Full text of U.S. Financial Data : Week Ending: September 28, 1977

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Week ending: September 28, 1977

LIB Ft'

Business demand for short-term credit has been rising
_ a rapid rate in recent months. During the six months ending
in August, business loans at all commercial banks rose at an 11.5

DEC 9 6 1979 Percent annual rate, compared to an 8.9 percent rate of increase
in the previous six months and a 2 percent decline in the year
ending in August 1976.* Business loans at weekly reporting
large commercial banks have not expanded as rapidly as business
loans at all commercial banks during the past six months.
Business loans at weekly reporting banks rose at a 4.7 percent
rate from the four weeks ending March 2, 1977 to the four weeks
ending August 31, 1977, compared to an 8.5 percent rate in the
previous six months.
Commercial paper outstanding of nonfinancial corporations,
another component of business short-term credit, rose at a
31.9 percent rate in the six months ending in August of this
year, compared to a 2.9 percent rate of increase in the previous
six months and a 2.7 percent increase in the 12 months ending
in August of last year.*
Growth of total loans at all commercial banks has been
even more rapid than the growth of their business loans during
the past year. Total loans rose at a 13.4 percent rate in the
six months ending in August of this year and at an 11.6 percent
rate in the previous six months. While increasing their loans at
rapid rates during the past year, banks have reduced the rate at
which they have been adding to their portfolios of investments,
compared to the previous year when loan demand was not as strong.
All commercial banks increased their investments 7.1 percent in
the 12 months ending in August of this year, compared to a 10.7
percent increase in the previous year.*
This strong credit demand has contributed to upward
pressure on interest rates in recent months. Short-term interest
rates have risen sharply since April. For instance, the 4-6
month commercial paper rate rose from an average of 4.87 percent
in April to 6.30 percent in the most recent week. The commercial
bank prime rate has been increased four times since April from
6.25 percent to 7.25 percent.

* The data used for each month is computed by averaging the
end-of-month data for the current month and the end-of-month
data for the previous month.


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

Prepared by Federal Reserve Bank of St. Louis
Released: September 30, 1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

132
BILLIONS
AUG. 24

126.3
126.8
126.5

130

127.5
127.5

128
126
124
122

120
118
116
114
112

4 16

1 15 29 13 27 10 24
OCT NOV

8 22

5 19

2 16

JAN

FEB

2 16 30 13 27 11 25
APR MAY

1976

8 22

6 20

3 17 31 14 28 12 26

1977

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 28, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
3/ 2/77
3/30/77
4/27/77
5/25/77
6/29/77
7/27/77
8/31/77
9/28/77

2


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

9/29/76

12/29/76

7.2
8.0
8.4
8. 1
7.8
8. 1
8.5
8.6

8.6
9.2
8.5
8.0
8.4
9.0
9.0

3/2/77

1 1.9
9.7
8.6
9. 1
9.7
9.7

3/30/77

4/27/77

5/25/77

6/29/77

7/27/77

8.3
7.4
8.3
9.2
9.2

5.8
7.4
8.7
8.9

8.2
9.7
9.7

1 1.7
11.1

11.1

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

MULTIPLIER^
ADJUSTED FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

RATIO

LI 1 I I I 1
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21, 197T

BILLIONS OF DOLLARS
112 ---- I----- 1--

BILLIONS OF DOLLARS
--- ---- ---- H2

COMPOUNDED ANNUAL RATES
__OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
- SEPTEMBER 28, 1977 FROM
THE FOUR WEEKS END INGj
11.4
13.2
10.9

ADJUSTED FEDERAL RESERVE CREDIT

10. 1

DEC. 29,

1976

10.6
9.8
9.0

1977

BILLIONS

LL-l.l I I
*

10

AUG

1

13 Z9 13 27

SEP

OCT

10 Z4 8 22

NOV

DEC

5 19

2

16

JAN

FEB

2

16 30 13 27

MAR

APR

1976

II

25

MAY
19-

8 22

6 20

3

17 31

14 28 12 28

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 28, 1977
1/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.

2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SFriJRlTifc i nAwc ci n*T
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BYSUBTRAcfI NTAtr4arory1
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AW ADJUSTING THESER IFipFOR RFSERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BFTWFFNRA^«?
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS^BANK


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
800
795

BILLIONS

790

786.8
787.2
791.2
791.5
793.9

785
780
775
770
765
760
755
750
745
740
735
730
725
720
-=3 715
710
705

4

18

1

15 29 13 27

OCT

10 24

NOV

8 22

5 19

2

16

JAN

FEB

2

16 30 13 27

11

25

6 22

3 17 31

6 20

M 28 12 26

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET Tl ME DEPOSITS CM2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/22/76

12/22/76

2/23/77

3/23/77

4/20/77

5/18/77

6/22/77

7/20/77

12.0
11.5
11.7
11.2
10.7
11.2
10.9
10.8

9.2
10.2
9.7
9.2
10.0
9.9
9.9

11.2
10.0
9. 1
10.3
10. 1
10.0

10.5
9.2
10.7
10.3
10.2

7.3
9.8
9.6
9.6

10.9
10.2
10.1

11.9
11.2

9.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/23/77
3/23/77
4/20/77
5/18/77
6/22/77
7/20/77
8/24/77
9/21/77

4

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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

0

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

340 ---- ,----- ,--

--- ---- ----

340

&JLLIONS
327.5
330.5
329.7
331.5
330.4

AUG

SEP

OCT
1976

NOV

DEC

JAN

FEB

6 20

MAR

3 17 3)

M 28

SEP

12 26

OCT

LATEST DATA PLOTTED WEEK ENDING! SEPTEMBER 21, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC

MONEY STOCK (Ml )

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
9/22/76

12/22/76

5.6
5.5
6.9
7.2
6.4
7.4
7.4
7.8

4.6
7.2
7.6
6.5
7.9
7.8
8.2

2/23/77

3/23/77

4/20/77

5/18/77

5 0
8.7
8.4
9.0

8.4
8. 1
8.9

6/22/77

7/20/77

TO THE AVERAGE
OF FOUR WEEKS
ENDINGj

2/23/77
3/23/77
4/20/77
5/18/77
6/22/77
7/20/77
8/24/77
9/21/77


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

10.4
10.0
7.5
9.3
9.0
9.3

12.8
8.4
10.4
9.8
10.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—i 10.0

10.0 i—

CORPORATE Aaa BONDS

PRIME BANK
LOAN RATE

COMMERCIAL PAPER

6 20

AUG

3

17

1

15 ’9 12 26 10 24

SEP

7 21

4 18

JAN

FEB

1

15 29 13 27

10 24

8 22

5 19

2 16 30 14 28

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; SEPTEMBER 30, 1977

1977
AUG.

5
12
19
26
SEP. 2
g
16
23
30 *
OCT. 7
14
21
28

90 DAY
CD'S aete*

PRIME
COMMERC1AL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS aSK

5.65
5.76
5.97
6.01
5.98
5.97
6.10
6.22
6.37

5.61
5.75
5.95
5.95
6.00
5.99
6.19
6.22
6.30

5.70
5.83
6.02
5.95
5.93
5.98
6. 19
6.22
6.30

8.00
8.00
7.99
7.96
7.92
7.90
7.89
7.92
7.96

5.63
5.63
5.63
5.58
5.54
5.48
5.51
5.50
N.A.

aLf*BOND** BUYER' S*AVERAGE' ^NDEX* OF 20 k.JNICIPAL BONDS, THURSDAY DATA.
KetSK SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES Foft THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS H.9 RELEASE.

6

N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
8.0 --

PERCENT
--

8.0

3-5 YEAR
TREASURY SECURITIES

FEDERAL FUNDS RATE
DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

6 20

3 17

1

15 29 12 26 10 24

7 21

4 18

JAN

FEB

4 18

1

15 29 13 27

1976

10 24

8 22

5 19

2 16 30 14 28

1977

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 30, 1977

1977
AUG.

5
12
19
26
SEP.
2
9
16
23
30 *
OCT.
7
M
21
28

FEDERAL
FUNDS aee

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

5.80
5.70
5.94
5.99
6.02
5.97
6.05
6.10
6.35

5.35
5.47
5.56
5.53
5.56
5.65
5.86
5.90
5.92

5.83
5.94
6.07
6.02
5.98
6.04
6.14
6.15
6.21

6.86
6.90
6.97
6.89
6.84
6.86
6.93
6.93
6.99

7.53
7.54
7.52
7.45
7.40
7.41
7.45
7.47
7.49

* AVERAGES OF RATES AVAILABLE.
SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
TREASURY BILL YIELDS ON DISCOUNT BASIS.

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL

COMMERCIAL

BANKS

AVtKAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

470 r-------- 1-------—i

---- ----- ----Z2 470
billions

459.3
459.8
460.8
461.8
462.4

2

AUG

SEP

OCT
1976

NOV

DEC

JAN

FEB

16 30 13 27 11 25

MAR

APR

8 22

6 20

3 17 31

14 28 12 26

MAY
,

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21. 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
*NETLI?
DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIUF
CERTIFICATES Of DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OFdepositissiipiT im TIME
DENOMINATIONS OF tlOO.OOO OR MORE BY LARGE WEEKLY REPORTINGC0ML1ERCIAL°BANKsf^SUED 'N

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/22/76 12/22/76 2/23/77 3/23/77 4/20/77 5/18/77 6/22/77 7/20/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/23/77
3/23/77
4/20/77
5/18/77
6/22/77
7/20/77
8/24/77
9/21/77


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

16.8
16.0
15.4
14.3
13.9
14.0
13.5
13.1

12.5
12.4

11.2
11.2
11.7
1 1.4
11.1

11.7

9.9
10.3
11.1
10.9
10.5

9. 1
9.9
11.0
10.7
10.4

9.0
10.8
10.5
10. 1

12.8
11.7
10.9

12.0
10.8

9. 1

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

--- ---- ----

250 ---- 1----- 1--

250

BILLIONS

242. 1
241.7
244.7
243.4
244.0

4

18

1

15 29 13 27

10 24

8 22

5 19

2

JAN

FEB

16

2

16 30 13 27

APR

11

25

8 22

3 17 31

6 20

M 28 12 26

MAY

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOS T COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
9/22/76 12/22/76 2/23/77 3/23/77 4/20/77 5/18/77 6/22/77 7/20/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/23/77
3/23/77
4/20/77
5/18/77
6/22/77
7/20/77
8/24/77
9/21/77


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

4.7
4.6
6.2
6.7
5.8
6.8
6.9
7.3

3.2
6.4
7.0
5.6
7.2
7.2
7.7

10.5
10.3
7. 1
9. 1
8.8
9.3

13.6
8. 1
10.3
9.7
10.1

4.2
8.2
8.0
8.8

7.5
7.6
8.6

12.0
12. 1

9.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
90 ---- 1----- 1---

BILLIONS OF DOLLARS
---- ---- ---- 90

BILLIONS
85.4
85.6
86.2

1

15 29 19 27

10 21

8 22

5 19

2

JAN

FEB

16

2 16 30 13 27

ll

25

8 22

6 20

3 17 3I

M 28 I2 26

SEP

OCT

1976
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/22/76 12/22/76 2/23/77 3/23/77 4/20/77 5/18/77 6/22/77 7/20/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/23/77
3/23/77
4/20/77
5/18/77
6/22/77
7/20/77
8/24/77
9/21/77

10

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

8.6
8.3
8.7
8.6
8.5
8.9
8.9
9.0

9.3
9.8
9.5
9.2
9.7
9.6
9.6

9. 1
8.8
8.5
9.3
9.3
9.3

9.9
9. 1
10.0
9.8
9.7

7.9
9.5
9.3
9.4

10. 1
9.7
9.6

10.8
10.4

9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DA ILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
? s

13IL MILLIONS
AUG. 24

4 18

1

1665

15 29 13 27

10 24

8 22

5 19

2 16

2

16 30 13 27

OCT NOV
JAN FEB
APR
1976
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 28, 1977

11

25

8 22

6 20

3 17 31

MAY

14 28 12 26

SEP

OCT

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS
124 ---- --------

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
--- ---- ---- 124

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
— THE FOUR WEEKS ENDING
- SEPTEMBER 21, 1977 FROM
MILLIONS
AUG. 17
119,514

Li I I I

HIM
2

AUG

SEP

18

2 16 30 13 27 11

OCT NOV
DEC
JAN FEB
MAR
APR
1976
LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21, 1977

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

MAY

25

8 22

8 20

3 17 31

14 28 12 28

SEP

OCT

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

CERTIFICATES OF
LARGE

BANKS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS


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

DEPOSIT

COMMERCIAL

BILLIONS OF DOLLARS
78
BILLIONS
64.A
64. 7
65.0

76

74
72

70

68
66

64
62
60
58
56

4 18

IS 29 13 27

OCT

10 26

NOV

8 22

3

1

JAN

2

16

2

16 30 13 27 11

23

8 22

6 20

3

17 31

M 28 12 26

FEB

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 21, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
l«GOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS