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Week ending: September 26r 1973 ■^S4TEDJi?i library JUN Growth of the nation's money stock has slowed in recent months. Money has increased at a 1.2 percent annual rate in the past three months and at a 5.4 percent rate in the past six months. In the past year money has risen 5.5 percent, compared with almost a 7 percent rate of increase in the previous two years. The monetary base, the growth of which underlies the growth of money, has also slowed in recent months. This aggregate has risen at a 4.4 percent annual rate in the past three months and at a 5.9 percent rate in the past six months. The growth of total time deposits at a 14.6 percent annual rate in the past three months has absorbed much of the growth of the base, leaving only a small portion for the support of demand deposits. Some short-term market interest rates have declined substantially in recent days. Large declines in the threemonth Treasury bill rate have brought this rate to an average of 7.23 percent in the first three days of this week. This is down from the 8.94 percent average rate of two weeks ago. Yields on four- to six-month commercial paper declined to an average 9.75 percent early this week, below the prime bank loan rate of 10 percent. The secondary market 90-day CD rate fell from an average of about 11 percent early last week to slightly over 10 percent early this week. Adjusted business loans have increased rapidly in the past year. These loans at large weekly reporting banks have increased at about a 27 percent annual rate in the past 12 months, compared with a 10 percent average rate from 1962 to 1972. Recently, however, some slowing can be noted. For instance, in the past month business loans have increased at a rate slightly less than 4 percent. , http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: September 28, 1973 MONETARY BASE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS BILLIONS OF DOLLARS 104 MILLIONS AUG. 102 100 98 96 94 2 16 90 13 27 11 25 6 22 6 20 3 17 31 H 28 14 26 II 25 FEB MAR APR 9 23 1972 6 20 4 16 I 15 29 12 26 10 24 1973 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 26, 1973 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: 9/27/72 1Z24/73 2/28/73 3/28/73 4/25/73 5/23/73 6/27/73 7/25/73 9.4 10.5 10.7 9.8 9.4 9.5 8.6 8.2 9. 1 9.9 8.5 8. 1 8.4 7.3 6.7 14.2 10.6 9.5 9.6 8.0 7.2 7.8 7.4 8. 1 6.5 5.9 5.4 6.9 5.4 4.8 8.3 5.8 5.0 5.3 4.4 1.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/28/73 3/28/73 4/25/73 5/23/73 6/27/73 7/25/73 8/29/73 9/26/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MULTIPLIER u FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO RATIO MULTIPLIER 1 973 AUG. LATEST DATA PLOTTED WEEK ENDING; SEPTEMBER 19, MI IQ 15 1973 BILLIONS OF DOLLARS 9« --------------1-----------.----- BILLIONS OF DOLLARS ----------------- -------------- 94 COMPOUNDED ANNUAL RATES ----- OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING - SEPTEMBER 26, 1973 FROM THE FOUR WEEKS ENDING; FEDERAL RESERVE CREDIT JUN. 27, 1973 -2.4 1.6 - 19I£ AUG SEP OCT NOV DEC JAN FEB MAR APR 1972 LATEST DATA PLOTTED WEEK ENDING; SEPTEMBER 26, 6 20 JUN 1973 4 1« JUL I MILLIONS 15 29 12 26 10 24 1973 1/ RATIO OF MONEY STOCK ( Ml) / MONETARY BASE. 2/ JEfIJJP OF°BANKs!NT HOLDINGS OF SECURITIES, LOANS. FLOAT AND ’’OTHER1' ASSFT^ in iktpr pr*» CLwIeS TO INCLUDE DATAARE^JoNALLY ADJu|?EDA|f?;fsDBAM<? SH'FTS 'N DEritS,TS http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 BILLIONS 204.8 205. 2 203.3 203.7 204.0 203. 5 2 1 6 30 1 3 27 II 25 8 22 6 20 3 17 31 14 28 14 28 II 25 FEB MAR 9 23 1972 6 20 4 16 I IS 29 12 26 10 24 1973 LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 19, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , 9/20/72 1/17/73 AVERAGE OF FOUR WEEKS ENDING: 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 0.3 3. 1 7. 1 7.2 5.7 4.0 4.3 9. 1 8. 9 6.7 4.6 13.5 11.7 8.2 5. 4 13. 1 8.0 4.7 3.2 0.2 7/18/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 8/22/73 9/19/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.2 4.5 3.9 4. 4 6.0 6. 2 5.5 4.5 -0.3 -0.2 1.9 5.2 5.6 4.6 3.3 -3. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 275 — SEP 264.4 264.9 263.0 263.7 270 263.6 265 260 255 250 2 H 30 IS 27 II 25 8 22 6 20 3 17 31 14 28 14 28 11 FEB MAR LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 19, 25 9 23 6 20 4 18 JUN APR JUL 1 15 29 12 20 10 24 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING: 9/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 6.2 5.6 5.3 5.8 6.9 7.0 6.2 5.5 0.9 1.7 3.5 6.0 6.2 5.2 4.2 3. 1 5.2 8.0 7.8 6.3 5.0 6.5 9.7 9. 1 6.9 5.4 12.5 10.8 7.7 5.7 11.4 7.2 4.9 3.1 1.2 7/18/73 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 8/22/73 9/19/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -1.3 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS TIME DEPOSITS ALL COMMERCIAL BANKS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL TIME DEPOSITS NET TIME DEPOSITS* 2 16 SO 13 27 II 25 6 22 6 20 S 17 St 14 26 FEB 14 28 MAR 11 25 9 23 6 20 4 16 I IS 29 12 26 10 24 APR 1973 LATEST DATA PLOTTED WEEK ENDINGj SEPTEMBER 19, 1973 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 6100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. NET TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 9/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 11.4 11.0 10.8 10.5 10.4 9.9 10.2 10. 1 8. 1 8.5 8.6 8.8 8.3 8.9 9.0 9. 1 9.0 9.2 8. 4 9. 1 9.2 9. 1 9.3 8.3 9.2 9.3 9.3 8.0 9.1 9.3 7.7 9.2 9.4 8.9 9.3 7/18/73 TO THE AVERAGE OF FOUR WEEKS END 1NG: 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 8/22/73 9/19/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11.1 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 630 620 610 MONEY STOCK PLUS TOTAL TIME DEPOSITS 600 590 -|j 580 -Jj 570 -f 560 -| 550 -| -| 530 -| MONEY STOCK PLUS NET TIME DEPOSITSSW 540 520 M 510 2 16 30 19 27 II 25 6 22 6 20 3 17 31 14 26 14 26 11 FEB MAR 25 0 23 6 20 4 16 I 15 29 12 26 10 24 APR 1972 1973 LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 19, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.fi RELEASE. *6 M2 IS DEFINED ASs CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6). MONEY STOCK PLUS NET TIME DEPOSITS (M 2 ) COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGs 9/20/72 1/17/73 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 8.8 8.3 8. 1 8.2 8.7 8.5 8.2 7.8 4.6 5. 1 6. 1 7.4 7.2 7. 1 6.6 6.0 7. 1 8.6 8. 1 7.7 7. 1 7.8 9.5 8.6 8. 1 7.3 10.9 9.4 8.5 7.5 9.4 8.2 7. 1 6. 1 5.2 5.0 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/21/73 3/21/73 4/18/73 5/16/73 6/20/73 7/18/73 8/22/73 9/19/73 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED billions of dollars billions of dollars I I I I 2 16 30 13 27 SEP 11 25 « 22 6 20 3 IT 31 H 23 M 28 11 FEB OCT 1972 MAR 25 8 23 6 20 4 IS I 15 29 12 U Id 14 APR 1973 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 19, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AND TIME DEPOSIT DATA 1973 AUG. SEP. OCT. 1 8 15 22 29 5 12 19 26 3 10 17 24 31 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOSITS* 65.5 66.2 67.3 67.4 67.6 67. 1 67.4 67.9 284.6 285.5 285.9 287.2 287.3 288.3 287.9 288.0 M2* 548.4 549. 1 550.3 552. 1 550.2 552.0 551.9 551.5 * SEE FOOTNOTE PAGE 6. SB* 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 455 r~----------- ----------- ------ BILLIONS OF DOLLARS ----------------- ----------- =1 435 CREDIT PROXY ADJUSTED 1/ CREDIT PROXY 2 16 30 13 27 II 25 8 22 6 20 3 1T 31 14 28 14 28 II 25 9 23 6 20 4 18 I 13 29 12 26 10 24 'AUG 1973 LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 19, 1973 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE. ” K£“8IS<if"Sg 1973 eu™o«.l« bomwikos of Rill 1 DNS CRED 1T PROXY AUG. SEP. 15 22 29 5 12 19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CRED1T PROXY ADJUSTED 437.8 437.7 435.7 437.8 439.8 439. 1 445. 1 444.9 443.2 445. 1 446.7 446.6 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING SEPTEMBER 19. 1973 FROM THE FOUR WEEKS ENDING: CRED1T CRED1T PROXY ADJUSTED PROXY JUL. JUN. MAY APR. MAR. FEB. SEP. 18. 20, 16. 18, 21, 21, 20, 1973 1973 1973 1973 1973 1973 1972 10.3 10. 1 10.3 10.5 11.5 12.9 12.6 1 1.9 11.6 11.7 1 1.8 12.6 14.0 13.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT 9.5 — PERCENT — 9.5 9.0 8.5 CORPORATE Aaa BONDS _ THREE-MONTH TREASURY BILL MARKET YIELD MUNICIPAL BONDS** DISCOUNT RATE I 4 18 I IS 29 IS 27 10 24 AUG SEP OCT NOV 6 22 5 19 DEC JAN I I II I I I I I I I I I I I I I I I I I I I I I 2 l« 2 l« SO IS 27 11 25 8 22 6 20 3 17 SI FEB MAR JUN JUL AUG APR MAY 1972 14 2# 12 *S SEP LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 28, 1973 AUG. SEP. OCT. 3 10 17 24 31 7 14 21 28 * 5 12 19 26 OCT 1973 CORPORATE Aaa BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS ** 7.53 7.61 7.71 7.77 7.73 7.64 7.63 7.65 7.61 8.30 8.70 8.88 8.71 8.62 8.80 8.94 8.38 7.23 8.02 8. 16 7.80 7.50 7.35 7.27 7.45 7. 10 6.89 6.90 6.97 6.83 6.74 6.62 6. 45 6.52 6.43 6.30 1973 5.59 5.58 5.47 5.44 5.34 5. 18 5. 18 5.05 N. A. * AVERAGES OF RATES AVAILABLE. „ ** BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA. N.A. - NOT AVAILABLE http://fraser.stlouisfed.org 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 11.0 10.5 10.5 10.0 9.5 9.0 8.5 8.0 7.5 7.0 FEDERAL FUNDS RATE PRIME BANK I-LOAN RATE 6.5 6.0 COMMERCIAL PAPER 5.5 5.0 4.5 4 16 1 13 29 13 27 10 24 OCT NOV 1972 6 22 3 19 JAN 2 16 FEB 2 16 30 13 27 11 25 8 22 APR MAY 1973 6 20 3 17 31 14 28 12 26 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 28. 1973 AUG. SEP. OCT. 3 10 17 24 31 7 14 21 28 X 5 12 19 26 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS UK PRIME BANKERS' ACCEPTANCES 90 DAY CD’S «K 9.88 10.05 10.25 10.25 10. 45 10.38 10.48 10.45 9.75 10.57 10.39 10.39 10.52 10.79 10.79 10.74 10.80 10.84 9.85 10.15 10.25 10.25 10.25 10.25 10.35 10.43 9.92 1973 10.14 10.52 10.81 10.71 10.93 10.93 10.90 10.97 10.37 * AVERAGES OF RATES AVAILABLE. :«* FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. CD DATA ARE SECONDARY MARKET RATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 0 BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION AVERAGES OF DA I LY F I GURES BILLIONS OF DOLLARS 1973 MILLIONS AUG. 22 2135 BILLIONS OF DOLLARS 3.0 BORROWINGS 2191 2 16 30 13 27 SEP 11 25 8 22 6 20 3 IT 31 14 26 FEB OCT 14 26 MAR 11 25 8 23 6 20 4 16 1 IS 29 12 26 10 24 APR 1973 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 26, 1973 BUSINESS LOANS BILLIONS OF DOLLARS ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED - COMPOUNDED ANNUAL RATES OF CHANGE — AVERAGE OF THE FOUR WEEKS ENDING _ SEPTEMBER 19, 1973 FROM THE FOUR WEEKS ENDING: BUS I NESS BUS I NESS LOANS LOANS ADJUSTED. JUL. 18 —JUN. 20 _ MAY 16 APR. 18 18.2 18.4 21.4 25.9 - FEB. 21 __ SEP. 20 BILLIONS OF DOLLARS 112 110 108 BUSINESS LOANS ADJUSTED 1/ 106 21.4 20.2 104 102 27.4 26.7 100 96 96 94 BUSINESS LOANS 92 BUSINESS BUS I NESS LOANS LOANS. APJUSIflT AUG. 15 90 86 86 84 2 16 30 13 27 SEP 11 OCT 25 8 22 6 20 3 17 31 14 26 FEB 14 26 11 MAR 25 9 23 6 20 4 18 1 15 29 12 26 10 24 APR 1973 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 19, 1973 1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES, HOLDING COMPANIES, AND OTHER AFFILIATES. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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