Of St. Lou' U s. finflncihl DATA Week ending January r WG Market interest rates have remained about un changed in the past week (pages and ). These rates rose gradually from August to late November, increased more rapidly in December, and have since changed little. Three-month Treasury bill rates averaged.0 per cent in ^^ugust, rose to. per cent in November, and then ^Bumped to. per cent in late December, up more than ^ >0 basis points from August. Effective December, the ^rederal Reserve discount rate was raised basis points from. per cent to.0 per cent. During the three days ending Janaury the bill rate averaged. per cent. Several monetary aggregates have increased rapidly in recent weeks. Since the week ending December th, Federal Reserve credit has grown $0. billion (page ), total member bank reserves have increased $ billion, and the monetary base has risen $0. billion (page ). Member bank borrowings have averaged $ million in the last four weeks, compared with $ million mi rom November to December (page 0). This increase, ich has added to total bank reserves, probably reects the increased margin between market interest rates and the discount rate, a large demand for bank loans, and the loss of bank time deposits resulting from market interest rates rising relative to Regulation Q ceilings. Tables of annual rates of change and charts of monthly data for many monetary indicators are given in "Monetary Trends" published by this bank. To receive this monthly release, write the Research Department of the Federal Reserve Bank of St. Louis. Growth rates of the money stock (page ), the demand deposit component of money (page ), and business loans at commercial banks (page ) have accelerated in the last three months, while growth rates of time depos its (page ), money plus time deposits (page ), and bank credit have decelerated. These divergent trends reflect mainly a sharp decline in large negotiable cer tificates of deposit at commercial banks since early December (page ) and the continued rapid growth of the monetary base. Since funds which leave commercial bank time deposits in order to earn higher returns are avail able elsewhere, restriction of bank credit growth through interest rate ceilings is offset by growth of funds in nonregulated markets. A decline of time deposits also permits a given level of total reserves or monetary base to support a larger amount of demand deposits than would otherwise be possible. Although growth rates of money and of its demand deposit component have accelerated in the last three months, growth rates for the last six months are slower than those for the previous six months. Since money has grown at a. per cent annual rate, compared with about an per cent rate from January to. The demand deposit component of money has increased at a. per cent annual rate in the last six months, compared with about an per cent rate in the previous six months. Rates of change reported in this release are intended to serve as summaries which may be useful in analyzing recent developments. Prepared by Federal Reserve Bank of St. I Released: January,
MONETARY BASE IL FEDERAL RESERVE CREDIT tl Averages of Daily Figures Seasonally adjusted by this bank. ------ Annual rates of change, average of four weeks Monetary Base F.R. Credit 0,, f J - Monetary Base Federal Reserve Credit F.R. Credit - / Uses of the monetary base are member bank reserves and currency held by the public and nonmember banks, adjusted for reserve requirement changes and shifts in deposits. For a description of the base see the August Review of this bank. / Defined to include holdings of securities, requirement changes and changes in requirements due to shifts in deposits among classes of b anks. Latest data plotted week ending: jan>, 0 0 ' Aug. 0
* MOWASTOCK* Averages ^W>oily Figures Seasonally Adjusted.lone of Dollars 0 Annual rates of change, average of four weeks ending, from four weeks ending:, + $-,. I, /. /, + f - n 0 /?. J WEEKLY DATA - 0 no o n-i. n re mi / nf // tio.(* /Z.X / ^ -week centered moving average a // 0 cr.. IIJ. / lu- if nz-i p..f t. Weekly ns- i mu s U /. P i0 * Current data appear in the Board s H. release. Back data appear in the Federal Reserve Bulletin. For trend of money stock by months see this bank s monthly release entitled Monetary Trends Latest data plotted week ending:, Dt. 0 l I M I I : I! i,! I _L.J 0 0 Prepared by
MONEY STOCK PLUS TIME DEPOSITS* Averages of Daily Figures Seasonally Ad usted 0 Annual rates of change, average of four weeks ending, from four weeks ending:, f fj, / S, (o - - JslJ fle/i" - /i <?O.I 0 S. Y o 0. (, JTA# / A.C AO $?.A L. ; // -A-^ < /f -??- Z. /?(<? * Current data appear in the Board's H. release. Back data appear in the Federal Reserve Bulletin. For trend of money stock plus time deposits by monthi!- - Latest data plotted week ending!0 0 see this bank's monthly release entitled "Monetary Trends 0 0 ; Prepared by
BUSING LOANS Large Com^rercial Banks Wednesday Figures i m i m i i i.... Seasonally adjusted by this bank. Annual rates of change, average of four weeks ending, from four weeks ending:, -t /S.t, + /, /i.? /l.,,, V/ 0- MILLIONS OF DOLLARS ni'-le> UNADJUSTED SEASONALLY ADJUSTED,}o *,* of tf.tje <*ilsc 0,/J / 0* 0 e> /.A? /,JA^ U;,0 i s rrtn /**- }?~ */0? ry Current and year ago unadjusted data appear in the Board's H.. release. Seasonal adjustment computed by this bank using through data. Latest data plotted:, o*(.c / O~o 0 Aug. Sept. 0 0 Prepared by
CERTIFICATES OF DEPOSIT H Large Commercial Banks Wednesday Figures Annual rates of change, seasonally unadjusted data, -------four weeks ending: - Mellons of Dollars - tr. / Zo 0 \Zi,on ts z/la^ip X/, Current and year ago data appear in the Board's H... release. J/ Negotiable time certificates of deposit ~~ Latest data plotted:,*, VC,0 ' s/a \X%.0 zx,n>i, V# / S t a // C 0 ^ Aug. Sept. 0 Prepared by Federal Reserve Bank of St. Louis
TIME ^POSITS* All Commercial Banks A ve rages ofdaily Figures SeasonallyAd usted BULL Iona of Dollars Annual rates oi change, average of four weeks ending, from four weeks ending:, +g.x., + /V.0, ///.V, + /o. V - -/ /Z. I 0. /tn mt <j doao I C? C jmt /J AO/.i 0 «?0/ Jo*. * aej. // id.i 'XZ -S Za m>*. b> m? Oml../ IdJ r <0.i AT.0$ n ZZ / P iii iiii * Current data appear in the Board's H. release. Back data appear in the Federal Reserve Bulletin. For trend of time deposits by months see this bank s monthly release entitled "Monetary Trends". Latest data plotted week ending: It I I II I II I I I? 0 b l 0 b Aug. 0 Prepared by
t YIELDS ON SELECTED SECURITIES Averages of Daily Rates Ended Friday Per Cent /?()? &J- -MONTH TREAS. - BILL T^AR LONGTERM CORPORATE Aaa Sit S.H S/S to-osu // S S- SjS (d( /! S~S SS 'AS (,,/c m' s+c s-f s.jy,-/ ~h&u / s :- SJ- SAC ss? -fi sac is syj. y.y s*. s-i SMI Sft &*, b fu, <0 Jr.ff ( 0 C/S (./( & at si sms / Sdi (,...os b.ig / Per Cent S.Ss CHS <fc,a X0,/ S.ss SS.J b./s C./A S- *to i.n (.. H /0 (,.oa. ah (JO o S ( (,. (.si */ (./(..U Prime Commercial (. Loan Rate Corporate Aaa Bonds Three-Month Treasury Bill Market Yield Discount Rates.00 Long Term Government Bonds Latest data plotted are averages of rates available for the week end! i,s OF RATES AVAILABLE *AVE i : I «I I ' ill» I co 0 ^ Prepared by Federal Reserve Bank of St^BBbuis itvbkn
f ED SHORT-imtA INTEREST RATES ges of Daily Rates Ended Friday Ave ra Per Cent Per Cent PRIME COMMERCIAL PRIME PAPER BANKERS' --MONTH ACCEPTANCES Commercial Paper -to Month Bankers Accept, Discount Ratt.Federal Funds Rate Latest data plotted are averages of rates available for the week ending:, AVERAGES OF RATES AVAILABLE SOURCE: SALOMON BROTHERS AND HUTZLER SECONDARY MARKET RATE ON 0-DAY PRIME CD'S. Aug Prepared by
0 BORROWINGS AND EXCESS RESERVES All Member Banks in the Nation Averages of Daily Figures Millions of Dollars Millions of Dollars i -i,00 EXCESS RESERVES >? OcJ. J?S- J(* BORROWINGS WEEKLY DATA f/ ic> -Ho ~ J o A. >W /? / AO A - /. a /* C> * / ~ - k. * _ LOZ.,000 / WEEKLY RESERVE PERIODS A+o Z BIWEEKLY SETTLEMENT PERIODS - *0 P??<* Borrowings Excess Reserves / Because of the change in Regulation D placing all member banks on a one-week reserve adjustment period, beginning with the week ending September, the above reserve data are reported on a - Latest data plotted week ending:,,000 one-week period. 0 k?, i: Prepared by Federal Reserve Bank of St,ouis,000
DEMAND DEPOSIT COMflflfclENT OF MONEY STOCK* Averages o^daily Figures «SeasonallyAd usted Annual rates of change, average of four weeks ending, from four weeks ending:, f -.T,, +, - y.?. / - WEEKLY DATA - fifca. Z-/- /y z.yf / <J /it,^ 0 0 -week centered moving average ( Hfo /- ao /if o 0 /iff Ou- /f-^ "// (. ir /i?. a/ /if,so $ s at/.? /r/jy. /So./ I I I I * Current data appear in the Board's H. release. Back data appear in the -Federal Reserve Bulletin. For trend of demand deposits by months see this bank's monthly release entitled "Monetary Trends". T r t -T- ' r t l_l Latest data plotted week ending: jan. fffflt mta k Id 0 k Sept. Bov. P Apr 0 k Aug. 0 Prepared by