Bluebook
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Content last modified 6/05/2009.
CONFIDENTIAL (FR)
May 6, 1966
MONEY MARKET AND RESERVE RELATIONSHIPS Money markets Recent developments.
Interest rates on a variety of short-
term debt instruments have moved higher in recent weeks, and the money market has displayed a generally tight atmosphere.
Federal funds have
traded mainly at 4-3/4 per cent, but with an increasing amount of trading at higher rates, including trading most recently at 5 per cent and a few reported transactions at 5-1/8 per cent.
With a tight funds
market, dealer financing costs have moved into a higher range. Since mid-April the 3-month bill rate has held close to 4.65 per cent after rising around 15 basis points earlier in the month. Because of high financing costs, dealers have not been very willing holders of bills recently; still, demand for bills from the public and the System has remained fairly large, although there was some disappointment about the extent of bill demand associated with the refunding. The recently tighter atmosphere of money markets has reflected in part the increased pressure on bank net reserve positions.
Over the four statement weeks ending May 4, net borrowed
reserves averaged about $270 million and member bank borrowings about $635 million--compared with averages of $225 million and $565 million, respectively, in the previous 4 weeks.
Member bank borrow-
ings averaged above $600 million in every week since late March.
(Monthly averages and,
FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE where available, weekly averages of daily figures; amounts in millions of dollars)
Money Market Indicators Period
Free RerFre
3-Month IBorrowFederal 3Month log Funds 1 Treas-
Reserves
s ings
Funds
ury
Rate
Bill
Bond Yields U.S. Gov't. (20 yr)
Flow of Reserves,
Corporate porate Munici-New
Issues
pal
(Aaa)
(Aaa)
Total b Nono borrowed Rer
Reserves serves
Bank Credit and Money
Banki Credit Prox
Money Money
Proxy
Supply
i Time s Deposits
2/
1965--Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
- 46 -129 -156 -176 -178 -162 -139 -132 - 77 - 22
395 471 490 534 527 549 552 490 418 452
4.04 4.09 4.08 4.01 4.07 4.11 3.95 4.05 4.09 4.28
3.93 3.93 3.89 3.80 3.83 3.84 3.92 4.02 4.08 4.37
4.20 4.20 4.21 4.21 4.21 4.25 4.30 4.32 4.40 4.50
4.45 4.46 4.51 4.58 4.61 4.63 4.67 4.69 4.72 4.85
3.09 3.09 3.09 3.15 3.16 3.16 3.25 3.31 3.34 3.39
+ 89 +148 - 31 +151 + 30 -116 + 11 + 85 + 59 +365
+145 +224 - 61 +173 + 23 - 50 + 14 + 44 - 44 +338
+1,782 +2,623 + 772 +1,802 +1,414 +1,608 + 249 +2,592 + 759 +2,147
+ 600 + 800 -1,100 +1,800 + 700 + 200 +1,600 +1,300 + 100 +1,700
+1,100 +1,400 +1,100 +1,300 +1,700 +2,500 +1,500 +2,000 +1,900 +1,500
1966--Jan. Feb. Mar. Apr. p
- 51 -117 -210 -276
431 474 545 638
4.32 4.58 4.64 4.64
4.58 4.65 4.58 4.61
4.52 4.71 4.72 4.65
4.84 4.96 5.27 5.05
3.39 3.48 3.55 3.46
+103 + 41 - 59 +230
+117 + 85 + 62 +327
+1,793 + 820 + 744 +3,609
+1,000 - 400 +1,200 +1,900
+1,000 + 800 + 800 +1,900
2 9 16
-171 -254 -173
464 614 536
4.62 4.65 4.55
4.64 4.59 4.66
4.80 4.79 4.75
5.28 5.34 5.29
3.63 3.61 3.56
+ + +
416 408 193
+1,000 + 200 + 500
+ +
200 -300
23
-231
602
4.70
4.55
4.67
5.09
3.51
+
151
+
600
+
300
30
-220
508
4.65
4.51
4.66
5.02
3.44
+
727
-
700
+
400
Apr.
6 13 20 p 27 p
-290 -243 -310 -264
623 603 685 642
4.75 4.68 4.78 4.38
4.51 4.62 4.66 4.64
4.60 4.62 4.67 4.68
4.90 5.04 5.16 5.09
3.44 3.42 3.47 3.50
+2,211 + 568 77 + 764
+1,000 +1,100 - 100 - 200
+ + + +
500 500 400 400
May
4 p
-280
617
4.78
4.65
4.71 5.15 Averages
3.52
+ 507 + 100 + Annual Rates of Increase 1/
200
Mar.
Year 1964
107
1965 - 90 Recent variations in growth Dec. 1 - Feb. 2 - 31 Feb. 2 - Mar. 16 -166 Mar. 16 - Apr. 20 -259 Apr. 20 - May 4 -273 Dec.
1 - May
4
-142
295
3.47
3.53
4.19
4.44
3.09
+ 4.6
+ 4.2
+ 7.6
+ 4.3
+12.8
467
4.05
3.95
4.27
4.58
3.16
+ 4.2
+ 5.1
+ 9.1
+ 4.8
+ 3.6
430 515 604 630
4.31 4.61 4.71 4.58
4.49 4.64 4.57 4.64
4.52 4.74 4.64 4.70
4.85 5.16 5.04 5.12
3.40 3.55 3.46 3.51
+10.4 - 1.2 +15.5 +13.6
+ 7.7 + 6.7 +11.7 - 1.5
+ 7.9 + 6.4 +14.6 +10.3
511
4.51
4.56
4.62
5.02
3.46
+ 8.8
+ 7.6
+ 9.4
Base is average for month preceding specified period or in the case of weekly periods, the first week shown. Time deposits, adjusted, at all commercial banks differs from time deposit required reserve series in Table A-2 since latter includes only member banks. p - Preliminary May 6, 1966. 1/ 2/
CONFIDENTIAL (FR)
- 2 -
Prospective developments.
On the assumption that net
borrowed reserves will continue to average $250-$300 million over the next 4 weeks, the 3-month bill rate is likely to fluctuate mainly within a 4.60 to 4.75 per cent range.
Departures from this
range on some days are quite possible, however, as strong crosscurrents will be at work in the bill market.
Among the factors
tending to lower rates will be a seasonal tendency toward decline, particularly with the maturity of $4.5 billion of tax bills in midJune.
Some demand for bills also could be generated over the near-
term from temporary investment of the cash proceeds of Treasury issues not exchanged in the current refunding (in which the attrition rate was above 40 per cent even after sizable Treasury purchases of when-issued securities before books were closed).
In addition,
demand for short Governments stemming from reinvestment of proceeds from security flotations is likely to continue. Any renewed weakness in the stock market also could generate some downward pressure on bill rates. Among the factors which will tend to exert a tightening influence on rates will be continuing pressure from dealer financing costs associated with a taut Federal funds market.
While dealers
have reduced their bill inventories somewhat recently, these remain well above the low levels of late winter and any efforts by dealers to work current inventories lower would tend to be reflected in higher rates.
Prospects of a large supply of Federal agency issues
CONFIDENTIAL (FR)
- 3 -
in the weeks ahead are also likely to exert upward pressure on bill rates, as will continued aggressive bank efforts to attract CD funds especially in preparation for the June dividend and tax dates. Finally, the System will return to the selling side of the bill market around mid-May, although its sales to absorb reserves are not expected to be as large as its recent purchases. Some deepening of net borrowed reserves in the period ahead may have been already discounted by the market, but a substantial decline to, say, around $400 million, probably would have a significant psychological impact.
The reserve pressure itself
will have a substantial effect on already high day-to-day financing costs.
And the 3-month bill rate would likely under the circum-
stances rise to a range above 4.75 per cent. Market uncertainties, as reflected in recent gyrations of common stock prices, make the outlook for bond yields more cloudy than usual.
In the absence of further expectational shocks, however,
bond yields are likely to drift higher in the weeks ahead even if net borrowed reserves are little changed from current levels. Contributing factors will be the continuing large corporate and municipal calendar and the likelihood of some agency financing in the intermediate-term area.
A substantial further tightening of
bank reserve positions would accelerate such a rise in bond yields.
CONFIDENTIAL (FR)
- 4 -
A 3-month bill fluctuating above 4-3/4 per cent would certainly result in active market discussion about the sustainability of the existing time deposit ceiling rate and of the discount rate. The discount rate would appear to be the more immediately vulnerable as bill rates rise; banks will become increasingly desirous of borrowing as they find their reserve positions under pressure and Federal funds trading more frequently at a large premium above the discount rate.
Reserve flows, bank credit, and money Recent developments.
In April both private demand and
time deposits showed their largest increases in several months and U. S. Government deposits rose moderately.
Thus, total member bank
deposits (credit proxy) increased sharply in April.
With all types
of deposits increasing, required reserves increased at nearly a 15 per cent annual rate in April, and total reserves rose somewhat more as some banks added to their excess reserves after the low March level.
The System supplied the bulk of the increase in reserves,
with nonborrowed reserves rising at about a 13 per cent annual rate, but banks were also forced to increase their borrowings at the Federal Reserve. Since around mid-April outstanding private demand deposits and the total money supply have declined slightly.
Growth in bank
credit (as measured by the proxy) has continued, but at a pace
CONFIDENTIAL (FR)
- 5 -
slightly slower than from mid-March to mid-April.
U.S. Government
deposits have grown sharply over the past two weeks, contributing in part to the slowing of money expansion.
Meanwhile, total time
and savings deposits have continued to increase, but the very latest data suggest that the sharp spurt in the latter part of March and April may be tapering off.
Prospective developments.
Assuming no change in net
borrowed reserves from recent levels and continued strength in loan demands from businesses and financial institutions, the principal potential factors affecting variations in the growth of bank credit
and deposits between now and midyear include the following:
(1) repayments of loans made by banks related to the March-April tax period and sales of liquid assets that banks accumulated over that period; (2) the rise in U.S. Government deposits, associated in part with issues of agency debt; (3) pressures developing around the June dividend and tax periods; and (4) more moderate growth in time deposits. Considering these factors, it appears likely that bank credit growth may average around 8 per cent between now and midyear, with the rate of growth tending to be moderate in May and larger in June.
In the weeks immediately ahead, expected repayments of
security loans, together with bill sales by dealer banks, will tend to reduce bank credit growth.
And these factors, together with a
CONFIDENTIAL (FR)
- 6 -
continued rise in U.S. Government deposits, may lead toa decline in
outstanding private demand deposits and the money supply. As spring progresses, further pressures for credit expansion are likely to develop as a result of sizable Federal agency issues (which could total $2 or $3 billion for new cash--although this is more than usually subject to a number of uncertainties) and June speed-ups of corporate income tax payments and corporate remittances to the Treasury of individual income tax withholdings. Private demand deposit growth may be resumed later in the spring.
Over the next two months, on balance, such deposits
may show little change, which would bring the annual rate of increase over the first half of 1966 to around 4.5 per cent.
It is not
expected that banks' time deposits will expand as rapidly over the next few months as they did in April.
As the initial impact of
higher rates on savings certificates passes, gains should be more moderate.
And while we do not have current information on CD
maturities, it appears likely that banks may find it more difficult to replace maturing issues in view of the competition from other short-term paper.
Table A-1
MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Excess reserves
Period
As
rev
Member bank borrowings ised
to
Free
reserves
date
Monthly (reserves weeks ending in):
As
As first
expected at conclusior of each
1965--March April May June July August September October November December
349 342 334 358 349 387 413 358 341 430
395 471 490 534 527 549 552 490 418 452
- 46 -129 -156 -176 -178 -162 -139 -132 - 77 - 22
1966--January February March April p
380 357 335 362
431 474 545 638
- 51 -117 -210 -276
319 688 208 305
562 590 218 352
-243 98 - 10 - 47
88 - 21 -34
106 - 1 - 50
February 2 9 16 23
348 344 337 398
418 503 453 520
- 70 -159 -116 -122
- 17 -120 -122 -102
- 22 -121 - 99 - 95
March
2 9 16 23 30
293 360 363 371 288
464 614 536 602 508
-171 -254 -173 -231 -220
-172 -219 -224 -274 -229
-186 -193 -217 -260 -222
April
6 13 20 27
333 360 375 378
623 603 685 642
-290 -243 -310 -264
-225 -286 -281 -280
-241 -282 -270 -316
May
4
337
617
-280
-280
-280
published each week
week's
open market operations
Weekly 1966--January
p - Preliminary.
TABLE A-2 AGGREGATE RESERVES AND RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) Re s e r v e
Total Reserves
Nonbor
A g g r e g a t e s
Mo n e tar
Required reserves d Against Total Demand
Total Member an De
Deposits
vVariab
Time Deposits (comm. banks)
es
Money Supply Private Total Demand Deposits
__
Annually: 1963 1964 1965
+ 3.5 + 4.2 + 5.1
+ 3.5 + 4.6 + 4.2
+ 3.8 + 4.9 + 5.0
+ 1.7 + 3.1 + 2.4
+ 7.5 + 7.6 + 9.1
+14.7 +12.8 + 3.6
+ 3.8 + 4.3 + 4.8
+ 3.2 + 4.0 + 4.8
Monthly: 1965--January February March April
+ 5.3 +10.4 + 8.1 +12.5
+ + +
1.4 6.4 5.1 8.4
+ 5.7 + 4.3 +11.5 +11.4
+ 0.2 + 3.0 + 9.0 +14.8
+10.5 +11.1 + 9.7 +14.1
+20.9 +20.5 +10.1 +12.7
+ + +
2.3 2.3 4.5 6.0
+ + +
-
1.8
-
-
May
-
1.3
+ 4.1
+ 9.9
-
8.2
-12.3
June July August
+ 9.6 + 1.3 - 2.7
+ 8.6 + 1.7 - 6.5
+ 9.8 + 3.6 - 8.7
+ 7.8 + 0.7 - 7.1
+ 9.6 + 7.5 + 8.4
+11.6 +15.0 +21.8
+13.5 + 5.2 + 1.5
+16.3 + 4.7 --
September October
+ 0.8 + 2.4
+ 0.6 + 4.8
+ 2.3 + 6.1
-11.1 + 8.2
+ 1.3 +13.5
+12.8 +16.9
+11.8 + 9.5
November
+13.2 + 9.3
- 2.4
+ 3.3
- 3.8
- 7.0
+ 3.9
+15.9
+ 0.7
- 0.9
December
+18.6
+20.5
+18.3
+11.2
+11.0
+12.4
+12.3
+14.8
1966--January
1
1/
/
1.0 3.8 4.8 7.6
3.4
1.1
+ 6.3
+ 5.7
+11.5
+12.0
February
+ 9.1
+ 4.6
+ 2.2
+ 8.2
- 0.1
+ 7.2
+ 2.9
+ 5.5
+ 4.1
March April p
+ 6.5
- 2.9
+ 3.3 +17.5
- 5.5
- 3.2 +12.6
+ 4.5 +14.6
+ 1.1 +18.3
+ 3.7 +18.1
+ 6.5 +15.2
+ 8.6 +13.5
+10.1 +16.3
requirements. reserve to subject deposits all Includes
Movements
in
this
aggregate
correspondence
Includes all deposits subject to reserve requirements.
movements in total member bank credit. p - Preliminary.
Movements in this aggregate correspond closely with
Chart
I
MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS
22.5
22.0
21.5
21.0
20.5 FREE
RESERVES
/ REQUIRED
oveo 20.0
-
a-
TOTAL
PRIVATE
AGAINST DEPOSITS
19.5
19.0
16.5
REQUIRED AGAINST PRIVATE
16.0
DEMAND
DEPOSITS
t
-4
..
go_g-o__
15.5
15.0 S 1964
D
M
J 1965
S
D
M 1966
J
Chart 2
MONEY SUPPLY AND BANK DEPOSITS SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES
I
I
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS TOTAL
MEMBER
BANK
(Credit
DEPOSITS
245
Proxy)
240
235
230 MONEY 170
165
SUPPLY
4
225
-
220 4
WEEK
MOVING
AVERAGE
160
155
TIME (All
DEPOSITS
ADJUSTED-
Commercial
Banks)
150
145
140
135 CD'S
NEGOTIABLE 130
(Unadjusted)--I
20
b
15
I
IT I
I
10 J
1965
1966
Chart 3
DEMAND
DEPOSITS AND CURRENCY
SEASONALLY
ADJUSTED WEEKLY
AVERAGES OF DAILY FIGURES
BILLIONS OF DOLLARS
45
MONEY SUPPLY COMPONENTS: 40 CURRENCY
OUTSIDE
BANKS
35
30
140
135
DEMAND
DEPOSITS
130
125
*
-
4 WEEK
MOVING
AVERAGE
120
15
-
U.S. GOVT.
DEMAND DEPOSITS
(Member
Banks)
10
M
J
1965
S
D
M
J
1966
S
D
Table B-1 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 Federal Reserve credit (excl. float) 1/
Period
Gold o stock
Currency outside banks
=
Technical factors net 2/
Change in total reserves
Bank use of reserves Required Excess reserves reserves 3/
ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Year-to-date: (12/30/64 - 5/5/65) (12/29/65 - 5/4/66 Weekly: 1966--Mar.
Apr.
May
+3,125 +3,219
-426 -165
-1,950 -1,847
- 76 -365
+676 +840
+763 +910
- 87 - 70
+985 + 81
-977 -153
+770 +543
-1,027 -783
-246 -313
- 18 -189
-228 -124
2 9 16 23 30
-115 +450 -100 - 3 + 71
---- 29 - 72
+143 -528 + 90 + 16 +233
- 19 + 8 + 86 +288 -448
+ 10 - 71 + 76 +275 -220
+115 -138 + 73 +267 -137
-105 + 67 + 3 + 8 - 83
+
1
-440
+107
+182
+137
+ 45
-312
+482
+ 44
+ 17
+ 27
+367
+287
+206
+191
+ 15
+227
-367
+
+
+
6
+512
13
-126
20 p
-444
27 p
+145
4 p PROJECTED 4/
--
-
1 --
8
5
+369
+
1
-153
- 64
+151
+192
May
11 18 25
+450 -475 +100
--- 10
-500 +145 +150
-120 +320 -290
-170 - 10 - 50
-170 - 10 - 50
June
1 8 15 22
+370 +320 -180 - 65
-
-115 -415 + 85 + 35
-300 + 80 +115 +565
- 55 - 25 + 10 +525
- 55 - 25 + 10 +525
For For For See
10 10 10 10
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.
3
- 41 --
Explanation of Projections in Table B-1
1.
Changes in Federal Reserve credit inciate 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 $200 million. 4. Projected changes in gold stock reflect assumed outflow after $50 million per month.
May
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: $-0.5 billion, May, 16;(attrition); $0.4 billion, May 23; $0.2 billion, May 25.
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
Supporting U. S. Gov't. demand deposits
1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64)
+763 +910
+ 8 -115
Year-to-date: (12/30/64 - 5/5/65) (12/29/65 - 5/4/66)
- 18 -189
+277 - 23
Weekly: 1966--Mar.
2
+115
9
-138
16
Period
Total
Supporting private deposits Other than Seasonal changes seasonal changes s lc Sea Demand Time Demand Time
ACTUAL Year:
Apr.
May
+ 45 + 16
--- +239 +542
+471 +467
-295 -166
-675 -667
+ 70 + 81
+ 71 +260
+239 +160
- 96
+211
+ 30
+ 18
+171
-
8
-193
+ 55
+ 19
+ 18
+ 17
+
1
+ 73
-206
+279
+181
-
9
+ 89
+ 18
23 30
+267 -137
+398 + 23
-131 -160
-231 -168
- 18 + 9
+ 95 - 19
+ 23 + 18
+755 +1,025
6
+137
-124
+261
+184
-
9
+ 57
+ 29
13
+ 17
-314
+331
+266
+
9
+ 49
+
20 p 2 7p
+191 + 5
-126 +202
+316 -197
+229 -166
+
9 9
+ 83 - 51
+ 14 + 11
+192
+381
-189
-183
+
9
- 14
-
11
-170
+ 70
-240
-215
+ 10
- 45
+ 10
18 25
- 10 - 50
+190 +125
-200 -175
-200 -165
-- 10
1 8 15 22
- 55 - 25 - 10 +525
- 95 -150 -285 +560
+ 40 +125 +275 - 35
+ 30 +135 +265 - 15
+ + -
4p
7
1
PROJECTED May
June
p - Preliminary.
10 10 10 20
--
--
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)
(Sign indicates effect on reserves) -216 -470
+149
-365 -1,027 -784
+ 33 +267
-1,243 -785
2 9 16 23 30
- 19 + 8 + 86 +288 -448
+ 53 +227 + 98 -177 -102
- 67 -195 - 38 +346 -346
+ 1 - 2 + 49 + 78 - 4
6
-107 +482 +287 -367
+257 +194 -132 -191
-104 +232 +307 -188
- 8 + 41 + 99 - 4
- 6
-
- 76
- 84
+ 88 + 11
- 97 +178
+ 42
+141 -242
Year-to-date: (12/30/64 - 5/5/65) (12/29/65 - 5/4/66)
Weekly: 1966--Mar.
Apr.
13 20 27 Mav
May
June
4 PROJECTED
1
_
- 24
At +
11
-120
+ 40
-175
18 25
+320 -290
+ 75 --
+320 - 25
--- 1 8 15 22
-300 + 80 +115 +565
-300 +80 + 60 +500
--
-----
+ 10
+
5
- 75 -265 .
--
--
+ 55 + 65
Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions, r ~ I Period
Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64)
based on weekly averages of daily figures)
Total Federal Reserve credit (excl. float)
holdings
+3,125 +3,219
+3,076 +3,340
U. S.
Government securities Outright Repurchase Bills Other agreements
Total i
h
+1,659 +2,086
+ 13 +232
+1,404 +1,022
Bankers' acceptances
+ 39 - 61
Member bank borrowings
+ 10 - 60
Year-to-date: (12/30/64 - 5/5/65 (12/29/65 - 5/4/66 Weekly: 1966--Jan.
958 15
774 49
+ 27 -139
+ 53 + 25
- 26
247 118 ,232 45
178 115 812 123
24 216 490 123
+202 -101 -322
+ +
+ 16 + 28 -372 +134
369 657 363 519
338 569 308 585
89 409 166 360
+ 42
+249 +160 -142 -267
- 35 + 3 - 5 - 1
23 30
115 450 100 3 71
72 273 26 88 194
73 252 84 50 147
+ 1 + 21 + 11 + 9 + 47
6 13 20 27
512 126 444 145
419 103 520 145
274 8 486 120
+ 25
4
369
391
292
+ 17
5
12 19 26 Feb.
2
9 16 23
Mar.
2 9 16
Apr.
May
985 81
+ -
1~~~~ _
_
_ __ _
__
_
_
_
_
_1
+ + + + -
+145 -111 - 34
1._
_
_
+ 82 _
_
_J_
_
_
_
_
_
53 2548 34
13 27 4 19 29
+ 71
+ 66 + 85 - 50
+ 67 - 56
+150 - 78
+ 66 - 94
- 22 - 3 - 6 + 43
+115
+
- 25
3
- 20
+ 82 - 43
Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted based on monthly averages of daily figures) in millions, amounts (Dollar
Period
Total
Nonborrowed reere reserves
reserves
reserves
""S_______
Total Total
Re uired reserves Reuired
Against private deposits T Demand Total
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
19,185 19,246 19,292 19,361 19,338 19,441 19,577 19,694 19,832 19,960 19,988 20,081
15,442 15,466 15,492 15,527 15,471 15,539 15,646 15,705 15,805 15,886 15,864 15,912
1965--January February March April May June July August September October November December
21,175 21,359 21,504 21,728 21,667 21,840 21,863 21,813 21,827 21,871 21,827 22,165
20,862 20,973 21,062 21,210 21,179 21,330 21,360 21,244 21,255 21,340 21,399 21,764
20,840 20,915 21,116 21,316 21,296 21,470 21,535 21,379 21,420 21,528 21,460 21,788
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
1966--January February March April p
22,282 22,367 22,429 22,756
21,867 21,908 21,849 22,079
21,996 21,994 22,076 22,345
21,407 21,396 21,588 22,836
16,533 16,500 16,666 16,841
p - Preliminary. p - Preliminary.
Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally adjusted (Dollar amounts in millions, based on monthly averages of daily figures)
Monthly
Total member bank deposits (credit)1/
Time deposits
Private demand deposits 2/
U. S. Gov't. demand deposits
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
104,407 104,569 104,749 104,987 104,609 105,066 105,783 106,189 106,868 107,410 107,259 107,591
5,011 4,695 5,308 5,337 5,327 6,061 5,256 5,592 5,368 4,849 5,500 4,932
1965--January February March April May June July August September October November December
218,640 220,663 222,445 225,068 225,840 227,642 229,056 230,664 230,913 233,505 234,264 236,411
106,107 107,843 108,778 109,996 110,898 111,955 113,306 115,594 116,900 118,718 120,152 121,220
107,353 107,178 107,795 108,243 106,975 108,372 108,497 108,456 109,717 110,489 110,327 111,409
5,180 5,642 5,872 6,829 7,967 7,315 7,253 6,614 4,296 4,298 3,785 3,782
1966--January February March April p
238,204 239,024 239,768 243,377
121,861 122,401 123,038 124,883
111,787 111,562 112,684 113,864
4,556 5,061 4,046 4,630
1/ 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.
TABLE C-2a DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally adjusted (Dollar amounts in millions, based on weekly averages of daily figures)
Week ending:
Total member bank deposits
Time deposits
(credit) /
Private demand
U. S. Gov't. demand
deposits 2/
deposits
1965--Nov.
3 10 17 24
234,433 233,998 234,308 233,908
119,550 119,589 120,243 120,661
110,740 110,268 110,488 110,363
4,143 4,141 3,577 2,884
Dec.
1 8 15 22 29
235,641 236,499 236,388 236,293 236,460
120,652 120,894 121,056 121,090 121,292
110,073 110,747 110,887 111,939 111,936
4,916 4,858
5 12 19 26
236,036 237,302 238,155 239,830
121,367 121,740 121,987 122,246
112,591 112,114 111,507 111,207
2,078 3,448 4,661 6,377
2 9 16 23
239,899 238,866 238,966 238,542
122,193 122,026 122,490
112,050 112,003 111,715 110,694
5,656 4,837 4,689 5,358
2 9 16 23 30
238,958 239,366 239,559 239,710 240,437
122,284 122,288 122,757 123,335 123,770
111,691 111,957 112,560 113,155 113,017
4,983 5,121
Apr.
6 13 p 20 p 27 p
242,648 243,216 243,139 243,903
124,508 124,684 125,021 125,290
113,306 113,764 114,291 113,860
4,834 4,768 3,827 4,753
May
4 p
244,410
125,312
113,774
5,324
1966--Jan.
Feb.
Mar.
122,562
4,445
3,264 3,232
4,242 3,220 3,650
p - Preliminary. 1/
2/
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. Private demand deposits include demand deposits of individuals, partnerships and corporations and net interbank balances.
TABLE C-3 MONEY SUPPLY AND TIME DEPOSITS AT ALL COMMERCIAL BANKS Seasonally Adjusted (Dollar amounts in billions, based on monthly averages of daily figures)
Private Private
Monthly
1964--January February March April May June July August September October November December
Money Supply
153.6 153.8 154.1 154.5 154.5 155.5 156.6 157.1 158.2 158.8 159.1 159.7
Currency 2/
Time Deposits T /
D Adjusted
32.6 32.8 32.9 33.0 33.3 33.4 33.6 33.8 33.9 34.0 34.2 34.2
121.0 121.1 121.2 121.4 121.2 122.1 123.0 123.3 124.3 124.8 124.8 125.4
113.5 114.6 115.3 116.2 117.3 118.5 119.4 121.0
125.5 125.1 125.6 126.4 125.1 126.8 127.3 127.3 128.7 129.7 129.6 131.2
128.8
131.8 131.2 132.3 134.1
148.0 148.8 149.6 151.5
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
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 March April p
168.4 168.0 169.2 171.1
36.7 36.8 36.9 37.1
1/
Demand Deposits
122.1
123.5 125.1 126.6
131.0 132.1 133.5 134.6 135.9 137.6 140.1 141.6 143.6 145.5 147.0
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 commercial banks. p - Preliminary.
TABLE C-3a MONEY SUPPLY AND TIME DEPOSITS AT ALL COMMERCIAL BANKS Seasonally Adjusted (Dollar amounts in billions, based on monthly averages of daily figures)
Week Ending
1965--Nov.
Dec.
1966--Jan.
Feb.
Mar.
Apr.
May
Money Supply
Currency 1/
Private Demand Deposits
Time Deposits 2/
adjusted
3 10 17 24
165.9 165.8 165.6 165.8
36.1 36.0 36.1 36.2
129.9 129.7
1 8 15 22 29
165.7 166.6 166.5 167.8 168.6
36.2 36.3 36.3 36.4 36.3
129.6 130.3 130.2
131.5 132.3
146.4 146.5 146.8 146.9 147.4
5 12 19 26
169.6 169.1 168.1 167.4
36.4 36.6 36.7 36.6
133.1 132.5 131.5 130.8
147.7 147.7 148.0 148.2
2 9 16 23
167.9
36.7 36.9 36.8 36.9
131.2 131.3 131.5 130.6
148.4 148.4 148.8 149.0
2 9 16 23 30
168.5 168.7 169.2 169.8
131.6 131.8 132.3 132.9 132.2
149.2 149.2 149.5 149.8
169.1
36.9 36.9 36.9 36.9 36.9
6 13 20 27
170.1 171.2 171.1 170.9
36.9 37.2 37.0 37.1
133.2 134.0 134.1 133.7
150.7 151.2
4
171.0
37.1
133.9
152.2
168.1 168.3
167.5
129.4 129.6
144.5 144.9 145.4 146.2
150.2
151.6 152.0
Includes currency outside the Treasury, the Federal Reserve, and the vaults of all commercial banks. 2/ 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 of Federal Reserve Banks. p - Preliminary. 1/
Cite this document
Federal Reserve (1966, May 9). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19660510
@misc{wtfs_bluebook_19660510,
author = {Federal Reserve},
title = {Bluebook},
year = {1966},
month = {May},
howpublished = {Bluebooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bluebook_19660510},
note = {Retrieved via When the Fed Speaks corpus}
}