U.S. Financial Data: Week Ending: April 5, 1972

UBRArYJUN 0 5 1979

Week ending: April 5, 1972

The nation's money stock has risen at a 9.4 percent annual rate in the past three months, after little increase in the last five months of 1971. For comparison, money grew at a trend rate of 5.9 percent from the fourth quarter of 1966 to the fourth quarter of 1971. The demand deposit component has risen at about the same rate in the past three months as the total money stock.

The acceleration in the rate of increase of the monetary base has been the primary factor underlying the acceleration of the money stock in recent months. A slight decline in the money multiplier since late last year only offset a small portion of the rise in the base. The monetary base has risen at a 12.7 percent annual rate in the past three months, compared with a 3.6 percent rate in the last five months of 1971.

Federal Reserve credit has risen at an 8 percent rate in the past three months, compared with a 7 percent rate in the previous five months. In the past two months, however, Federal Reserve credit has not increased, while the base has continued to grow rapidly. The discrepancy between the two series arises from a reduction in Treasury balances at the Federal Reserve. Such Treasury actions contribute to the growth of the base.

Selected Monetary Aggregates (annual rates of growth)

4 weeks ending

12/29/71to4th Qtr. 1966 12/70 7/71 4 weeks

to to to ending4th Qtr. 1971 7/71 12/71 3/29/72Money Stock 5.9 10.3 0.8 9.4Money Stock plus Net

Time Deposits 8.1 14.9 6.1 13.7Monetary Base 5.8 9.4 3.6 12.7*Federal ReserveCredit 8.2 13.6 7.0 8.0*

* Four weeks ending January 5, 1972 to the four weeks ending April 5, 1972.

Prepared by Federal Reserve Bank of St. LouisReleased: April 7, 1972Digitized for FRASER

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

2BILLIONS OF DOLLARS

MONETARY BASE v MULTIPLIER 2/

AVERAGES OF DAILY FIGURESSEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS

94_ COMPOUNDED ANNUAL RATES

OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING— APRIL 5, 1972 FROM - THE FOUR WEEKS ENDINGi- FEB

JAN .DEC. 8. 1971

—NOV. 3, 1971OCT. 6, 1971

_ SEP. 8, 1971AUG. 4. 1971

1972 10.4

MONETARY BASE

MILLIONS

LATEST DATA PLOTTED WEEK ENDING, APRIL 5, 1972

92

90

88

86

84

RATIO

MULTIPLIER

RATIO

1 ! 5 29 12 263 17 3 17 31 14 23 12 26 9 23 7 21 1 15 29 13 27 10 24 8 22 5 19 2 16OCT NOVAPR MAY JUL AUG

RATIO 2.9

2.8

2.7

2.6

2.5

— 2.4

1971 1972LATEST DATA PLOTTED WEEK ENDING, MARCH 29. 19721/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NONMEMBER BANKS. ADJUSTED FOR RESERVE REQUIREMENT CHANGES ANO SHIFTS IN DEPOSITS. FOR A DESCRIPTION OF THE BASE SEE THE AUGUST 1968 ••REVIEW OF THIS BANK.2/ RATIO OF MONEY STOCK ( Ml ) / MONETARY BASE.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUISDigitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis


RESERVESALL MEMBER BANKS IN THE NATION

FEDERAL RESERVE CREDIT^/AVERAGES OF DAILT FIGURES

SEASONALLY ADJUSTED BILLIONS OF DOLLARS 33.533.5

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF _ THE FOUR WEEKS ENDING APRIL 5. 1972 FROM THE FOUR WEEKS ENDING.FEB. 2, 1972 9.4 "JAN. 5, 1972 12.0DEC. 8, 1971 12.3NOV. 3, 1971 11.0 -OCT. 6, 1971 7.9SEP. 8, 1971 8.0AUG. 4, 1971 7.3 _

32.5

32.0

RESERVES

31 .0

30.51972. BILL! ONS

30.0 MAR.

31.732.5

33.0

32.5

32.0

3' .5

31 .0

30.5

30.0

29.5

- COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF__THE FOUR WEEKS ENDING _APRIL 5. 1972 FROM THE FOUR WEEKS ENDING)

FEB. 2, 1972— JAN. 5, 1972 DEC. 8, 1971_ NOV. 3. 1971 ^ OCT. 6, 1971

SEP. 8, 1971 --AUG. 4, 1971

-1.5

FEDERAL RESERVE CREDIT

1972 MILLIONS —

3 IT 5 U 31 14 21 12 » 0 23 7 21 4 II 1 13 2* 13 27 10 24 1 22 5 19 2 16 1 IS 29 12 26APR MAY JUL AUG OCT NOV JAN FEB

82

80

78

76

74

70

LATEST DATA PLOTTED WEEK ENDING) APRIL 5, 19721/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.27 DEFINED TO INCLUDE HOLD!NGS OF SECURITIES, L0AN3.FL0AT AND "OTHER11 ASSETS. ADJUSTED FOR5iQyi25^ENT CHANGCS *** CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEP6siTS AMONG

wLASSkS OF BANKS•


DEMAND DEPOSfT COMPONENT OF MONEY STOCKAVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS

1912 9IUIQMSFEB, 23 MAR i re. i179.0180.2

i_LLLS 19 2 16 1 IS 29 12 261 16 1 15 29 13 27 10 24 8 223 17 3 17 31 14 28 12 26 9 23 7 21JAN FEBAPR MAY

1971 1972LATEST DATA PLOTTED WEEK ENDINGi MARCH 29, 1972CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING!3/31/71 7/28/71 9/1/71 9/29/71 10/27/71 12/1/71 12/29/71 1/26/72

TO THE AVERAGE OF FOUR WEEKS ENDINGi

9/ 1/71 9.49/29/7! 7. 1 -0.710/27/71 6. 1 -0.5 -2.612/ 1/71 4.9 -0.8 -2. 2 -1.012/29/71 4.7 -Q.3 -1.2 0.0 0.01/26/72 4.5 0.2 -0.4 0.7 0.9 2.63/ 1/72 5.3 2. 1 1.9 3.3 4.0 6.3 8.23/29/72 5.9 3.3 3.4 4. 7 5.6 7.9 9.7 12.8


BILL'ONS of DOLLARS

MONEY STOCKAVERAGES OF DAILY p I GLJRES

SEASONALLY ADJUSTED BILLIONS OF DOLLARS 240

BILLIONS232.2231.3232.4233.9233.6233,4

LLLL3 1/ 3 1/ 31 14 28 12 26 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 1 15

235

230

225

220

215

1971LATEST DATA PLOTTED WEEK ENDING. MARCH 29, 1972CURRENT DATA APPEAR !N THE BOARD OF GOVERNORS' H.6 RELEASE.

1972

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:3/31/71 7/28/71 9/1/71 9/29/71 10/27/71 12/1/71 12/29/71 1/26/72

TO THE AVERAGE OF FOUR WEEKS ENDING:

9/ 1/71 9.39/29/71 7.3 0.510/27/71 6.5 0.7 -0.9’2/ 1/71 5.3 0.0 -1.2 -0.512/29/71 5. ’ 0. 7 0.0 0.9 0.81/26/72 5.0 1. 1 0. 7 1.5 1.6 3.83/ 1/72 5.7 2.9 2.8 3.9 4.5 7.0 8.43/29/72 6.2 3.9 4.0 5. 1 5.8 8.2 9.4 12.2

PREPARED BY FEDERAL RFSFRVE BANK OF ST. LOUIS

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


TIME DEPOSITSALL COMMERCIAL BANKSAVERAGES OF DA!lY FIGURES

SEASONALLY ADJUSTED BILLIONS OF DOLLARS

TOTAL DEPOSITS

NET TIME DEPOSITS*

3 17 3 17 31 14 28 12 26 9 23 72! 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 1 15 29 12 26OCT NOV JAN FEB

— 260

280

270

250

= 240

- 230

■= 220

= 210

= 200

197’ 1972LATEST DATA PLOTTED WEEK ENDING: MARCH 29, '972 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 WFEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOS1TS

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:3/31/71 7/28/71 9/1/71 9/29/71 10/27/71 12/1/71 12/29/71 1/26/72

TO THF. AVERAGE OF FOUR WEEKS END'NG:

9/ 1/71 9.99/29/71 9.8 5.510/27/71 10.3 8.0 11.412/ 1/71 11.0 '0.0 12.9 14.8’2/29/71 11.6 '1.2 13.8 '5.4 16.01,26/72 '3.0 13.6 '6. 4 '8. 2 19.5 22. 23/ 1/72 ’3.5 M. 3 '6.6 18. 1 19.0 20.4 22.13, 29/72 '3.2 '3.8 '5.7 ’6.8 ’7.3 17.9 18.2 14.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


BILLIONS OF DOLLARS

MONEY STOCK PLUS TIME DEPOSITSAVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED D,

MONEY STOCK PLUS TOTAL TIME DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS **

3 17 3 1/ 31 H 28 12 26 9 23 / 21 1 13 29 13 2/ 10 24 8 22 5 19 2 16 1 15 29 12 26

E 510

= 500

= 490

■= 480

470

- 460

450

440

430

420

LATEST DATA PLOTTED WEEK END INGi MARCH 29, 19/2CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

M* IS DEFINED ASt CURRENCY, DEMANO DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK !PLUS NET TIME DEPOSITS i

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF 13/31/71 7/28/71 9/1/71 9/29/71 10/27/71 12/1/7

1 THE AVERAGEr FOUR WEEKSIDINGs9/ 1/71 9.69/29/71 8.5 2.810/27//1 8.4 4.3 5.312/ 1/71 8.2 4.9 5.8 7.012/29/71 8.4 5.9 6.9 8.1 8.31/26/72 9.0 7.3 8. 4 9.7 10.3 12.83/ 1/72 9.6 8.5 9.6 ’0.9 11.6 13.73/29/72 9.7 8.8 9.8 10.9 i1.5 13.0

15.013.7

1/26/72

13.2

PREPARED BY FEDFRAL RESERVE BANK OF ST. LOUISDigitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

8LARGE COMMERCIAL. BANKS

WEDNESDAY FIGURES

CERTIFICATES OF DEPOSITSEASONALLY ADJUSTED BILLIONS or DOLLAR.-' --- ------ ----- 36BILLIONS OF DOLLARS

36 ---- 1------ 1---

1 15 29 '2 265 191 15 29 13 27 10 249 23 7 213 17 31 14 28 12 263 17OCT NOV

1 972LATEST DATA PLOTTED WEEK ENOINGs MARCH 29, 1972CURRENT 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.

MONEY AND TIME DEPOSIT DATA

1972BILL!ONS

CERTIFICATES OF DEPOSIT NET TIME DEPOS1TS * M2 **

FEB. 2 33.4 242.4 472.2 19 33.5 243.0 473. 316 33.8 244.4 475.6 123 34.3 245.0 477.2 !

MAR. 1 33.8 245.9 477.3 :8 33.7 245.7 478. ’15 33.0 246.S 480.622 33. 1 246.4 480.029 33.6 246.6 479.9

APR. 512’926

* SEE FOOTNOTE PAGE 6. ** SEE FOOTNOTE PAGE 7.

PRFPARFD by FEDERAi. RFSFRv'F BANK Oc Sr. LOU’S


MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS

(CREDIT PROXY )AVERAGES OF DAILY FIGURES

billions of dollars SEASONALLY ADJUSTED billions of dollars

CREDIT PROXY ADJUSTED 1/

CREDIT PROXY

! 15 29 13 27 10 21 8 223 17 3 17 31 M 28 12 26 9 23 7 21 4 18 5 19 2 16 1 15 29 12 26APR MAY OCT NOV JAN FEB

1971 1972LATEST DATA PLOTTED WEEK ENDINGt MARCH 29, 1972

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.

1972 BILL!ONSCRED1T

CRED1T PROXYPROXY ADJUSTEDFEB. 23 363.6 367.2MAR. 1 364.7 368.3

8 366.2 369.915 368.7 372.522 369.0 372.729 369.5 373. 4

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF THE FOUR WEEKS ENDING MARCH 29, 1972 FROM THE FOUR WEEKS ENDING;

CREDIT CREDIT PROXY PROXY ADJUSTEDJAN. 26, 1972 12.4 1 ’ .8DEC. 29, 1 97 1 12.6 12.0DEC. 1• # 197! 14. 1 12.3OCT. 27, 1971 13. 1 12. 1SEP. 29, 1971 11.4 11.1SEP. 1 . 1971 10.5 10.3JUL. 28, 1971 10.0 9.6



PERCENTYIELDS ON SELECTED SECURITIES

AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT

CORPORATE Am BONDS

6.5 MUNICIPAL

PRIME COMMERCIAL LOAN RATE

DISCOUNT RATETHREE-MONTH TREASURY BILL MARKET YIELD

5 19 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 1 15 29 12 26 10 24 T 21 4 18 3 17 31 14 28FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR

1971 1972LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 7, 1972

1972 CORPORATEAaa BONDS3-MONTHTREASURYBILLS

3-5 YEAR GOVERNMENT SECURITIESLONG-TERMGOVERNMENTSECURITIES MUNICIPAL BONDS «*

FEB. 4 7.25 3.35 5.55 5.70 5.351 I 7.29 3. 09 5.51 5.71 5.2718 7.28 3.04 5.47 5.65 5.24• 25 7.26 3.22 5.50 5.63 5.28MAR. 3 7.25 3.44 5.50 5.62 5.2910 7.24 3.57 5.57 5.62 5. 1817 7.22 3.85 5.84 5.67 5.3224 7.24 3.8! 5.83 5.68 5.3431 7.24 3.82 5.92 5.69 N. A.

APR. 7 * 142128

7.24 3.8! 6.07 5.72 N. A.

* AVERAGES OF RATES AVAILABLE.*# BQND BUYER’S AVERAGE INDEX OF 20 MUNIC'PAl BONDS, THURSDAY DATA. N.At>,|&NOT AVAILABLEPREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


PERCENTSELECTED SHORT-TERM INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY PERCENT-

COMMERCIAL PAPER 4-T0-6 MONTH

FEDERAL FUNDS RATE

1-L I..1 11 l.J 111, I.ne jo m a it a 9 23 e 20 3 ir 1 '5 29 12 2S 10 24 4 18 3 17 14 285 19 5 19 7 21

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END1NGs APRIL 7, 1972

1972

PRIMECOMMERCIALPAPER4-6 MONTH FEDERALFUNDSPRIMEBANKERS* **ACCEPTANCES 90 DAY CD'S#*

FEB. 4 3.98 3.20 3.75 3.821 1 4.00 3.28 3.50 3.6718 3.93 3.50 3.45 3.6125 3.88 3.19 3.44 3.54

MAR. 3 3.90 3.28 3.60 3.6510 4.00 3.60 3.73 3.7017 4.20 3.93 4.03 3.8624 4.30 3.98 4. 13 4.0931 4.33 4. 18 4.13 4.28

APR. 7 * 142128

4.50 4. 23 4.33 4.39

* AVERAGES OF RATES AVAILABLE. FEDERAL FUNDS LAST FIVE DAYS AVAILABLE** DATA ARE SECONDARY MARKET RATES. WEEKLY AVERAGES ENDING WEDNESDAY TWODAYS EARLIER. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.9 RELEASE.PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


BORROWINGS AND EXCESS RESERVESALL MEMBER BANKS IN THF NATION

BILLIONS OF DOLLARS AVFRAGFS OF DAILY FIGURES BILLIONS OF DOLLARS

T3URROWTR55'

EXCESS RESERVES

-0.8

NET FREE RESERVES

-1.6 3 17 3 17 31 14 28 12 26 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 1 15 29 12 26

197! 1972LATEST DATA PLOTTED WEEK ENDINGt APRIL 5, 1972

MILLIONS

1972 EXCESSRESERVES BORROWINGS FREERESERVES

FEB. 2 245 16 2299 50 42 816 3' 1 18 29323 130 14 ' 16

MAR. 1 82 67 158 176 103 7315 405 M 39!22 - 74 1 15 - 18929 310 155 155APR. 5121926

396 '41 255



Documents

U.S. Financial Data: Week Ending: April 5, 1972