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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 6.70 6.58 6.61 6.73 6.91 6.88 6.79 6.76 N. A. Aaa 1974 & \____________ * 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 7.24 7.31 7.35 7.30 7.36 7.33 7.31 7.31 7.24 1974 | ____________ * 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 8.7 7.9 6.7 8/19/74 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. 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
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