u.s. financial data: week ending: october 13, 1976 · 13/10/1976 · latest data plotted week...
TRANSCRIPT
F//V>»/VC/>1JL a XX
Week ending: October 13, 1976
Although business loans at large commercial banks (paj»e 11) have declined, on average, by 6.1 percent from a year ago, most of the decline came in the first half of 1976. In fact, over the last two months business loans have increased at a A.2 percent annual rate. From a high of $131 billion in early December 1974, business loans at large banks declined to about $120 billion in December 1975. By August 1976 business loans had decreased even further to $110 billion. However, since early August they have returned to levels comparable to those in late June 1976.
Although business loans have declined, on balance, over the last year, total loans at all commercial banks (excluding domestic commercial interbank loans) have increased by 3.8 percent. Since March, total loans have increased at a slightly higher 4.3 percent rate, and over the last two months they have increased at an even more rapid 8.4 percent rate.
With the Federal funds rate averaging 22 basis points lower than the discount rate over the third quarter, member bank borrowings from Federal Reserve Banks have averaged $98 million. This is higher than the $71 million average for the first quarter of 1976 when the Federal funds rate was 77 basis points lower than the discount rate. Member banks can cover short-term reserve deficiencies by borrowing either from the Federal Reserve Banks or from other commercial banks. The discount rate, which has been 5.50 percent since mid-January 1976, is set by the Board o Directors of each Federal Reserve Bank, subject to approval by the Board of Governors of the Federal Reserve System. An alternative to borrowing from a Federal Reserve Bank is to borrow Federal funds (balances of other commercial banks on deposit at Federal Reserve Banks) from other banks. Loans of Federal funds are made at the market-determined Federal funds rate, which has averaged 5.17 percent in the current week.
On a seasonally adjusted basis, large certificates of deposit at large commercial banks are currently about $9 billion below their level at the end of June 1976. On the other hand, net time deposits (which exclude large CDs) have continued to grow rapidly during 1976. Since the end of June, net time deposits have increased by about $17 billion, which represents a 16.8 percent annual rate of growth.
Prepared by Federal Reserve Bank of St. LouisReleased: October 15, 1976
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BILLIONS OF DOLLARS
MONETARY BASEAVERAGES OF DAILY FIGURESSEASONALLY ADJUSTED BY THIS BANK BILLIONS OF DOLLARS
130
MILLIONS
1 13 29 12 26 10 24 7 21 4 16 3 17 31 14 26 12 26 9 23 7 21 4 16 1 13 29 13 276 20 3 17JUL AUGAPR MAYAUG SEP
1976
128
126
124
122
120
118
LATEST DATA PLOTTED WEEK ENDINGi OCTOBER 13, 1976THE MONETARY BASE CONSISTS OF kEMBER BA*K RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY IN CIRCULATION CCURRENCY HELD BY THE PUBLIC AND IN THE VAULTSOF 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 GOLD STOCK. DATA ARE COkTUTED BY THIS BANK. A DETAILED DESCRIPTION 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 ENDtNGt
10/15/75 1/14/76 3/10/76 4/14/76 5/12/76 6/16/76 7/14/76 8/11/76
TO THE AVERAGE OF FOUR WEEKSEND 1NG»
3/10/76 8.04/14/76 7.5 8.65/12/76 8.0 9.2 7.96/16/76 8.1 9.2 8.3 10.07/14/76 7.4 7.9 6.7 7.2 5.68/11/76 7.1 7.4 6.2 6.4 5.0 2.69/15/76 7.4 7.8 6.9 7.3 6.4 5.4 7.3
6.810/13/76 7.4 7.7 6.9 7.2 6.5 5.8 7.2
2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RATIO
MULTIPLIERi/ADJUSTED FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED RATIO
MULTIPLIER
ISIflt RATIO
1 J I I I I 1 1
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 6, 1976
BILLIONS OP DOLLARS BILLIONS OP DOLLARS IIS
COMPOUNDED ANNUAL RATES OF CHANCE. AVERAGE OF THE FOUR WEEKS ENDING OCTOBER 13. 1976 FROM THE FOUR WEEKS ENDINCi
AUG. 11, 1976 8.0JUL. 14, 1976 7.0JUN. 16, 1976 5.3MAY 12, 1976 6.1APR. 14, 1976 7.4JAN. 14, 1976 7.5OCT. 15. 1975 7.9
ADJUSTED FEDERAL RESERVE CREDIT
ISIS. MILLIONS -
1 1 I I M I I 1 I I I I I 1 I6 20 3 17 1 13 29 12 26 10 24 7 21 4 1« 3 17 31 14 23 12 26 9 23 7 21 4 16 1 13 26 13 27AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT
1975 1976
116
114
112
110
108
106
104
102
100
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 13. 1976
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES. LOANS. FLOAT AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACtlNG TREASURY DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES. AND ADJUSTING THE SERIES FOR^- SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS VWCRE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED 8Y THIS BANK^
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MONEY STOCK PLUS NET TIME DEPOSITS (M2)AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTEDBILLIONS OF DOLLARS BILLIONS OF DOLLARS 730
197$ BILLIONS
715.6715.6
719.9719.7
705 —
14 26 tz 2* 9 23 7 21 4 1* 1 15 29 13 2741* 3 17* 20 3 17 1 15 29 12 2>i 10 24 7 21JUL AUGAPR MAYJAN FEBAUG SEP
1976
725
720
715
710
705
700
695
690
665
660
675
670
665
660
655
650
0
LATEST DATA PLOTTED WEEK ENDING* OCTOBER 6, 1976
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
MONEY STOCK PLUS NET TIME DEPOSITS l M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
10/8/75TO THE AVERAGE OF FOUR WEEKS ENDING.
1/7/76 3/3/76 4/7/76 5/5/76 6/9/76
3/ 3/76 10. 14/ 7/76 9.9 12.55/ 5/76 10.9 13.6 12.96/ 9/76 10.5 12.4 11.2 12.37/ 7/76 10.0 11.3 10.0 10.2 7.16/ 4/76 10.4 11.7 10.6 11.1 9.1 9.79/ 8/76 10.3 11.3 10.4 10.7 9.2 9.6
10/ 6/76 10.5 11.5 10.8 11,1 9.9 10.4
7/7/76 8/4/76
11.411.9 11.1
4 PREPARED BY FEDERAL RESERVE BANK OF ST. i_OU!SDigitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BILLIONS OF DOLLARS 31S
MONEY STOCK ( Ml )AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
310
305
300
205
290
BILLIONS OF DOLLARS 315~ i—i—
_ 1970 BILLIONS- SEP. 1 305.9- S 304.3
15 308.9
1 ITT
I OCzz29
T. 65U0S8i
.8
.8
.8
A AAI z
- rA- A-
-
A= V / V . , A/v -
i/ r - V
-
‘ill 1 i i 1 ii I 111 m i _LLL -LLI. JLLLL Ml I 1 1 . 1111 _LLL .1 i i 1.1 1 1 _LLL
3t0
305
300
2B0
AUG NOV DEC JAN FEB MAR AFR MAY JUN1978
JUL AUG OCT5F OCT 1975
LATEST DATA PLOTTED WEEK OOINB. OCTOBER S, 197B
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AM) COIN tCLD BY THE NOWAMC PUBLIC.
MONEY STOCK (Ml)
COMPOUNDED ANNUAL RATES OF CHANCE , AVERAGE OF FOUR WEEKS ENDINGi10/8/75 1/7/76 3/3/76 A/7/79 5/5/76 6/8/76 7/7/79 9/A/T9
TO THE AVERAGE OF FOUR SEEKS END INCt
5/ 5/78 2.9A/ 7/79 3.5 4.85/ 5/76 5.6 6.3 12.39/ 9/79 5.3 7.2 9.1 10.77/ 7/79 4.5 5.6 6.4 6.5 0.69/ A/79 5.0 6.2 7.0 7.2 3.5 3.59/ 6/76 4.7 5.7 6.2 6.2 3.3 3.2 5.9
10/ 9/79 4.7 5.6 6.0 6.0 3.6 3.6 5.5 3.7
PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS 5Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
PERCENT 10.5 i—
YIELDS ON SELECTED SECURITIESAVERAGES OF DAILY RATES ENDED FRIDAY PERCENT
—1 10.5
10,0
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4,5
4.0
0
- -
-
z
- CO VORATf Aaa I IQNDS -
to IME BAA AN RATE
K -
z 1A ^ 1 -V
' kkJIHdir rPAi
TTTTBONDS**
parTiT ✓s'
—X|r
111 Li. V v •\ ^
TTTT COM! 4ERCIAL PAPEI *\ A
TTTT ^ =-LLJ1
90 DAY CO ‘smmz
- LULL
5JJ_L 1 1 1 II II 1 111 _LLL .1 JJLL 111 in 111 1 III. III. ..111. ■111 -L*22 S 19 3 17 9t 14 29 12 26 8 25 6 20 3 19 2 16 30 1 4 29 11 23 9 23 6 20 3 17 1 13 29AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT
1975 1976
10.0
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
0
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE MEEK ENDING* OCTOBER 15, 1976
197890 DAY
CD’S***
PRIMECOMMERCIAL
PAPER4—fl MONTH
PRIMEBANKERS’
ACCEPTANCESCORPORATEAaa BONDS
MUNICIPALBOM)S**
AUG. 6 5.36 5.50 5.34 8.51 6.6513 5.45 5.50 5.34 8.48 6.6020 5.35 5.50 5.33 8.42 6.6027 5.35 5.43 5.30 8.42 6.58
SEP. 3 5.33 5.45 5.28 8.41 6.5210 5.34 5.50 5.31 8.38 6.5217 5.35 5.50 5.30 8.39 6.5024 5.28 5.38 5.26 8.36 6.52
OCT. 1 5.33 5.38 5.25 8.37 6.478 5.28 5.38 5.22 8.33 6.33
15 * 2229
______________
5.17 5.25 5.09 8.31 N.A.
* AVERAGES OF RATES AVAILABLE.Mi BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.mrn SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
earlier than dates shown, current data appear in the board of governors- h.9 release. N.A. - NOT AVAILABLE6 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
PERCENT
SELECTED SHORT-TERM INTEREST RATESAVERAGES OF DAILY RATES ENDED FRIDAY PERCENT
DISCOUNT RATE
FEDERAL FUNDS RATE
< 22 5 19 S 17 31 14 26 12 20 • 23 0 20 S 19 2 It 50 14 2B It 23 9 23 6 20 3 IT 1 IS mAUG SEP NOV DEC FEB MAR
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi OCTOBER 15, 19TB
1976FEDERAL
FUNDSm3-MONTH
TREASURYBILLS
t-YEARTREASURY
BILL3-5 YEAR
SOVERNCNT SECURITIES
LONG-TERMS0VERN9CNTSECURITIES
AUG. 6 5.36 5.16 5.72 7.12 7.8213 5.25 5.17 5.65 7.06 7.8020 5.29 5.15 5.64 7,04 7.7927 5.28 5.11 5.59 6.96 7.76
SEP. 3 5.28 5.09 5.56 6.91 7.7210 5.25 5.11 5.53 6.88 7.7017 5.22 5.10 5.52 6.89 7.6624 5.21 5.05 5.43 6.80 7.62OCT • 1 5.32 5.06 5.48 6.80 7,63
6 5.17 5.04 5.31 6.61 7.56is * 2229
5.02 4.90
—— - ,
5.14
___________________________________
6.39 7.51
* AVERAGES OF RATES AVAILABLE.** ^KnI!i£,lN£.rWISf£i0AY TO 0AYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.S RELEASE.RATES ON LONG-TERM GOVERfMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
PREPARED BY FEDERAL RESERVE BANK OF ST. LQUtS 7Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
NET TIME DEPOSITSALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURESBILLIONS OF DOLLARS SEASONALLY ADJUSTED billions of dollars
409.7411.3
415.0416.9
14 M 12 M • 11 7 21 4 t« 1 II HU 2T4 II » 1?■ 20 I 11 T IS 9 12 If to 24 7 21JAN FEB JUL AUG
LATEST DATA PLOTTED SEEK EM) I NO. OCTOBER 6. 1976
CURRENT DATA APPEAR IN TIC BOARD OF GOVERNORS* H.6 RELEASE.PLUS TIME■ NET TINE DEPOSITS ARE DEFINED AS. yVINOS DEPOSITS. TIME DEPOSITS OPEN AQCOUNT P
NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANCE, AVERAGE OF FOUR WEEKS ENDING.
IQ/S/75 1/7/76 5/5/76 4/7/76w -vs/re 6/9/76 7/7/76 It-4/76
TO THE AVERAGE OF FOUR WEEKSENDING.
V 3/76 16.2V 7/76 15.4 1B.95/ 5/76 15.3 17.9 13.26/ 9/76 14.9 16.6 12.9 13.47/ 7/76 14.7 16.0 12.9 13.2 12.6«/ 4/76 14.6 16.1 13.5 14.0 13.B 14.60/ fl/76 14.0 16.0 13.6 14.2 14.1 14.8 15.7
10/ 6/76 15.2 16.3 14.5 15.0 15.1 15.9 16.6 17.0
8 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUISDigitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DEMAND DEPOSIT COMPONENT OF MONEY STOCKAVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTEDBILLIONS OF DOLLARS BILLIONS OF DOLLARS 240
BILLIONS
225.2
229.0
1 IS 29 19 274 16AUG SEP JAN FEB APR MAY
1975 1976
235
230
225
220
215
LATEST DATA PLOTTED WEEK ENDING* OCTOBER 8, 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*
10/8/75 1/7/76 3/3/76 4/7/76 5/5/76 6/9/76 7/7/76 8/4/76TO THE AVERAGE OF FOUR WEEKS ENDING*
3/ 3/76 0.64/ 7/76 1.2 2.45/ 5/76 3.7 6.6 11.56/ 9/76 3.4 5.5 7.9 10.37/ 7/76 2.7 4.0 5.2 5.7 -0.88/ 4/76 3.2 4.7 5.9 6.5 2.1 2.39/ 8/76 3.0 4.2 5.0 5.3 1.9 2.0 4.7
10/ 6/76
i
3.0 4. 1 4.7 4.9 2.1 2.2 4.1 2.1
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BILLIONS OF DOLLARS
CERTIFICATES OF DEPOSIT LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS
6 20 3 17 I 11 21 12 30 10 24 7 21 4 IS 3 17 31 14 2S 12 26 9 23 7 21 4 IS 1 13 29 13 27JAN FEB JUL AUG
1975 1976LATEST DATA PLOTTED WEEK ENDING* OCTOBER 6, 1976
CURRENT DATA APPEAR IN THE BOARO OF BOVERNORS* H.S RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 9100,000 OR MORE BY LARGE MEEKLY REPORTING COMMERCIAL BANKS7
1976CERTIFICATES
OP DEPOSIT NOT SEAS. ADJ.
CERTIFICATES OF DEPOSIT SEAS. ADJ.
AUG. 4 67.3 66.511 66.6 65.418 66.2 64.425 66.0 63.5
SEP. 1 65.7 62.88 65.3 62.4
15 64.9 62.022 65.1 62.229 65.8 62.9
OCT. 61320
65.6 62.7
27
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BORROWINGS FROM FEDERAL RESERVE BANKS ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURESBILLIONS OF DOLLARS K5 --------- ------------------
BILLIONS OF DOLLARS ----- 1------------ 1--------- 1.5
18Zft MILLIONS
6 20 5 17 1 15 29 12 28 10 24 7 21 <1 18 3 17 31 14 28 12 28 9 23 7 21 4 18 1 18 29 13 27AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT
1975 1976
LATEST DATA PLOTTED WEEK ENDING. OCTOBER 13, 1976
BILLIONS OF DOLLARS 124
BUSINESS LOANS (COMMERCIAL AND INDUSTRIAL)
WEEKLY REPORTING LARGE COMMERCIAL BANKS SEASONALLY ADJUSTED
122
120
118
116
114
112
110
10B
106
104
102
100
96
96
8 20 3 17 1 13 29 12 26 10 24 7 21 4 18AUG SEP OCT NOV DEC JAN FEB
1975
BILLIONS OF DOLLARS 124
- -
- --*^s—
-
- -
- -
- \ -
- -
-—
-
- -_ COMPOUNDED ANNUAL RATES
OF CHANGE, average of -inc ruun crvirt— OCTOBER 6. 1976 FROM
— THE FOUR WEEKS END IN
“ AUG. 4, 1976 4.2— JUL. 7, 1976 0.7— JUN. 9, 1976 -1.4— MAY 5, 1976 -0.5
APR. 7, 1976 -4.5JAN. 7, 1976 -9.0
^ ‘ OCT. 8, 1975 -6.1**1-1.1 1 1 1 1 1 1 1 1 1 1 1 1 1
(IGi . 19715 MILL IQNS ~
.SEP. 1 111,276 _6 111,236 _
15 111,07522 111,497 “29 111,644 ~6 112,029 —
LI l 1 1 L.1.1 11111.'L 1.1.11. J.1.1 .1-11.1 _LLLL -111. 1 1 1 1 1 1 1OCT •
JJJL
122
120
116
116
114
112
110
106
106
104
102
96
3 17 31 14 28 12 26 9 23 7 21 4 16 1 13 29 13 27MAR APR MAY JUN JUL AUG SEP OCT
1976LATEST DATA PLOTTED WEEK ENDING. OCTOBER 6, 1976
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK OF ST LOUIS P. 0. BOX 442ST. LOUIS, MISSOURI 63166
RETURN POSTAGE GUARANTEED
FIRST CLASS MAIL U. S. POSTAGE
PERMIT
FIRST CLASS (MILPRESORTED
MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )AVERAGES OF DAILY FIGURES
8ILLI0NS OF DOLLARS SEASONALLY ADJUSTED560
550
540
530
520
510
500
400
480
470
= COMPOUNDED ANNUAL RATES OF CHANGE,= average of the four *keks ending = OCJOOER 6, ’976 FROM THE FOUR — WEEKS ENDINGi
= AUG. 4, 1976 1*2= JUL. 7, 1976 1.8= JUN. 9. 1978 4.3-MAY 5. 1976 3.3= APR* 7. 1976 3.3= JAN* 7. 1976 2.9= OCT. 8. 1975 3.5
BILLIONS OF DOLLARS
CREDITPROXY
CREDITPROXY
ADJUSTED
LLL8 20 AUG
X I 11 LLL INI
iniii
iii
l
i
CREDI T PROX t ADJl STED \/T—
/ 1
r- |
CRED! T PROX"
\
iniii
iii
LL LLL -LL J. I JLL
1976 BILLIONS
SEP.
OCT.
Ill I I I I
CREDITCREDITPROXY ____= 490
1
PROXY
514.0
adjusted
522.6—
6 513.6 521.5 ----3 48015 516.4 524*1 322 516.0 524.6 =29 514.2 522.6 *•— 4/06 520.2 528.6
11 I I II I I I 1 I I 1 I ll
540
530
520
510
500
1 15 2® 13 22 SEP OCT
3 17 I IS 2S 12 28 10 24 7 21 4 18 3 17 31 T4 29 12 28 9 23 7 21 4 t«SEP OCT NOV DEC JAN FEB MAH APR MAY JUN Jin. AUG
1975 1976
LATEST DATA PLOTTED MEEK ENDINGi OCTOBER 6. 1978
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
" ^A?f§?^*N»!g&SIrfTgl«RC'AL PAPER- EUR000LL^ BORROWINGS OF
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
12Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis