Bluebook
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Content last modified 6/05/2009.
(CONFIDENTIAL
FR)
June 16, 1972
MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Prepared for the Federal Open Market Committee
By the Staff BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
CONFIDENTIAL (FR)
June 16, 1972
MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1)
Through mid-June reserves available to support private
nonbank deposits (RPD)
have been running below the mid-point of the
path specified at the last meeting of the Committee.
Partially pro-
jected data for required reserves for the last half of June suggest a somewhat larger shortfall unless excess reserves rise substantially. If excess reserves in the last two weeks of the month were to average no more than the $150 million expected at the time of the last FOMC meeting, the May-June RPD growth would be 7 per cent at an annual rate, slightly below the Committee's 7-1/2 to 11-1/2 per cent target range, as shown in the attached Table 1. (2)
Growth in all of the key money and credit aggregates fell
a little short of expectations in May but, as the attached Table 2 shows, deviations were not very significant.
M1 increased at about a 4 per
cent annual rate, M 2 at nearly a 9 per cent rate, and the adjusted credit proxy at about a 15 per cent rate.
Shortfalls appear to have continued
in the first half of June. (3)
The Federal funds rate haS averaged just under 4-1/2 per
cent in the two most recent statement weeks.
This is close to 25 basis
points above the level prevailing at the time of the last meeting, and still in the low end of the 4-1/4 to 5-1/2 per cent range that was thought to have been consistent with growth in RPD at the mid-point of its
targeted range.
Borrowings from the discount window--averaging about
-2$135 million during the past three statement weeks--have also been moderately below levels thought necessary to restrain growth in the aggregates within targeted ranges.
In the absence of any indications of a slowing in economic
growth, it seems probable that there has been an only temporary shortfall in private demand for cash balances relative to GNP.
However, the possibility
that there has been some overestimation of the basic intensity of demands for cash associated with GNP growth cannot be ruled out. (4)
The increase that had developed in the Federal funds rate
following the last Committee meeting was not immediately reflected in shortterm rates generally.
The relative absence of upward pressures on short rates
was probably attributable largely to the combination of sizable Federal debt repayment in June and market expectations that the Treasury would not borrow new funds until the latter part of July.
However, most recently bill rates
have risen, with the 3-month bill rate around 3.95 per cent. (5)
This outlook on Treasury financing along with some lightening
of new issue calendars in both markets, contributed to a general strengthening of corporate and municipal bond markets during May.
Encouraged by this im-
proved atmosphere, underwriters bid rather aggressively for new issues, and bond yields declined generally.
These May declines have since been erased,
however, as investor resistance to aggressive underwriting pricing forced snydicate terminations. (6)
The following table compares seasonally adjusted annual
rates of change in major financial aggregates for recent periods.
1971 Total Reserves
Fourth and First Quarters Combined (Mar. over Sept.)
Latest 2 months (May over March)
6.2
15.1 15.1
Nonborrowed Reserves
8.0
8.9
Reserves available to support private nonbank deposits
7.7
8.6
M 1 (currency plus demand deposits) 1/
6.2
5.2
M 2 (M1 plus time deposits at commercial banks other than large CD's)
11.1
10.8
M 3 (M2 plus deposits at thrift institutions)
13.3
12.7
10.6
9.5
10.6
14. 2
11.3
13.3
11.0
Concepts of Money
8.0
Bank Credit Total member bank deposits (Bank credit proxy adj.) Loans and investments of commercial banks 2/ Short-term market paper (Actual $ change in billions) Large CD's Nonbank commercial paper
$ 7.9
2.9
-1.8
Other than interbank and U. S. Government. Based on month-end figures. Includes loans sold to affiliates and branches.
NOTE: All items are based on averages of daily figures, except for data on total loans and investments of commercial banks, commercial paper, and thrift institutions--which are either end-of-month or last Wednesday of month figures.
Prospective developments (7)
The three alternative patterns of monetary aggregates and
money market conditions summarized below differ little from those presented at the time of the last FOMC meeting. in M 1 for
Given recent deposit flows, growth
the second quarter is less than earlier indicated, but the
alternatives proposed for third quarter rates of growth in M 1 are unchanged. We have reduced the range of member bank borrowings and lowered the bottom end of the Federal funds rate range,since pressures on the money market and on the discount window in the past several weeks have been less than anticipated for given increases
in the monetary aggregates.
But we have not lowered the
top end of the funds rate ranges because we still feel that basic money demands will be strong, given the vigorous GNP growth projected, and that, therefore, there are some odds--not trivially small--that restraint of growth in the aggregates can require a considerable tightening of the money market. detailed monthly and quarterly figures, RPD,
More
including data for total reserves and
are shown on the next two pages.
Federal funds rate Member bank borrowings ($ millions)
A
B
C
3-1/2--5
4--5-1/2
4-1/2--6
50-250
75-450
150-650
6% 10 6 7-1/2
6% 9 6 6-1/2
6% 8-1/2 6 5-1/2
8% 6-1/2 7-1/2
7-1/2% 5-1/2 6-1/2
7% 4-1/2 5-1/2
Growth in M1 (SAAR) June July 2nd Q. 3rd Q. Near-term growth in
RPD (SAAR) June July June-July
-5Alternative Monthly and Quarterly Patterns for Key Monetary Aggregates
M
1
1972
June July Aug. Sept.
M2
Alt. A
Alt. B
Alt. C
Alt. A
Alt. B
Alt. C
237.0 239.0 240.4 241.5
237.0 238.8 240.0 240.8
237.0 238.7 239.7 240.3
490.8 495.2 498.9 501.7
490.8 494.7 497.7 499.9
490.8 494.4 496.7 498.3
Per Cent Annual Rates of Growth June July Aug. Sept.
6.0 10.0 7.0 5.5
6,0 9.0 6.0 4.0
6.0 8.5 5.0 3.0
10.5 11.0 9.0 6.5
2nd Q.
6.0 7.5
6.0 6.5
6.0 5.5
9.0 9.0
3rd Q.
Adjusted Credit Proxy Alt. A 1972
June July Aug. Sept.
382.1 383.6 387.0 390.3
Alt.
B
382.1 383.2 386.1 389.0
Alt. C 382.1 383.0 385.5 387.9
Per Cent Annual Rates of Growth June July Aug. Sept.
4.0 4.5 10.5 10.0
4.0 3.5 9.0 9.0
4.0
2nd Q. 3rd Q.
10.5 8.5
10.5 7.0
10.5 6.0
--
3.0 8.0 7.5
10.5 7.5 5.5
10.5 9.0 5.5 4.0
9.0 7.5
9.0 6.0
9.5
Alternative Monthly and Quarterly Patterns of Reserve Aggregates
1972
_
_RPD
Total Reserves
/
Alt. A
Alt.
B
Alt. C
Alt. A
Alt.-B
Alt. C
June July
33,072 32,925
33,064 32,886
33,056 32,852
30,161 30,329
30,153 30,291
30,145 30,257
Aug. Sept.
33,054 33,226
32,961 33,091
32,899 32,986
30,629 30,684
30,536 30,550
30,475 30,446
Per Cent Annual Rates of Growth
June
8.5
8.0
8.0
8.0
7.5
7.0
July Aug.
-5.5 4.5
-6.5 2.5
-7.5 115
6.5 12.0
5.5 9.5
4.5 8.5
Sept.
6.0
4.5
3.0
2.0
0.5
2nd Q.
13.0
13.0
13.0
7.0
7.0
7,0
3rd Q.
2.0
0.5
-1.0
7.0
5.5
4.0
I/
Reserves available to support private nonbank deposits.
-1.0
-7(8)
The first two alternatives encompass recently prevailing
money market conditions, taken to be typified by a Federal funds rate aroung 4-3/8--4-1/2 per cent.
But under alternative A, the staff would
expect the funds rate to edge down from current levels, while under alternative B it is likely to edge up as reserve provision through open market operations is held back in the face of strengthening demand for money. M1 growth is expected to be largest early in the third quarter--with the July rise estimated at around a 9 per cent annual rate--as U. S. Government deposits decline sharply on balance. (9) For several weeks the 3-month bill rate has been seasonally low relative to the Federal funds rate.
Over the course of July the bill
rate normally rises relative to the funds rate.
The seasonal rise--or at
least the full extent of it--may be delayed this year if the Treasury does not begin its third quarter cash borrowing until late July or early August. We have assumed a fairly sizable cash borrowing around mid-July.
And we
would expect significant upward pressures on the bill rate to begin emerging it
least by the latter part of July, with the full force of such pressures
possibly not developing until later in the summer.
Between now and the
July 18 FOMC meeting, a 3-month bill rate in a 3-3/4--4-1/2 per cent range might be anticipated, assuming money market conditions around those currently prevailing, but with the rate moving higher if the funds rate were to move above 4-3/4 per cent. (10)
As the third quarter progresses, growth in time deposits
other than large CD's is expected to slow, reflecting rising short-term market interest rates.
The slowdown does not look as if it will be as
sharp as we had earlier expected in view of the strong performance of
such deposits in recent weeks and the failure of short-term market rates thus far to show significant increases.
Even so, M 2 is projected to grow
more slowly in the third quarter than in the second under alternatives B and C, and at just about the same rate under alternative A. (11)
The recent strong business loan demand at banks is
expected to persist in the summer.
And with diminished net inflows of
time deposits other than large CD's, banks can be expected to bid fairly aggressively for large negotiable CD funds.
Nevertheless, bank credit
expansion--as measured by the proxy--may be very slow in June and July as continued declines in U. S. Government deposits divert funds from banks.
Over the third quarter as a whole, bank credit growth is likely
to be somewhat slower than in the second quarter. (12)
Between now and the next meeting of the Committee,
there is unlikely to be much upward pressure on long-term interest rates, given the moderate credit demands in prospect, unless money market conditions become significantly firmer.
If the Treasury should
elect to undertake an advance refunding in the latter part of June, some modest near-term increase in Treasury yields might be expected, but the spill-over of such yield increases to other long-term markets would probably not be very large.
Taking a somewhat longer view, as
the summer progresses the expected rise in short-term rates, fueled by the increased cash needs of the Treasury, will probably lead to some increase in long-term interest rates generally.
-9Proposed directive (13)
Three alternative formulations for the operational
paragraph of the directive are presented below.
They might be associated
with the correspondingly lettered patterns of growth in the aggregates described in the preceding section. (14)
Alternative A.
"To implement this policy, while taking account of [DEL: and] developments market capital
refunding] possible Treasury [DEL:
FINANCING, the Committee seeks to achieve bank reserve slower] somewhat and money market conditions that will support [DEL:
growth in monetary aggregates over the months ahead AT SOMEWHAT FASTER RATES THAN IN RECENT MONTHS." (15)
Alternative B.
"To implement this policy, while taking account of and] developments market capital [DEL:
refunding] possible Treasury [DEL:
FINANCING, the Committee seeks to achieve bank reserve and slower] somewhat money market conditions that will support [DEL: MODERATE growth in monetary aggregates over the months ahead." (16)
Alternative C.
"To implement this policy, while taking account of refunding] capital market developments and possible Treasury [DEL: FINANCING, the Committee seeks to achieve bank reserve and slower] somewhat money market conditions that will support [DEL: growth in monetary aggregates over the months ahead AT
SOMEWHAT SLOWER RATES THAN IN RECENT MONTHS."
-10-
(17)
Deletion of the reference to capital market develop-
ments is proposed for alternatives A and B in view of the recent and prospective moderation of credit demands in capital markets.
However,
the Committee might wish to consider including such a reference in association with alternative C because of the stronger upward pressures in long-term markets that could develop under that alternative. (18)
The other differences in language among these alter-
natives are in the descriptions of desired growth in monetary aggregates.
In alternative A the words "at somewhat faster rates than in
recent months" are designed to place an accent on the objective under this alternative of achieving some pick-up from the average rates of May and June.
In B the term "moderate" is
suggested in
place of the
previous "somewhat slower" to avoid any implication that the Committee seeks a continued slowing of monetary growth from the rates recently achieved.
As indicated, it is proposed to retain the phrase "somewhat
slower" in
alternative C.
CHART 1
STRICTLY CONFIDENTIAL (FR)
6/16/72
RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS
133
I27 K I I J
M
I
I
I I I I I J 1971
I O
I
I
I
I
I
I I
J S
M 1972
I M
J A
M 1972
I
I J
J
CHART 2
STRICTLY CONFIDENTIAL(FR)
6/16/72
MONETARY AGGREGATES NARROW MONEY SUPPLY M1 ,-
BILLIONS OF DOLLARS
2
46/14/72)
2:
I I I
-
M
I1
1
220
I
i
I
i
i
i
I/ I_ I
I
I_ I
I
4
BROADER MONEY SUPPLY M2
SI 1971
1972
F
I M
JI
A M 1972
I J
-
J
CHART 3
STRICTLY CONFIDENTIAL(FR) 6/16/72
MONETARY AGGREGATES ADJUSTED CREDIT PROXY
BILLIONS OF DOLLARS
400
- 400
-390
-
- 380
-
-380
6/14/72)
-360
370
-340
I
iijil_
Ii I 1,J1il4 I
IJ I
t I\
\
TOTAL RESERVES - 35 -36
34 -34
33 - 32 /14/72)
32
32 30
1971
1972
F
M
A M 1972
J
J
CHART 4
MONEY MARKET CONDITIONS AND INTEREST RATES MONEY MARKET CONDITIONS
INTEREST RATES Short-term
INTEREST RATES Long-term
FWEEKLY AVERAGES
1970
1971
1972
1970
1971
1972
1970
1971
1972
STRICTLY CONFIDENTIAL
Table 1
June 16, 1972
Bank Reserves
Reserves Available for Private Nonbank Deposits Seasonally Adjusted Actual Target and Associated and Patterns Projected
Period
Not Seasonally Adjusted Actual Target and Associated and Patterns ProJected
(4)
(FR)
Required Reserves
Aggregate Reserves
Total Reserves
Seasonally Adjusted Time Nonborrowed Private and Demand Nondeposits Reserves
U. S. Gov't. and Interbank
(5)
(6)
(7)
(8)
(9)
32,032 32,644 32,842 (33,064)
31,931 32,525 32,742 (32,958)
20,669 20,859 20,877 (20,886)
8,748 8,762 8,935 (9,057)
2,407 2,845 2,876 (2,911)
1972--1st Qtr. 2nd Qtr.
4.3 4.8 10.8 (7.0)
7.2 2.2 10.1 (13.0)
6.0 6.8 10.5 (13.0)
2.4 2.8 6.8 (4.0)
6.7 14.5 18.0 (14.0)
1972--Mar. Apr. May June May-June
15.6 7.0 6.7 (7.5) (7.0)
15.8 22.9 7.3 (8.0) (7.5)
13.3 22.2 8.0 (8.0) (8.0)
13.5 11.0 1.0 (0.5) (1.0)
13.2 1.9 23.7 (16.5) (20.0)
(2) 1972--Mar. Apr. May June
29,821 30,006 30,194-30,395!1
29,625 29,799 29,965 (30,153)
29,912
29,823 29,831-30,030
29,347 29,890 29,788 (29,793)
Annual Rates of Change Quarterly: 1971--3rd Qtr. 4th Qtr.
Weekly: 1972--Apr.
May
7.0 12.0
7.5-11.51/
5 12 19 26
29,898 29,728 ooj ..o ,.,,..,oHij..i..,......ii29,632 29,971
29,728 29,525 29,850 30,198
32,655 32,526 32,615 32,845
32,519 32,512 32,568 32,569
20,824 20,765 20,988 20,843
8,713 8,744 8,751 8,780
2,757 2,798 2,983 2,874
3
29,787 29,990 30,011 29,825 30,110
30,263 30,004 29,908 29,378 29,659
32,529 32,638 32,995 32,783 33,083
32,415 32,555 32,960 32,722 32,869
20,866 20,914 20,884 20,719 20,996
8,840 8,891 8,931 8,964 8,992
2,742 2,647 2,985 2,958 2,973
30,223 30,058
29,625 29,610
33,249 32,984
33,193 32,896
20,769 20,901
9,022 9,036
3,026 2,926
10 17
24 31 June
7 14
I
~r
WV-Wvvvw-rw ........ QIIiIDO 0::,.;;;;.S;
----------
;-----
I
NOTE: Data shown in parentheses are current projections. 1/ The range is centered on the 9.5 per cent annual rate of growth in these reserves from April to June thought to be consistent with growth in monetary aggregates as shown under Alternative B in the Bluebook of May 19, 1972.
Annual Growth Rates consistent with Alternative B 1/ May 4-1/2 9-1/2
M1 M2
Credit Proxy (Adj.) 17
Period
June l-72 10
OIl 7-1/4 9
2-1/2
11
Narrow
Broad
Money Supply (M 1 )
Money Supply (M2)
(1) Feb. Mar.
Apr. May June
U.S.
Adjusted
Govt. Deposits
Credit Proxy (3) Dollars
(4)
364.9 366.7 372.1 376.3 380.9 (382.1)
6.3 3.7 6.1 7.4 7.4 (5.0)
Annual Percentage Rates of Change--Quarte rly and Monthly 3.7 4.4 7.6 1.1 8.0 9.7 ::::::::::::: : :::: 9.3 13.3 11.3 (6.0) (9.0) (10.5)
1971--3rd C 4th 1972--1st q 2nd C 1972--Jan. Feb. Mar. Apr. May June
1 8 15 22 29
3.2 12.6 11.9 7.7 4.1
13.4
9.9
14.3 11.6 7.2
5.9 17.7 13.5
8.7
14.7
(6.0)
(10.5)
235.1 234.9 234.5 235.2
May
3 10 17 24 31
234.7 234.5 236.8 235.0
June
7 14 pe
236.5 236.6
236.2
Total Time and Savings
STRICTLY CONFIDENTIAL (FR) June 16, 1972
other than CD's
Negotiable CD's
(8)
274.4 278.1 279.9 282.8 287.0 (290.9)
241.2 244.3 246.5 248.1 250.7 (253.8)
33.2
4.0
33.8
3.6 3.7 3.5 3.7 (3.7)
8.2 15.9
5.3 14.7
14.8
17.1 (12.0)
(15.5)
17.8
33.4 34.7 36.3 (37.0)
24.4 15.4 10.8 7.8 12.6 (15.0)
3.2 5.2 6.2 6.7 6.9
279.7 279.4 279.8 279.5 280.2
245.9
245.7 246.8 246.4 246.6
33.8 33.7 33.0 33.1 33.7
482.3 482.4 483.8
375.8 375.6 375.2 376.8
7.6 8.2 6.4 6.4
281.1 281.7 282.9 284.0
247.7 247.5 247.9 248.6
34.2 35.0 35.4
484.2 484.6 487.5 486.4 488.3
379.1 378.9 381.4 381.4 382.1
7.9 7.0 6.9 7.6 7.3
285.2 286.1 286.9 287.9 288.8
249.5 250.1 250.7 251.4 252.1
35.6 36.0 36.1 36.5 36.7
489.3
383.1 382.1
6.9 5.3
289.5 291.0
252.8 253.6
36.7 37.3
482.8
490.2
33.4
"
pe - Partially estimated. Data shown in parentheses are current projections. Annual rates of change other than those for the pa st are rounded to nearest half per cent. As shown in the May 19, 1972 Bluebook.
NOTES: I/
Sources of Funds
(7)
(16.5)
(4.0)
Nondeposit
Time deposits
(6)
(5)
20.0 16.2 7.8 12.4
Weekly Pattern in Billions oi Dollars 231.4 477.3 368.3 232.5 478.1 369.9 233.9 480.7 372.5 233.8 480.2 372.7 233.4 480.0 373.4
5 12 19 26
Apr.
(2)
Monthly Pattern ir SBillions 228.8 469.9 231.2 475.5 233.5 480.1 235.0 483.0 235.8 486.5 (237.0) (490.8)
1972--Jan.
1972--Mar.
Table 2 Monetary Aggregates (Actual and current projections, seasonally adjusted)
CONFIDENTIAL (FR)
Appendix Table I RESERVES AND MONETARY VARIABLES
SRps'reI Period
Total /1%
Nonborrowed
Money Stock Measures Available to Support Pvt. Deposits
MI
M2
/;;%
Bank Credit Measures__ Adjusted Total Credit Loans and Total Proxy Investments Time
M3 I.
(3) Annually:
(4)
S (6)
(5)
(Per Cent Annual Rates
1968 1969 1970 1971
+
7.8
+ +
1.3 6.0 7.3
+ + +
8.6 2.7 8.1 7.8
+ + + +
7.8 3.2 5.4 6.2
+ 9.3 + 2.3 + 8.1 + 11.1
+
June 16, 197 2
Time Other than CD's
Other Thrift Institution Deposits
CD's
(Dolla
Growth)
+ : + + 1:
+ +
9.7 0.3
+
8.3
+
9.5
+ 11.0
+ 3.9 + 8.1 + 11.3
+ 11.3 4.9 + 17.9 + 17.9
+ 11.1 + 1.4 + 16.2
+ 17.5
+
+ 1-
i
.U
1
+ + +
6.4 3.4 7.7
U.S. Gov't. Demand
(12)
(13)
(11)
(10)
(9)
Nondeposit Funds
Change in Billions)
S2.8
12.6 - 14.5 -
7.9
+ 2.6 + 13.0 -
8.4 7.6
-
4.6 2.6 0.4
-
0.3
Semi-Annually: 1st Half 1970 2nd Half 1970
+ 0.4 + 11.6
+ 5.2 +10.6
+ 5.8 + 10.1
+
+ 4.8 + 11.4
+ 26.3
+ 6.0 + 15.6
+
+ 10.3
1st Half 1971 2nd Half 1971
+ +
9.6 4.7
+10.9 +4.6
+ 15.5 + 6.3
+ 17.0 + 8.8
+ +
+ 22.3 + 12.2
+ 21.2 + 10.1
+ 20.1 + 13.5
+ 8.9 + 10.0 + 7.2 + 2.2 + 10.1
+10.8 +10.6 + 4.3 + 4.8 +10.8
+ 9.1 + 10.6 + 3.7 + 1.1 + 9.3
+ 18.1 + 12.4 + 4.4 + 8.0 + 13.3
+ 18.9 + 14.4 + 7.8 + 9.6 + 15.5
+ 10.9 + 8.4 + 7.6 + 9.7 + 11.3
+ + + + +
Jan. Feb. Mar.
+ 10.6 + 8.6 + 7.3
+ 8.2 + 9.0 +14.9
+ 2.8 + 13.4 + 11.0
+ 14.1 + 20.7 + 18.7
+ 15.5 + 20.9 + 19.3
+ 10.2 + 11.9 + 10.3
+ 28.8 + 29.7 + 26.0
+ 26.0 + 28.3 + 26.5
+ 23.9
Apr. May June
+
8.5
+
13.4
+
+ 8.2 + 14.1 + 9.1
+ 12.1 + 13.9 + 10.7
+ 15.5 + 15.2 + 12.0
+ + +
8.5 8.8 7.7
+ 13.2 + 15.5 + 14.8
+ 16.0 + 13.6 + 11.8
+ 22.5 + 12.9
7.9
+11.6 + 8.7 +11.3
July Aug. Sept.
+ 4.4 + 4.1 + 12.9
+ 6.8 + 6.9 -0.8
+ 10.1 + 3.2 2.1
+
7.5
+ +
2.9 2.9
+ 10.5 + 6.6 + 6.2
+ 10.7 + 4.1
7.9
+ 9.4 + 4.2 + 10.7
+ + +
4.8 3.2 7.9
+ 16.7 + 10.3 + 13.8
+
0.5 2.6
+ 9.1 + 8.7 + 11.0
+ 4.8 + 11.2 + 13.1
+ 17.1 + 9.1 + 20.8
+ 13.7 + 13.0 + 17.0
+ 13.0
+
+ 7.1 + 6.5 + 10.2
+ 3.2 + 12.6 + 11.9 + 7.7 + 4.1
+ 13.4 + 14.3 + 11.6 + 7.2 + 8.7
+ + + + +
+ 9.9 + 5.9 + 17.7 + 13.5 + 14.7
+ 20.0 + 16.2 + 7.8 + 12.4
+ + + + +
+ 23.9 + 17.6
5.0
9.7 8.8
8.4
4.7
+ 10.6
Quarterilv: 1st 2nd 3rd 4th let
1971:
Qtr. Qtr. Qtr. Qtr. Qtr.
Oct.
1972:
-
Nov. Dec.
+ 3.4 + 10.7
Jan. Feb. Mar. Apr.
+ 20.2
May
-
+ 3.6 + 5.9 + 4.8 + 9.2 + 7.4 + 15.6 + 7.0 +6.7
5.9
4 15.8 + 22.9 p
______________L______
NOTE:
7.4
+
7.3
J__________.1___________
15.4 16.7 13.8 10.9 10.2
+
1L................IIL..........
Reserve requirements on Eurodollar borrowings are included beginning October 16, 1969, beginning October 1, 1970.
p - Preliminary
28.8 14.7 8.2 15.9 14.8
+ 17.8
+ 21.9
+ 17.3 + 13.7 + 12.8
+ 20.5
24.4 15.4 10.8 7.8 12.6
+ 18.5 + 22.1
+ 15.8
+ 11.4 + 13.7
+ 19.0 + 15.8 10.0
1 ________
and requirements on bank-related commercial paper are included
-
0.1
+ +
0.3 1.1
-
0.3
"
Reserves
Total
Period
(1)
Annually: Dec. Dec.
1968 1969
Nonborrowd (2)
Money Available to Support Pvt. Total Deposits (3)
Appendix Table II
CONFIDENTIAL (FR)
RESERVES AND MONETARY VARIABLES (Seasonally adjusted, Billions of dollars)
June 16, 1972
"L
toCK Measures
M
M2
M3
(5)
(6)
Pvt.ep (4)
27.249 27.977
26.471 26.829
24.963 25.245
197.4 203.7
154.0 157.7
Bank Creadi neasures Total Adjusted Loans and Credit Investments Proxy
nc~,,
Total Time
Time Other than CD's
(10)
vll_ Thrift Institution Deposits
(8)
(9) 204.2 194.1
180.6 183.2
194.6 201.5
378.0 368.8
572.6 588.3
304.6 305.4
390.6 406.0
CD's "^'
(11)
(7)
NonDeposit Funds
U.S. Gov't. Demand "\
Monthly: 28.037
27.227
25.902
209.4
161.7
398.1
603.0
312.8
416.5
202.3
188.7
204.9
13.6
20.7
5.7
July Aug. Sept.
28.315 28.695 29.059
27.060 27.907 28.438
26.009 26.385 26.812
210.3 211.6 212.8
162.4 163.5 164.5
401.7 405.6 409.2
608.4 613.9 619.1
318.2 322.5 324.3
422.5 427.5 429.5
208.4 213.2 217.7
191.4 193.9 196.4
206.6 208.4 209.9
17.0 19.3 21.3
19.8 18.8 16.5
5.5 5.7 5.8
Oct. Nov. Dec.
28.700 28.704 29.132
28.190 28.239 28.764
26.485 26.554 26.747
213.1 213.6 214.8
164.8 164.9 165.8
412.1 414.3 418.2
623.9 627.9 634.0
324.8 326.5 330.6
430.6 433.1 438.9
221.5 224.2 228.9
198.9 200.6 203.4
211.8 213.6 215.8
22.6 23.6 25.5
14.2 12.7 11.6
5.2 6.2 6.4
1971--Jan. Feb. Mar.
29.390 29.600 29.779
28.958 29.240 29.445
26.930 27.132 27.470
215.3 217.7 219.7
166.0 168.0 169.7
423.1 430.4 437.1
642.2 653.4 663.9
333.4 336.7 339.6
443.6 449.0 452.4
234.4 240.2 245.4
207.8 212.7 217.4
219.2 223.0 226.8
26.6 27.5 28.1
10.1 8.6 7.0
5.8 4.9 4.0
Apr. May June
29.991 30.327 30.527
29.859 30.106 30.106
27.735 27.935 28.199
221.2 223.8 225.5
170.7 173.0 174.5
441.5 446.6 450.6
672.5 681.0 687.8
342.0 344.5 346.7
455.2 458.9 464.1
248.1 251.3 254.4
220.3 222.8 225.0
231.0 234.4 237.2
27.8 28.5 29.4
5.1 4.1 4.5
5.6 5.4 4.3
July Aug. Sept.
30.639 30.743 31.073
29.915 29.985 30.556
28.358 28.521 28.503
227.4 228.0 227.6
175.8 176.3 175.5
453.4 454.5 455.6
693.8 697.6 701.2
349.8 351.0 353.3
466.5 471.1 475.4
256.4 257.3 259.6
225.9 226.5 228.0
240.4 243.1 245.6
30.4 30.8 31.6
4.3 3.9 4.1
5.1 5.7 6.6
Oct. Nov. Dec.
30.882 30.970 31.246
30.485 30.535 31.079
28.588 28.728 28.844
227.7 227.7 228.2
175.5 175.5 175.7
458.3 460.8 464.7
706.5 711.6 718.1
354.7 358.0 361.9
480.1 482.6 488.6
263.3 265.3 269.9
230.6 233.1 236.4
248.3 250.8 253.4
32.7 32.2 33.4
4.8 5.4 4.0
4.7 5.4 6.2
1972--Jan. Feb. Mar.
31.772 31.616 32.032
31.678 31.583 31.933
29.064 29.244 29.625
228.8 231.7 233.5
176.0 178., 179.9
469.9 475.5 480.1
727.3 737.4 745.9
364.9 366.7 372.1
494.4 499.5 507.0
274.4 278.1 279.9
241.2 244.3 246.5
257.4 261.8 265.8
33.2 33.8 33.4
4.0 3.6 3.7
6.3 3.7 6.1
Apr. May
32.644 32.842
32.525 32.742
29.799 29.965
235.0 235.8
180.9 181.4
483.0 486.5
752.7 759.1
376.3 380.9
508.5 516.3
282.8 287.0
248.1 250.7
269.7 272.6
34.7 36.3
3.5 3.7
7.4 7.4
31.797 31.473 31.695 31.519
31.778 31.427 31.678 31.505
29.138 28.991 29.362 29.192
229.8 230.3 231.2 232.2
176.9 177.2 178.0 178.8
472.2 473.3 475.6 477.2
..... .. ............
365.1 365.7 366.9 367.2
275.8 276.5 278.2 279.3
242.4 243.0 244.4 245.0
S33.4 :: 33.5 33.8 34.3
3.8 3.7 3.7 3.6
4.8 5.1 3.8 3.0
178.2 179.0 180.2 180.1 179.5 181.1 181.0 180.4 181.0
477.3 478.1 480.7 480.2 480.0 482.8 482.3 482.4 483. 8
368.3 369.9 372.5 372.7 373.4 375.8 375.6 375.2 376.8
33.8 33.7 33.0 33.1 33.7 33.4 34.2 35.0
3.6 3.7 3.8 3.7 3.8 3.5 3.5 3.5
3.2 5.2 6.2 6.7 6.9 7.6 8.2 6.4
35A.
3.7
6.4
180.6 180.1 182.3 180.5 181.7
484.2 484.6 487.5 486.4 488.3
379.1 378.9 381.4 381.4 382.1
35.6 S6.0 36.1 :36.5 S36.7
3.6 3.6 3.8 3.6 3.6
7.9 7.0 6.9 7.6 7.3
1970--June
Weekly: 2 9 16 23
1972--Feb.
Mar.
Apr.
1 8 15 22 29 5 12 19 26
31.744 31.709 32.164 31.650 32.466
31.666 31.598 32.151 31.538 32.307
29.497 29.575 29.869 29.216 29.782
32.655 32.526 32.615 32.845
32.519 32.512 32.568 32.569
29.898 29.728 29.632 29.971
231.4 232.5 233.9 233.8 233.4 235.1 234.9 2345 235.2
3
32.529 32.638 32.995 32.783 33.083
32.415 32.555 32.960 32.722 32.869
29.787 29.990 30.011 29.825 30.110
234.7 234.5 236.8 235.0 236.2
May
10 17 24 31p June
7p
NOTES:
p -
::1 1:: :
[:::::: :::
279. 7 279.4 279.8 279.5 280.2 281.1 281.7 282.9 284.0 :::::::::::::::::: 285.2 286.1 286.9 287.9 :::::::::::::::::: 288.8 ...... :::.:.....::
245,9 245.7 246.8 246.4 246.6 247.7 247.5 247.9 248 6 249.5 250.1 250.7 251.4 252.1
iiiiiiiiiiiiiiii
3.7 H 36.7 252.8 289.5 383.1 489.3 236.5 182.0 30.223 33.249 33.193 1 I__________ I l~~-'Y""' ' Reserve requirements on Euro-dollar borrowings are included beginning October 16, 1969, and requirements on bank-related commercial paper are included beginning October 1, 1970. Adjusted credit proxy includes mainly total member bank deposits subject to reserve requirements, bankMonthly data are Weekly data are daily averages for statement weeks. related commercial paper, and Euro-dollar borrowings of U. S. banks. daily averages except for nonbank commercial paper figures which are for last day of month. Weekly data are not available for M3 , total loans and investments and thrift institution deposits.
Preliminary.
6.9
Cite this document
Federal Reserve (1972, June 19). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19720620
@misc{wtfs_bluebook_19720620,
author = {Federal Reserve},
title = {Bluebook},
year = {1972},
month = {Jun},
howpublished = {Bluebooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bluebook_19720620},
note = {Retrieved via When the Fed Speaks corpus}
}