bluebooks · August 18, 1975

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.

Strictly Confidential (FR)

Class I FOMC

August 15, 1975

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS

Prepared for the Federal Open Market Committee By the staff

Board of Governors of the Federal Reserve System

STRICTLY CONFIDENTIAL (FR) CLASS I - FOMC

August 15, 1975

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1)

Growth of M1 slowed markedly in July, as expected, but

was a little stronger than the slightly negative number that had been projected in the last blue book.

Data for the first week of August showed

only a moderate pick-up in M1 expansion.

For the July-August target period,

M 1 growth is now projected at an annual rate of about 3½ per cent, in the lower part of the range of tolerance specified by the FOMC at its last meeting.

Inflows of consumer-type time and savings deposits also

moderated significantly in July and slowed still further in early August. For July and August combined, M2 now appears likely to expand at an annual rate of 8½ per cent, also in the lower part of the Committee's specified growth range. Growth in Monetary Aggregates and RPD's over July-August period Reserve and monetary aggregates (Growth at SAAR in per cent)

Ranges of Tolerance

Latest Estimates

3 to 5½

3.7

8 to 10½

8.6

RPD Memo: Federal funds rate (per cent per annum)

-2 to ½

5 -6¾

-4.6 Avg. for statement week ending 5.93 July 16 6.09 Aug. 6 6.08 Aug. 13

(2)

Early in the intermeeting period, incoming deposit data

seemed to be indicating a substantially less pronounced slowdown than had been forecast, and the key aggregates seemed likely to expand at rates close to or above the upper limits of the Committee's two-month ranges of tolerance.

In these circumstances, the Desk raised its operating

target for the Federal funds rate from around 6 per cent to a range of 6-1/8 to 6-1/4 per cent.

In the final week of July, although an over-

shoot in monetary growth still seemed likely, the Desk sought no further increase in the funds rate because of uncertainties with respect to the behavior of the monetary aggregates and the approach of the Treasury's August refunding.

The average funds rate did, nevertheless, move up to

6-1/4 per cent in that week.

Since late July, incoming deposit data

have been weaker than expected and projected aggregate growth rates have been moved down progressively to the lower part of their ranges of tolerance.

Consequently,

there was no further tightening of

the funds rate, and most recently the Desk did not overtly respond when the rate tended to edge down to a little below 6-1/8 per cent. (3)

Other short-term rates responded to the initial rise

in the funds rate and have increased appreciably further in recent weeks, due in part to the announcement of larger than expected Treasury financing operations.

Over the full period, Treasury bill rates have

advanced 3/8 to 3/4 of a percentage point, and private short-term rates have moved up 1/4 to 1/2 of a percentage point.

Bank prime rates have also

-3been raised, to 7-3/4 per cent, notwithstanding the persistence of generally weak business loan demands. (4)

In longer-term securities markets, interest rates have

also moved higher since the July FOMC meeting.

Quotes on Treasury

issues have led the advance, reflecting the weight of Treasury financings-including the three-part August refunding of two- and four-year notes.

and the subsequent auctions

Upward pressures on corporate bond yields

have been dampened to some extent by the July drop-off in new-issue volume.

More recently, unsettled market conditions resulted in the

postponement or cancellation of about 1/2 a billion of new issues that had been scheduled for marketing in August.

In the

municipal market, yields have risen to new records, reflecting the combination of a continued sizable volume of offerings and the impact on market attitudes of the financing problems of New York City and the New York State agencies.

The last-minute coverage of August financing

requirements for "Big Mac" and the New York State Housing Finance Agency may

have provided some temporary relief, but both borrowers will

require large additional amounts of credit again in September.

(5)

The table on the following page shows (in percentage

annual rates of change) selected monetary and financing flows over various 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.

Twelve Months July'75 over July'74

Past Six Months July'75 over Jan.'75

Past Three Months July'75 over Apr.'75

Past Month July'75 over June'75

8.5

-0.3

-4.2

-0.1

4,2

10.7

9.1

-3.7

-2.3

1.7

8.9

0.5

-2.4

-1.1

-2.0

M1 (currency plus demand deposits) 1/

4.8

5.0

8.7

10.3

2.0

M2 (M1 plus time deposits at commercial banks other than large CD's)

7.2

8.7

11.8

13.6

8.3

M 3 (M2 plus deposits at thrift institutions)

6.8

10.2

14.2

15.7

12.4

(M2 plus CD's)

10.7

7.4

7.2

8.4

4.3

M5 (M3 plus CD's)

9.0

9.2

11.0

12.2

9.3

10.2

4.2

3.9

4.2

-5.0

9.2

2.2

3.7

3.3

5.3

2.2

-.1

-1.8

-2.1

-2.0

Calendar Year 1974

Total reserves Nonborrowed reserves Reserves available to support private nonbank deposits Concepts of Money

Bank Credit Total member bank deposits (bank credit proxy adj.)

Loans and investments of commercial banks 2/ Short-term Market Paper (Monthly average change in billions) Large CD's

Nonbank commercial paper .4 .1 -.2 -.4 .5 1/ 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 averages 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.

-5Prospective developments (6)

Summarized below for Committee consideration are specifica-

tions for three alternative short-run policy courses.

More detailed

figures--including levels and quarterly growth rates of the monetary aggregates associated with the Committee's 5-7½ per cent long-run growth target for M1--are presented in the tables on pages 5a and

5b.

Alternative

operating guides expressed in terms of nonborrowed reserves, as well as other related reserve measures, are shown in appendix table

IV.

Alt. A

Alt. B

Alt. C

5 to 7½

4½ to 7

4 to 6½

9 to 11½

8¼ to 10¾

Ranges of tolerance

for Aug.-Sept.

-1 to -3½

RPD Federal funds rate (intermeeting range) (7)

5½ to 6¾

-1½ to -4

6 to 7½

7½ to 10 -2 to -4½

6¼ to 8¼

Since nominal GNP is now projected to expand at an average

rate of 15 per cent through the second quarter of 1976, it seems highly probable that longer-run growth in M1 can be contained within the Committee's 5-7½ per cent long-term target range only if money market rates rise

further as the period progresses.

For this reason none of the short-run

policy options presented contemplates an easing of money market rates from recent levels.

Under alternative A, the average funds rate would

remain close to recently prevailing levels for the time being, but

-5aAlternative Levels and Growth Rates for Key Monetary Aggregates M1

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

1975 July August September

294.5 295.8 297.6

294.5 295.7 297.4

294.5 295.7 297.1

651.8 656.6 662.8

651.8 656.4 662.1

651.8 656.3 661.3

1057.0 1066.1 1076.2

1057.0 1065.9 1075.1

1057.0 1065.7 1073.9

1975 QII QIII QIV

290.3 296.0 302.1

290.3 295.9 301.1

290.3 295.8 300.4

638.3 657.1 673.6

638.3 656.8 671.8

638.3 656.5 670.1

1031.1 1066.4 1094.2

1031.1 1066.0 1091.2

1031.1 1065.5 1088.8

1976 QII Growth Rates

311.6

308.6

697.3

696.9

689.9

1135.6

1133.1

1124.2

5.3

4.9

8.8

8.5

8.3

10.3

10.1

9.9 9.2

Levels

1975 August September

7.3

6.8

5.7

11.3

10.4

9.1

11.4

10.4

QIII QIV

7.9 8.2

7.7 7.0

7.6 6.2

11.8 10.0

11.6 9.1

11.4 8.3

13.7 10.4

13.5 9.5

13.3 8.7

QII '75-QIV '75

8.1

7.4

7.0

11.1

10.5

10.0

12.2

11.7

11.2

QIV '75-QII '76

6.3

7.0

5.5

7.0

7.5

5.9

7.6

7.7

6.5

QII '75-QII '76

7.3

6.3

9.2

8.1

10.1

9.9

9.0

MEMO Committee Target Ranges

5-7½

8½-10½

10-12

-5b-

Alternative Levels and Growth Rates for Key Monetary Aggregates (cont'd) Credit Proxy

Levels 1975 July August September

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

733.9

733.9 734.8 738.8

733.9 734.7

1139.1 1144.5 1152.7

1139.1 1144.3 1151.7

1139.1

505.4 503.5 504.8

505.4 503.4 504.5

505.4 503.4 504.1

724.3

1117.1 1145.0 1168.0

1117.1 1144.7 1166.2

503.0 512.1

503.0 504.4 511.2

503.0

747.5

1117.1 1145.4 1170.5

771.7

1214.5

1212.1

1206.0

525.0

524.8

522.7

5.7 8.6

5.5 7.8

5.3 7.0

-4.5

3.1

-4.7 2.6

-4.7 1.7

10.0 8.0

9.9 7.5

1.4 5.9

1.1 5.4

1.1 5.1

9.1 7.6

8.8 6.8

3.6 5.0

8.5

8.0

4.4

4.3

3.9

734.9

739.3

QIV

749.9

724.3 735.8 748.5

1976 QII

776.3

776.0

1975 QII QIII

724.3 736.1

Growth Rates 1975 August September QIII QIV

738.2

735.6

1.5 6.5

1.3 5.7

6.4 6.9

6.2 6.5

QII '75-QIV '75 QIV '75-QII '7 6

7.1 7.0

6.7 7.3

6.4 6.5

QII '75-QII '76

7.2

7.1

6.5

10.1

8.8

8.7

1144.1 1150.8

504.6

504.3

510.7

Alternatives B and C would both involve some immediate further tightening of money market conditions. (8)

The short-run specifications for alternative C--which

contemplate a near-term rise in

the Federal funds rate to around

7-1/4 per cent (the mid-point of the range presented)--are thought to be consistent with a policy strategy geared to ultimate attainment of the 6-1/4 per cent mid-point of the Committee's 5--7-1/2 long-run target range for M1. more rapid growth in

per cent

the staff projection of significantly

nominal GNP proves correct,

we believe that

efforts to hold M1 expansion to the 6-1/4 per cent long-run target will require further substantial increases in

the Federal funds rate

during the fall and early winter--perhaps to 10 per cent or more by early 1976. (9)

Alternative B--which contemplates a rise in

the Federal

funds rate during the intermeeting period to 6-3/4 per cent (the mid-point of the 6--7-1/2

per cent range presented)--is thought

to be consistent with the first

stage of a possible longer-run

strategy that would hold M1 growth within the Committee's 5--7-1/2 per cent target range--but near the top end of that range.

conforms

with the monetary assumptions underlying the Greenbook economic

projection and is

thought likely to imply a Federal funds rate

approaching 9 per cent by early 1976.

As noted in

the Greenbook,

rate of money growth in the upper part of the Committee's long-run target range would help accommodate the special price

-7-

effects resulting from decontrol of old oil and the worsening international outlook for food prices. (10)

Alternative A is

also consistent with a longer-run

strategy that would allow growth in M1 near the top of the 5--7-1/2 per cent target range.

In this case, however, some delay is envisaged

in moving to limit monetary growth, in order to avoid near-term money market tightening while the economy is still

in the beginnings

Holding money market conditions about unchanged for the

of recovery.

present, however,would probably require a more aggressive tightening later on, after the recovery gathers momentum.

Therefore,

the staff

believes that this strategy would imply somewhat higher money market rates early in 1976 than under alternative B. (11)

During the immediate August-September period, growth

in the monetary aggregates is expected to pick up from the depressed July pace.

The limited data available for early August suggests

only a moderate acceleration, but the improvement in economic activity apparently underway seems likely to result in monetary expansion later in

the month and in

September.

more rapid Under

the unchanged money market conditions contemplated for alternative A, M1 growth in September is

thought likely to rise to around a

7-1/2 per cent annual rate--resulting in an August-September average of about 6-1/4 per cent.

Under alternative B, the average 50 basis

point advance in the funds rate would probably exert only a small dampening influence on the aggregates during the two month projection

-8-

period; the average M1 growth rate for August-September might be reduced to

nearly 5-3/4 per cent.

The steep rise in

the funds rate contemplated

under alternative C--to a 7-1/4 per cent average in

the weeks immediately

ahead--would be expected to exert a more pronounced restraint on nearterm monetary growth. about 5-1/2 per cent in

M1 expansion might be held to an annual rate of September,

giving an August-September average

of 5-1/4 per cent. (12)

Although we anticipate that interest rates would need

to rise substantially as the year progresses under any of the longerrun scenarios described above,

the unchanged money market conditions

of alternative A would probably encourage general interest rate stability for a time.

the absence of additional money market firming

there might even be some little financial developments.

rally if

there are no disquieting

Private credit demands remain quite weak on

balance, although there have been some fragmentary indications of the beginnings of a pickup in made its

recent weeks.

The market appears to have

adjustment to the higher funds rate now prevailing,

Treasury announcement of its

and the

somewhat increased third quarter needs

has already been taken into account by market participants. (13)

The 50 basis points rise in

the Federal funds rate

contemplated under alternative B would probably trigger roughly commensurate advances in other short-term rates,

and long-term

markets would also come under renewed upward rate pressure.

Moderate

further tightening would tend to confirm the widespread expectation that interest rates are now in a firming trend, and market professionals could be expected to continue their recent generally cautious approach to underwriting of new issues.

Rising market interest rates would

exert further pressure on the bank prime rate, and rates on Treasury and Federal agency securities would become increasingly competitive for savings funds now flowing into the thrift institutions.

Market

repercussions from the rise in the Federal funds rate of 100 basis points or more contemplated under alternative C, of course, would be more extreme.

Securities markets for a time might experience difficulties

in handling flows of new debt offerings.

The problem of disintermediation

at depositary institutions would become more serious and would arise sooner than anticipated in the staff economic projection.

This

would make early action on Regulation Q ceilings more urgent but, even with such action,

the general availability and cost of mortgage

financing could be significantly affected. (14)

Under any of the alternatives time deposit inflows

would be expected to moderate from those of the recent past.

Some

slowing is already evident in the recent data, mainly because the special Treasury payments to individuals have terminated.

Increasingly,

however, higher market interest rates will come to impinge on savings inflows to the intermediaries,

and under alternative C this impact

would probably be quite pronounced by the fourth quarter.

Because

of the developing squeeze, we have assumed an increase in Regulation Q

ceilings amounting to one-half a percentage point for longer-term certificates (to become effective by year-end) under all alternatives presented. This assumption reduces,

but does not eliminate,

the marked slowing

that would otherwise have been projected in the rate of expansion of consumer-type time deposits and the more broadly defined measures of money supply. (15)

In the August-September period, we would expect savings

inflows to continue at the more moderate recent pace, but perhaps to be drifting lower, particularly under alternative C. proxy is

expected to remain quite weak,

to become aggressive in and non-deposit liabilities

The bank credit

since banks are unlikely

seeking funds through issuance of CD's until business loan demand strengthens

materially. (16)

The continuing serious financing problems of New York

City--and, increasingly,

of the State--pose major uncertainties for

the intermeeting period, with respect to both credit market developments and necessary policy responses.

not inconceivable that the System

would have to give temporary priority to general liquidity needs rather than to its

objectives for the monetary aggregates.

Short of this,

directive phrase calling for account to be taken of developments in financial markets may assume particular importance in of Desk operations in

this period.

the conduct

the

-11-

Proposed directive (17)

Presented below are four alternative formulations for

the operational paragraph of the directive.

The first three are

intended to correspond to the similarly lettered policy alternatives discussed in the preceding session, while the fourth may be associated with any of the policy alternatives.

In all of the alternatives the

reference to "the forthcoming Treasury financing" included in the July directive is deleted, since the Treasury's August refunding has been completed. Alternative A the To implement this policy, while taking account of[DEL: developments in domestic

of] and Treasury forthcoming

and international financial markets, the Committee seeks to maintain about the prevailing bank reserve and money market conditions monetary in] growth over the period immediately ahead, provided that [DEL: appears]APPEAR to be GROWING AT ABOUT THE RATES aggregates [DEL: CURRENTLY EXPECTED [DEL: during bulge the from substantially slowing quarter]. second the Alternative B the To implement this policy, while taking account of [DEL: of] and financing Treasury forthcoming

developments in domestic

and international financial markets, the Committee seeks to prevailing] the about maintain [DEL:

ACHIEVE SOMEWHAT FIRMER bank

reserve and money market conditions over the period immediately

-12in] growth monetary ahead, provided that [DEL:

appears aggregates DO NOT [DEL:

APPEAR to be GROWING AT RATES BELOW THOSE CURRENTLY EXPECTED quarter]. second during bulge the from substantially slowing [DEL:

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

of] and financing Treasury forthcoming

and international financial markets, the Committee seeks to prevailing] the about maintain [DEL:

ACHIEVE FIRMER bank reserve and

money market conditions over the period immediately ahead, in] growth provided that [DEL:

appears monetary aggregates DO NOT [DEL:

APPEAR to be GROWING AT RATES BELOW THE SPECIFIED SHORTbulge the from substantially slowing RUN RANGES OF TOLERANCE [DEL: quarter]. second the during Possible substitute wording for all alternatives To implement this policy, while taking account of [DEL: the of] and financing Treasury forthcoming

developments in domestic

and international financial markets, the Committee seeks to prevailing] the about maintain [DEL:

ACHIEVE bank reserve and money

market conditions CONSISTENT WITH MODERATE GROWTH IN MONETARY proahead immediately period AGGREGATES over the MONTHS AHEAD [DEL: slowing be to appears aggregates monetary in growth vided that

quarter]. second during bulge the from substantially

CONFIDENTIAL FR) CLASS II--FOMC 8/15/75

CHART I

RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS

-134

JI M

iI I 1 J 1974

I S

-L

I I

I M

II I

J 1975

j.,I2 D

RPD series has been adjusted to remove discontinuities associated with changes in reserve requirement ratios

}4'

CONFIDENTIAL (FR) CLASS II-FOMC

CHART 2

8/15/75

MONETARY AGGREGATES

305

300 5%% growth for July-August

295 grofth

BROADER MONEY SUPPLY M2 290

650

640

630

1974

1975

J 1975

CHART 3

8/15/75

MONETARY AGGREGATES ADJUSTED CREDIT PROXY

BILLIONS OF DOLLARS

-520

- 500

40 4-

RESERVES

480

BILLIONS OF DOLLARS 39

-37 TOTAL

S35

NONBORROWED

V31

1974 1975 Total and nonborrcwed reserve setes have been adjusted to remove discontinuities associated with changes in reserve requirement ratios

8/15/75

CHART 4

MONEY MARKET CONDITIONS AND INTEREST RATES MONEY MARKET CONDITIONS

PER CENT 14

INTEREST RATES Short-term

PER CENT

FUNDS

- 10

F.R DISCOUNT RATE -

1874

1975

1974

1975

1974

1875

CONFIDENTIAL (F.R.) CLASS II-FOMC

TABLE 1

BANK RESERVES

AUG.

1975

15,

(ACTUAL AND CURRENT PROJECTIONS) RESERVES AVAILABLE FOR PRIVATE Period NONBANK DEPOSITS NSA SA

Period

REQUIRED RESERVES

AGGREGATE RESERVES

SEASONALLY ADJUSTED Total Reserves

Nonborrowed Reserves

Total Required

Private Demand

Other Time CD's and Gov't. and Nondeposits Interbank Deposits 7

MONTHLY LEVELS-$MILLION 1975--APR. MAY JUNE JULY AUG. PERCENT

33,032 32,748 329995 32,941 132,7401

33,098 32,604 32,734 32,815 132,4921

35,003 34.574 34872 34,994 (34,509)

34,892 34,508 34.645 34,693 (34,3181

34,845 34,419 34,671 349803 (34,378)

19,474 19,406 19,799 199847 (19,837)

(

8,796 8,715 8,665 8,612 8,688)

8 4,602 4,471 4,330 4,290 ( 4,685)

1,973 1,827 1.877 2,053 1,768)

ANNUAL GROWTH QUARTERLY 1974--3RD QTRe 4TH OTR.

9.1 0.8

8.2 3.6

5.5 36.0

8.3 2.9

0.0 5.3

1975--1ST OTR. 2ND OTR.

-4.7 0.5

-8.3 1.2

-1.4 -0.2

-7.7 1.2

-4.2 11.7

-7.6 -9.2

1974-3RD OTA. 4TH OTR.

12.1 2.5

11.3 1.4

1.2 27.3

11.4 1.2

0.3 2.6

10.3 8.7

1975-1ST QTR. 2ND OTR.

-1.4 -2.5

-0.9 -3.7

11.5 -2.8

-0.7 -3.6

-3.3 8.0

-0.1 -12.0

8.3 -14.7 10.3 4.2 -16.61

8.1 -13.2 4.8 1.7 f -13.01

9.8 -14.7 8.8 4.6 4 -14.7)

(

1408 -4.2 24.3 2.9 -0.6)

-9.7 -11.1 -6.9 -7.3 4 10.6)

(

11.0 6.5

OUARTERLY-AV

MONTHLY 1975--APR. MAY JUNE JULY AUG.

JULY-AUG.

2.9 -10.3 9.1 -2.0 -7.31

( I

-4.61

-6.2)

-5.7

-5.11

1.2)

(

1.6)

WEEKLY LEVELS-SMILLIONS

NOTE:

1975--JUNE

11 18 25

329754 33,114 32,941

32,188 32,956 32,787

34.047 35,110 35,019

34,009 35,033 34,831

34083 34,776 34,928

19,760 19,804 199884

8,701 8,676 8 645

4,329 4,300 4,320

1,293 1,996 2,079

JULY

2 9 16 23 30

33.251 33,025 32,888 329752 33,017

33*217 329596 32,766 32,769 33,039

359639 34,924 34,916 34,896 35,091

34,768 34,702 34,714 34,514 34,838

35,243 34,791 34,843 34*693 34,796

199913 19,962 19,866 19,675 19,865

8.616 8,600 89618 8,604 8,622

4,326 4,330 4,330 4,271 4,236

2,388 1,899 2*028 2.143 29074

AUG*

32,904

32.635

34.761

34.585

34,543

19.857

8.652

4.176

RESERVE SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH CHANGES DATA SHOWN IN PARANTHESES ARE CURRENT PROJECTIONS. AT THE FOMC MEETING OF JULY 15, RANGE OF -2.0 TO 0.5 PERCENT FOR THE JULY-AUG. PERIOD.

l.ai

IN RESERVE REQUIREMENT RATIO. 1975 THE COMMITTEE AGREED ON A RPD

CONFIDENTIAL (F.R.)

Table 2

CLASS

MONETARY AGGREGATES

AUG.

ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED MONEY SUPPLY Narrow Broad

Period

MONTHLY

Adjusted Credit

U.S. Govt

TIME AND SAVINGS DEPOSITS Other

(Ml)

(M2)

Proxy

Deposits

Total

Than CD's

CD's

IIFOMC

15,

Nondeposit Sources of Funds

LEVELS-$BILLIONS 1975--APR. MAY JUNE JULY AUG.

287.1 289.7 294.0 294.5 1295.8)

630.4 637.3 647.3 651.8 (656.6)

500.2 501.2 507.5 505.4 1503.5) 1

2.1 2.1 3.8 2.5 2.4)

431.7 433.1 437.3 439.4 (439.1)

343.3 347.6 353.3 357.2 (360.8)

88.4 85.5 84.1 82.1 1 78.4)

(

6.7 7.4 7.0 6.8 6.9)

PERCENT ANNUAL GROWTH QUARTERLY 1974--3RD OTR. 4TH QOR.

1.0 5.3

4.2 6.7

6.7 4.2

9.1 11.7

7.1 7.9

1.2 25.9

1975--1ST QTR. 2ND Q7R. QUARTERLY-AV

2.4 11.0

8.4 13.3

3.1 7.5

10.1 6.8

13.6 15.3

-2.2 -25.4

1974-3RD OTR. 4TH OTR.

3.5 3.9

6.0 6.2

9.9 3.5

12.9 9.7

8.3 8.2

31.8 15.2

1975--1ST OTR. 2ND OTR.

1.0 9.0

6.4 11.3

4.1 5.2

12.8 5.3

11l1 13.4

19.2 -24.0

(

4.2 10.9 17.8 2.0 5.3)

7.7 13.1 18.8 8.3 8.6)

(

5.1 2.4 15.1 -5.0 -4.5)

4.7 3.9 11.6 5.8 -0.81

(

10.6 15.0 19.7 13.2 12.1)

-18.7 -39.4 -19.6 -28.5 ( -54.1)

3.7)

8.6)

(

-4.7)

2.5)

(

12.7)

I -40.7)

MONTHLY 1975--APR. MAY JUNE JULY AUG. JULY-AUG. WEEKLY LEVELS-SSILLIONS 1975--JUNE 11 18 25 JULY

AUG.

2 9 16 23 30 6 P

294.2 294.1 294.8

646.3 647.6 649.1

509.0 509.2 507.3

5.7 5.0 2.6

436.2 437.7 438.5

352.1 353.5 354.3

84.1 84.1 84.2

7.4 6.8 6.8

293.7 293.5 295.3 295.0 293.5

648.7 649.6 652.5 652.8 652.0

505.4 504.6 506.3 505.9 504.0

1.3 2.9 2.9 2.5 2.0

439.2 439.7 440.1 439.5 439.0

355.0 356.1 357.2 357.8 358.5

84.2 83.6 82.9 81.6 80.5

6.5 6.5 6.6 7.0 7.0

295.4

653.7

503.6

2.7

437.8

358.3

79.5

6.8

NOTE: S1W NOTE: DATA

IN PAETEE

SHOWN IN

AR1URN 1AT

PARENTHESES ARE

RLMNR

RJCIOS

CURRENT PROJECTIONS.

PRELIMINARY

1975

CONFIDENTIAL (FR) CLASS II - FOMC AUGUST 15, 1975 TABLE

RESERVE EFFECT OF OPEN MARKET OPERATIONS AND OTHER RESERVE FACTORS (Millions of dollars, not seasonally adjusted) r S.r

I-

ccep

(1)

(4)

(5)

(6)

(7)

A Target In Reserve Categories .. .. U available res. 53 available A 4 Unta (fl\*lrf+f-(Q9' reserves ''7"'''' 1trsrvs55/

IT C

(10)

(8)

112

-313 -243 -41

1,548 -499 -773

341 -1,627 -774

1,319 197 -413

1,070 50 958

5,442 -3,357 -1,855

7,829 -3,207 -1,317

2,229 5,064 -3,165

4 -50 215

-1,767 -5,747 3,442

412 -734 588

-2,926

-832

-1,062 3,987 84 -3,019

113 -385 462 -62

-1,740 2,472 1,871 -651 372p

345 -250 84 31 -155p

1,013p 1,061p

- p 39 - p

4 11 18 25

-724 -582 222 9

2 9 23 30

15 -192 -214 -1,206 -337

6 13

-382 -573

T t L 4 I

Req. res. against

-636 -1,241 53

-2,302

RP's W

387 309 -136

Apr. May June

Aug.

(2)

----ai

1.097 714 -1,758

-1.102 -1,015

July

Coupon Agency I l 8 9ue1Lsue

vrnes Reserve Effects 2/ I ----------Other 4/ Open Market Member S l B k, BM i, W . j 4J[I =ara ila M . 1 flatly

406 316 1,301

1975--Jan. Feb. Mar.

1975--June

i/i s

Bills

July Aug. Sept.

-I

Onen Market Oneratinn

-623

333

-4,652 -3,571 4,054 3,968

-5,383 -4,153 4,276 4,310

-1,364 -4,745 1,107 2,678

624

-4,183 -5,357 5,094 569 -300

-3,545 -5,549 4,880 -638 -637

1,832 -2,692 -1,599 505

-3,822 2,488

-3,238 -1,154 1,349 * -1,521**

966 -566*

-128

-46 39 110 683 -649 -20 180 -129 -77 2

-2,539 -419 768 -169 430 -619 168 3 270p -172p -419p

Represents change in System's portfolio from end-of-period to end-of-period; includes redemptions in regular bill auctions. 2/ Represents change in daily average level for preceding period. 3/ Includes matched sale-purchase transactions as well as RP's. 4/ Sum of changes in vault cash, currency in circulation, Treasury operations, F.R. float, gold and foreign accounts, and other F.R. accounts. 5/ Reserves to support private nonbank deposits. Target change for July and Aug. reflects the target adopted at the July 15, 1975 FOMC meeting. Target change for previous months reflects the bluebook patterns that are consistent with target ranges that were adopted during the month. * Special certificate (Direct Treasury borrowing from F.R.) ** Reflects special certificate purchase. p - Preliminary.

CONFIDENTIAL (FR) CLASS II--FOMC AUGUST 15, 1975 TABLE 4 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES 1/ ($ millions, not seasonally adjusted)

490

789

539

167

1,582

592

253

168

1,059

1,631

-1,358

7,232 1,280

207 320

579 797

500 434

129 196

1,415 1,747

120 439

400 1,665

244 659

101 318

864 3,082

9,273 6,303

46 154

874 945

232 118 215

109 62 131

54 73 45

555 302 492

106 195 138

430 726 371

229 165 130

103 117 53

870 1,203 691

2,188 2,620 1,402

358 986 238

1974--Qtr. II Qtr. III Qtr. IV

160 49 102

1975--Qtr. I Qtr. II

-2,093 1,086

795

625

312

1,765

169

285

584

508

218

973

454

273

1,917

-2

3,076

230

1975--Feb. Mar.

-1,003 115

-19

129 361

113 451

74 212

316 1,043

69 --

167 2

121 166

19 42

376 210

-404 1,620

714 -1,758

Apr. May June

1,295 -

148 50 20

485 488

274 -180

164 -109

1,070 -797

--- -2 -

--- -2 --- 2,387 150 539

5,442 -3,357 -1,855

July

-2,305

-2,304

--- -----

-731 --582 ----

1975--June

July

Aug

143

4 11 18 25 2 9

352

704 560

16 5 188 208

-1.199

6 13 20 27

S -

248

4 S

153

113

335 -

67 --

--- --

-52

333

462

--- --

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

-----

-------

--- -------

337

S -

----

-623

222 342

-4,652 -3,571 4,054 3,968

638 -192 -214 -1,207 ----337 --

-4,183 -5,357 5,094 569 -300

584 -1,138

-3,822 2,488

1/ Change from end-of-period to end-of-period. 2/ Outright transactions in market and with foreign accounts, and redemptions (-) in bill auctions. 3/ Outright transactions in market and with foreign accounts only. Excludes redemptions, maturity shifts, exchanges between bills and coupons, and direct Treasury borrowings from the System. 4/ Outright transactions in market and with foreign accounts only. Excludes redemptions and maturity shifts. 5/ In addition to net purchases of securities, also reflects changes in System holdings of bankers' acceptances, direct Treasury borrowings from the System, and redemptions of Agency and Treasury coupon issues. 6/ Includes changes in both RP's (-) (+) and matched sale-purchase transactions (-).

CONFIDENTIAL (FR) CLASS II - FOMC AUGUST 15, 1975

TABLE 5 SECURITY DEALER POSITIONS AND BANK POSITIONS (millions of dollars) U.S. Govt. Security Dealer Positions Period

Bills (1)

Coupon Issues (2)

(9)

(6)

(8)

-309

3.906 647

-7,870 -2,447

-12,826 - 6,046

6,094 1,586

2,845 532

577 -50

871 18

-7,387 -1,757

-11,390 - 8,070

-- July Aug. Sept.

457 1,758 2,309

-214 398 552

162 197 180

3,075 3,337 3,282

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

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

Oct. Nov. Dec.

2,174 2,900

2,985

654 1,608 1,836

197 205 258

1,813 1,252 727

-4,602 -6,322 -5,960

- 8,689 - 9,715 -10,169

2,501 3,329 3,143

2.050 2,121 2,521

147 198 195

398

-5,378 -6,318 -5,732

- 9,744 - 9,533

Apr. May June

2,737 4,744 5,201

1,617 1,752 1,351

143 155 201

110

-4,079 -3,965 -5,821

-10,426

July

*4,231

*1,246

2 68

-5,546

- 9,896

5--June

4,634

1,445 1,163

334

-4,709 -6,399 -6,006 -6,013

- 9,295 -10,957 -11,131 - 9,639

-5,652 -6,593 -6,582 -4,759 -4,306

- 8,267 -10,124 -10,928 - 9,773 - 8,785

-4,202p 5 09 5 - , p

- 9,733p -10,713p

2,203

1975--High Low 74

1975--Jan. Feb. Mar.

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

(5)

3,678 -289

Excess** Reserves

628 -168

197 -- High Low

Dealer Positions Municipal Corporate Bonds Bonds

5,013

July

9 16 23 30 Aug.

6 13 20 27

--~-~----

NOTE:

147 96

227

-36 334 91

6,094 5,289

1,286

4,197 4,029 .,426 *4,237

396

*4,241

1,791 1,310 1,064 *1,295 * 963

*3,958 *4,007

*1,995 *1,150

218p

1,282

133 73 203 295p

-50p

~II

-10,302 - 9,567 - 9,344

---~

Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury bills financed by repurchase agreements maturing in 16 days or more, are indicators of dealer holdings for sale over the near-term. Other security dealer positions issues still in syndicate, excluding trading positions. The basic reserve deficit is excess reserves less borrowing at Federal Reserves 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) AUGUST 15, 1975 TABLE 6 SELECTED INTEREST RATES (Per Cent)

Federal Funds

Period

Short-Term 90-119 Day Treasury Bills Commercial 90-day 1-year Paper

(1)

AAa Utility New Recently Issue Offered

CD's New Tsue-NYC 90-119 Day

60-89 Day

12.25 7.88

12.25 8.00

(6) 12.00 7.88

7.15 5.46

9.34 5.38

9.00 5.25

9.00 5.38

9.80

12.92 12.01 11.34

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

10.06 9.45 8.53

7.59

9.55

8.95 9.18

9.35 8.78 9.00

9.33

7.29 6.79

8.72 8.84

1975--Jan. Feb. Mar.

7.13 6.24

6.27

7.39 6.36 6.06

7.43 6.00

Apr. May June July

5.49

6.40 5.91 5.86 6.64

6.11 5.70 5.67

5.85 5.44 5.34

6.32

6.05

5.79 5.63 5.53 6.13

5.43 5.55

1974--High Low

13.55 8.45

(3) 9.54 6.39

1975--ligh Low

7.70 5.13

1974--July Aug. Sept. Oct. Nov. Dec.

1975--June

July

Aug

5.54 5.22

5.55 6.10

NOTE:

7.15 5.16

8.68 7.40

10.59 8.43

9.71 9.06

7.22 6.27

8.47 7.63

9.47 8.78

10.04 10.19 10.30

6.68 6.69 6.76

8.26 8.60 8.60

9.84 10.25 10.58

10.16 9.21 9.53

10.23

6.57 6.61 7.05

8.37 7.99 7.91

10.22 9.87 9.53

7.45 6.25 6.03

9.36 8.97 9.35

9.45

6.82 6.39 6.74

7.88 7.71 7.99

9.25

6.03 5.63 5.51 6.25

9.67 9.63 9.20

9.66

8.36 8.22

8.04

9.06 9.27 9.09

9.42

9.33 9.43

6.94 6.97 6.94 7.06

8.17

9.14

5.25 5.25

5.40

9.41

9.53 9.22

5.53 5.78

5.25

5.50 5.75

8.95 9.07 9.37

9.14

6.93

9.41

7.00

8.16 7.95 7.99 8.07

9.14

5.38

7.05 6.80

6.20 6.28 6.25 6.35 6.38

5.88

6.00 6.13

9.62

9.30

9.38

9.45

6.13

9.53

6.25

6.50 6.50

9.25 9.37

9.57 9.33 9.35

6.96 6.98 7.09

6.38 6.25

6.50 6.63

9.44 3 .4 p

9.51 52 9. p

6.31 6.06 5.93 6.14

6.25

6.72 6.83

6 13 20 27

6,09 6.08

6.99 7.15

6.50 6.58

7.23 7.24

6.50 6.63

6.14 6.05p

6.49

6.44 6.45

(11)

(8) 10.52 8.14

2 9 16 23 30

6.45 6.51

FNMA Auctions Yields

(7)

5.24 5.15 5.31 5.72

(5)

U.S. Government (20-yr. Constant Maturity) (10)

Municipal Bond Buyer

10.61

4 11 18 25

Daily--Aug. 7 14 -

5.56 5.70

(4)

___Lng-Tan

5.88

5.63

6.00 6.00

6.13

8.05 8.89

10.07 10.38

9.34 9.56 9.09 9.38

9.65

(9)

7.09

8.13 8.16 8.13 8.18 8.27

7.16 7.17

8.49 8.47p

7.22

8.93

8.82

9.06

8.54 n.a. L

Weekly data for columns 1 to 4 are statement week averages of daily data. Columns 5 the weekly date is the mid-point of the calendar week over which data are averaged. the statement week. Column 11 gives FNMA auction data for the Monday preceeding the average yield in bi-weekly auction for short-term forward commitments for Government Preliminary.

and 6 are one-day Wednesday quotes. For columns 7, 8, and 10 Column 9 is a one-day quote for Thursday following the end of and of the statement week. The FNMA auction yield is the underwritten mortgages.

APPENDIX TABLE 1-B

MONEY AND CREDIT AGGREGATE MEASURES

AUG.

15.

1975

SEASONALLY ADJUSTED, BILLIONS OF DOLLARS RESERVE RESERVES

Period

NonTotal

borrowed

Available to Support pt Deposits

BANK CREDIT

MONEY STOCK

MEASURES

Adl Credit proxy

Total Loans and Invest ments 5

30,327 32,711

29,278 31,413

28,039 30,610

406.4 448.7

559.0 634.6

255.8 271.5

525.7 572.2

844.9 919.6

569.7 636.0

888.8 983.4

985.5 L095.4

1013.1 1133.6

359101 34,988 35.187

31,800 31,652 31,904

32,770 33,064 33,278

484.9 487.5 489.2

692.9 699.2 695.2

280.4 280.5 280.7

599.6 601.9 603.4

959.6 962.6 965*0

683.2 685.7 688.2

1043.2 1046.4 1049.9

1163.1 1167.2 1171.0

1204.6 1209.9 1214.9

35,097 35,050 35,503

33,284 33,798 34,776

33,236 33,160 339341

488.3 491.2 494.3

696.0 697.4 691.9

281.6 263.6 284.4

607.6 611.6 613.5

970.7 976.9

981.7

693.8 697.1 703.8

1056.9 1062.5 1072.0

1180.1 1185.8 1195.2

1223.5 1227.2 1234.8

615.5 620.3 626.4

987.0 995.6 1007.2

708.3 712.4 716.1

1079.8 1087.6 1097.0

1204.1 1211.4 1219.9

1243.1 1250.7 1259.6

1105.6 1115.3 1130.4

1229.8 1240.2 1256.7

1269.8 1280.5 1297.3

1266.2

1307.1

ANNUALLY: 1972 1973 MONTHLY: 1974--JULY AUG. SEPT. OC1. NOV. DEC. z975--JAN. FEB. MAR.

35,737 34.925 34,764

35.339 34,777 34,658

33,341 33,103 329951

495.8 495.7 498.1

693.9 695.5 699.4

282.2 283.5 286.1

APR. MAY JUNE

35,003 34,574 34,872

34,892 34,508 34,645

33,032 32,748 32.995

500.2 501.2 507.5

700.8 703.0 703.5

287.1 289.7 294.0

630.4 637.3 647.3

1017.2 1029.7 1046.3

718.8 722.9 731.3

JULY P

34,994

34,693

32,941

505.4

706.6

294.5

651.8

1057.1

733.9

4 11 18 25

34,682 34,047 35,110 35,019

34,598 34,009 35,033 34,831

32,986 32,754 33,114 32,941

505.7

509.0 509.2 507.3

292.4 294.2 294.1 294.8

643.2 646.3 647.6 649.1

727.0 730.4 731.8 733.3

2 9 16 23 30P

35,639 34,924 34,916 34,896 35,091

34,768 34,702 34,714 34,514 34,838

33,251 33,025 32,888 32.752 33,017

505.4 504.6 506.3 505.9 504.0

293.7 293.5 295.3 295.0 293.5

648.7 649.6 652.5 652.8 652.0

732.9 733.3 735.4 734.5 732.5

34*761

34,585

32.904

503.6

295.4

653.7

733.2

1139.2

WEEKLY2 1975--JUNE

JULY

AUG.

NOTES:

1/ -

REQUIREMENTS, RESERVE TO SUBJECT DEPOSITS BANK MEMBER TOTAL MAINLY INCLUDES PROXY CREDIT ADJUSTED

LOANS

SOLD

BANK-

RELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S. BANKS. WEEKLY DATA ARE DAILY AVERAGES FOR STATEMENT WEEKS. DATA ARE DAILY AVERAGES. WEEKLY DATA ARE NOT AVAILABLE FOR M3, M5, M6, M7, TOTAL LOANS AND INVESTMENTS AND THRIFT TION DEPOSITS. ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF PREVIOUS MONTH REPORTED DATA. PRELIMINARY

MONTHLY INSTITU-

Aug.

APPENDIX TABLE 2-B

15,

1975

COMPONENTS OF MONEY STOCK AND RELATED MEASURES Period

Currency

Demand

Total Time Dep s

Time Other

Mutual Savings Bank Cs epostsand S & L Shares 4 5

Credits Union Shares

CD's

Short Term Inss U Bonds es Securit1es 8

Commercial Comera Papery

Nondeposit Funds

U.S. Gov't Demand

ANNUALLYe 56.9 61.6

198.9 209.9

313.8 364.5

269.9 300.7

297.5 322.8

21.6 24.6

43.9 63.8

57.0 59.9

39.8 52.1

27.6 38.3

64.8 65.5 65.9

215.6 215.0 214.8

402.8 405.2 407.5

319.2 321.5 322.7

333.7 334.2 335.0

26.3

26.5 26.7

83.6 83.8 84.8

61.0 61.7 62.0

"8.4 59.1 59.7

41.5 42.6 43.3

OCT. NOV. DEC.

66.5

215.2 216.2 216.5

412.1 413.6 419.4

325.9 328.0 329.1

336.2 338.2 340.8

26.9 27.2 27.5

86.2 85.5 90.3

62.3 62.6 62.8

60.9 60.8 60.3

43.4

1975--JAN. FEB. MAR.

68.2

214.0 214.7 216.6

426.0 428.9 430.0

333.3 336.8 340.3

343.6

68.8 69.5

346.9

27.9 28.3

352.0

28.9

92.7 92.1 89.8

63.2 63.5 63.8

61.1 60.3 59.2

39.1 39.3 39.7

APR. MAY JUNE

69.6 70.3 71.2

217.5 219.4 222.8

431.7 433.1 437.3

343.3 347.6 353.3

357.4 362.5 368.6

29.4 29.9 30.4

88.4 85.5 84.1

64.1 64.4 64.7

60.2 60.5 61.6

40.0 40.3 40.6

JULY P

71.5

223.1

439.4

357.2

374.4

30.9

82.1

65.0

62.0

40.9

4 11 18 25

70.6 71.1 71.2 71.4

221.9 223.1 222.9 223.4

434.6 436.2 437.7 438.5

350.7 353.5 354.3

83.9 84.1 84.1 84.2

2 9 16 23 30P

71.0

71.5 71.6

222.7 222.0 223.9 223.5 221.9

439.2 439.7 440.1 439.5 439.0

355.0 356.1 357.2 357.8 358.5

84.2 83.6 82.9 81.6 80.5

71.8

223.6

437.8

358.3

79.5

1972 1973 MONTHLY: 1974--JULY AUG. SEPT.

67.4 67.9

41*4 39.6

WEEKLY: 1975--JUNE

JULY

AUG.

NOTES:

71.6 71.4

352.1

ADJUSTED CREDIT PROXY INCLUDES MAINLY TOTAL MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS, LOANS SOLD TO BANKMONTHLY WEEKLY DATA ARE DAILY AVERAGES FOR STATEMENT WEEKS. RELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S.BANKS. WEEKLY DATA ARE NOT AVAILABLE FOR M3, M5, M6, M7, TOTAL LOANS AND INVESTMENTS AND THRIFT INSTITUDATA ARE DAILY AVERAGES. TION DEPOSITS. ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF PREVIOUS MONTH REPORTED DATA.

Appendix Table III

Growth Rate in Money Supply (Per cent change in an annual rate) (Revised Series)

3.4

6.8

7.3

9.1

8.8

11.3

7.3

10.6

8.6

10.5

9.1

III

0.6

5.5

5.6

7.8

5.2

7.5

8.7

5.0

10.8

8.9

9.8

7.9

QIV '72-QIV '73

6.1

6.3

8.8

8.9

8.8

9.0

1974

5.5

5.8

9.3

9.6

8.9

9.1

7.0

7.3

7.9

8.3

6.8

7.6

III

1.0

3.5

4.2

6.0

3.8

5.2

5.3

3.9

6.7

6.2

6.9

5.8

QIV '72-QIV '74

4.8

5.2

7.2

7.7

6.8

7.1

1975

2.4

1.0

8.4

6.4

10.4

8.3

11.0

9.0

13.3

11.3

15.5

13.8

1973

10.4

M = Annual rates of growth calculated from average levels in the final months of the quarters. Q = Annual rate calculated from average levels in all three months of the quarters.

Appendix Table IV SHORT-TERM OPERATING GUIDES* Total Reserves

RPD

Nonborrowed Reserves

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt.

Alt. C

32,941 32,740 32,989

32,941 32,740 32,764

1975

July August September

34,994 34,508 34,441

34,994 34,508 34,416

34,994 34,509 34,390

34,693 34,309 34,216

34,693 34,306 34,116

34,693 34,294 33,980

32,941 32,740 32,814

1975

July August September

4.2 -16.7 -2.4

4.2 -16.7 -3.2

4.2 -16.7 -4.1

1.7 -13.3 -3.3

1.7 -13.4 -6.7

1.7 -13.8 -11.0

-2.0 -7.3 2.7

-2.0 -7.3 1.8

-2.0 -7.3 0.9

-9.5

-9.9

-10.4

-8.2

-10.0

-12.4

-2.3

-2.8

-3.2

August-September

Excess Reserves Alt. A 1975

Alt. B

Borrowings

Alt. C

Alt. A

Alt. B

Alt.

July

192

301

August

131

199

202

215

September

175

225

300

410

Adjusted for changes in reserve requirements.

Cite this document

APA

Federal Reserve (1975, August 18). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19750819

BibTeX

@misc{wtfs_bluebook_19750819,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1975},
  month = {Aug},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19750819},
  note = {Retrieved via When the Fed Speaks corpus}
}