bluebooks · May 25, 1970

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.

In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing).

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Content last modified 6/05/2009.

CONFIDENTIAL (FR)

May 22,

1970.

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent Developments (1)

In the first

three weeks of May,

figures for both the money

supply and the adjusted credit proxy appear, on balance, to have run significantly above the paths targeted in the last blue book.

As a result,

for the month of May the money supply is

now estimated to grow at about

a 9-1/2 per cent annual rate on average,

and the adjusted credit proxy to

decline at only about a 1-1/2 per cent annual rate,

compared with rates

of plus 3-1/2 and minus 7-1/2 per cent specified earlier.

The higher

May growth rates reflect in some part, and particularly for the money supply, shortfalls of the aggregates in April from their targets.

Still,

taking April and May together, the growth in both the money supply and bank credit is

running about 2 - 3 percentage points (annual rate) more

rapidly than targeted. estimate is based on data

It should be pointed out, however, that this for May which are relatively firm for only

the first half of the month, with figures partial for the third week.

-2Weekly Path of Monetary Aggregates Compared with Estimated Results (Daily average levels in billions of dollars)

Adjusted ICredit Proxy May 5 Current Target Estimate

Money Supply Current May 5 Estimate Target

Week ending April 29 May 6 May 13 May 20 May 27

308.6 308.3 307.6 307.5 307.9

308.0 309.0 307.7 309.4 (est.) 310.1 (proj.)

203,0 203.0 203.9 204.6 205.0

201.7 203.8 203.4 206.3 205.7

Monthly averages March April May

306.2 309.8 307.8

306. 1 309.6 309.2 (proj.)

201.5 203.6 204.2

201.5 203.3 204.9 (proj.)

Annual rates of change: March to May April to May

(2)

3.0 -7.5

6.0 (proj.) -1.5 (proj.)

8.0 3.5

(est.) (proj.

10.0 (proj.) 9.5 (proj.)

The faster-than-expected increase in the money supply for

May has reflected a considerably stronger than targeted performance of private demand deposits.

Consumer cash balances have probably been

augmented by the receipt of lump-sum retroactive increases in social security benefits and Federal pay, and probably also by a build-up in liquidity associated with the sharp decline of the stock market.

But this may

also have been partly due to the active reserve supplying operations undertaken by the System to lend support to the Treasury's May financing. respect to the adjusted credit proxy,

its

smaller-than-targeted

With

decline

-3in May has also been influenced by the fact that the Treasury received more cash than expected in its mid-May refunding,

partly paid through

credits to tax and loan accounts. (3)

Commercial bank time deposits rose moderately in the last

half of April, but thus far in May growth has been at a very slow pace, possibly influenced by withdrawals from consumer-type time deposits to pay for the recent AT&T and Treasury offerings.

Moreover,

relatively high levels of short-term market rates,

at recent

the earlier fairly rapid

net expansion in outstanding CD's has come to a halt.

In May,

deposits are now estimated to rise at an 8-1/2 per cent

time

annual rate, on

average, mainly reflecting rapid growth in the last half of April.

With

respect to nondeposit sources of funds, Euro-dollar borrowings through foreign branches have shown little

net change on balance over recent

weeks, as expected, but growth in bank-related commercial paper has been considerably more than anticipated. (4) Desk operations since the last meeting were shaped by "even-keel" considerations as the Treasury financing was imperilled by market reactions to Cambodian and related developments.

During the

statement week ending May 6--when books were open on the financing--net borrowed reserves declined to about $425 million, about $400 million below the average of the preceding three statement weeks.

In the

following two statement weeks net borrowed reserves rose to $790 million

-4and $1,064 million, respectively.

In terms of the flow of reserves,

there was a sizable $420 million rise (seasonally adjusted) in the daily average of nonborrowed reserves during the week ending May 6--a period in which the System bought $1.2 billion of securities

(on a

daily average basis)--but outstanding nonborrowed reserves were reduced sharply in

the ensuing two weeks partly as a

result of action to increase

substantially the Treasury balance of the Federal Reserve in ending May 13.

the week

Over the past three statement weeks, the effective

weekly average Federal funds rate has fluctuated bttween 7-7/8 and 8-1/2 per cent,

and member bank borrowings have fluctuated between $770

million and $1.2 billion. (5)

The Treasury's May financing raised about $2 billion in

money from the public,

or about $1 billion more than expected.

new

This was

almost entirely the result of lower-than-expected cash redemptions of publicly-held "rights" to the exchange.

The cash offering of 18-month

notes required a highly unusual 100 per cent allotment rate to obtain full coverage.

Dealers have been rather reluctant to rebuild their

reduced positions from the levels to which they had been reduced after the recent sizable System bill purchases. bills

thin, bill

With the market supply of

rates have fluctuated widely in

short-run market pressures.

response to shifting

The 3-month bill has ranged from 6.56 to

7.09 per cent since the last Committee meeting and was most recently bid at around 6.85 per cent. in

Long-term interest rates have edged higher

the inter-meeting period, carrying yields on corporate and municipal

bonds to levels slightly above their previous highs of late December. And stock market prices have dropped sharply further.

(6)

The following table summarizes recent seasonally adjusted

anhual rates of change in

major reserve deposit,

and credit aggregates in

comparison with selected recent periods: Past Year (May over May)

1970 to date (May over December)

May over April

Total Reserves

-2.8

-0.7

-15.5

Nonborrowed Reserves

-1.5

0.9

-19.0

3.3

6.4

9.5

Time and savings deposits

-1,2

6.4

8.5

Savings accounts at nonbank institutions thrift

1/ -2.8-

3.6

8.3

Total member bank deposits (bank credit proxy)

-2.0

2.8

- 4.0

Proxy plus Euro-dollars

-1.3

0.9

- 4.0

Proxy plus Euro-dollars and other nondeposit sources

n.a.

2.7

- 1.5

Money Supply

Member bank deposits and related sources of funds

Commercial bank credit (month end) Total loans and investments of all commercial banks L&I plus loans sold outright to affiliates and foreign branches

NOTE:

1/ 2/ 3/ n.a.

1/ 1.2-

2/ 1.4"

3/ 6.0"

2/ n.a.

3.7

3/ 6.5

All items are average of daily figures (with "other nondeposit sources" based on an average for the month of Wednesday data), except the commercial bank credit series which are based on total outstanding on All additions to the total member bank deposit last Wednesday of month. series are seasonally unadjusted numbers, since data have not been available for a long enough time to make seasonal adjustments. Data for May are partly projected. April over April. April over December. April over March. Not available.

Prospective (7)

the Committee decides to aim at a continuation of the

policy course adopted at the previous meeting, directive issued then,

may wish to renew the

excluding the reference to the Treasury financing,

as follows: To implement this policy, to see moderate growth in the months ahead.

the Committee desires

money and bank credit over

System open market operations until

the next meeting of the Committee shall be conducted

with a view to maintaining bank reserves and money market conditions consistent with that objective;-taking [DEL: account of the current Treasury financing;]provided, however,

that operations shall be modified as needed to

moderate excessive pressures in financial markets, should they develop. (8)

The following table compares

the target paths for money

supply and the adjusted bank credit proxy adopted at the last FOMC meeting for the second quarter with current estimates and projections.

The pro-

jections are based on an assumption of a Federal funds rate around the 8--8-1/8 per cent average of the past three weeks, seasonal decline in

the 3-month bill

a 6-3/8--6-5/8 per cent range.

and also assume a

rate during the next four weeks into

Months

Adjusted Bank Credit Proxy As Currently of estimated or projected May 5

Money Supply Currently As estimated or of projected May 5

Daily average levels in March April May June

Total Reserves As Currently of estimated or projected May 5

billions of dollars

306.2 309.8 307.8 309.2

306.1 309.6 309.2 311.4

201.5 203.6 204.2 203.5

201.5 203.3 204.9 205.1

27.7 28.2 27.9 27.8

27.7 28.2 27.8 27.9

307.6 308.9 309.4 309.8

309.5 310.7 311.6 311.8

204.3 203.7 204.0 203.6

205.2 204.6 205.2 205.2

27.6 27.7 27.6 27.8

27.5

Week Endingi/ June June June June

3 10 17 24

27.9 27.8 28.0

1/ Averages for the statement weeks shown may not equal the monthly average for June because changes for the last few days of June are not shown. (9)

The annual rates of change

(rounded

to the nearest

half per cent) which go with the preceding levels are shown below for June and the second quarter: Adjusted Bank Credit Proxy As Currently of estimated or projected May 5 June Second Qtr. (June over March)

5-1/2

Money Supply Currently As of estimated or projected May 5

8-1/2

As of

Total Reserves Curren.ti estimated or

May 5

projected

-6-1/2

1/ 4-

2-1/2

1/ March includes 4 days in which transactions through foreign agencies and Edge corporations reduced cash items and thus raised the reported money supply. An adjustment to remove the resulting June will not include such a period. bias in the rate of change over the second quarter would add about 1 percentage point to the quarterly rates shown in table.

-8Some analysts prefer to view quarterly changes in the money stock as measured by the average daily amount outstanding during the current quarter over the average daily amount outstanding in the preceding quarter.

this basis the second quarter increase in the money stock consistent with the 4 per cent target shown in the table above would be at a 6-1/2 per cent

annual rate, while the figure consistent with the 7 per cent projected increase would be around 7-1/2 per cent.

The first quarter rise in the

money stock on a quarter-over-quarter basis was around 2-1/2 per cent. (10)

An extrapolation into the third quarter of the moderate

growth path for the monetary aggregates voted by the FOMC on May 5 might look as follows: Adjusted Bank Credit Proxy

Money Supply

Total Reserves

June July

309.2 311.0

203.5 204.3

27.8 27.7

August

312.1

205.1

27.8

September

314.6

205.6

27.8

Annual 7 rate of change: September over June

1/2

The path for the adjusted proxy allows for sizable Treasury third quarter cash financing, with about $8-1/2 billion of new cash raised in July and August.

Staying with this path, however, would probably mean that a

substantial part of the Treasury cash requirements would have to be financed outside the banking system, assuming that business and other loan demands on banks pick up from their recent depressed pace as would be consistent with staff projections of renewed expansion in real GNP.

-9 (11)

Since both the bank credit proxy and the money supply

are currently running above

target,

seems clear that the Manager

would have to provide less reserves and to tighten up money market conditions in

order to move back toward the targeted path.

One of the

factors the Committee may wish to take into account in determining the speed with which the Manager attempts to move back toward the path presumably would be the fragility of market conditions. excess of projections over targets shown in paragraph correct,

Assuming the (8) is

roughly

a gradual movement back toward the moderate growth path might

be fostered,

between now and the next meeting of the Committee, with a

Federal funds rate around 8-1/2 per cent or somewhat above, member bank borrowing averaging about $1 to $1.1/4 billion, and net borrowed reserves averaging around $900 million to $1 billion. money market would inhibit, pressures on bill

at the least,

rates during June,

Such a movement in the

potential seasonal downward

and would probably add to upward

pressures on long-term rates over the short-run. back on the provision of nonborrowcd reserves,

As the System holds

a slower rate of deposit

growth can be expected, with time deposits becoming even less competitive relative to securities and holders of cash balances moving into highyielding market instruments.

–10Alternative (12)

Should the Committee--for example, because it wishes

to accommodate what appears to be increased liquidity demands in the economy--wish to move onto a path that allows for somewhat greater rates of growth in the monetary aggregates than Alternative A, the following language for the second paragraph might be considered: To implement this policy, the Committee desires to see moderate] [DEL:

SOMEWHAT GREATER growth in money and bank

credit over the months ahead THAN PREVIOUSLY SOUGHT. System open market operations until the next meeting of Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective, [DEL:takingaccount

ofthe

current

Treasury

financing;]provided, however, that operations shall be modified [DEL: as needed tomoderate] IF excessive pressures DEVELOP in financial markets, [DEL: should

they devlop OR

IF IMPLEMENTING ACTIONS ARE LEADING TO UNDULY EASY MONEY MARKET CONDITIONS. (13)

A target path that fosters somewhat greater growth in

money and bank credit over the months ahead might be as follows:

-11-

Money Sup ly

Adjusted Credit Proxy

Total Re erves

(Daily average levels in bil ions of dollars) May June July August September

309.1 310.9 312.8 314.4 317.2

204.9 204.5 205.5 206.4 207.0

27.8 27.9 27.9 28.1 28.1

Annual percentage rates of change June Second Qtr. (June over March) Third Qtr. (Sept. over June)

2-1/2

6-1/2

3-1/2

Movement onto this path might temporarily--over the next few weeks--require keeping money markets toward the tight end of recently prevailing ranges, although not as tight as in paragraph (11), perhaps with a Federal funds rate averaging around 8-1/4 per cent, member bank borrowings averaging a little under $1 billion, and net borrowed reserves falling in a $650 million to $900 million range.

Money market conditions such as contemplated

here might well mean that there would be only a quite moderate decline in the 3-month bill

rate in

6-3/4 per cent range.

June to a level averaging somewhere in

a 6-1/2 -

As the third quarter progressed, such a policy in

relation to the aggregates should help to moderate upward short-term rate pressures resulting from the Treasury's larger-than-usual July-August financing operations.

Long-term interest rates also would be under less

upward pressure, and might actually decline, as banks were put in a better position to purchase municipal securities and if the size of the corporate calendar were to abate as expectations of rising interest rates faded.

Table 1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Meirber Period

Free reserves

Excess reserves

Total

anka R e s e r v e Major banks

8 N.Y.

Borro t C

Outside N.Y.

s Country

Other

Monthly (reserves weeks ending in): 1969--January February March April May June July August September October November December

- 477 - 580 - 635 - 844 -1,116 -1,078 -1,045 - 997 - 744 - 995 - 975 - 849

359 256 202 187 243 277 266 214 282 195 238 278

836 836 837 1,031 1,359 1,355 1,311 1,211 1,026 1,190 1,213 1,127

131 62 58 85 123 57 89 81 83 106 120 268

302 255 233 411 346 459 250 253 236 327 387 310

149 215 254 260 397 288 364 256 222 293 250 220

253 304 293 275 493 550 608 621 485 464 456 329

1970--January February March April

759 916 751 687

169 210 129 178

928 1,126 880 865

148 106 90 227

287 317 225 331

232 289 287 119

261 414 278 188

5 12 19 26

-1,032 - 873 - 925 -1,072

296 371 146 138

1,328 1,244 1,071 1,210

121 350 8

422 422 296 390

295 295 189 260

490 490 409 421

438

260

504

Dec.

3 10 17 24 31

988 903 946 832 576

203 297 98 264 528

1,191 1,200 1,044 1,096 1,104

266 293 164 296 319

307 264 296 356 334

241 264 301 150 153

379 379 296 292 299

1970--Jan.

7 14 21 28

567 788 760 918

285 77 203 112

852 865 963 1,030

196 234 75 86

327 281 349 200

87 188 296 358

243 162 252 386

Feb.

4 11 18 25

-1,07 862 86: - 89-

21:1 20" 2L 172

.258 1,069 ,:Ic 1,06

75 130 218 --

383 351 261 271

317 267 246 329

32. 385 465

Mar.

4 11 18 25

Weekly:

1969

Nov.

Apr.

May

p -

683

638 861 667 840

198 71 150 96

836 932 817 936

32 169 146 11

46 349 216 289

419 190 185 357

339 22: 270 279

610

339

949

232

264

161

-317

179

496

269

178

15 22 29

915 811 783

102 158 111

1,017 969 894

322 517 63

509 252 361

47 81 259

139 119 211

6 p 13 p 20 p

- 428 - 790 -1,064

345 23 118

773 813 1,182

93 150 331

248 254 310

220 203 245

212 206 296

Yrelminary.

Table 2 AGGREGATE RESERVES AND MONETARY VARIABLES Changes, Perspective Seasonally Adjusted

(In pr

ten

7 Z .1

.urs)

or monthls aver uvI of dJll\

. annual r.tes bascL

Res, ar*

Memn

4 0 - 30

-annut lls Ist tll.! 16

+ 0 7

-3

2nd Hal'

196

Qusrts trI\ Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter

2 4

9 0 -4.0

7 -12

74 .

7 1 +15

4115 - 5

+06

+ + + +

6 9 7 8 7.6 6.6

- 6

5 4 + 8 7 + 6.8 + 7 0

+ 7 + 3 +16 +17

-12

6 0 5 3

+ 7.9 + 1.5 +11.5 + 9.6

+ 1 1 + 2.1 +15 0 + 5.3

+ 7.5 + 1 8 +11 5 + 9 8

+ 7.3 + 1.4 +13.6 +12.7

+ + + +

1969

+ 0.1

1 7

- 4.8

+ 4 1

+ 6 5

+ 3.2

5.1

2nd Quarter 1969

+ 1.2

- 4 7

+ 0 2

- 2.2

+ 4 5

+ 4 2

3 0

- 8 6 + 2 0

- 9 4 + 0.1

-+ 1 2

+ 3 6 + 6 2

-13 3 --

2.8 4.8 0 1

5.5 8.7 6 8 7 1

7 06

1968 1968 1968 1968

1st Quarter

a n

3.5

2 2.5

+ 1 0 -

| li -at -c

I 7

, P'lvt

a,l78 196

1 3 --

a. +

4 0 2 0

3rd Quarter 4th Quarter

1969 1969

9 3 1.4

lst Quarter

1970

- 0.4

- 2.5

4 0.6

+ 3.8

+ 7.0

+ 2.4

+ 0.5

6.9 +2 5 + 88 + 7.6 +22.4

- 6 9 +09 +12.3 +13.8 +22.4

- 5.2 - 06 +11 3 +9 4 +22 3

- 5.2 + 2.2 + 7.3 + 9 4 +22.2

+ 5 9 +11.0 + 9.0 + 8.9 + 8.9

+ + + + +

+ 5 0 +12 J + 8 3 + 9 8 + 8.9

+ 3.2 + i 2 + 2 6 +15 9 +17 0

September

+ 4.3

+ 8 3

+ 2.6

+ 8.8

+ 2.5

+ 8.5

+ 1.6

+16

October November December

+ 8.5 + 7.9 +12 1

+ 92 + 1.3 + 5.3

+10 4 + 8.4 +10.2

+13 3 +11.5 +13.0

+2.5 +11.3 + 7.4

+ 2.8 +11.2 + 5.6

+ 2.4 +11.3 + 7.2

+18 3 +16.2 +16.6

1969--January February larch April May June July

+ 7 5 - 3.4 - 3.8 - 8.5 +19.9 - 7.6 -22 5

+ 4.5 - 4.9 - 8. -12.0 + 6 0 - 8 2 -19 3

+12.7 - 3 0 - 4.4 - 5.0 +14 3 - 8.6 -17.6

- 3.2 - 1.2 -n.l + 4.9 - 1.2 -10.2 -18 9

+ + + + + + +

6.2 3.1 3 1 7 9 1.2 4 2 1 8

+ + + + + + +

2.8 8 3 8.2 2.7 8.1 8.1 5 -

+ 7.1 + 1 6 + 1.6 +10 2 - 1 6 + 3.1 * 1 6

-10.0 - 4.7 - .6 - 3.6 - 5.4 -18 5

-11

8.0

-19

- 2 5

+ 1 6

horthlv 1968--April Ma June Jul\ August

October

5.6 --11 7

hcveetr

. 9 7

AuesLt

Septem-ber

Dee-r c"

--.

r -

'.'

2.8

+ 7.7 -17

5.5 -12

Sl p -

Preliinar

pp - Partl

projected

1 8

- 0 6

+ 1 7

- 2 6

-10 .-

9 2

+ 0

+*10 6

7 t

' --

4 7

7 9

- 1 2 * 1 8

- 0 6 - C 8 -

a.2 -.2

.-. c.'

'2 ' 2

* 9 7

9 -

- t

5.8 8 7 8 7 5 7 86

t -

Ct -

-12. -12.4

r -

+1.

+22.:

+ 0 7

- 7 C

7 5 7

-12 -

Table AGGREGATE

(Based Resbe\e Aggregates Period

Total

Nonboirowed

leserves

(In

'ntl ly

168--

Required

ileerves

reseiver

millions of dollait)

RESERVES AND MONETARY VARIABLES Seasonally Adjusted

on monthly averages ot daillv

igII, I

Member Bank Deposit SIppot ted b\. Requiied Ke);~'i v\' . = Total PI '.lv te t, l Time Time member hank d demand depos i s Jeposits I/ d I iI ( In b

26,134 26.352 26.451 26,298 20,353 26.547 26 715 27,213 27,311 27,504 27,685 27,964

25,818 25,961 25,755 25,606 25,626 25,889 26,186 26,675 26,860 27,066 27,095 27,215

25,774 25,989 26.078 25,964 25,952 26,196 26,402 26.893 26.951 27,185 27,376 27,609

275. 1 277.4 278.5 277.3 277.8 279.5 281.7 286.9 289.0 292.2 295.0 298.2

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

119.7 120.1 120.6 120.8 122.7 123.8 125.2 125.6 124.8 125.7 126.8 128.2

1969--January February March April May June July August Sept L-mer O toher November December

28,139 28,060 27,972 27,775 28,235 28,056 27, 530 27,401 27.402 97, 354 2' 7q3 27, 28

27,318 27,206 27,024 26,754 26,888 26,705 26 275 26,214 26,383 26 210 2h.-38 26.806

S 27,902 27,832 27,729 27,614 27,942 27,742 27,334 27,161 27 ,144 27, 129 27,548 27,707

297.0 296.7 294.2 295.4 295.1 292.6 28S.0 285.3 28-.7 283. 5

163.2 161.0 160.5 160.1 159.3 158.1 155.1 152. 152.1 151.

5.4 6.7 4.8 5.9 5.9 4.0 2.4 2.,) 4. 1.1

285.8

151.5

128.4 129.1 128.9 129.4 130.0 130.5 130.5 129.9 129.? 128.9 129.1 129.4

1970--January February March April p

28,001 27,722 27.723 28,216 27,847

26,966 26,615 26,782 27, 349 26,912

27,823 27,523 27,536 28,046

284.8 282.9 286.2 290.1

27,661

S289.1

149.4 148.8 150.6 153.) 154.4

130.1 128.5 129.8 131.4 132.0

5.3 5.6 5.9 S. 7 7.7

May pp I

1/ 2/ 3/ 4/ 5/

P[ I v.ite

\ '

lo .I, 1l

7. 1

6h. 5.2 1. 7 3.9 2.7 4.8 S. I 5. )

! 40. /

181 2

| 41 .

1 .(1 I' ll II 8

4.7 4.2

43.4

4 "I 44. 1

1'i6.8 1'1

IL).

44,2 *, i ', '

.i I l 'l'IIm .

19'I I

'ol. 1

4'6.

4'.

l1. I

46.4 46. ' 46.7 4/.1

'1... '

Includes

increases proule

t ed

required reserves due to changes in

Regulations

M and D of approximately

1F-8n

ilI1

47.

211) 2 21o2.4 202 .3 202.3 2111 7

15 1.7

194.1

155.0 153.0 154.8 1'6.2 1'>7.2

1112.1 192.0 194.3 1'7.9 199.3

304.8 303.4 306.1 309.6 309.2

200.8

117 .7 1', .5

I 4 .I

1.4

deposits. Government,

sn .ie

1H7.7 1117.7 1HH.2 188 6 111 1 1 3.8 1 9h .4 1')99 4 2112 .1 204.9

I'd Flunrls.

'd 1

307.5 305.7 303.8 304.2 302.2 305.5 305.7

4.9

I " .1 2I'1. ''I .

187.2

152 . 152.5 152.6 154.0 153.8 154.2 154.4 151.8 15 3.7 15%. 6

I ,s

I ',h. I

Ib i.8

146.3 14b.3 147.5 148.6 148.8 149.1 150,.5 151.4

4 1 '42.

42. 7 42.8 4 1. 2

I 'l.. I ..

1.2.1) 1 .2 .6 1,1.2 1 |.8

.1.

IM11

I I *, .' 11,

Private demand deposits include demand deposits of individuals, partnerships, and corporations and not interbank commercial bank. Includes currency outside the Treasury, the Federal Reserve, and the vaults of all bank and the U.S. commercial banks, other than those due to domestic commercial demand deposits at all Includes (1) Reserve foreign demand balances at Federal Bank. and (2) and Federal Reserve float, process of collection Excludes interbank and U S Government time deposits

pp -,Partly

,d l",

*1.4

Pr, v + 1 1.m ,i.11 Credit Ibinlt tim' Euro-do'l Ial + l id , iJthli n n e.hp.

I -Ii=

I 0

January February March April May June July August September Oct obe r November December

131. I

T(,'

' oM h________ _

ubnwrIb,

less ca.sb

1969.

items in

Table 4 AGGREGATE RESERVES AND MONETARY VARIABLES Seasonally Adjusted

-I

I Reserve Aggregates r I Total Nonborrowed Required reserves reserves reserves

Per ilod

-I.

)69-- Nov.

Dec.

5 12 1' 26

Mar,

Apr.

May

(In millions of dol lars) 27,655 26,359 27,360 27,565 26,339 27,354 27,951 26,829 27,732 27,897 26,547 27,637 26,588 26,641 26,861 26,718 27,099

27,646 27,619 27,946 27,576 27,713

287.2 285.7 285.5 284.3 286.2

151.3 151.4 151.7 151.8 151.3

129.8 128.7 128.5 127.6 131.3

1. / 5.2

28,115 28,009 28,061 27,837

27,148 27,137 27,048 26,682

27,791 27,939 27,918 27,685

286.2 285.0 284.8 284.0

150.6 149.7 149.2 148.6

131.6 130.6 130.3 128.7

4.1. I 5. I 6.H

4 11 18 25

27,959 27,739 27,705 27,597

26,614 26,720 26,545 26,538

27,724 27,549 27,512 27,449

282.8 282.7 282.7 283.2

148.4 148.4 148.8 149.1

128.6 127.9 128.6 128.8

4 II 18 25

27,697 27,518 27,712 27,754

26,711 26,536 26,869 26,790

27,394 27,404 27,537 27,690

283.8 285.4 284.8 286.3

149.6 150.0 150.3 151.0

129.3 129.0 128.6 129.6

I 8 I' 22 29

27,954 27,745 28,390 28,448 28.282

27,005 27,229 27,363 27,516 27,288

27,605 27,566

290.5 291.6

152.0 152.9

132.6 132.8

28,290 28,330 28,051

289.9 290.7 288.4

153.2 153.8 154.2

132.1 130.3 129.8

17 24 31

Feb.

C______

27,839 28,041 28,020 27,790 27,898

10 I)

1970--Jan.

________

Member Bank Deposits Supported by Required Heserv Total Tim Private member bank deposi demand depoits deposts depusits deposits d>, I I I= /m I m In bi I I 0 I 286.0 151.3 129.3 5. 1 285.9 151.0 129.0 5.9 285.7 151.0 129.2 4.1 285.5 151.1 129.1 5. I

/ .14 11

op 20 p 20 p

28,476 27.692 27 901

27,706 26,869 26,687

28,101 27,652 27,734

289.0 287.7 289.4

154.4 154.2 154.3

131.4 131.1 133.2

(I ,lnercial bl ink time dLLposits Private adjusted Lu.iliILey I demand 4/ Ideposits 31 1/

Muom, y S"'*i' IIitl I

I i r 45.7

45.8 4'). 9 tl00. I 192.7 4').9

6. 6

I'l9. 7 46.1

5.H

,')1 .0

45. 4h.7

46. i 4',. 4'I.

.')ll.1.64 20

b.4 5. 1 *).4

4b.4 I 'I').

'lll). 6 *. 21).

5. 7

'1.6.7I 46. tIb. 9 46. 46.

5. '

4.6

211.

47. 1

h. b

4/. 4. t, I .'

'11 1.4

41.6

.9l)i. I

4/. /

Credi Proxy + Euro-dollars + other nondep. sources of tunds

153.0 153.9 154.2 153.2

193.3 193.1 193.2 193.5

304.7 305.2 305.3 305.8

153.3 152.4 152.7 151.6 157.2

193.8 193.8 194.1 194.3 193.9

307.3 305.9 305.4 304.5 306.1

156.8 156.1 155.5 152.8

193.2 192.3 191.9 191.4

305.4 305.0 305.3 304.4

152.7 152.2 153.1 153.4

191.1 191.4 192.0 192.6

303.3 303.2 303.3 303.8

154.2 1') 3.4 153.2 153.5

193.0 1)3.3 194.1 194.8

304.1 305.2 304.8 306.3

159.9 157.8

196.0 197.2

310.1 311.0

156.6 155.4 154.5

197.5 198.2 198.8

309.4 309.9 308.0

156. ) 15,.8 158.6

199.1 199.1 199.2

309.0 307.7 309.4

deposits. and not interbank corporations Private demand deposits include demand deposits of individuals, partnerships, and commercial bank currency outside the Treasury, the Federal Reserve, and the vaults of all Includes commercial bank, and the U S Government, commercial banks, other than those due to domestic demand deposits at all Includes (1) Banks. at Federal Reserve balances demand foreign (2) and float, Reserve Federal and process of collection Excludes interbank and U.S. Government time deposits.

Preliminary.

less <ash items

Cite this document

APA

Federal Reserve (1970, May 25). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19700526

BibTeX

@misc{wtfs_bluebook_19700526,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1970},
  month = {May},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19700526},
  note = {Retrieved via When the Fed Speaks corpus}
}