S. FinflnCIRL DATA. Week ending August 2, MONEY STOCK (Pages 5 and 12) Prepared by Federal Reserve Bank of St. Louis Released: August 4, 1967

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1 rftjyt 6djf< S. FinflnCIRL DATA LIBRARY Week ending August 2, 1967 MONEY STOCK (Pages 5 and 12) MONEY STOCK PLUS TIME DEPOSITS (Pages 4, 5 and 12) The nation's money stock, private demand deposits plus currency held by the public, averaged $177.1 billion in the four weeks ending July 26. Money has risen quite rapidly in recent months despite the more moderate expansion of total reserves (Page 3). A decline in seasonally adjusted U.S. Government deposits in member banks released reserves for expansion of other types of deposits. Prom April to July, Government deposits declined more than $2 billion. Money stock plus time deposits averaged $350.7 billion during the four weeks ending July 26. This broader measure of money has risen at a 13 per cent rate since April and since January. From i960 to 1966, money stock plus time deposits rose at a 7.5 per cent average rate. TIME DEPOSITS (Pages 6, 7 and 13) Time deposits at all commercial banks averaged $173.6 billion in the four weeks ending July 26, up at a 15 per cent rate in the three months since April and at a 17 per cent rate in the six months since January. Time deposits increased at a rather steady 14 per cent rate from i960 to BUSINESS LOANS (Pages 9 and 13) Business loans at large commercial banks averaged $64 billion during the four weeks ending July 26 after allowance for seasonal adjustment factors revised to include data through These business loans at large banks have increased at a 14 per cent rate since April, and at a 12 per cent rate since January. Business loans at all commercial banks rose at an estimated 12 per cent rate from January to July. These loans rose at a 7 per cent rate from i960 to 1964 and at an extremely rapid 17 per cent rate from 1964 to Large negotiable certificates of deposit at major banks have risen at an 11 per cent rate since April, after rising even more rapidly earlier in the year. These CD's, which have become a volatile component of total time deposits, R*ose at a 25 per cent rate from early 1964 to mid The volume outstanding then declined sharply in the last half of 1966 when rates on competing instruments rose above the maximum rate banks were permitted to pay. Since last fall rates on new CD's have generally been below the 5*5 per cent Regulation Q ceiling. In recent weeks, however, most short-term interest rates have been rising, and some banks apparently have sought these funds more aggressively, by offering near the ceiling rate on selected maturities. Rates of change reported in this release are intended to serve as aids for analyzing recent developments. Longer periods of time than covered here are generally required to identify major turning points. Prepared by Released: August 4, 1967

FEDERAL RESERVE CREDIT Weekly Averages of Daily Figures Seasonally Adjusted by this Bank a i + J i i i ri i i i i i n Annual rates of change of Federal Reserve Credit adjusted for reserve requirement

2 FEDERAL RESERVE CREDIT Weekly Averages of Daily Figures Seasonally Adjusted by this Bank a i + J i i i ri i i i i i n Annual rates of change of Federal Reserve Credit adjusted for reserve requirement changes average of four weeks ending Aug. 2, 1967 from four weeks ending: 48 May 3, 1967 MG.? Feb. 1, 1967 Nov. 2, 1966 /- /d.c Aug. 3, 1966? <? * vf -J * y Federal Reserve Credit Adjusted for Reserve Requirement Federal Reserv 44 * Data beginning March 2, adjusted for the effect of the changes in reserve requirements. 1/ Federal Reserve Credit excluding float and a few minor items. 2/ Seasonal adjustment for Federal Reserve Holdings 43 42, O' 44 Federal Reserve Holdings of U.s. Government and Federal Agency Securities computed by this bank using data ending December 1965; Borrowings from Federal Reserve not seasonally adjusted. Unadjusted data appear in Board's H.4.1 release. Latest data preliminary : Latest data plotted week ending: Aug. 2, _L_I I L_I I! UJ I L j. I_L "lb 30 7 i Oct. Nov Dec. Jan. ± Feb Mar Apr. 17 May July 16 Aug. M2 ~ Sept. Prepared by Federal Reserve Bank of' St. Louis

RESERVES All Member Banks in the Nation^ Weekly Averages of Daily Figures 3 ^ 1/ Data prior to March 16, 1967 adjusted for h«nk using data ending December 1965.

3 RESERVES All Member Banks in the Nation^ Weekly Averages of Daily Figures 3 ^ 1/ Data prior to March 16, 1967 adjusted for h«nk using data ending December estimated effect Of reserve requirement changes Unadjusted data appear in the Board's-aad do not correspond with monthly series which 2^4.1 release. adjusts data to reserve requirements in effect 1 ( i 1 t 1 i from September 1966 to March TOTAL RESERVES. _Annual rates of change, average " from four weeks ending Total 1/ Reserves Available for Private Demand Deposits RESERVES AVAILABLE FOR PRIVATE DEMAND DEPOSITS Annual rates of change, average 22.0 from May Feb. Nov. Aug. Seasonal adjustment 'actors have been revised to incorporate data through early Nov Feb four weeks 3, , , , 1966 ending: / + & /- C?- Latest data preliminary May 31 7 l Ju Prepared by Sept.

MONEY STOCK PLUS TIME DEPOSITS Averages of Daily Figures 352 350 348 4 3ns of Dollars 1----I----1--- 1----!

4 MONEY STOCK PLUS TIME DEPOSITS Averages of Daily Figures ns of Dollars 1----I ! I Annual rates of change, average of four weeks ending July 26, I967 from four weeks ending: Apr. 26, /J3 Jan. 25, /J.3' Oct. 26, yg July 27, Billions of 33V? J2. 39C.O l _ 3.U 33 f-s P/! *y 3 39o.x. ' /0 3?/-X. o July i960 - July 1966 xy 39?.3 <?/ '.*. _ il«7 396,-? ' 342 /? U 391-? Oli i]ul,s /i /f 33e>, S13 f * Current data appear in the Board's H.6 release. Back data appear in the September 1966 Federal Reserve Bulletin. For trend of money stock plus time deposits by months see this bank's monthly release entitled "Monetary Trends" Latest data preliminary «25 1' May July Aug. S< 1967 Prepared by

5 MONEY STOCK * BiJL l8l 180 of Dollars Billions of Seasonally Adjusted Annual rates of change, average of Dllar 181 WEEKLY DATA 1967 _ from four weeks ending: 180 _ 179 A2. n3.0 j.l r- S.7 no.

5 5 MONEY STOCK * BiJL l8l 180 of Dollars Billions of Seasonally Adjusted Annual rates of change, average of Dllar 181 WEEKLY DATA 1967 _ from four weeks ending: 180 _ 179 A2. n3.0 j.l r- S.7 no.s ~3 / 7J _. July i960 - July /J. oz, /7M7 *4 or 7 " 3/ /?S. t> 177 -jurti 7 ns-f J,4 m?. 176 J.I Ob.Z ~ as ns.i ~ im $ i77-o ' /Z n /o nj,u. _ /? // , 07-0 f" ~ 13-week centered - moving average Weekly * Current data appear in the Board's H.6 release. Back data appear in the September 1966 Federal Reserve Bulletin.For trend of money stock by months see this bank's monthly release entitled "Monetary Trends". Latest data preliminary ct Oct. Nov Dec Jan Feb. Mar. Apr. 17 May July Aug. Sept> 1967 Prepared by

$CERT1FICATES OF DEPPS\J Large Commercial Banks 6 Wednesday Figures Annual rates of change, seasonally unadjusted data 21.$

6 CERT1FICATES OF DEPPS\J Large Commercial Banks 6 Wednesday Figures Annual rates of change, seasonally unadjusted data 21.0 _ average of four weeks ending July 26, 1967 from _ four weeks ending: _ Latest data preliminary Latest data plotted: lit 1( 28 k Negotiable time certificates of deposit i 17 J 1 l 1, 1 I I I 1 l L I 16 I Prepared by Federal Reserve Bank of St«Louis

Annual rates of change, average TIME DEPOSITS* All Commercial Banks Weekly Averages of Daily Figures of Seasonally Adjusted 7 1967 - //,bs _ st.7 0 V /<? Y ' *i, /tr7.7 - Tfas j /t/.o _ r >t> /if.

7 Annual rates of change, average TIME DEPOSITS* All Commercial Banks Weekly Averages of Daily Figures of Seasonally Adjusted //,bs _ st.7 0 V /<? Y ' *i, /tr7.7 - Tfas j /t/.o _ r >t> /if.c, _ /7 If /07.C. " 31 / 70,J^ ~ IJu^.7 noa # ni b v ml C?/ /7<$./ - /7J.0 _ La -5- /?.?.? - n /»? -?*> /7V.7 ^ Latest data preliminary latest data plotted week ending: July 26, * Current data appear in the Board's H.6 release. Back data appear in the September 1966 Federal Reserve Bulletin For trend of time deposits by months see this bank's monthly release entitled "Monetary Trends" Prepared by

$- Borrowings 500 *4-00 Excess Reserves 300 200 Free Reserves----- \ ^.$

8 BORROWINGS AND EXCESS RESERVES All Member Banks in the Nation Averages of Daily Figures Millions of Dollars Excess Reserves Biweek ^poo BIWEEKLY SETTLEMENT PERIODS Too 6oo 322 6oo - Borrowings 500 *4-00 Excess Reserves Free Reserves----- \ ^.00 Borrowings 0 Net Fr' Biweekly -l+oo -500 Latest data preliminary Weekfy if -6oo Digitized for* FRASER 15 1 Prepared by Reserves

BUSINESS LOANS Large Commercial Banks Wednesday Figures ~ Annual, rates of change, average of -from four weeks ending: Seasonally Ad justed bythisbank i i i i i i i i i i r i t Seasonal adjustment

9 BUSINESS LOANS Large Commercial Banks Wednesday Figures ~ Annual, rates of change, average of -from four weeks ending: Seasonally Ad justed bythisbank i i i i i i i i i i r i t Seasonal adjustment factors have been revised to incorporate data through December, Current and year ago unadjusted data appear in the Board's H.4.2. release. Seasonal adjustment computed by this bank using 1962 through 1966 data Latest data preliminary Latest data plotted: Dec I 26», 3I ih J--1 L Sept. I967 Prepared by

10 10 YIELDS ON SELECTED SECURITIES Per Cent Per Cent Corporate Aaa Bonds Long-Term Government Bonds Discount Rate Three-Month TreasuryBill Market Yield cn o Prepared by

11 11 SELECTED SHORT-TERM INTEREST RATES Weekly Averages of Daily Rates Ended Friday Per Cent Per Cent Prime Commercial Paper 4-to-6 Month Discount Rate K Acceptances A ^Federal Funds Rate on o ^ Prepared "by

AVERAGES OF DAILY FIGURES WEEK ENDING WEDNESDAY SEASONALLY ADJUSTED BILLIONS OF DOLLARS RESERVES p/ 1/ AVAILABLE -/ TOTAL =J WEEK FOR PRIVATE RESERVES ENDING DEMAND DEPOSITS MEMBER BANK AVERAGES OF

12 AVERAGES OF DAILY FIGURES WEEK ENDING WEDNESDAY SEASONALLY ADJUSTED BILLIONS OF DOLLARS RESERVES p/ 1/ AVAILABLE -/ TOTAL =J WEEK FOR PRIVATE RESERVES ENDING DEMAND DEPOSITS MEMBER BANK AVERAGES OF DAILY FIGURES WEEK ENDING WEDNESDAY MILLIONS OF DOLLARS EXCESS RESERVES BORROWINGS FREE RESERVES MONEY STOCK * AVERAGES OF DAILY FIGURES WEEKENDING WEDNESDAY SEASONALLY ADJUSTED BILLIONS OF DOLLARS n HL7 7SJ f? is 7 /L 1 - x /no _ IS. lie S S SL JS? n+ 773-/ 22!L. OS 23. S3 SLY L + / /S. ZL 23.LS 1XS / 3S Y2So / /If 2 S /S. 1/ Y+7 7X0 +3 LI 77 T.+ IZi. /S. Y L 7+S + S / /X7? 33. Lo +7? 7 73 t3oo /7/Y 2jL. 7S t>7 3+/r 9P +/+? /S.7L S 73 + A27/ ff /o /S LL 32+ Y3 t2yl 7 72-Y n 7/-.Q+ 33.SH / / A 3(> a *1 So / UJ>f _ 33. Yc, 38/ SO 7 /Y.oS 232/ 33/ 77 + i2s+ /7S.r (7 /+ 7t./ SS +3 A 3/2 H5.? 2! 16 0/ 23,5? 2.to / <9/ -b(7o nt,.*. 33 /L./S Y3o /+/ /7S? Ljl S /t-32. «? '3 + /*9 t7l.o 72!Y.S) *338 &C/ C7 + SJ± n 7L.6S 23. rr St i-/+y /77. 2(, /Lit *4 + 3?e> n?.q/> /C-23 / <*9.03 P 3*1 f //6 i-aot r P - PRELIMINARY PREPARE D BY FEDERAL RESERVE BANK 0F ST. LOUIS i/. Data prior to March 16, 1967 adjusted for estimated effect of reserve requirement changes. / Seasonal adjustment factors have been revised to incorporate data through early 1967.

DATE BUSINESS LOANS LARGE COMMERCIAL BANKS WEDNESDAY FIGURES MILLIONS OF DOLLARS SEASONALLY UNADJUSTED ADJUSTED DATE LARGE CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES MILLIONS OF

13 DATE BUSINESS LOANS LARGE COMMERCIAL BANKS WEDNESDAY FIGURES MILLIONS OF DOLLARS SEASONALLY UNADJUSTED ADJUSTED DATE LARGE CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS WEDNESDAY FIGURES MILLIONS OF DOLLARS SEASONALLY UNADJUSTED ADJUSTED DATE UNADJUSTED DATE UNADJUSTED 13 M 7 L/V S9 920 /. osx L9L7 /s?rn (%L s 7Z 9 S3 f 0 t inj, // L 0 9/2 Lo. 23 /X. 63 Xv 63 iff 70, *tzu /9. V^7 ir L(\ k 9-3 LOk.qj' if L3 Ml 6Y309 // m.034 n n. 5*# XL 63,676 P 69/90 P S_ / 7.?5& X6 n.c,9c> p ^ / 6 0JSZ /.OS/./ Jxh 1 /f./zf /3 6oS7L i 77. SOI /S LO />Y 60 b /s /rs9/ YoY 60. Li hflvp zz //.SSL been revised to incorporate data f.o 7y<2l / 730 Jt.sn through December, ' f / 60JLS (,/ /<n //. m // 901 /s 6/ ///o 1* 32 1,2 /2L 6/329 zz i%h9 6/962 L//L7 Z9 /?,Z?9 L/797 C./3S7 (Ip*. S /9.Zl(r /X U T7S L/ Y2L /Z /9 n LX / /.X 379 /? // /? YS L2.3iS ZL /!,Sf3 LJ LY3 LX. 393 _71W /j t.ot 3 <r */r> _(Jl LX /?3 7^/ 776 /f, /O04 ry LX XL! 6/93/ LI //; 135 x L2 MX (XI/6L Z4 // 7/1 31 3/ L! f3l /% 077 (L/rvj 7 6/ 72 (X i 9 J l± ljidk... / / t (P/.7oY jy 63 76b (p >, XXg 21 I19S4 2L (,3 7tt L32J-S njs3 P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

14 WEEK ENDING YIELDS OH U. S. GOVT. SECURITIES LONG-TERM 3-5 YEAR TREAS?b!lL PER CENT PER ANNUM AVERAGES OF DAILY FIGURES WEEK ENDING FRIDAY SELECTED YIELDS PRIME COMMERCIAL ODluP CORPORATE DADCD KAKtK BANKERS r IMu Aaa 4-6-MONTH ACCEPTANCES PER CENT PER ANNUM AVERAGES OF DAILY FIGURES WEEK ENDING FRIDAY LARGE 90 DAY,. CD'S** FRIDAY FIGURES FEDERAL FUNDS PER CENT PER ANNUM AVERAGES OF DAILY FIGURES WEEK ENDING FRIDAY 14 /U7 4.3L 39S S./7 S' OO 3f 2S 3 S 37 3f S./2, S y v<r 3.82, S./J 7S.2f o. 2g 22 y sf S.// 7S 3S 3S.00 "frlau J if k S.><f 7S 3S SO 03!2 y. is. (.7 3 ts Sn 70 3S S 3. 7S 77 y.6? 3.3") S.2L.(,3 2S *S 03 2-to.83 y 7(e 3 SO <3/ U JS y SO 3.7o A. 7* y ul 3*3 S.3L (.3 3S o U.7?. / S.J ± yfg 3L 3.S 7 S.39 v (.3 00 Z3.93 So S.*S y (r 3 /o 80-0o 3o V.9S S.!? 3.1 SSL y. 7S V LQ rr~ 7. r?.< S.S9 8 G? 70 33/ I't 90 S./ / 7 SS9 38.SO J2J f V./7 S.JL v 73 «so Soo J. S if.7o S/2 2 SSI S.oo L3 S.oo 330 CL 87 S./ / S> (vo Seo *<>7 337 AVERAGES OF RATES AVAILABLE ** SOURCE: SALOMON BROTHERS AND HUTZLER SECONDARY MARKET RATE ON 90-DAY PRIME CD'S. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

Week ending August 28, 1968 JUG 2 r( 1998

Week ending August 28, 1968 JUG 2 r( 1998 w RESEARCH LIBRARY of St. Louis MONEY STOCK (Page ) Week ending August, JUG r( 99 INTEREST RATES (Continued) The nation's money stock climbed to $90. billion during the week ending August, up at a 0. per