Bluebook
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Content last modified 6/05/2009.
February 25, 1966.
CONFIDENTIAL (FR)
MONEY MARKET AND RESERVE RELATIONSHIPS Money markets Recent developments.
Since early February, short-term
interest rates have moved somewhat higher.
In the bill market, the
largest increases have occurred in the longest maturities.
Demand
for Treasury bills has been seasonally strong, but mostly concentrated in the shortest maturities. The reserve position of central money market banks has been relatively comfortable during recent weeks -- in contrast to January -partly because of a sizable drop in funds absorbed in dealer operations. Dealers have had relatively light financing needs because of their reduced positions in bills and their net short positions in intermediate- and long-term coupon issues. Despite the easier position of major money market banks the banking system as a whole has been under greater reserve pressure. In the three statement weeks ending February 23 net borrowed reserves averaged about $120 million, and member bank borrowings close to $500 million -- each up about $70 million from their January average.
And
the Federal funds market has been somewhat tauter, with trading generally at 4-5/8 per cent and some at 4-3/4 per cent. Prospective developments.
Assuming net borrowed reserves
work somewhat deeper so as to average around $150 million over the next three weeks, the 3-month bill rate is likely to average within
FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE
(Monthly averages and, where available, weekly averages of daily figures; amounts in millions of dollars) Mone,
Market Indicators 3-month
Free Borrow- Federal TreasIReserves ings Funds ury
Period
Rate
Bill
U.S.
Gov't. (20 yr.
Bond Yields Corporate nic
New Issues
.
Flow of Reserves. Bank Credit and Money Non-
pal
borrowed Re-
(Aaa)
(Aaa)
serves
otal Reserves
Bank redit Money Proxy Supply
Time Deposits 2/
1965--Jan. Feb. Mar. Apr. May June
115 26 - 50 -133 -159 -178
303 406 395 471 490 534
3.85 3.96 4.04 4.09 4.08 4.01
3.81 3.93 3.93 3.93 3.89 3.80
4.19 4.21 4.20 4.20 4.21 4.21
4.42 4.41 4.45 4.46 4.51 4.58
2.97 2.97 3.09 3.09 3.09 3.15
- 25 +108 + 95 +140 - 21 +147
+ 92 +181 +151 +216 - 51 +169
+1,902 +2,023 +1,782 +2,623 + 772 +1,802
July
-178
526
4.07
3.83
4.21
4.61
3.16
+ 32
+ 25
+1,414 +
Aug. Sept.
-167 -144
549 552
4.11 3.95
3.84 3.92
4.25 4.30
4.63 4.67
3.16 3.25
-115 - 4
- 49 --
+1,608 + 200 +2,500 + 249 +1,600 +1,500
Oct.
-135
490
4.05
4.02
4.32
4.69
3.31
+ 98
+ 56
+2,592 +1,300 +2,000
Nov.
- 79
418
4.09
4.08
4.40
4.72
3.34
+ 58
- 45
+
Dec.
- 24
452
4.28
4.37
4.50
4.85
3.39
+361
+333
+2,147 +1,700 +1,500
1966--Jan.
- 51
431
4.32
4.58
4.52
4.84
3.39
+107
+122
+1,793 +1,000 +1,000
-108
474
4.58
4.65
4.71
5.00
3.48
+ 25
+ 56
+
Jan. 12
98
590
4.58
4.56
4.50
4.89
19
- 10
218
3.55
4.62
4.50
4.84
26
- 47
352
4.52
4.58
4.52
2 9 p 16 p
- 70 -133 -125
418 503 453
4.50 4.62 4.58
4.61 4.62 4.66
23 p
-102
520
4.62
4.67
Feb. p
Feb.
1964 1965 1965-Nov. 1965 1965-Feb. 1966
107 - 93 -132 - 58
295 467 505 452
3.47 4.05 4.05 4.39
3.55 3.95 3.96 4.53
759 +
+2,200 +2,200 +1,100 +1,400 +1,100 +1,300
700 +1,700
100 +1,900
+
900
3.40
-
3.39
-1,000 +
300
4.85
3.39
-
700 +
200
4.58 4.63 4.74
4.91 4.98 5.02
3.39 3.39 3.51
+ + +
500 + 200 200 +
200 -400
4.75
5.10
3.62
--
871
--
500
--
Averages
Year Year Aug. Dec.
+ 300 - 300 + 600 + 800 -1,100 +1,800
+
400
Annual Rates of Increase- /
4.19 4.27 4.32 4.58
4.44 4.58 4.68 4.90
3.09 3.16 3.26 3.42
+ + + +
4.6 +4.2 4.2 +5.1 0.5 -0.5 9.2 +9.4
+7.5 +9.1 +6.8 +8.2
+4.3 +4.8 +5.9 +6.5
+12.8 +16.1 +17.2 + 9.3
Base is average for month preceding specified period. Time deposits, adjusted, at all commercial banks; differes from time deposit required reserve series in Table A-2 since latter includes only member banks. p - Preliminary. 1/ 2/
February 25, 1966.
CONFIDENTIAL (FR)
a 4.65-4.75 per cent range.
-3While bill demand from the System and
continuing demand from liquidity-seeking investors may serve to hold bill rates down in the early part of the period, short-term markets probably will be strained over the March tax and dividend date, and it is possible that the pressure will be greater and more extended than usual.
Bank and corporate liquidity remains low, with banks
faced by sizable CD maturities in the weeks immediately ahead.
In
addition, by the end of March or early April the Treasury is likely to be raising a small amount of cash in the short-term area and by mid-April corporations are likely to need extra cash to meet accelerated tax payments. To some extent, however, the money market has begun to prepare for a sizable increase in the demand for funds.
Dealers have
maintained bill positions at relatively low levels, and the more comfortable reserve position of some major money market banks was partly developed in anticipation of an expansion in loan demand.
The
maturing March tax bill, amounting to $3 billion, is larger relative to tax liabilities than was the case a year ago, which will tend to moderate some portion of market pressures. Even so, banks will have to bid for sizable blocks of CD money over the coming weeks simply in order to keep from losing ground. And this raises the possibility of repercussions on the bill market, the long-term sector of which may already have been affected by recent increases in CD offering rates.
-4-
CONFIDENTIAL (FR)
Interest rates in bond markets are likely to be subject to further upward pressure in the weeks ahead.
Corporate and
municipal sectors will be absorbing a large volume of new issues. Pressure in the municipal market may also be compounded by lessened bank participation.
But the sharp recent adjustments in bond yields
may to some extent have already discounted prospective credit demands. Neither is it clear to what degree anticipatory borrowing has been a factor in the long-term rate adjustment. While some further shift in monetary policy may also have been discounted in recent market rate movements, a further lessening of reserve availability in the period ahead to net borrowed reserves staying around $200 million or somewhat above would likely lead to greater upward yield movements in both short- and long-term markets. Partly these would reflect the coincidence of lessened reserve availability with seasonal money market pressures, which would likely lead to immediate effects particularly on Federal funds and CD rates. Moreover, a consistently deeper net borrowed level and tauter money market conditions might lead to more pervasive expectations of rises in the prime loan rate and the discount rate.
Reserve flows, bank credit, and money Recent developments. reserves
Growth in total and nonborrowed
slowed substantially further in February on a monthly
average basis.
And expansion in total member bank deposits is
CONFIDENTIAL (FR)
-5-
estimated at about 4.5 per cent (annual rate), as compared with 9 per cent in January and 11 per cent in December. The small increases in reserve aggregates and member bank deposits for February in part belatedly reflect the reversal of the extremely large reserve expansion that peaked during the first week of January (as judged by weekly figures for reserves against private deposits).
Aggregate required reserves against private deposits
declined through January after the first week and have shown only a relatively small expansion thus far in February. Prospective developments.
Some supply of reserves from
System open market operations is projected the statement week ending March 9.
But an about offsetting reserve absorption will be required
after midmonth because an increase in float and inflow of currency are projected to more than offset a tax period expansion in required reserves. In March, U.S. Government deposits are projected to decline on average, reaching very low levels by around midmonth prior to the tax date and then recovering.
This pattern suggests that money supply
will be expanding early in March.
Its continued growth as spring
progresses will depend in large part on the extent of bank loan demands.
With such demands expected to be strong, the growth in
the private demand deposit component of the money supply is very likely to accelerate from its recent reduced pace perhaps to an annual rate averaging 5 per cent over the next few months.
CONFIDENTIAL (FR)
-6-
Growth in time and savings deposits thus far in 1966 has remained at a considerably reduced pace (8 per cent annual rate). In the months immediately ahead, there is little reason to expect growth to accelerate.
Expansion of total time and savings deposits
has been relatively strong at country banks, and this may continue. City banks, however, are likely to find it difficult.to obtain CD funds in the coming March-April period.
And this may be a period
when their need for CD money will rise if they find loan demand very strong and asset liquidation more difficult. Deposit movements such as those described above would add up to only a moderate expansion in bank credit over the months ahead, perhaps in the order of 5-6 per cent on average.
This would also
imply only moderate growth in total and nonborrowed reserves.
Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures)
Period
Excess reserves As
Member bank borrowines
re v i sed
to
Free
reserves
date
Policy periods
As expected at conclusion of each week's open market operations
12/19/62 - 5/22/63
481
179
302
5/22/63 - 7/31/63
437
276
161
7/31/63 - 8/19/64
407
292
115
8/19/64 - 2/3/65
413
325
88
386 368
405 491
- 19 - 123
418 432 345 338 331 356 348 382 408 355 339 427
303 406 395 471 490 534 526 549 552 490 418 452
115 26 - 50 -133 -159 -178 -178 -167 -144 -135 - 79 - 25
380 366
431 474
- 51 -108
1 8 15 22 29
424 455 563 234 461
534 478 486 218 546
-110 - 23 77 16 - 85
-153 9 71 17 - 79
-147 20 57 4 - 69
1966- -Jan.
5 12 19 26
319 688 208 305
562 590 218 352
-243 98 - 10 - 47
-179 88 - 21 - 34
-174 106 - 1 - 50
Feb.
2 9 16 23
348 370 328 418
418 503 453 520
- 70 -133
- 17 -120 -122 -102
- 22 -121 - 99 - 95
2/3/65 - 3/24/65 3/24/65 - 2/23/66 Monthly (reserve weeks ending in): 1965--January February March April May June July August September October November December 1966--January February p Weekly 1965--Dec.
p - Preliminary.
-125 -102
As first published each week
Table A-2 AGGREGATE RESERVES AND RESERVE RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) Total reserves
Period
Annually: 1963 1964 1965 Policy 8/64 1/65 3/65 11/65 -
+ 3.5 + 4.2 + 5.2
Period: 1/65 3/65 11/65 2/66
Monthly: 1965--January February March April May June July August September October November December
+ 5.2 +10.3 + 8.5 +12.1 - 2.8 + 9.4 + 1.4 - 2:7 + 3.1 - 2.5 +18.3 + 6.6
1966--January February p
___________________________
1/
+ 3.0
L
Nonborrowed reserves
Required reserves by type of deposit Demand Time Private + i U. S. Gov't. Private
+ 3.5 + 4.6 + 4.2
+15.4 +12.8 +16.3
5.2 5.8 2.4 9.2
+15.3 +15.1 +15.7 + 7.6
- 1.4 + 6.2 + 5.4 + 8.0 - 1.2 + 8.3 + 1.8 - 6.5 - 0.2 + 5.5 + 3.3 +20.2
+21.6 +19.8 +10.3 +13.5 + 9.8 +11.4 +14.5 +24.4 +13.5 +18.7 +14.4 +10.7
+ 0.2 + 3.0 + 9.0 +14.8 - 1.3 + 7.8 + 0.7 - 7.1 -11.1 + 8.1 - 6.9 +11.2
- 2.6 - 2.0 + 6.9 + 5.0 -14.0 +15.6 + 1.4 - 0.4 +14.0 + 8.4 - 1.7 +11.7
+10.5 +11.1 + 9.7
+ 5.9 + 1.4
+ 6.2 + 5.7
+12.0 + 3.1
+ 4.1 - 0.1
+ 9.1 + 4.4
& _________________
Includes all deposits subject to reserve requirements. movements in total member bank credit.
p - Preliminary.
Reserve related measures oney -Total member bank deposits suly (credit) 1/ supply
+ 1.7 + 3.1 + 2.4
1.6 6.0 0.6 8.8
-
+ 2.4 + 3.2 + 3.5
+ 7.5 + 7.6 + 9.1
2.6 2.5 3.5 5.2
+ 8.1 +10.4 + 8.0 + 8.2
+ 3.8 + 4.3 + 4.8
+ 2.3 - 2.3 + 4.5 + 6.0 - 8.2 +13.5 + 5.2 + 1.5 +11.8 + 9.5 + 0.7
+14.1 + 4.1 + 9.6 + 7.5
+ 8.4 + 1.3
+13.5 + 3.9 +11.0
.
+12.3 + 7.2
-
Movements in this aggregate correspond closely with
Chart 1
MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES
22.5
22.0
21.5
I
21.0
I
20.5 FREE
-
4/
RESERVES 00..0
20.0
NONBORROWED
TOTAL
.,
, REQUIRED PRIVATE
AGAINST DEPOSITS
19.5
19.0
16.5
REQUIRED PRIVATE DEMAND
16.0
AGAINST-* DEPOSITS
0-
---- * 00
00
00
15.5
15.0
1964
1965
1966
Chart 2
MEMBER
BANK DEPOSITS SUPPORTED
SEASONALLY
ADJUSTED MONTHLY
BY REQUIRED
RESERVES
AVERAGES OF DAILY FIGURES
240
235
230
225 LARS 220
125
215
120
210
115
205
110
105
100
95 U.S.
GOVERNMENT -I1
J 1965
DEMAND
Chart 3
MONEY SUPPLY BY COMPONENTS SEASONALLY ADJUSTED MONTHLY
II
AND WEEKLY AVERAGES
OF DAILY FIGURES
OF DOLL
BILLIONS OF DOLLARS
170
165
160
155
135
130
125
120
40 CURRENCY 35
30 S 1964
1965
1966
Table B-l MAJOR SOURCES AND USES OF RESERVES
Retrospective and Prospective (Dollar amounts in millions, based on weekly averages of daily figures) Factors affecting supply of reserves = Currency Technical Gold Federal Reserve credit (excl. outside factors
Period
Change in total
= Bank use of reserves Required Excess reserves
stock
banks
net 2/
reserves
3/
reserves
+3,125 +3,219
-426 -165
-1,950 -1,847
- 76 -365
+676 +840
+763 +910
- 87 - 70
-
108 678
-450 - 53
+1,028 + 926
-1,277 -1,143
-805 -948
-779 -905
- 26 - 43
1965--Dec. 22
-
325
+
1
-
143
+
812
+344
+673
29
-329
+
369
- 23
+
40
-
114
+273
+ 46
+227
5 12
+ +
247 118
- 53 + 1
+ -
336 16
-
341 140
+190 - 38
+332 -407
-142 +369
-
+
412
+
57
-765
-285
-480
+
339
-
401
- 16
-113
+ 97
-
+ + ++
59 430 133
+
339 41 23 41-
+ 87 -18 -20 1
+ 44 -210 - OO
+ + +
1/
________float)
ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64)
Year-to-date: (12/30/64 - 2/24/65) (12/29/65 - 2/23/66)
Weekly:
1966--Jan.
Feb.
19
-1,232
26
+
2 16 P23 p
+ 369 SP + 657 363 - 519
1 --
45 + -
1 2 1
43 22 42 90
PROJECTED 4/ Mar.
Apr.
For For For See
2 9 16 23 30
+ +
6 13 20
+
200 235 -285 40
-
-10 10 10 10
- 90 - 415 + 50 + 110 + 185
+ + -
60 35 55 400 450
+ 50 -155 - 15 +215 -235
+ 50 -155 - 15 +215 -235
+ -
270 65 475
- 10 - 10 - 10
- 290 - 110 + 190
+ +
20 130 400
- 50 - 55 +105
- 50 - 55 +105
retrospective details, see Table B-4. factors included, see Table B-3. required reserves by type of deposits, see Table B-2. reverse side for explanation of projections.
p - Preliminary.
--
Explanation of Projections in Table B-1 1.
Changes in Federal Reserve credit indicate reserves needed to offset projected changes in required reserves and factors affecting the supply of reserves.
2.
Projected changes in currency outside banks reflect seasonal movements plus an allowance for growth of about $30 million per week.
3.
Projected effects of Treasury operations, included in "technical factors," reflect scheduled
and assumed calls in current two weeks and thereafter, maintenance of Treasury balances with Federal Reserve at $500 million. 4.
Projected changes in gold stock reflect assumed outflow after March $50 million per month.
at the rate of about
5.
Projected changes in required reserves reflect estimated seasonal movements in private deposits, except as indicated in projections in Table B-2, and projected movements in U.S. Government demand deposits. Government deposit projections are based on anticipated Treasury receipts and expenditures and the following assumed financing operations: a $100 million increase in the weekly Treasury bill auction from March 3 to March 31; $0.1 billion, March 10; $0.4 billion, April 4.
Table B-2 CHANGES IN REQUIRED RESERVE COMPONENTS Retrospective and Prospective Seasonal and Nonseasonal Changes (Dollar amounts in millions, based on weekly averages of daily figures) Total required reserves
Period ACTUAL
Supporting U. S. Gov't. demand deposits * 11
Supporting private deposits
Total
Other than
Seasonal changes Demand
__________
V
Time
seasonal chanees
I.
seasonal changes Demand Time Time Demand *I.
.ear: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64)
+763 +910
+ 8 -115
+755 +1,025
Year-to-date: (12/30/64 - 2/24/65) (12/29/65 - 2/23/66)
-779 -905
+ 70 - 50
-849 -885
-863 -828
Weekly: 1965--Dec. 22 29
+673 + 46
+245 +217
+428 -171
+226 -176
+211 - 13
+332 -407 -285 -113
- 89
+421 -207 -104 -284
+269 - 82 - 21 -267
+122 -131 -102 - 36
-169 -212 -148 -198
+141 - 22 - 48 - 56
1966--Jan.
Feb.
5
2 9 16 23
-200 -181 +171 + 65 + 22
+ 45 + 16
+ 55 + 54
+ 44 -210 -166 -100
+ 18
+144
- 21 -232 -184 -244
2 9 16 23 30
+ 50 -155 - 15 +215 -235
- 50 -195 -175 +465 - 75
+100 + 40 +160 -250 -160
+ 30 + 20 +180 -230 -170
+ + +
6 13 20
- 50 - 55 +105
-190 -330 -100
+140 +275 +205
+150 +265 +215
- 10 + 10 - 10
+239 +542
+471 +467
-178 -132
+137 + 51
PROJECTED Mar.
Apr.
1/
20 20 20 20 10
+ 60 --
- 10 --
-
--- Reduction in percentage reserve requirements applicable to time deposits released $780 million of reserves at the end of October 1962.
Table B-3 TECHNICAL FACTORS AFFECTING RESERVES Retrospective and Prospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Technical factors (net)
Period
Treasury operations
Float
Foreign deposits and gold
loans ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64)
Other nonmember deposits and F. R. accounts
(Sign indicates effect on reserves) -216 -470
+149 - 84
+ 88 + 11
- 97 +178
-1,277 -1,143
+ 7 + 58
-1,154 -672
+ 96 - 4
-226 +533
29
+812 -114
- 66 + 31
+823 -163
+ 46 + 14
1966- -Jan.
5 12 19 26
-341 -140 + 57 -401
+ -
87 56 38 44
-347 + 24 + 51 -356
- 66 - 81 + 1 + 9
Feb.
2
-339 -417 + 23 +415
- 63 - 33 - 29 +234
-178 -236 + 68
- 63 -173 - 33
-c0
-117
2
- 60
+ 95
-150
9 16 23 30
+ 35 - 55 +400 -450
+ 85 ----
- 50 -100 +340 -450
6 13 20
- 20 +130 +400
- 76
-365
Year-to-date: (12/30/64 - 2/24/65) (12/29/65 - 2/23/66)
Weekly: 1965--Dec.
22
9 16 23 PROJECTED
Mar.
Apr.
----
- 50 + 50 +400
- 10 --
+
5
+ 45 + 60
--
--- + 30 + 80
Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) U. S.
Total Federal
Reserve credit
Period
(excl. float)
Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64)
Government securities
Bankers'
Total Outright ciacceptancesBills holdings Other
Bankers
Repurchase
Member bank Member bank
borrowings
agreements
+ 13 +232
+ 39 - 61
+ 10 - 60
130 449
-272 -221
- 24
+ 16 - 26
-
201 260
-
+ + -
747 376 87 22 171
+ -
24 216 490 123
+202 -101
+ + -
89 409 166 360
+249
+3,125 +3,219
+3,076 +3,340
+1,659 +2,086
-
108 678
-
124 628
17 24
-
72 380
-
205 260
1 8 15 22 29
+ +
979 441
+ +
747 479
-
138
+ +
325 369
-
135 55
+
28
5 12 19 26
+
247
2 9 16 23
+
369
+ -
+1,404 +1,022
Year-to-date: (12/30/64 - 2/24/65) (12/29/65 - 2/23/66) Weekly: 1965--Nov Dec.
1966--Jan.
Feb.
+ +
178 115
-
812 123
657
+ +
338 569
363 519
-
308 585
+ 118 -1,232 + 45
I
II
4
+155 -128 +173 - 56 + 8 -268 +328
+103 - 48 - 33 +199
+ 16 + 28 -372 +134
-322
+ I
+ + +
+160 -142 -267
42 I
-~
I
66 85 50 67
Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted based on monthly averages of daily figures) in millions, (Dollar amounts
Required reserves gainst
Period
reserves
reserve
Total
Total
rivate deposits
Demand
Total
Demand
19,185 19,245 19,292 19,361 19,338 19,441 19,577 19,694
15,442
1964--January February March April May June July August September October November December
20,248 20,268 20,459 20,482 20,404 20,682 20,665 20,753 21,012 20,949 21,033 21,082
19,977 19,982 20,176 20,226 20,167 20,431 20,420 20,416 20,638 20,600 20,626 20,886
19,884 19,872 20,056 20,057 20,023 20,269 20,285 20,332 20,570 20,536 20,639 20,742
19,988 20,081
15,646 15,705 15,805 15,886 15,864 15,912
1965--January February March April May June July
21,174 21,355 21,50621,722 21,671 21,840 21,865 21,816 21,816 21,872 21,827 22,160
20,861 20,969 21,064 21,204 21,183 21,330 21,362 21,247 21,243 21,341 21,399 21,760
20,842 20,915 21,119 21,317 21,298 21,473 21,538 21,384 21,420 21,532 21,459 21,793
20,122 20,166 20,294 20,409 20,258 20,506 20,579 20,665 20,903 21,090 21,124 21,326
15,878 15,852 15,943 16,009 15,822 16,028 16,047 16,041 16,227 16,341 16,318 16,477
22,282 22,338
21,867 21,892
21,994 22,001
21,407 21,429
16,533 16,532
August September Oetober November December 1966--January February p
p - Preliminary.
19,832 19,960
15,466
15,492 15,527 15,471 15,539
Chart Reference Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures)
Period
Total member bank deposits (credit 1/)
e U. S. Gov't. edemand deposits deposit
Private demand deposits 2/
1964--January February March April May June July August September October November December
202,981 203,759 205,068 206,176 206,613 208,669 209,312 211,506 212,906 214,109 215,849 216,738
93,563 94,495 95,011 95,852 96,677 97,542 98,273 99,725 100,670 101,850 103,090 104,215
5,011 4,695 5,308 5,337 5,327 6,061 5,256 5,592 5,368 4,849 5,500 4,932
104,407 104,569 104,749 104,987 104,609 105,066 105,783 106,189 106,868 107,410 107,259 107,591
1965--January February March April May June
218,640 220,663 222,445 225,068 225,840 227,642
106,107 107,843 108,778 109,996 110,898 111,955
5,180 5,642 5,872 6,829 7,967 7,315
107,353 107,178 107,795 108,243 106,975 108,372
July
229,056
113,306
7,253
108,497
August September October November December
230,664 230,913 233,505 234,264 236,411
115,594 116,900 118,718 120,152 121,220
6,614 4,296 4,298 3,785 3,782
108,456 109,717 110,489 110,327 111,409
238,204
121,861
4,556
111,787
239,075
122,432
4,862
111,781
1966--January February p
Includes all deposits subject to reserve requirements--i.e., the total of time, private demand,and U.S. Government demand deposits. Movements in this aggregate correspond closely with movements in total member bank credit. 2/ Private demand deposits include demand deposits of individuals, partnerships and corporations and net interbank balances. p - Preliminary. 1/
ChartReference Table C-3 MONEY SUPPLY BY COMPONENTS Seasonally Adjusted (Dollar amounts in billions, based
on monthly averages of daily figures)
Period
Money Supply
emanCurrency/ deposits 1/
Currency
1965--January February March April May June July August September October November December
160.0 159.7 160.3 161.1 160.0 161.8 162.5 162.7 164.3 165.6 165.7 167.4
125.5 125.1 125.6 126.4 125.1 126.8 127.3 127.3 128.7 129.7 129.6 131.2
34.5 34.7 34.7 34.7 34.9 35.0 35.2 35.4 35.6 35.9 36.1 36.3
1966--January February p
168.4 168.4
131.8 131.5
36.7 36.8
1 8 15 22 29
165.7 166.6 166.5 167.8 168.6
129.6 130.3 130.2 131.5 132.3
36.2 36.3 36.3 36.4 36.3
5 12 19 26
169.6 169.1 168.1 167.4
133.1 132.5 131.5 130.8
36.4 36.6 36.7 36.6
2 9 p 16 p 23 p
167.9 168.1 168.3 168.3
131.2 131.3 131.5 131.5
36.7 36.8 36.8 36.8
Weekly 1965--Dec.
1966--Jan.
Feb.
/
1/
Includes (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and the U.S. Government, less cash items in process of collection and Federal Reserve float; and (2) foreign demand balances at Federal Reserve Banks.
2/
Includes currency outside the Treasury, the Federal Reserve, and the vaults of all cbmmercial banks.
p - Preliminary.
Cite this document
Federal Reserve (1966, February 28). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19660301
@misc{wtfs_bluebook_19660301,
author = {Federal Reserve},
title = {Bluebook},
year = {1966},
month = {Feb},
howpublished = {Bluebooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bluebook_19660301},
note = {Retrieved via When the Fed Speaks corpus}
}