bluebooks · November 18, 1974

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)

November 15, 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

November 15, 1974

CONFIDENTIAL (FR)

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1)

M1 grew at a 5.1 per cent annual rate in October, and

data for early November suggest that the growth rate in prospect for the October-November period is 5½ per cent,1/ slightly below the midpoint of the tolerance range adopted by the FOMC at its October meeting.

Growth in M2 for the two months appears likely to exceed the

upper end of its tolerance range; flows into time and savings deposits other than money market CD's have responded much more than expected to the sharp decline in interest rates since late August.

Deposit inflows

at S&L's and mutual savings banks also improved significantly in October and early November, but less markedly than at commercial banks.

These figures are based on the money supply series before revision. The revised series, which reflects mid-year benchmarks and seasonal

factor review, will be published Thursday, November 21.

The revised

money supply figures are used in the table on page 5, in the section of this blue book covering prospective developments, and

in appendix tables IV and V. Changes in the old and revised series are compared in appendix table VI.

-2Growth of Monetary Aggregates and RPD's in October-November Period Range of Tolerance

La test Estimates

4¾-7¼

5.6

5¾-8¼

8.9

RPD

5½-8

Memo: Federal funds rate (per cent per annum)

9-10½

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

-2.5

Avg.

for statement

week ending t. 23 Oc t. 30 No v. 6 NoNov. 13

9.81 9.72 9.63 9.37

The adjusted credit proxy declined at about a 1.5 per cent

(2)

annual rate in October, the first monthly decline in this series since

early 1970.

This reduction was largely attributable to a sharp decline in

U.S. Treasury deposits.

In addition, with loans and investments increasing

little, banks were less aggressive bidders for large CD's.and allowed non-deposit liabilities to decline.

RPD's were much weaker than expected and appear to

be declining over the two-month period.

(3) Following the last FOMC meeting, the Account Manager lowered the funds rate from somewhat above 10 per cent to around 9¾ per cent, the midpoint of the range adopted by the Committee at its October meeting.

By the end of October, incoming data indicated that M 1 and M 2

were expanding at rates near the midpoint and upper end of their respective tolerance ranges.

A literal reading of the aggregates would have led the

-3Manager to shade the funds rate slightly on the high side of 9¾ per cent, to the extent consistent with even keel.

But, in view of the evidence of

additional weakness in economic activity, restraint in the lending policies of banks and other institutions, and the severe financial problems of the construction industry, Chairman Burns recommended, on October 31, that the funds rate target be reduced to 9½ per cent for the time being. majority of Committee members concurred in this recommendation.

The

With

Federal funds trading around 9½ per cent in the past two statement weeks, member bank borrowing has declined markedly further to an average of around $1.1 billion. (4)

Short-term market interest rates have generally declined

from 30 to 100 basis points further since the October FOMC meeting, and bank prime rates have continued to follow the downward course of these market rates but with a lag.

Downward pressures on short rates were

fostered in part by the decline in the funds rate and expectations of further declines associated with growing evidence of economic weakness. Such expectations were reinforced by the Board's November 13 announcement of a change in reserve requirement regulations.

Treasury bill rates

had tended to resist the general trend until quite recently because of pressures created by actual and prospective additions to the supply of bills.

The Treasury has been adding $200 million to

the weekly bill auction since October, and on November 14 announced that it will raise $4½ billion more in the bill area by early December.

The 3-month bill closed at 7.32 per cent on Friday, about 30 basis points below its level at the time of the previous FOMC meeting. (5)

Long-term yields have also been under downward pressure

since the October Committee meeting, particularly in the corporate market, where yields have fallen by more than a full percentage point despite the continuation of an exceptionally heavy financing schedule.

Mortgage

market rates have begun to decline in response to the general downtrend in other interest rates and the improvement of deposit flows at thrift institutions.

Treasury note and bond yields dropped moderately even

though the Treasury conducted three cash auctions totalling $4.9 billion, mainly to refund $4.3 billion of publicly-held debt maturing on November 15. Dealers were awarded nearly half of these offerings and have made relatively good progress in distributing their awards. (6)

The table on the following page shows (in percentage annual

rates of change) selected monetary and financial flows over various recent time periods; monetary aggregate figures in this table are on a revised basis.

Appendix table IV compares money supply growth rates computed

on a quarterly-average basis with those computed on a last-month-ofquarter basis.

Projected figures on the two bases are shown in

appendix table V for the three alternatives presented in the next section.

... ..

Average of Past Three Calendar Years 1971 -1973

Past Twelve Month Oct. '74 over Oct. '73

Past Six Month Oct, 174 over Apr. '74

Past Three Month Oct. '74 over Jul, '74

Past Months Oct. '74 over Sept.'74

Total teserves

8.6

8,2

8.7

-1.2

Nonborrowed reserves

7.7

7,6

8.7

18.0

50.2

Reserves available to support private nonbank deposits

8.8

9.1

10.9

6.0

-.3

7.0

5.7

3.7

2.1

3.8

10.4

8.2

6.2

5.5

8.2

11.7

7.3

5.2

4.7

6.9

Total member banks deposits (bank credit proxy adj.) 10.4

9.6

8.4

3.4

-0.2

12.8

10.0

5.8

Large CD's

1.1

1.8

2.1

1.4

Nonbank commercial paper

Concepts of Money M 1 (currency plus demand deposits) 1/ M 2 (M1 plus time deposits at commercial banks

other than large CD's) M 3 (M2 plus deposits at thrift institutions) Bank Credit

Loans and investments of commercial banks 2/ Short-term Market Paper (Monthly average change

in billions)

I/ Other than interbank and U.S. Government. 2/

Based on month-end figures.

Includes loans sold 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 (7) Three alternatives are summarized below for Committee consideration (with additional detail presented in the table on the following page).

The longer-run targets shown continue to encompass the

seven-month period from August 1974 to March 1975, and the shorter-run ranges of tolerance cover the November-December period. Alt. C

Alt. A

Alt. B

6½

5¾

Credit proxy

5½

Targets (Aug. '74-Mar. '75)

Associated ranges of tolerance for Nov.-Dec. M1

7¾-9¾

7-9

6½-8½

9-11

8¼-10¼

7½-9½

4½-6½

3-5

2½-4½

7½-9½

8¼-10¼

9-11

RPD Federal funds rate (inter-meeting range)

(8) Alternative B continues the 5¾ per cent annual growth rate for M1 previously adopted by the Committee.

The Federal funds rate range

shown for this alternative between now and the next meeting is centered on 9¼ per cent, and thus represents a slight further easing in money market conditions.

This easing appears to be required because the

rebound in M1 growth this fall has thus far been somewhat more modest than expected; moreover, projected growth in nominal GNP has been weakened slightly.

In the two-month November-December period, M 1 growth

-6aAlternative Longer-Run Targets for Key Monetary Aggregates M3

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

607.7 612.4 617.1

607.7 612.2 616.5

945.0 952.0 959.9

945.0 951.5 958.4

945.0 951.1 956.9

630.3 626.1 Rates of Growth

983.2

977.1

971.2

1974

Oct. Nov. Dec.

281.7 283.5 285.8

281.7 283.4 285.5

281.7 283.2 285.2

607.7 612.7 617.8

1975

Mar.

291.1

290.0

288.9

634.7

Aug. '74--Mar. '75

6.5

5.8

7.1 7.4

6.7 6.3

7.7 9.7

7.2 8.9

8.1

6.9

8.5

7.4

6.3

9.4 10.9

8.9 8.6

6.9 6.8

8.9 9.7

8.3 7.8

7.7 6.0

9.9 10.0

9.3 9.2

8.9 8.4

8.9

8.3 8.7

7.7 7.3

9.3

Quarters: 1974 1975

4th Q. 1st Q.

Months: Nov. Dec.

1974

10.0

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

Total Reserves Alt. A Alt. C Alt. B

Alt. A

RPD Alt. B

Alt.

Dec.

488.2 491.3 493.2

488.2 491.0 492.6

488.2 490.9 492.3

36,874 36,892 36,892

36,874 36,870 36,761

34,909 34,989 34,804

34,909 34,987 34,732

34,968 34,675

Mar.

503.4

501.1

499.1

36,463 36,602 36,347 Rates of Growth

34,886

34,748

34,633

Oct.

Nov. 1975

6.4 8.5

36,874 36,880 36,818

34,909

5.6

4.8

4.1

2.7

2.1

1.6

4.3

3.6

Quarters: 1974 4th Q. 1975 1st Q.

3.4 8.3

2.9 6.9

2.6 5.5

4.3 -0.3

3.5 -1.0

2.9 -1.6

3.4 3.9

2.6 3.2

2.0 2.5

Months: Nov. Dec.

5.6 4.6

4.9 3.9

4.7 3.4

-1.5 15.8

-1.9 13.8

-2.2 12.2

0.5

0.1 8.2

-0.2

10.3

Aug.

'74--Mar. '75

6.6

MONEY SUPPLY AND LONGER RUN TARGET PATHS

RATIO SCALE, BILLIONS OF DOLLARS

-1290

5%% Growth Rate 53 A% Growth Rate Series RATE OF GROWTH DEC. '73 TO AUG. '74

-4280

5.0%

-270

J 1974

F 1975

-7is indicated to be in a 7-9 per cent annual rate range under this alternative, reflecting the cumulative impact of the monetary easing that has already occurred and an expected sharp, temporary spurt in M1 growth late in the year when U.S. Government deposits are projected to decline substantially (after seasonal adjustment). (9)

Alternative A provides for the greater easing in money

market conditions over the near term that would be needed if the Committee were to adopt higher longer-run targets for the monetary aggregates, indexed by a 6½ per cent growth rate for M1 . this alternative centers on 8½ per cent.

The funds rate range for

Alternative C provides for the

tightening of money market conditions that would be required if the Committee were to lower its longer-run target for M 1 to 5 per cent. (10)

As indicated earlier, credit market participants appear

to expect a further easing in monetary policy and a continued decline in the Federal funds rate.

U.S. Government security dealers have

built up positions substantially in the recent refunding and will probably participate heavily in the forthcoming Treasury bill offerings. The recent very large sales of corporate bonds at sharply declining yields also seem to reflect market sentiment that interest rates have peaked.

If the Federal funds rate were to remain around 9½

per cent, however, expectations of further rate declines would tend to weaken and market rates might well back up.

If the funds rate

were to edge lower, averaging around 9¼ per cent, the 3-month Treasury bill rate might fluctuate in a 7-7½ per cent range, and the 3-month commercial

paper rate could decline slightly further (by an 1/8 or 1/4 percentage point).

Corporate bond yields, however, probably will not decline much,

if any, further from their present sharply reduced levels.

The volume

of new offerings is expected to remain strong and the recent surge of investor interest is likely to moderate at current yield levels, given continuing inflationary expectations. (11)

Under alternative B, net inflows at banks of time and

savings deposits other than money market CD's would probably remain fairly substantial.

With offering rates on small-denomination deposits at

Regulation Q ceilings, we have assumed that the new reserve requirement structure will not at present have a significant impact on the growth of consumer-type time and savings deposits.

The position of mutual

savings banks and savings and loan associations should continue improving over the period ahead, as their deposit flows continue to recover.

The

recovery in thrift institution flows, in combination with reduced bond yields, would be likely to encourage some further easing in mortgage market conditions.

Mortgage markets would ease at a more rapid pace

under alternative A, since there would be a more substantial rebound in deposit inflows at thrift institutions as market interest rates dropped further. (12) be moderate.

Bank credit growth over the months ahead is likely to In view of concerns about liquidity and capital, banks

have become quite cautious in their lending and investment policies. While the prime loan rate could be expected to decline further under either alternative A or B, it would still probably remain high relative

to market rates in the weeks ahead. loan growth at banks.

This would work to temper business

Growth in mortgages and consumer loans is likely

to remain weak, as demands remain slack and banks scrutinize loan applications carefully.

Banks may, however, show more interest in

security acquisitions in the period ahead than they have most recently, particularly under alternative A but also to some extent under alternative B, to take advantage of the apparent opportunity for capital gains.

We have assumed that banks would be willing in the

months ahead to expand their outstanding CD's at a moderate pace partly in order to acquire investments.

-10-

Proposed directive (13)

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.

In all three alternatives, it is proposed to

delete the reference to Treasury financing because the quarterly refunding announced on October 30 has been completed. Alternative A [DEL: To implement this policy, while taking account of the of] and financing Treasury forthcoming

developments in domestic

and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with [DEL: moderate] of resumption

SUBSTANTIAL growth in monetary

aggregates over the months ahead. Alternative B [DEL: To implement this policy, while taking account of the developments in domestic

of] and Treasury forthcoming

and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent of] resumption with [DEL:

moderate growth in monetary aggregates over

the months ahead. Alternative C [DEL: To implement this policy, while taking account of the developments in domestic

of] and financing Treasury forthcoming

and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with [DEL: moderate] of resumption

RELATIVELY SLOW growth in monetary

aggregates over the months ahead.

CHART 1

STRICTLY CONFIDENTIAL (FR) 11/15/74

RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS

140

8% growth for

(11/13/74)

I I I I Ii M

i J

1973

I i I S

I I

I M

I J

1 I

1974

*Break in Series, Actual Level of RPD After Changes in Reserve Requirements

0 1974

STRICTLY CONFIDENTIAL (FR)

CHART 2

11/15/74

MONETARY AGGREGATES NARROW MONEY SUPPLY M1

BILLIONS OF DOLLARS

MONEY SUPPLY M2

S8640

8%I%growth for Oct -Nov

54%growth

1973

1974

0 1974

CHART 3

STRICTLY CONFIDENTIAL (FR) 11/15/74

MONETARY AGGREGATES ADJUSTED CREDIT PROXY

BILLIONS OF DOLLARS

1 550

TOTAL RESERVES

1973 *Break in series, Actual Level of Total Reserves After Changes in Reserve Requirements

1974

CHART 4

MARKET CONDITIONS A

INTEREST RATES PER CENT -- 11

1973

1974

1973

1974

TABLE

STRICTLY

NOVEMBER

BANK RESERVES (ACTUAL AND CURRENT PROJECTIONS)

II RESERVES AVAILARLP POR PRIVATE NONVANK DEPOSITS S-----------------

I--------------------PERIOD

SEAS ADJ SI

1l ONTHLY LEELS I MONTHLY LEVELS-sMILLIONSI --------------------I 1974- -AUG. 35,319 SEP. 35,294 OCT. I 34.908 NOV. (34.8441 ANNUAL RATES C)F CHANGE --------------------QUARTI?RLY

I NON SEAS ADJ If 121

35,008 3 ,112 34.842

(34,8991

PRIVATE DEMAND

CD'S AND NON OEP

OTHER TIME DEP

(--------6)

(4)

33.912 33,968 35,091 (35.875

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

-------

I I

(41

20,399 20.355 20.415 420,4701

(6)

8,994 9,071 9,127 ( 9,263)

17)

5.739 5,68B 5,217 ( 4,911)

GOV'T AND INTERBANK (8)

(8)

1,929 1,956 1,997 ( 2,030)

1.5 1.1

(

-5.5 6.7 0.8 -3,

(

-7.3 9.2 52.4 22,8)

(

-l1.2

S38.0

1.3 1.7 -0011

9.2 7.1 12.0

-3.0 -2.9 5.9 0.91

17.3 10.3 10.7 14.6)

(

3.4

12.7)

5.3

I))

I 9.3 6.1

II I

-0.5 -4.4)

OCT.-NOV.

II I! II 'I II

-2.51

WEEKLY ----- ---LEVELS-

SMILLIONS OCT. 2 9 16 23 30

35.266 34,673 35.291 34.477 35.067

34.322 34.404

35.048 34.619

6 13

35,177 34.480

35.136

35,072 34,695

~~- -------

It II

_------

(

1.7 20.4 7.9

------

ONfBnRROWED RESERVES

fI II

6.2 20.3 8.1

MONTHL.Yt 197A--*AUG. SEP. OCT. NOV.

37,248 37.251 Ifl 36.905 II (36*8741 (I II

1I II II II

1974

I PEOUIRED RESERVES --------------------------------------------------SEASONALLY ADJUSTED

(3 131

121---------II

2ND OTR. 3RD QTR.

TOTAL RESERVES

15,

RESFRVS --------------

AGGREGATE -----

tI II t I,

1974--*1ST OTR.

NOV.

----

CONFIDENTIAL

--- -------

37.537 36*672 37.366 36.467 36.916

34.339 34,427 3,.622 35.145 35.278

379022 36,507

359895 35.409

20.366 20.331 20,68 20,295 20,475

9,085 9,076 9,101 9.161 9,170

5,359 59322 5,272 5.151 5.102

2,271 1,999 2,075 1,990 1,849

20,459 20,301

9,208 9,200

5,079 4,943

1,975 1,888

-----------

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

NOTE! DATA SHOWN IN PARENTHESES ARE CURRENT PROJFCTIONS. AT THE FOMC MEETING OF OCT. 15, 1974, THE COMMITTEE AGREED ON A RPO RANGE OP 5.5 TO 8B. PERCENT FOR THE OCTOBER-NOVEMBER PERIOD. ---------

-------

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

TABLE 2

STRICTLY CONFIDENTIAL

MONETARY AGGREGATES

NOVEMBER 15,

(ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED)

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

-------------I---------

MONEY SUPPLY NARROW I BROAD (tWl I (M2

PERIOD

fi) MONTHLY LEVELS-SBILLIONSI - -------------------- I 1974--AUG. I SEP. I OCT. I NOV. PERCENT ANNUAL GROWTH QUARTERLY ----

1974--1ST 2ND 3NO 3RD

QTR. OTR, QTR, QTR

I I

12)

(283.31

I I

(3)

602,0 603.1 608.1 I1612.0)

4890 490.7 489.6 ( 493,2)

I I

1*6 6A

1.6

8.5

9,0 7,7 4.6

20,9 6.3

- --

- -

6.2 22 .9

I I

I 5.6)

16)

5.3

406.1 408.3 411.3

321.4 322,3 326.2 (32886)

9.7 4.7 ( S,?)

(413.1)

15.4 23.7

I 8.9)

5.2

4.2 -0,7

8.4

12.2 8.7 7.3

9,0 3.4 14.5 ( 9.6) (12.1)

4 6.)

5.3 6.5 e.8 5.3)

1 3.2)

7.1)

I 260.9 2111 1 284.2 282.1

2 9 16 23 30 6 P 13 PEI I - --

151

(7)

FUNDS

(8)

84.7 86,0 85.2 (84.4)

10.5 10.1 9.3 (9.1)

WEEKLY LEVELS-SBILLIONS

- --

()

I NONDEPOSIT

I SOURCES OF

It 2.6 0.4 5.1 ( 6.0

OCT.-NOV.

- - --

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

II II

I I

1974--AUG. SEP. OCT. NOV.

NOV.

-----

TIME AND SAVINGS DEPOSITS I OTHER I TOTAL I THAN CD S I CD S

MONTHLY

OCT.

U.S. I GOWVT. I DEPOSITS I

1 280.6

----~CLI~------------L--

----

ADJUSTED II CREDIT PROXY II

- --

603,9 606.2 610,4 60.8 607.2

490.7 489.5 469,7 490.6 487.6

II II II II I

492,6 49 .3

II II

3.7

4.9 %.9

- -

- --

410.3 411.0 412.7 412.7

323.0 325.1 326.1 326.7 327.7

86.4 85.2 84.9 85.5 85.0

9.1 9.1 9.0 9.6 9.4

412.2

327.7 328.1

84.4 83.9

8.8 8.6

412.0

I -

409.5

SO 5.6 5.3

610,0 610.7

28926

- -

- --

NOTES DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONSe S-------

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

- --

- - -

P - PRELIMINARY PE - PARTIALLY ESTIMATED -------------------------

1974

STRICTLY CONFIDENTIAL NOVEMBER 15,

1974

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

Daily Average Reserve Effects 2/

Open Market Operations 1/ Coupon Issues

Agency Issues

(1)

(2)

(3)

(4)

790 653 -544

172 207 176

312 185 237

898

125

862 -594

-176

-1,727

4 11 18 25

-518 -835 151 183

---176

Oct.

2 9 16 23 30

-100 -338 -391 -665 -324

--- Nov.

6 13 20 27

-7 -374

Bills & Accept.

RP's Net 3/

TOTAL

Member Open Market 4 Operations bank Borrowing

Other 4/ Factors

in reserve categories

req. res. against available res. 5/ U.S.G. and interb. (6)+(7)+(8)-(9)

A Target available reserves 5/

(10)

(11)

173 207 -400

773 390 221

315 -130 275

-901

465

544

375

-464 99

-450 -78

166 85

180 375

-1,494

1,990

173

-310

315 395

56 -2,222 702 1,274

373 -821 -164 610

-266 2,573 -189 -2,024

-53 -94 -56 224

216 -376 605 -364

724 -6,207 6,698 -2,692 12

563 -1,357 -768 -122 161

-313 -973 -501 -422 316

337 1,398 2,123 -427 -53

186 -14 71 -274 23 - 2p

401 -918 783 -697 656p

1,077 -3,607

134 -1,341

-511 -29

469 890

156p -106p

-64p -374p

(5)

(6)

(7)

(8)

-485 1,111 -984

789 2,155 -1,115

922 1,970 -673

362 866 420

-338 -2,239 74

726

-3,760

-2,011

1,601

309

235 191

2,225 549

3,322 322

141 -32

39 -60

-243

-1,970

-633

221 --207

5,742 -3,519 -714 2,351

5,446 -4,354 -564 2,918

-----

823 -5,869 7,090 -2,027 336

953 -3,101

(9)

Monthly 1974--April May June July

Aug Sept. Oct. Nov. Dec.

Weekly 1974--Sept.

1/ 2/ 3/ 4/ 5/

131* -131*

auctions. Represents change in System's portfolio from end-of-period to end-of-period; includes redemptions in regular bill 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, Treasury operations, F.R. float, gold and foreign accounts, and other F.R. accounts. Target change for Oct. and Nov. reflects the target adopted at the Oct. 15, 1974 FOMC meeting. Reserves to support private nonbank deposits. Target change for previous months reflectsthe bluebook patterns that are consistent with target ranges that were adopted during the month.

* Special certificate.

STRICTLY CONFIDENTIAL (FR) NOVEMBER 15, 1974 TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS Millions of dollars U.S. Govt. Security Dealer Positions Bills

Coupon Issues

Dealer Positions Municipal Corporate Bonds Bonds

_Member

Excess** Reserves

Bank Reserve Positions Basic Reserve Deficit Borrowing at FRB** 38 Others 8 New York Seasonal Total

(9)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

1973--High Low

3,796 897

1,299 -301

197 0

384 36

631 -240

2,561 688

163 3

-5,243 -1,831

-10,661 - 4,048

1974--High Low

3,238 -289

2,203 -309

253 0

371 27

432 -157

3,906 776

176 13

-7,870 -2,447

-12,826 - 6,046

1973--Oct. Nov. Dec.

2,565 2,804 3,441

484 793 973

44 90 105

226 148 276

227 239 307

1,476 1,393 1,298

126 84 41

-3,814 -4,469 -4,682

- 6,090 - 8,186 - 9,793

1974--Jan. Feb. Mar.

3,102 2,436 1,986

540 1,619 583

114 120 68

254 263 239

162 184 134

1,051 1,162 1,314

18 17 32

-4,753 -5,262 -5,030

-10,893 -10,769 -11,058

Apr. May June

1,435 408 580

99 85 9

39 142 66

78 83 124

182 178 204

1,736 2,590 3,020

40 102 134

-3,952 -3,171 -4,445

-11,603 - 9,091 - 9,920

July Aug. Sept.

457 1,758 2,309

-214 398 552

14 33 23

79 108 85

162 197 180

3,075 3,337 3,282

149 164 139

-3,522 -4,231 -4,235

- 9,555 - 9,224 - 8,250

*2,174

*654

166

153p

1, 13p

117p

-4,602

- 8,689

4 11 18 25

2,669 2,994 2,453 1,878

459 552 550 444

10 22 20 38

51 106 77 105

321 109 82 74

3,906 3,084 2,921 3,531

152 132 134 141

-3,915 -5,416 -4,447 -3,612

- 7,816 -10,172 - 9,089 - 7,485

Oct.

2 9 16 23 30

1,131 1,269 2,522 *2,638 *2,677

772 621 566 * 616 * 776

171 12 23 6 4

80 117 207 259 202

456 -55 349p -130p 319p

3,218 2,245 1,744p 1,322p 6 38 1, p

142 134 2 12 p 107p 4 10 p

-3,844 -5,388 -5,295 -4,101 -3,772

- 6,046 - 8,399 -10,020 - 8,696 - 8,383

Nov.

6 13 20 27

*2,518 *2,962

* 534 * 1,919

93 138p

202 198p

302p 177p

1,1 7p 98 1,0 p

-5,158p 7 87 - , 0p

- 8,672p 3 - 9,5 0p

Oct. 1974--Sept.

NOTE:

Government security dealer trading positions are on a commitment basis.

79p 70p

Trading positions, which exclude Treasury bills financed by repurchase agreement s

maturing in 16 days or more, are indicators of dealer holdings available for sale over the near term. Other security deater positions are oeoc 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) NOVEMBER 15, 1974 TABLE 5 SELECTED INTEREST RATES Per cent Short-Term Treasury Bills Federal Funds

-Deay 90-Day

BI-vea 1-year

(1)

(2)

(3)

1973--High Low

10.84 5.61

8.95 5.15

1974--High Low

13.55 8.81

1973--Oct. Nov. Dec.

90-119 Day Commercial urilUcnl 1TRj paper

I ____I_ CD's New Issue-NYC 60-89 Ne day su-Y 90-119 Day

(6)

Long-Term Aaa Utility New Recently iauiiyjTS Offs Issue Offered

Municipal l Bondunicip Buyer

U.S. Government (10-yr. Constant ( M.0riontant vrmn Maturity)

(10)

FNMA Auction Auciond Yields

(11)

(7)

(8)

8.43 5.42

(4) 10.50 5.63

10.50 5.38

10.75 5.50

8.52 7.29

8.30 7.26

7.54 6.42

9.37 7.69

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

8.14 6.93

10.59 8.43

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

6.79 6.73 6.74

9.01 8.84 8.78

1974--Jan. Feb. Mar.

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 8.12 8.46

8.22 8.23 8.42

5.22 5.20 5.41

6.99 6.96 7.21

8.71 8.48 8.53

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 9.36

5.73 6.02 6.13

7.51 7.58 7.54

9.07 9.41 9.54

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 11.36

11.83 11.69 11.19

11.83 11.91 11.38

10.20 10.07 10.38

10.04 10.19 10.29

6.68 6.69 6.76

7.81 8.04 8.04

9.84 10.25 10.58

Oct.

10.06

7.46

7.59

9.55

9.35

9.33

10.16p

10.23

6.57

7.90

10.22

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 11.78 11.65 10.93

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 6.79 6.76 6.62

8.11 8.07 8.07 7.94

11.04 10.43 10.11 9.81 9.72

6.53 6.87 7.72 7.60 7.92

8.03 7.63 7.65 7.41 7.50

10.50 10.13 9.56 9.38 8.93

10.00 9.50 9.50 8.88 8.88

10.13 9.50 9.25 8.88 8.88

10.61

10.52 10.36 10.36 10.02 9.82

6.68 6.52 6.48 6.51 6.65

7.99 7.94 7.87 7.84 7.82

9.63 9.37

7.76 7.43

7.46 7.37

9.00 9.00

8.88 8.75

8.88 8.63

6.66 6.55

7.76 7.78p

1974--Sept.

Oct.

9 16 23 30 Nov.

10.44 10.03 9.42 9.00 8.87p

9.28 9.20p

9.61 7.62 7.37 9.00 7 7.74 14 9.31p 7.17 -7.248.88 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 Gbvernment underwritten mortgages.

Daily- Nov. NOTE:

6 13 20 27

(5)

10.59 10.56

10.32 10.11

9.93

Appendix Table 1

November 15, 1974

RESERVES AND MONETARY VARIABLES RESERVES

Period Total

AnnualLN 1970 1971 1972 1973

Available to Support Non borrowed Private Deposits 3 2 +9,3 +7 8 +7.7 +7.2

+10.3 +7,8 +13.3

1et Half 1974

+11.0

Quarterly 1st Qtr 2nd Qtr. 3rd Qtr. 4th Qtr.

1973 1973 1973 1973

+6.4 +6.9 +10 6 +6.1

-3.6 +7.0 +11.3 +13.4

+7.8 +12.5 +14.2 +1.4

let Qtr 1974 2nd Qtr. 1974 3rd Qtr 1974 Monthly1973--Jan. Feb Mar Apr May June July Aug Sept Oct Nov Dot Dee

+1 7 +20.4 +7.9

+1.5 +1.1 +5.3

+30 1 -21 1 +10 5 +14 7 +5 4 +0 5 +27 2 -5 1 +9.4 +12 1 -4 3 +10 5 +35.7 -21.8 -5.4 +32 7 +20.8 +6.8 +22.5 -5.5 +6.7 40.8

1974--Jan Feb. May. Apr. May June July Aug. Sept Oct. p

4 +6.0 +6.3 +8.7 +6.1

+6.7 +8.6

+1.3

+8.7 +6.9 +10.1 +9.3

Semi annuall let Half 1973 2nd Half 1973

+1.6 +12.7

MONEY STOCK MEASURES

BANK CREDIT MEASURES

OTHER

Total Loans and Invest ments 8

Total Time

+8.2 +9.4 +11.6 +10.6

Adlusted Credit Proxy

I I 7 5 6 (Per cent annual rates of growth)

Time T Other Than CD's 10

Thrift Tft Insti tunton Deposits 11

+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

+10.7 +6.1

+18.6 +0.8

+1,2 +1.8

-0.8 -0.4

+6.4

+20.5

+2.9

-1.2

+8.4 +11.2 +11.1 +8.9

+8.3 +13.3 +13.0 +8.8

+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

+6.0

+8.4

+7.7

+14.9

+15.0

+20.0

+10.6

+3.8 +11.5 +8.9

+6.9 +11.1 +5.3 +11.0

+8.6 +10.6 +5.1 +9.8

+14.6 +12.6 +10.5 +3.3

+19.9 +12.7 +12,7 +2,7 +6.3

+22.7 +17.8 +14.0 +6.1

+9.9 +10.6 +10.6 +12.6

+6.2 +20.3 +8 1

+5.6 +6.4 +1 6

+9.0 +7.7 +4.6

+8.9 +6.4 +4 0

+8.5 +20.9 +6.3

+17.5 +12.0 +5.6

+15.6 +23.7 +8.4

+12.2 +8.7 +7.3

+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

+45.9 -30.4 -10.0 +19.0 -8.2 -7.4 +14.1 -7.3 +9,2 452.4

+6.9 -0 3 +11.9 +19.7 +21.7 +18.4 +8.7 +9.3 +6 1

-3.5 +11.1 +9.2 +6.5 +4.8 +7.8 +1.7 +2.6 +0 4 +5.1

+6 3 +12.7 +7.8 +7.2 +5 1 +10 6 +5.4 +6,2 +2.2 +9.9

+7 1 +10.9 +8.3 +7 0 +4 2 +7 9 +4.8 +4.5 +2 6 +8.2

+12.5 +1.3 +11.3 +31.6 +16.8 +13.3 +9.4 +5.2 +4.2 -0.7

+16.5 +17.0 +18.4 +17.9 +12.1 +5.7 +16.0 +9.4 -8.6

+21.8 +14.9 +9.0 +30.5 +22.6 +16.7 +13.2 +5.3 +6.5

-0.5

+8.8

411.4 +9.7 +4.6 +7.6

CD's

Non deposit Funds

US Gov't Demand

12 13 14 (Dollar change in billions)

-1.2

+11,2 +7.4 +4.7 -3.9

+0.5 +0.7 +1.7 +6.1

+8.6 +4.1 +2 6

+4.9 +15.6 +2.7

+1.2

-1.2 --,2

+1.7 -0.2

+2.0

+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 6 +5 5 +3.8 +2.9 +0.7 +1.9 +2.4 +0 4 -2.9 -1.8 +0 8

+0,6 -0 5 +0.4 +0.2 +0.3 +0.2 +0.9 +0 6 +0.2 +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

+16.0 +13.8 +6.6 +7.7 +5 8 +12.3 49.5 +9.0 +3.4 +14.5

+8 6 +7.8 +9.2 +6.6 +2.5 +3.6 +3.2 +1.4 +3.2 +5.0

+2.7 +1.1 +1.1 +7.7 +5.8 +2.1 +2.1 -0.7 +1.3 -0.8

+0.1 +0.2 +0.9 +1.0 +1.1 -0.4 +0.9 -0.7 -0.4 -0.8

+1.3 -3.2 +0 7 +0.8 -0.7 -0.1 -1 2 +2.8 +0.4 -1.0

-0.4

+1.5 -2.3 -0.3 -0.1

Reserve requirements on Eurodollar borrowings are included beginning October 16, 1969, and requtrements on bank-related qommerial paper are included beginning October 1, 1970. FR 712-S 1/ Growth rates are based on estimated monthly average levels derived by averaging end of current month and end of previous monnt reported data p - Preliminary.

NOTES:

November 15, 1914

Appendix Table 2

RESERVES AND MONETARY VARIABLES SEASONALLY ADJUSTED, BILLIONS OF DOLLARS

Period Total

BANK CREDIT ASURESOTHER

MONEY STOCK MEASURES

RESERVES Available to Non n Support borrowed Sport Pvt Deposits

M1 T

Put Dep

M2 M2

3 M3

Adl Credit Credit Proxy

Total Loans and an Invest ments

To Total Time

OTHER

Time Thrift Insti Other nst Other tution Than CD'sFunds

CD's

on deposit d

ANNUALLY Dec 1970 Dec 1971 Dec 1972

29.193 31,299 31,410

28,861 31,173 30,360

27,099 28,965 29,053

172 2 182 6 198.7

425 2 473.0 $25.5

642 7 727 9 822 8

332 9 364.3 406.4

MOrHLY: 1973--Jan. Feb. Mar.

32,199 31.634 31,910

31,037 30,040 30,085

29,439 29,368 29,621

199 6 200 4 200.1

329 6 532.4 534 7

830 2 835.8 840.4

409.7 413 5 421.2

567 3 578.5 586.8

317.6 323.6 331 2

44 7 49.1 54.6

Apr. May June

32,300 32,445 32,459

30,589 30,602 30,608

29,867 30,114

30,548

200.8 203 4 206 2

538 4 543.7 549.5

846.4 854.1 862.6

426.6 430 5 434.5

593.2 601.4 605.5

337 4 342 7 345 9

58 4 61 3 62.0

July Aug. Sept.

33.576 33,906 34.173

31,622 31,741 32,321

31,358 32,038 32,394

206.9 206.4 205.3

552 1 555.1 556.8

867.1 870 7 873 5

437.6 443 8 445.9

612 8 622.1 624.8

349.6 355 1 358.0

63.9 66.3 66.7

Oct. Nov. Dec.

34,942 34,857 35,105

33,466 33,463 33,807

32,845 32,714 32,912

206.1 208 2 209 7

561 9 567.3 572.1

880.3 887.7 894.8

446.5 447 5 449 6

628.8 632.8 634.6

359.1 360.1 363 5

63.8 62 0 62.8

1974--Jan, Feb. Mar.

35,850 35,108 34.949

34,799 33,916 33,634

32,799 32.791 33,117

208 7 210 4 211 9

575.1 581.2

585.0

900.1 908.3 914.6

454 3 454 8 459.1

643,3 652.4 662.4

370.1 374.7 377.5

65.5 66.6 67.7

35,902 36.523 36,731

34,166 33,933 33,725

33,660 34,270 34,795

212.8 213.4 214 8

588 5 591 0 596 2

919 9 923.1 929.2

471 2 477.8 483 1

672 3 679.1 682.9

387 1 394.4 399.9

75.4 81.2

June July Aug. Sept. Oct.

37,421 37,248 37,251 36,905

34,120 33,912 33,968 35.091

35,047 35,319 35,294 34,908

932.9 936.4 938 4 944.8

489 6

692.0 696.9 691.9 691.9

404 3 406.1 408.3 411.3

85.4

215.3

598.9 602 0 603.1 608 1

486.9 489 0 490.7

3 10 17 24 31

37,446 37,102 37,828 37,428 37,315

34,011 34,462 34,653 33,787 33,625

35,164 34,994 35,107 34,847 35,191

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

402 4 403 2 404 0 405 2 405.9

85.0 84 7 85.4 85.9 85 6

10.7 10.4 10 8 12.1

7 14 21 28

37,101 37,106 37,381 37,301

34,012 34,065 33,944 33,768

35,243 35,247 35,346 35,328

215.6 215.6 215.4 214 2

601.5 602 7 602.4

488.8

84.9 84.7 84.6 84.3

11.0

488.6 489.6 489.2

405 5 406.2 406.0 406.3

4 11 18 25

37,488 37,023 37,324 37,064

33,582 33,939 34,403 33,533

35,585 35,285 35,509 34,943

215 2 214 6 214.9 213.9

603 1 602.7 603.3 602.0

490.4 491.6 490.8 489.8

407.2 408.0 408.3 408.6

85.0 86.0 85.8 86.4

10.5 10.6 10.1 10.0

2 9 16 23 30 p

37,537 36,672 37,366 36,467 36,916

34,319 34,427 35,622 35,145 35,278

35,266 34.673 35,291 34,477 35,067

215.0 214.4 217.5 215.4 213.1

603.9 606.2 610.4 608.8 607.2

490.7 489.5 489.7 490.6 487.6

409.5 410.3 411.0 412.2 412.7

86.4 85.2 84.9 85.5 85.0

9.1 9.1 9.0 9.6 9.4

37,022

35,895

35,048

215.4

610.0

491 6

412 2

84 4

8.8

Apr. May

1974--July

Aug.

Sept.

Oct.

Nov. "ov

215.1

215.1 214 8

601.8

US Gov't Demand

487.0 487 8

83 3 84 7 86.0 85 2

11.7 9.8 10.5 10.9

I I I I L I 1 1 _ _ -1 1 1/ Estimated monthly average levels derived by averaging end of current month and end of previous month reported data. paper are included commercial on bank-related and requirements October 16,1969, are included beginning borrowings on Eurodollar NOTES Reserve requirements Adjusted credit proxy includes mainly total member bank deposits subject to reserve requirements, bank-related commercial beginning October 1, 1970. Monthly data are daily averages except for FR 712 T paper and Eurodollar borrowings of U 5. banks. Weekly data are daily averages for statoent weeks Weekly data are not available for M3, total loans and investments and thrift nonbank commercial paper figures which are for last day of month. institution depoeits. p - Preliminary.

Appendix Table III

Money Supply Growth Rates

M 1 less

M1 less Foreign Official Deposits and

Foreign Official Deposits

Deposits due to Foreign Commercial Banks

4.7

5.2

5.3

February

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

2.8

August

-0.5

September

-3.6

-3.7

5.0

5.5

4.6

November

11.7

10.9

10.1

December

9.8

9.9

8.2

-3.5

-4.0

-5.0

11.1

11.2

11.3

March

9.2

10.2

9.9

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 0.4

3.0 --

4.0 - 0.4

Oct.

5.1

6.0

1973 January

October

1974 January February

5.7

Appendix Table IV

Growth Rate in Money Supply

(Per cent change at an annual rate) Revised Series M1

M 1973

1974

Q 9.1

3.4

6.8

7.3

11.3

7.3

10.6

III

0.6

5.5

5.6

8.7

5.0

I II

III

8.6

M 8.6

Q 10.3

10.3

8.9

7.7

5.2

7.5

10.8

8.9

9.8

7.9

5.5

9.3

9.6

8.8

9.1

6.5

7.7

8.2

6.4

7.3

1.6

4.6

6.2

4.0

5.2

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 V

Growth Rates in Money Supply for Alternatives

M M1 1

Alt. A 1974

7.1

4.6

9.4

7.3

8.9

6.8

1975

7.4

7.2

10.9

10.2

9.7

8.4

Alt. B 1974

6.7

4.3

8.9

7.1

8.3

6.5

1975

6.3

8.6

8.4

7.8

7.7

Alt. C 1974

6.3

4.1

8.5

6.9

7.7

6.3

1975

5.2

6.2

6.8

6.0

6.2

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 VI COMPARISON OF OLD AND REVISED MONEY STOCK GROWTH RATES (Per cent Annual Rates of Change)

Old

Annual: 1972 1973 Half-year: 1973 I II 1974 I Quarterly: 1973 I II III IV

7.7 4.4 6.0

Revised

Old

8.7 6.1

11.1 8.9 9.1 8.2 8.4

7.4 4.7 6.0

Revised

M3 Old

Revised

11.1 8.8

13.0 8.8

13.1 8.8

9.1 8.3 8.6

9.7 7.5 7.7

9.6 7.6 7.6

8.9

3.4 11.3 0.6 8.7

6.9 11.1 5.3 11.0

7.3 10.6 5.6 10. 8

8.6 10.6 5.1 9.8

8.6 10.3 5.2 9.8

5.6 6.4 1.6

5.5 6.5 1.6

9.0 7.7 4.6

9.3 7.7 4.6

8.9 6.4 4.0

8.8 6.4 4.0

Mar.

-3.5 11. 1 9.2

-2.7 9.7 9.2

6.3 12.7 7.8

6.9 11.1 9.7

7.1 10.9 8.3

7.2 9.3 9.5

Apr. May June

6.5 4.8 7.8

6.1 4.3 9.1

7.2 5.1 10.6

8.0 4.3

7.0 4.2 7.9

7.3 3.3 8.5

July Aug. Sept.

1.7 2.6 0.4

2.1 1.3 1.3

5.4 6.2 2.2

5.4 5.2 3.2

4.8 4.5 2.6

5.0 4.1 2.9

Oct.

5.1

3.8

9.9

8.2

6.9

1974 I II III Monthly: 1974--Jan. Feb

3.8 11.5 --

10.5

Cite this document

APA

Federal Reserve (1974, November 18). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19741119

BibTeX

@misc{wtfs_bluebook_19741119,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1974},
  month = {Nov},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19741119},
  note = {Retrieved via When the Fed Speaks corpus}
}