bluebooks · October 2, 1967

Bluebook

Prefatory Note

The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.

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Content last modified 6/05/2009.

September 29, 1967.

CONFIDENTIAL (FR)

MONEY MARKET AND RESERVE RELATIONSHIPS Recent developments With private credit demands moderating and with relatively high market interest rates beginning to impinge somewhat on the previous rapid rate of increase in time and savings deposits, bank credit expansion in September averaged 9½ per cent at an annual rate--as indicated by preliminary daily deposit figures--down 7 percentage points from the pace of August and in line with staff expectations. Euro-dollar borrowings abroad by U.S. banks showed little change on average in September, although increasing toward month end. Private demand deposits declined slightly in September, reflecting in part relatively weak business loan demand, while time deposits increased at a considerably slower pace than in the preceding months of this year.

Outstanding negotiable CD's are estimated to have

declined $700 million in September, on the basis of partial figures thus far available.

While banks were clearly not aggressive in seeking CD

funds, some large banks did find it necessary to raise their offering rates in face of further upward rate pressures in short-term markets. Treasury bill rates have risen generally 5 - 15 basis points on balance since the last meeting of the Committee, with the largest increases in the long-term bill area, the area most influenced by the Treasury's cash borrowing plans.

In the latter part of September, the

Treasury announced $4.5 billion of April and June tax bills to be

FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE (Monthly averages and, where available, weekly averages of daily figures) Bond Yields Flow of Reserves. Bank Credit and Money Corporate MuniciNonTotal Bank Money Time U.S. New pal borrowed ReCredit Deposits Supply Deposits Gov't. Issues (Aaa) Reserves serves Proxy 21 (20 yr.) (Aaa)./ (Iq mi i (In billions of dollars) (Seasonally Adjusted) 765 5.30 5.36 4.94 5.82** 3.93 - 36 + 84 - 0.1 + 0.4 + 0.7 766 5.46 5.33 4.83 5.70** 3.82 -116 -131 - 0.9 - 0.4 + 0.2 605 5.75 5.31 4.88 5.71 3.78 +150 - 59 - 0.6 -- 0.3 529 5.39 4.96 4.76 5.73 3.79 - 13 - 16 + 0.4 + 0.3 + 1.3

Money arket IndicatorsI Free Borrow- Federal 3-month keserves ings Funds Treas(In millions Rate ury of dollars) Bill

Period Period

'66--Sept. Oct. Nov. Dec.

-390 -425 -235 -196

1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. p

59 42 172 199 275 257 311 250 274

476 366 196 150 94 88 132 86 82

4.87 4.99 4.50 4.03 3.94 3.97 3.78 3.88 4.00

4.72 4.56 4.26 3.84 3.60 3.53 4.20 4.26 4.42

4.51 4.61 4.56 4.64 4.90 4.99 5.01 5.12 5.15

5.43 5.18 5.31 5.38 5.62 5.79 5.78 5.89** 5.88**

3.50 3.38 3.47 3.50 3.71 3.80 3.86 3.78 3.81

p p p p

287 316 308 185

79 70 106 74

4.03 3.98 4.00 4.00

4.33 4.33 4.46 4.55

5.11 5.11 5.16 5.22

5.83** 5.98 5.82 5.89**

3.80 3.80 3.82 3.83

Second Half 1966 First Half 1967

-283 -338 153

672 763 222

5.06 5.39 4.38

Averi es 4.85 4.77 5.12 4.87 4.09 4.70

5.41 5.74 5.45

3.67 3.83 3.56

245 280 290

110 123 70

4.00 3.85 3.91

3.66 4.17 4.40

5.63 5.83 5.91**

3.68 3.82 3.81

1967--Sept.

6 13 20 27

Year 1966

Recent variations in growth Mar. 29-June 28 Jun. 28-Aug. 16 Aug. 16-Sept.27

2/ 3/

-ip

4.83 5.05 5.15

+475 +325 +555 + 92 + 96 + 95 +307 +282 + 65

+359 +218 +415 + 49 8 +164 +223 +261 +154

Annual rates + 0.8* + 1.2* - 1.3* - 2.3* +15.0 +10.7

+ + + + + + + + +

3.3 3.3 3.0 2.1 1.2 2.0 3.2 3.7 2.0

+ + + + + + -

0.1 1.2 1.6 0.3 1.6 1.7 1.7 1.2 0.1

+ + + + + + + + +

2.2 2.6 2.6 2.0 1.9 2.5 2.2 2.5 1.7

+ + +

2.2 0.2 0.8 0.1

+ + +

0.4 0.3 1.9 1.1

+ + + +

0.3 0.2 0.3 0.1

of increase 3/ + 3.7* + 2.2 + 0.3* - 0.2 +12.1 + 6.8

+18.8 +19.4 + 6.5

+ 6.9 +11.8 - 1.0

Includes issues carrying 5-year and 10-year call protection; ** issues carry a 5-year call protection. Time deposits adjusted at all commercial banks. Base is change for month preceding specified period or in case of weekly periods, the first week shown. Changes have been adjusted for redefinition of time deposits effective June 9, 1966. Preliminary. September 29, 1967.

+ 8.8* + 6.5* +17.3

+14.3 +18.4 + 9.2

CONFIDENTIAL (FR)

-2-

September 29, 1967.

auctioned October 3 and paid for on October 9, with 75 per cent tax and loan credit.

The Treasury also announced another full 13 week

cycle of $100 million cash additions to the 3-month bill auctions. In anticipation of a financing announcement, the 3-month Treasury bill rose by 20 basis points in a week to a peak of 4.60 per cent on September 22, but subsequently dropped back to around 4.40 per cent as the market supply of such bills became limited in a period when the System was meeting sizable reserve needs.

But the 6-month and 1-

year bills have stayed closer to their late September peaks and were most recently quoted at 5.02 and 5.16 per cent respectively.

Rates on

other short-term instruments, such as Federal Agencies and bankers acceptances, have also advanced somewhat during recent weeks. The Federal funds rate fluctuated in a 3-7/8 - 4-1/8 per cent range during the past three weeks and new dealer loan rates in New York in a 4-1/8 - 4-3/8 per cent range.

For Federal funds, this has been

the range of fluctuation generally prevailing since May, along with member bank borrowings most commonly in a $50 - $100 million range and free reserves generally in a $175 - $325 million range. During the three weeks ending September 27, which included the September dividend and tax period, the Federal funds rate has averaged just about 4 per cent, a tick higher than in previous summer months. Member bank borrowings have averaged $83 million and free reserves $270 million, little different from levels prevailing during summer, but the basic reserve deficit, and hence demands for money market funds,

CONFIDENTIAL(FR)

September 29, 1967.

-3-

of major New York banks bulged around the mid-September dividend and tax weeks. Relative to the seasonal movements in other reserve factors, the System's open market operations were a minor factor in the market until the last 10 days of September.

In meeting the reserve needs

that developed in this recent period, the System purchased around $725 million of Treasury bills, and also bought $140 million of coupon issues. These operations and other factors affecting reserves during the month led to an expansion in total reserves of 7½ per cent, at a seasonally adjusted annual rate, and required reserves at around a 6 per cent rate. The required reserve growth was well below that of the previous two months, partly because bank credit expansion in September was sustained mainly by time deposit growth.

Prospective developments It would appear that bank credit in October under the influence of the current Treasury financing is likely to expand somewhat faster than in September--in the area of 10 - 13 per cent--if money market conditions remain within recent ranges.

These market conditions are

likely to be consistent with a 3-month Treasury bill rate moving up in a 4.40 - 4.70 per cent range as the favorably dated December bills move cut of the 3-month maturity slot.

The bill rate was only affected

to a very minor extent by the recent increase in the Canadian discount rate; however, any further significant tightening of money market conditions abroad affecting Euro-dollar rates would tend to exert pressure on our bill rates.

CONFIDENTIAL (FR)

-4-

September 29, 1967.

The rate of bank credit expansion projected for October is about the same as that experienced in the first half of 1967, and below the high July-August rates.

It in large part reflects $5

billion of Treasury net cash borrowing during the month--including the tax bill financing noted earlier and cash additions to the regular weekly and monthly bill auctions.

About half of the bank credit expansion,

on a daily average basis, will probably take the form of additions to U.S. Government demand deposits.

Banks will sell off part of the tax

bills they acquire, but such sales are likely to be at a relatively slow pace so long as loan demand pressures remain moderate.

Under such

conditions, private demand deposits and the money supply may be expected to show a small increase in October. Time and savings deposits in October are expected to expand in an 11 - 13 per cent range, slightly faster than in September, but still slower than in earlier months of the year.

Net inflows of con-

sumer time and savings deposits are likely to continue at around the recent somewhat reduced pace, given continued competition from market rates.

Banks are likely to make some efforts to replace September CD

run-offs in October, but the net increase in CD's outstanding in the month is likely to be moderate in view of the uncertainties about the strength of loan demand and competition from new tax bills, so long as there is continued availability of Euro-dollar funds.

Banks will probably

find it necessary to stress relatively shorter CD maturities in order to attract funds, given the existing structure of rates in the bill market.

-5-

CONFIDENTIAL(FR)

September 29, 1967.

Because Government demand deposits are projected to be a principal source of funds for bank credit expansion, required reserves in October may expandata 15 - 17 per cent rate, a much more rapid growth than in September, when demand deposits were only a minor source of bank credit growth.

Total and nonborrowed reserves would be

expected to grow at similar rates, assuming borrowings do not edge up from current levels, since banks have little scope to economize on excess reserves. If the Committee should favor a move toward somewhat firmer money market conditions, it might contemplate operations leading to an increase in member bank borrowings from current levels to a $100 $150 million range and a rise in the Federal funds rate to trading more frequently at 4-1/8 per cent.

The psychological and other effects

of such a policy shift are difficult to specify in the present environment, dominated as it is by a number of fiscal uncertainties. The 3-month bill rate would be more certain to move towards the upper end of the previously specified range and would likely break through to around 4-3/4 per cent.

The equilibrium bill rate would depend in

large measure, however, on how strong an effort banks would make to secure CD's by raising their offering rates while it was still feasible to do sc.

With such an effort, a temporary quickening of bank credit

growth could develop, with a further impetus if banks also become aggressiv

in the Euro-dollar market.

Intermediate- and

longterm

market yields would also tend to rise further, with the extent cf

CONFIDENTIAL (FR)

September 29, 1967.

increase depending in part on how apprehensive market participants become about the future mix of fiscal and monetary policies, including discount rate action, and about prospects for disintermediation. The current Treasury bill financing and the Treasury's midNovember refunding to be announced in the latter part of October would pose some problems of timing if the Committee calls for a move toward less ease, even if the change in conditions sought is of the modest dimensions suggested above.

The initiation of such a move would need

to be timed to avoid undermining either bank or dealer underwriting support in the current large tax bill issue and thus would depend upon market conditions surrounding the financing--with the auction date October 3 and the payment date October 9.

And to avoid

complicating the Treasury's problems in designing and pricing the mid-November refunding, any such move would best be substantially completed a few days before the announcement date around October 25.

Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Excess reserves

Period

Member banks borrowin2s

Free

reserves

resevesborowigs

revised

date As expected at conclusion of each week's open market opeations

Monthly (reserves weeks ending in): 1966--September October November December

375 341 370 333

765 766 605 529

-390 -425 -235 -196

1967--January February March April May June July August September p

417 408 368 349 369 345 449 336 356

476 366 196 150 94 88 132 86 82

- 59

As first published each week

42 172 199 275 257 317 250 274

Weekly:

1967--June

7 14 21 28

331 355 261 431

77 43 91 141

254 312 170 290

284 325 198 304

290 339 229 292

July

5 12 19 26

462 643 236 453

353 69 51 54

109 574 185 399

152 597 195 403

168 604 214 417

Aug.

2 9 16 23 30

295 371 382 473 260

116 91 129 47 46

179 280 253 426 214

206 324 258 422 182

188 319 269 438 202

Sept.

6 13 20 27

366 386 414 259

79 70 106 74

287 316 308 185

288 275 336

219 29

185

217

p - Preliminary

350

TABLE A-2 AGGREGATE RESERVES AND RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) Ag gr eg a t e s Required reserves onbrAgainst TotalSNonborroed Demandit

Reserve Total Reserves

Reserves

Deposits

Monetar y Var iab le s Total Mbr Time Money Supply Deposits Private Bank Deposits (comm. Total Demand (credit) I/2/ -- -

banks)-

Deposits

Annually: 1965 1966

+ 5.2 + 1.2

+ 4.2 + 0.8

+ 5.1 + 1.4

+ 2.3 + 0.9

+ 9.1 + 3.7

+16.0 + 8.8

+ 4.7 + 2.2

+ 4.3 + 1.2

Monthly: 1966--Jul. Aug. Sept.

+ 8.1 -15.2 + 4.5

+ 6.0 -13.0 - 2.0

+ 4.9 - 8.4 - 1.0

+ 5.9 -11.5 - 4.5

+ 9.3 - 1.0 - 0.5

+16.3 + 9.2 + 3.8

- 4.9 + 1.4 + 2.8

- 8.1 + 0.9 + 1.8

Oct. Nov.

- 6.9 - 3.1

- 6.4 + 8.3

3.0 3.1

- 7.2 - 0.5

- 4.4 - 3.4

+ 1.5 - 2.3

- 2.8 --

- 4.5 - 0.9

Dec.

- 0.9

- 0.7

+ 1.8

- 6.7

+ 2.0

+ 9.8

+ 2.1

+ 0.9

+19.2 +11.5 +21.6 + 2.5 - 0.4 + 8.4 +11.3 +13.1 + 7.7

+26.0 +17.4 +29.4 + 4.7 + 4.9 + 4.9 +15.2 +14.2 + 3.2

+14.4 +12.0 +15.3 + 8.1 - 1.2 + 4.8 +16.0 +16.0 + 6.3

+14.0 +11.6 + 9.8 + 5.0 - 2.1 - 2.8 +16.1 +15.1 + 3.7

+16.1 +15.9 +14.3 + 9.9 + 5.6 + 8.8 +15.2 +16.4 + 9.4

+16.5 +19.3 +19.0 +14.4 +13.5 +17.5 +15.2 +17.1 +11.4

- 0.7 + 8.5 +11.2 - 2.8 +12.5 +11.7 +11.6 + 8.1 - 0.7

- 2.7 + 9.1 +12.7 - 5.4 +15.3 +13.3 +14.0 +10.4 - 2.6

1967--Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. p

1/ Includes all deposits subject to reserve requirements.

Movements in this aggregate correspond closely with

movements in total member bank credit. 2/ Changes in reserves, total deposits and time deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary.

Chart 1

MEMBER BANK RESERVES MONTHLY AVERAGES

OF DAILY FIGURES

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

25.0

24.5

24.0

23.5

TOTAL RESERVES-- -

23.0

" RESERVES

SREQUIRED 22.5

RESERVES

NONBORROWED

Se 22.0

NET

BORROWED

RESERVES

21.5

BILLIONS OF DOLLARS

1.0 MEMBER

BANK BORROWINGS

EXCESS M

1966

------

RESERVES S

1967

Chart 2

MEMBER

BANK DEPOSITS AND LIABILITIES TO OVERSEAS BRANCHES

BILLIONS OF DOLLARS

286

TOTAL MEMBER BANK DEPOSITS (CREDIT PROXY) 282

SEAS

ADJ

WEEKLY

AVERAGE OF DAILY

FIGURES

278

274

270

266

262

258

254

250

246

242

LIABILITIES TO OVERSEAS BRANCHES (WEEKLY REPORTING BANKSJ NOT SEAS

ADJ,

WEDNESDAYS

S 1966

1967

Chart 3

MONEY SUPPLY AND BANK SEASONALLY

ADJUSTED WEEKLY

AVERAGES OF

DEPOSITS DAILY

FIGURES

BILLIONS OF DOLLARS 180

190

175

185

170

180

165

175

160

170

165 TIME DEPOSITS (All Commercial

ADJUSTED Banks)

160

155

150

145

25 NEGOTIABLE CD'S (Unadjusted) 1

J 1966

1967 CHANGE IN SERIES

Chart 4

DEMAND DEPOSITS AND CURRENCY SEASONALLY ADJUSTED WEEKLY

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

MONEY SUPPLY COMPONENTS: CURRENCY

OUTSIDE

BANKS

140

DEMAND

135

DEPOSITS

1i n

125

120

U.S. GOVT. DEMAND DEPOSITS (Member

Banks)

I 1966

I 1967

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 sup ly of reserves

Federal Reserve

Period

credit (excl. float) 1/

Currency

Gold k stock

outside banks

Change

= Bank use of reserves

Technical

Required

factors

total

reserves

net 2/

ACTUAL Year: Year: '965 (12/30/64 - 12/29/65) ,966 (12/29/65 - 12/28/66)

+4,035 +3,149

-1,602 - 627

-2,143 -2,243

+ +

Year-to-date: (12/29/65 - 9/28/66) (12/28/66 - 9/27/67)

+1,660 +1,984

529 153

385 80

- 692 -1,705

+ +

300 263

+ -

1 14

+ +

107 255

+ -

203 273

798 805

Excess es

reserves

+1,188 +1,111

99 26

53 45

+ +

449 223

396 178

+ -

10 298

81 85

+ -

91 213

+1,089 +1,085

Weekly: 1967--August

September

23 30

475

524

552

469

363

106

13 20

p p

501 119

64 245

+ +

648 156

+ +

82 281

+ +

62 253

+ +

20 28

446

272

815

155

4 11 18 25

+ + + -

330 335 70 370

-----

50 285 120 170

205

+ +

370 200

+ + +

75 50 320

+ + +

75 50 320

1 8 15

+ + +

235 250 200

----

+ -

20 220 350

380 100 95

125 70 55

PROJECTED/ 1967--October

November

For For For See

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.

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 reses

Period

Supporting private deposits

Supporting U. S. Gov't. demand demand deposits

Total

Other than seasonal hanes

Seasonal changes

Total

Demand

Time

seasonal changes

Demand

Time

ACTUAL aar: 1965

(12/30/64

+1,188

+1,277

115

499

+1,111

+1,194

+ +

449 223

+ +

36 217

+ +

413 6

980 836

+ +

53 54

+ +

156 782

81 85

+ -

81 165

162 80

191 58

5 11

+ -

41 18

+ +

17 34

+ + + +

363 62 253 58

+ + +

130 123 191 311

+ + + -

233 185 62 253

+ + + -

103 219 367 425

79 41 273 163

+ + +

17 7 7 3

4 11 18 25

+ + +

75 50 320 --

+ +

75 40 145 40

+ + + -

150 90 175 40

+ + +

15 60 45 60

+ + + +

15 20 20 15

125

245

120

85 90

4 +

15 35

+ +

20 20

1966 (12/29/65

12/29/65)

- 12/28/66)

ear-to-date: (12/29/65 - 9/28/66) (12/28/66 - 9/27/67) Jeekly: 1967--Aug. Sept.

23 30 6 13 20 27

p p p p

25 6

+ +

115 15 115

+ +

5 5 5 5

+ + + -

105

45 60

5 15

677

+1,221

+1,184 + 6 2/

PROJECTED 1967--0ct.

Nov.

8 15

70 55

1/ Reflects reserve requirements changes in July and September 1966. 2/ Reflects reserve requirements changes in March 1967. p - Preliminary.

-+ -

45 30

Table B-3 TECHNICAL FACTORS AFFECTING RESERVES

Retrospective and Prospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Period

Technical factors

Treasury

(net)

operations

Float

Foreign deposits and gold

loans (Sign indicates effect on reserves)

ACTUAL Year: 1965 (12/30/64 - 12/29/65) 1966 (12/29/65 - 12/28/66) Year-to-date: (12/29/65 - 9/28/66) (12/28/66 - 9/27/67) Weekly: 1967--Aug. Sept.

798 805

+ +

294 673

692

119 424

-1,705

23 30

203

273

6 13 20 27

+ + +

552 648 156

815

Nov.

4 11 18 25 1 8 15

171

516

-1,281

- 7 - 34

247 324

+ +

399 520

151 560

120 134 210 258

55 40

+ +

598 98

44 14

150

PROJECTED 1967--0ct.

370 200

150 40 220 200

380 100 95

380 100 80

205

Table B-4 SOURCE OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions of dollars, based on weekly averages of daily figures) Total Federal Reserve credit (Excl. float)

Period

U.S. Government securities Totals Other Repurchase ___agreements I holdings

ear: 1965 (12/30/64 - 12/29/65) 1966 (12/29/65 - 12/28/66)

+4,035 +3,149

+3,916 +3,069

+3,145 +2,158

+916 +474

+437

Year-to-date: (12/29/65 - 9/28/66) (12/28/66 - 9/27/67)

+1,660 +1,984

+1,641 +2,531

+1,423 +2,357

+439 +832

-221 -658

2 9 16 23 30

181 122 226 263

118 98 217 210 255

118 29 200 100 255

6 13 20 27

475 501 119 446

438 480 152 397

299 393 152 393

Weekly: 1967--Aug.

Sept.

______________________________________

300

Federal Agency Securities

-145 + 26

+ -

2 2

+ -

6 6

+127 - 17

-110 + 52

+ 87

Bankers acceptances

Member banks borrowings

+ 77 + 52

+ 42 + 2

- 85 - 47

+104 -474

Chart Reference Table C-1 TOTAL,

NONBORROWED AND REQUIRED RESERVES 1/

Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures)

Period

Total Total s reserves

Nonborrowed Nonborrowed reserves

Total

Required reserves Against private deposits Dmn T Total Demand

1965--Jul. Aug. Sept. Oct. Nov. Dec.

21,857 21,923 21,869 21,986 21,976 22,186

21,356 21,417 21,318 21,533 21,589 21,722

21,488 21,533 21,494 21,645 21,671 21,861

20,626 20,719 20.904 21,073 21,170 21,285

15,921 15,943 16,065 16,147 16,196 16,266

1966--Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. Oct. Nov. Dec.

22,358 22,401 22,452 22,679 22,703 22,707 22,861 22,571 22,655 22,524 22,465 22,449

21,899 21,943 21,873 22,027 22,020 22,030 22,140 21,900 21,864 21,748 21,898 21,885

22,007 22,028 22,077 22,252 22,308 22,339 22,431 22,274 22,256 22,200 22,142 22,175

21,411 21,464 21,600 21,771 21,782 21,883 21,841 21,842 21,860 21,741 21,716 21,772

16,375 16,413 16,506 16,605 16,562 16,606 16,512 16,473 16,475 16,365 16,364 16,378

1967--Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. p

22,808 23,026 23,441 23,490 23,482 23,646 23,869 24.130 24,284

22,360 22,685 23,240 23,332 23,428 23,523 23,830 24,112 24,177

22,442 22,666 22,955 23,110 23,086 23,178 23,488 23,802 23,927

21,803 22,044 22,297 22,293 22,559 22,890 23,053 23,270 23,300

16,328 16,478 16,647 16,578 16,786 17,024 17,119 17,241 17,209

p - Preliminary. 1/

effective June 9, 1966. Reserves have been adjusted for redefinition of time deposits

Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally adjusted (Dollar amounts in billions, based on monthly averages of daily figures)

Total member bank deposits

Monthly

_(credit)

Private

U.S. Gov't. demand

deposits 3/

deposits

Timedemand deposits2

1965--Jul. Aug. Sept. Oct. Nov. Dec.

229.1 230.4 231.4 233.5 234.8 236.4

113.6 115.4 116.9 119.0 120.2 121.2

108.6 108.8 109.6 110.1 110.5 111.0

6.8 6.3 4.9 4.4 4.1 4.2

1966--Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. Oct. Nov. Dec.

238.0 239.0 239.8 242.2 243.9 244.8 246.7 246.5 246.4 245.5 244.8 245.2

121.7 122.0 123.0 124.8 126.1 127.5 128.7 129.7 130.1 129.9 129.3 130.3

111.7 112.0 112.6 113.3 113.0 113.3 112.6 112.4 112.4 111.6 111.6 111.7

4.7 5.0 4.2 4.1 4.8 4.0 5.3 4.4 3.9 4.0 4.0 3.2

1967--Jan. Feb. Mar. Apr. May June Jul. Aug. Sept.

21'. 251.8 254.8 256.9 258.1 260.0 263.3 266.9 269.0

132.2 134.4 136.5 138.0 139.4 141.7 143.3 145.6 147.1

111.4 112.4 113.6 113.1 114.5 116.1 116.8 117.6 117.4

4.9 5.0 4.8 5.8 4.1 2.2 3.2 3.7 4.4

2/ 3/

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. Deposits have been adjusted for redefinition of time deposits effective June 9. 1967. Private demand deposits include demand deposits of individual, partnerships and corporations and net interbank balances.

TABLE C-2a DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally adjusted (Dollar amounts in billions, based on weekly averages of daily figures)

Total member

Week ending:

Time

Private

bank deposits deposits

demand

(credit) 1/

deposits 3 /

2/_

U. S. Gov't.

demand deposits

256.0 256.8 257.1 257.4

137.5 137.9 138.1 138.3

113.9 113.5 112.9 112.4

4.7 5.5 6.0 6.7

3 10 17 24 31

257.7 258.0 258.1 257.9 258.4

138.5 138.8 139.3 140.3

113.1 113.3 114.9 114.9 115.4

6.1 5.9 3.9 3.2 2.7

June

7 14 21 28

259.3 260.2 261.2 259.9

140.9 141.6 141.8 142.1

115.9 116.1 116.2 116.2

2.6 2.6 3.2 1.6

Jul.

5 12 19 26

260.4 261.7 263.9 264.6

142.5 142.9 143.4 143.7

116.9 117.2 116.6 116.6

1.0 1.6 4.0 4.3

Aug.

2 9 16 23

265.8 267.0 266.7 266.8 267.0

144.4 145.0 145.4 145.8 146.5

117.2 117.5 117.4 117.6 117.6

4.3 4.4 3.9 3.4 3.0

6 13 20 27

269.2 269.L 268.7 268.8

146.9 147.0 147.1 147.2

118.3 118.1 116.1 117.2

4.0 4.3 5.5 4.4

1967--Apr.

May

Sept.

139.8

n - Preliminary. 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/ Deposits have been adjusted for redefinition of time deposits effective June 9, 1967. 3/ Private demand deposits include demand deposits on 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 Monthly

Money Supply

Demand

Currency 1/

Deposits/

1965--Jul.

Time Deposits Time Deposits Adjusted

162.4

35.3

127.2

137.9

Aug. Sept. Oct. Nov. Dec.

163.2 164.0 165.2 165.7 166.8

35.5 35.7 36.0 36.1 36.3

127.8 128.4 129.3 129.6 130.5

139.8 141.6 143.8 145.5 146.9

1966--Jan. Feb. March Apr. May June Jul. Aug. Sept. Oct. Nov. Dec.

167.9 168.3 169.2 170.5 170.2 170.6 169.9 170.1 170.5 170.1 170.1 170.4

36.6 36.7 36.9 37.1 37.3 37.4 37.7 37.8 37.9 38.0 38.1 38 3

131.4 131.6 132.3 133.4 132.9 133.2 132.3 132.4 132.6 132.1 132.0 132.1

147.5 148.3 149.8 151.8 153.4 154.8 156.9 158.1 158.6 158.8 158.5 159.8

1967--Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. p

170.3 171.5 173.1 172.7 174.5 176.2 177.9 179.1 179.0

38.5 38.7 38.9 39.1 39.2 39.3 39.5 39.6 39.7

131.8 132.8 134.2 133.6 135.3 136.8 138.4 139.6 139.3

162.0 164.6 167.2 169.2 171.1 173.6 175.8 178.3 180.0

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 at Federal Reserve Banks. 3/ Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary.

TABLE C-3a MONEY SUPPLY AND TIME DEPOSITS AT ALL COMMERCIAL BANKS Seasonally Adjusted (Dollar amounts in billions, based on weekly averages of daily figures)

Week Ending

Money Supply

Currency I/

I 1967--Apr.

Private Demand Deposits

Time Deposits adj 3 adjusted

173.4 173.1 172.6 172.1

39.1 39.1 39.1 39.1

134.3 134.0 133.5 133.0

168.3 169.0 169.5 169.6

May

3 10 17 24 31

172.8 173.0 174.7 174.8 175.6

39.1 39.1 39.1 39.2 39.3

133.7 133.9 135.6 135.6 136.3

169.9 170.4 171.0 171.5 172.2

June

7 14 21 28

176.0 176.3 176.4 176.4

39.3 39.4 39.4 39.4

136.7 136.:9 137.0 136.9

172.6 173.6 173.7 173.9

July

5 12

177.6 178.1

177.7 177.8

39.4 39.5 39.4 39.4

138.2 138.6 138.3 138.4

174.6 175.4 175.8 176.1

138.9 139.3 139.7 139.5 139.3

176.8 177.8 178.2 178.5 179.z

139.8 140.0 138.1 139.3

179.5 179.7 180.0 180.1

26 Aug.

Sept.

178.3 178.8

16 23 30

179.2 179.1 179.1

39.4 39.6 39.6 39.6 39.6

6 13 20 27

179.5 179.8 177.9 179.0

39.7 39.8 39.7 39.7

1/ 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. 3/ Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary.

Cite this document

APA

Federal Reserve (1967, October 2). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19671003

BibTeX

@misc{wtfs_bluebook_19671003,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1967},
  month = {Oct},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19671003},
  note = {Retrieved via When the Fed Speaks corpus}
}