bluebooks · March 3, 1969

Bluebook

Prefatory Note

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Content last modified 6/05/2009.

CONFIDENTIAL (FR)

February 28, 1969.

MONEY MARKET AND RESERVE RELATIONSHIPS Recent developments (1) Evidence of the System's current firm policy posture has become more widespread in the four weeks since the last Committee meeting. Apart from yields on short-term billsboth short- and long-term interest rates have generally edged higher on balance.

The 3-month bill rate, at near

6.20 per cent, is at about the same level as four weeks ago.

It dropped

to a low of around 6 per cent in the third week of February, given the

relative scarcity of supply and strong liquidity demands by investors. Subsequently the bill rate recovered, reflecting partly anticipations of further prime rate and/or monetary policy moves and partly market reaction to the rise in the British bank rate to 8 per cent. (2) The Treasury's February refunding resulted in an attrition of $2 billion, or 36 per cent of public holdings of the maturing issues, with only $800 million of such holdings being exchanged for the 6-1/4 per

cent 7 year note.

Thus, a sizeable demand for bills from the attrition

in the refunding was added to other bill demands.

The Treasury's

announcement in February of a $1 billion bill "strip," consisting of $200 million additions to the monthly bills maturing in April-August, provided some relief for the scarcity conditions in the bill market. (3) Demands for Federal funds in the market increased during the period as the basic reserve position of major New York banks swung

FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE

Period

('Ionthlv averages and, where available, weekly averages of daily figures) Bond Yields Flow Corporate Munici- Nonborrowed pal New U.S. Reserves Gov't. Issues (Aaa) (In mil (Aaa)1/ (20 yr)

Money arket Indicators Federal 3-month BorrowFree Funds Treasings eserves ed Rate ury (In millions Bill 4/ of dollars)

dol

1967--Dec.

143

185

4.51

4.96

5.59

6.51

4.15

-294

-122

+ 0.2

+ 0.3

+ 1.5

968--Jan. Feb. Mar. Apr. May June

142 21 -312

4.60 4.72 5.05 5.76 6.12 6.07 6.02 6.03 5.78 5.92 5.81 6.02 6.30 n.a. 6.27 6.32 6.35 6.75 6.43

5.00 4.98 5.17 5.38 5.66

5.39 5.38 5.59 5.46 5.55 5.40 5.29 5.22 5.28 5.44 5.56 5.88 5.99 n.a. 5.99 6.13 6.07 6.05 6.14

6.22* 6.25* 6.57* 6.50* 6.64 6.65 6.50* 6.16 6.27 6.47 6.57 6.79 6.92 6.92* 6.92 6.97 6.91* 6.90 6.93*

4.06 4.01 4.28 4.13 4.28 4.26 4.12 4.00 4.23 4.21 4.33 4.50 4.58 4.74 4.60 4.72 4.72 4.70 4.80

+345 +208 -266 -197

+347 +265 + 47 -189 + 88 +105 +107 +508 - 36 +215 +122 +244 +185 + 29

+ 1.5 + 2.3 + 1.0

+ 1.0 + 0.4 + 0.7

-374 -386 -192 -240 -146 -192 -255 -327 -491 -604 -7u3 -509 -621 -694 -592

275 368 649 689 728 727 523 577 492 458 541 743 715 836 891 744 797 1,043 758

+ 0.6 + 1.1 + 1.5 + 0.4 + 0.5 + 0.6

Year 1968 First Half 1968 Second Half 1968

-210 -201 -218

548 567 529

5.58 5.39 5.77

Avera es 5.45 5.36 5.46 5.29 5.44 5.42

6.47 6.47 6.50

4.20 4.16 4.22

+ 5.2 + 2.2 + 8.1

Recent variation in growth 11/29/67-7/3/68 7/3/68-12/18/68 12/18/68-2/26/69

-159 -203 -524

515 516 838

5.25 5.90

5.24 5.34

5.48 5.40

6.47 6.47

4.15 4.21

+ 3.5 +14.1

+ 8.0 + 3.4

+ 5.2 +18.1

6.44

6.14

6.04

6.92*

4.64

- 4.0

+ 6.2

July

Aug. Sept. Oct. Nov. Dec. 1969--Jan. Feb. 1969--Jan. Feb.

-341

5.52 5.31 5.23 5.19

5.35 5.45 5.96 6.14 n.a. 6.15 6.19 6.14 6.10 6.06

+ 46

+137 +304 +493 + 29

+264 - 51 - 21

+273 -166

- 1.1

+ 0.9

+ 0.4

+ 1.8

+ 1.5 + 2.1

+ 1.3 + 2.0

+ + + + +

+ 0.9 - 0.8 + 0.7 + 1.7 +1 2

5.0 2.0 3.0 2.7 3.1

- 1.5** - 0.2 -0.6 + 0.3

+ + +

+ 1.3

+ 0.2 --

0.5 0.4 2.0 1.2

+2.0

+ 2.2 + 3.4 + 2.8 + 2.9 + 2.4 + 2.4 - 1.8 - 1.6 - 0.6 - 0.5 + 0.1

0.5

Annual rates of increase-+11.3 + 6.5 + 8.6 + /.2 + 5.1 + 6.7 + 4.1 + 5.3 +17.1 + 6.1 +12.8 + 9.0

Includes issues carrying 5-year and 10-year call protection, * - issues carry a 10-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 3/ week shown. 4/ Average of total number of days in period. p - Preliminary n.a. - Not available. ** - Reflects $400 million reduction in member bank deposits resulting from withdrawal of a large country bank from System membership. Percentage annual rates are adjusted to eliminate this break in series. I/ 2/

February 28, 1969.

9.9

-2from a small surplus in the last week of January and early February to a sizeable deficit on average in the past three weeks.

During this period

banks were unable to build up Euro-dollar borrowings much further, although paying increasingly high interest rates.

Under the pressure

of market demands, and in view of the tendency for short bill rates to decline throughout much of February, the Federal funds rate was permitted to rise, with the daily effective rate often 6-3/4 per cent and occasionally higher--though the average rate was around 6-1/2 per cent. (4)

Member bank borrowings in the last four statement weeks

have ranged roughly between $750 million and $1 billion, but were closer to the lower number in three of the four weeks.

The average level of

borrowings during the period--$836 million--was about $120 million above that of the preceding four weeks.

The increase took place mainly at

reserve city banks outside New York and Chicago and to a lesser extent at country banks.

Excess reserves during the recent four weeks remained

near earlier reduced levels, and net borrowed reserves were generally in a $500 - $700 million range. (5)

Bank credit in February, as measured by the proxy plus

Euro-dollar borrowings through foreign branches, is now estimated to have increased at about a 2 per cent annual rate, compared to a 0 to 3 per cent rate of decline projected in the last Blue Book.

The relative

strength in the proxy reflects primarily a stronger-than-anticipated performance of private demand deposits at member banks, including interbank deposits.

The money supply is estimated to have grown at a 2-1/2 per

-3cent annual rate, instead of declining.

Currency grew more than expected,

and the larger-than-anticipated attrition in the mid-February refunding led to a higher average level of private demand deposits. (6)

Time and savings deposits declined at about a 9-1/2 per

cent annual rate on average in February, impelled mainly by continued attrition of CD's, estimated at around $1 billion over the course of the month.

Other time and savings deposits, after contracting in January,

began to rise in February in about seasonal proportions. (7)

The following table summarizes annual rates of change in

major reserve and deposit aggregates for 1968 and for the first two months of 1969:

Total reserves Nonborrowed reserves

Dec. '67June '68

July '68Dec. '68

3.7

9.0

4.8

-0.1

8.1

4.8

Jan. Feb.

'69'69P

Bank credit, as indicated by: Proxy

3.7

12.8

Proxy plus Euro-dollars

4.7

13.0

6.7

14.9

-2.8

Total loans and investments

(as of last Wednesday of month) Money supply

6.1

Time and savings deposits

5.8

17.1

Savings accounts at thrift institutions

6.1

6.3

NOTE: Dates are inclusive. p--preliminary. 1/ January only.

6.1

2.8 2.8 -10.0

4.4;

Prospective developments (8)

Over the coming four weeks, the relationships among day-

to-day money market rates, marginal reserve measures, and other shortterm market variables may continue roughly in track with experience of the past two months, as best can be gauged at this point.

A 3-month bill

in a 6 - 6.25 per cent range might be consistent with a Federal funds rate averaging in a 6-3/8 - 6-5/8 per cent range, with member bank borrowings in a $700 - $900 million range, and net borrowed reserves in a $500 - $700 million range.

However, both the Federal funds and member

bank borrowings could move higher at times in reflection of shifting borrowing tactics by banks as they adapt to potential and actual money market strains--for example, in connection with tax dates. (9)

In addition to the possibility of a prime loan rate

increase and the high cost of Euro-dollar funds, two other influences may tend to sustain bill rates in the projected range over the period immediately ahead.

One is the Treasury's stated need to raise around

$2 billion of new cash for payment in early April, which presumably will be in the short-term area.

The other is possible large demands by

business for short-term financing from banks or in the market to meet relatively large March-April corporate income tax payments at a time when there may still be a relatively large, even though diminishing, need to finance additional inventories. (10)

However, there is some probability that the 3-month Treasury

bill rate may drop below the lower end of the range as March progresses,

-5even within a generally unchanged constellation of other money market conditions.

Such a decline would hinge on the effects of the beginnings

of seasonal repayment of Federal debt, in combination with continuation of recent pattern of very limited market supplies of short bills and sizeable market demands for short-term instruments.

These demands may

reflect in part liquidity desires of institutional investors and individuals who may be uncertain about, among other things, future stock market trends.

The bill rate may also tend to decline if the much-

rumored prime loan rate increase does not develop. (11)

Demands for day-to-day borrowings by banks are likely

to be reinforced in the weeks ahead by continued attrition in outstanding CD's at a time of expected strong seasonal loan demands and reduced bank liquidity.

In March, outstanding large CD's at banks are expected to

decline by about a further $1 billion, assuming a bill rate at around the mid-point of the range noted in paragraph (8).

Other time and

savings at banks are expected to show a little more than seasonal growth. Overall, total time and savings deposits are likely to decline in a 3 - 6 per cent, annual rate, range. (12)

The money supply is likely to show a marked bulge in

March--to expansion in a 6 - 9 per cent annual rate range--as U.S. Government deposits are drawn down sharply, on average, following a build-up, seasonally adjusted, in the previous two months.

The March

rate of money supply growth is not expected to be sustained into spring, since it is anticipated that transactions demands for cash will be

-6moderating in line with slower GNP growth and that Government cash balances will be rising from their average level in March. (13)

With time deposits continuing to contract on average,

with total demand deposits showing little net change (as U.S. Government deposit declines offset private demand deposit increases), and with borrowings abroad costly and perhaps limited in availability, outstanding bank credit is expected to decline somewhat, on average, in March.

measured on a daily-average basis by total member bank deposits, the bank credit proxy is expected to decline in a 4 - 7 per cent annual rate range.

If Euro-dollar borrowings remain at about current levels, the

adjusted bank credit proxy is likely to decline in a 3 - 6 per cent annual rate range.

This decline is not expected to persist into April;

continued CD attrition may be roughly offset by a build up in U.S. Government deposits and growth in other time and savings deposits at somewhat more than a seasonal pace, assuming the bulk of interestsensitive funds in this category of deposits have already been withdrawn. (14)

The expected continued strength of loan demands at banks

in the face of reduced availabilities of funds suggests that banks will be forced to continue liquidating U.S. Government securities, to withdraw further from the municipal market, and perhaps to begin reducing their advances to the mortgage market.

Thus, long-term interest rates are

expected to continue under upward pressure.

Any reduction in over-all

credit demands either because of the high cost of borrowing generally or because of a slowing in economic expansion would tend to counteract the upward rate pressures generated by the immediate impact of monetary policy

on bank reserves and credit.

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

Excess reserves

Period

As I

revised

Free

reserves

date p

Monthly (reserves weeks ending in): 1968--February March April May June

As first published each week

As expected at conclusion of each week's open market operations

389 337 348 354 341 331 337 346 267 286 444

368 649 689 728 727 523 577 492 458 541 744

21 -312 -341 -374 -386 -192 -240 -146 -191 -255 -300

224 232

715 836

-491 -604

4 11 18 25

479 52 368 420

531 434 575 859

- 52

-382 -207 -439

-114 -443 -274 -525

-203 -446 -256 -369

1969-- Jan.

1 8 15 22 29

901 202 232 273 188

1,320 498 687 782 891

-419 -296 -455 -509 -703

-488 -365 -542 -572 -758

-473 -349 -533 -610 -779

Feb.

5 12 19 26

235 176 349 166

744 797 1,043 758

-509 -621 -694 -592

-568 -631 -721 -592

-615 -716 -726 -641

July

August September October November December 1969--January February p

Weeklyr: 1968-- Dec.

p -

Preliminary

TABLE A-2 AGGREGATE RESERVES AND RELATED MEASURES (In

per cent,

Retrospective Changes, Seasonally Adjusted annual rates based on monthly averages of daily figures)

Reserve Total Rs e Reserves

Ag gre ates Required reserves Against Nonborrowed Demand Reserves Total Demand

Monetary Total Member Bank Deposits

(credit)

Variab Time Deposits (comm.

Rsre ReevsDeposits

- -

banks)

es Money Supply Private Total Demand _Deposits

Annually: 1967 1968 Monthly: 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1969--Jan. Feb.

+ 9.9 + 7.2

+11.5 + 5.2

+10.2 + 7.1

+ 7.0 + 6.3

+11.7 + 8.6

(+11.5) (+ 9.4)

+16.1 +11.3

+ 6.4 + 6.5

+ 6.7 + 6.2

+16.6 +12.5 + 2.2

+16.7 + 9.9 -12.6

+11.4 +11.4 + 0.6

+ 6.6 +10.0 + 4.3

(+ 6.5) (+10.8) (+ 4.7)

- 6.0 - 1.9

+15.3 +19.2 + 0.1 -11.1 + 1.5 +12.2 + 0.1 +21.8

+ 3.9 + 7.2 + 9.7 + 2.6 + 3.2 + 3.8 +14.0 +21.4 +17.3 +17.7 +14.4 +14.3

+ 6.6 + 2.6 + 4.6 + 5.9 +11.7 + 8.4 +12.8 + 5.7

+ 6.8 + 1.7 + 2.5 + 6.8 +12.6 + 7.5 +14.9 + 3.3

- 5.0

+ 4.4 +10.7 + 7.5

+ 5.7 +10.6 + 7.3

-10.6

+ 3.1 + 2.5

+ 4.0 + 0.8

8.8

+ 4.1 + 4.9 + 5.0 +23.5 -

1.6

+ 9.8 + 5.5 +11.0 p

Includes all movements in borrowings.

p -

Preliminary.

+ 8.2 + 1.3

9.4

+ 2.2 + 6.6 +14.5 +23.3 + 1.3 +12.2 -

2.3 1.0

+12.5 -

3.0

+ 9.6 + 7.7 +21.2 + 4.8 + 8.5 + 8.2 + 7.3 +14.0 + 0.7

- 4.7

+ 4.1 + 6.0 + 7.7

+ 1.7 + 6.5 + 9.0 +21.4 + 8.4 +12.5 +11.1 +12.7

(+ 5.1) (+ 9.3) (+10.1) (+22.1) (+ 9.4) (+11.8) (+11.3) (+11.6)

+10.8 +18.7

- 4.9 - 1.0

(- 2.0) (+ 2.0)1

3.5

3.8)

9.5

7.3

deposits subject to reserve requirements. Movements in this aggregate correspond closely with Figures in parenthesis include Euro-dollar total member bank credit.on a daily average basis.

Chart 1

MEMBER BANK RESERVES MONTHLY AVERAGES OF DAILY FIGURES

I I I

BILLIONS OF DOLLARS, SEASONALLY

ADJUSTED

28.5

28.0

27.5

27.0

REQUTOTAL

26.5

RESERVES

--- 26.0

25.5

25.0 NONBORROWED

RESERVES

24.5

REQUIRED RESERVES 1

24.0

23.5 BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED

1.0 MEMBER BANK BORROWINGS .5

, , ', L

RESERVES 6EXCESS ,x ,s , y,

1967

1968

1969

Chart 2

MEMBER BANK DEPOSITS AND LIABILITIES TO OVERSEAS BRANCHES BILLIONS OF DOLLARS

TOTAL MEMBER BANK DEPOSITS [CREDIT PROXY] SEAS

ADJ WEEKLY

AVERAGE OF DAILY FIGURES

294

290

286

282

278

274

270

266

262

258

254 8

LIABILITIES TO OVERSEAS BRANCHES (WEEKLY REPORTING BANKS] NOT SEAS ADJ, WEDNESDAYS

6 27

-------------------------------------

1967

1968

M 1969

Chart 3

MONEY SUPPLY AND BANK DEPOSITS SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES IIONS OF DO I ARS RILLIONS OF DOLLARS

190

186

182

204

178

200

174

170

188

TIME DEPOSITS ADJUSTED (All Commercial Banks)

NEGOTIABLE

NOT SEAS

CD'S

ADJ, WEDNESDAYS

1967

1968

1969

Chart 4

DEMAND DEPOSITS AND CURRENCY SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES

II I I

BILLIONS OF DOLLARS

1967

1968

1969

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 Period

float)

Year: 1967 (12/28/66 1 3 (12/27/67

Gold

Federal Reserve credit (excl.

12/27/67) 12/25/68)

stock

Currency outside banks banks

+4,718

+3,757

-2,067

725

-2,305 -3,221

Technical factors net 2 net

165

+3,039

Change

in total reservesreserves

Bank use of reserves Excess Required reserves

reserves

+1,522 +1,508

+1,517 +1,563

+ -

5 55

78 86

129 254

Year-to-date: 12/27/67 - 2/28/68) 12/25/68 - 2/26/69)

Weekly: 1969--Jan.

173 63

470 205 389 396

/ / I

/ /

899

-1,523

168

211 380

,108 385 612

396

346 179 776

122 187 461 194

55 265 187 76

135 212 357 518

,164

69 240 632 636

218

145 35 15 70

For retrospective details, see B-4. For factors included, see Table B-3. For required reserves by type of deposits, see Ta-ble B-2 See reverse side for explanation. Includes increase in reserve requirements of $360 million effective Jan. Jan. 18, 1968.

627

481

314 582

699 30 41

259 692

777

PROJECTED 1969--Mar.

+1,572 +1,417 88 354

,230

Feb.

551

184

47 26 173

335

183

182 153

205 110 75

415 80

90 205 110 75

p - Preliminary.

11,

1968,

and $190 million effective

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 Period

Supporting U. S. Gov't. demand

required r reserves

Supporting private deposits Total

demand

Other than seasonal chanes

Seasonal changes

Total

Time

Demand

Time

Demand

d eposits

seasonal changes

vear: 67 1968

(12/28/66 (12/27/67

12/27/67) 12/25/68)

261 558

+1,256 +2,121

382

6 25

+1,023 +1,647

78 86

354 545

720 384

233 114

260 39

627 314 582 259 692

200 300 207 110 247

427 14 789 149 445

332 2 514 174 114

6 25 19 13

89 21 284 55 325

182 153 184 335

258 324 73 46

440 477 111 289

289 307 96 252

19 18 13 13

128 150 228 35

+ -

+1,517 +1,563

1/ 1/

Year-to-date: (12/27/67 (12/25/68

- 2/28/68) - 2/26/69)

Weekly: 1969--Jan.

Feb.

-____

PROJECTED

1969--Mar.

5 12 19 26

___ __

__ __

90 205

110

55 - 10 - 180 65

49 228

I4 -

276 459

35 195

225 240

290

+ +

300 45

___

Reflects reserve requirement changes in March 1967 and January 1968.

__L

I__

P - Preliminary.

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

Float

Treasury operations

Foreign deposits and gold loans

ACTUAL Year: 1967 (12/28/66 1968 (12/27/67

12/27/67) 12/25/68)

165

+3,039

928

+1,309

214 109

119 19 16 18 166

316 869

7 - 67

389

Year-to-date: (12/27/67 (12/25/68

Weekly: 1969--Jan.

- 2/28/68) - 2/26/69)

899

-1,523

211 380 346 179 776

Feb.

+ +

55 265 187 76

70 25 415 80

105

+ +

p - Preliminary.

144

398

120 123 42 78 95

+ + +

161 41 18 204

PROJECTED 1969--Mar.

223 335 161 112

832

-1,104

160 240 80

35 30 175

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) (Excl. float)

Period

U.S. Government securities Total B Repurchase Billss Other agreements holdings

Year: ,67 (12/28/66 - 12/27/67) 1968 (12/27/67 - 12/25/68)

+4,718 +3,757

+5,009 +3,298

+4,433 +2,143

+1,153 +1.176

577 21

Year-to-date: (12/27/67 - 2/28/68) (12/25/68 - 2/26/69)

206 7

224 129

+ +

Weekly: 1969--Jan.

Feb.

__ __ __ __ _

173 63

1 8 15 22 29

230 470 205 389 396

742 344 347 480 503

+ +

576 398

175 480 503

5 12 p 19 p 26 o

69 240 632 636

77 146 306 292

__--I--

99 85

Federal Agency Securities

Member banks

acceptances

- 19 -

Membr

Bankers

69 52

57 41

166 54 172

8 146 251 308

i borrowings

203

514

101

461

822

+ + +

189 95 109

147

+ +

53 246

285

Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures)

Period

Total

rves

reserves

Nonborrowed

Required reserves

reserves

Total

reserves

TotalDemand

Aainst private deposits

Demand

Total

1966--Jan. Feb. Mar. Apr. May June 1/ July Aug. Sept. Oct. Nov. Dec.

22,785 22,857 22,888 23,118 23,192 23,149 23,293 23,029 23,065 22,954 22,915 22,895

22,325 22,376 22,331 22,490 22,486 22,472 22,552 22,336 22,319 22,243 22,303 22,286

22,456 22,507 22,512 22,714 22,773 22,780 22,864 22,687 22,712 22,629 22,593 22,600

21,936 21,996 22,115 22,283 22,331 22,361 22,344 22,320 22,349 22,229 22,198 22,262

16,822 16,877 16,957 17,043 17,030 17,043 16,963 16,908 16,922 16,827 16,810 16,825

1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

23,217 23,471 23,869 23,910 23,952 24,105 24,342 24,627 24,786 25,121 25,275

22,770 23,107 23,668 23,775 23,874 23,982 24,279 24.586 24,721 25,020 25,142 24,848

22,875 23,134 23,383 23,529 23,531 23,660 23,960 24,234 24,476 24,810 24,947 24,914

22,298 22,559 22,785 22,779 23,071 23,387 23,578 23,776 23,850 23,995 24,122 24,157

16,774 16,959

1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

25,500 25,765 25,812

25,193 25,401 25,135 24,938 24,984 25,121 25,425 25,918 25,947 26,211 26,160 26,139

25,151 25,389 25,402 25,276 25,236 25,438 25,601 26,053 26,158 26,344 26,524 26,686

24,270 24,333 24,431 24,487 24,751 24,925 25,188 25,340 25,294 25,528

17,974 18,025 18,082 18,133 18,387 18,550 18,727 18,765 18,621 18,746

25,749 26,050

18,883 19,088

25,153

25,623

25,711 25,816 '5,923 26,431 26,395 26,610 26,732 26,976

17,101

17,015 17,244 17,472 17,582 17,701 17,704 17,805 17,879 17,860

1969--Jan. 27,161 19,066 25,921 26,412 26,998 19,167 25,927 27,014 27,190 26,346 Feb. p 4 .1. -h 4 p - Preliminary. 1/ Break in series due to redefinition of time deposits effective June 9, 1966, which reduced required reserves by $34 million. i

Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally Adjusted (Dollar amounts in

Period

billions, based on monthly averages of daily figures)

Total member bank deposits (credit 1/)

Time deposits

Private demand deposits 2

U.S. Gov't. demand deposits

1966--July Aug. Sept. Oct. Nov. Dec.

245.8 245.6 245.5 244.4 244.0 244.6

128.1 128.8 129.2 128.6 128.3 129.4

112.6 112.3 112.4 111.7 111.6 111.7

5.1 4.5 4.0 4.0 4.1 3.5

1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

247.7 251.0 254.0 255.8 257.2 259.5 262.4 266.1 268.4 270.8 272.9 273.2

131.5 133.3 135.3 137.2 138.7 140.8 142.8 144.6 146.3 147.4 148.6 149.9

111.4 112.6 113.6 113.0 114.5 116.0 116.7 117.5 117.6 118.2 118.7 118.6

4.8 5.1 5.1 5.6 4.0 2.6 2.9 4.0 4.5 5.2 5.6 4.6

1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

274.7 277.0 278.0 276.9 277.3 278.8 280.9 285.9 287.9 290.9 293.6 296.7

149.9 150.2 151.2 151.3 151.5 151.8 153.8 156.5 158.9 161.5 163.5 165.8

119.4 119.7 120.1 120.4 122.1 123.2 124.3 124.6 123.6 124.5 125.4 126.7

5.4 7.1 6.7 5.2 3.7 3.9 2.7 4.8 5.3 5.0 4.7 4.2

1969--Jan. Feb. p

295.1 294.9

163.2 160.9

126.6 127.3

5.3 6.7

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 billions, based on weekly averages of daily figures)

Total member bank deposits

Week ending:

Time deposits

(credit) / 1968-- Aug.

Private demand

U. S. Gov't. demand

deposits 2/

deposits

21 28

284.7 285.0 286.4 287.0

155.5 156.0 156.8 157.4

125.0 123.9 124.9 124.7

4.2 5.2 4.7 4.9

Sept.

4 11 18 25

286.7 287.0 287.8 288.8

157.9 158.3 158.9 159.4

124.7 124.1 123.5 123.4

4.1 4.6 5.4 6.0

Oct.

2 9 16 23 30

290.3 290.4 289.9 289.5 292.7

160.1 160.8 161.1 161.9 162.2

124.0 123.9 125.1 123.7 124.3

6.2 5.7 3.7 3.9 6.2

Nov.

6 13 20 27

293.9 293.6 292.9 294.1

162.6 163.0 163.6 164.7

125.5 124.2 125.9 126.1

5.8 6.3 3.4 3.4

Dec.

4 11

18 25

294.8 296.4 296.9 296.7

165.3 165.9 166.1 166.1

126.3 126.3 126.4 126.9

3.2 4.2 4.4 3.7

1969-- Jan.

1 8 15 22 29

297.4 297.2 294.9 294.4 293.8

165.5 164.4 163.9 162.8 162. 1

127.9 128.2 126.7 126.0 124.9

4.0 4.5 4.3 5.6 6.8

Feb.

5 12 19 26

294.1 295.5 295.5 294. 6

161.4 161.1 160.9 160.5

126.2 126.4 127.8 128.2

6.5 8.0 6.8 5.9

7 14

p - 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/ 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)

Money Supply

Monthly

Currency 1/

Private Demand 2/

Deposits L______ _______________________________Deposits

Time Deposits Adjusted

1966--July Aug. Sept. Oct. Nov. Dec.

169.9 170.0 170.5 170.2 170.2 170.4

37.6 37.8 37.9 38.0 38.2 38.3

132.3 132.2 132.6 132.1 132.0 132.1

155.9 156.9 157.7 157.3 156.9 158.1

1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

170.3 171.8 173.2 172.5 174.4 176.0 177.8 178.9 179.1 180.2 181.0 181.3

38.5 38.7 38.9 39.0 39.1 39.3 39.4 39.5 39.7 39.9 40.1 40.4

131.8 133.0 134.3 133.5 135.3 136.7 138.4 139.4 139.4 140.2 141.0 140.9

161.0 163.5 165.9 168.1 170.1 172.6 174.8 177.2 179.4 180.6 182.0 183.5

1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

182.3 182.7 183.4 184.3 186.1 187.4 189.4 190.3 189.5 190.2 191.9 193.1

40.6 40.7 41.1 41.4 41.6 42.0 42.2 42.6 42.7 42.8 43.2 43.4

141.7 141.9 142.2 143.0 144.5 145.4 147.2 147.6 146.7 147.4 148.7 149.6

184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 196.6 199.5 201.9 204.3

1969--Jan. Feb. p

193.6 194.0

43.6 43.9

150.1 150.2

202.5 200.9

___________I

Includes currency outside the Treasury, the Federal Reserve, and the vaults of a 11 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. p - Preliminary. 1/

TABLE C-3a MONEY SUPPLY AND TIME DEPOSITS AT ALL COMMERCIAL BANKS Seasonally Adjusted (Dollar amounts in billions, based

on weekly

Week Ending

Money Supply

averages of daily figures)

Currency 1/

Private Demand

S__Deposits

1968--Aug.

Time Deposits 2/

adjusted

7 14 21 28

190.4 189.7 190.4 190.2

42.2 42.5 42.6 42.7

148.1 147.1 147.8 147.5

192.5 193.3 194.0 194.6

Sept.

4 11 18 25

190.3 190.2 188.7 188.5

42.7 42.6 42.7 42.6

147.5 147.5 146.0 145.9

195.2 195.8 196.6 197.2

Oct.

2 9 16 23 30.

190.0 189.9 191.0 189.4 189.9

42.7 42.9 42.8 42.8 42.9

147.3 147.0 148.1 146.5 147.0

198.1 198.7 199.1 200.0 200.4

Nov.

6 13 20 27

191.9 190.6 192.2 193.3

42.9 43.2 43.2 43.4

149.0 147.3 149.0 149.9

200.8 201.4 201.7 202.9

Dec.

4 11 18 25

192.9 193.1 192.7 192.7

43.5 43.5 43.4 43.4

149.4 149.6 149.2 149.3

203.7 204.1 204.5 204.6

1969--Jan.

1 8 15 22 29

193.7 195.4 193.8 193.6 191.6

43.4 43.5 43.5 43.6 43.5

150.3 151.9 150.2 150.0 148.1

204.1 203.3 202.8 202.1 201.5

5 12 p 19 p 26 p

192.8 193.0 195.0 195.0

43.7 43.9 44.0 43.8

149.1 149.1 151.0 151.2

201.0 201.0 201.1 200.6

Feb.

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

APA

Federal Reserve (1969, March 3). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19690304

BibTeX

@misc{wtfs_bluebook_19690304,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1969},
  month = {Mar},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19690304},
  note = {Retrieved via When the Fed Speaks corpus}
}