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1
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2
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Content last modified 6/05/2009.
(CONFIDENTIAL
FR)
October 11, 1974
MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Prepared for the Federal Open Market Committee
By the Staff BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
October 11, 1974
CONFIDENTIAL (FR) MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments
(1) Growth of the monetary aggregates slowed in September to annual rates of 1.3 per cent for M1 and 2.4 per cent for M2. Taking into account our current October estimate, which is still largely projected, money growth rates for the combined September-October period appear to be well below the ranges of tolerance established at the last Committee meeting, as the table shows.
Expansion in the adjusted bank
credit proxy has also been well below expectations, and RPD growth has been considerably below the lower limit of its two-month range of tolerance. Growth of Monetary Aggregates and RPD's in September-October Period Reserve and Monetary Aggregates (Growth at SAAR in per cent)
Range of Tolerance
Latest.Estimates
M1
3-6
1.7
M2
5-7½
3.8
RPD
6-8½
2.6
Memo: Federal funds rate (Per cent per annum)
1/
10¼-12 1/
Avg. for statement week ending 11.41 Sept. 18 11.12 Sept. 25 Oct. 2 11.04 10.43 Oct. 9
The range adopted at the meeting was 10½-12 per cent, but the lower end was dropped to 10¼ per cent by Committee action on October 4. (2) Evidence of sluggish growth in the money and reserve
aggregates emerged immediately following the last Committee meeting.
In
responding to this weakness, the Desk moved cautiously at first, in part
-2to avoid encouraging an unduly rapid decline in market rates. rate declined from an average of 11
4
The funds
8 per cent in the week of the Committee
meeting (week of Sept. 11) to around 11 per cent in early October.
On
October 4, the Committee concurred in the Chairman's view that the Federal funds rate should be reduced to a range of 10½--10¾ per cent and in his recommendation that the lower limit of the funds rate constraint should be reduced by ¼ point to 10¼ per cent.
In the week ending October 9,
the funds rate averaged 10.43 per cent. more aggressively, dropped to $1.0
With nonborrowed reserves provided
member bank borrowing in that week (apart from Franklin)
billion as compared with an average of about $1.9 billion
in August and September.
Most recently, the Desk has been aiming at a
Federal funds rate tending toward the lower end of a 10¼--10½ per cent range. (3)
Slow growth in the monetary aggregates and the accumulating
evidence of generally sluggish economic activity created widespread expectations that the System would ease pressures on credit markets somewhat further.
When declines in the Federal funds rate appeared to
confirm these expectations, other short-term rates dropped sharply--in some cases by more than 200 basis points.
As rates on large CD's and commercial
paper declined, many banks lowered their prime rates to
11¾per cent, and
most recently a few key banks have dropped the rate to 11½ per cent.
The
yield on 3-month Treasury bills fell from a level in excess of 9 per cent at the time of the last Committee meeting to a low of 6-1/8 per cent. This change was accentuated by large foreign buying of bills in September, reinvestment demands from holders of maturing
-3September tax bills, and an unexpected cut-back by the Treasury in the size of weekly bill auctions during the period of peak quarterly income tax receipts.
Most recently, however, with the Treasury increasing--rather
than cutting--the size of its weekly bill auctions, and with large additional Treasury cash borrowing anticipated shortly, the 3-month bill rate has bounced back and closed Friday at around 7.65 per cent. (4)
Interest rates on long-term Treasury and State and local
government securities have declined somewhat since the last meeting--by roughly 1/8 to 1/4 of a percentage point.
Yields on new and recently
offered corporate issues have risen somewhat further on balance to new highs, because of a sharp expansion in the prospective volume of new bond offerings; most recently corporate bond yields have edged off.
In the
stock market, price indices continued to decline over most of the intermeeting period, reaching their lowest levels in 12 years, but in recent days a sharp rebound raised the Dow-Jones industrial average by about 75 points.
The very recent improvement in the stock market and an
accompanying better tone in bond markets may be attributable in part to
the Administration's new economic program as well as to recent signs of a less restrictive monetary policy. (5) The table on the following page shows (in percentage annual rates of change) selected monetary and financial flows over various recent
time periods. Appendix table III compares money supply growth rates computed on a quarterly-average basis with those computed on a last-month-of-quarter basis.
Projected figures on the two bases are shown in appendix table IV
for the three alternatives presented in the next section.
Average of Past Three Calendar Years 1971 1973
I
Past Twelve Months Sept. '74 over Sept. '73
Past Six Months
Past Past Three Months Months Sept. '74 Sept. '74 Sept.'74 over over over Mar. '74 June '74 Aug. '74
Total reserves
8.5
9.4
14.5
8.2
Nonborrowed reserves
7.6
5.5
3.4
5.6
Reserves available to support private nonbank deposits
8.8
9.3
14.5
7.0
5.8
7.5 10.2
8.3
6.8
4.1
1,9
1,3
6.3
4.8
2.4
Concepts of Money M1 (currency plus demand deposits) 1/ M 2 (M1 plus time deposits at commercial banks other than large CD's) M3 ( 2 plus deposits at thrift institutions)
10.4 11.7
7.5
5.2
4.0
2.7
Total member banks deposits (bank credit proxy adj.) 10.5
10.1
13.9
6.5
4.9
9.9
8.1
4.5
-8.8
Bank Credit
Loans and investments of commercial banks 2/
12.8
Short-term Market Paper (Monthly average change in billions)
Large CD's
1.6
Nonbank commercial paper Other than interbank and U.S. Government. Based on month-end figures. Includes loans sold
1.3 2.0 to affiliates and branches,
NOTE: All items are based on average of daily figures, except for data on total loans and investments of commercial banks, commercial paper, and thrift institutions--which are derived from either end-of-month or last Wednesday-of-month figures. Growth rates for reserve measures in this and subsequent tables are adjusted to remove the effect of discontinuities from breaks in the series when reserve requirements are changed.
Prospective developments (6)
Attached below for Committee consideration are three
alternative specifications to accompany the directive, with additional detail presented in the table on the following page.
The longer-run
targets encompass the same time period (the seven months August 1974 to March 1975) as employed for target purposes at the September Committee meeting. Alt. A
Alt. B
Alt. C
M
6½
5¾
5
M2
7¾
6¾
6
Targets (Aug. 1974 - Mar. 1975)
Credit proxy
7
6¾
6¼
Associated ranges of tolerances for Oct.-Nov. M1
5¼-7¼
4¾-6¾
4¼-6¼
M2
6¾-8¾
5¾-7¾
5¼-7¼
RPD
6-8 8-10
Federal funds rate (inter-meeting range)
(7)
¾ 5½-7½ 8¾-10¾
4¾-6¾ 9½-11½
Of the three alternatives shown, alternative B includes the
5¾ per cent longer-run target path for M1 adopted at the last Committee meeting.
A further decline in the Federal funds rate over the next few
weeks is indicated for that alternative, at least to the mid-point of the 8¾-10¾ per cent range.
The expected funds rate is lower than anticipated
at the previous meeting for two reasons:
(a) M 1 growth since the meeting
-5aAlternative Longer-Run Targets for Key Monetary Aggregates
1974
Alt. A
M1 Alt. B
Alt. C
Alt. A
Alt. B
Alt. C
Alt. A
280.9 281.5 283.6 285.5
280.9 281.4 283.4 285.1
603.3 606.5 611.0 615.6
603.3 606.2 610.1 614.0
603.3
Dec.
280.9 281.6 283.8 285.8
Mar.
291.2
290.1
289.0
629.2
625.7
Sept. Oct. Nov.
1975
M3 Alt. B
Alt. C
938.6 942.7
938.6 942.3
947.7
946.7
612.8
938.6 943.0 948.8 955.2
953.0
951.1
622.9
973.5
968.6
964.1
605.9 609.5
Aug. '74--Mar. '75
6.5
5.8
5.1
Rates of Growth 7.7 6.7
5.9
6.8
5.9
5.1
Quarters: 1974 4th Q. 1975 1st Q.
7.0 7.6
6.6 6.4
6.0 5.5
8.2 8.8
7.1 7.6
6.3 6.6
7.1 7.7
6.1 6.5
5.3
3.0 9.4
2.6 9.0
2.1 8.5
6.4 8.9
5.8 7.7
5.2 7.1
5.6 7.4
5.2 6.4
4.7 5.6
Months: Oct. Nov.
Adjusted Credit Proxy Alt. Alt. A Alt. B
1974
1975
Sept. Oct. Nov. Dec.
493.1 499.9 502.0
Mar.
508.6
491.0
C
Total Reserves Alt. C Alt. B Alt. A
Alt. A
RPD Alt. B
Alt. C
37,276 37,065 37,369 38,071
37,276 37,052 37,323 38,028
35,314 34,957 35,261 35,581
35,314 34,945 35,217 35,548
35,314 34,932 35,171 35,506
37,915
37,789
36,148
36,077
35,951
491.0 493.0 499.7
492.9 499.5
501.5
501.0
37,276 37,077 37,414 38,103
508.0
506.7
37,988
491.0
6.9
6.6
6.0
-1.2
12,7 -1.6
12.2 -2.5
7.5 6.4
7.1 6.0
6.6 5.0
5.6 11.4
5.3 10.3
4.8 9.3
0.6
0.2 9.9
-0.2 8.8
6.9
6.7
6.2
6.2
Quarters: 1974 4th Q. 1975 1st. Q.
9.0 5.3
8.6 5.2
8.1 4.6
13.0
Months: Oct.
5.1
4.6
Nov.
16.5
4.9 16.3
16.1
Rates of Growth 5.8
5.3
Aug. '74--Mar. '75
10.9
MONEY SUPPLY AND LONGER RUN TARGET PATHS
RATIO SCALE, BILLIONS OF DOLLARS
-1290
I--
| 53 4% Growth Rate
RATE OF GROWTH DEC '73 TO AUG '74
-1280
5 2%
270
1
J
F
M
A
M
--
J
J
1974
A
S
0
N
D
J
F 1975
M
-6has fallen short of expectations, and thus a more active provision of reserves is money is
required in
future to move back to path; and (b)
demand for
expected to be lower, particularly by the first quarter, in view
of the slower growth now projected by the staff for nominal GNP. (8)
Based on partial data for the early days of the month, M1
growth in October is
expected to be quite slow. Growth is,expected to pick up
considerably later in the fall and early winter, partly in consequence of the lagged impact on money demand of recent and projected interest rate declines.
Over the October-November period, M1 growth is indicated to
be in a 4¾-6¾ per cent annual rate range under alternative B. small rise in
September,
Given the
the 5¾ per cent growth rate from August to March
implies a 6½ per cent rate from September to March--i.e. over the fourth and first
quarters. (9)
Demand pressures on credit markets are expected to be
intense over the next few weeks.
A large amount of new corporate and
municipal bond offerings is scheduled. remain large.
Federal agency financing needs
And the Treasury will be raising about $4 billion of new
cash by early November--through additions to bill offerings of short-term instruments, note. it
auctions,
other
and perhaps also an intermediate-term
The Treasury will also announce on October 30 the terms on which
will refund $4.3 billion of maturing publicly held coupon issues.
These borrowing demands will tend to moderate the general declines in interest rates that would otherwise be prompted by a further drop in funds rate to around 9¾ per cent.
the
-7(10)
The additional declines in interest rates expected under
alternative B may involve a further easing in the 3-month commercial paper rate to the 9-9½ per cent range, compared with around 9¾ per cent currently, The 3-month Treasury bill should continue to fluctuate very widely--say, in a 6-8 per cent range--and may average a bit below 7 per cent, although very large additions to the supply of bills in the days immediately ahead
would likely exert upward pressure on the rate. As short-term market rates ease off, some pick-up in net inflows of time deposits other than money market CD's at banks are to be expected, and the position of thrift institutions may show some improvement. Growth rates of 7½ and 6¼ per cent, respectively, are expected for M2 and M3 over the fourth and first quarters, up from the relatively low third quarter growth rates of 4-5 per cent. (11)
Bank credit growth is expected to be moderate, on balance,
over the months ahead.
Some rebound is likely in business loans from the
unusually low September pace, particularly with business inventory accumulation projected to be sizable in the fourth quarter.
growth is not expected to be as large as in earlier months.
However, loan
The strained
liquidity position of banks is likely to keep them from easing nonprice lending terms significantly, although the prime loan rate may decline further. Moreover, improved conditions in the commercial paper market should tend to divert some corporate borrowing away from the banks. (12)
Alternative C involves a Federal funds rate range centering
on 10
per cent, the average rate prevailing in the last full statement
week,
M1 expansion in this alternative is expected to be consistent
-8with a longer-run target rate of growth of 5 per cent, annual rate (from Aug. '74 to March '75).
Over the fourth and first quarters, the rate of
growth would average about 5¾ per cent. (13)
Given the demand pressures noted earlier and the prevailing
expectations of a further easing of monetary policy, it
is likely that
some of the recent decline in short-term market interest rates would be reversed in the weeks ahead under this alternative.
The 3-month bill rate
might be expected to average around 8 per cent, and the commercial paper rate to move back into a 10-10
per cent range.
Corporate bond yields
would probably be under upward pressure, while the recent slight moderation of mortgage market pressures would be unlikely to persist, both because of
the general market atmosphere and because inflows to thrift institutions would be expected to show little improvement. (14)
Alternative A contemplates a more rapid growth path for
M1 than under alternative B. To achieve this growth a more pronounced easing of money market conditions is therefore required, and we believe that the funds rate would need to drop to 9 per cent shortly after the Committee meeting.
Such a decline would generate substantial expectational
effects, with Treasury bill rates probably dropping by more than a percentage point, and longer-term market rates easing off.
Inflows of
consumer-type time And savings deposits at banks and thrift institutions would improve noticeably; the thrift
institutions would be in
a position
to improve liquidity; and lenders would probably become more willing to
make new mortgage commitments.
-9Proposed directive language (15)
Presented below are three alternative formulations
for the operational paragraph of the directive, which are intended to correspond to the similarly lettered policy alternatives discussed in the preceding section.
For all three alternatives, it is proposed
to include a reference to Treasury financing because the regular midNovember refunding will be announced on October 30. Alternative A To implement this policy, while taking account of THE FORTHCOMING TREASURY FINANCING AND OF developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with SUBSTANTIAL [DEL: moderate]growth in monetary aggregates over the months ahead. Alternative B To implement this policy, while taking account of THE FORTHCOMING TREASURY FINANCING AND OF developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with RESUMPTION OF moderate growth in monetary aggregates over the months ahead. Alternative C To implement this policy, while taking account of THE FORTHCOMING TREASURY FINANCING AND OF developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with [DEL: moderate]MODEST growth in monetary aggregates over the months ahead.
STRICTLY CONFIDENTIAL (FR)
CHART 1
10/11/74
RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS
140
8% % growth
I
SI
J
5
,
II M
I I I J 1973
I I I I S
I D
Ii M
I
I I I J
I
S
1974
* Break in Series, Actual Level of RPD After Changes in Reserve Requirements
1, D
J
A 1974
S
0
STRICTLY CONFIDENTIAL (FR)
CHART 2
10/11/74
MONETARY AGGREGATES NARROW MONEY SUPPLY M1
BILLIONS OF DOLLARS
6% growth for S, 3% growth.
BROADER MONEY SUPPLY M2
i
I
I
S560
1973
1974
J
J
A 1974
S
0
STRICTLY CONFIDENTIAL (FR) 10/11/74
CHART 3
MONETARY AGGREGATES ADJUSTED CREDIT PROXY
BILLIONS OF DOLLARS
-1 550
520
490
480
430
TOTAL RESERVES 44
41
38
35
32
1973 *Break in series, Actual Level of Total Reserves After Changes in Reserve Requirements.
1974
CHART 4
MONEY MARKET CONDITIONS AND INTEREST RATES MONEY MARKET
CONDITIONS
PERCENT 12
INTEREST RATES Short-term
PERCENT
WEEKLY AVERAGES
INTEREST RATES Long-term
13
r
-
WI EKLY AVERAGES
PERCENT -1
WEEK
FEDERAL FUNDS
RATE
cM S
FHA MORTGAGES FNMA MONDAY AUCTION
EURO-DOLLARS 3 MONTH S11
-
2V7 \
t
Aaa UTILITY N EW ISSUE
8I
F R DISCOL RATE
SGOVERNMENT
BONDS 10 YEAR AVERAGES
BILLIONS OF DOLLARS S3
TREASURY BILLS 3 -MON T H
MUNICIPAL POND BUYER THURSDAYS
0
PRIME COMMERCIAL PAPER 4 6 MONTH ROWED I1I7 I1
97 1973
911 1974
1973
1
974
1974
1
t
TABLE
STRICTLY CONFIDENTIAL
1
OCTOBER 11,
BANK RESERVES (ACTUAL AND CURRENT PROJECTIONS)
I
II
S RESERVES AVAILABLE FOR PRIVATE NONBANK DEPOSITS
I ----
AGGREGATE RESERVES -----------
REQUIRED RESERVES I -------------------------SEASONALLY ADJUSTED
--I------II---NONBORROWED I TOTAL --I----------RESERVES I NON SEAS ADJ )I RESERVES SEAS ADJ I
PERIOD
MONTHLY
II---I
(1)
I
121
II
13)
(4)
37,421 37,248 37,276 (37,0321
34,120 33,912 33,994 (35,321)
1974
-----------
CD'S AND NON DEP
PRIVATE DEMAND
OTHER TIME DEP
(51
(6)
7)
8,866 8,996 9,072 ( S,083)
5,570 5,737 5,686 5,293)
I
GOVRT AND INTERBANK 8)
LEVELS-SMILLIONSI ----
I-----------
1974--JUL.
35,047 35,319 35,314 (34,892)
AUG. SEP. OCT.
34,840 35,008 35,132 (34,827)
20,449 20,398 20,356 (20,352)
I
2,374 1,929 1,962 4 2,1401
ANNUAL RATES OF CHANGE QUARTERLY: 1973--4TH
6.1
OTR.
1.4
1974--1ST QTR. 2ND OTR. 3RD OTR.
6.2 20.3 R.3
1.7 20.4 8.2
MONTHLY: 1974--JUL. AUG. SEP. OCT.
8.7 9.3 6.8 -1.6)
22.5 -5.5 7.5 4.21
SEP.-OCT.
5.91
2.6)
(
13.4
5.8
12.7
1.5 1.1 5.6
1.3 1.7 -0.5
9.2 7.1 12.0
4
4.1 -3.0 -2.5 2.4)
8.0 17.6 10.1 4.8)
1
-0.0)
7.5)
14.1 -7.3 10.2 59.7; S35.2)
WEEKLY LEVELS-SMILLIONS
AUG.
SEP.
7 14 21 28
35,243 35,247 35,346 35,328
34,925 34,920 35,004 35,062
37,101 37,106 37,381 37,301
34,012 34,065 33,944 33,768
20,346 20,392 20,447 20,400
8,942 8,988 8,995 9,039
5,727 5,695 5,743
1,858 1,860 2,035 1,973
4 II
3' ,268
25
35,585 35,313 35,536 34,960
34,939
37,48e 37,055 37,357 37,090
33,582 33,970 34,436 33,559
20,417 20.285 20,408 ?0,333
9,040 9,073 9,085 9,066
5,807 5,817 5,934 5,473
1,903 1,742 1,821 2,130
? 9
35,2P6 34,642
35,341 34,373
37,564 36,697
34,346 34,441
20,364
9,086 9,069
5,357 5,323
2,278 2,056
18 OCT.
34,908 35,312
20,289
5,753
NOTE: DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONS. AT THE FOMC MEETING OF SEP. 10, 1974, THE COMMITTEE AGREED ON A RPD RANGE OF 6.0 TO P.5 PERCENT FOR THE AUGUST-SEPTEMBER PERIOD.
TABLE
STRICTLY CONFIDENTIAL
2
OCTOBER
MONETARY AGGREGATES (ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTFD)
I I
I
PERIOD
MONEY SUPPLY I BROAD NARROW
(Ml)
I
IM2)
(1)
I
2)
I t
I
ADJUSTED CREDIT
PROXY
I
11
I
II II
I 1974--JUL. AUG. SEP. OCT.
2PO.0 280.6 280.9 1281.41
I
--------
491.0 (491.9)
5.3
1
5.6 ( 5.3)
II
I II
I
I
I
I II
II
I
I 8.9
11.0
3.3
1974--IST OTR. 2NP OTR. 3RD OTR.
5.6 6.4 1.9
9.0 7.7 4.8
8.5 20.9 6.5
MONTHLY
I THAN
CD S
CD S
(5)
(6)
(7)
404.3 406.1 408.4 1411.0)
319.0 321.4 322.4 (324.51
85.4
I
FUNDS (8)
1
I
4.7
86.0 (86.5)
I I
6.1
12.6
15.4 23.7 8.4
12.2 8.7 7.5
I
I I
11.2 10.5 10.1 (I 9.3)
I I
ii
1974--JUL. AUC. 5FP. OCT.
1.7 2.6 1.3 ( 2.11
SEP.-OCT. WEEKLY
I
lI II
1973--4TH OTR.
TOTAL
I NONDEPOSTT I SOURCES OF
I 2.5
I
TIME AND SAVINGS DEPOSITS I OTHER I
I I
I I
I
(4)
t
489.0
(605.91
U.S. GOVT.
II S 486.9
598.9 602.1 603.3
PERCENT ANNUAL GROWTH ------------ -------QUARTERLY
I I II DEPOSITS I ||
(3) I
MONTHLY LEVELS-SBILLIONSI
II
I
5.4 6.4 2.4 5.2)
1 1.7)
1 3.8)
7 14 21 28
281.0 281.2 281.1 279.8
601.5 602.7 602.4 601.8
4 11 18
290.9 280.6 280.8 280.0
603.1 602.7 603.2 602.1
f II
I 2.2)
I
13.2 5.3 6.e ( 7.6)
I 3.6)
I
( 7.21
I
405.5 406.2 406.0 406.3
I
9.4
5.2 4.9
I
9.5 9.0 3.7 7.81 5.8)
LEVELS-SBILLIONS
I AUG.
486.8 488.6 489.6 489.2
I SEP.
25 OCT.
2 P 9 PEI I
280.8 280.5
490.4 S 491.6
490.8
S 489.9 I 491.0
604.1 604.7
lI It !1
5.8 6.1
II II
5.9 6.2
II
5.4
It I
I
407.2 408.0 408.3 408.
5.7
321.5 321.3 322.0
I
322.2 322.1 322.5 322.2
5.0
409.8 410.1
I
- ---
- -----
- -- --------------------
85.0
10.5 10.6 10.1 10.0
R5.8 86.5
I
I P
-
- - -----------
------
- ---
9.1 9.1
86.5 86.0
323.3 324.1
PE -
~-~-
11.0 9.8 10.5 0.
e5.9
I
NOTE: DATA SHOWN IN PARI-NTHESES ARE CURRENT PROJECTIONS. ----
84.9 84.7 84.6 84.3
I 5.9
II
320.5
I
II II
490.3
I
4.0 5.0
I
PRELIMINARY
PARTIALLY ESTIMATED
11,
1974
STRICTLY CONFIDENTIAL
(FR)
OCTOBER 11, 1974 TABLE 3 RESERVE EFFECTS OF OPEN MARKET OPERATIONS AND OTHER RESERVE FACTORS (Millions of dollars, not seasonally adjusted)
(1)
Coupon Issues
Agency Issues
(2)
(3)
Daily Average Reserve Effects 2/
l/
Open Market Operations Bills & Accept.
RP's Net 3/
' TOTAL
(4)
15)
Open Market Operations
(6)
_ Member Bank Borrowing
Other 4/ Factors
(7)
(8)
en in reserve categories req. res. against U.S.G. and interb.
(9)
available res, 5_ (6)+(7)+(8)-(9)
(10)
&Target available reserves 5/
(11)
Monthly 1974--March
r64
190
122
1,531
1,780
-74
166
-354
-323
57
April May June
790 653 -544
172 207 176
312 185 237
-485 1,111 -984
789 2,155 -1,115
922 1,970 -673
362 866 420
-338 -2,239 74
173 207 -400
773 390 221
315 -130 275
July
898
125
726
-3,760
-2,011
1,601
309
-901
465
544
375
Aug.
862
--
235
2,225
3,322
141
39
-464
-450
166
180
176
191
-60
99
-73
80
375
Sept.
-594r
5
49r
3
22r
-32r
Oct. Nov.
315
Weekly 1974--Aug.
Sept.
Oct.
7 14 21 28
66 -138 881 567
--..
-3 ----
366 1,820 1,232 -4,768
430 1,682 2,113 -4,200
-589 -161 2,003 -145
-601 -48 396 96
906 225 -2,179 .31
4 11 18 25
-518 -835 151 183
--176
221 -207
5,742 -3,519 -714 2,351
5,446 -4,354 -564 2,918
56 -2,222 702 1,274
373 -821 -164 610
-266 5 , 73p -188p 2 - ,031p
-53 -9Sp -54P 226P
2 9
-100 -338
--- --
823 -5,869
724 -6,207
563 -1,357
-313 -973
338p 1,395
18 p 34p
-
2
-130 21 136 -148
6
-154 -5 84 68 216 3 0 - 8 p 404p 3T3p 4
02p -969p
16 23 30
1/ 2/ 3/ 4/ 5/
-30
Represents change in System's portfolio from end-of-period to end-of-period; includes redemptions in regular bill auctions. Represents change in daily average level for preceding period. Includes matched sale-purchase transactions as well as RP's. Sum of changes in vault cash, currency in circulation. Treaeury operations, F.R. float, gold and foreign accounts, and other F.P. accounts. Reserves to support private nonbpnk deposits. Target change for Sept. and Oct. reflects the target adopted at the Sept. 10, 1974 FOMC meeting. Target change for previous months reflect the bluebook patteirn that are consistent with target ranges that were adopted during the month.
STRICTLY CONFIDENTIAL OCTOBER
11,
(FR)
1974
TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS Millions of dollars
Period __ _
U.S. Govt. Security Dealer Positions Bills
Coupon Issues
Dealer Positions Corporate Municipal Bonds Bonds
Member Bank Reserve Positions Borrowing at FRB** Basic Reserve Deficit otal Seasonal 8 New York 38 Others (6) (8) (9)
Excess** Reserves
(1L)
(2)
1973--High Low
3,796 897
1,299
-301
2,561 688
-5,243 -1,831
-10,661 - 4,048
1974--High Low
3,238 -289
2,203 -309
3,906 776
-5,911 -2,447
-12,826 - 6,210
1973--Sept.
2,745
395
1,852
-3,173
- 5,355
Oct. Nov. Dec.
2,565 2,804 3,441
484
1,476 1,393 1,298
-3,814 -4,469 -4,682
- 6,090 - 8,186 - 9,793
1974--Jan. Feb. Mar.
3,102 2,436 1,986
1,619 583
Apr. May June
1,435
99
July Aug. Sept.
457 1,758 *2,309
-214 398
7 14 21 28
1974--Aug.
Sept.
Oct.
793 973
540
162 184 134
1,051 1,162 1,314
18 17 32
-4,753 -5,262 -5,030
-10,893 -10,769 -11,058
182 178 204
1,736 2,590 3,020
40 102 134
-3,952 -3,171 -4,445
-11,603 - 9,091 - 9,920
3,075
149 164
*552
162 197 191p
3,177p
1 39
-3,522 -4,231 -4,235
- 9,555 - 9,224 - 8,250
2,065 2,290 1,657 1,226
-178 772 487 489
228 113 209 183
3,089 3,041 3,437 3,533
176 160 166 161
-4,466 -5,174 -4,172 -3,010
-
4 11 18 25
2,669 2,994 *2,453 *1,878
459 552
3,906 3,085p 2,921p 3 53 1 , p
152 132 p 134p 141p
-3,915 -5,416
* 550 * 444
321 13 7p 109 p 8 8p
-3,612
- 7,816 -10,172 - 9,089 - 7,485
2 9 16 23 30
*1,131 *1,269
* 772 * 621
479p -41p
3,218p 24 2, 5p
144p 13 4p
-3,885p 43 8 -5, p
- ,210p - 8,438p
408 580
85 9
3,337
'
NOTE
p
-4,
4 47
9,938 9,382 8,605 9,878
6
'
Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury bills financed b repurchase agreements maturing in 16 days or more, are indicators of dealer holdings available for sale over the near-term. Other security dealer positions are Bebt issues still in syndicate, excluding trading positions. The basic reserve deficit is excess reserves less borrowing at Federal Reserve less net Federal funds purchases. Weekly data are daily averages for statement weeks, except for corporate and municipal issues in syndicate which are Friday figures. * STRICTLY CONFIDENTIAL * Monthly averages for excess reserves and borrowings are weighted averages of statement week figures.
STRICTLY CONFIDENTIAL (FR) OCTOBER 11, 1974 TABLE
5
SELECTED INTEREST RATES Per cent
Short-Term
Treasury Bills
Long-Term
90-119 Day
CD's New Issue-NYC
Commercial
Federal Funds 10.84 5.61
Municipal
Offered (8) 8.30 7.26
Bond Buyer
10.50 5 63
13.55 8.81
9.63 6.53
9.54 6.39
12.25 7.88
12.25 8.00
12.00 7.88
10.61 8.05
10.52 8.14
6.95 5.16
10.78
8.29
8.07
10.31
10.31
10.50
7.88
7.99
10.01 10.03 9.95
7.22 7.83 7.45
7.17 7.40 7.01
9.14 9.11 9.28
9.15 9.06 9.44
8.08 8.91 9.13
7.90 7.90 8.00
7 94 7.94 8.04
9.65 8.97 9.35
7.77 7.12 7.97
7.01 6.51 7.34
8.86 8.00 8.64
9.05 8.09 8.69
8.83 7.97 8.56
8.21
Feb. Mar.
8.22 8.23 8.42
Apr. May June
10.51 11.31 11.93
8.33 8.23 7.90
8.08 8.21 8.16
9.92 10.82 11.18
9.81 10.83 11.06
9.78 10.90 10.88
8.98 9.24 9.38
8.94 9.13
July Aug. Sept.
12.92 12.01 11.34
7.55 8.96 8.06
8.04 8.88 8.52
11.93 11.79
11.83 11.69
11.83 11.91
11.19
14 21 28
12.09 12.02 12.23 11.84
8.42 8.84 8.94 9.63
8.50 8.52 8.80 9.54
11.55 11.68 11.85 12.00
Sept. 4 11 18 25
11.64 11.48 11.41 11.12
9.18 9.17 8.45 7.04
9.26 8.80 8.61 8.18
11.94
Oct.
11.04 10.43
6.53 6.87
10.97 10.03p
7.06 7 80
1974 -- High
Low 1973 -- Sept.
Oct. Nov. Dec. 1974 -- Jan.
1974 -- Aug.
Oct
7
2 9 16 23 30 3
10
paper
MIU.S.
Recently
8.95 5.15
Low
NOTE -
90-Day (2)
New
1-year (3) 8.43 5.42
1973 -- High
Daily -
(1)
Aaa Utility
(4)
60-89 day (5) 10.50 5.38
90-119 Day (6) 10.75 5.50
Issue
(9) 5.59 4.99
Government
FNMA
(10-yr. Constant Auctior
Maturity) (10) 7 54 6.42
Yields (11) 9.37 7.69
8.14 6.93
10.59 8.43
5.10
7.09
9.32
5.05 5.18 5.12
6.79 6.73 6.74
9.01 8.84 8.78
5.22 5.20 5.41
6.99 6.96 7.21
8.71 8.48 8.53
9.36
5.73 6.02 6.13
7.51 7.58 7.54
9.07 9.41 9.54
10.20 10.07
10.04 10.19
6.68 6.69
7.81 8.04
9.84 10.25
11.38
10.38
10.29
6.76
8.04
10.58
11.75 11.75 11.63 11.63
11.75 11.88 12.00 12.00
9.82 10.10 10.26 9.99
10.15 10.02 10.28 10.26
6.58
7.99 8.04 8.05 8.14
11.63 11.50 11.25 10.38
12.00 11.75 11.38 10.38
10.31 10.27 10.37 10.46
10.24 10.30 10.26 10.27
6.88
11.78 11.65 10.93
8.03 7.63
10.50 10.13
10.00 9.50
10.13 9.50
10.61
8.03 7.63
10.38 9.75
8.12 8.46
10.52 -10.41p
6.61 6.73 6.91
6.79 6.76 6.62
8.11 8.07 8.07 7.94 7.99 7.97p
10.12 10.38
10.59 10.56
10.32
8.04 n.a.
Weekly data for columns 1 to 4 are statement week averages of daily data. Columns 5 and 6 are one-day Wednesday quotes. For columns 7, 8 and 10 the weekly date is the mid-point of the calendar week over which data are averaged. Column 9 is a one-day quote for Thursday following the end of the statement week. Column 11 gives FNMA auction data for the Monday preceding the end of the statement week. The FNMA auction yield is the average yield in the bi-weekly auction for short-term forward commitments for Government underwritten mortgages.
Appendix Table 1
October
11, 1974
RESERVES AND MONETARY VARIABLES
Period Total
Available to Non Support borrowed Private
M
M2
M3
Adljsted Credit Proxy
Annually 1970 1971 1972 1973 Semi-annually: ist Half 1973 2nd Half 1973
2
+6.0 +7.2 +10.6 +7.8
+9.3 +7.8 +7.7 +7.2
+6.7 +8.6
Total Time
4
Time Other Than
Thrift Insti tution
CD's
Non deposit Funds
US Gov't. Demand
CD's
Deposits
8
9
10
11
+8.2 +9.4 +11.6 +10.6
+8.1 +11.2 +14.6 +13.5
+17.9 +18.2 +15.7 +16.0
+11,1 +16.7 +13.5 +11.4
+8.0 +17.1 +16.6 +8.6
+14.4 +7.7 +10.4 +19.4
-8.4 -7.6 +0.4 +3.0
+1.2 -0.4
5 6 7 (Per cent annual rates of growth)
12 13 14 (Dollar change in billions)
+8.7 +6.9 +10,1 +9.3
+6,0 +b.3 +8,7 +6.1
+1.6 412.7
+10.3 +7.8
+7.7 +4.4
+9.1 +8.2
+9.7 +7.5
+13.8 +7.0
+16.6 +9.6
+20.8 +10.2
+10.4 +11.8
+10.7 46.1
+18.6 +0.8
+1.2 +1.8
-0.8 -0.4
+1.3
+13.3
+6.0
+8.4
+7.7
+14.9
+13.9
+20.0
+10.6
+6.4
+20.5
+2.9
-1.2
+3.8
+8.6 +10.6 +5.1 +9.8
+14.6 +12.6 +10.5 +3.3
-19.9 +12.7 +12.7 +6.3
+22.7 +17.8 +14.0 +6.1
+9.9 410.6 +10.6 +12.6
+11.4 +9.7 +4.6 17.6
+11.2 +7.4 +4.7 -3.9
+0.5 +0.7 +1.7 +0.1
+1.5 -2.3 -0.3 -0.1 -1,2
let Half 1974
+11.0
Quarter lst Qtr. 2pd Qtr. 3rd Qtr. 4th Qtr.
+6.4 +6.9 +10.6 +6.1
-3.6 +7.0 +11.3 +13.4
1 1973 1973 1973 1973
3
Total Loans and Investments
Deposits
1
O
BANK CREDIT
MONEY STOCK RESERVES ESERVEMEASURESMEASURESTHER
+7.8 +12,5 +14,2 +1.4
+8,4 +11,2 +11.1 +8.9
+8.3 +13.3 +13.0 +8.8
-1.2
+8.9
+6.9 +11.1 +5.3 +11.0
+6.2 +20.3 +8.3
+5.6 +6.4 +1.9
+9.0 +7.7 +4.8
+8.9 +6.4 +4.0
+8.5 +20.9 +6.5
+15.9 +11.5 +4.5
+15.6 +23.7 +8,5
+12.2 +8.7 +7.5
-8.6 +4.1 +2 6
+4.9 +15.6 +2.7
+1.2 +1.7 -0.2
+1.9
+26.8 -38 5 +1 8 +20 1 +0 5 +0 2 +24 9 -13.5 +21 9 +26.7 -1 6 +14 4
+15 9 -2.9 +10 3 +10 0 +9 9 +17.3 +18.5 +10 1 +13 3 +1 0 -6 3 +9.4
+4.7 +5.6 +0 9 +6 0 +13.9 +14 2 +4 1 -0 5 -3 6 +5.0 +11.7 +9.8
+9 4 +6.3 +5 2 +8.3 +11 8 +12 8 +5 7 +6,5 +3.7 +11 0 +11 5 +10.2
+10.8 +8.1 +6 6 +8.6 +10 9 +11 9 +6 3 +5.0 +3 9 +9 3 +10 1 +9 6
+9 7 +11.1 +22 3 +15 4 +11.0 +11.1 +8 6 +17.0 +5 7 +1 6 +2.7 +5.6
+17 8 +23.7 +17.2 +13 1 +16.6 +8.2 +14 5 +18 2 +5 2 +7 7 +7.4 +3 6
+16.5 +22,3 +28 2 +22.5 +18.8 +11 2 +12 8 +18 9 +9.8 +3 7 +3.3 +11 3
+12.9 +7,0 +9.6 +10 0 +10.8 +10 7 +7 6 +13 0 +10.8 +16 1 +11 4 +10.1
+13.7 +11 6 +8.7 +9.0 +9.4 +10.4 +7.3 +2 3 +4.2 +6.8 +7.2 +8 6
+1 3 +4 4 +5 5 +3 8 +2.9 +0 7 +1.9 +2.4 +0.4 -2 9 rl.8 +0.8
+0.6 -0.5 +0.4 +0 2 +0.3 +0 2 +0.9 +0 6 +0.2 -0 4 +0.2 +0.3
+0 6 -0 6 +1.5 -0.5 -1 9 +0 1 1.4 +0 9 +0 2 +1.0 -0.2 -0 9
+45.9 -30.4 -10.0 +19 0 -8.2 -7.4 +14 1 -7.3 +10.2
+6.9 -n 3 +11.9 +19.7 +21.7 +18.4 +8.7 +9.3 +6.8
-3.5 +11.1 +9.2 +6.5 +4.8 +7.8 +1.7 +2.6 +1.3
+0.3 +12.7 +7.8 +7.2 +5.1 +10.6 +5.4 +6.4 +2.4
+7.1 +10.9 +8,3 +7.0 +4.2 +7.9 +4.8 +4. +2.7
+12.5 +1.3 +1.3 +31.6 +16.8 +13.3 +9.4 +5.2 +4,9
+14.7 +15.5 1-16.8 +16.0 +10.2 +7.8 +13.1 +9,4 -8.8
+21.8 +14.9 +9.0 +30.5 +22.6 +16.7 +13,2 +5.3 +b.8
+16.0 +13.8 +6.6 +7.7 +5.8 +12.3 +9.5 +9.0 +3.7
+8.6 +7.8 t9.2 +6.6 +2.5 +3.6 +3.2 +1.4 +3.2
+2.7 +1.1 +1,1 +7.7 +5.8 +2.1 +2.1 -0.7 +1.3
+0.1 +0.2 +0.9 +1.0 +1.1 -0.4 +0.9 -0.7 -0.4
+1.3 -3.2 +0.7 +0.8 -0.7 -0.1 -1.2 +2.8 +0.3
1974 let Qtr. 2nd Qtr. 1974 1974 3rd Qtr Monthly; 1973--Jan. Feb Mar Apr May June July Aug Sept Oct. Nov Dec
+1.7 +20.4 +8 2
+1.5 +1.1 +5.6
+30 1 -21.1 +10.5 +14.7 +5.4 +0.5 +27.2 -5.1 +9 4 +12 1 -4.3 +10 5
1974--Jan. Feb Mar. Apr. May June July Aug. Sept. p
+35.7 -24.8 -5.4 +32.7 +2Q.8 +6.8 +22.5 -5.5 +7.5
+11.5
I
NOTES: Reserve requirements on Eurodollar borrowings are included beginning October 16, 1969, and requirements on bank-related commercial paper are included beginning October 1, 1970. 1/ Growth rates are based on estimated monthly average levels derived by averaging end of current month and end of previous month reported data. FR 712-S p - Preliminary.
Appendix Table 2
October
11,
1974
RESERVES AND MONETARY VARIABLES SEASONALLY ADJUSTED, BILLIONS OF DOLLARS
Available tto Support borrow Pvt Deposits Deposits
Period Total
M1
NonAdl
2
1
3
M Pvt ep IDep
T 4
7
8
172 2 182.6 198.7
-25 2 473.0 525.5
642 7
438.5
822.8
332 9 364 3 406 4
28,861 31,173 30,360
27.099 28,965 29,053
221 2
MONTHLY: 1973--Jpn. Feb. Har.
32.199 31,634 31,910
31.037 30,040 10,085
29,439 29,368 29,621
256 7 257 9 258 1
199.6 200.4 200 1
529.6 532 4 534 7
830 2 835 8 840.4
Apr. MHay June
32,300 32.445 32,459
30,589 10,602 30,608
29,867 30,114 30.548
259.4 262.4 263.5
200.8 203 4 206.2
518 4 543.7 549 5
July Aug Sept.c,
33576 33.906 34,173
31,622
31,358 12,038 32,394
266.4 266 3 265 5
206.9 206.4 205 3
552.1 555.1 556.8
266.6 264.2 271,4
206.1 208.2 209.7
Oct.
32,321
Total Loans Loans and invest ments me tsI 9
6
29,193 31,299 31,410
31,741
Ad| Credit Proxy
5
ANNALLY. Dec 1970 Dec 1971 1972 Dec
235 2 255 7
OTHER OTHER
BANK CREDIT MEASURES
MONEY STOCK MEASURES
RESERVES
Total
iNon Other n CDs
10
11
Thrift Insti tun CD's oFunds Deposits 12
Non deposit
13
US US Gov't Demand 15
203 9 237 9 269 9
217 5 254 8 297 2
25 3 33 0
559 0
229 2 270 9 313 3
409 7 413 5 421 2
567 3 578 5 566.8
317 6 321 6 331 2
272 9 274 5 276.6
300.9 303 5 305.7
44.7 49.1 54 6
5 0 4 5
67 6.1
4.9
7.6
846.4 854.1 862.6
426.6 430 5 434.5
593.2 601 4 605.5
337 4 142 7 345 9
278 9 281 4 283 9
308 0 310.4 313 1
58.4 61.3 62.0
5.1 5.4 56
7.1 5.2 5.3
867 1 870 7
873.5
437.6 443 6 445.9
612 8 622.1 624.8
349 6 155 1 358 0
285 7 288 8 291 4
315.0 115 6 316.7
63 9 66.3 66.7
6.5 7.1 7.3
3.9 48 5.0
561 9 567.3 572.1
bbO 3 6b7.7 894 8
446 5 447 5 449 6
628 8 632.8 634 6
139 I 160 1 363.5
295 3 298 1 100 6
318 5 320 4 322.7
63.8 62.0 62 8
6.9 7 1 7.4
6.0 5.8 4.9
727.9
487 6
6.5 61 6.1
43.4
34,b>7 J5,11)5
33,463
32,845 12,714
33,807
32,912
15,850 35,1 8 34,949
14,799 33,916 33,634
32.799 32,791 33.117
270 6 71 1
275 2
208.7 210.4 211.9
575.1 581.2 585.0
900 1 908.3 914 6
454 3 454.8 459 1
642 4 650 7 659 8
370 1 374.7 377 5
304 6 308 1 309 8
325.0 327 1 329 6
65.5 66 6 67.7
7 5 7.7 8 6
6.2 3.0 3.7
15,02 36,523 16,731
3-.,166 13,Q33
33,660 34,270 34,795
276,8 277 8 279 6
212 8 213.4 21 4 .8
588 5 591 0 596 2
919 9
471 2 477.8 483 1
668 6 674 3 679,3
387 1 314 4 199 9
311 8 313 3 316 5
331.4 332 1 333 1
75 4 81.2 83.3
9.6 10 7 10.3
4.5 3.8 3.7
17,421 17,248 37,276
14,120 33.412
35,047 35,319 35,314
280 0
215.1 215.1 215.0
598.9 602.1 603.3
932.9
486.9 489.0 491.0
686.7 691.6
40 3 406.1 408.4
319.0 321.4 322 4
334 0 334.4 335.3
85 4 84.7 86.0
11.2 10.5 10.1
2.5 5.3 5.6
3 10 17 24 31
37,-46 37.102 37,828 37,428 37,315
34,011 34.462
35,164 34,994 35,107 34,847 35,191
280 8 27'.3 280 9
216.0 214 2 216.1 214.3 214.4
598 1 597 8 599.4 598.5 599.5
487.9 485 3 486.2 487.0 487.8
402 403 404 405 405
4 2 0 2 9
317 4 318.5 318 5 319.3 320 3
85.0 84 7 85.4 85.9 85.6
10 7
7 14
34,012 34,065
215.6 215.6 215.4 214.2
601 5 602.7 602.4 601 8
488.8 488.6 489 6 489.2
405 5 406.2 406.0 406.3
320.5 321 5 321 3 322 0
84 9 84.7 84.6 84 3
11.0
33,944 33,768
35,243 35,247 35,346 35,328
281.0
28
37,101 37.106 37,381 37,301
Spt
4 11 p 18 p 25 p
37,488 37,055 37,357 37,090
33,582 33,970 34,436 33,559
35,585 35,313 35,536 34,960
280.9 280.6 280.8 280.0
215.2 214.6 214.8 214.0
603.1 602.7 603 2 602.1
490.4 491.6 490.8 489.9
407.2 408 0 408.3 408.6
322.2 322.1 322.5 322.2
85.0 85.9 85.8 86.5
10 5 10.6 10.1 10.0
Oct.
2 p
37,564
34,346
35,286
280 8
214.9
604.1
491.0
409.8
323 3
86.5
9.1
33,466
No. 1974--Jan. tLb. MNr.
May J, n, A,. Sept.
MEEKY; 1974--Jul;
Aug.
21
33,725
33,994
34,653 13,787 33,625
280 6
280.9
279.2 279 2 281 2 281 1 279.8
923.1 929 2
936.5 938.6
686.5
-
10.4 10.8 12.1
11.7 98 10.5 10.9
1/ Estimated monthly average levels derived by averaging end of current month and end of previous month reported data. NOTES Reserve requirements on Eurodollar borrowings are included beginning October 16,1969, and requirements on bank-related commercial paper are included Adjusted credit proxy includes manly total member bank deposits subject to reserve requirements, bank-related commaercial begmntng October 1, 1970. Monthly data are daily averages except for FR 712-T Weekly data are daily averages for statement weeks. paper and Eqrodollar borrowings of U.S banks. Weekly data are not available for M3 , total loans and investments and thrift figures which are for last day of month paper nonbank institution deposits. p - Prelimlnary.
commercial
Appendix Table III
Growth Rate in Money Supply (Per cent change at an annual rate)
M1
1972
1973
M3
M
Q
M
Q
M
I
9.0
5.3
12.3
11.0
13.5
12.5
II
6.2
8.2
8.9
9.8
11.0
11.7
III
8.7
8.2
10.8
10.8
13.3
13.0
IV
9.9
8.4
10.6
10.2
12.0
12.2
I
3.8
7.0
7.0
8.8
8.6
10.2
II
11.5
7.5
11.1
8.8
10.6
9.0
--
5.6
5.3
7.9
5.1
7.5
IV
8.9
4.5
11.0
8.9
9.8
7.9
I
5.6
5.8
9.0
9.4
8.9
9.1
II
6.4
7.3
7.7
7.9
6.4
7.2
III
1.9
3.6
4.8
6.4
4.0
5.2
III
1974
M2
Q
M = Annual rates of growth calculated from average levels in the final months of the quarters. Q = Annual rates calculated from average levels in all three months of the quarters.
Appendix Table IV Growth Rates in Money Supply for Alternatives
M2
M1
M
M
Q
M3
M
Q
M
Q
Alt. A 1974
7.0
8.2
6.4
7.1
5.6
1975
7.6
8.8
8.3
7.7
7.4
Alt. B 1974
6.6
7.1
5.8
6.1
5.0
1975
6.6
7.6
7.1
6.5
6.2
Alt. C 1974
6.0
6.3
5.3
5.3
4.6
1975
5.5
6.6
6.2
5.5
5.2
M = Annual rates of growth calculated from average levels in last months of the quarters. Q = Annual rates calculated from average levels in all three months of the quarters.
Appendix Table V
Money Supply Growth Rates
M1 1973 January
M less Foreign Official Deposits and Deposits due to Foreign Commercial Banks
4.7
5.2
5.3
February
5.6
5.6
6.7
March
0.9
0.5
0.9
April
6.0
6.5
6.6
May
13.9
13.0
11.8
June
14.2
14.7
14.4
July
4.1
3.6
August
-0.5
-0.5
September
-3.6
-3.6
-3.7
5.0
5.5
4.6
October
10.9
2.8
November
11.7
December
9.8
9.9
8.2
-3.5
-4.0
-5.0
11.1
11.2
11.3
1974 January February
NOTE:
M1 less Foreign Official Deposits
10.2
10.1
9.9
March
9.2
April
6.5
3.9
4.0
May
4.8
6.6
5.8
June
7.8
6.1
6.2
July
1.7
3.0
1.3
August Sept.
2.6
3.0 0.4
4.0 0.4
1.3
Growth rates from January 1974 to date have been revised to reflect changes due to April 1974 call report benchmark adjustments to M1.
Cite this document
Federal Reserve (1974, October 14). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19741015
@misc{wtfs_bluebook_19741015,
author = {Federal Reserve},
title = {Bluebook},
year = {1974},
month = {Oct},
howpublished = {Bluebooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bluebook_19741015},
note = {Retrieved via When the Fed Speaks corpus}
}