?ALSBANKSEPOS,T

L

r

AUG.

7

SEP.

21
28
4
1 1
18

M

OCT.

_ BHEO»nri»E
_
CERTIFICATES
OF DEPOSIT
NOT SEAS. ADJ.

1974

ISSUED IN 0EN0M1NAT»ONS OF 8100,000 OR MORE BY LARGE

86.0
86.9
87.8
88.4
88.4
88.9
88.5

deposit data---------------------

BILLIONS
CERTIFICATES
NET TIME
OF DEPOSIT
DEPOS TS *

1

84.9
84.7
84.6
84. 4
85.0
85.9
86. 1

320.5
321.5
321.3
321.9
322.2
322. 1
322. 1

M2 *6K
601.5
602.7
602.4
601.9
602.8
602.7
602.8

2
9
16
23
30

* SEE FOOTNOTE PAGE 8.
He* SEE FOOTNOTE PAGE 9.


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
AVERAGES OF DAILY F I GURES

BILLIONS OF DOLLARS

iai±

BILLIONS OF DOLLARS

MILLIONS

AUG. 21
28
SEP. 4
11
18
25

3437
3533
3906
3085
2921
3531

BORROWINGS

1

IS 20 12 26 10 24

7 21
NOV

S 10
DEC

2 16 90 15 27 IS 27 10 24
FEB
MAR
APR

6 22

S 10

9 IT 91

14 21 II 2S
AUG
SEP

0 29

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 25, 1974

BUSINESS LOANS

( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134

~ COMPOUNDED ANNUAL RATES
— OF CHANGE. AVERAGE OF ■
_ THE FOUR WEEKS ENDING
__SEPTEMBER 18, 1974 FROM
~ THE FOUR WEEKS ENDING.
—JUL.
_ JUN.
MAY
APR.

17,
19,
15
17

1974
1974
1974
1974

132
130

21.2
26.6

128
126

25.0
18.8

124
122

BUSINESS LOANS

120
118
116
114
MILLIONS

112
AUG. 14

110

SEP.

108

4

106
1 15 20 12 26 10 24

7 21

5 10

2 16 90 IS 27 IS 27 10 24

6 22

5 10

i-LLl. 1.1

9 17 91

14 28 II 2S

0 29

1974
LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 18,


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

1974
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
505 r-------------,----------- ,------

BILLIONS OF DOLLARS
—------------------------ -a 505

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING ’
SEPTEMBER IS, 1974 FROM THE FOUR
WEEKS ENDING!
CREDIT
JUL.
JUN.
MAY
APR.
MAR.
DEC.
SEP.

CREDIT
PROXY
ADJUSTED

IT, 1974
19, 1974
IS, 1974
17, 1974
20. 1974
19, 1973
19, 1973

10.0

CREDIT PROXY ADJUSTED 1/

12.8

BILLIONS
CREDIT
PROXY

CREDIT
PROXY
ADJUSTED

CREDIT PROXY
478.8
489.6
478.2
479.8
481.0
480.7

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

19

3 17 31

490. 4
491.8

14 28 II 23
AUG
SEP

9 23

1973
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 18,

1974

CURRENT DATA APPEAR

H.9 RELEASE.

IN THE BOARD OF GOVERNORS'

]/ '^CLUgESMEMBER BANK DEPOSITS. BANK-RELATED COMMERCIAL PAPEF
U.S. BAMCS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

12

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

EURODOLLAR BORROWINGS Or

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102