Full text of U.S. Financial Data : Week Ending: September 8, 1971

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Week ending: September 8,1971
LIBRARY
JUN 0 5 1979
The growth of most monetary aggregates has slowed in recent
months. The money stock, defined as private demand deposits and
currency in the hands of the public, has expanded at a 6.2 per cent
annual rate since the four week period ending June 2 (page 5). Although
money growth has slowed from the rapid 12 per cent rate in the first
five months of this year, the rate in the latest three months ranks
in the 87th percentile of all consecutive three-month periods since
World War II. Over the entire eight-month period, money has risen
at about a 10 per cent annual rate. These rates compare to a 3.3 per
cent trend growth rate of money from 1957 to 1969 and 5.4 per cent in
1970.
Other monetary aggregates also have slowed in recent months.
For example, money plus total time deposits have risen at an 8.5 per
cent annual rate in the past three months, compared with a 16 per cent
increase in the previous twelve months (page 7). This broader measure,
minus large certificates of deposit (known as M2), has increased at a
6.8 per cent rate in the past three months. In comparison, M2 grew at a
6.7 per cent trend rate from 1960 to 1970. In addition to the somewhat
slower growth of the money stock, a marked slowing of the reinter­
mediation of time deposits has also contributed to the smaller growth
of these broad aggregates. For instance, net time deposits have risen
at a 7.3 per cent rate in the past three months, compared with a 19 per
cent increase in the previous year (page 6).
Growth of reserve measures, which largely determine the
growth trend of other monetary aggregates, has decelerated, contri­
buting significantly to the slower growth of the money stock (page 2).
For instance, the monetary base has slowed to a 6.8 per cent annual
rate of increase in the past three months, compared with an 11 per
cent rate of increase in the previous five months. Growth of Federal
Reserve credit, which comprises the main source component of the base,
has slowed to a 12.4 per cent rate in the past three months, after
expanding at a 14 per cent rate in the previous five months. In the
past three months, System net purchases of Government securities
have contributed about three-fourths of the growth in Federal Reserve
credit, while the remainder has been due to the increase in member
bank borrowings. In the previous five months, System purchases
accounted for all of the increase in Federal Reserve credit (other
than seasonal factors), while borrowings changed little on balance.


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

Prepared by Federal Reserve Bank of St. Louis

Released: September 10, 1971

MONETARY BASE 1/
FEDERAL RESERVE CREDIT*/
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 8. 1971 FROMTHE FOUR WEEKS ENDING.
-

JUL.

7,

1971

'

9.0

6.8

MONETARY BASE

7.8

---- APR

8.0
8.3
9.0
9.6

~

1971

MILLIONS.

76
_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
— SEPTEMBER 8. 1971 FROMTHE FOUR WEEKS ENDING.

-----APR
_

FEB.

10

1971
1971
1971
1971
1971
1971
1971

15.1
12.4
12.8
12.0
10.8
11.8
13.3

74
FEDERAL RESERVE CREDIT
72

~

70

68
1211

MILLIONS

66

1

15 20 12 20

0 23

7 21

OCT
1970

4 18

NOV

2 10 30 IS 27 10 24 10 24

JAN

FEB

7 21

5 10

APR

MAY
197 I

2 10 90 14 28 II 23

« 22

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 8. 1971
1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES ANO CURRENCY HELD BY THE PUBLIC AND NONMEMBER
BANKS, AOJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF THE BASE SEE THE AUGUST 1968 ■•REVIEW’' OF THIS BANK.
2/ DEFINED TO INCLUDE HOLDINGS OF SECURITIES, LOANS, FLOAT AND "OTHER1' 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

3

RESERVES
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
32.5 ------------ ---------- r-

BILL IONS OF DOLLARS
—I----------------------- 32.5

32.0

30.5

28.5

28.0

28.0

l

15 29 12 28

9 23

7 21

4 18

OCT

NOV

2 18 30 13 27 10 24 10 24

JAN

FEB

7 21

3 19

APR

MAY

2 16 30 14 28 II

25

8 22

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 8, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.

* BREAK IN SERIES DUE TO CHANGES IN REGULATION D EFFECTIVE OCTOBER 1, 1970.


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

1971
AUG.

SEP.

BILLIONS
4
1 1
18
25
1
8

31.8
31.5
31.8
31.4
31 .9
32.3

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
SEPTEMBER 8, 1971 FROM
THE FOUR WEEKS ENDING:
JUL.
JUN.
MAY
APR.
MAR.
FEB.
JAN.

7.
9,
5,
7.
10,
10,
6,

1971
1971
1971
1971
1971
1971
1971

13.7
6.5
8.6
8.6
8.7
9.3
9.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
180 ------------ 1----------1-----

BILLIONS OF DOLLARS
----- ---------- ------------- 180

BILLIONS
174.9
176.7
176.7
176.4

I

IS 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

7 21

3 19

2 IS 30 H 21 II 25

JUL

FEB

8 22

AUG

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 1, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
9/2/70

12/30/70

1.9
4.9
5.7
6.2
8.0
7.5
7.5
7.4

9.4
9.8
9.9
12.3
10.8
10.2
9.8

2/3/71

3/3/71

16.8
14.6
16.4
13.7
12.5
11.7

10.5
14.3
11.5
10.6
10.0

3/31/71

4/28/71

6/2/71

6/30/71

16.0
11.8
10.6
9.9

12.4
10.6
9.8

5.4
5.9

7.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
2/ 3/71
3/ 3/71
3/31/71
4/28/71
6/ 2/71
6/30/71
8/ 4/71
9/ 1/71


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

PREPARED BY FEDERAL RESERVE BAFK OF ST. LOUIS

5
MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

billions of dollars

billions

226.9
228.6
228.7
227.2

1

15 29 12 26

9 23

7 21

4 18

2 16 30 13 27 10 24 10 24

JAN

7 21

5 19

2 16 30 14 28 11

25

8 22

FEB

1970

1971

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 1.

1971

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

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
9/2/70

12/30/70

2.7
5.2
5.9
6.5
7.9
7.5
7.6
7.5

9.2
9.7
10.0
1 1.8
10.5
10.2
9.7

2/3/71

3/3/71

15. 1
13.8
15. 1
12.8
12.0
11.1

10.9
13.7
11.2
10.6
9.9

3/31/71

4/28/71

6/2/71

6/30/71

15. 1
1 1 .4
10.6
9.7

11.5
10.5
9.4

6.3
6.2

7.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 3/71
3/ 3/71
3/31/71
4/28/71
6/ 2/71
6/30/71
8/ 4/71
9/ 1/71


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
270 rr---------- ---------- -----

BILLIONS OF DOLLARS
----- ---------- -----------3 270

TOTAL TIME DEPOSITS

NET TIME DEPOSITS *

1

15 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

5 19

APR

MAY

2 16 30 14 28 II 25

JUL

8 22

AUG

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 1, 1971
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 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
9/2/70

12/30/70

2/3/71

3/3/71

34.7
27.4
23.8
21.5
18.2
16.4

22.2
19.6
17.8
14.8
13.3

3/31/71

4/28/71

6/2/71

6/30/71

14.8
14.0
1 1 .5
10.3

14. 1
10.8
9.6

8.3
7.3

5.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 3/71
3/ 3/71
3/31/71
4/28/71
6/ 2/71
6/30/71
8/ 4/71
9/ 1/71


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

18.3
21.2
22.4
21.4
20.6
19.8
18.2
17.2

30.4
30.6
26.4
23.9
22.0
19. 1
17.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK PLUS TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
500 |=---------- ----------------

BILLIONS OF DOLLARS
----- ---------- ---------- =q 500

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

I

15 29 12 26

9 23

T 21
OCT

4 18

2 16 30 13 27 10 24 10 24

NOV

JAN

7 21

3 19

2 16 30 14 2ft II 23

FEB

JUL

ft 22

AUG

1970
LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 1,

1971

CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS1 H.6 RELEASE.
** M* 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:
9/2/70

12/30/70

2/3/71

3/3/71

24.5
20.6
19.3
17.1
15.0
13.7

16.6
16.4
14.4
12.6
1 1.5

3/31/71

4/28/71

6/2/71

6/30/71

14.8
12.7
11.0
10.0

12.5
10.4
9.3

7.3
6.8

6.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/ 3/71
3/ 3/71
3/31/71
4/28/71
6/ 2/71
6/30/71
8/ 4/71
9/ 1/71


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

10.0
12.7
13.7
13.6
13.9
13.4
12.7
12. 1

19. 1
19.4
17.9
17.5
16.0
14.4
13.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

s

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1

13 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 2A 10 24

JAN

FEB

BILLIONS OF DOLLARS

7 21

5 10

APR

MAY

2 16 30 14 28 II 25

8 22

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER l, 1971
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 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

1971
JULY

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

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOSITS*

29.6
30. 1
30.1
30.5
30.0
29.7
30.3
30.5
30.7

226.5
226.5
226.8
227.0
227.5
227.7
227.6
228.2
228.1

M2 mm
455.1
453.8
454.5
453.9
454.2
456.3
456.3
456.2
455.3

K SEE FOOTNOTE PAGE 6.
*K SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9
MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

CREDIT PROXY ADJUSTED 1/

WED IT PROXY

I

15 29 12 26

S 23

7 21

4 18

OCT

NOV

2 16 30 13 27 10 24 10 24

JAN

FEB

7 21

5 IS

APR

MAY

2 16 30 14 28 It 23

JUL

8 22

AUG

LATEST DATA PLOTTED WEEK ENDING« SEPTEMBER 1. 1971
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.

I9LL

JUL.
AUG.

28
4
1 1
18
25
SEP.
1


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

9IU-IQN5
CRED1T
PROXY

CREDIT
PROXY
ADJUSTED

344.4
344.2
344.4
346.8
350. 1
349.0

348.7
348. 1
348.7
350.5
353.8
353.0

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
SEPTEMBER 1. 1971 FROM THE FOUR
WEEKS ENDINGi
CREDIT
CRED1T
PROXY
PROXY
ADJUSTED
JUN.
JUN.
APR.
MAR.
MAR.
FEB.
DEC.

30,
2,
28,
31,
3,
3,
30,

1971
1971
1971
1971
1971
1971
1970

11.7
8.7
9.6
10.6
11.2
12.7
13.3

10.5
8.5
8.4
8. 1
8.0
9.0
9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DA ILV RATES ENDED FRIDAY

PER CENT

PER CENT
9.0

8.5
CORPORATE AAA BONDS
8.0

7.5

7.0
MUNICI PAL
6.5
PRIME COMMERCIAL
LOAN RATE

6.0

5.5

5.0
DISCOUNT RATE
4.5

THREE-MONTH TREASURY
BILL MARKET YIELD

4.0

3.5

3.0

3 17 31

14 28 II 25

AUG

SEP

9 23

6 20

4 18

NOV

DEC

1

15 29 12 26 12 26

FEB

9 23

7 21

4 18

MAR

2 16 30 13 27 10 24

AUG

LATEST DATA Plotted ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGj SEPTEMBER 10.

1971
JULY

AUG.

SEP.

2
9
16
23
30
6
13
20
27
3
10 m
17
24

CORPORATE
AM BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS at*

7.63
7.65
7.64
7.63
7.66
7.69
7.71
7.48
7.50
7.45
7.41

5.17
5.40
5.38
5.45
5.39
5.28
5.24
4.71
4.69
4.47
4.57

6. 70
6. 70
6.64
6.82
6.92
6.85
6.81
6.05
6.06
5.89
5.88

5.97
5.92
5.82
5.91
5.96
5.93
5.90
5.64
5.70
5.58
5.50

6.19
6.06
6.03
5.97
6.05
6.07
6.03
5.49
5.71
5.39
N.A.

SEP
1971

* AVERAGES OF RATES AVAILABLE.
BOND BUYER'S AVERAGF INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
N.A. - NCT 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

PER CENT
9.0 ------

PER CENT
------- 9.0

8.5

8.5

8.0

8.0

7.5

7.5

7.0

7.0

6.5

6.5

6.0

6.0

COMMERCIAL PAPER
4-T0-6 MONTH

5.5

5.£

5.0

5.

4.5

4.1
FEDERAL FUNDS RATE

4.0

4.<

3.5

3.1

3.0

3.(

0

il l I 1 I I I I I 111..1 1 1 1 1 I I I 1 I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
3 17 31

JUL

14 28 II 25

AUG

9 23

SEP
OCT
1970

6 20

4 18

NOV

DEC

1

15 29 12 28 12 28

JAN

FEB

MAR

9 23

APR

7 21
MAY

4 18

JUN

2 16 30 13 27 10 24

JUL

AUG

SEP

1971

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. SEPTEMBER 10, 1971*


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

PRIME
COMMERCIAL
PAPER
4-6 MONTH

1971
JULY|
,1-

AUG.

SEP.

2
9
16
23
30
6
13
20
27
3
10 #
1 7
24

5.65
5.75
, 5.75
! 5.75
5.75
5.75
5.83
5.78
5.63
5.70
5.75

FEDERAL
FUNDS

PRIME
BANKERS'
ACCEPTANCES

90 DAY
CD'S »8K

5.10
5.10
5.20
5.48
5.40
5.65
5.58
5.53
5.48
5. 70
5.72

5.60
5.63
5.50
5.63
5.63
5.63
5.63
5.55
5.53
5.50
5.50

5.53
5.59
5.68
5.77
5.80
5.80
5.82
5.88
5.75
5.56
5.55

“

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DATS AVAILABLE
*# DATA ARE SECONDARY MARKET RATES, WEEKLY AVERAGES ENDING WEDNESDAY TWO
DAYS FARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

BORROWINGS AND EXCESS RESERVES

ALL MEMBER BANKS
2.0

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

—1--------------------

1

------------------------- --------------------- —

2.0

BORROWINGS

EXCESS RESERVES

0.8

-

NET FREE RESERVES

1.2

1.2

-

-

1.6

-

I

15 29 12 26

JUL

AUG

9 23

7 21

SEP
OCT
1970

4 18

NOV

2 16 30 IS 27 10 24 10 24

DEC

JAN

FEB

MAR

7 21

3 19

APR

MAY
1971

2 16 30 14 28 11 23

JUN

JUL

AUG

8 22

SEP

LATEST DATA PLOTTED WEEK ENDING) SEPTEMBER 8, 1971


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

MILLIONS
1971
JULY

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

EXCESS
RESERVES
277
5
282
67
517
27
289
109
345
224

BORROWINGS
661
991
1121
545
764
593
1180
771
708
765

FREE
RESERVES
-

384
986
839
478
247
566
891
662
363
541

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2.0

-