bluebooks · September 20, 1976

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.

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Content last modified 6/05/2009.

September 17,

Strictly Confidential (FR)

1976

Class I FOMC

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS

Prepared for the Federal Open Market Committee By the staff

Board of Governors of the Federal Reserve System

September 17, 1976

STRICTLY CONFIDENTIAL (FR) CLASS I - FOMC

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS

Recent developments (1) M1 in the August-September period appears to be increasing at a rate slightly below the mid-point of the Committee's 4-8 per cent operating range.

However, expansion at banks of time and savings deposits

other than money market CD's has been considerably stronger than anticipated, and growth in M 2 appears to be running above the mid-point of its two-month range.

Deposit inflows at nonbank thrift institutions also picked up in

August, and this higher rate of growth appears to have continued in early September. Growth in Monetary Aggregates

over August-September Period (SAAR in per cent) Ranges

4 to 8

7½ to 11½ Memo: Federal funds rate (per cent per annum)

Latest Estimates 5.7 10.9 Avg. for statement week ending Aug. 18 5.29 5.28 25 Sept. 1 5.28 5.25 8 15 5.22

(2) Nonborrowed reserves appear to have increased at about a 1-1/4 per cent annual rate in the August-September period.1/ A continued decline in outstanding large CD's released reserves to support expansion in other deposits.

Moreover, much of the growth in deposits has occurred

in categories--such as savings deposits--with relatively low reserve requirements. (3)

Given the behavior of the aggregates, the Desk has continued

to aim at a Federal inter-meeting period.

funds rate around 5-1/4 per cent throughout the Short-term credit demands have been generally weak

since the last meeting of the Committee, as businesses paid down bank debt and the volume of commercial paper and Treasury bill issues remained unchanged.

Most short-term rates declined somewhat over the inter-meeting

period, but most of the downward adjustment occurred today following publication of the latest weekly M1 figure yesterday. (4)

Long-term rates have declined 10 to 20 basis points since

the last Committee meeting, in part because many investors seemed to believe that the flow of economic data suggested a further moderation in the prospective pace of economic expansion and inflation.

The largest

declines were in the corporate sector, where the volume of new bond issues was relatively light.

Issues of state and local government securities

1/ Appendix A contains a discussion of the actual behavior of nonborrowed reserves in the weeks between the August and September meetings relative to the behavior that was expected to be consistent with the Committee's short-run ranges for monetary growth.

-3remained relatively large, and the U.S. Treasury raised a substantial additional volume of new money through sales of intermediate-term coupon issues. (5)

The table on the following page shows (in terms of

percentage annual rates of change) related monetary and financial flows over various time periods.

Calendar Year 1975

Twelve Months Aug. '76 over Aug. '75

Past

Six Months Aug. '76 over Feb. '76

Three Months Aug. '76 over May '76

Past Month Aug. '76 over July '76

Nonborrowed reserves

1.3

1.1

2.9

5.1

7.2

Total reserves

-.4

0.7

3.0

5.0

6.0

Monetary Base

5.8

6.5

7.7

6.4

6.8

4.1

4.5

6.6

4.0

5.9

8.5

9.7

10.3

9.3

9.8

M 3 (M2 plus deposits at thrift 11.3 institutions)

11.7

12.0

11.4

12.7

6.4

6.6

6.3

6.4

0.8

9.6

9.4

9.5

7.0

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 4 (M2 plus CD's) M 5 (M3 plus CD's)

9.7

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

3.9

3.8

2.7

5.7

-2.3

Loans and investments of commercial banks 2/

4.4

5.4

5.9

5.8

8.2

-.6

-1.2

-1.9

-1.3

-5.3

-.2

Short-term Market Paper (Monthly average change in billions) Large CD's Nonbank commercial paper

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.

Prospective developments (6)

Alternative short-run specifications for the monetary

aggregates and the Federal funds rate are summarized below for Committee consideration.

(More detailed data, as well as longer-run projections,

are shown in the tables on pp. 5a and 5b). Alt. A

Alt. B

Alt. C

4½-8½

4-8

3½-7½

10-14

9-13

8-12

4¼-5¼

4¾-5¾

5¼-6¼

Ranges for Sept.-Oct.

Federal funds rate (inter-meeting period) (7)

With economic activity projected to expand at a moderate

rate over the next few months, M1 is also expected to continue rising over the September-October period at a rate little different from that of recent months.

Under alternative B, given prevailing money market

conditions--as indexed by a Federal funds rate around 5¼ per cent-M1 will probably grow in a 4-8 per cent annual rate range. (8)

M 2 may rise in a 9-13 per cent annual rate range under

alternative B over the September-October period.

In recent weeks, expansion

of time and savings deposits other than large money market CD's has been substantially more rapid than expected.

Although we have assumed that

the rate of expansion will slow somewhat over the course of the intermeeting period, we still expect such deposits to rise at about a 15 per cent annual rate on balance from August to October.

Much of this reflects our

assumption that the rate of increase in savings deposits at banks and--

-5a-

Alternative Levels and Growth Rates for Key Monetary Aggregates M1

1976

1977

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

August September October

306.3 307.7 309.5

306.3 307.7 309.2

306.3 307.7 309.0

713.4 720.4 727.7

713.4 720.4 726.4

713.4 725.2

1184.3 1198.5 1213.0

1184.3 1198.5 1210.9

1184.3 1198.5 1208.9

QII QIII QIV

302.7 306.3 311.3

302.7 306.3 310.8

302.7 306.3 310.5

696.5 713.8 734.2

696.5 713.8 731.7

696.5 713.8 730.1

1150.6 1184.9 1225.5

1150.6 1184.9 1220.9

1150.6 1184.9 1217.6

QI QII

316.0 320.1

315.5 320.1

315.2 320.1

750.4 764.4

747.6 762.5

745.4 761.2

1255.8 1280.2

1248.6 1273.9

1244.1 1271.3

11.8 12.2

11.8 10.0

11.8 8.0

720.4

Growth Rates Monthly: 1976

September October

5.5 7.0

14.4 14.5

14.4 12.4

14.4 10.4

11.9 11.0

Quarterly Average: 1976

QIII QIV

4.8 6.5

4.8 5.9

4.8 5.5

9.9 11.4

9.9 10.0

9.9 9.1

11.9 13.7

11.9 12.2

1977

QI QII

6.0 5.2

6.0 5.8

6.1 6.2

8.8 7.5

8.7 8.0

8.4 8.5

9.9 7.8

9.1 8.1

8.7 8.7

Semi-annual QII '76-QIV '76 QIV '76-QII '77

5.7 5.7

5.4 6.0

5.2 6.2

10.8 8.2

10.1 8.4

9.6 8.5

13.0 8.9

12.2 8.7

11.6 8.8

Annual QII '76-QII '77

5.7

9.7

9.5

9.3

11.3

10.7

10.5

FOMC Longer-run Range QII '76-QII '77

44-7

74-94

9-11

-5bAlternative Levels and Growth Rates for Key Monetary Aggregates (cont'd) Credit Proxy

1976

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

August September October

777.7 782.5 789.8

777.7 782.5 788.8

777.7 782.5 788.1

1248.7 1260.5 1275.1

1248.7 1260.5 1273.3

1248.7 1260.5 1271.9

522.6 522.7 527.1

522.6 522.7 526.5

522.6 522.7 526.3

QII

766.6 779.1 796.7

766.6 779.1 795.1

766.6 779.1 794.0

1220.7 1250.2 1288.1

1220.7 1250.2 1284.3

1220.7 1250.2 1281.5

518.3 523.0 531.3

518.3 523.0 532.3

518.3 523.0 530.7

815.4 833.4

814.1 832.5

812.2 830.8

1320.8 1349.1

1315.1 1343.9

1310.9 1341.0

541.0 550.4

540.6 550.2

539.4 549.0

QIII QIV 1977

QII Growth Rates Monthly: 1976

September October

7.4 11.2

7.4 8.6

11.3 13.9

11.3 12.2

11.3 10.9

0.2 10.1

0.2 8.3

Quarterly Averages: 1976

QIII QIV

6.5 9.0

6.5 8.2

6.5 7.7

9.7 12.1

9.7 10.9

9.7 10.0

3.6 7.0

3.6 6.3

3.6 5.9

1977

QI QII

9.4 8.8

9.6 9.0

9.2 9.2

10.2 8.6

9.6 8.8

9.2 9.2

6.7 7.0

7.0 7.1

6.6 7.1

Semi-annual QII '76-QIV '76 QIV '76-QII '77

7.9 9.2

7.4 9.4

7.1 9.3

11.0 9.5

10.4 9.3

10.0 9.3

5.3 6.9

5.0 7.1

4.8 6.9

Annual QII '76-QII '77

8.7

8.6

8.4

10.5

10.1

6.2

5.9

9.9

also at thrift institutions--will remain sizable so long as the 3-month Treasury bill rate remains in the neighborhood of 5-1/8 per cent. (9)

Business loan demands on banks are likely to remain

sluggish over the next few weeks, although they may strengthen later in the fall if and as the rate of business inventory accumulation once again accelerates.

Over the near-term, banks are likely to continue

utilizing large inflows of funds into time and savings deposits other than large CD's to increase holdings of relatively high-yielding Treasury coupon issues, including the two-year Treasury note to be auctioned on September 21 and a just announced 5-year note to be auctioned on September 28 (raising $2

billion of new cash).

Banks will also probably permit the outstanding

volume of large negotiable CD's to decline somewhat further over the weeks immediately ahead, and the bank credit proxy over the SeptemberOctober period may rise at about a 4 (10)

per cent annual rate.

Private credit demands on the open market may strengthen

a little from the summer pace.

In particular, substantially more new

corporate bond offerings appear to be scheduled for October than had been marketed during the summer months, although part of the increase is seasonal.

A sizable volume of new state and local government issues

continues to be projected for early fall.

Treasury credit needs are likely

to be relatively moderate in the early fall, given the large end-ofSeptember cash balance now in prospect, but such needs will probably pick up as the quarter progresses. (11)

Alternative A involves an easing of the money market,

with the funds rate range centered on 4¾ per cent.

Such an easing would

probably be accompanied by a decline in the Treasury bill rate to the 4¾ per cent area also and by a drop in the 3-month commercial paper rate to around 5 per cent.

In response to these market rate declines, the

bank prime loan rate would probably adjust downward.

Longer-term market

rates probably also would move down somewhat further, but the declines could be limited as borrowers accelerate offerings in anticipation

of a later reversal in yields.

Primary mortgage market rates--which have

changed little in recent weeks despite declines in corporate bond yields-would probably begin to drop noticeably.

(12)

The easing in short-term rates under alternative A

would likely be accompanied by a slightly stronger expansion in M1 over

the short-run--with the M1 growth range estimated to be 4 -8 per cent for the September-October period.

There would be some strengthening

in inflows of time and savings deposits other than large CD's, particularly savings deposits.

However, if credit demands on banks remain relatively

weak over the next few weeks, banks are likely to become less active in soliciting consumer-type time deposit funds.

Banks would probably continue

to run-off large money market CD's, while at the same time taking advantage of the lower level of market rates to lengthen maturities on those new CD's that they do issue. (13)

The tightening of money market conditions contemplated

under alternative C--with the funds rate range centered on 5¾ per cent-might well lead to fairly sharp upward adjustments in market rates over the next few weeks.

Dealer bill positions are currently very large, and

the 3-month bill rate could move up to the 5 -6 per cent area.

Holdings

of coupon issues are also fairly sizable, and strong efforts to secure the paper profits on such positions could lead to an appreciable rise in longer-term Treasury yields, with spill-over effects on other longer-term markets. (14)

A little slower growth in the monetary aggregates would,

of course, be likely to develop over the September-October period under alternative C than under either of the other two alternatives.

particular, growth in savings deposits may well come to a halt, at least temporarily, as depositors shift to higher-yielding market instruments. Banks may seek to compensate for this to some extent by more aggressive offerings of time deposits, including large CD's.

On balance, under this

alternative we would expect M1 over the forthcoming two-month period to expand in a 3½-7½ per cent annual rate range and M 2 in an 8-12 per cent range. (15)

All of the short-run alternatives shown would be consistent

with the Committee's current longer-run growth ranges for the monetary aggregates covering the period from QII '76 to QII '77.

The staff still

believes that interest rates will probably have to rise--perhaps beginning late in the year--to achieve a longer-run M 1 growth rate of 5¾ per cent, the mid-point of the Committee's range. In view of the apparent strengthening of time and savings deposit flows, and allowing for a somewhat lower average level of interest rates during the year ending mid-'77, the staff now expects longer-run growth rates for M2 and M3 to be near the tops of their ranges.

The longer-run Federal funds rate patterns implied

by the alternatives are shown in appendix Table II.

Proposed directive (16)

Given below is a proposed operational paragraph for the

directive if the Committee should wish to return to language that emphasizes desired growth in monetary aggregates.

No alternatives are

presented for this formulation, in the expectation that the reference to desired growth will be taken to apply to the longer-term targets and that at this meeting the Committee will not reconsider those targets. "Monetary Aggregates" Proposal To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to[DEL: maintain prevailing]ACHIEVE bank reserve and money market conditions CONSISTENT WITH MODERATE GROWTH IN MONETARY AGGREGATES over the period [DEL: immediately] ahead [DEL: provided

that monetary aggregates appear to be growing at about the rates currently expected].

(17)

Should the Committee desire to continue placing main

emphasis on bank reserve and money market conditions,

would depend on the specific conditions sought.

the language needed

Three alternative "money

market" directives, intended to correspond to the similarly lettered policy alternatives, are given below.

-10Alternative "Money Market" Proposals Alternative A To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to[DEL: maintainprevailing]ACHIEVE SOMEWHAT EASIER bank reserve and money market conditions over the period immediately ahead, provided that monetary aggregates appear to be growing at about the rates currently expected. Alternative B To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to maintain prevailing bank reserve and money market conditions over the period immediately ahead,

provided that mone-

tary aggregates appear to be growing at about the rates currently

expected. Alternative C

To implement this policy, while taking account of developments in domestic and international financial markets, the Commaintain prevailing]ACHIEVE SOMEWHAT FIRMER bank mittee seeks to[DEL: reserve and money market conditions over the period immediately ahead, provided that monetary aggregates appear to be growing at about the rates currently expected.

APPENDIX A Comparison of Actual and Targeted Reserves The table below compares the actual average level of reserves for the five-week period ending September 22 with the "targeted

level

that had been thought consistent with the mid-points of the short-run ranges for the monetary aggregates adopted at the last FOMC meeting. Actual1/ 1.

(2+3)

2. 3.

Nonborrowed reserves Required reserves

(4-5)

Excess reserves

Member bank borrowing

(1+5)

Currency

7. 8.

Total reserves

(6+7)

Monetary base

Difference s

34,321

34,333

34,138

34,241

183

251

200

108

-40

34,390

34,441

-51

81,655

81,537

118

116,045

115,978

Free reserves

Targeted

-12 -103

As can be seen from the table, actual nonborrowed reserves turned out to be very close to the "targeted" level.

Banks held more free

reserves than the staff had expected, reflecting both a lower level of borrowing and greater demand for excess reserves by banks than anticipated. Meanwhile, actual required reserves were about $100 million below expectations.

Somewhat more money growth than anticipated took the form of currency,

which required no reserves, and the average reserve ratio against deposits also turned out to be lower than expected.

Includes week of September 22, which is partly estimated.

A-

With borrowing lower than expected, total reserves were also somewhat below their targeted level, while the monetary base was stronger than targeted.

The strength in the monetary base reflected greater

currency expansion than expected at the time of the last FOMC meeting.

Appendix Table I Reserve Measures Consistent With Short-run Alternatives (seasonally adjusted) Change from average of previous 5-week period ($ million)

Average of 4 weeks Sept. 29 to Oct. 20 ($ million) Alt. A Nonborrowed reserves

Alt. B

Alt. C

2-month Annual Percentage Growth Rate for Sept.-Oct.

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

-1.9

-2.8

-4.7

-22

-2.8

-3.1

-3.4

34,359

34,308

34,218

-13

-103

150

-17

233

215

198

-18

-36

Total reserves

34,404

34,386

34,368

-4

Monetary base1 /

116,826

116,808

116,790

763

745

5.9

5.8

5.7

Nonborrowed monetary base

116,781

116,730

116,640

753

663

6.2

5.9

5.3

Member bank borrowing Excess reserves Other reserve aggregates:

1/ Total reserves plus currency held outside the Treasury, the Federal Reserve, and member banks.

Appendix Table II

Projected Federal Funds Rates

1976 QIII

QIV 1977 QI

QII

Alt. A

Alt. B

Alt. C

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

q 7.3

9.2

3.6

7.4

7.3

9,2

8.4

10.3

10.1

6.4

9.9

8.2

9.8

8.5

III

1.8

5,5

6.3

7.9

6.1

7.8

5.1

10.5

9.0

9.9

8.4

QIV '72-QIV '73

6.0

6.2

8.8

9.0

6.0

9.0

9.6

8.4

8.9

5.6

6,9

7.4

5.7

6.5

III

4.2

5.5

6.4

5.2

5.6

4.0

6.6

6.4

7.2

6.5

5,0

7.2

7.7

6.8

7.1

1.4

0.6

6.9

5.6

9.0

7.5

9.7

7.4

12.5

10.2

14.5

12.6

3.6

7.1

6.5

10.1

10.7

13.3

1.6

2.3

7.0

6.4

9.3

QIV '74-QIV '75

4.1

4.4

8.5

8.3

11.3

11.1

1976

4.3

2,6

11.5

10.1

12.6

11.4

6.8

8.4

9.9

11.3

12.4

1973

1974

IV QIV '73-QIV '74 1975

I II

III

I II

9.4

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.

CHART 1

CONFIDENTIAL (FR) CLASS II-FOMC

9/17/76

MONETARY AGGREGATES NARROW MONEY SUPPLY M1

BILLIONS OF DOLLARS S320

300

280

V (9/8/76) I 4% growth

BROADER MONEY SUPPLY M 2

(9/8/76)

growth

I 1975

1976

A 1976

CHART 2

9/17/76

MONETARY AGGREGATES ADJUSTED CREDIT PROXY

BILLIONS OF DOLLARS

540

520

500

II l

II.

I i BILLIONS OF DOLLARS

-1

NONBORROWED

1975

1976

Total and nonborrowed reserve series have been adjusted to remove discontinuities associated with changes in reserve requirement ratios

CHART 3

9/17/76

MONEY MARKET CONDITIONS AND INTEREST RATES MONEY MARKET CONDITIONS

PERCENT - 8

INTEREST RATES Short-term

WEEKLY AVERAGES

F.R. DISCOUNT RATE

PERCENT 10

INTEREST RATES WEEKLY

FUNDS. RATE

RESERVES

1975

1976

1975

1976

1975

1978

Table 1

CONFIDENTIAL (FR)

MONETARY AGGREGATES

SEPT.

CLASS 11-FOMC

17, 1976

ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED Adjusted Total Credit U.S Govt. Proxy Deposits

Money Supply Narrow Broad (M 1) (M2)

Period

303.1 304.8 306.3 1307.7)

700.3 707.6 713.4 (720.4)

Time and Savings Deposits Other Than CD'S Savings Other

Total

CD'S

Nondeposit Member Sources of US Govt Funds Depo si

8.4 6.8 8.9 8.2)

3.7 2.7 3.9 3.2)

MONTHLY LEVELS-SBIL 1976--JUNE JULY AUG. SEPT. t

522.3 523.6 522.6 1522.7)

(

467.9 472.4 471.4 (474.81

9.8 9.0 13.8 13.0)

397.3 402.8 407.1 (412.7)

179.4 181.1 184.4 (187.6)

217.9 221.7 222.7 (225.1)

(

70.6 69.6 64.3 62.0)

ANNUAL GROWTH QUARTERLY 1976--15T QTR. 2ND QTR. 3RD QTR.

(

4.3 6.8 6.1)

2.6 8.4 4.8)

11.5 9.9 11.5)

(

1.2 4.9 0.31

2.3 2.4 3.6)

(

5.4 8.2 5.91

(

17.1 12.4 15.5)

7.8 6.3 7.8)

(

15.9 13.7 13.9)

15.1 11.5 -2.5 8.7)

(

3.0)

32.4 13.6 18.3)1

5.6 11.3 13.2)

(

-47.3 -13.7 -48.7)

6.7 7.0 14.7)

-29.3 -30.6 ( -27.4)

(

42.2 -17.0 -91.4 -42.91

(

-65.5)

QUARTERLY-AV 1976--15T OTR. 2ND QTR. 3RD QTR.

10.1 11.3 9.9)

(

-0.8 6.7 5.9 5.5)

5.3 12.5 9.8 11.8)

(

16.3 3.0 -2.3 0.2)

(

5.7)

10.9)

(

-1.0)

28.3 21.7 13.2)

(

10.4 16.6 12.8 16.5)

0.0 11.4 21.9 20.8)

(

19.0 20.9 5.4 12.9)

(

14.7)

(

21.51

(

9.2)

MONTHLY 1976--JUNE JULY AUG. SEPT. AUG.-SEPT. WEEKLY

LEVELS-$BIL

1976-AUG.

SEPT.

NOTE! 1/ P -

4 11 18 25 1 8 P

305.5 306.3 307.3 306.4

710.3 712.0 714.1 714.7

523.4 522.8 523.0 521.9

11.0 11.4 12.7 16.5

471.3 471.1 471.2 471.8

404.8 405.7 406.9 408.3

182.7 183.6 184.2 185.0

222.1 222.1 222.6 223.3

66.5 65.4 64.4 63.5

8.7 8.7 9.2 9.3

3.0 4.4 3.7 4.2

305.8 304.1

715.4 715.6

522.5 521.4

16.0 16.0

472.3 473.6

409.5 411.4

185.8 186.8

223.8 224.7

62.8 62.2

8.6 7.9

3.7 5.7

DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONS. INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. PRELIMINARY ,

CONFIDENTIAL (F.R.) CLASS II-FOMC

TABLE 2

BANK RESERVES SEPT.

ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED BANK RESERVES Period

Total Reserves

Nonborrowed Reserves

17,

1976

REQUIRED RESERVES Monetary Base

Total Required

Private Demand

Total Time Deposits

Gov't. and Interbank

11,842 12,003 11,797 (11,645)

2,327 2,198 2.356 (2,334)

MONTHLY LEVELS-SMILLIONS

1976-JUNE JULY AUG. SEPT.

PERCENT

34,335 34,387 34,560 (34,388)

34,209 34,254 34,460 (34,321)

114,653 115,150 115,806 (116,378)

(

-6.2 3.9 0.6)

-5.3 3.1 1.3)

4.6 8.8 6.0)

(

-3.8 0.8 3.3)

(

-3.2 0.5 3.2)

(

7.0 1.8 6.0 -6.0)

(

6.6 1.6 7.2 -4.8)

S 0.0)

1.2)

34,121 34,152 34,320 (34,157)

19,953 19,952 20,166 (20,177)

ANNUAL GROWTH QUARTERLY 1976--IST QTR. 2ND QTR. 3RD QTR.

-5.7 4.0 0.4)

(

-2.0 6.0 4.5)

-3.6 1.2 2.8)

(

6.9 5.2 6.8 5.9)

(

6.9 1.1 5.9 -5.7)

6.4)

(

-11.0 -1.0 -6.7)

-1.0 4.2 3.8)

(

-6.5 -4.4 -0.9)

-2.2 -0.1 12.9 0.7)

9.4 16.3 -20.b S-15.5)

S 6.8)

( -17.9)

QUARTERLY-AV 1976--1ST QTR. 2ND QTR. 3RD QTR.

5.3 8.5 S6.3)

MONTHLY 1976-JUNE JULY AUG. SEPT. AUG.-SEPT.

0.1)

WEEKLY LEVELS-SMILLIONS 1976-AUG.

SEPT.

4 11 18 25

35,020 34,226 34,725 34,490

34,863 34,104 34,640 34,423

116,017 115,397 115,966 115,899

34,584 34.262 34,388 34,242

20,231 20 076 20,170 20,145

11,935 11,886 11,790 11,730

2,418 2,301 2,428 2,366

1 8

34,531 34,293 34.538

34,438 34,247 34,477

115,849 115,763 116,668

34,225 34 021 34,207

20.248 20,115 20,219

11,686 11,659 11,640

2,291 2,247 2,348

NOTE:

RESERVE SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH CHANGES IN RESERVE REQUIREMENT RATIO. DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONS.

TABLE 3 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES ($ millions, not seasonally adjusted)

Net Purchases 3/ Period

Within 1-year

Total

Within 1-year 46 120 439 191

1 - 5

5 - 10

Over 10

539 500 434 1,510

167 129 196 1,070

1,582 1,415 1,747 6,202

273

1972 1973 1974 1975

-490 7,232 1,280 -468

789 579 797 3,284

1975--Qtr. II Qtr. III Qtr. IV

1,086 -757 1,294

1,135 712 385

454 201

171

234

315

2,079 1,096 1,006

1976--Qtr. I Qtr. II

-363 2,067

115 109

554 796

226 245

156 134

1,052 1,284

203

-42

1976--Mar. Apr. May June

513 -292 1,845

July Aug.

-2,009 1,100

1976--July

7 14 21

28 Aug.

Sept.

1/ 2/ 3/ 4/ 5/ 6/

4 11 18 25 1 8 15 22 29

Net Change

Federal Agencies

Treasury Coupons Treasury Bills Net Change 2/

CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 17, 1976

Net Purchases 4/ Over 1 - 5 5 - 10 10 592 400 1,665 824

Total

3,082 1,613

-1,358 -46 -154 1,272

-2 747 284

3,076 1,060 2,626

230 2,392 -1,403

535 240

1,022 3,371

1,256 1,654

788

758 -122 2,735

1,261 -958 1,351

----2,040

-2,334

1,484

2,093

-481 ----791 ----

-3,126 -1,003

864

288 140

108 57

140

38 40 -

294 --

990

301

72 --

-472 -783 -523 -231

301

--- --

480

-- --

----

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

-----

-- --

----

-- --

- 65

480

-- --

--- --- --- --

----

--- --- --- -526 ----238

Net RP's 6/

1,631 9,273 6,303 7,267

1,059

102 3

Outright Holdings Total 5/

--- -2,188

-13

2,499

115

-8,081

950 441

8,359 -1,510

----186

2,002

--34

-5,731 -3,133

Change from end-of-period to end-of-period. Outright transactions in market and with foreign accounts, and redemptions (-) in bill auctions. Outright transactions in market and with foreign accounts, and short-term notes acquired in exchange for maturing bills. Excludes redemptions, maturity shifts, rollovers of maturing coupon issues, and direct Treasury borrowings from the System. Outright transactions in market and with foreign accounts only. Excludes redemptions and maturity shifts. 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. Includes changes in both RP's (+) and matched sale-purchase transactions (-).

CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 17, 1976

TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS (millions of dollars)

U.S. Govt. Security Dea er Positions

Underwriting Syndicate Positions Municipal Corporate Bonds Bonds

Member Bank Reserve Positions Basic Reserve Deficit Borrowing at FRB**

1975-High Low

7,029 1,586

2,845 253

Excess** Reserves (5) 804 -42

1976--High Low

*7,932 3,668

2,060 175

655 -180

242 24

-6,686 -2,367

-12,660 - 6,908

1975--Aug. Sept.

4,020

5,008

1,204 588

195 191

211 397

-3,964 -3,551

- 9,966 - 9,015

Oct. Nov. Dec.

5,766 4,751 4,822

1,480 2,073 1,075

161 251

189 60 130

-2,644 -3,812 -2,811

- 9,202 -10,159 -10,418

1976--Jan. Feb. Mar.

4.959 5,214 5,910

1,220 1,051

232

778

223

79 81 54

-3,581 -4,138 -4,726

- 9,746 -10,015 - 9,640

Apr. May June

5,750 4,239 4,996

605 591 582

155 214

43 114 127

-5,179 -4,402 -4,219

-10,783 - 8,151 - 9,158

July Aug.

5,743 6,174

904 1,686

234 247p

132 100p

-4,756 -4,624

- 9,399 - 9,691

7 14 21 28

5,263 5,630 5,744 6,232

1,264 1,015 619 817

146 139 13 19

562 29 228 32

124 177 59 159

-5,006 -5,958 -3,917 -3,805

- 7,760 -11,101 - 9,724 - 8,875

4 11 18 25

6,201 6,103 5,478 *5,856

977 2,060 1,960 *1,602

32 110 124 75

436 -36 337 248p

157 122 85 67p

-3,598 -4,575 -4,469

- 8,908 -11,321 -10,744 - 8,941

1 8 15 22 29

*7,539 *7,932 *7,628

*1,568

2 73 130p

306p 272p 324p

-5,165 -7,122p -6,047p

- 8,016 10 0 13 , p -11,674p

Bills

Period

(1)

1976-July

Aug.

Sept.

Coupon Issues (2)

*1,705

*1,613

265

256

210

Total

93 p 6

4 p 61p

Seasonal

8 New York (8)

38 Others

-7,387 -1,757

-11,632 - 7,207

-5,170

(9)

NOTE: Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury securities financed by repurchase agreements maturing in 16 days or more, are indicators of dealer holdings available for sale over the near-term. Underwriting syndicate positions consist of 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) CLASS II - FOMC SEPTEMBER 17, 1976

TABLE 5 SELECTED INTEREST RATES (Per cent)

Federal Funds (1)

Period

Short-Term Treasury Bills 90-119 Day Commercial 90-Day 1-Year Paper (2) (3) (4)

CD's New Issue-NYC 60-Day (5)

90-Day (6) 7.75 5.38

Long-Term U.S. Govt. 20Yr. Constant Maturity (10)

FNMA Auction Yield (11)

GNMA Guaranteed Securities (12)

7.67 6.27

8.63 7.63

9.95 8.78

9.10 7.93

Aaa Utility Municipal Bond New Recently Issue Offered Buyer (7) (8) (9)

1975--High Low

7.70 5.13

6.68 5.02

7.31 5.46

8.43 5.38

7.88 5.25

1976--High Low

5.58 4.70

5.53 4.73

6.32 5.35

5.90 5.00

5.63 4.75

7.13 6.50

8.17 7.80

9.20 8.83

8.45 8.00

1975--Aug. Sept.

6.14 6.24

6.44 6.42

7.16 7.20

6.59 6.79

6.31 6.44

7.17 7.44

8.50 8.57

9.41 9.78

8.75 8.97

5.82 5.22 5.20

5.96 5.48 5.44

6.48 6.07 6.16

6.35 5.78 5.88

6.08 5.69 5.65

6.45 6.03 5.83

7.39 7.43 7.31

8.35 8.28 8.23

9.80 9.80 9.31

8.87 8.50 8.56

1976--Jan. Feb. Mar.

4.91 4.84 5.05

5.03 5.06 5.20

7.07 6.94 6.92

8.01 8.03 7.97

9.10 9.06 9.05

8.37 8.29 8.30

Apr. May June

4.81

5.25 5.55

4.94 5.38 5.68

6.60 6.87 6.87

7.86 8.13 8.03

8.89 9.09 9.13

8.10 8.33 8.35

9.05 8.99

8.37 8.30

Oct. Nov. Dec.

9.80 8.89

9.45 9.20 9.36

9.71 9.06

9.43 9.26 9.21

July Aug.

5.31 5.29

5.23 5.14

5.82 5.64

5.54 5.35

5.30 5.23

5.42 5.31

8.63 8.52

8.63 8.50

6.79 6.61

8.00 7.91

1976--July

5.37 5.27 5.30 5.28

5.38 5.21 5.20 5.19

6.03 5.75 5.79 5.78

5.75 5.60 5.50 5.40

5.50 5.25 5.25 5.20

5.63 5.38 5.38 5.30

8.58 8.53 8.66 8.72

8.57 8.55 8.68 8.69

6.78 6.78 6.77 6.73

7.98 7.96 8.03 8.03

4 11 18 25

5.36 5.25 5.29 5.28

5.15 5.18 5.15 5.13

5.74 5.67 5.63 5.63

5.38 5.38 5.38 5.35

5.20 5.25

5.30 5.35

8.60 8.49

6.65 6.60

7.99 7.93

9.01

5.25

5.30

8.46

6.60

5.20

5.30

8.47

8.44

6.58

7.89 7.86

8.97

1 8 15 22 29

5.28 5.25 5.22

5.09 5.10 5.12

5.57 5.54 5.56

5.30 5.38 5.38

5.10 5.13 5.13

5.22 5,25 5.30

8.38 8,28 8.30p

8.38 8.35 8.34p

6.52 6.52 6.50

7.82 7.81 7.8 2 p

5.25 5.22 p

5.12 5.10

5.56 5.53

5.38 5.38

Aug.

Sept.

Daily-- Sept. 9 16

9.05 9.04

8.92

8.41 8.34 8.34 8.37 8.37 8.37 8.27 8.25 8.25 8.13 8.13

7.81 7.81(9/15)

NOTE: Weekly data for columns 1 to 4 are statement week averages of daily data. Columns 5 and 6 are 1-day Wednesday quotes (prior to 1976, figures shown are for 60-89 day and 90-119 day ranges, respectively). For columns 7 and 10, the weekly date is the mid-point of the calendar week over which data are averaged. Columns 8 and 9 are 1-day quotes for Friday and Thursday, respectively, following the end of the statement week. Column 11 gives FNMA auction data for Monday preceding the end of the statement week. Column 12 is a 1-day quote for the Monday preceding the end of the statement week. The FNMA auction yield is the average yield in bi-weekly auction for short-term forward commitments for Government underwritten mortgages. GNMA yields are average net yields to investors on mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying the coupon rate 50 basis points below the current FHA/VA ceiling.

APPENDIX TABLE 1-A

MONEY AND CREDIT AGGREGATE MEASURES

SEPT.

17,

1976

Period

12 (Per cent annual rates of growth) ANNUALLY:

6.7 7.1 -0.4

6.0 9.2 1.3

10.5 10.2 3.9

1ST HALF 1975 2ND HALF 1975

-1.2 0.3

1.7 0.9

IST HALF 1976

-1.2

3RD QTR. 1975 4TH QTR. 1975 1ST QTR. 2NO QTR.

1973 1974 1975

I I I 13.8 9.2 4.4

6.0 4.7 4.1

8.8 7.2 8.5

4.5 3.1

4.2 4.5

5.6 2.6

9.8 6.8

-1.2

3.1

4.9

5.6

-0.8 1.4

-2.8 4.5

-0.8 7.0

4.2 4.6

-6.2 3.9

-5.3 3.1

1.2 4.9

11.9 8.9 9.7

11.6 10.6 6.4

10.6 9.0 9.7

11.9 10.1

6.9 5.7

9.9 9.2

9.5 10.0

9.4 9.5

10.8

12.1

6.3

9.2

8.6

8.8

3.6 1.6

6.5 7.0

10.7 9.3

3.0 8.4

8.1 10.0

8.6 11.3

7.5 11.3

5.5 4.3

4.3 6.8

11.5 9.9

12.6 11.3

5.0 7.6

8.4 9.8

7.7 9.3

7.7 9.8

SEMI-ANNUALLY:

QUARTERLYI

1976 1976

OUARTERLY-AV 1975 1975

0.1 0.6

-1.9 2.7

1.4 6.0

4.4 6.0

7.1 2.3

10.1 6.4

13.3 9.4

5.7 6.7

10.1 9.4

10.7 9.9

1ST OTR. 1976 2ND OTR. 1976

-3.8 0.8

-3.2 0.5

2.3 2.4

3.8 5.4

2.6 8.4

10.1 11.3

11.4 12.4

5.7 7.1

8.6 9.6

8.7 9.0

-3.1 3.9

0.0 -2.6 0.8 14.3 -1.6

-4.3 5.2 5.9 14.4 0.7

5.9 5.7 6.4 9.8

5.3 1.6 -0.8 9.0 -3.2

5.7 4.2 5.3 11.5 4.0

10.3 8.5 8.7 11.9 7.1

-0.5 4.3 7.9 11.7 5.3

5.9 8.2 9.9 12.1 7.7

7.0 6.5 10.3 14.3 8.9

6.0 5.7 10.1 14.3 9.1

-8.4 -6.9 -0.8 1.1 1.5 6.6 1.6 7.2

-0.7 3.5 0.9 3.0 -4.6 16.3 3.0 -2.3

1.2 5.7 6.1 14.9 6.4 -0.8 6.7 5.9

10.7 14.9 8.7 14.9 9.2 5.3 12.5 9.8

11.9 14.7 11.0 14.7 10.8 8.0 13.1 12.7

3.5 7.0 4.3 10.9 3.1 8.6 9.8 0.8

7.2 9.8 7.9 12.2 6.9 9.9 11.4 7.0

7.1 8.2 7.7 11.2 6.6 9.9 10.3 5.7

7.1 8.0 7.8 11.4 7.2

3RD QTR. 4TH QTR.

MONTHLYt V975-AUG. SEPT. OCT. NOV. DEC. 1976-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. P NOTESI 1/ P -

-6.3

9.7 0.8 -10.2 -6.8 -1.7 0.7 4.0 7.0 1.8 6.0 . U -

U-

-2.3

3.5 5.9 6.9 5.4 5.4 2.1 6.9 8.2 U

ADJUSTED CREDIT PROXY INCLUDES MAINLY TOTAL MEMBER BANK DEPOSITS RELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S.BANKS. BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. PRELIMINARY

SUBJECT TO RESERVE REQUIREMENTS, LOANS SOLD TO BANK-

APPENDIX TABLE 1-B

MONEY AND CREDIT AGGREGATE MEASURES SEPT.

SEASONALLY ADJUSTED, BILLIONS OF DOLLARS

Period Non borrowed

Monetary Base

Adj. Credit proxy

32,390 34,693 34.539

31,092 33, 966 34,409

96,051 104,892 110,930

449.4 495.3 514.4

34.310 34,421

34,099 34,024

108,694 108,949

34,239 34,515

34.539

34,048 34,455 34,409

1976--JAN. FEB. MAR.

34,245 34,052 34,003

APR. MAY JUNE

34,024 34,136

Total

Total Loans and Investments 5

1976

MONEY STOCK MEASURES

BANK CREDIT MEASURES

BANK RESERVES

17,

637.7 695.2 725.5

270.5 283.1 294.8

571.4 612.4 664.3

919.5 981.6 1092.9

634.9 102.2 747.2

982.9 1071.4 1175.8

1093.7 1191.0 1310.3

1132.0 1232.7 1351.9

503.3 505.5

713.8 717.2

293.2 293.6

650.6 652.9

1060.6 1068.1

729.3 731.9

1139.3 1147.1

1267.5 1274.4

1308.6 1314.8

109,279 110,287 110,930

508.0 514.1 514.4

721.0 726.9 725.5

293.4 295.6 294.8

655.8 662.1 664.3

1075.8

736.7 743.9 747.2

1156.6 1168.3 1175.8

1285.3 1300.6 1310.3

1325.9 1341.7 1351.9

34,167 33,971 33,949

111,171 111,538 112,192

514.1 515.6 516.0

727.6 731.2 735.4

295.1 296.5 298.0

670.2 678.5 683.4

1103.7 1117.2 1127.4

749.4 753.8 756.5

1182.9 1192.6 1200.5

1318.0 1327.0 1335.5

1359.9 1369.0 1377.9

34,335

33,980 34,022 34,209

113,333 113,994 114,653

517.3 515.3 522.3

738.7 742.0 743.3

301.7 303.3 303.1

691.9 697.2 700.3

1141.2 1151.5 1159.2

763.4 765.4 770.9

1212.7 1219.7 1229.8

1348.0 1355.4 1366.6

1391.0 1399.4 1411.5

34,387 34,560

34,254 34,460

115,150 115,806

523.6 522.6

747.6 752.7

304.8 306.3

707.6 713.4

1171.9 1184.3

777.2 777.7

1241.5 1248.7

1378.3 1384.8

1423.6 1430.3

33,896

34,072 34,324 34.120

34,265 33.961

115,001 115,189 115,102

523.1 526.6 524.3

304.6 306.0 304.7

706.9 709.0 709.0

777.4 778.7 777.3

4 11 18 25

35,020 34,226 34,725 34,490

34,863 34,104 34,640 34,423

116,017 115,397 115,966 115,899

523.4 522.8 523.0 521.9

305.5 306.3 307.3 306.4

710.3 712.0 714.1 714.7

776.8 777.4 778.5 778.2

34,531

34,438 34,247

115,849 115,763

522.5 521.4

305.8 304.1

715.4 715.6

778.2 777.8

ANNUALLY: 1973 1974 1975

MONTmL Y t 197--AUG. SEPT.

OCT. NOV. DEC.

JULY AUG.

1086.5

1092.9

WEEKLY %

1976-JULY

AUG.

SEPT.

14 21

IP 8P

34.293

I I I I I I I ADJUSTED CREDIT PROXY INCLUDES MAINLY TOTAL MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS, LOANS SOLD TO BANKRELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S.BANKS. WEEKLY DATA ARE DAILY AVERAGES FOR STATEMENT WEEKS. MONTHLY DATA ARE DAILY AVERAGES. WEEKLY DATA ARE NOT AVAILABLE FOR M3, M5, M6, M7, TOTAL LOANS AND INVESTMENTS AND THRIFT INSTITUTION DEPOSITS. 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY

NOTESt

SEPT. 17,

APPENDIX TABLE 2-A

1976

COMPONENTS OF MONEY STOCK AND RELATED MEASURES Period period

Currey JCurw*ey

Deposits

Total

Tlime end Savings Deposits Sn os Other Than CD's Other

Total 1

ANNUALLY

8.1 10.2 8.7

1973

1974 1975

Svins

ther

Credit Union Shares-l/

2.8 7.0 17.8

lb.7 11.2 8.2

7.8

13.4 10.4

18.2 16.0

10.0 6.1

Savings Bonds/

Short USGTerm Scrities I/

I 9

6 7 8 5 (Per cent annual rates of growth)

11.4 9.4 12.2

16.2 15.0 7.9

Mutual Savings & Bank IUinUScurits SL CD's Shares

ommercial Paper-/ 12

8.5 5.6 15.8

13.8 12.1 20.2

4.9 4.8 6.2

31.3 11.9 19.5

39.3

-12.7 -2.9

15.2 15.2

20.9 17.6

5.7 6.5

6.7 31.3

5.7 -6.5

0.3

15.9

-24.2

45.6 41.4 -7.7

9.1 -0.5

SEMI-ANNUALLYs 1S5 MHLF 1975 2ND HALF 1975

9.4 7.6

1ST HALF 1976

10.6

6.9

15.0

23.6

8.5

-29.7

14.0

16.8

6.3

3RD QTR. 1975 4TH QTR. 1975

5.6 9.4

2.6 12.9

8.9 11.6

15.6 15.8

3.9 8.2

-23.8 19.2

17.4 12.5

17.0 17.6

6.8 6.0

19.2 41.3

1ST QTR. 1976 2ND OTR. 1976

10.9 10.0

5.4 8.2

17.1 12.4

32.4 13.6

5.6 11.3

-47.3 -13.7

14.3 13.2

16.8 16.1

6.5 5.9

-3.6

4.7 9.7

12.7 9.8

18.9

8.0 6.6

-27.5 9.5

18.2 14.0

18.6 16.5

6.8 6.1

26.4 23.5

-23.7

14.4

9.8 11.7

7.8 6.3

15.9 13.7

28.3 21.7

6.7 7.0

-29.3 -30.6

13.4 13.8

17.1 16.4

6.6 5.9

12.3 0.0

9.7 17.1

1975-AUG. SEPT. OCT. NOV. DEC.

10.1 1.7 10.0 13.2 4.9

-3.8 5.8 13.7 13.5 11.0

6.4 6.0 10.7 13.6 10.1

15.1 13.4 11.7 14.6 20.5

0.0 0.6 10.0 12.8 1.7

-48.2 4.6 27.3 13.4 16.1

17.7 14.9 13.5 12.4 11.3

19.4 15.2 18.8 14.8 18.3

5.5 5.5 7.3 5.4 5.4

27.6 -23.2 21.6 63.8 34.9

-28.5 -20.4 3.0 17.8 14.6

1976-JAN . FEB. MAR. APR. MAY JUNE JULY AUG. P

8.1 14.6 9.6 15.9 11.0 3.1 9.3 6.1

5.3 7.7 3.1 8.4 1.0

18.2 21.4 11.0 14.9 11.4 10.4 16,6 12.8

26.9 44.6 23.3 22.1 18.3 0.0 11.4

12.1 4.0 0.6 9.6 5.1 19.0 20.9 5.4

-53.6 -57.6 -36.6 -27.9 -53.8 42.2 -17.0 -91.4

13.4 14.7 14.2 14.1 13.3 11.7 13.9 17.9

18.0 10.7 21.1 13.8 13.7 20.3 10.0 13.2

7.1 7.1 5.3 5.3 7.0 5.2 10.4 12.0

3.6 -19.6 5.4 0.0 0.0 12.6 -8.9

8.7 5.7 8.6 17.0 25.1 27.3 13.4 2.6

7.8

QUARTERLY

11.9 7.7 Z3.6

4.2

QUARTERLY-AV 3RD QTR. 1975 4TH QTR. 1975 1ST QTR. 2ND OTR.

1976 1976

8.5 8.4

-1.0

MONTHLY

I/ P -

15.1

11.5 -2.5

21.9

II ~ I I IU I I ~ GROMTH RATES ARE BASED ON ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING PREVIOUS MONTH REPORTED DATA. PRELIMINARY.

I -

& -

-25.1 I

END OF CURRENT MONTH AMD END OF

APPENDIX TABLE 2-B

SEPT.

17,

1976

COMPONENTS OF MONEY STOCK AND RELATED MEASURES Mutual s Credit Union Savins Bank S&L Shares Bon Y S hares

g Depos and S T Tim and Savin DeposSving Currency Demand Deposits

Period

Other Than CD's

orncy

t Total 1

Savings

Other

ShortTerm U.S Gov't Sec

Commercial Paper

Total NonGov't Deposit Funds Demnd Deposi 13

ANNUALLY: 61.5 67.8 73.7

209.0 215.3 221.0

364.4 419.1 452.4

300.9 329.3 369.6

127.3 136.2 160.5

173.6 193.1 209.0

63.5 89.8 82.9

323.5 341.6 395.5

24.7 27.7 33.3

60.4 63.3 67.2

50.3 56.3 67.3

38.3 41.8 41.6

6.6 8.4 8.4

7.3 5.6 7.6

71.9 72.0

221.3 221.6

436.2 438.3

357.4 359.2

152.7 154.4

204.7 204.8

78.8 79.1

378.8 383.5

31.5 31.9

65.9 66.2

62.2 61.0

41.1 40.4

7.0 7.0

3.6 6.9

72.6 73.4 73.7

220.8 222.1 221.0

443.3 448.3 452.4

362.4 366.5 369.6

155.9 157.8 160.5

206.5 208.7 209.0

80.9 81.8 82.9

387.8 391.8 395.5

32.4 32.8 33.3

66.6 66.9 67.2

62.1 65.4 67.3

40.5 41.1 41.6

7.9 8.2 8.4

8.6 9.6 7.6

1976-JAN. FEB. MAR.

74.2 75.1 75.7

220.8 221.5 222.3

454.4 457.3 458.5

375.2 381.9 385.4

164.1 170.2 173.5

211.1 211.8 211.9

79.2 75.4 73.1

399.9 404.8 409.6

33.8 34.1 34.7

67.6 68.0 68.3

67.5 66.4 66.7

41.9 42.1 42.4

7.9 8.0 8.2

8.0 10.9 10.9

APR. MAY JUNE

76.7 77.4 77.6

225.0 226.0 225.5

461.7 462.1 467.9

390.2 393.9 397.3

176.7 179.4 179.4

213.6 214.5 217.9

71.4 68.2 70.6

414.4 419.0 423.1

35.1 35.5 36.1

68.6 69.0 69.3

66.7 66.7 67.4

43.0 43.9 44.9

7.5 7.6 8.4

7.2 7.4 9.8

JULY AUG. P

78.2 78.6

226.6 227.6

472.4 471.4

402.8 407.1

181.1 184.4

221.7 222.7

69.6 64.3

428.0 434.4

36.4 36.8

69.9 70.6

66,9 65.5

45.4 45.5

8.8 8.9

9.0 13.8

1973 1974 1975

MONTHLYs 1975-AUG. SEPT. OCT. NOV DEC.

WEEKLY: 1976-JULY

14 21 28

78.3 78.2 78.3

226.3 227.8 226.4

472.8 472.7 472.6

402.4 403.0 404.3

180.7 181.4 182.1

221.6 221.6 222.2

70.4 69.7 68.2

8.5 9.0 9.1

9.3 8.9 8.6

AUG.

4 11 18 25

78.4 78.7 78.6 78.7

227.1 227.6 228.6 227.6

471.3 471.1 471.2 471.8

404.8 405.7 406.9 408.3

182.7 183.6 184.2 185.0

222.1 222.1 222.6 223.3

66.5 65.4 64.4 63.5

8.7 8.7 9.2 9.3

11.0 11.4 12.7 16.5

78.6 79.0

227.2 225.1

472.3 473.6

185.8 186.8

223.8 224.7

62.8 62.2

8.6 7.9

16.0 16.0

SEPT.

. 1/ 2/ P -

1P 8P

--- 409.5 411.4

--- --

--- ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. PRELIMINARY

PREVIOUS MONTH REPORTED DATA.

Cite this document

APA

Federal Reserve (1976, September 20). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19760921

BibTeX

@misc{wtfs_bluebook_19760921,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1976},
  month = {Sep},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19760921},
  note = {Retrieved via When the Fed Speaks corpus}
}