bluebooks · July 16, 1973

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).

A two-step process was used. An advanced optical character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff.

Content last modified 6/05/2009.

(CONFIDENTIAL

FR)

July 13, 1973

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

July 11, 1973

(FR) MONETARY AGGREGATES AND MONEY MARKET CONDITIONS

Recent developments (1)

Around the end of June incoming deposit data began to

indicate that RPD and the narrowly defined money supply were growing at annual rates in excess of the upper limits of the Committee's June-July At the same time the rate of expansio in

ranges of tolerance. to be close to its

upper limit.

appeared

M2 moved ahead less rapidly than M1

because growth in other time and savings deposits fell somewhat short of expectations. Growth of Monetary Aggregates and RPD in June-July Target Period Ranges of Tolerance

Latest Estimates

Reserve and Monetary Aggregates (Growth at SAAR in per cent) RPD

13-1/2

8--11-1/2

1 M2

5--8

Statement

Memo:

week avg. Federal funds rate (Per cent per annum) As adopted and subsequently amended

8-3/4--9-3/4

7/4

10.21

7/11

9.52

With monetary aggregates generally at or above the top of

(2)

the target ranges, posture.

the Account Manager moved to a more restrictive reserve

This change was expected to raise

the average Federal funds rate

from the 8-1/2 per cent level that had been prevailing to the 9-1/4 per cent ceiling adopted by the Committee at its June meeting.

At the same time,

however, seasonal movements in technical factors were absorbing a large volume of reserves and commercial banks were seeking to adjust their reserve positions in

light of the Friday, June 29 statement date and the Wednesday,

July 4 holiday.

Member bank borrowing at the Federal Reserve ballooned to

$4 billion and $2.9 billion on July 2 and 3,

respectively, and the effective

rate on Federal funds rose to 10 and 13 per cent on these days.

Money

market psychology was also being affected in this period by the June 29 actions of the Federal Reserve raising the discount rate and reserve requirements on demand deposits. whole,

For the July 4 statement week as a

member bank borrowing averaged $2.4 billion and the Federal funds

rate 10.21 per cent. (3)

Following the increased tightness of the July 4 holiday

week, borrowings dropped sharply and the Federal funds rate fell back. On Friday, July 6, with growth in the monetary aggregates showing no tendency to recede, Committee members agreed to raise the ceiling on the Federal funds rate to 9-3/4 per cent.

Under this additional leeway,

the

Desk pursued a tighter reserve management policy in the expectation that Federal funds would trade around 9-1/2 per cent.

In the statement week

-3-

ending July 11,

the funds rate actually averaged 9.52 per cent.

evidence subsequently became available that the overshoot in M1 widening,

the Desk adjusted reserve strategy again,

When was

expecting the funds

rate to average close to the new 9-3/4 per cent ceiling. (4)

Early in

actions of late June, in

the inter-meeting period,

before the System policy

short-term interest rates had begun to rise

anticipation of some further policy tightening.

the most pronounced advance,

partly

Bank CD rates showed

reflecting bank efforts to recoup the large

CD run-offs that had developed over the quarterly tax date.

When the

System's policy actions proved to be more aggressive than generally anticipated,

short-term rates jumped sharply.

Over the full inter-meeting

period interest rates on private short-term instruments--including the bank prime rate--have risen generally 75--100 basis points. bill

rates reached a peak early in

8 per cent,

July, with the 3-month issue at about

or about 5/8 of a percentage point above levels prevailing at

the time of the last meeting. bill

Treasury

rate was (5)

Most recently,

however,

the 3-month Treasury

quoted 7.78 per cent. Long-term interest rates also had been moving up prior to the

late-June policy actions and rose considerably further in the inter-meeting period as a whole, 20--35 basis points.

early July. Over

the yield advance amounted to about

the mortgage market,

the rate in

the latest

bi-weekly FNMA auction of commitments to buy FHA and VA mortgages jumped

29 basis points to 8.38 per cent, and field reports suggest that rates on newly committed funds in primary mortgage markets have risen as much as 1/2 a percentage point in

some key local markets.

These changes apparently

reflect both cut-backs in new commitment activity by mortgage lenders concerned about further reductions in

savings inflows over the months ahead

and the pass-through of higher interest costs resulting from recent increases in rates paid for savings. (6) of change)

The table on the next page shows (in percentage annual rates

selected monetary and financial flows over various time periods.

-5Past 3 Calendar

Past 12

Past 6

Past 3

Past

Years Dec. '72

Months June '73

Month June '73

over Dec. '69

over June '72

over Dec. '72

over Mar. '73

over May '73

Total reserves

8.4

7.9

7.3

5.6

0.2

Nonborrowed reserves

8.8

3.2

4.8

17.1

23.6

9.0

10.6

11.3

11.7

15.8

7.5

7.4

6.1

10.4

12.9

11.3

9.2

7.7

9.5

10.2

12.8

10.9

9.0

9.2

10.1

10.7

12.8

13.8

12.2

11.1

12.4

15.4

14.3

9.8

0.2

2.0

3.1

2.4

0.3

-0.1

-0.2

0.5

1.0

Reserves available to support private nonbank deposits

Concepts of Money M 1 (currency plus

demand deposits) 1/

M2 (M1 plus time deposits at commercial banks

other than large CD's) M3

(M2 plus deposits

at thrift institutions)

Bank Credit

Total member bank deposits (bank credit proxy adj.)

Loans and investments of commercial banks 2/ Short-term market paper (Monthly avg. change in billions) Large CD's Nonbank commercial paper 1/ 2/

0.1

Other than interbank and U.S. Government. Includes loans sold to affiliates and branches. Based on month-end figures.

are based on averages of daily figures, except for data on total loans and investments of commercial banks, commercial paper, and thrift

NOTE:

All ites

institutions--which are either end-of-month or last-Wednesday-of-month

figures.

-6Prospective developments (7)

Three alternative policy strategies are summarized below

for Committee consideration.

Alternative B incorporates a 3-3/4 per

cent annual rate of growth for M1 over the second half of 1973. is

This

the growth rate that would be required to return to the 5-1/4 per

cent longer-run target path for M1, reaffirmed at the last meeting, taking account of the overshoot in June and the second quarter (see accompanying chart).

Alternative A represents a somewhat easier policy, (More detailed figures are

and alternative C a somewhat tighter one. shown in the table on the following page). Alt.

Alt.

Targets (3rd and 4th Qtrs. combined) M

4-3/4

3-3/4

2-3/4

6-1/4

4-3/4

3-1/2

Credit proxy

7-1/2

6-1/2

Associated ranges for July-August RPD M

M2 Federal funds rate range (inter-meeting period)

12-1/2--14-1/2

11-1/2--13-1/2

11--13

4-1/2--6-1/2

3-3/4--5-3/4

3--5

5--7

4-1/2--6-1/2

3-1/2--5-1/2

8-1/2--10

9--10-1/2

9-1/2--11

MONEY SUPPLY AND LONGER RUN TARGET PATH

RATIO SCALE, BILLIONS OF DOLLARS

- 270

5%/4% GROWTH

260

M1 LEVEL FOR MARCH EXPECTED AT 3/19 FOMC--.

-250

N 1972

11 I

1973

. N

-6aAlternative Longer-Run Targets for Key Monetary Aggregates

Alt.

Alt. B

Alt. C

. Adjusted Credit Proxy... Alt. C Alt. B Alt. A

Alt. A

Alt.

263.3

263.3 264.7 265.1 265.7

545.2 548.2 550.5 553.4

545.2 548.0 550.1 552.2

545.2 547,8 549.4 551.1

434.5 437.3 441.0 446.2

434.5 437.1 440.4 444.6

434.5

266.9

562.7

558.6

554.8

454.2

451.1

449.1

July Aug. Sept.

264.9 265.7 266.6

263.3 264.8 265.4 266.1

Dec.

269.6

266.2

Alt. A

436.9 440.2 444.3

Rates of Growth arters: 1973 3rd Q. 4th Q. nths: July Aug.

4.5

4.3 3.2

3.6 1.8

6.0 6.7

5.1 4.6

4.3 2.7

10.8 7.2

9.3 5.8

7.3 3.6

6.8 2.7

6.4 1.8

6.6 5.0

6.2 4.6

5.7 3.5

7.7 10.2

7.2 9.1

5.0

Tota June July Aug. Sept.

Alt. A 32,450 32,497 33,967 34,174

Re serves Alt. B 32,450 33,492 33,916 34,075

Dec.

35,154

34,936

10.8 11.5

9.6 10.1

32,768

32,555

32,419

34,797

iths: July Aug.

24.7

24.5 -1. 7

8.7

24.3 - 2.5

,'4

30,492 31,138 31,973 32,204

32,450 33,487 33,889 34,055

9.3

Alt

Rates of Growth

irters: 1973 3rd Q. 4th Q.

APD Alt. B 30,492 31,132 31,923 32,106

Alt. C

Alt. A

30,492 31,128 31,896 32,086

12.1 7.0

10.8 5.6

10.5

11.5 15.6

11.2 13.9

11.1

4.2

13.0

S 1. 4.3

-7(8)

In the weeks immediately ahead, the staff expects that

there would be little

further change in the Federal funds rate if

the

Committee adopts the aggregate targets specified in alternative B.

The

funds rate range shown for this alternative centers on the recently prevailing 9-3/4 per cent level.

Under alternative A, we would expect

the funds rate to decline from current levels as more reserves are provided to encourage monetary growth, and under alternative C we would expect it

to rise. (9)

Under all three alternatives growth in

the monetary

aggregates would be slower in the second half of 1973 than in half.

the first

Money demand is expected to moderate because of a slowing in the

rate of growth of nominal GNP and because of the cumulative impact of recent sharp interest rate increases.

While the timing of such demand

adjustments is always uncertain, our best judgment is that a significant slowing will begin in August.

For July-August combined, a 3-3/4--5-3/4

per cent annual rate of growth for M 1 is indicated under alternative B. (10)

Under prevailing money market conditions,

short-term

rates are likely to rise somewhat further between now and the next meeting.

The 3-month bill may rise into the 8--8-1/2 per cent area.

However, the 3-month bill is in short market supply currently, and upward adjustment of the rate may be moderated particularly if the

Treasury emphasizes long-term offerings and/or pays off a considerable

portion of the maturing issues in

its forthcoming mid-August refinancing.

About $4-1/2 billion of publicly held securities mature at that time. The Treasury will announce terms for the refunding on July 25.

It is

still too early to say much about the characteristics of the offering. (11)

Growth in

time deposits other than large CD's is

to slow considerably in the second half of the year.

expected

Many banks raised

offering rates promptly following the increase in ceiling rates, but the spread of market rates over deposit rates remains considerably wider than in the first

half of the year.

With regard to the long-term certificate

without ceiling, there have been a number of instances of attractive and innovative offerings.

is too soon, however,

to evaluate the extent to For the

which such offerings will catch on at banks and with the public.

time being we have assumed that long-term certificates will make only a modest net contribution to growth in consumer-type time deposits. alternative B, a growth rate of around 6 per cent is

Under

expected for time

deposits other than large CD's in the second half of the year.

And the

growth rate for M2 would be around 4-3/4 per cent. (12)

The slowing in growth of demand and consumer-type time

deposits will limit bank credit availability. attempt to compensate at least in

Banks are expected to

part through sales of large CD's.

However, the high cost of these funds and expected abatement of loan demand as the economic expansion slows and bank lending terms stiffen are

likely to retard growth in CD's below the second-quarter pace. alternative B,

the bank credit proxy in the second half is

Under

expected to

increase at a 7-1/2 per cent annual rate, considerably slower than in the first

half. (13)

Long-term rates are likely to be moving upward in

response to the recent upsurge in short rates, and would probably come under additional pressure to the degree that short rates rise further. The summer calendar of corporate bond issues remains seasonally light, however,

and the Treasury is

over the balance of the year,

likely to borrow a less than seasonal amount offset only in

part by further agency offerings.

In general, demand pressures on capital markets seem unlikely to be strong unless there is a sizable shift in corporate borrowing from banks to the bond market.

However, the supply of investment funds is likely to be

falling off--for example, for municipals, as banks come under increasing pressure and for mortgages, in reflection of smaller savings flows to depositary institutions.

Of course, it

market participants should come

to believe in a strong Phase IV control program or the probability of vigorous fiscal action, the outlook for interest rates would be modified considerably.

-10-

Proposed directive (14)

Presented below are three alternative formulations for the

operational paragraph of the directive, which might be taken to correspond to the similarly lettered policy alternatives discussed in section.

the preceding

For all three alternatives it is proposed to add a reference to

Treasury financing because of the regular August refinancing to be announced late this month. Alternative A To implement this policy, while taking account of international and domestic financial market developments AND THE FORTHCOMING TREASURY FINANCING, the Committee seeks to achieve bank reserve and money market conditions consistent with somewhat slower growth in monetary aggregates for] indicated appears over the months immediately ahead than [DEL:

OCCURRED ON

AVERAGE IN the first half of the year. Alternative B To implement this policy, while taking account of international and domestic financial market developments AND THE FORTHCOMING TREASURY FINANCING, the Committee seeks to achieve bank reserve and money market somewhat] slower growth in monetary aggregates conditions consistent with [DEL: over the months immediately ahead than AVERAGE IN the first half of the year.

[DEL: for] indicated appears

OCCURRED ON

-11Alternative C To implement this policy, while taking account of international and domestic financial market developments AND THE FORTHCOMING TREASURY FINANCING, the Committee seeks to achieve bank reserve and money market

conditions consistent with [DEL: somewhat] SIGNIFICANTLY slower growth in monetary aggregates over the months immediately ahead than[DEL: indicated appears for] OCCURRED ON AVERAGE IN the first half of the year.

CHART 1

STRICTLY CONFIDENTIAL(FR) 7/13/73

RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS

7,34 %1%growth for June-July

4 M

1 A

1 M 1973

I jI M

I ]1 J 1972

I I S

I I D

J J

1973

* Break in Series Actual Level of RPD After Reduction in Reserve Requirements Effective November 9, 1972

CHART 2

STRICTLY CONFIDENTIAL (FR) 7/13/73

MONETARY AGGREGATES NARROW MONEY SUPPLY M1

BILLIONS OF DOLLARS 270

25 250

8% growth for June-July

7/ 173)

growth 4%

-230 BROADER MONEY SUPPLY M2

"255

0 600

- 580

560 5bU 8% growth for June-July

540 540 5% growth

500 --

1972___________________

1972

,-/

1973____

1973

520

J F

I•

I J

CHART 3

STRICTLY CONFIDENTIAL (FR)

7/13/73

MONETARY AGGREGATES ADJUSTED CREDIT PROXY

BILLIONS OF DOLLARS

470

(7/11/;

450

TOTAL RESERVES 36

17/11

S32

31 .30

1972

1973

A tM

July 4 11)

CHART 4 9 52

ET CONDITIONS AND INTEREST RATES MONEY MARKET CONDITIONS WEEKLY AVERAGES

INTEREST RATES Short-term

PER CENT

INTEREST RATES Long-term PER CENT

WEEKLY

WEEKLY AVERAGES

-'9

FHA MORTGAGES

FN M A M O N D AY

SMN

AUCTION

Aaa UTILITY N EW IS SU E

EURO-DOLLARS

3MONTH

MUNICIPAL Aaa SWEDNESDAY

GOVERNMENT BONDS 10-YrAR AVERAGES

TREASURY BILLS 3 MONTH

PRIME COMMERCIAL PAPER 4 6 MONTH I I

1971

Il 1972

11111

1973

I l l i l

1971

I 1972

I I I I I

llI I I

1 1 1

1973

TABLE

STRICTLY CONFIDENTIAL --------------------JULY 13,

BANK RESERVES (ACTUAL AND CURRENT PROJECTIONS)

REERVES AVAILBL.E FOR S PRIVATE NONPANK DFPOSITS

oER1o) - - - - -- -

-----------------------19J3--JAN. FE. MAR. APR.

I 1

29.411 29,296 29.622 20.860

1 I

MaY

30.492 (319132)

ANNUAL PATES OF CHANGE ----------------------

32.6*5

30.195

1 11

32*450 (33.491)

30*790 (32.258)

30.848 29t787 29.526 309167

19.249 19*031 19.021 18 870

19.118 (19,592)

T76 6 7T674 7707T 7T777

189967

2.253 2,384 2.669 2970

7t842 (

7.898 7.913)

(

2832 2.353 2.377 2465

3.119

2.350

39239 3*4531

19958 ( 2.359)

1 1 I I I

MONTHLYf 1973--JAN. FEB. MNa. APR. MaY JI)NE JILY

FE KIY LEVFLS-SMTLLTONS I --------- *------------- 9 Abo 4 1 11 18 I 25 1

1 1 1 1

10.5 11.7

( 1 1

4.8

8.8 5.6

-7.1. 17.1

13.h 9.6 9.4 15.8 11.01

(

13.51

if II II 19 1

30.120 29.620 30.360 30.037 30.293

30.30 30.108 30.574 30.540

4 11

P PFI

31.00 30.262

1 9

1 1 1

9 1 1

2.9. 2.0

11.4

23.1

7.7. 9.9.

90.2. 85.*.

1 35.8 -22.1 13.3 12.3 *.4 0.2 7 51 1( 12.5)

31.3 -41.3 -10.5 26.1 1.1 23.6 2.5)

29.92 29.136 , 29,439 30.192

32.628 31.838 32.519 32.402

30.579 29.319 29.219 30.843

34.408 29.05 30.242 2'.653 29.AR4

19 I1 11 11 11

32.387 32.114 32.940 12.384 32.353

30,427 29.620 29.490 29.971 30.570

29.953 24.627 30.244 30.*65

f1 11 It If

32.485 31.862 32.612 32,415

31.012 29755 30.565 30.907

30.860 30.027

II 11

33.453 32.534

32.078 31.603

23.2 -13.5 -0.6 9.5 6.2 9.6. 7.51

(

8.51

1 I 1

9 I

33.5 1

II i t1 II 11 11

I 30.128 20.366 29.831 30.045

8.3

I II

4.7

6 13 20

I1 1I 11

14.2

I I

10.6

22.8

JINF-.1IULY

JUtLY

30.155 (30.951)

mT03--15T OTR. NOD OTP.

JUNE

29.931 o 1 1

32,242 31.649 31,999 32.326

OTR.

2 9 16 73 10

I 1

II I H 11 if

I I.

MAY

:10.384 ;9.369 29.360 29.893

30.095

JUNE JULY

1972--T47

REQUIRED RESERVES -------------------II SEASONALLY ADJUSTED I-------------------------------------------------------------------------GOV'T AND PRIVATE OTHER CD'S AND TOTAL NONGORROWED I I----------------------------II INTERBANK RESERVES I DEMAND TIME DFP NON DEP I SEAS ADJ I NON SEAS ADJ II RESPRVES - - - -- - - "- - "- - -- -- - - - -- - - - - - - -- - - - - - -- - - - - - - -- - - - - - -- - - - - ------ '"---"" f7) (8) (6) (4) 1 (5) (31 t( ) (2) I II

-- -

aGgREGATE RESERVES ---------------------------------------------

1973

I I 1 1

1 : 1

13.5

(

41,3 69.8 143.5 135.3 60.2 46.2. 79.5).

(

64.5).

4.*

5.2 10.9 10.0 8.6 2.5). 5

19012 18.767 I 18.909 18.81

7.742 7,769 7.75 7.761

2.850 2.910 2.982 3.055

2.501 2*4'2 2*689 2*357

180971 I 18*86 19.072 18.890 19.068

7.868 7.83' 7.819 T7850

3*011 3*050 3.076 3.166 3.201

2*267 2.494 2.980 2*347 2*09

180961 18.986 19,261 19.185

7*876 7.890 7.908 7T91

3*229 39244 3,172 3,302

19T54 2*038 1,T74

19.256 19.211

7.897 7.899

3,256 3*338

2.445 2*272

?7.8S

1.955

1it 1 1 ----------------------------------------------------------------------------------------------------------------------------------NOTEr DATA SHOWN TN PARENTAESES ARE CURRFNT PROJECTIONS. 1973 THE COMMITTEE AGREED ON A RPO RANGE OF 8 TO 11-1/2 PER CENT 1/ AT THE FOMC MEETING JUNE 19.

TABLE 2

(ACTUAL

PFaTOO -- -- ----- -- - -

MONTMLY

PFrtFNT

ANNUAL

1 DJUSTED I CREOIT I PROXY - - -- - - -(31

LEVFLS-$PTLI TON<I -----------------------1 7T--J N. FFR.

Map.

A0Q. AtR. MAY JUNF JULY

255.4 256.7 256.6 258.2 260.5 263.3

409.2 414.8 421.6 426.2 430.5 434.5 (37.01

510.5

512.6 536.2

540.6 545.2

(547.9)

7.1 7.2

II II II

1 3.3)

I NONCDPOSIT SOURCES OF I FUNDS -- -- -- -I

316.9 322.6 330.9 336.7 341.8 344.0 1346.7)

272.5 273.8 276.0

278.0 280.1 281.9 1283.11

4 4.4 4 8.8 4.9 5 8.7 6 1.7 6 2.0

4.5 4.5

4.9 5.1 5.4 5.6 ( 6.3)

r.IOWT4

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

11 OUARTFRL Y ll------

107?--4TH QT7 .

1017--1IT OTP. 2NO OTO.

10.2

5.7 9.5

1.7 I I

12.1

15.0 12.2

MONTHM(Y

14.4

I 9.5

23.1 15.8

8.6

I, 1973--JaN. rFA. MaP. APR.

5.9

6.1

JIINF JULY

6.4

-0.5

7.5 10.7 12. I 7.01

9.8 10.2

(10.0 1

S8.0)

6.0)

16.4 10.7 13.1 12.1 11.1 t 7.0)

1 9,01

IS.7 21.6 30.9 21.0 18.2 7.7 ( 9.5) ( 9.51

I JIINF-

)II Y

WFFWLY LFVFLS-$RTLLTON< ----------------------aPR. 4 11 1R

MaY

? 9

I I

257.5 257,5 258.9 257.0

534.1 534.1 537.9 535.6

I I

541.2

I I

13 0

?0 oP

263.2 263.9 262.7

PRl

263.6

544.8

545.1

545.8

544.6

?643. 11

426.0 '24.1 425.8 426.7 429.5 428. 430.2 430.8 431.0

538.4 538.3

541.8 5*1.R 2

306

9.6 8.7 9.1

7.7 5 .0 1 6.51

I 1

t. 1 U If

7.7

216 6 5.

334.3 335.6 337.1 337.4

6.'

276.6 276.6 279.0 278.6

5 7. 5 58.1 5 8.8

4.9 4.9

5.2 5.4

I 259.4 259.5 ?61.2

23 )iNF )uNEF

12.9 5.7

547.1 546.3

438.0 436.3 t4.

....

..----------------------------------------.........

(hTEr 0oTAa AMNUAL

433.4, 433.4 435.4 435.1

*..._**

6.0

II1

II 3. 3.9

4.5s 6.1 5.

1 1

342.9 343.8 343.5 344.5

I 1

281.6

1.3

281.9

6 1.9 6 1.6

rwANGE

OTMFR

6 2.3 2.6

2.6

5.2

5.0 5.4 S.7 5.7 5.5 5.5 5.7 5.7

6 345.9

I I

2?2.6

22.7

3.1 6 3.2

5.9 6.3

***.mmmmmmmmememmmmeme-m-mmemmemmmemmeommemmeml .-.

;owN IN PARrNTHESES ARE CUODFNT PROJErTIONS.

ATFS OF

5 1.1 6 6 1.8

27B.8 279.9 280.7 281.0

281.9 281.9

5.3 3.3

9.3

279.0

1 I I

.7 it II II It if

338.2 340.0 341.7 342.9 343.6

THAN THOSF

FOR

TWM

-----"'-

JULY 13. 1973

TIME aNO SAVINGS nEPOSITS II U.S. I I GOVT. I I OTER II 1I DEPOSITS I TOTAL I THAN CD S I C S - - - ------------ - - -- - --- " ' - --- -1 #5) I (7) (61 I I

1 II I

----

ADJUSTED)

II 527.9

-- - -

MONETARY AGGREGATES CURRENT PROJECTIONS, SEASONALLY

AND

I ONEY SU PLY NaQO0w I RROA9 (MI) I (M21 -- - - -- - - - -- -

I 1

STRICTLY CONFIDENTIAL

PAST ARE R6UNDED TO

P - PRELIMINARY PE - PARTIALLY ESTIMATED THE NEAREST HALF PERCENT.

STRICTLY CONFIDENTIAL (FR) JULY 13,1973

Table 3 RESERVE EFFECTS OF OPEN MARKET OPERATIONS AND OTHER RESERVE FACTORS (Millions of dollars, not seasonally adjusted)

Open Market Operations T/ Period

Bills

Coupon

Agency

& Accept.

Issues

(1)

(2)

-135

Total 3Accet. Net -

(3)

(4)

A in reserve categories

Daily Average Reserve Effect 2/

RP's,

8 Member

Open Market

Bank Borrowing

Operations

(5)

Other l/ Factors

res. against

U.q.G.

available ree. 5/

and interb. (6)+(7)+(8)-(9)

(9)

(8)

(7)

(6)

req.

ATarget available reserves

(10)

(11)

-300

Monthly 1972 --

Dec.

450

134

14/

596

-25

443

-839

-78

-343

1973 --

Jan.

1,336

862

2,197

1,116

117

376

278

1,331

Feb Mar. Apr. May June July Aug.

659 1,109 1,332 -506 649

196 -207 -228

-18 -14 -19 -21 209

-193 644 542 1,636 -4141 1,106 -942 -1,470 -1,085

146 1,689 1,323 1,437 -1,403

428 265 -137 66 1

-1,794 -1,723 -884 -1,392 1,037

-109 156 -74 45 -460

-1,11 75 376 66 95

Weekly 1973 --

472

-16

1,102

467

229

-590

-110

216

9 16 23 30

409 -211 -205

--- --16

-41 368 877 877 45 255 -2,617 -2,838

400 535 482 -1,356

-391 330 -125 712

-267 -148 -1,018 568

345 280 -72 -307

-603 437 -589 731

June 6 13 20 27

-1,107 -198 293 590

--19 -229

1,955 848 -3,195 -3,412 3,37/ 3,670 -1,262 -444

-140 -2,156p 968p 951p

-737 36p 228P -79p

869 1,49qp -503p -948p

-77 -295p 76p -297p

69 - 3 26p 6 17p 2 21p

July 4 11 18 25

464 380

--- 2,699 3,390 -5,490 -5,093

1, 9 3 7 p - 793p

552 p -721p

-1,575p 697p

May

Represens

cnange

yL tc

228 27

porLLuijO

LLUo I

646

ul--pCrOu

o0 cnu-o[-peL

ouR

re ucm

ulo 0u1-

75p 12p

239P -829p

Represents change in daily average level from preceding period. Includes matched sale-purchase transactions as well as RP's. Sum bf changes in vault cash, currency in circulation, Treasury operations, F.R. float, gold and foreign accounts, and otherr FR accounts. Target. change for June and July reflects the target adopted at the June 19, 1973 FOM Reserves to support private nonbank deposits. Target change for previous months reflects the bluebook patterns that are consistent with target ranges that vere adopted eetifng. during the month.

-1,1, -40 505 200 175 375

STRICTLY CONFIDENTIAL (FR)

JULY

13,

1973

Table 4 SECURITY DEALER POSITIONS AND BANK POSITIONS

Millions of Dollars

U. S. Govt.

Security

Dealer Positions Coupon Issues Bills

Period

Other Security Dealer Positions Municipals Corporate Bonds Bonds

(3)

(4)

Member Bank Reserves Positions Borrowings at TRB ** Seasonal Total

* Excess Reserves

Basic Reserve Deficit 38 Other 8.New York

(8)

(9)

1,223 12

-5,635 -1,638

-5,720 -1,910

2,401 688

-5,243 -1,831

-7,548 -4,839

204

-2,828

-2,861

147 255 162

202 438 514

-2,945 -3,913 -3,835

-2,603 -2,801 -4,024

(2)

1972 -- High Low

4,291 1,916

1,585 -93

235 0

383 40

796 -133

1973 --

High Low

3,718 1,382

1,125 -96

175 0

244 55

560 -86

1972 --

Tune

2,694

205

266

(7)

(6)

(5)

(1)

July Aug. Sept.

2,262 2,643 4,099

97 692 170

142 114 53

166 176 174

Oct. Nov. Dec.

2,887 3,696 3,510

207 1,039 953

105 84 58

132 191 291

247 314 219

574 606 1,049

-3,637 -4,561 -4,977

-4,044 -3,622 -4,958

1973 -- Jan. Feb Mar.

3,407 2,132 2,490

720 562 -50

27 77 24

177 123 125

289 207 177

1,161 1,594 1,825

-4,550 -4,187 -4,273

-5,469 -5,436 -5,847

Apr. May

2,457 1,894

106 421

12 66

60 151

255 161

-3,293 -3,019

-6,577 -5,872

June

2,281

562

120

2 7p

1,8

-3,507

-6,443

2 9 16 23 30

1,969 1,788 1,709 1,586 2,175

221 809 502 104 269

61 0 44 6 154

72 162 126 143 100

233 -81 363 124 166

1,875 1,484 1,814 1,689 2,401

16 18 23 32 47

-1,831 -3,275 -3,658 -2,767 -2,749

-5,401 -5,509 -5,829 -5,863 -6,437

June 6 13 20 27

2,608 2,686 *2,234 *1,709

462 551 * 641 * 622

6 100 1 30

57 130 111 183

401 2 16 0 p 212p

1,664 1,700 1,928p 1,846p

64 67 73p 93p

-2,934 -4,181 -3,875 -2,932

-5,772 -6,82' -6,581 -6,541

Tuly 4 11 18 25

*2,013 *t,382

* 391 * 373

0 lOOp

133 150p

441p -65p

-2,775p 2 -2,73 p

22 3 p -6 , 48 -7 ,5 p

1973 -- May

lot's:

'pegthnifng

3 30

1,688 1,863 4 9

2 4 01

p , 1,680p

Iltp 117p

Trading positions, which exclude Treasury bills financed by repurchase agreeGovernment Security dealer trading positions are on a commitment basis. Other security dealer positions are debt ments tturing in 16 days or more, are Indicators of dealer holdings available for sale over the near-terti. The basic reserve deficit is excess reserves less borrowing at Federal Reserve less net Fedissues still iL syndicate, excluding trading positions. *ral funds purchases. Weekly data are daily averages for statenent weeks, except for corporate and municipal issues in syndicate which are Friday figures. averages of statedent week figures. with Tantary 1973, monthly averages for excess reserves and borrowings are weighted *STtICTLY CONIIbENtE A

CONFIDENTIAL (FR) JULY 13,1973 Table

SELECTED INTEREST RATES Per Cent

Period

Short-te rm_ 90-119 day Treasury bills Coercial 90-day -year

Federal funds

(2)

(1)

SPaper (3) (4)

Aaa Utility New Recently Offered (7) (8)

CD's New issue-NYC 0-89 day 90-119 day __Issue

(5)

(6)

L___ong-term___ FNMA U.S. Government unipl (10-yr. Constant Auction Yields Bumaturity) B (10) (11) (9)

5.38 3.18

5.13 3.03

5.52 3.60

5.50 3.75

5.38 3.13

5.50 3.50

7.60 6.99

7.46 7.12

5.54 4.96

6.58 5.87

7.72 7.54

High Low

10.21 5.61

7.87 5.15

7.65 5.42

8.88 5.63

9.00 5.38

9.00 5.50

7.95 7.29

7.82 7.26

5.40 5.00

7.05 6.42

8.38 7.69

972 -- June

4.46

3.91

4.71

4.60

4.38

4.50

7.32

7.36

5.34

6.11

July Aug. Sept.

4.55 6.80 4.87

3.98 4.02 4.66

4.90 4.90 5.44

4.83 4.75 5.07

4.63 4.65 4.88

4.75 4.78 5.00

7.38 7.37 7.40

7.37 7.34 7.42

5.41 5.30 5.36

6.11 6.21 6.55

7.63 7.63 7.65

Oct. Nov. Dec.

5.04 5.06 5.33

4.74 4.78 5.07

5.39 5.20 5.28

5.21 5.18 5.40

5.00 5.00 5.19

5.19 5.13 5.38

7.38 7.09 7.15

7.38 7.18 7.18

5.19 5.02 5.05

6.48 6.28 6.36

7.72 7.71 7.68

)73 -- Jan. Feb. Mar.

5.94 6.58 7.09

5.41 5.60 6.09

5.58 5.93 6.53

5.76 6.17 6.76

5.63 6.16 6.78

5.75 6.28 6.75

7.38 7.40 7.49

7.35 7.41 7.51

5.05 5.13 5.29

6.46 6.64 6.71

7.64 7.72 7.78

Apr. May June

7.12 7.84 8.49

6.26 6.36 7.19

6.51 6.63 7.05

7.13 7.26 8.00

7.04 7.44 7.98

6.75 7.41 8.13

7.48 7.51 7.64

7.48 7.50 7.64

5.15 5.15 5.18

6.67 6.85 6.90

7.89 7.96 8.07

2 9 16 23 30

7.43 7.60 7.81 8.06 7.95

6.24 6.10 6.15 6.44 6.74

6.57 6.52 6.47 6.68 6.86

7.13 7.13 7.18 7.33 7.44

7.25 7.25 7.25 7.38 7.38

6.75 6.75 6.75 7.50 7.50

7.40

5.10 5.10 5.14 5.20 5.22

6.75 6.81 6.85 6.91 6.94

7.92

7.45 7.61 7.55

7.42 7.45 7.50 7.55 7.60

June 6 13 20 27

8.43 8.17 8.55 8.59

7.03 7.09 7.22 7.24

6.95 6.93 6.98 7.14

7.68 7.88 8.03 8.18

7.75 7.88 8.00 8.30

7.88 8.00 8.13 8.50

7.63 7.59 7.66 7.73

7.59 7.60 7.69 7.72

10.21 9.52

7.69 7.87

7.62 7.65

8.56 8.88

8.63 9.00

8.75 9.00

7.95p

7.80 7.82p

5.13 5.13 5.19 5.25 5.34 5.40

6.92 6.86 6.89 6.93 7.02 7 .05p

972 -- High Low 973 --

)73 -- May

July 4 11 18 25 S_

tea:

----

7.96 8.00 8. 8.09 8.38

Columns 5 and 6 are one-day Wednesday quotes. For columns 7, 8 and 10 the Weekly data for columns 1 to 4 are statement week averages of daily data. weekly date is the mid-point of the calendar week over which data are averaged. Column 9 is a one-day quote for the Thursday following the end of the statement week. Colamn 11 gives FNM auction data for the Monday preceding the end of the statement week. The FNMA auction yield is the yield in the bi-veekly auction for short-term forward commitments for Government underwritten mortgages.

Appendix Table I

CONFIDENTIAL (FR) RESERVES AND MONETARY VARIABLES

July 13, 1973

Perlod

-I

Total (11 I

onborrwed (2) I

Monev Stock Me .auree I hank Credit Meae.,re Maue IBak1Masrs 1k

Reaervea

Support Pvt. epoite (3)

M (4)

M2 1

(5)

(6)

Credit Proxy (7)

Loans and Tnvestmenta (8)

ther

Total Otner than Institution Time CD's Deposit (9) I (10) [ (11)

(For Cent Annual Rates of Crcuth)

Nondepoet Cov't. CD'e Funds Demand (12) I (13) I (14) (Dollar Change in Billions)

-- L-

Annually1968 1969 1970 1971 1972

+5 3 -2 8 +9 6 +8.1 +7,1

+8.1 -1.7 +8.6 +7.2 +9.7

17 P 413 +6 C *6

09.3

+9.3 +2.6 +8.4 +11.6 +10.8

+8.3 +2.9 +8.0 +13.5 +13.0

+9.5 +0.4 +8.2 +9.4 +11.6

+11.0 +3.9 +8.1 +11.3 +14.6

+11.5 -4.8 +17.9 +18.2 +15.5

+11.2 +1.6 +11.1 +16.7 +13.3

+6.. +3.5 +7.7 +17.5 +16.R

+2.9 -12.4 +14.4 +7.7 +10.1

+2.6 +13.0 -8.4 -7.6 +0.4

+14.9 +7.64

+16.4 +9.8

+10.1 +8.6

+11.5 +10.6

+21.6 +13.4

+20.0 +12.1

+19.6 +16.0

+4.3 +3.4

-7.1 -0.4

+10.8 +10.3

+13.0 +12.1

+11.4 +11.1

+12.8 +15.5

+15.4 +14.5

+13.7 +12.1

+17.3 +15 0

+4.4 +5.7

-0.3 +0.6

+0.4

+13.8

+14.3

+19.9

+9.1

+11.0

+18.9

+1.2

-1.4

+6.7 +9.8

+9.7 +11.1

+9.8 +16.6

+8.0 +15.9

+14.2 +13.3

+1.7 +1.8

-0.4

+1.1

+11.0 +11.5 +9.8 +12.1

415.7

+15.6 +14.8 +14.0 +14.4

+16.1 +10,8 +12.3 +11.6

+19. +14.3 +16.2 +13.2

+0.8 +3.7 +2.4 +3.3

-0.3 +0.4 +0.3

-0.4 +0.5 -1.1 +1.4

+15.0 +12.2

+1*.4 4

+9.8

+23.1 +15.8

+9.5 48.6

+13.6 +9.0

+11.7 +7.1

+0.5 +0.7

+0.9 -2.2

+14.2 +12.4 +19.9 +5.4 +20.0 +2.3 +9.0 +17.9 +14.4 +10.7 +21.2 +16.7 +15.4 +20.3 +18.7 +-4.4 +22.6 +0.2

+17.7 +16.2 +11.6 +17.8 +18.2 +12.9 +13.6 +15.9 +12.0 +11.5 +14.2 +17.1 +15.7 +21.6 +30.9 +21.0 +18.2 +7.7

+19.2 +15.4 +13.2 +7.8 +13.0

+23.3 +16.6 +18.2 +13.4 +21.6 +16.9 +16.7 +14.9 +16.3 +14.5 +12.3 +11.5 +19.4 +9.1 +11.7 +6.4 +9.3 +10.0

+0.1 40.6 +0.1 +1.5 +1.5 +0.7 +0.8 +0.8 +0.8 +0.2 +1.2 +1.9 +1.2 44.5 +6.1 +3.8 +3.1 +0.3

-0.1 -0.3 40.1 -0.2 +0.2

-0.6 +0.5 +1.1 -0.3 +0.4

Semi-Annually let Half 1971 2nd Half 1971

+9.6 +6 3

+10.7 +3.6

+10. 4+30

1st Half 1972 2nd Helf 1972

+12 1 +2 0

+8.6 +10.4

+4.8

+11.3

+6.1

+7.7

3rd Qtr. 1971 6th Qtt. 1971

+6.6 +6.0

+3.2 +3.6

14. 1 *1 9

+6.0 +8.7

+8.9 +10.5

Ist Qtt. 1972 2nd Qtr. 1972 3rd Qtr. 1972 &thQtr. 1972

+10 7 +13 1 -0 8 +4.8

+1D.4 +6.6 +9.Q +10.6

19 7 +6. -8.2 10.6

+12.7 +8.5 +10.3 +10.2

+14.9 +10.7 +12.4 +11.5

1st Qtr. 1973 2ndlQtr. 1973

-7,1 +17 1

+10. +11.7

+1.7

410 4

+5.7 +9.5

Jan. Feb Rar. Apr. May June July Aug. Sept. Oet. Rev. Dec.

+26,7 -5.7 +11.0 +21.7 +9.4 +8.0 +2 9 +0.7 -6.1 +15.5 +9.8 -10,9

+11.0 +6 5 +13.4 +6 8 +3.9 +9.0 +6.9 +9.7 +12.9 +3.2 +20.8 +7.7

+1.0 +14.7 +11.5 48.0 +4.0 +6.4 +12.7 +4.4 +7.2 +7.2 +5.2 +13.3

+10.4 +15.1 +12.4 +7.9 +8.3 +9.2 +12.5 +9.3 +8.7 +10.1 +7.9 +12.2

+13.2 416.8 414.2 410.7 410.1 +11.1 +13.9 +11.6 +11.2 +12.0 + 9.8 412.6

+9.2 +7.2 +16.2 +12.2 +15.6 +6.6 +10.0 +9.6 +9.5 +11.9 +10.5 +13.4

Jan. Feb. Mar. Apr. May Jtune p

+31.3 -41.3 -10.5 +26.1 +1.1 +23.6

+22.8 -4.7 +13.4 +9.6 +9.4 +15.8

-0.5 +6.1 -0.5 +7.5 +10.7 +12.9

+6.4 +5.9 +4.7 +8.1 +9.8 +10.2

+9.8 +9.0 +6.9 +8.3 +9.1 +10.1

+8.3 +16.4 +19.7 +13.1 +12.1 +11.1

lst Half 1973

7 f8.5

+9.0

-1.4

Quarterly-

1972:

1973:

Reserve rqulirementn GOtober 1. 1970. p - Prelilinary. rNTE:

+R.6 +9.2

on Eurodollar borrowinge are included beginning October 16, 1969,

+9.5 +13.9 +16.4

+11.4

+12.3 +14.0 +10.2 +12.8 +10.4 +11.2 +12.9 45.7 49.6 +8.7 +9.1 +7.7

40.3 -0.1 +0.2 +0.1 +0.1 +0.4 +0.2 +0.3 40.2

and requirements on bank-related eeeaeretal paper are included beginning

+0.2 -1.7 +1.1 +1.1 +0.7 -1.3 -1.0 -0.7 +0.6 +1.2 +0.6 -0.4 40.6 44.1 4+0.3 -1.7 -1.2 +0.5

COFIDENTIAL (FR) July 13, 1973

Appendix Table II RESERVES AND MONETARY VARIABLES of dollar) (Seasonally adjusted, billions -------

DRceFSc ......

Total ( )

Tonborrowed (23

urwv Crrr

Available to Support Pvt. Deposits Total (3) (4)

M.Ac rr

I-

H 1.

Pvt. tep. (I)

.(6)

. . . ... 1 (7)

ANV frnEITT utPASITmm f ... ............. _

Total Adjusted Credit Loans and Proxy . d-. .. Investments (8) (9)

Total - Time , . (10)

((THE

_ -

(11)

Thrift TIltitution Deposite i-~ (12)

(13)

Time Other than CD's

n' a O..

NonDeposits .,p a I . (14)

U.S. Gov't nh-man

Annualv:y Dec. 1969 Dec. 1970

27.959 29,121 31,209

26,699 28,727 31,060

25,339 26,975 28,907

208.8 221.3 236.0

162.7 172.2 183.4

392.3 425.2 473.8

594.0 641.3 727.7

307.7 332.9 364.3

406.0 438.9 488.6

194.4 229.2 270.9

183.5 203.9 237.9

201.7 215.1 253.8

10.9 25.3 33.0

20.0 11.6 4.0

31,776 31,639 32,021

31,751 31,601 31,891

2<1,172 29,329 29,656

236.2 239.1 241.4

183.3

Mar.

185.8 187.7

477.9) 483.9 488.9

731. 7 746.0 754.8

367.1 369.3 374.3

494.6 499.5 507.8

274.9 278.6 281.3

261.7 244.8 247.5

257.8 262.1 265.9

33.2 33.7 33.8

4.0 3.6 3.7

Apr. May Jllune

32.612 32,852 33,027

37,467 32,720 32,938

29,824 29,920 30,144

243.0 243.8 245.1

189.1 189.6 190.7

492.1 495.5 499.3

761.5 767.9 775.0

378.1 383.0 385.1

510.1 518.6 519.8

284.3 288.6 291.7

249.1 251.8 254.2

269.4 272.4 275.7

35.2 36.8 37.5

3.5 3.7 3.8

July Aug. Sept.

33,171 33,381 33.327

33,018 33.038 32,870

30,317 30,562 30,890

247.7 248.6 250.1

193.1 193.8 194.8

504.5 508.4 512.1

784.0 791.6 799.0

388.3 391.4 394.5

523.7 521.5 537.9

295.0 298.9 301.9

256.8 259.8 262.0

279..6 283.2 286.9

38.3 39.1 39.8

3.9 4.2 4.1

Dec. 1971

Mon thhy 1

2--.tnn. Feb.

Oct. Nnv.

33,832 31,883

flee.

31,309

33.295 31,297 30,063

30.973 29,496 28,862

251.6 252.7 255.5

195.9 196.5 198.7

516.4 519.8 525.1

807.0 813.6 822.0

398.4 401.9 406.4

542.7 552.3 560.0

304.8 308.4 312.8

264.8 267.1 269.6

290.6 293.8 296.9

40.0 41.2 43.2

4.3 4.3 4.4

1973--leo.

32,2.62 31,649 31,999

30,.848 29,787 29,526

29, 11 29,296 29,622

255.4 256.7 256.6

19A.6 199.3 199.7

527.9 530.5 532.6

828.7 834.9 839.1

409.2 414.8 421.6

567.2 576.8 585.8

316.9 322.6 330.9

272.5 273.8 276.0

300.8 304.4 307.0

44.4 48.8 54.9

4.5 4.5 4.9

Apr.

32,326

258.2 260.5 263.3

536.2 540.6 565.2

426. 2 430,5 434.5

588.9 600.0 600.1

336. 7 341.8 344.0

278.0 280.1 281.9

309.4 311.3 313.8

58.7 61.7 62.0

5,4

32,450

29,860 30,095 30,492

845.5

32.445

30,167 30,195 30, 790

199.5

May

32,628 31,838 32,519 32,402

30.579 29.319 29,219 30,843

30,128 29,366 29,831 30,045

257.5 257.5 258.9 257.0

;99. 198.9

57.7 59.0 58.1 58.8

4.9 4.9 5.2 5.4

32.387 32,114 32,940 32,384 32,353

30,427 29,620 29,490 29,971 30,570

30,120 29,620 30,360 30,037 30,293

259.4 259.5 261.2 260.6 260.8

59.3 61.1 61.8 62.3 62.6

5.2 5.0 5.4 5.7 5.7

27 p

32,485 31,862 32,612 32,415

31,012 29,755 30,565 30,907

30,530 30,108 30,574 30,540

263.2 263.2 263.9 262.7

4 p

33,453

32,078

31,008

264.4

Weekly: 1l73--Apr.

11 18 25 May

2 9 16

23 30 June

.July

6 13."p 20 p

201,6

203.9

851.9 859.1

198.2 200.2 198.2

534.1 534.1 537.9 535.6

426.0 624.1 425,8 426.7

334.3 335.6 337.1 337.4

276.6 276.6 279.0 278.6

200.2 202.3 201.6 201.8

538.6 538.3 541.2 541.2 541.8

429.5 428.4 430.2 430.8 431.0

338.2 340.0 341.7 342.9 343.6

279.0 278.8 279.9 280.7 281.0

'03.9 203.8 704.5 203.5

544.8 545.1 565.8

433.5 433.4 435,4 435.0

342.9 363.8 343.5

281.6 281.9 281.9

344.5

205.0

547.1

345.7

544.6

:::::;:::::::::

438.0

: i ii!: .!

::::::::::::::::I::::i .::::::::: : ::.:... .. : ....................

::::::::

:::::::: : : :: ::::::::::::::::::: :::::::;:::::::: :. .. ...... : .. .. ..........

5.1 5.6

.............. 61.3 5.5

281.9

61.9 61.6 62.6

5.5 5.7 5.7

282.6

63.1

5.9

1: ... :: .. Il.

----

...-.. .....

.----

p - Preliminary NOTE: Reserve requirements

~i~L--

on Euro-dollar borrowings are included beginning October 16,

t--i-----"i-iII

.-.

***-*----.

- *--______

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, bank-related commercial paper, and Euro-dollar borrowings of U.S. banks. Weekly data are daily averages for statement weeks. Monthly data are daily averages except for non-bank commercial paper figures which institution deposits. are for last day of month. Weekly data are not available for M3, total loans and investments and thrift

Cite this document

APA

Federal Reserve (1973, July 16). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19730717

BibTeX

@misc{wtfs_bluebook_19730717,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1973},
  month = {Jul},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19730717},
  note = {Retrieved via When the Fed Speaks corpus}
}