Full text of U.S. Financial Data : Week Ending: September 8, 1976

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

U.S.

/V£7//l

L. MDXKTJOi

Week ending: September 8, 1976

LIBRARY
DEC

2 6 19791


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

Business credit demands at large commercial
banks have not yet shown signs of an upturn. Since the
beginning of the year business loans have declined by
about $8 billion. However, most of the decrease
occurred in the first three and one-half months of the
year. Since mid-April business loans have remained
virtually unchanged.
Faced with relatively weak business credit
demands, large commercial banks have not aggressively
sought additional sources of loanable funds. For
example, large CDs have decreased by about $16 billion
since the beginning of the year. As with business loans,
the decline in large CDs has slowed recently with only a
$4.4 billion drop since mid-April.
Rates paid on large CDs, which are indicative
of the prices banks pay for funds, have declined by
about 60 basis points over the last three months,
following the general pattern of other short-term
rates. Likewise, the yield on three-month Treasury
bills, which is illustrative of the return banks earn
on holdings of securities, is currently 34 basis
points below its level of three months ago.
So far this year short-term interest rates
have generally been lower and shown less variation than
in 1975. For example, since January the rate on prime
four— to six—month commercial paper has averaged almost
90 basis points below average levels of 1975. In
addition, the commercial paper rate has only varied 87
basis points between its highest and lowest levels so
far in 1976, compared to a 233 basis point range over
the course of 1975. Likewise, the rate on three-month
Treasury bills has averaged about 70 basis points below
1975 levels and has ranged from a low of 4.72 percent to
a high of 5.53 percent during 1976 (an 81 basis point
range), compared to a 159 basis point variation in
1975.

Prepared by Federal Reserve Bank of St. Louis
Released: September 10, 1976

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

1976

BILLIONS OF DOLLARS
128

MILLIONS
126

124

122

120

its

116

2 16 30 13 27 JO 24

AUG

1 I l.i

8 22

S It

3 IT 31 M » II 25 10 24

JAN

SEP

7 21

5 1#

2 15 30 14 25 11 25

APR

FEB

MAY
1976

JUL

1975

8 22

AUG

LATEST DATA PLOTTED WEEK ENDtNGi SEPTEMBER 8, 1976
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 BAMCS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE COLD 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.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
9/10/75

12/10/75

2/11/76

3/10/76

4/7/76

5/5/76

6/9/76

7/7/76

12.6
11.8
10.1
10.2
8.1
8.7

8.1
7.3
8.1
6.1
7.1

7.8
8.7
6.1
7.3

8.0
5.0
6.7

4,5
6.9

5.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
2/11/76
3/10/76
4/ 7/76
5/ 5/76
6/ 9/76
7/ 7/76
8/11/76
9/ 8/76

2


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

4.8
6.9
6.8
7.2
7.0
7.4
6.5
7.0

6.0
6.0
6.8
6.6
7.1
6.1
6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

RATIO

2.8

lSZfi

BAT IQ.

i:tti
ujj

I m 1 III

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 1, 1976
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
----- ---------- ------------- 116

H6 --------- ,------- ,---COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
SEPTEMBER 8, 1976 FROM
THE FOUR WEfeKS ENDING*
JUL.
— JUN
- MAY

7,

1976

4.5
ADJUSTED FEDERAL RESERVE CREDIT

lilfi. MILLIONS --

m 111111 m I m
2 1# 50 13 27 10 24

AUG

< 22

SEP

5 19

3 17 31 14 2< 11 23 10 24

JAN

FEB

7 21

3 10

2 10 30 14 2< 11 23

JUL

* 22

AUG

1975
LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 8, 1976
1/ RATIO OF MONEY STOCK ( Ml) / MONETARY BASE.

2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES LOANS FLOAT
AMD OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT ISCOMPUTED BY SUBTRACtING TREASURY
DEPOS
5fSEK^E B*NKS FROM THIS SERIES. AND ADJUSTING THE SERIES FORREserve requirement ratio changes and shifts in the Same type of deposits between banks
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

lSZfi.
JUL.

28

BILLIONS OF DOLLARS
720

8 ILL I QMS

715

709.0
710.3
712.0

710
705

EL

715.2

sep

-3

700

-= 695
-g 690
685
680
675

665
660
655
650
645
640
2 16 90 13 27 10 24

AUG

6 22

5 19

3 17 9t

14 26 11 23 19 24

7 21

] tt

2 16 30 14 26 11 25

JUL

SEP

6 22

AUG

1976

1975
LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE
9/5/75

12/3/75

2/4/78

3/5/76

12.0
13.6
12.5
11.0
11.3
11.1

13.0
11,7
10.1
10.6
10.5

AVERAGE OF FOUR WEEKS ENDING*

3/31/76

4/28/76

6/2/76

12.9
10.4
11.0
10.8

7.6
9.3
9.5

6/30/76

9.1
9.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
2/ 4/76
3/ 3/76
3/31/76
4/28/76
6/ 2/76
6/30/76
8/ 4/76
9/ 1/76

4


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

7,7
6.8
8.8
9.7
9.7
9.3
9.6
9.6

10.2
10.0
11.3
11.0
10. T
10.5
10.4

PREPARED BY FEDERAL RESERVE BAKK OF ST. LOUIS

0

MONEY STOCK ( M1 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
915

:

310

i

BILLIONS OF DOLLARS
315

i—i

ISIS.
- JUL. 28
- AUG. 4
11
—
IB
25
_ SEP ,
1

BILLIONS
304.7
305.5
306.3
OUT .5
306 .4
305 .6

310

A
.

A

/

305

p-

-

A

-

305

A/

300

300

A/"
205

r

J

_

v___/

■ V

/V
A

206

-

290

290

'mi
JUL

1 1 1 _L11J 1 111
AUG

SEP

•

22

OCT
1975

111 J-U.l. -LLL 111 _L111. ■111. ■111 J-LJl JLLL -LLL -LULL
11 29 19 24
8 10 2 10 30 14 1 I 11 l
0 22
a i» 9 17 91 14

NOV

DEC

JAN

r

at
APR

FEB

MAY
1970

JUN

JUL

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 1* 1070
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.0 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Mi )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
9/3/75

12/3/75

1.2
2.1
2.7
4.4
4.6
3.9
4.3
4.4

1.4
2.6
5.4
5.6
4.4
4.9
4.9

2/4/70

3/3/70

6.6
10.4
9.2
6.8
7.0
6.8

12.2
9.9
6.7
7.0
6.8

3/31/70

4/28/70

6/2/70

8/30/70

11.4
6.7
7.0
6.8

2.1
4.1
4.5

2.9
3.7

6.9

TO TIC AVERA GE
OF FOUR WEEK:
ENDING*
2/ 4/70
3/ 3/70
3/31/70
4/28/76
0/ 2/70
0/30/70
8/ 4/70
9/ 1/70


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—I 10.5

10.0
9.5

9.0
CORPORATE
8.5

8.0
7.5
MUNICIPAL
BONDS**

7.0

6.5

6.0
COMMERCIAL PAPER
5.5

5.0
90 DAY CD*
4.5

4.0

1 f5 2# 12 26 10 24

7 27

5 1#

NOV

2 16 90 IS 27 12 M

DEC

FEB

» 23

MAR

7 27

4 76

MAY

2 l« 90 19 27 10 24

JIN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE *CEK ENDfNGt SEPTEMBER 10. 1976

90 DAY
1976
JULY

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

co'swmm
5.73
5.75
5.58
5.47
5.43
5.36
5.45
5.35
5.35
5.33
5.34

PRIME
COMMERCIAL
PAPER
4-6 MONTH

acceptances

AM BONDS

MUNICIPAL
BONDS KM

5.80
5.81
5.65
5.65
5,50
5.50
5.50
5.50
5.43
5.45
5.50

5.69
5.66
5.48
5.47
5.35
5.34
5.34
5.33
5.30
5.28
5.30

8.63
8.57
8.53
8.55
8.54
8.51
8.48
8.42
8.42
8.41
8.39

6.87
6.78
6.78
6.76
6,73
6.65
6.60
6.60
6.58
6.52
N.A.

PRIME
BANKERS*

CORPORATE

IBIMJQND^BUY^R'S^ AVERAGE *\nDEX*OF 20 MUNICIPAL BONDS. THURSDAY DATA.

N.A. - NOT AVAILABLE

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

6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED SHORT-TERM INTEREST RATES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
7.5

PERCENT
7.5

-

7.0

7.0

1111
6.5

6.5
D1SCC UNT RATE

6.0

1

1

1

I I T<

1-1—

c
u

6.0

_

5,5

Vj

-

: =
5.0

11

5.0

/

V

4.5

i

FE DERAL FUNDS RATE

5.5

..-I

M il

THRfEE-MOK rTH TR EASURY
MARKET Yl ELD
']f\v

s,u.

‘K

4.5

-

4.0

4.0

5 S INI -11.1 1
4 IS

JUL

1

1 1 1 -Li i i -Ll.L ill, 1.1 1 1

15 29 t 2 26 Ip 24

AUG

SEP

OCT
1975

7 21

NOV

5 19

DEC

nii _LLL 111 1

7 21
4 IS
±i± -11.1

FEB

MAY
1976

2 16 50 13 27 12 26

JAN

MAR

9 25

APR

JUN

.11.11

111 _llL

2 16 30 15 27 10 24

JUL

AUG

SEP

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* SEPTEMBER 10, 1976

1976
JULY

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

FEDERAL
FUNDS WM

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

5-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

5.58
5.37
5.27
5.30
5.28
5.36
5.25
5.29
5.28
5.28
5.25

5,36
5.34
5.15
5.23
5.17
5.16
5.17
5.15
5.11
5.09
5.10

6.08
5.90
5.72
5.84
5.74
5.72
5.65
5.64
5.59
5.56
5.52

7.36
7.30
7.18
7.26
7.21
7.12
7.06
7.04
6.98
6.91
6.89

7,84
7.81
7.79
7.84
7.84
7.82
7.80
7.79
7.76
7.72
7.70

* AVERAGES OF RATES AVAILABLE.
** SEVEN-«AY 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 GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.

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
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

415

1STa

BILLIONS.

410
405

=- SEP

406.9
400.4
409.4

400
395
390
385
580
375
370
365
380
355

2 10 X) 14 27 10 24

0 22

0 10

S 17 SI 14 20 It 20 W 24

7 21

0 10

t 10 SO 14 20 II 20

0 22

LATEST DATA PLOTTED SEEK END1N6* SEPTEMBER I, 1978
CURRENT DATA APPEAR IN THE BOARD OF OOVERNORS* H.8 RELEASE.
PLUS TIME

Wt/i'Amu*
DENOMINATIONS 0T0100,000 OR MORE BY LARQE WEEKLY REPORT INC COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING}
9/3/75

12/3/75

2/4/76

3/3/76

16.2
16.1
15.0
14.4
14.7
14.5

13.6
13.2
12.0
13.5
13.6

3/31/76

4/28/76

6/2/76

6/30/76

THE AVERAGE
FOUR WEEKS
DING*
2/ 4/76
3/ 3/76
3/31/76
4/28/76
6/ 2/76
6/30/76
8/ 4/76
9/ 1/76

8

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

13.2
14.3
14.0
14.2
13.9
13.7
14.0
14.0

17.0
10.1
16.1
15.4
14.9
15,0
14.9

13,9
13.3
14.0
13.9

12,1
13.5
13.5

14.1
14.0

14.9

PREPARED BY FEDERAL RESERVE SANK OF ST. LOUIS

0

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

BILLIONS OF DOLLARS

ISIS.

BILLIONS OF DOLLARS
240

BILLIONS
226.4
227.1
227.6

235

227.2

230

225

220

215

2 16 50 15 27 10 24

AUG

8 22

S It

3 17 At

SEP

M 26 It 25 to 24

JAN

7 21

5 16

2 16 30 14 26 It

FEB

JUL

AUG

LATEST DATA PLOTTED WEEK EWING* SEPTEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
a/3/75

12/3/75

2/4/76

5/5/76

3/31/76

4/28/76

10.9
5.5
6.1
5.9

0.5
3.0
3.5

8/2/76

6/30/76

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
2/ 4/78
3/ 3/76
3/31/76
4/28/76
6/ 2/76
6/30/76
8/ 4/76
9/ 1/76


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

-1.1
-0,1
0.5
2.4
2.8
2.0
2.6
2.8

-1.1
0.3
3.4
3.8
2.5
3.2
3.4

5.1
9.1
8.1
5.4
5.8
5.7

11.0
9.0
5.3
5.9
5.8

1.5
2.7

6.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT

LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
88
86
84
82
80
78
76
74
72
70
68
66
64

2 16 30 13 27 tO 24

AU6

8 22

3 1»

3 17 SI

SEP

14 28 11

JAN

25 to 24

7 21

5 18

FEB

2 16 30 14 28 11

JUL

1075

25

8 22

AUG

1976

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

1976
JULY

7
14
21
28
AUG.
4
11
18
25
SEP.
1
6
15
22
29

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ.
SEAS. ADJ.
69.7
89.2
69.0
68.2
67.3
66.6
66.2
65.9
65.8

71.5
70.4
69.7
68.2
66.5
65.4
64.4
63.5
62.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

#x

BORROWINGS FROM FEDERAL RESERVE BANKS

%

CALL MEMBER BANKS

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

JM

I I I I
2 16 30 13 27 (0 24 6 22
AUG
SEP
1075

3 10

3 17 31 14 20 11 25 10 24
JAN
FEB

7 21

5 10

MILLIONS

2 16 30 14 28 11

JUL

25

8 22

AUG

1976

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 8. 1976

BUSINESS LOANS
(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
126
124
122
120
118
116
114
112
110
108

_ CONFOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
“THE FOUR WEEKS ENDING
- SEPTEMBER 1. 1976 FROM
— THE FOUR WEtKS ENDING*

106
104

-4.6
-3.6
-3.1
-8.7
_ MAR

JUL. 28

102

100

11.8

-

96

— SEP
I I I I 11

LLLL.,1 Mil
2 16 30 13 27 10 24

AUG

8 22

5 19

I I 1 I 1 I 111 nut
3 17 31

14 28 11

JAN

SEP

FEB

1975

7 21

5 19

APR

25 10 24

MAY
1976

2 16 30 14 26 II

JUL

25

6 22

AUG

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 1. 1976


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

FEDERAL RESERVE BANK OF ST LOUIS
P. 0. BOX 442
ST. LOUIS, MISSOURI 63166
RETURN POSTAGE GUARANTEED


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

permi:

fIRST CLASS (RAIL

PRESORTED

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ANNUAL RATES
THE FI
ocr iunn i.
WEEKS EfOlhK)

550
ADJUSTED
540

2,

1976

31,

1976

3, 1975
CREDIT PROXY ADJUSTED 1/

=

510

CREDIT PROXY

CREDIT
PROXY
515.2

524.3
523.4
523.0

470

522.5

1.1.11.111.1
2 16 30 13 27 10 24

6 22

6 10

3 17 31 14 26 11 23 10 24

7 21
APR

1975

5 10
MAY
1976

2 16 30 1 4 28 11 23

8 22

LATEST DATA PLOTTED WEEK ENDING* SEPTEMBER 1, 1976
CURRENT DATA APPEAR IN THE BOARD OP GOVERNORS' H.9 RELEASE,
1/ INCLUDES MEMBER BANK DEPOSITS, BANK-RELATED CO^CRCIAL PAPER, EURODOLLAR BORROWINGS OF
U,S. BANKS, AM) CERTAIN OTHER NONDEPOSIT SOURCES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS