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Week ending: September 11, 1972 library JUN 0 5 1979 Monetary aggregates have expanded at relatively rapid rates in 1972. The nation's money stock averaged $241.7 billion in the past four weeks, up at a rapid 8.6 percent annual rate in the past eight months, compared with a 5.9 percent trend rate from late 1966 to late 1971 and a 2.3 percent trend rate from 1952 to 1966. Money plus net time deposits has risen at a 10.5 percent rate in the past eight months. From late 1966 to late 1971, this aggregate grew at an 8.2 percent trend rate. Reserves available to support private nonbank deposits have risen at a rapid 9.8 percent annual rate in the past eight months. This aggregate was chosen by the Federal Reserve as a short-run operating target early this year. The monetary base has increased at a 6.8 percent rate in the past eight months and at only a 4.4 percent rate in the past four months. The increase in the money multiplier in recent months, resulting in the more rapid growth of money than the base, especially since May, can be partially explained by a decrease in both U.S. Government deposits and currency relative to demand deposits. Federal Reserve credit, consisting primarily of System holdings of U.S. Government securities, discounts and advances, and float, has increased at a 2.9 percent annual rate in the past eight months, and has remained virtually unchanged over the past four months. Although Federal Reserve credit is the primary source of the monetary base, other sources can lead to wide discrepancies between growth of this aggregate and other aggregates. Federal Reserve credit measures the direct influence of Federal Reserve actions on the base, but does not include the impact of Treasury actions or other influences. An increase in the U.S. gold stock during May and a reduction in Treasury deposits at the Federal Reserve, on balance, since January have contributed to the growth of base, but not to Federal Reserve credit. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Released: September 29, 1972 r 2 MONETARY BASE 1/ MULTIPLIER 2/ AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS SEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING SEPTEMBER 27, 1972 FROM. THE FOUR WEEKS ENDING-. MONETARY BASE _ MAR. 972 MILLIONS I I I I I I I I I LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 27, 1972 RATIO RATIO 2.9 2.8 MULT I PL IER 2.7 2.6 2.5 2.563 2.5-46 2.4 2.58 2.561 I I ll I I I 4 18 1 ! 5 29 13 27 10 24 OCT NOV 8 22 3 19 2 18 JAN FEB I IS 29 12 26 10 24 7 21 3 19 2 16 30 13 27 It 25 SEP OCT 1972 LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 20, 1972 1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER BAM(S, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF THE BASE SEE THE AUGUST 1968 ‘•REVIEW OF THIS BANK. 2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS^ ALL MEMBER BANKS FEDERAL RESERVE CRED I T 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF _ THE FOUR WEEKS ENDING SEPTEMBER 27, 1972 FROM THE FOUR WEEKS ENDINGs JUL. 26, 1972 12.0 ~ JUN. 28, 1972 11.2 MAY 24, 1972 10.4 APR. 26, 1972 9.2 ~ MAR. 29, 1972 9.2 MAR. 1, 1972 10.2 SEE___iq7- 31 .5 30.5 BILLIONS OF DOLLARS 32.0 31.5 31.0 30.5 RESERVES - 30.0 29.5 29.5 29.0 29.0 1972 BILLIONS 28.5 28.5 28.0 0 84 - COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF ___ THE FOUR WEEKS ENDING _ SEPTEMBER 27, 1972 FROM THE FOUR WEEKS ENDING: JUL. 26, 1972 -3.8 -----JUN. 28, 1972 -1.8 MAY " ' ------APR. MAR. MAR 1972 -----SEP 82 FEDERAL RESERVE CREDIT _ 80 78 76 1972 MILLIONS 74 72 I I I I I I I I I I I 4 18 I IS 29 13 27 10 24 OCT 197 NOV 8 22 3 19 2 16 JAN FEB I LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 27, 13 29 12 26 10 24 7 21 3 19 2 16 30 13 27 II 23 1972 1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. 2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS. FLOAT AND •'OTHER'‘ ASSETS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES ANO 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 DEMAND DEPOSIT COMPONENT OF MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of DOLLARS billions 185.3 186. I 187.3 86.0 186.2 4 18 I 15 29 13 27 10 24 OCT 1971 NOV 8 22 5 19 2 16 JAN FEB I 10 24 15 29 12 7 21 5 19 2 16 30 13 27 I! 25 SEP OCT 1972 LATEST DATA PLOTTED WEEK ENDING-. SEPTEMBER 20, 1972 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, 9/22/71 1/19/72 AVERAGE OF FOUR WEEKS ENDING: 2/23/72 3/22/72 4/19/72 5/17/72 6/21/72 7/19/72 10.7 8.3 7.8 8.7 8.7 8.6 5.9 6.2 7.7 7.9 8.0 5.2 7.5 7.9 7.9 9.3 9. 1 8.9 10.6 9.8 8.5 TO THE AVERAGE OF FOUR WEEKS ENDING: 2/23/72 3/22/72 4/19/72 5/17/72 6/21/72 7/19/72 8/23/72 9/20/72 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.7 4.3 4.8 4.7 4.9 5.6 5.9 6. 1 12. 1 10.9 9. 1 8.5 9.2 9. 1 9.0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 245 ----------1------------ ,----- BILLIONS OF DOLLARS ------------------ ---------- 245 BiLLIQNS 240.9 240.5 241.2 242.6 241 .4 241 .6 — SEP 5.9'/ TREND LINE FROM DECEMBER '66 TO DECEMBER '71 4 18 IS 29 IS 27 10 24 OCT NOV 8 22 3 10 2 JAN FEB 18 I IS 29 12 28 10 24 7 21 5 19 2 18 3Q IS 27 II 25 SEP OCT LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 20, 1972 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENOINGi 9/22/71 1/19/72 2/23/72 3/22/72 4/19/72 5/17/72 6/21/72 7/19/72 10.6 8.5 7.9 8.6 8.3 8.2 6.9 6.7 7.8 7.7 7.7 5.5 7.4 7.3 7.4 8.6 8. 1 8. 1 9. I 8.7 7.5 TO THE AVERAGE OF FOUR WEEKS ENDING. 2/23/72 3/22/72 4/19/72 5/17/72 6/21/72 7/19/72 8/23/72 9/20/72 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.4 4.6 5.2 5. 1 5.3 5.9 6.0 6. 1 1 1 .4 10.7 9.2 8.6 9.0 8.7 8.6 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* 4 10 I 13 29 15 27 10 24 OCT NOV S 22 5 18 2 16 JAN FEB t 15 29 12 26 10 24 7 21 3 It i 16 90 15 27 II 23 SEP OCT LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 20, 1972 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. K NET TIME DEPOSITS ARE DEFINED ASt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIKE CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME dERTIFICATES 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 ENDINGi 9/22/71 1/19/72 2/23/72 3/22/72 17.5 17.0 15.6 15.2 15.2 14.8 14.2 14.0 16.2 13. 1 13.0 13.5 13.2 12.5 12.4 10.3 11.1 12.3 12. 1 11.5 1 1 .5 1 1 .7 1 1 .6 1 1.0 11.1 4/19/72 5/17/72 8/21/72 14. 1 13.2 12.0 1 1.9 13.4 1 1 .8 1 1.8 10.0 10.5 7/19/72 TO THE AVERAGE OF FOUR WEEKS ENDING. 2/23/72 3/22/72 4/19/72 5/17/72 B/21/72 7/19/72 8/23/72 9/20/72 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.6 to. 1 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 MONEY STOCK PLUS TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 550 r=------- ------------- ----- BILLIONS OF DOLLARS -------- ---------- ------- =1 550 MONEY STOCK PLUS TOTAL TIME DEPOSITS MONEY STOCK PLUS NET TIME DEPOSITS** 4 18 I IS 29 13 27 10 24 OCT NOV B 22 3 19 2 16 JAN FEB I IS 29 12 26 10 24 7 21 5 19 2 16 30 13 27 II 25 JUN JUL SEP OCT 1972 LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 20, 1972 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. i« M2 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, AVERAGE OF FOUR WEEKS ENDING. 9/22/71 1/19/72 2/23/72 3/22/72 4/19/72 5/17/72 6/21/72 7/19/72 10.4 9.8 10. 1 10.3 9.9 10.0 8.3 9.2 9.7 9.4 9.5 9.9 10.2 9.7 9.8 10.9 10.0 10.0 9.6 9.7 9,1 TO THE AVERAGE OF FOUR WEEKS ENDING. 2/23/72 3/22/72 4/19/72 5/17/72 6/21/72 7/19/72 8/23/72 9/20/72 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10.4 10.8 10.4 10.2 10.3 10.3 10. 1 10.1 13.7 1 I .8 11,1 1 1 .0 1 1 .0 10.6 10.5 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 8 CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 42 BILLIONS OF DOLLARS 42 - - 40 40 - 38 38 - - 36 36 - - 34 34 - - 32 32 - - f 30 30 !lll 4 It AUG 1111. 1.11.. A Li. JJJLU 1 1 1 Mi » 13 27 10 24 8 22 SEP OCT 1971 NOV DEC 5 19 JAN 1.1 1- 1 L.1.1 2 16 FEB I IS MAR 1-LL 1 1.1 1 111. 1 1 1 2* 12 26 10 24 7 21 APR MAY JUN 1972 3 10 JUL 1 ILL. 1 1 1 _LLL 2 16 30 IS 27 II 23 AUG SEP OCT LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 20, 1972 CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 0100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY AM) TIME DEPOSIT DATA 1972 AUG. SEP. OCT. 2 9 16 23 30 6 13 20 27 4 1 1 18 25 CERTIFICATES OF DEPOSIT BILLIONS NET TIME DEPOSITS* M2 MK 38.6 38.6 38.8 39.7 40.4 39.7 40.4 40.2 256.5 257.0 257.7 257.8 258.5 259.6 259.7 260.3 496.2 497. 1 498.6 498.3 499.8 502.2 501.2 502.0 * SEE FOOTNOTE PAGE 6. m 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 BILLIONS OF DOLLARS 405 395 385 CREDIT PROXY ADJUSTED 1/ 375 365 355 CREDIT PROXY 345 4 IS 1 19 29 IS 27 10 24 OCT 1971 8 22 NOV 9 19 2 l« JAN FEB I 19 29 12 26 10 24 7 21 9 19 2 16 30 IS 27 It 29 SEP OCT 1972 LATEST DATA PLOTTED WEEK EWING: SEPTEMBER 20, 1972 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, AND CERTAIN OTHER NONDEPOSIT SOURCES. billions 1972 AUG. SEP. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16 23 30 6 13 20 CRED1T PROXY CRED1T PROXY ADJUSTED 385.7 384.3 386.0 386.9 387.8 389.4 389.8 388.7 390. 1 390.9 391.9 393.5 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING SEPTEMBER 20, 1972 FROM THE FOUR WEEKS ENDING: CRED1T CREDIT PROXY .PROXY ADJUSTED JUL. JUN. MAY APR. MAR. FEB. SEP. 19, 21, 17, 19, 22, 23, 22, 1972 1972 1972 1972 1972 1972 1971 11.4 9.3 9.6 10.6 11.4 12.3 11.0 1 1.7 9.6 9.9 10.8 11.5 12.3 1 1 .0 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS YIELDS ON SELECTED SECURITIES AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT CORPORATE PERCENT BONDS PRIME COM :rcial LOAN RATE MUNICIPAL BONDS JWK. DISCOUNT RATE THREE-MONTH TR BILL MARKET Yl 6 20 AUG 3 17 I 15 29 12 26 10 24 SEP 7 21 4 16 JAN FEB 3 IT 31 iSURY 14 28 12 26 APR MAY 9 23 7 21 4 18 JUL AUG I 15 29 15 27 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMJER 29, 1972 1972 AUG. 4 1 1 18 25 SEP. 1 8 15 22 29 * OCT. 6 13 20 27 CORPORATE AAA BONDS 3-MONTH TREASURY BILLS 3-5 YEAR GOVERNMENT SECURITIES LONG-TERM GOVERNMENT SECURITIES MUNICIPAL BONDS mk 7.22 7.20 7. 19 7,17 7. 16 7.19 7.23 7.23 7.24 3.79 3.85 3.89 4. 1 1 4.46 4.69 4.71 4.65 4.63 5.85 5.85 5.87 5.94 6. 1 l 6. 19 6.20 6.15 6. 15 5.51 5.48 5.53 5.56 5.62 5.66 5.68 5.70 5.76 5.32 5.24 5.22 5.32 5.38 5.39 5.38 5.37 N. A. 3(9**BOND**BUYER' S*AVERAGE' VnDEX'OF 20 MUNICIPAL BONDS, THUR50AY 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 8.0 ---- PERCENT COfcWERCIAL PAPER 4-T0-6 MONTH — FEDERAL FUNDS RATE 6 20 * 17 AUG SEP MS » 12 » 10 24 7 21 4 18 JAN FEB 5 17 31 14 28 12 2« APR 9 23 MAY 7 21 4 18 JUL AUG 1 IS 29 IS 27 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 29, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1972 AUG. SEP. OCT. 4 1 1 18 25 1 8 15 22 29 K 6 13 20 27 PRIME COMMERCIAL PAPER 4-6 MONTH FEDERAL FUNDS PRIME BANKERS' ACCEPTANCES 90 DAY CD'S *br 4.73 4.70 4.85 4.88 4.95 5.09 5. 13 5. 13 5. 13 4.63 4.78 4.91 4.69 5.13 4.44 4.75 5.09 4.94 4.63 4.63 4.63 4.75 4.75 4.75 4.88 4.88 4.88 4.72 4.70 4.76 4.84 4.92 4.98 5.02 5. 1 1 5.17 1972 * AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE 40* DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO DAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3.5 12 BORROWINGS AND EXCESS RESERVES ALL MEMBER BANKS IN THE NATION AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS of dollars BORROWINGS -0.4 NET FREE RESERVES 1.2 - EXCESS RESERVES 4 18 I IS 29 IS 22 10 24 OCT 8 22 NOV 5 19 2 16 JAN FEB I IS 29 12 10 24 7 21 3 19 2 16 SO IS 27 1! IS LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 22, 1922 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MILLIONS 1922 AUG. 2 9 16 23 30 SEP. 6 13 20 22 OCT. 4 1 1 18 25 EXCESS RESERVES 242 130 254 40 222 835 24 246 2 BORROWINGS 363 282 382 348 422 838 149 219 551 FREE RESERVES - 121 - 152 - 128 - 308 - 250 3 - 223 - 473 - 544 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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