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S.

/=-//V

A W C / A L MDATAmm

Week ending: September 3, 1975
In the last three months the monetary base has increased at
about a 9 percent annual rate, compared with a 6 percent rate in the
previous three months. Two sources of the monetary base, Federal Reserve
holdings of Government securities and Treasury deposits at Federal Reserve
Banks, have displayed markedly different effects on the monetary base
within the two periods, as indicated in the table. In the last six months
Treasury deposits at Federal Reserve Banks have exhibited very wide
fluctuations (page 12). Therefore, they have had an unusually large impact
on the changes in the monetary base, contributing to about 166 percent
of the change in the recent three months and -31.5 percent in the previous
three months. When the Treasury builds up its deposits at Federal
Reserve Banks, the reserves of commercial banks decrease. When the
Treasury makes expenditures, consequently, drawing down its balances at
Federal Reserve Banks, commercial bank reserves rise.
Treasury
deposits at Federal Reserve Banks increased by about $5 billion in the
four weeks ended March 5 to the four weeks ended June 4, thereby
substantially reducing the growth of the monetary base. Since then,
Treasury deposits have decreased by over $6 billion, thereby contributing
to the accelerated growth of the monetary base. Changes in Federal Reserve
holdings of Government securities, the largest single source of the
monetary base, have had a negative impact on the monetary base since May,
in contrast to very large positive influences in the prior three months,
when Treasury deposits at Federal Reserve Banks rose sharply.
Factors Influencing the Monetary Base
(Sign Indicates Effect on Monetary Base)
Change in Monetary Base Attributable to:

Sources of Monetary Base

6/4/75
to
.
9/3/75 -

3/5/75
to
.
6/4/75 U. S. Government Securities
Loans, Float, and Other F. R. Assets
Other Factors
Treasury Deposits at F. R. Banks
Source Base
RAM 2/
Monetary Base

—

- 97.1%
- 6.7
+ 20.8
+166.3

+158.6%
- 14.8

+

1.8

- 81.5
+64.1%
+35.9

+83.3%
+16.7

100.0%

100.0%

Change in average of figures for 4 weeks ended these dates.

2/
—' Adjustment for reserve requirement ratio changes and shifts in the
same type of deposits between banks where different reserve requirements
ratios apply. Reserve adjustment computed by this Bank.


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

.

Prepared by Federal Reserve Bank of St. Louis

Released: September 5, 1975

MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILL!QMS OF DOLLARS

BILLIONS OF DOLLARS
120

MILLIONS
JUL.

30
118

116

1 M

112

110

108

3 17 31

14 28 II 25

AUG

8 23

8 20

4 18

NOV

SEP

DEC

1

15 28 12 26 12 28
FEB
LIAR

7 21

4 10

2 18 30 13 27 10 24

MAY

» 23

JUN

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 3, 1975
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANCS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AN) 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 SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

2


COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDINGs
9/4/74

12/4/74

6.2
6.6
7.2
6.9
6.4
7.6
7.0
7.0

4.4
6.0
5.7
5.2
7.1
6.3
6.4

2/5/75

3/5/75

4/2/75

4/30/75

8/4/75

7/2/75

8.0
6.1
9.3
7.5
7.5

3.7
8.6
6.7
6.7

10.5
7.3
7.2

9.7
8.9

4.1

TO THE AVERAGE
OF FOUR WEEKS
ENDINGs
2/ 5/75
3/ 5/75
4/ 2/75
4/30/75
6/ 4/75
7/ 2/75
8/ 8/75
9/ 3/75

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

10.1
8.2
6.7
9.2
7.7
7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: AUGUST 27, 1975

BILLIONS OF DOLLARS
108 ------------ ,--------- ,-----

BILLIONS OF DOLLARS
---------------------------- 108

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
SEPTEMBER 3. 1975 FROM
THE FOUR WEfeKS ENDING.
JUL.
JUN.

2,
4:

— APR
_ MAR
— SEP

FEDERAL RESERVE CREDIT

1975 -10.3
1975-14.1
0.8
3.9
5.3
5.1
4.9

1875

MILLIONS

1 I I I I I I I I I
JUL

AUG

SEP

OCT

NOV

DEC

JAN

4 16

FEB

MAR

1974

MAY

2 16 30 13 27 10 24

JUN

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 3, 1975
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.

•' ssarssarssa®:

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

vmm sat

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
660

BILLIONS

655

652.8
651.7
654.2
653.7
654.3
657.5

650
645
640
635
630
625
620
615
610
605
600
595

3 17 31

14 21 11 25

AUG

9 23

SEP
1974

6 20

4 II

NOV

DEC

I

IS 2t 12 26 12 26

FEB

9 23

7 21

2 16 30 15 27 10 24

4 II

MAR

AUG

SEP

1975

LATEST DATA PLOTTED WEEK ENDING. AUGUST 27, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
8/28/74

11/27/74

1/29/75

2/26/75

3/26/75

4/30/75

5/28/75

6/25/75

5.3
6. 1
7.0
7.1
7.8
9.0
9.0
8.8

5.9
7.3
7.3
8.7
10.3
10.0
9.6

11.7
10. 1
11.2
13.1
12.2
11.4

10.0
11.5
13.7
12.5
11.6

10.8
13.9
12.4
11.3

18.1
14.3
12.4

14.0
11.7

7.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/29/75
2/26/75
3/26/75
4/30/75
5/28/75
6/25/75
7/30/75
8/27/75

4


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
295.0
295.6
294.8
297.4

3 17 31 14 26 11 25

AUG

0 23

6 20

4 13

NOV

SEP

DEC

1 IS 29 12 26 12 26

FEB

9 23

7 21

4 19

2 16 SO 13 27 10 24

MAY

MAR

JUN

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING. AUGUST 27, 1975
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.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
8/28/74

11/27/74

1.3
1.9
3.5
3.3
4.3
5.8
5.3
5.3

0.0
3.2
2.9
4.6
6.6
5.8
5.8

1/29/75

2/26/75

3/26/75

4/30/75

5/28/75

6/25/75

9.5
8.3

3.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
1/29/75
2/26/75
5/26/75
4/30/75
5/28/75
6/25/75
7/30/75
8/27/75


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

9.8
6.8
8.5
10.7
8.8
8.4

7.4
9.3
11.9
9.4
8.8

7.3
11.2
8.4
7.9

17.2
10.9
9.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YI ELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
1 3 5 r-

PERCENT

-=3 13.5

13.0

13.0

l?.5

12.5

12.0

12.0

11.5

11.5

11.0

11.0
PRIME BANK
LOAN RATE

10.5

10.5

10.0

10.0

9.5

9.5
CORPORATE Aaa BONDS

9.0

9.0

8.5

8.5

6.0

8.0

7.5

7.5

7.0

7.0

6.5

6.5

6.0

6.0
COMMERCIAL PAPER

5.5

5.5

5.0

5.0

4.5

4.5

0

5 10

JUL

2 16 30 13 27 U 25

AUG

SEP
OCT
1974

6 22

NOV

6 20

DEC

3 17 31

JAN

14 28 14 28 11 25

FEB

MAR

APR

0 23

MAY
1975

6 20

4 18

1

JUN

JUL

AUG

15 20 12 26

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 5, 1975

90 DAY
CD'S ***
e»E

1975
JULY

4

11
18
25
AUG.

1

8
15
22
29
SEP.
5 *
12
19
26

PRIME
COMMERCIAL
PAPER
4-6 MONTH

6.46
6.61
6.43
6.51
6.66
6.67
6.89
6.85
6.95
6.94

6.34
6.45
6.43
6.48
6.53
6.63
6.68
6.75
6.75
6.75

PRIME
BANKERS'
ACCEPTANCES

6.19
6.38
6.34
6.52
6.48
6.66

6.73
6.79
6.83
6.82

CORPORATE

MUNICIPAL
BONDS MeK

8.82
8.85
8.82
8.85
8.86
8.93
8.95
8.96
8.96
8.92

6.96
6.98
7.09
7.22
7.09
7.16
7.17
7.18
7.18

Aaa BONDS

N. A.

* AVERAGES OF RATES AVAILABLE.

6

** BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.
3B8* SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK END ING 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
-T3 14. C

10.0

FEDERAL FUNDS RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

5 19

2 16 30 13 27 11

25

8 22

DISCOUNT RATE

6 20

3 17 31

14 28 14 28 11 25

FEB

MAR

APR

9 23

8 20

JUN

1

15 29 12 28

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 5, 1975

1975
JULY

4
1 1
18
25
AUG.
1
8
15
22
29
SEP.
5 *
12
19
26

FEDERAL
FUNDS *X

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

6.31
6.06
5.93
6.14
6.25
6.09
6.08
6.15
6.23
6.06

5.98
6.06
6.05
6.27
6.28
6.42
6.42
6.46
6.49
6.41

6.47
6.50
6.53
6.82
6.86
7.1 1
7.17
7.26
7.16
7.09

7.62
7.65
7.67
7.79
7.86
8.05
8.13
8.20
8.12
8.06

6.89
6.89
6.87
6.90
6.92
7.00
7.01
7.14
7. 12
7.10

* AVERAGES OF RATES AVAILABLE.
** §£VEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

NET TIME DEPOSITS
ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL IOMS OF DOLLARS

BILLIONS OF DOLLARS
370

BILLIONS
JUL.
r

23

AUG

365

357.9
358.3
358.6
359.5
359.5
360.2

360

355

350

345

- 340

335

330
325

320

3 17 31

14 26 11 25

AUG

9 23

SEP
1974

6 20

4 16

NOV

DEC

1

15 29 12 26 12 26

FEB

9 23

7 21

MAY
1975

MAR

4 16

2 16 30 IS 27 10 24

AUG

JUN

SEP

LATEST DATA PLOTTED WEEK ENDING* AUGUST 27, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
X 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 *100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
8/28/74

11/27/74

1/29/75

2/26/75

3/26/75

4/30/75

5/28/75

6/25/75

9.0
9.7
10. 1
10.4
10.9
11.9
12.2
11.9

11.2
11.5
1 1.6
12.2
13.5
13.7
13.1

13.4
12.8
13.4
15.0
15.0
14.0

12.2
13.2
15.3
15.1
14.0

13.4
16. 1
15.7
14.2

18.7
17.2
14.9

18.0
14.8

11.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
1/29/75
2/26/75
3/28/75
4/30/75
5/28/75
6/25/75
7/30/75
8/27/75

8


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
230 ------------ 1--------- ,-----

BILLIONS OF DOLLARS
---------------------------- 230

223.5

221.8

223.7

222.1
225.1

3 17 51

14 28 II 23

AUG

9 23

6 20

4 IS

NOV

SEP

DEC

1

13 29 12 26 12 M

9 23

4 IS

2 IS SO 13 27 10 24

LATEST DATA PLOTTED WEEK END I NIG t AUGUST 27, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING!
8/28/74

11/27/74

-1.5
-0.6
1.3
1.4
2.6
4.3
3.8
3.9

-2.6
1.1
1.3
3.2
5.5
4.7
4.7

1/29/75

2/26/75

3/26/75

7.2
9.3
12.2
9.3
8.5

7.1
11.5
8.2
7.5

4/30/75

5/28/75

6/25/75

9.3
7.7

1.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
1/29/75
2/26/75
3/26/75
4/30/75
5/28/75
6/25/75
7/30/75
8/27/75


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

9.5
6.5
8.2
10.7
8.6
8.0

18.0
10.7
9.1

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
100
98
96
94
92
90
88

86
84
82
80
78

76
74
72
5 17 51

14 26 II 25

AUG

SEP

9 23

6 20

4 IS

NOV

DEC

I

15 29 12 26 12 26

FEB

9 23

7 21

4 IS

MAY

MAR

JUN

2 16 30 13 27 10 24

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING. AUGUST 27, 1975
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
uli8iTvAibI«Ii,!f^cl5JJTi£^IFsD9f^2EPOSIT ISSUED IN denominations of *100,000 or more by large
WEEKLY RETORTING COMMERCIAL BANKS.

1975
JULY

2
9
16
23
30
AUG.
6
13
20
27
3
SEP.
10
17
24

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADO.
81.7
81.4
81.1
81.2
81.4
81.0
81.1
81.1
80.9

84.2
83.6
82.9
81.6
80.5
79.4
78.7
77.9
76.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIOMS OF DOLLARS
4-5 c--------- ---------- -----

B1 i_L IOMS OF DOLLARS
--------1--------- 1-------=3 4.5
1975

MILLIONS

JUL. 50
AUG. 6

3 17

JUL

31

M U 11 IS • 23

AUG

SEP

OCT
1974

6 20

NOV

4 16

1

DEC

15 29 12 26 12 26 9 23

JAN

FEB

MAR

APR

7 21

MAY
1975

255
176

4 16

2 16 30 13 27 10 24

JUN

JUL

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 5, 1975

BUSINESS LOANS

( COMMERCIAL
BILLIONS OF DOLLARS
154

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
134

-

-

-

-

-

132

-

-

-

130

130
128
126
124
-

-

-

-

-

120

~ COMP 0UNDE1> ANNl AL RATIIS
ur
AvtriAi»c ur
— THE FOUR WEEKS ENDING
AUGUST 27. 1975 FROM
THE FOUR WEEKS ENDING

114

124

-

122
120
118

118
116

128
126

-

.—

122

152

__JUN. 25,
MAY 28,
“ APR. 30,
110 — MAR. 26,
_ FEB. 26,
NOV. 27,
108 — AUG. 28,
*"l 1 1 N 1 1

112

3 17 31

JUL

1975
-7.5
1975 -11.0
1975 -12.1
1975 -12.4
1975 -12.7
1974 -11.0
1974
-5.4
1 ................Ill

14 26 11 25

AUG

9 23

SEP
OCT
1974

116
1971i

LLLL .1.1 1
6 20

NOV

4 16

DEC

j

1 1 1 1
1

1 1 1

1 1 L 1 1 1 1

15 29 12 26 12 26

JAN

FEB

MAR

9 23

APR

MILLIONS

JUL • 23
30
. AUG. 6
13
20
27
1 1 1
Mil
1 .LL
7 21

MAY
1975

4 16

JUN

120,240
120,011
119,455
119,356
119,284
119,568
1 1 1 1 1 1 1 1

114

—
—
_

112

“
1*

108

110

2 16 50 13 27 10 24

JUL

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 27, 1975


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

PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS

11

mini

FEDERAL RESERVE BANK OF ST. LOUIS
P. O. BOX 442
ST. LOUIS, MISSOURI 63166

FIRST CLASS MAIL
U. S. POSTAGE

RETURN POSTAGE GUARANTEED

PERMIT 444

FIRST CLRSSmniL

Federal Reserve Credit and Treasury Deposits at Federal Reserve Banks
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

108

----------------------------------------------- —“

FEDERAL RESERVE CREDIT U-'

TREASURY DEPOSITS AT

5

12 19 26

2

9

16 23 30 7 14

21 28 4

11

18 25 2

JUNE

MAR.

9

16 23 30 6

13 20 27
AUG.

1975
[^Seasonally adjusted
[2_Not seasonally adjusted

12

Latest data plotted week ending: August 27, 1975
Prepared by Federal Reserve Bank of St. Louis


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

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