bluebooks · December 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.

Strictly Confidential (FR)

Class I FOMC

December 17,

1976

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

December 17,

1976

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS

Recent developments (1)

After expanding at a 13.7 per cent annual rate in

October, M1 remained unchanged on average during November.

Available

data for December suggest a resumption of moderate growth, and for the November-December period M1 is now projected to rise at a 2.1 per cent annual rate--somewhat below the Committee's operating range. Despite the efforts of some institutions to slow inflows of high-cost term funds by cutting rates or reducing advertising, growth of savings

and

consumer-type time deposits at banks and thrift institutions has

continued at a rapid pace.

Indeed, growth of time and savings deposits

(excluding CD's) at commercial banks is running somewhat stronger than anticipated, and thus M2 is expected to increase at an 11.2 per cent rate in the November-December period--near the midpoint of the range specified by the Committee.

With large CD's and interbank deposits

also rising unexpectedly and adding to the demand for reserves, nonborrowed reserves appear to be increasing at a 7.5 per cent rate over the two-month policy period.1/

1/ Appendix A contains a discussion of the actual behavior of nonborrowed reserves in the weeks between the November and December

meetings relative to the behavior that was expected to be consistent with the Committee's short-run ranges for monetary growth.

Growth in Monetary Aggregates over November-December Period (SAAR in per cent) Ranges

3 to 7

9½ to 13½

Memo: Federal funds rate (Per cent per annum)

Latest Estimates

2.1 11.2 Avg. for statement week ending Nov. 17 5.02 24 4.90 Dec. 1 4.78 8 4.67 4.68 15

(2) Data available shortly after the November meeting indicated that while M2 growth would be around the mid-point of the range set by the Committee, M1 growth would be in the lower half of its range. Consequently, the Desk proceeded to implement the Committee's directive by seeking a reduction in the Federal funds rate from the prevailing level of 5 per cent--first to 4-7/8 per cent and then to 4¾ per cent. As December progressed, incoming data suggested a further weakening in M 1 growth, and the Desk became somewhat more accommodative in the provision of reserves.

Most recently the Desk has been seeking reserve

conditions consistent with a Federal funds rate around 4-5/8 per cent. (3) Market rates of interest have declined sharply since the November Committee meeting, reaching lows for the current cycle. Yields on most short-term instruments have dropped about 40 to 60 basis points, and bond yields have eased roughly 30 basis points. Much of the impetus for the market rally was supplied by System actions: the lowering of the Desk's funds rate objective and the quarter-point

cut in the discount rate announced on November 19.

Expectations

of additional easing actions by the System, fostered by evidence of sluggish growth in M1 and slow economic expansion, also contributed to the rally.

The prime lending rate at most commercial banks has declined

from 6½ to 6¼ per cent, and one major institution has posted a 6 per cent rate.

In the mortgage sector, secondary market rates have

fallen in sympathy with other yields, but rates on new home loans in the primary market have been stable.

Stock prices have risen signifi-

cantly since the November meeting. (4)

In November, total short-term business credit--that is,

business loans plus nonfinancial commercial paper--rose substantially for the second consecutive month.

At the same time, public bond offerings

by domestic corporations fell to the lowest level of the year.

December, however, the volume of such offerings rebounded, partly because of the decline in interest rates.

Tax-exempt bond offerings

have remained at a high level, reflecting in part some acceleration of planned borrowings.

In the Government sector, the Treasury has borrowed

$6 billion, net, since the November meeting, primarily through an addition to the November 2-year note and the sale of 4-year notes and 132-day cash management bills. (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.

-4Calendar Year

Twelve Months Nov. '76

Past Six Months Nov. '76

Past Three Months Nov. '76

Past Month Nov. '76

1975

over Nov. '75

over May '76

over Aug. '76

over Oct. '76

Nonborrowed reserves

1.3

1.1

4.7

4.6

14.9

Total reserves

-.4

1.1

4.4

4.3

14.1

Monetary Base

5.8

6.9

7.4

10.3

M 1 (currency plus demand deposits) 1/

4.1

4.8

4.2

4.4

0.0

M 2 (M1 plus time deposits at commercial banks other than large CD's)

8.5

10.6

10.4

11.9

10.3

11.3

12.6

12.8

13.9

11.6

M 4 (M2 plus CD's)

6.4

6.7

7.9

9.8

9.3

M5 (M3 plus CD's)

9.7

10.0

11.0

12.4

11.1

Total member bank deposits (bank credit proxy adj.)

3.9

7.4

9.1

13.2

Loans and investments of commercial banks 2/

4.4

5.9

7.6

9.2

9.4

Large CD's

-.6

-1.6

-1.0

-0.8

0.1

Nonbank commercial paper

-.2

0.2

-.1

-.5

0.1

Concepts of Money

M 3 (M2 plus deposits at thrift institutions)

Bank Credit

Short-term Market Paper (Monthly average change in billions)

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 are three sets of short-run specifications for the monetary aggregates and the Federal funds rate.

detailed data, including longer-run growth rates, are shown in the tables on pp. 5a and 5b.

Alt. A

Alt. B

3-7

2½-6½

Alt. C

Ranges for December-January M1

M2 Federal funds rate (Intermeeting period)

9½-13½ 3¾-4½

9-13 4¼-5

2-6

8½-12½ 4¾-5½

(7) Alternative B assumes that prevailing money market conditions--indexed by a Federal funds rate around 4-5/8 per cent-would be maintained between now and the next Committee meeting.

in the December-January period would, in consequence, be expected to expand in a 2½-6½ per cent annual rate range.

The mid-point of that

growth range is close to the average rate of growth in M1 over the past six months--a period when the rate of expansion in nominal GNP had slowed.

A faster growth in M 1 is expected to develop later in the

winter in reflection of the pick-up in economic expansion that is currently projected by the staff. (8) A continued sizable increase in M 2 would be expected over the next few weeks, given prevailing money market conditions. Growth in M 2 for the December-January period is projected in a 9-13

-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

1976

November December January

309.8 310.9 312.4

309.8 310.9 312.1

309.8 310.9 311.9

732.0 739.4 746.4

732.0 739.4 745.6

732.0 739.4 744.7

1223.4 1236.3 1249.5

1223.4 1236.3 1248.0

1223.4 1236.3 1247.0

1976

QIII

QIV

305.9 310.2

710.9 732.4

1182.5 1223.8

QI QII QIII

314.3 318.6 322.8

314.1 318.2 322.8

313.9

753.0 769.9 783.8

751.8 768.4 783.5

750.5 767.9 783.4

1262.4 1293.8 1320.2

1259.9 1292.0 1319.9

1258.2 1289.8 1321.7

12.1 11.4

12.1 10.1

12.1 8.6

12.7 12.8

12.7 11.4

12.7 10.4

1977

318.0

322.8

Growth Rates Monthly: 1976

December January

4.3 4.6

Quarterly Average: 1976

QIV

5.6

12.1

14.0

1977

QI QII

11.3 9.0 7.2

10.6 8.8 7.9

9.9 8.7 8.6

12.6 9.9 8.2

11.8 10.2 8.6

11.2

QIII

4.8 5.2 6.0

Semi-annual QIII '76-QI '77 QI '77-QIII '77

5.2 5.7

11.8 8.2

11.5 8.4

11.1 8.8

13.5 9.2

13.1 9.5

12.8 10.1

Annual QIII '76-QIII '77

5.5

10.3

10.2

11.6

11.8

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

4 -6

9-11

10.0

9.9

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

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

1976

November December January

794.0 802.7 809.3

794.0 802.7 808.4

794.0 802.7 807.6

1285.5 1299.5 1312.3

1285.5 1299.5] 1310.8

1285.5 1299.5 1309.8

534.4 537.8 541.6

534.4 537.8 541.0

534.4 537.8 540.5

1976

QIII

776.3 794.9

1247.9 1286.2

523.2 533.6

815.9 833.1 849.2

814.7 831.9 848.9

813.3 829.4 847.5

1325.2 1357.0 1385.6

1322.8 1355.5 1385.3

1320.9 1352.2 1385.8

545.5 555.1 567.2

544.7 554.4 567.0

543.7 552.3 565.6

13.1 9.9

13.1 8.5

13.1 7.3

QIV 1977

QI QII

QIII Growth Rates Monthly: 1976

December January

13.1 11.8

13.1 10.4

13.1 9.5

7.6 7.1

7.6 6.0

Quarterly Averages:

1976

QIV

1977

QI QII QIII

Semi-annual QIII '76-QI '77 QI '77-QIII '77 Annual QtII '76-QIII '77

9.6

12.3

8.0

10.6 8.4 7.7

10.0 8.4 8.2

9.3 7.9 8.7

12.1 9.6 8.4

11.4 9.9 8.8

10.8 9.5 9.9

8.9 7.0 8.7

8.3 7.1 9.1

7.6 6.3 9.6

10.2 8.2

9.9 8.4

9.5 8.4

12.4 9.1

12.0 9.4

11.7 9.8

8.5 8.0

8.2 8.2

7.8 8.1

9.4

9.2

11.0

11.1

8.4

8.1

-6per cent annual rate range.

This reflects continued rapid expansion

in time and savings deposits other than money market CD's at banks. The rate of growth in such deposits, however, is not expected to accelerate from the pace of recent months despite recent declines in market interest rates, as banks appear to be in process of lowering offering rates on certain time certificates. (9) Basically, credit demands over the next few weeks and into early 1977 are likely to be generally moderate

and will probably

have little net impact on the current level of market rates.

Market

participants, however, remain quite sensitive to possible monetary actions.

For example, with the 3-month bill rate about 35 basis points

below the funds rate

and dealer holdings of securities large,

it appears that the market is expecting a lower funds rate.

Thus, if

the funds rate does not decline further, there could be a technical re-adjustment in rate structure.

Bill rates could rise somewhat.

the other hand, the primary mortgage rate is likely to decline over the next few weeks--even assuming no change in the funds rate--in lagged response to earlier declines in market rates. (10)

As time goes on, and the pace of economic activity

picks up, private credit demands are likely to strengthen.

Treasury

borrowing needs in the first quarter will be substantial and perhaps

more than the market is currently anticipating.

Against this back-

ground, we would expect interest rates to begin rising by spring of next year if growth in M1 is kept to around the mid-point of the

-74½-6½ per cent range adopted by the FOMC for the QIII '76-QIII '77 period.

If growth in GNP during the first three quarters of 1977 is

at about the 11 per cent annual rate projected by the staff on the assumption that taxes are cut, we would anticipate that the funds rate may rise to an average of around 6 per cent in the third quarter of next year, as shown in appendix table II. On the other hand, if there were no additional fiscal stimulus, we would expect a smaller rise in interest rates from current levels--perhaps an increase in the funds rate to 5¼ per cent or so by the third quarter.

This would of

course,mainly reflect the weaker expansion in nominal GNP

and

transactions demand for money. (11)

Alternative A involves an easing of the money market

between now and the next Committee meeting, with the funds rate dropping to the mid-point of a 3¾-4½ per cent range.

Further declines

in market rates are likely to be generated, though such declines will be limited if incoming economic evidence continues to suggest a more vigorous economy and therefore leads market participants to believe that interest rates may soon rise.

Banks, in such circumstances,

may seek to issue money market CD's more aggressively--particularly longer maturities--in an effort to lock in favorable yields.

And

corporate and municipal borrowers may continue to accelerate marketings of new bond issues. (12)

An easing of the money market would generate only

slightly more growth in M1 and M2 over the December-January period than under alternative B. However, the lower level of market rates

will, with a lag, tend to strengthen the demand for money further. Thus, M1

growth over the longer-run would likely be higher than the

mid-point of the Committee's one-year range.

As a result, to contain

growth within desired bounds interest rates under this alternative may have to rise to somewhat higher levels than under alternative B and the rise may begin sooner. (13)

Alternative C contemplates a tightening in the money

market over the next few weeks, with the funds rate rising to around 5-1/8 per cent.

A substantial upward re-adjustment of market rates

would be likely to follow, since most market participants appear to have adjusted their current positions to expectations that the funds rate will either decline or remain about unchanged over the near-term. The 3-month bill rate, for example, might move up to the area of 5-5¼ per cent.

After the initial reaction, however, further rate increases

might be quite limited.

Some rate increases, particularly in longer-

term markets, could be partly reversed as the funds rate tended to level off at the new higher level.

The staff would expect that little

further increase in the funds rate would, in practice, be required to achieve the FOMC's longer-run monetary growth rates.

Proposed directive (14)

Given below is a proposed operational paragraph for the

directive if the Committee wishes to continue formulating its instructions in terms of desired growth in monetary aggregates over the months ahead.

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 achieve bank reserve and money market conditions consistent with moderate growth in monetary aggregates over the period ahead. (15)

Should the Committee desire to place main emphasis on

bank reserve and money market conditions, the language needed would depend on the specific conditions sought.

Three alternative "money

market" directives intended to correspond to the similarly lettered policy alternatives are given below. Alternative "Money Market" Proposals Alternative A To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to achieve SOMEWHAT EASIER bank reserve and money market conditions [DEL: consistent with moderate growth

inmonetary aggregates]

-10over 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 achieve]MAINTAIN PREVAILING bank reserve and money market seeks to [DEL: aggregates] monetary in consistent with moderate growth conditions [DEL: over the period IMMEDIATELY ahead,

PROVIDED THAT MONETARY 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 Committee seeks to achieve SOMEWHAT FIRMER bank reserve and money market consistent with moderate conditions [DEL: over the period IMMEDIATELY ahead,

growth in monetary aggregates] 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 December 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.

Actual 1/ (2+3)

(4-5)

34,879

34,619

260

Required reserves

34,701

34,448

253

178

171

243

228

Free reserves

Member bank borrowing

(6+7)

Differences

Nonborrowed reserves

Excess reserves

(1+5)

Targeted

34,944

34,676

268

Currency

83,436

83,510

-74

Monetary base

118,380

118,186

194

Total reserves

As can be seen from the table, actual nonborrowed reserves were $260 million higher than the "targeted" level.

This developed

as the Desk provided the reserves required to support unexpected increases in negotiable CD's and interbank deposits. Total reserves and the monetary base were also higher than expected.

But the monetary base was somewhat nearer the targeted

level, as currency expanded less than expected.

Includes week of December 22,

which is

partly estimated.

Appendix Table I Reserve Measures Consistent With Short-run Alternatives (seasonally adjusted)

Alt. A

Alt. B

Alt.

Alt. A

-65

Alt. B -101

34,814

34,778

34,725

273

250

225

34,852

34,829

34,804

-92

Monetary base1/

119,198

119,176

119,150

818

796

Nonborrowed monetary base

119,160

119,125

119,071

845

810

Nonborrowed reserves Member bank borrowing Excess reserves

2-month Annual Percentage Growth Rate for Dec.-Jan.

Change from average of previous 5-week period ($ million)

Average of 4 weeks Dec. 29 to Jan. 19 ($ million)

-27

Alt.

Alt. A

Alt.

1.5

0.9

0.1

0.8

0.3

-0.1

770

7.5

7.4

7.3

756

7.8

7.6

7.3

-154

-14

-18

Other reserve aggregates: Total reserves

-115

-140

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

Appendix Table II Projected Federal Funds Rates Alt. A

Alt. B

Alt. C

1976

QIV

4-7/8

1977

4-3/8

4-5/8

5-1/8

QII

QIII

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

M 1973

3.6

7.4

7.3

9.2

8.4

10.3

6.4

9.9

8.2

9.8

8.5

10.1

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

5.3

6.0

9.0

9.6

8.4

8.9

5.3

5.6

6.9

7.4

5.7

6.5

III

3.0

4.2

5.5

6.4

5.2

5.6

4.7

4.0

6.6

6.4

7.2

6.5

QIV '73-QIV '74

4.7

5.0

7.2

7.7

6.8

7.1

1975

1.4

0.6

6.9

5.6

9.0

7.5

9.7

7.4

III

3.6

7.1

6.5

1.6

2.3

7.0

QIV '74-QIV '75

4.1

4.4

1976

4.5

2.7

6.8

8.4

9.3

III

4.1

10.3

1974

M-

10.2

14.5

12.6

10.1

10.7

13.3

6.4

9.3

9.4

8.5

8.3

11.3

11.1

11.0

9.7

12.3

11.2

10.8

11.0

12.0

9.2

13.1

11.6

12.5

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

MONETARY AGGREGATES NARROW MONEY SUPPLY

12/17/76

BILLIONS OF DOLLARS 1 320

III II

BROADER MONEY SUPPLY M2

740

730

720

710

700 1975

1976

0 1976

CHART 2

12/17/76

MONETARY AGGREGATES ADJUSTED CREDIT PROXY

BILLIONS OF DOLLARS

-540

S520

-500

I I

0I 0

RESERVES

BILLIONS OF DOLLARS

NONBORROWED 33

S. 1975

1976

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

12/17/76

CHART 3

MONEY MARKET CONDITIONS AND INTEREST RATES MONEY MARKET CONDITIONS

F.R. DISCOUNT RATE

INTEREST RATES Long-term

PER CENT -1 B

-4

FEDERAL FUNDS RATE

1975

1978

1975

1976

1975

1976

PER CENT

Table 1

CONFIDENTIAL (FR) CLASS II-FOMC

MONETARY AGGREGATES

17, 1976

DEC.

ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED Money Supply Narrow Broad (M2) (MI)

Period

Total

Time and Savings Deposits Other Than CCD' s Total total h 8

Nondeposit Member Sources of U. Funds uvinnd Depositsi Dp0Sits 9

LEVELS-SBIL

1976--SEPT. OCT. NOV. DEC. I

Total U.S. Govt. eposits

1 MONTHLY

Adjusted Credit Proxy

306.3 309.8 309.8 1310.9)

716.4 725.8 732.0 4739.41

(537.8)

6.8 4.1 6.0)

(

9.3 10.3 12.8)

4.9 0.9 10.9)

(

8.4 4.1 5.6)

(

10.8 9.2 12.1)

(

2.4 3.8 8.0)

(

-0.4 13.7 0.0 4.3)

(

9.5 15.7 10.3 12.1)

(

2.3 11.7 13.2 7.6)

(

2.1)

(

11.2)

(

10.4)

523.5 528.6 534.4 (

13.1 13.9 13.5 9.4)

472.5 478.0 484.2 (491.8)

410.1 416.0 422.2 t428.5)

187.9 192.6 196.8 1201.3)

222.2 223.5 225.4 (227.3)

11.3 15.0 17.9)

(

13.6 19.0 28.5)1

9.5 11.7 9.2)

(

-14.2 -46.5 5.1)

(

12.5 13.2 17.01

21.7 13.4 26.9)

(

5.1 12.7 8.9)

(

-30.6 -26.2 -18.9)

(

22.8 30.0 26.2 27.4)

12.0 7.0 10.2 10.1)

(

-37.3 -7.7 1.9 21.3)

(

27.1)

(

10.2)

11.61

62.4 62.0 62.1 (63.2)

(

8.2 9.0 9.1 8.9)

(

3.8 3.4 4.5 2.9)

ANNUAL GROWTH QUARTERLY 1976--2ND QTR. 3RD QTR. 4TH QTR.

(

7.3 5.7 16.3)

(

5.3 7.1 12.2)

9.7 14.0 15.6 18.8)

(

16.9 17.3 17.9 17.9)

7.3)

18.0)

QUARTERLY-AV 1976--2ND QTR. 3RD QTR. 4TH QTR. MONTHLY 1976--SEPT. OCT. NOV. DEC. NOV.-DEC. WEEKLY

LEVELS-sBIL

1976-NOV.

DEC.

NOTE: 1/ P -

3 10 17 24 1 8 P

310.2 310.5 310.8 307.6

728.9 731.1 732.5 731.0

532.6 531.7 535.0 534.4

14.9 15.4 14.2 12.2

480.1 482.1 483.7 485.8

418.8 420.6 421.6 423.4

194.6 196.0 196.7 197.6

224.2 224.6 225.0 225.8

61.3 61.5 62.0 62.4

9.5 8.7 8.6 9.4

4.0 4.4 5.3 5.0

310.4 311.2

735.2 737.5

537.1 538.1

11.8 8.9

487.6 489.5

424.8 426.4

198.3 199.9

226.5 226.5

62.7 63.1

9.4 8.9

3.5 4.0

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

RESERVE

BANKS.

CONFIDENTIAL (F.R.) CLASS II-FOMC

TABLE 2 DEC.

BANK RESERVES

17,

1976

ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED BANK RESERVES Period

Total Reserves

RESERVES

_REQUIRED

Nonborrowed Reserves

Monetary Base

Total Required

Private Demand

116,201 116,891 117,899 (118,678)

34,159 34,(67 34,Z21 (34,634)

20,153 20,131 20,336 12C 092)

Total Time Deposits

Gov't. and Interbank

MONTHLY

LEVELS-SMILLIONS

PERCENT

ANNUAL

34,298 34,393 34,819 (34,825)

34,360 349487 34,891 (34,8971

1976--SEPT. OCT. NOV. DEC.

11,653 11,695 11,749 (11920)

2,353 2,441 2,537 I 2,b22)

GROWTH

QUARTERLY 1976--2ND QTR. 3RD OTR. 4TH QTR.

3.9 0.3 S6.3)

(

3.1 1.0 6.11

0.5 3.0 4.11

(

8.8 5.4 8.5)

(

4.0 0.4 5.61

1.2 2.8 3.5)

6.0 4.0 -1.2)

-1.0 -6.4 ( 9.2)

QUARTERLY-AV

0.8 3.0 3.9)

1976-2ND QTR. 3RD OTR. 4TH QTR.

(

8.5 6.0 7.3)

(

4.2 3.6 1.9)

-4.4 -0.b -1.0)

MONTHLY 1976-SEPT. OCT. NOV. DEC. NOV.-DEC.

WEEKLY

-4.4 3.3 14.9 0.2)

4.5 7.1 10.3 7.9)

7.1)

7.5)

9.2)

-5.5 3.8 12.4 0.5)

(

6.4)

-14.6 4.3 5.5 S 17.5)

-0.8 -1.3 12.2 -14.4)

-1.2)

(

11.5)

LEVELS-SMILLIONS 1976-NOV.

DEC.

NOTE:

-5.7 4.4 14.1 0.2)

3 10 17 24

34,920 34,422 35,233 34,631

34,718 34,372 35,179 34,587

117,674 117,216 118,184 117,753

34,459 34,400 34,799 34,486

20,22B 20,266 20,509 20,279

11,698 11,714 11,726 11,778

2,532

1 8 15

35,331 34,641 35,234

35,243 34,616 35,166

118,644 117,898 118.862

34,913 34,467 34,805

20,333 19,673 20,286

11,806 11,859 11,899

2,774 2,735 2.619

2,418

2,564 2,429

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

RATIO.

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

TABLE 3 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES-1/ ($ millions, not seasonally adjusted)

Treasury Coupons Net Purchases 3/ Treasury Bills Net Change 2/

Period 1972 1973 1974 1975

-490 7,232 1,280 -468

1975--Qtr. III Qtr. IV

-757 1,294

1976--Qtr. I Qtr. II Qtr. III

-363 2,067 45 1,845

1976--June July Aug. Sept. Oct. Nov. 1976--Oct.

Nov.

Dec.

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

Within 1-year

13 74

1 - 5

Over 10

5 - 10

Total

789 579 797 3,284

539 500 434 1,510

167 129 196 1,070

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

712 385

201 234

171 315

1,096 1,006

Within 1-year

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

64 58

514 141

617

195 --

63 14

747 284

1,060 2,626

2,392 -1,403

1,022 3,371 1,398

1,256 1,654 392

2,735

1,351

-2,040 ----

65 95

480 1,077

--- --

1,484 1,954

-2,334 2,093 633

409

-1,742

115

-377

-3,930

648 255 363

-3

-13,110 10,061 -2,158 -1,797

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

418 -733

113

266

18 90 -

240 --- 85 --- 41 -

456 -

-518 -1,025 -434

-1,358 -46 -154 1,272

72 272

l 8 15 22p 29

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

990

301 580

-200 -535 92 54

1,059 864 3,082 1,613

96 --

42 129

3 10 17 24

168 101 318 138

1,052 1,284 1,557

-2,000 1,100 954

6 13 20 27

106 71

Total

S -

- -

----

- ---

Net Chang Outright Holdings Net Total 5/ RP's 6/

--- --

-199 ----535 ---91

115 ----

171 ----292 ----1,033 ----267

3,597 -4,105 -588

3,462 -6,290 3,102 3,384

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 DECEMBER 17, 1976

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

U. S. Govt. Security Dealer Positions

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

Underwriting Syndicate Positions

Corporate

Municipal

Bonds (3)

Bonds (4)

Excess**

Reserves (5)

Total (6)

Seasonal (7)

8 New York (8)

38 Others (9)

2,845 253

804 -42

509 17

74 5

-7,387 -1,757

-11,632

*8,896 3,668

2,904 175

655 -180

242 24

34 8

-8,161 -2,367

-12,744 - 6,908

1975--Nov. Dec.

4,751 4,822

2,073 1,075

251 265

60 L30

29 14

-3,812 -2,811

-10,159 -10,418

1976--Jan. Feb. Mar.

4,959 5,214 5,910

1,220 1,051 778

232 256 223

79 81 54

9 10 8

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

-10,015

Apr. May June

5,750 4,239 4,996

605 591 582

155 210 214

43 114 L27

10 11 20

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

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

July Aug. Sept.

5,743 6,174 7,838

904 1,686 1,509

234 207 205

L32 LOO 63

25 31 31

-4,756 -4,624 -5,703

- 9,399

6,271 *6,876

1,832 *2,418

221 28 9p

32 22p

-6,428 -6,289

-10,527 -11,618

Bills (1)

Coupon Issues (2)

1975--High Low

7.029 1,586

1976-High Low

Oct. Nov.

94 3 7 p

- 7,207

- 9,746 - 9,640

- 9,691

- 9,716

1976--Oct.

6 13 20 27

7,020 5,549 5,740 6,254

1,896 2,117 1,893 1,653

334 212 99 111

L01 47 48 L19

34 33 29 33

-6,718 -7,911 -5.813 -5,098

- 9,037 -11,640 -10,835 -10,484

Nov.

3 10 17 24

6.106 7.818 6,894 *6,480

1,355 2,904 2,417 *2,441

461 22 434 145

202 51 54 44

30 24 21 21

-5,730 -8,030 -7,059 -5,479

-10,276

1 8 15 22 29

*6,402 *7,927 *8,896

*2,359 *2,611 *1,932

418p 7 1 4p 487p

19p 14p 15p

-5,146 -7,067p -7,991p

-10,845 2 -1 ,375p -12,414p

Dec.

88p 25p 69p

-12,664 -11,985 -11,665

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 dificit 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

TABLE 5 SELECTED INTEREST RATES (per cent)

Federal Funds 1)

Shot-er Treasury Bills 90-119 Day Commercial 90-Day 1-Year Paper (4) (2) (3)

CD's New Issue-NYC 60-Day I90-Day (5) (6)

DECEMBER 17, 1976

Aaa Utility New Recently Issue Offered (7) (8)

Municipal Bond Buyer (9)

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

FNMA Auction Yield (11)

GNMA Guaranteed Securities (12)

1975--High Low

7.70 5.13

6.68 5.02

7.31 5.46

8.43 5.38

7.88 5.25

7.75 5.38

9.80 8.89

9.71 9.06

7.67 6.27

9.95 8.78

9.10 7.93

1976--High Low

5.58 4.67

5.53 4.37

6.32 4.65

5.90 4.65

5.63 4.40

5.75 4.50

8.95 7.93

8.94 7.94

7.13 5.95

9.20 8.51

8.45 7.60

1975--Nov. Dec.

5.22 5.20

5.48 5.44

6.07 6.16

5.78 5.88

5.69 5.65

6.03 5.83

9.20 9.36

9.26 9.21

7.43 7.31

9.80 9.31

8.50 8.56

1976--Jan. Feb. Mar.

4.87 4.77 4.84

4.87 4.88 5.00

5.44 5.53 5.82

5.15 5.13 5.25

4.91 4.84 5.05

5.03 5.06 5.20

8.70 8.63 8.62

8.79 8.63 8.61

7.07 6.94 6.92

9.10 9.06 9.05

8.37 8.29 8.30

Apr. May June

4.82 5.29 5.48

4.86 5.20 5.41

5.54 5.98 6.12

5.08 5.44 5.83

4.81 5.25 5.55

4.94 5.38 5.68

8.48 8.82 8.72

8.52 8.77 8.73

6.60 6.87 6.87

8.89 9.09 9.13

8.10 8.33 8.35

July Aug. Sept.

5.31 5.29 5.25

5.23 5.14 5.08

5.82 5.64 5.50

5.54 5.35 5.33

5.30 5.23 5.11

5.42 5.31 5.24

8.63 8.52 8.29

8.63 8.50 8.33

6.79 6.61 6.51

9.05 8.99 8.88

8.37 8.30 8.10

Oct. Nov.

5.03 4.95

4.92 4.75

5.19 5.00

5.10 4.98

4.90 4.84

5.04 4.94

8.25r 8.17

8.24 8.18

6.30 6.29

8.75 8.66

7.98 7.93

5.07 4.94 4.82 4.89

5.39 5.18 5.06 5.18

5.25 5.19 5.05 5.00

5.10 4.88 4.83 4.80

5.20 5.00 4.91 5.05

8.26 8.15 8.28 8.29

8.23 8.20 8.25 8.27

6.33 6.25 6.30 6.33

8.80

5.17 5.02 4.97 4.99

8.06 7.96 7.89 8.02

3 10 17 24

5.06 4.98 5.02 4.90

4.87 4.87 4.87 4.67

5.16 5.16 5.12 4.89

5.00 5.08 5.13 4.90

4.85 4.95 4.95 4.63

5.03 5.06 5.05 4.63

-8.31 8.24 8.05

8.23 8.28 8.18 8.04

6.34 6.39 6.26 6.16

8.67

1 8 15 22 29

4.78 4.67 4.68

4.46 4.40 4.37

4.68 4.65 4.66

4.75 4.68 4.65

4.54 4.54 4.40

4.50 4.50 4.50

7.95 7.93 7.95p

7.97 7.94 7.99p

6.03 5.96 5.95

9 16

4.69 4.65p

4.44 4.33

4.70 4.67

4.63 4.75

1976--Oct.

6 13

20 Nov.

Dec.

8.70

8.68

7.39 7.32 7.34p

8.02 8.02 8.02 7.84 7.75 7.62 7.60

4,43 7.34 7.34(12/15)

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 BANK CREDIT

BANK RESERVES 1

Total Loans

Adj. Total

on borowd

and Investments

Credit proxy

Monetary Base

"'.... .

. 1U

4 o (Per cent annual rates of growth)

1976

MONEY STOCK MEASURES

MEASURES

Period

E C.17,

M6 .. 11

ANNUALLY:

6.7 7.1

1973 1974 1975

-0.4

10.5 10.2 3.9

6.0 9.2 1.3

7.7 9.2 5.8

1.7 0.9

5.6 5.7

4.5 3.1

-1.2

6.7

3.1

11.6 10.6 6.4

10.6

6.5

8.8 6.8 11.3

9.8 6.8

11.9 10.1 11.8

9.7

10.8 8.8 10.7

11.7 9.U 10.6

6.9 5.7

9.9 9.2

10.1 10.8

10.0 10.6

5.9

8.9

9.0

10.0

11.7

8.3

9.5 9.0

10.L

5.0

U.1 9.4 9.7

9.0

SEMI-ANNUALLY: 1ST HALF 2ND HALF

1975 1975

-1.2

1ST HALF

1976

-1.2

0.3

10.3

9.4

QUARTERLY: 1975

1.4

4.5

7.3

7.0

1ST QTR. 1976 2ND QTR. 1976 3RD QTR. 1976

-6.2 3.9 0.3

-5.3 3.1 1.0

4.6 8.8 5.4

1.2 4.9 0.9

11.0 9.3 10.3

12.3 11.0 13.1

9.4

6.7

9.4

11.0

10.9

5.4 6.6 5.9

8.4 9.3 9.4

9.0 9.3

9.3

9.3 9.8 9.7

4TH QTR.

9.3

8.4 4.6

7.1

1d.1

9.0

QUARTERLY-AV 4TH QTR.

1975

0.6

2.7

5.6

6.0

6.4

1ST OTR. 2ND QTR. 3RD QTR.

1976 1976 1976

-3.8 0.8 3.0

-3.2 0.5 3.0

5.3 8.5 6.0

2.3 2.4 3.8

9.7

10.8 9.2

11.2 12.0 11.6

9.7 0.8

14.3 -1.6

11.1 7.0

14.4 0.7

11.5 4.0

11.9 7.1

11.7 5.3

12.1 7.7

14.4 8.8

15.0 9.6

-10.2 -6.8 -1.7 0.7 4.0 7.0 1.8 4.8 -5.7 4.4 14.1 U

-8.4 -6.9 -0.8 1.1 1.5 6.6 1.6 6.0 -4.4 3.3 14.9

2.6 4.0 7.0 12.2 7.0 6.9 5.2 6.5 4.5 7.1 10.3 C mU

-0.7 3.5 0.9 3.0 -4.6 16.3 3.0 -2.5 2.3 11.7 13.2

10.3 14.1 8.3 14.4

11.6 14.4 10.5 14.4 10.5 7.7 13.0 12.7 13.2 16.5 11.6

3.2 6.6 3.8 10.3 2.7 8.2 9.0 0.3 5.7 14.0 9.3

7.0 9.5 7.7 11.8

7.4 9.2 b6.0 11.6 6.9 9.8 12.0 6.3 b.4 13.6 10.1

7.5 9.0 8.1 11.9 7.8 10.7 12.3 6.2 8.2 13.4

MONTHL Y 1975-NOV. DEC. 1976-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P NOTESs 1/ P -

8.5

* a

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

4.8 11.9 9.2 9.5 15.7 10.3 I mimi

SUBJECT TO RESERVE

6.6 9.7 11.1 7.1 10.6 15.3 11.1 II

I -a a a .a REQUIREMENTS, LOANS SOLD TO BANK-

10.5

APPENDIX TABLE 1-B

MONEY AND CREDIT AGGREGATE MEASURES DEC.

SEASONALLY ADJUSTED, BILLIONS OF DOLLARS BANK CREDIT MEASURES

BANK RESERVES

17,

1976

MONEY STOCK MEASURES

Non borrowed

Monetary Base

Adj. Crdit proxy

Total Loans and Investments

32,390 34,693 34,539

31,092 33,966 34,409

96,051 104,892 110,930

449.4 495.3 514.4

637.7 695.2 725.5

270.5 283.1 294.8

571.4 612.4 664.3

919.5 981.6 1092.9

634.9 702.2 7,7.2

982.9 1071.4 1175.8

10bo., 1181.8 1308.7

1121.1 1222.a 1351.4

1975-NOV. DEC.

34,515 34,539

34,455 34,409

110,287 110,930

514.1 514.4

726.9 725.5

295.6 294.8

662.1 664.3

1086.5 1092.9

743.9 747.2

1168.3 1175.8

1299.2 1308.7

1340.7 1351.4

1976-JAN. FEB. MAR.

34,245 34,052 34,003

34,167 33,971 33,949

111,171 111,538 112,192

514.1 515.6 516.0

727.6 731.2 735.4

295.1 296.6 298.1

670.0 677.9 682.6

1103.5 1116.7 1126.5

749.2 753.3 755.7

1182.7 1192.1 1199.7

1316.8 1326.9 1335.7

1359.9 1370.1 1379.3

APR. MAY JUNE

34,024 34,136 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

301.8 303.5 303.2

690.8 695.7 698.5

1140.0 1150.0 1157.4

762.2 763.9 769.1

1211.5 1218.2 1228.0

1346.6 1356.3 1367.4

1393.0 1402.1 1414.6

JULY AUG. SEPT.

34,387 34,524 34,360

34,254 34,424 34,298

115,151 115,770 116,201

523.6 522.5 523.5

747.6 752.7 756.4

304.9 306.4 306.3

705.4 716.8 716.4

1169.9 1182.3 1195.3

774.9 775.1 778.8

1239.4 1246.7 1257.7

1361.1 1388.3 1398.0

1429.1 1436.5 1446.3

OCT. NOV. P

34,487 34,891

34,393 341819

116,891 117,899

528.6 534.4

764.1 770.1

309.8 309.8

725.8 732.0

1211.7 1223.4

787.9 794.0

1273.7 1285.

1413.8 1425.7

1462.5 1475.3

13 20 27

34,033 34,766 34,343

33,986 34,718 34,223

116,344 117,159 116,666

527.1 529.2 529.7

310.8 308.7 310.0

725.7 724.4 727.5

788.1 786.3 788.9

3 10 17 24

34,920 34,422 35,233 34,631

34,718 34,372 35,179 34,587

117,674 117,216 118,184 117,753

532.6 531.7 535.0 534.4

310.2 310.5 310.8 307.6

728.9 731.1 732.5 731.0

790.3 792.6 794.5 793.4

35,331 34,641

35,243 34,616

118,644 117,898

537.1 538.1

310.4 311.2

735.2 737.5

797.9 800.7

Period

To t a

ANNUALLY: 1973 1974 1975

MONTHLY:

WEEKLY:

1976-OCT.

NOV.

DEC.

NOTES:

1P 8P

ADJUSTED CREDIT PROXY INCLUDES MAINLY TOTAL MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS, LOANS SOLD 10 BANKRELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S.BANKS. WEEKLY DATA ARE DAILY AVERAGES FOR STATEMEN1 WEEKS. MONTHLY DATA ARE DAILY AVERAGES. WEEKLY DATA ARE NOT AVAILABLE FOR N3 M5 M6, M7, TOTAL LOANS AND INVESTMENTS AND THRIFT INSTITUTION DEPOSITS. 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY

1976

17,

DEC.

APPENDIX TABLE 2-A

COMPONENTS OF MONEY STOCK AND RELATED MEASURES Timeind Period

Currency

nd Dp oand sts m

Other Thn CD's

T ot l

TtriodL

Total

Savings I

ANNUALLY 1973 1974 1975

Mutual

Savings Deposits

Other

Credit

Savings CD'

6 7 8 (Per cent annal rates of grOwth)

Unin re s :h

Savings Bonds l

Short Ter

Commercial pe j /

USc u

s Irecuritie

/ 9

8.1 10.2 8.7

5.3 3.0 2.6

16.2 15.0 7.9

11.4 9.4 12.2

2.8 7.0 17.8

18.7 11.2 8.2

45.6 41.4 -7.7

8.5 5.6 15.6

13.8 12.1 20.2

4.9 4.8 6.3

25.2 9.0 39.,

5I .. 16.b i.7

SEMI-ANNUALLY: 1ST HALF 2ND HALF

1975 1975

9.4 7.6

4.4 0.9

7.8 7.8

13.4 10.4

18.2 16.0

10.0 6.1

-12.7 -2.9

15.2 15.2

20.9 17.6

6.0 6.4

21.7 51.7

1ST HALF

1976

10.6

4.2

6.0

13.9

23.6

6.6

-29.7

14.0

16.8

6.2

13.1

21.1

-1.1

12.9

11.6

15.8

b.2

19.2

12.5

17.6

6.6

51.5

i4.9

5.9 5.3

QUARTERLY: 4TH QTR.

1975

9.4

IST QTR. 2ND OTR. 3RD OTR.

1976 1976 1976

10.9 10.0 7.7

2.5 5.8 2.8

4.6 7.3 5.7

16.0 11.3 15.0

32.4 13.6 19.0

3.6 9.5 11.7

-46.8 -14.2 -46.5

14.3 13.2 17.6

16.8 16.1 16.6

5.9 6.* 8.1

12.8 13.0 -Z.3

8.4 33.0 9 .3

QUARTERLY-AV: 4TH QTR.

1975

8.4

0.2

9.7

9.8

14.4

6.6

9.5

14.0

16.5

6.1

48.1

7.9

1ST QTR. 2NO QTR. 3RD QTR.

1976 1976 1976

9.8 11.7 7.3

0.5 7.4 2.8

7.2 5.3 7.1

15.3 12.5 13.2

26.3 21.7 13.4

5.6 5.1 12.7

-29.3 -30.6 -26.2

13.4 13.8 15.4

17.1 16.4 15.7

6.6 5.9 7.5

22.7 13.1 10.4

17.3 23.1 21.0

1975-NOV. DEC.

13.2 4.9

7.1 -5.9

13.5 11.0

13.6 10.1

14.6 20.5

12.8 1.7

13.4 16.1

12.4 11.3

14.8 18.3

5.4 7.2

69.4 31.9

32.7 34.7

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

8.1 12.9 11.2 15.9 9.4 4.7 7.7 7.7 7.6 10.6 7.5

-0.5 3.8 4.3 15.1 5.3 -3.2 6.4 5.3 -3.2 14.8 -2.1

4.5 6.9 2.4 7.3 0.0 14.3 10.6 -3.3 9.7 14.0 15.6

17.2 20.5 9.8 14.0 10.2 9.5 15.5 12.0 16.9 17.3 17.9

26.9 44.6 23.3 22.1 18.3 0.0 11.4 21.9 22.8 30.0 26.2

10.3 2.3 -1.7 8.0 3.4 16.9 18.9 3.8 12.0 7.0 10.2

-53.6 -57.6 -35.0 -27.9 -55.4 42.2 -17.0 -89.7 -37.3 -7.7 1.9

13.4 14.7 14.2 14.1 13.3 11.7 14.5 18.8 18.8 17.1 13.7

18.0 10.7 21.1 13.8 13.7 20.3 10.0 19.8 19.5 19.1 12.6

5.3 7.1 5.3 5.3 7.0 7.0 5.2 10.3 8.5 5.1 6.8

14.6 5.4 18.0 12.4 10.5 15.6 3'.3 -10.0 -30.3 -10.3 -3.5

11 .2 5 . 6.3 22.0 37.6 36.7 20.3 5.0 2.5 9.9 19.7

MONTHLY:

1/ P -

GROWTH RATES ARE BASED ON ESTIMATED MONTHLY AVERAGE PREVIOUS MONTH REPORTED DATA. PRELIMINARY.

LEVELS DERIVED

BY AVERAGING

END OF CURRENT MONTH AND

END

DEC.

APPENDIX TABLE 2-B

17,

1976

COMPONENTS OF MONEY STOCK AND RELATED MEASURES Time and Savings Deposits Demand Deposits

Periodncy

Total 3

Other Than CD's Total 4

ISavings 5

Other 6

CD's 7

Mutual Credit Savings Union Savings Bank & S&L Shares Bonds c i / 1 Shares0 9 10 8

ShortTerm U.S Gov't Se , 11

Total NonGov't Deposit Funds Demand Deposits 2Sec 1 13 14 12

Commercial Paper

ANNUALLY: 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

00.4 63.3 67.3

43.2 47.1 65.7

34.6 40.4 4..7

7.3 5.6 7.6

1975-NOV. DEC.

222.1 221.0

448.3 452.4

366.5 369.6

157.8 160.5

208.7 209.0

81.8 82.9

391.8 395.5

32.8 33.3

66.9 67.3

64.0 65.7

41.5 42.7

9.6 7.0

1976-JAN. FEB. MAR.

220.9 221.6 222.*

454.1 456.7 457.6

374.9 381.3 384.4

164.1 170.2 173.5

210.8 211.2 210.9

79.2 75.4 73.2

399.9 404.8 409.6

33.8 34.1 34.7

67.6 6d.0

b6.3

66.5 66.8 67.8

43.1 43.3 43.6

8.0 10.9 10.9

APR. MAY JUNE

225.2 226.2 225.6

460.4 460.4 465.9

388.9 392.2 395.3

176.7 179.4 179.4

212.3 212.9 215.9

71.5 68.2 70.6

414.4 419.0 423.1

35.1 35.5 36.1

68.6 69.0 69.4

68.5 69.1 70.0

44.4 45.6 47.2

7.2 7.4 9.a

JULY AUG. SEPT.

226.8 227.8 227.2

470.0 468.7 472.5

400.4 404.4 410.1

181.1 184.4 187.9

219.3 220.0 222.2

69.6 64.4 62.4

428.2 434.9 441.7

36.4 37.0 37.6

69.7 70.3 70.8

72.0 71.4 69.6

48.0 46.48.3

9.0 13.6 13.1

OCT. NOV. P

230.0 229.6

478.0 484.2

416.0 422.2

192.6 196.8

223.5 225.4

62.0 62.1

448.0 453.1

38.2 38.6

71.1 71.5

69.0 68.8

48.7 49.5

13.9 13.5

1973 1974 1975

MONTHLY:

WEEKLY: 1976-OCT.

13 20 27

231.1 229.0 230.5

477.3 477.7 478.9

414.9 415.7 417.6

192.0 192.4 193.7

222.9 223.3 223.9

62.4 62.0 61.4

13.b 15.6 14.3

NOV.

3 10 17 24

230.2 230.2 230.7 227.3

480.1 482.1 483.7 485.8

418.8 420.6 421.6 423.4

194.6 196.0 196.7 197.6

224.2 224.6 225.0 225.8

61.3 61.5 62.0 62.4

14.9 15.4 14.d 12.2

230.0 230.6

487.6 489.5

424.8 426.4

198.3 199.9

226.5 226.5

62.7 63.1

11.8 8.9

DEC.

1/ 2/ P -

IP 8P

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

OF PREVIOUS

MONTH REPORTED DATA.

Cite this document

APA

Federal Reserve (1976, December 20). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19761221

BibTeX

@misc{wtfs_bluebook_19761221,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1976},
  month = {Dec},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19761221},
  note = {Retrieved via When the Fed Speaks corpus}
}