Full text of U.S. Financial Data : Week Ending: September 6, 1972

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Week ending: September 6r 1972
LIBRARY

JUN 0 5 1979
Growth of the money stock has increased at a relatively
rapid rate so far this year. In the eight months since the four
weeks ending December 29, money has increased at an 8.3 percent
annual rate. This rate compares with a 5.9 percent trend rate
from late 1966 to late 1971, and a 2.3 percent rate from 1952 to
1966. The current trend growth rate can be a useful reference
for judging the impact of recent monetary growth on economic
activity. If
Accompanying the rapid growth of money have been similar
rates of growth in the underlying reserve aggregates. For
example, reserves available to support private nonbank deposits
(RPDs) 2_/ have increased at a 10.1 percent annual rate in the past
eight months. For comparison, this aggregate increased at a 6.1
percent annual rate from late 1966 to late 1971. The monetary
base has increased at an 8.9 percent rate in the past eight
months, compared with a trend rate of 5.8 percent from late 1966
to late 1971.
Part of the increase in reserve aggregates during the
past eight months has resulted from an increase in member bank
borrowings, although most of the increase has been due to an
increase in Federal Reserve holdings of U.S. Government securities.
Member bank borrowings have increased from about an average $110
million last December to an average $512 million in the most recent
four weeks, while Federal Reserve holdings have increased about
$2.6 billion over the same period.
The Federal funds rate has averaged 4.85 percent in the
past four weeks, compared with 4.14 percent last December. Mean­
while, the discount rate has remained at 4-1/2 percent since last
December. In the past, as the Federal funds rate has risen
relative to the discount rate, member bank borrowings from the
Federal Reserve have tended to increase (see chart on p. 9 of
"U.S. Financial Data," 8/30/72). An increase in borrowings
provides reserves for further deposit creation if not offset by
other factors, such as system holdings of securities.

—

For a discussion of the economic effects of changes in the trend
rate of money and movements around the trend, see "Government
Debt, Money, and Economic Activity" in the January 1972 Review of
this Bank.

2/

—


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Federal Reserve Bank of St. Louis

.

.

For a discussion of RPDs see "RPDs and Other Reserve Operating
Targets," in the August 1972 Review of this Bank.

Prepared by Federal Reserve Bank of St. Louis

Released: September 8, 1972

2

MONETARY BASE v
MULTIPLIER 2/

AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
96

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
.—-SEPTEMBER 6, 1972 FROMTHE FOUR WEEKS ENDING*
-

JUL.
JUN
MAY
-----APR
MAR
_ FEB
SEP

5,
~

1972

9.9

1972
MONETARY BASE

1972

MILLIONS

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 6, 1972
RATIO

RATIO

MULTIPLIER

— 2.4

7 21

4 18

JUL

AUG

I

15 2B 13 27 10 24

8 22

5 IB

2 16

JAN

FEB

I

15 2B 12 26 10 24

7 21

5 IB

2 IA SO 13 27

LATEST DATA PLOTTED WEEK ENDING, AUGUST 30, 1972
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER
BANKS, 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 )


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Federal Reserve Bank of St. Louis

/

MONETARY BASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS^

3

ALL MEMBER BANKS

FEDERAL RESERVE CREDIT*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

31.0

“
_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING SEPTEMBER 6, 1972 FROM
THE FOUR WEEKS ENDINGt

31.0

1972
1972

-

30.5

-

30.0

30.5
Z

BILLIONS OF DOLLARS
31.5

APR

1972
1972
1972
1971

30.0

12.5
10.9
10.3
9.1
9.7
10.5
7.9

29.5

RESERVES

29.0

29.0

1972.

BILLIONS
30.57
30.43
30.56
30.88
31.44

—

28.5

—

28.0

lllll

84
COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING _
SEPTEMBER 6, 1972 FROM
THE FOUR WEEKS ENDINGt
JUL.
JUN.
MAY
APR
MAR
FEB
SEP.

5, 1972
7, 1972
- -------1972
1972
. _____
8, 1971

82
FEDERAL RESERVE CREDIT

3.1
3.6_

80

- -

78

7.3

76

1972

MILLIONS — 74

72

L.l.l 1 1 I

I I I I
4 18

JUL

1

15 20 15 27 10 24

AUG

8 22

5 10

2 16

JAN

FEB

1

15 20 12 26 10 24

1971

7 2!

5 10

2 16 50 13 27

1972

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 6, 1972
1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER*1 ASSETS, ADJUSTED FOR
RESERVE REQUIREMENT CHANGES AND 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
184.5
184.8
185.0
185.9
185.2
186.0

AUG.

4 18

1

15 20 13 27 10 24

8 22

5 10

2 16

JAN

FEB

1

15 20 12 26 10 24

1971

7 21

5 10

2 16 30 13 27

1972

LATEST DATA PLOTTED WEEK ENDING: AUGUST 30,

1972

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/1/71

12/29/71

2/2/72

3/1/72

3/29/72

5/3/72

5/31/72

6/28/72

9. 1
7. 1
6.9
9.4
8.5

4.9
5.2
8.8
7.8

4.4
9.6
8.2

12.7
9.8

11.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 2/72
3/ 1/72
3/29/72
5/ 3/72
5/31/72
6/28/72
8/ 2/72
8/30/72


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

0.0
2. 1
3.4
3.8
3.7
3.9
5.4
5.2

8.5
9.7
8.8
7.7
7.4
9. 1
8.5

13.2
10.6
8.7
8.2
10.1
9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
JUL.

26

239.5
239.7
240.1
240.9
240.4
241.2

5.9*/ TREND LINE FROM

<« 18

JUL

5 29 13 27 to 24

S 22

AUG

3 19

2 t«

JAN

FEB

1

IS 29 12 20 10 24

1971

7 21

3 19

2 10 30 13 27

1972

LATEST DATA PLOTTED WEEK ENDING* AUGUST 30, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/1/71

12/29/71

2/2/72

3/1/72

3/29/72

5/3/72

5/31/72

6/28/72

9. 1
7.8
7.3
9. 1
8.3

5.8
5.8
8.4
7.6

5.4
9.2
7.9

11.0
8.8

10.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 2/72
3/ 1/72
3/29/72
5/ 3/72
5/31/72
B/28/72
8/ 2/72
8/30/72


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

1.0
2.8
4.1
4.4
4.5
4.6
5.7
5.5

8.4
9.6
8.7
8. 1
7.7
8.9
8.3

12.8
10.3
9.1
8.4
9.7
8.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS of dollars

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

7 21

4 IS

JUL

AUG

1

15 29 13 27 10 24

OCT

9 22

NOV

5 19

2 16

JAN

FEB

1

15 29 12 2« 10 24

7 21

5 19

JUN

JUL

2 16 30 U P

LATEST DATA PLOTTED WEEK ENDING* AUGUST 30, 1972
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 9100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
9/1/71

12/29/71

2/2/72

3/1/72

14.3
12.1
12.7
13.1
12.2
12.1

9.3
10.9
11,8
11.1
11.1

3/29/72

5/3/72

5/31/72

6/28/72

1 1.3
1 1.3

9.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
2/ 2/72
3/ 1/72
3/29/72
5/ 3/72
5/31/72
6/28/72
8/ 2/72
8/30/72


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

16.3
16.6
15.7
14.7
14.7
14.7
14.0
13.8

22.1
18.2
15.5
15.3
15.3
14.2
13.8

11.3
12.4
11.3
1 1.3

14.7
12.3
12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
550 =------- ---------- --------

BILLIONS OF DOLLARS
----- -------------------- =1 550

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS MK

7 21

JUL

I

15 26 15 27 10 24

AUG

OCT

« 22

NOV

5 IS

2 10

JAN

FEB

1

15 28 12 26 10 24

7 21

5 19

JUN

JUL

2 10 30 15 27

LATEST DATA PLOTTED WEEK ENDING* AUGUST 50, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
** Mt 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:
9/1/71
12/29/71
2/2/72
3/1/72 3/29/72
5/3/72 5/31/72 6/28/72
TO THE AVERAGE
OF FOUR WEEKS
ENDING*
2/ 2/72
3/ 1/72
3/29/72
5/ 3/72
5/51/72
B/28/72
8/ 2/72
8/30/72


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

8.5
9.6
9.8
9.5
9.6
9.6
9.8
9.7

15.0
13.8
12.1
11.7
11.5
11.5
11.1

13.6
11.2
10.9
TO. 8
1 1.0
10.5

9.2
9.4
9.6
10.1
9.7

8.6
9,1
9.8
9.5

10. 1
10.7
10.0

11.0
10.1

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

8

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

4 18

JUL

AUG

1

IS 29 19 27 10 24

OCT

NOV

8 22

S 19

2 18

JAN

FEB

1

BILLIONS OF DOLLARS

15 29 12 28 10 24

7 21

5 19

JUN

JUL

2 16 SO 13

rr

1372
LATEST DATA PLOTTED WEEK ENDING. AUGUST SO, 1872
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.« RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1972
JULY

AUG.

SEP.

5
12
19
26
2
9
16
23
30
6
13
20
27

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

37.4
37.9
38.2
38.5
38.6
38.6
38.8
39.7
40.4

255.7
255.0
255.3
255.9
256.5
257.0
257.7
257.8
258.5

M2

m

493.7
495.8
495.0
495.4
496.2
497.2
498.6
498.3
499.7

K SEE FOOTNOTE PAGE 6.
N8K 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
395

385

375
CREDIT PROXY ADJUSTED 1/

365

355
CREDIT PROXY
345

335

7 21

4 18

JUL

AUG

1

15 29 13 27 10 24

8 22

3 10

2 13

JAN

FEB

1

15 20 12 23 10 24

7 21

3 10

2 18 30 13 27

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 30, 1972
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

U

INCLUDESMEfcBER BANK DEPOSITS, BANK-RELATED COMMERCIAL PAPER, EURODOLLAR BORROWINGS OF
U.S, BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

1972

JUL.
AUG.


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Federal Reserve Bank of St. Louis

BILLIONS

26
2
9
16
23
30

CREDIT
■fRPXY

CREDIT
PROXY
ADJUSTED

384.2
383.4
384.0
385.7
384.3
386.0

388.2
387.5
388.2
389.8
388.7
390.1

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
AUGUST 30, 1972 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
-PEPXY ADJUSTED
JUN. 28,
MAY 31,
MAY
3,
MAR. 29,
MAR.
1,
FEB.
2,
SEP.
1.

1972
1972
1972
1972
1972
1972
1971

10.0
8.5
10. 1
11.0
12.2
1 1 .6
10.7

10.6
9.0
10.5
11.2
12.5
11.6
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

----- 8.0
■LULL

8.0 ---—

7.0

6.5

-

6.5
COMMERC
pL RIME
OAN RATE

-**>

Ll u j J

5.5

V

y

/ ”\

MUNIC IPAL
BONDS
V.

_

N

/

/

"

\

---- 'v

V

■N V

■N

✓

1

=

5.5

V. y
5.0

~?

ISCOU MT RATE
k

\r\

IN I.

/■

/

=

/

z

4.5

4.0

TTTT TTTT TTTT

2.5

r

Vj

4.5

3.0

6.0
-

V

5.0

3.5

-

IAL

A

"A

4.0

7.0

-

X

6.0

7.5

CORPO RATE Ai M BON 3S

TTTT TTTT

7.5

3.5
3.0

THREE1-MONTH TREASJURY
BILL MARKET YIELE

2.5
Mil"

s 1111
JUL

■ 1.1.1.. 1 1 L. INI
AUG

SEP

OCT
1971

Mil 111.1.

llli .

LLJ-

NOV

JAN

FEB

DEC

1 ILL, 1 1 1
MAR

APR

1 1 1

mi

111

1 1 1

MAY
1972

JUN

JUL

AUG

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt SEPTEMBER 8, 1972

1972
JULY

AUG.

SEP.

7
14
21
28
4
11
18
25
1
8 *
15
22
29

CORPORATE
Aaa BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

7.20
7.20
7.20
7.22
7.22
7,20
7.19
7.17
7.16
7.17

4.05
4.03
3.92
3.93
3.79
3.85
3.89
4.11
4.46
4,69

5.86
5.85
5.84
5.87
5.85
5.85
5.87
5.94
6.1 1
6.18

5.61
5.59
5.56
5.54
5.51
5.48
5.53
5.56
5.62
5.66

-

MUNICIPAL
BONDS aw
___ m____________
5.43
5.44
5.41
5.35
5.32
5.24
5.22
5.32
5.38
N. A.

* AVERAGES OF RATES AVAILABLE.
mu
BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA,
N.A. - NOT AVAILABLE


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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

----- 8.0

7.5

7.0

6.5

6.0

COMMERCIAL PAPER
4-T0-6 MONTH

5.5

5.0

4.5

4.0

3.5
FEDERAL FUNDS RATE
3.0

2.5
I I I I 1 I I I
2 16 30 13 27 10 24

AUG

6 22

5 19

3 17 31

SEP

14 28 II 23 10 24

JAN

FEB

7 21

5 19

APR

MAY

2 16 30 14 26 11 25

JUL

8 22

AUG

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 8, 1872


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

1972
JULY

7
14
21
28
AUG.
4
11
18
25
SEP.
1
8 X
15
22
29

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S MR

4.88
4.88
4.88
4.80
4.73
4.70
4.85
4.88
4.95
5.07

4.69
4.53
4.43
4.47
4.63
4.78
4.91
4.69
5.13
4.68

4.75
4.75
4.75
4.68
4.63
4.63
4.63
4.75
4.75
4.75

4.78
4.93
4.89
4.80
4.72
4,70
4.76
4.84
4.92
4.98

m
AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE
JW< 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

BORROWINGS AND EXCESS RESERVES
ALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1.2

BORROW INGS

0.8

0.4

-0.4

NET FREE RESERVES

0.8

-

0.8

-

1.2

-

1.2

-

EXCESS RESERVES

-0.4

7 21

I

IS 29 IS Z7 10 24

OCT

NOV

0.4

9 22

5 19

2 16

JAN

FEB

1

IS 29 12 2« 10 24

T 21

5 19

JUN

JUL

2 t«

IS *7

LATEST DATA PLOTTED WEEK ENDINGj SEPTEMBER 6, 1972


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

MILLIONS
1972
JULY

5
12
19
26
AUG.
2
9
16
23
30
SEP.
6
13
20
27

EXCESS
RESERVES
328
223
147
79
242
130
311
131
280
835

BORROWINGS
312
227
173
172
363
287
381
350
477
838

FREE
RESERVES

”
-

16
4
26
93
121
157
70
219
197
3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS