bluebooks · September 19, 1977

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.

September 16,

Strictly Confidential (FR)

1977

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

STRICTLY CONFIDENTIAL (FR) CLASS I - FOMC

September 16, 1977

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS

Recent developments (1) M-1 grew at an annual rate of 5.5 per cent in August, and for the August-September period is projected to increase at a 6.1 per cent annual rate, about one percentage point above the upper end of the Committee's range.

Savings deposit inflows to banks strengthened in

August and early September, but the time deposit component of M-2 weakened considerably.

Accordingly, the M-2 growth projection for the August-

September period--at 6.7 per cent--is within the Committee's range, but in the upper half.

Deposit growth at thrift institutions was maintained

in August at the very rapid July pace.

Nonborrowed reserves fell substan-

tially in August, as member banks met a greater portion of their reserve requirements by borrowing at the System's discount window.

Following the

rise in the discount rate from 5-1/4 to 5-3/4 per cent in late August, member bank borrowing dropped back to around its July level, and nonborrowed reserves are projected to increase rapidly in September. Growth in Monetary Aggregates over August-September period (SAAR in per cent) Ranges

Latest Estimates

M-1

0 to 5

6.1

M-2

3 to 8

6.7

Memorandum: Federal funds rate (per cent per annum)

5¾ to 6¼

Avg. for statement week ending Aug. 17 5.94 24 5.99 31 6.02 Sept. 7 5.97

6.05

-2(2)

In the weeks immediately following the August FOMC meeting,

incoming data indicated that M-1 and M-2 were, respectively, growing at rates in the upper half and near the mid-point of their ranges.

Conse-

quently, the Desk continued to seek a Federal funds rate of around 6 per cent.

More recently, however, as M-1 growth appeared to be exceeding the

upper limit of its range, and with M-2 in the upper half of its range, the Desk has sought a firming in the Federal funds rate to around 6-1/8 per cent. (3)

Credit demands generally have been maintained at a high level

in recent weeks.

In the short-term area, business borrowing in August was

somewhat stronger than in July, and the Treasury tapped the bill sector for a substantial sum of new money for the first time since late last year. The Federal Government also has continued to be an active borrower in the coupon market, and bond offerings by corporations and State and local governments--encouraged in part by favorable market conditions--have remained sizable.

Moreover, households apparently have continued to raise

a large volume of funds in mortgage and consumer credit markets. (4)

The strengthening in short-term credit demands, market

response to the large increase of M-1 in the last week of August, and a rise in the Federal funds rate have contributed to an increase in shortterm interest rates amounting to as much as 30 basis points since the August FOMC meeting.

Long-term rates, on the other hand, have been

unchanged or have declined somewhat on balance since mid-August, as demands for bonds from institutional investors have remained strong. Stock prices have edged lower over the intermeeting period.

-3(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.

1975 & 1976 Average

Past Twelve Months Aug. '77 over Aug. '76

Past Six Months Aug. '77 over Feb. '77

Past Three Months Aug. '77 over May '77

Past Month Aug. '77 over July '77

Nonborrowed reserves

1.4

2.0

1.5

0.8

Total reserves

0.4

4.8

7.3

10.6

9.9

Monetary Base

6.6

7.9

8.8

9.6

8.1

5.2

7.1

9.1

9.5

5.5

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

10.4

10.9

9.9

10.5

6.4

M-3 (M-2 plus deposits at thrift institutions)

13.0

12.6

11.3

12.5

11.2

M-4 (M-2 plus CD's)

7.3

9.7

9.1

10.1

6.5

M-5 (M-3 plus CD's)

10.7

11.8

10.7

12.1

11.0

Month-end basis

6.7

10.8

11.0

10.3

12.3

Average of Wednesdays

6.2

15.3

10.0

10.1

11.8

-1.1

-0.2

0.0

0.3

0.4

0.0

0.2

0.3

0.2

-15.3

Concepts of Money M-1 (Currency plus demand deposits) 1/

Bank Credit Loans and investments of all commercial banks 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/ 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 Wednesday statement date 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)

Summarized below for Committee consideration are three

alternative specifications for the Federal funds rate and the monetary aggregates for the forthcoming intermeeting period.

(More detailed and

longer-run data on the aggregates are shown in the tables on pp. 6 and 7). Alt. A

Alt. B

Alt. C

Ranges for September-October M-1

5½-9½

5-9

4½-8½

M-2

6-10

5½-9½

5-9

5¾-6½

6¼-7

Federal funds rate (intermeeting period) (7)

5¼-6

Assuming a Federal funds rate centered in the 5¾-6½ per

cent range specified for alternative B, M-1 over the September-October period is expected to expand in a 5-9 per cent annual rate range.

Incoming

data suggest that M-1 will grow at about a 6½ per cent annual rate in September, and the staff would anticipate a slight acceleration to about a 7½ per cent annual rate in October.

Strength in the demand for M-1 is

likely to be sustained in the fall, given the pick-up in growth of nominal GNP that is projected

and recent indications that the public may be

reducing the extent to which it is shifting out of M-1 into other liquid assets. (8)

Growth in M-1 from the second to the third quarter will be

at about a 9¼ per cent annual rate.

To restrain M-1 growth over the one

year QII '77-QII '78 period to around the mid-point of the 4-6½ per cent range adopted by the Committee in July would require a considerable slowing in M-1 growth in the fourth and subsequent quarters.

The required

Alternative Levels and Growth Rates for Key Monetary Aggregates M-1

M-2

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

August

328.3

787.7

September

330.1

792.2

October

332.4

332.1

331.8

797.9

797.3

796.7

1977

QII QIII QIV

321.0 328.4 334.2

321.0 328.4 333.3

321.0 328.4 332.9

768.3 787.8 803.9

768.3 787.8 801.9

768.3 787.8 801.0

1978

QI QII

336.4 337.8

335.5 337.8

335.2 337.8

817.1 827.6

814.4 827.1

813.8 827.3

Growth Rates Monthly: 1977 September October

6.6 8.4

6.6 7.3

6.6 6.2

6.9 8.6

6.9 7.7

6.9 6.8

Quarterly Average: 1977 QIII QIV

9.2 7.1

9.2 6.0

9.2 5.5

10.2 8.2

10.2 7.2

10.2 6.7

QI QII

2.6 1.7

2.6 2.7

2.8 3.1

6.6 5.1

6.2 6.2

6.4 6.6

Semi-Annual: QII '77-QIV '77 QIV '77-QII '78

8.2 2.2

7.7 2.7

7.4 2.9

9.3 5.9

8.7 6.3

8.5 6.6

Annual: QII '77-QII '78

5.2

7.7

1977

1978

FOMC Range:

4-6

7-9k

Alternative Levels and Growth Rates for Key Monetary Aggregates (cont'd) M-3

Bank Credit

Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

1977

August September October

1329.2 1340.9 1352.3

1329.2 1340.9 1351.4

1329.2 1340.9 1350.7

841.1 847.4 853.7

841.1 847.4 853.2

841.1 847.4 852.7

1977

QII QIII QIV

1289.9 1329.3 1365.5

1289.9 1329.3 1362.7

1289.9 1329.3 1361.3

820.5 840.5 857.4

820.5 840.5 857.0

820.5 840.5 856.2

1978

1393.7 1415.6

1389.0 1413.8

1387.5 1413.5

875.7 892.3

875.0 892.0

874.2 891.5

Growth Rates Monthly: 1977 September October

10.6 10.2

10.6 9.4

10.6 8.8

9.0 8.9

9.0 8.2

Quarterly Average: 1977 QIII QIV

12.2 10.9

12.2 10.1

12.2 9.6

9.8 8.0

9.8 7.9

QII

1978

QI QII

8.3 6.3

Semi-annual: QII '77-QIV '77 QIV '77-QII '78

11.7 7.3

Annual: QII '77-QII '78

9.7

FOMC Range:

7.7 7.1

11.3

7.5

9.6

8R-11

8.4 7.8

11.1 7.7

9.0 8.1

8.9 8.2

8.8

8.7 7-10

-8constraint on reserves would entail further increases in the funds rate. If the funds rate were to begin rising by mid-October, and reached 7¼ per cent by the end of the year, M-1 growth in the fourth quarter may be at around a 6 per cent annual rate.

The effects on monetary growth would

be more pronounced in the first half of next year, given the lagged relationship between interest rates and money demand.

We have assumed

that the 7¼ per cent funds rate would lead to the 2½-3 per cent annual rate of growth in M-1 during the first half of 1978 that is necessary to meet the mid-point of the FOMC's current longer-run range, but it is quite possible we may be underestimating the strength of money demand, given GNP, and that higher interest rates would be required. (9) Under alternative B, in the September-October period M-2 is expected to expand in a 5½-9½ per cent annual rate range, assuming that short-term market interest rates show little change from currently prevailing levels in the period between now and the next meeting.

Net

inflows of time and savings deposits other than negotiable CD's are expected to be relatively low in September, but to pick up to a pace more consonant with existing interest rate relationships later in the fall.

Some of the recent weakness in the time deposit component of M-2

appears to have reflected shifts of funds from maturing "wild card" certificates at banks to higher rate certificates at thrift institutions. Indeed, at nonbank thrift institutions deposit inflows expanded sharply over the summer, as these institutions became more aggressive in seeking deposit funds in view of their large mortgage commitments and in light of uncertainties about their own substantial "wild card" maturities.

-9(10)

But with higher short-term interest rates projected by

year-end, and in the first half of 1978, it is likely that growth of interest-bearing deposits at banks and thrift institutions will slow. Assuming a 3-month bill rate of around 7¼ in the early part of next year, and no adjustment in Regulation Q ceiling rates, such deposits may increase at about an 8-9 per cent annual rate during the first two quarters of 1978.

This rate of inflow is somewhat higher than might be expected

on the basis of past experience with similar interest rate relationships; it reflects the continued sizable rate of expansion in nominal income that is projected for next year.

Nonetheless, even with savings inflows

reasonably well maintained, large demands for mortgage credit, including takedowns of the very high level of outstanding commitments, would tend to exert substantial pressures on the position of thrift institutions. They would be forced to reduce liquidity and increase short-term borrowing. Under such circumstances, an upward adjustment in the Q ceiling rate might have to be considered. (11)

Alternative C involves a more prompt rise in interest

rates than alternative B and somewhat slower monetary growth rates over the balance of this year.

It contemplates an increase in the Federal

funds rate to the mid-point of a 6¼-7 per cent range between now and the next Committee meeting.

With additional monetary restraint in place

somewhat sooner, the staff would expect interest rates to rise a little less over the longer-run than under alternative B. (12)

Between now and the next Committee meeting an upward

adjustment in the funds rate to around the 6-5/8 per cent mid-point

-10-

of the alternative C range would probably be associated with an increase in the 3-month Treasury bill rate to the 6¼-6½ per cent area.

Other

short-term rates would adjust commensurately, member bank borrowing from the discount window may once again rise substantially, and pressures for another upward adjustment of the discount rate would build.

Long-

term rates would probably rise for a time in response to the advance in short rates, but in the absence of indications of stronger economic activity or of a worsening of inflationary pressures such rate increases are not likely to be sustained. (13)

An easing in the funds rate to the mid-point of a 5¼-6

per cent range is encompassed under alternative A.

The lower interest

rates and more rapid near-term growth in the monetary aggregates would require more upward interest rate pressure, and less monetary growth, in early 1978--as compared with alternatives B and C--if growth in the monetary aggregates over the QII '77-QII '78 period is to remain within the FOMC's longer-run ranges.

The projected funds rate pattern for

alternative A, as well as the other alternatives, is presented in Appendix I.

-11(14)

Given below are alternatives for the operational paragraphs

of the directive.

The first formulation, like the directive adopted at

the last meeting, places main emphasis on near-term rates of growth in monetary aggregates; it shows--in strike-through form--the specifications adopted at the last meeting. on money market conditions.

The second formulation places main emphasis As suggested below, the particular language

needed in the opening lines of the money market formulation would depend on the specific conditions sought; the three alternatives shown--calling, respectively, for somewhat easier, prevailing, and somewhat firmer money market conditions--are intended to be associated with the specifications discussed in the preceding section under alternatives A, B, and C. "Monetary Aggregates" Formulation The Committee seeks to encourage near-term rates of growth in M-1 and M-2 on a path believed to be reasonably consistent with the longer-run ranges for monetary aggregates cited in the preceding paragraph.

Specifically, at present, it expects the annual growth

August-September]SEPTEMBER-OCTOBER period to be within rates over the [DEL: the ranges of [DEL: 0 to 5] ____

to ____

per cent for M-2.

to ____

per cent for M-1 and [DEL: 3 to 8]____

In the judgment of the Committee such

growth rates are likely to be associated with a weekly-average Federal funds rate of about [DEL: 6] ____per cent.

If, giving approx-

imately equal weight to M-1 and M-2, it appears that growth rates over the 2-month period will deviate significantly from the midpoints of the indicated ranges, the operational objective for the Federal

-12funds rate shall be modified in an orderly fashion within a range of [DEL: 5-3/4 to 6-1/4]____ to

per cent.

____

If it appears during the period before the next meeting that the operating constraints specified above are proving to be significantly inconsistent, the Manager is promptly to notify the Chairman who will then decide whether the situation calls for supplementary instructions from the Committee. "Money Market" Formulation At this time, the Committee seeks to maintain about the prevailing money market conditions (or to achieve somewhat easier or somewhat firmer money market conditions) during the period immediately ahead, provided that monetary aggregates appear to be growing at approximately the rates currently expected, which are believed to be on a path reasonably consistent with the longer-run ranges for monetary aggregates cited in the preceding paragraph.

Specifically,

the Committee seeks to maintain the weekly-average Federal funds rate at about ____

per cent, so long as M-1 and M-2 appear to be growing

over the September-October period at annual rates within ranges of ____

to ____

per cent and ____

to ____

per cent, respectively.

If, giving approximately equal weight to M-1 and M-2, it appears that growth rates over the 2-month period are approaching or moving beyond the limits of the indicated ranges, the operational objective for the weekly-average Federal funds rate shall be modified in an orderly fashion within a range of ____

to ____

per cent.

-13If it appears during the period before the next meeting that the operating constraints specified above are proving to be significantly inconsistent, the Manager is promptly to notify the Chairman who will then decide whether the situation calls for supplementary instructions from the Committee.

Appendix I

Projected Federal Funds Rate

1977

1978

Alt. A

Alt. B

Alt. C

QIII

5-7/8

QIV

6-7/8

7-3/8

7-1/8

QII

7-5/8

7-1/8

Appendix II

Expansion in Reserves Over the Period From QII 1977 to QIV 1977 Consistent with Proposed Alternatives (seasonally adjusted annual rates) Alt. A

Alt. B

Alt. C

Nonborrowed Reserves

4.6

-0.1

-0.8

Total Reserves

6.9

6.6

6.5

Monetary Base

8.7

8.5

8.4

The table above shows growth rates for reserve aggregates over the second half of 1977 that are thought to be consistent with the alternatives presented to the Committee.

Estimates for the third

quarter as a whole indicate that nonborrowed reserves appear to have expanded from the second quarter at a 4.4 per cent annual rate, total reserves at a 9.3 per cent rate, and the monetary base at a 9.6 per cent rate.

Thus a considerable slowing in growth of reserves

will be needed in the fourth quarter.

Appendix III

Implied Velocity Growth Rates V

(GNP/M1

1977

1978

Alt. A

Alt. B

Alt. C

III

0.7

4.4

5.4

6.0

8.4

8.5

8.2

8.8

7.7

7.3

III

-0.3

3.3

4.3

4.8

4.6

4.9

4.7

5.2

4.2

V2 (GNP/M2 ) 1977

1978

-0.3

CHART 1

9/16/77

MONETARY AGGREGATES NARROW MONEY SUPPLY M 1

BILLIONS OF DOLLARS 340

-320

-300

BROADE SUL MONMI

280

BROADER MONEY SUPPLY M2

-1

1976

1977

800

J 1977

CHART

9/16/77

MONETARY AGGREGATES BANK CREDIT

BILLIONS OF DOLLARS

OF MONTH

RESERVES

900

860

820

780

740

BILLIONS OF DOLLARS 36

WEEKLY AVERAGES

TOTAL

NONBORROWED

I 1976

I 1977

CHART 3

9/16/77

MONEY MARKET CONDITIONS AND INTEREST RATES ONDITIONS

PERCENT

INTEREST RATES Short-term

PERCENT

INTEREST RATES I

8 WEEKLY AVERAGES

WEEKLY

FHA M( FNMA Mi

UNT RATE

S-

EURO-DOLLARS 3-MONTH

PRIME COMMERCIAL

Aaa \

PAPER 4-6 MONTH

NEW

UNDS RATE

1976

1977

1976

GOV'

1977

CONFIDENTIAL (FR) CLASS OO-FOMC

Table 1

MONETARY AGGREGATES

SEPT. 16, 1977

ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED

Money Supply Narrow

Period

Total

_(M)

Time & Savings Deposits To Total

U.S. Govt Deposits J/

Broad (M2) ..

o than

Other Than CD's Oher Isavings

Nondeposit CD's CD's

ources of Funds Funds 2/

MONTHLY LEVELS-$BIL 321.9 326.8 328.3 (330.1)

772.8 783.5 787.7 (792.2)

10.1 11.8 10.2 ( 10.2)

514.8 519.5 522.5 (525.2)

450.9 456.7 459.4 (462.2)

212.3 213.8 216.2 (218.2)

238.6 242.9 243.1 (243.9)

63.9 62.6 63.2 ( 63.0)

8.5 8.8 ( 10.0)

0.0 -39.3 S 4.0)

9.5 9.5 8.1)

11.9 9.4 ( 10.0)

15.4 4.0 11.1

8.7 14.2 ( 8.9)

-7.0

(

3.8 8.2 10.2)

10.9 (-5.6)

4.2 8.4 9.2)

9.9 9.2 10.2)

-18.2 1 7.6)

12.5 8.3 9.8)

14.0 9.8 S10.8)

21.9 7.9 7.2)

7.1 11.6 ( 14.1)

1.9 -1.9 2.6)

4.5 18.3 5.5 6.6)

8.1 16.6 6.4 ( 6.9)

-56.6 202.0 -162.7 S 0.0)

13.2 11.0 6.9 6.2)

-2.3 8.5 13.5 ( 11.1)

22.5 21.6 1.0 3.9)

30.8 -20.7 7.6 1 -3.8)

6.1)

( 6.7)

( -61.4)

6.6)

1977--JUNE JULY AUG. SEPT.

55.9 55.9 58.1

SANNUAL GROWTH QUARTERLY 1977--1ST QTR. 2ND QTR. 3RD OTR. QUARTERLY-AV 1977--1ST QTR. 2ND QTR. 3RD QTR.

(

-48.0

MONTHLY 1977--JUNE JULY AUG. SEPT. AUG.-SEPT.

(

10.7 15.4 7.1 7.3) ( 7.2)

(12.3)

2.5)

S 1.9)

WEEKLY LEVELS-$BIL 1977-AUG.

SEPT.

3 10 17 24 31

328.7 327.2 327.5 327.4 330.4

787.0 786.0 786.8 787.2 791.1

12.6 10.2 10.5 10.7 8.5

521.1 522.0 522.6 523.0 523.8

458.3 458.8 459.3 459.9 460.7

215.2 215.7 216.2 216.6 216.9

243.0 243.0 243.3 243.9

329.6

791.3

7.3

524.6

461.7

217.6

244.2

___

NOTE:

1/ 2/

I___

J.___

___

243.1

62.9 63.3

54.4 59.4

63.3 63.1

59.0

63.1

57.4 58.4

62.8

P - PRELIMINARY INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. INCLUDES BORROWINGS FROM OTHER THAN COMMERCIAL BANKS IN THE FORM OF FEDERAL FUNDS PURCHASED, SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE, AND OTHER LIABILITIES FOR BORROWED MONEY, PLUS GROSS LIABILITIES TO OWN FOREIGN BRANCHES (EURODOLLAR BORROWINGS), LOANS SOLD TO AFFILIATES, LOAN RPS, AND OTHER MINOR ITEMS. DATA SHOWN

IN PARENTHESES ARE CURRENT PROJECTIONS.

CONFIDENTIAL (F.R.) CLASS II-FOMC

TABLE 2

BANK RESERVES ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED SEPT.

Period

16,

1977

REQUIRED RESERVES

BANK RESERVES Total

Nonborrowed

Reserves

Monetary Base

Total Required

Private Demand

Total Time Deposits

Gov't. and Interbank

MONTHLY LEVELS-SMILLIONS

1077--JUNE JULY AUG. SEPT.

34,862 35,352 35,644 (35,683)

34,599 35,029 34,583 (35,256)

122,027 123,468 124,301 (125,123)

34,714 35,077 35,440 (35,385)

20,601 20,998 21,218 (21,267)

12,306 12,384 12,389 (12,399)

-1.8 6.5 9.4)

(

-2.4 4.6 7.6)

(

5.1 8.2 10.1)

(

-1.1 7.3 7.7)

(

3.7 3.9 12.9)

(

6.9 6.0 3.0)

(

2.7 3.0 9.3)

(

2.6 1.9 4.4)

(

6.8 7.2 9.6)

(

3.0 3.5 8.4)

(

5.0 3.0 10.1)

9.5 4.0 6.4)

(

4.8 16.9 9.9 1.3)

2.9 14.9 -15.3 ( 23.4)

(

6.4 14.2 8.1 7.9)

(

6.9 12.5 12.4 -1.9)

(

-6.1 23.1 12.b 2.8)

(

18.8 7.6 0.5 1.0)

(

5.6)

3.9)

(

8.0)

(

5.3)

(

7.7)

(

0.7)

1,808 1,695 1,833 ( 1,719)

PERCENT ANNUAL GROWTH QUARTERLY 1977--1ST QTR. 2ND QTR. 3RO QTR. QUARTERLY-AV 1977--IST QTR. 2ND QTR. 3RD QTR. MONTHLY 1977--JUNE JULY AUG. SEPT. AUG.-SEPT.

(

WEEKLY LEVELS-SMILLIONS 1977-AUG.

3 10 17 24 31

36,156 35,635 35,705 35,258 35,756

35,558 35,050 34,907 33,593 34,364

124,675 123 931 124*226 124,044 124,845

35,732 35,532 35,503 35,230 35,369

21,450 21,147 21,307 21,124 21.195

12,337 12,366 12,390 12,411 12,410

1,946 2,019 1,806 1,694 1,764

7 14

35,525 35 951

34,88b 35 615

124,613 125,216

35,267 35,561

21,025 21,463

12,396 12,413

1,846 1,685

SEPT.

NOTEs

RESERVE

DATA

SERIES

SHOWN

HAVE

PAREN

BEEN

HESES

ASS ADJus

ARE

CURIENT

PROJECTIONS.

*CIATED

WITH

CH..NGES

RESERVE

REQUIREMENT

R.TIO.

TABLE 3 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES 1/ ($ million, not seasonally adjusted) Treasury Coupons Net Purchases 3/ Treasury Bills Within Net Change 2/ 1 year

Period

5-10

Federal Agencies Net Purchases 4/

1 Over 10

Total

STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 16, 1977

Within 1 year

1 - 5

Over 10

- 10

Total

Net Change Outright Holdings Total /

Net RP's 6/

1972 1973 1974 1975 1976

-490 7,232 1,280 -468 863

789 579 797 3,284 3,025

539 500 434 1,510 1,048

167 129 196 1,070 642

1,582 1,415 1,747 6,202 5,187

592 400 1,665 824 469

1,059 864 3,082 1,613 891

1,631 9,273 6,303 7,267 6,227

-1,358 -46 -154 1,272 3,607

1976--Qtr. II Qtr. III Qtr. IV

2,067 45 -886

796 881 794

245 345 232

134

1,284 1,557 1,294

140

240

160 192

115

3,371 1,398 436

1,654 392 304

1977--Qtr. I Qtr. II

1,164 2,126

997 526

325 171

165 152

1,680 959

2,738

-4,771

3,666

4,175

1977--Mar.

-368

Apr. May June

1,392 -208 942

July Aug.

-1,136 636

1977--July

Aug.

192 109 41

-S

--- 12.5

251

173

138

233

113

35 --

33 --

726 --

346

----125

175

2,176

2,822 -3,207 4,561

-254

380

1,744

----1,159 552

-2,861 -1,353

--- ---159

--- --- --- --- --- --- --- --- -590 ----335 ----

-5,780 585 2,706

-88

-144

----

-14

--- --- ----

----

--- --- --- --- -184

448 -1

303

-2,009 -4,604 3,347 -1,028 3,521

---603

-6,625

271

4,519

27.7

10.5

41.1

7 14 21 28

LEVEL--Sept. 14 (in billions)

Sept.

298

406

6 13 20 27 3 10 17 24 31

174

--- -

3.7

1.6

- -

6.6

57.3

1.3

7.3

303--1

105.7

-2.1

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 borrowing 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 (-).

TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS (millions of dollars) U.S. Govt. Security Dealer Positions

Underwriting Syndicate Positions Municipal Corporate Bonds Bonds

STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 16, 1977

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

Total

3,046 175

655 -180

242 24

7,234 1,729

3,017 *-1,445

513 -111

6,174 7,838

1,686 1,509

207 205

Oct. Nov. Dec.

6,271 6,876 8,005

1,832 2,418 2,443

1977--Jan. Feb. Mar.

6,406 4,450 4,906

Apr. May June July Aug.

Bills

Coupon Issues

1976--High Low

8,896

3,668

1977--High Low 1976--Aug. Sept.

1977--July

Aug.

Sept.

Seasonal

8 New York

38 Others

-8,161 -2,367

-12,744 - 6,908

-8,742 -4,234

-13,975 - 8,570

100 63

-4,624 -5,703

- 9,691 - 9,716

221 257 274

94 72 53

-6,428 -6,289 -7,168

-10,527 -11,618 -11,449

2,320 1,650 972

265 198 214

68 72 103

-6,421 -5,604 -5,661

-11,504 -11,503 -10,912

4,567 3,072 4,752

696 123 206

192 213 154

73 206 262

-6,586 -5,693 -5,341

-11,409 -10,175 -10,332

3,916 *2,542

-278 *679

275 204p

323 08 1, 4p

-6,391 -5,583p

-11,012 -11,425p

6 13 20 27

4,617 4,437 3,927 3,777

800 80 -640 -634

494 264 212 74

265 160 406 295

-5,889 -7,632 -6,075 -5,735

- 8,839 -12,534 -12,608 -10,453

3 10 17 24 31

2,176

1,910 2,171 *3,338 *2,906

1,265 -494 -1,445 *-1,231 *-379

424 103 202 28 387p

598 585 901 1,665 1,392p

-6,675 -6,458 -5,534 -4,969 -4,903p

- 9,792 -11,765 -12,313 -12,161 -10,161p

258p 367

637p 33 7 p

- , p -7,872p

7 14 21 28

*4,562 *5,080

*263r *-268

1,665p 20

7 3 38

-11,846p -13,150p

NOTE: Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury securities financing 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. * ** r

Strictly confidential. Monthly averages for excess reserves and borrowings are weighted averages of statement week figures. Revised.

TABLE 5 SELECTED INTEREST RATES (per cent)

Treasury

Short-term Bills Commercial CD's New Paper Issue-NYC 1-Year 90-119 Day 60-Day 90-Day (3) () (5) (6)

STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 16, 1977

U.S. Govt.-Constant Maturity Yields 3-yr 7-yr 20-yr (7) (8) (9)

Long-term Corp.-Aaa Utility Municipal Home Mortgages New Recently Bond Primary Secondary Market Issue Offered Buyer Conv. IFNMA Auc.|GNMA Sec. (13) (14) (15) (10) (11) (12)

Federal Funds )

90-Day (2)

1976--High Low

5.58 4.63

5.53 4.27

6.32 4.62

5.90 4.63

5.63 4.40

5.75 4.50

7.52 5.65

7.89 6.33

8.17 7.23

8.95 7.93

8.94 7.84

7.13 5.83

9.10 8.70

9.20 8.39

8.45 7.57

1977--High Low

6.05 4.47

5.80 4.41

6.14 4.67

6.01 4.63

5.91 4.48

6.00 4.63

6.85 5.83

7.31 6.59

7.78 7.26

8.34 7.90

8.33 7.95

5.93 5.55

8.95 8.65

8.79 8.46

8.08 7.56

1976--Aug. Sept.

5.29 5.25

5.14 5.08

5.64 5.50

5.35 5.33

5.23 5.11

5.31 5.24

6.86 6.66

7.58 7.41

7.917.78

8.52 8.29

8.50 8.33

6.61 6.51

9.00 8.98

8.99 8.88

8.30 8.10

Oct. Nov. Dec.

5.03 4.95 4.65

4.9? 4.75 4.35

5.19 5.00 4.64

5.10 4.98 4.66

4.90 4.84 4.68

5.04 4.94 4.50

6.24 6.09 5.68

7.16 6.86 6.37

7.70 7.64 7.30

8.25 8.17 7.94

8.24 8.18 7.93

6.30 6.29 5.94

8.93 8.81 8.79

8.75 8.66 8.45

7.98 7.93 7.59

1977--Jan. Feb. Mar.

4.61 4.68 4.69

4.62 4.67 4.60

5.00 5.16 5.19

4.72 4.76 4.75

4.61 4.58 4.58

4.68 4.70 4.72

6.22 6.44 6.47

6.92 7.16 7.20

7.48 7.64 7.73

8.08 8.22 8.25

8.09 8.19 8.29

5.87 5.89 5.89

8.72 8.67 8.69

8,48 8.55 8.68

7.83 7.98 8.06

Apr. May June

4.73 5.35 5.39

4.54 4.96 5.02

5.10 5.43 5.41

4.75 5.26 5.42

4.57 5.04 5.24

4.67 5.16 5.35

6.32 6.55 6.39

7.11 7.26 7.05

7.67 7.74 7.64

8.26 8.33 8.08

8.22 8.31 8.12

5.73 5.75 5.62

8.75 8.83 8.86

8.67 8.74 8.75

7.96 8.04 7.95

July Aug.

5.42 5.90

5.19 5.49

5.57 5.97

5.38 5.75

5.16 5.65

5.28 5.78

6.51 6.79

7.12 7.24

7.60 7.64

8.14 8.04

8.12 8.05

5.63 5.62

8.95 8.94

8.72 8.76

7.96 8.03

8.12 8.12 8.14 8.14

5.48 5.51

8.90 n.a.

8.74 --

7.96 8.07

1977--July

6 13 20 27

5.35 5.33 5.35 5.45

5.43 5.48 5.56 5.62

8.14 8.14 8.12 8.17

Aug.

3 10 17 24 31

5.80 5.70 5.94 5.99 6.02

5.82 5.88 6.05 6.04 5.99

8.07 8.11 8.01 7.97

7 14 21 28

5.97 6.05

5.57 5.80

5.98 6.14

5.88 6.01

8 15

6.01 6.13p

5.61 5.87

6.00 6.13

5.90 6.20

Sept.

Daily--Sept.

5.70 5.91

5.75 6.00

6.75 6.84p

7.15 7.23p

7.52 7 .57p

6.72 6 .80p

7.14 7.21p

7.51 7.56p

8.10 8.05 8.04

8.03 8.02

8.02 8.09p

8.03 7 8.0 p

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 through 10, the weekly date is the mid-point of the calendar week over which data are averaged. Columns 11 and 12 are 1-day quotes for Friday and Thursday, respectively, following the end of the statement week. Column 13 is an average of contract interest rates on commitments for conventional first mortgages with 80 per cent loan-to-value ratios made by a sample of insured savings and loan associations on the Friday following the end of the statement week. Column 14 gives FNMA auction data for Monday preceding the end of the statement week. The FNMA auction yield is the average yield in bi-weekly auction for shortColumn 15 is a 1-day quote for Monday preceding the end of the statement week. 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 PHA/VA mortgages carrying the coupon rate 50 basis points below the current FHA/VA ceiling.

SEPT. 16,

1977

Appendix Table 1-A

MONEY AND CREDIT AGGREGATE MEASURES Bank Resrvs

ank Reserves

Bank

Crdit

Period Total

Nonborrowed

Monetary Base

Total Loans and InvestSments 4

ANNUALLY:

Money Stock Measures

6 7 5 (PER CENT ANNUAL RATES OF GROWTH)

7.0 -0.2 1.0

7.7 3.2 1.2

O.1 5.9 b.9

10.1 3.9 8.0

5.1 4.4 5.6

7.7 8.3 10.9

7.1 11.1 12.8

10.6 6.5 7.1

9.0 9.7 10.3

8.9 10.5 10.0

9.5 10.1 10.2

1ST HALF 1976 2ND HALF 1976

-1.5 3.6

-1.3 3.7

6.9 6.8

6.7 8.9

5.6 5.5

10.3 10.9

11.8 13.1

6.0 8.0

8.9 11.1

9.2 10.3

9.6 10.4

1ST HALF 1977

2.9

2.3

7.0

10.5

6.4

9.7

10.8

9.0

10.3

10.2

10.4

1974 1975 1976 2/ SEMI-ANNUALLY:

QUARTERLY: 3RD QTR. 4TH OTR.

1976 1976

0.6 7.6

1.3 7.7

6.1 8.0

7.2 11.2

4.9 7.2

10.4 13.4

12.9 14.5

5.7 12.4

9.9 13.8

9.3 11.9

9.5 11.6

1ST QTR. 2ND QTR.

1977 1977

-1.8 6.5

-2.4 4.6

5.1 8.2

9.5 11.2

3.8 8.2

8.5 8.8

10.0 9.9

7.3 9.1

9.2 10.0

10.1 9.7

10.5 9.9

3RD QTR. 1976 4TH QTR. 1976

2.7 4.4

2.6 4.8

6.3 7.1

6.9 10.8

4.4 6.5

9.1 12.5

11.4 14.4

6.0 9.8

9.3 12.7

9.2 11.1

9.6 11.0

1ST QTR. 2ND QTR.

2.7 3.0

2.6 1.9

6.8 7.2

8.8 11.9

4.2 8.4

9.9 9.2

11.3 10.0

9.3 8.5

10.9 9.4

10.7 9.5

10.8 9.8

5.9 -6.2 6.0 11.8 4.9

7.0 -4.8 4.9 12.6 5.6

6.6 5.1 7.1 9.1 7.7

9.7 7.6 13.5 11.1 8.6

5.9 1.b 13.7 0.0 7.7

8.8 10.0 16.1 10.6 13.1

12.3 13.3 16.9 12.6 13.4

2.0 6.2 13.5 9.7 13.4

7.9 10.8 15.3 11.9 13.7

7.6 8.6 14.1 10.8 10.5

7.7 8.7 13.8 10.5 10.3

10.9 -13.1 -3.1 13.0 1.5 4.8 16.9 9.9

10.4 -13.3 -4.3 14.1 -3.1 2.9 14.9 -15.3

10.6 -0.2 5.0 11.8 6.2 6.4 14.2 8.1

3.7 14.7 10.0 14.0 10.3 8.9 9.3 12.3

5.4 0.8 5.4 19.4 0.7 4.5 18.3 5.5

9.7 7.1 8.6 13.5 4.7 8.1 16.6 6.4

11.4 8.9 9.4 12.4 7.3 9.8 16.1 11.2

8.7 7.0 6.2 11.7 5.4 10.0 13.6 6.5

10.8 8.7 8.0 11.3 7.6 10.7 14.3 11.0

10.9 11.4 7.8 10.6 7.7 10.5 13.3 10.5

11.0 11.7 8.5 10.8 7.9 10.6 12.9 10.4

QUARTERLY-AV:

1977 1977

MONTHLY: 1976--AUG. SEPT. OCT. NOV. DEC. 1977--JAN. FEB. MAR. APR. MAY JUN E JULY AUG. P

1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. BASED CN QUARTERLY AVERAGE DATA. 2/ P - PRELIMINARY

Appendix Table 1-B

SEPT.

16,

1977

MONEY AND CREDIT AGGREGATE MEASURES SEASONALLY ADJUSTEd, BILLIONS OF DOLLARS I

Bank

I-

eserves 1/

Period borrowed

Total _

Bank CreHt

Total Monetary SNonLoans Base and Investmrnnts __

Mney Steck IMesures

MI _

M2 _

M6 _

M7 _

ANNUALLY: 34,174 34,015 34,465

33,447 33,885 34,412

104,380 110,394 118,054

695.2 725.5 786.2

283.1 294.8 312.4

612.4 664.3 740.3

981.5 1092.6 1237.1

701.4 746.5 803.5

1070.5 1174.7 1300.3

1181.2 1308.3 1439.1

1221.6 1351.1 1488.8

33,998 33,823

33,897 33,761

115,252 115,739

762.0 766.8

306.5 306.9

710.4 716.3

1180.8 1193.9

775.4 779.4

1245.8 1257.0

1387.5 1397.5

1436.3 1446.7

OCT. NOV. DEC.

33,992 34,325 34,465

33,898 34,253 34,412

116,424 117,304 118,054

775.4 782.6 788.2

310.4 310.4 312.4

725.9 732.3 740.3

1210.7 1223.4 1237.1

788.2 794.6 803.5

1273.0 1285.6 1300.3

1413.9 1426.6 1439.1

1463.3

1977--JAN. FEB. MAR.

34,778 34,397 34,308

34,710 34.326 34,204

119,100 119.077 119,572

790.6 800.3 807.0

313.8 314.0 315.4

746.3 750.7 756.1

1248.9 1258.2

809.3 814.0 818.2

1312.0 1321.5 1330.3

1452.2 1466.0 1475.5

1502.4 1517.1 1527.8

APR. MAY JUNE

34,680 34,723 34,862

34,606 34,517 34.599

120,749 121,376 122,027

816.4 823.4 829.5

320.5 320.7 321.9

764.6 767.6 772.8

1281.2 1289.0 1299.5

826.2

829.9 836.8

1342.8 1351.3 1363.4

1488.5 1498.1 1511.2

1541.6 1551.8 1565.5

35,352 35,644

35,029 34,583

123,468 124,301

835.9 844.5

326.8 328.3

783.5 787.7

1316.9 1329.2

846.3 850.9

1379.7 1392.3

1527.9 1541.3

1582.3 1596.0

13 20 27

34,937 35,362 34,962

34,777 34,956 34,667

122,816 123,424 123,422

324.3 329.0 327.8

780.7 785.9 786.0

843.6 848.4 848.3

3 10 17 24 31F

36,156 35,635 35,705 35,258 35,756

35,558 35,050 34,907 33,593 34,364

124,675 123,931 124,226 124,044 124,845

328.7 327.2 327.5 327.4 330.4

787.0 786.0 786.8 787.2 791.1

849.9 849.3 850.1 850.4 854.2

35,525

34,888

124,613

329.6

791.3

854.2

1974 1975 1976

MONTHLY: 1976--AUG. SEPT.

JULY AUG.

1268.1

1476.1

1488.8

WEEKLY:

1977-JULY

AUG.

SEPT.

NOTES:

WEEKLY DATA ARE DAILY AVERAGES FOR STATEMENT WEEKS. MONTHLY DATA ARE DAILY AVERAGES. M3, 5M, M6, M7, TOTAL LOANS AND INVESTMENTS AND THRIFT INSTITUTION DEPOSITS. 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY

WEEKL Y DATA ARE NOT AVAILABLE

FOR

SEPT.

16,

1977

APPENDIX TABLE 2-A

COMPONENTS OF MONEY STOCK AND RELATED MEASURES m

- ___ Period II

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

ANNUALLY: 1974 1975 1976

14.7 8.0 8.1

10.1 11.7 15.2

6.5 17.4 25.0

12.7 7.8 7.7

36.5 -6.1 -23.5

5.6 15.5 15.6

12.3 19.4 17.8

-28.9 -21.1

13.8 16.2

16.6 17.6

6.3 7.2

16.6 -1.4

21.6 15.2 16.5

29.6 -1.0 19.2

SEMI-ANNUALLY: 1ST HALF 2ND HALF

1976 1976

4.0 4.6

6.3 9.7

14.1 15.2

27.6 19.7

3.8 11.4

1ST HALF

1977

5.7

10.5

12.1

15.1

9.4

0.0

12.2

16.1

6.4

12.5

0.0 -16.1

QUARTERLY: 3RD OTR. 4TH QTR.

1976 1976

3.7 7.4

6.2 15.7

14.5 18.1

19.5 27.5

10.3 10.0

-40.5 1.3

16.9 15.9

17.9 18.2

8.1 6.2

1ST QTR. 2ND QTR.

1977 1977

2.2 8.2

9.5 9.5

11.9 9.4

15.4 4.0

8.7 14.2

-7.0 10.9

12.0 11.1

16.4 13.8

6.1 6.6

31.1 8.3

15.2 4.1 20.9 15.3

QUARTERLY-AV; 3RD QTR. 4TH QTR.

1976 1976

3.2 6.0

7.0 12.2

12.8 17.1

13.8 24.7

11.7 10.8

-24.6 -18.9

14.6 17.2

15.9 18.5

7.0 7.4

1ST QTR. 2ND OTR.

1977 1977

3.1 8.3

12.5 8.3

14.0 9.8

21.9 7.9

7.1 11.6

1.9 -1.9

13.3 10.9

16.7 15.0

1976--AUG. SEPT. OCT. NOV. DEC.

5.3 -1.1 15.3 -2.1 8.9

-0.3 9.2 13.5 17.1

11.4 16.3 17.9 18.8 16.8

21.7 23.3 19.6 29.9 31.0

2.2 11.0 15.8 9.7 4.3

-67.9 -35.1 -15.2 -1.9 21.2

18.0 18.0 18.0 15.3 13.8

16.6 19.6 19.3 15.8 18.8

1977--JAN. FEB. MAR. APR. MAY JUNE JULY AUG. P

4.1 -3.1 5.7 21.6 -1.5

11.0 10.7 6.7 6.9 8.3 13.2 11.0 6.9

12.9 11.7 10.7 9.5 7.6 10.7 15.4 7.1

21.9 13.4 10.4 9.7 4.5 -2.3 8.5 13.5

4.8 10.6 10.5 9.4 10.3 22.5 21.6 1.0"

-3.8 3.8 -20.9 -11.6 13.6 30.8 -20.7 7.6

14.2 11.4 10.0 10.4 11.1 11.5 15.1 18.3

15.4 15.2 18.0 11.8 11.7 17.4 20.0 16.9

9.2 -11.9

22.6 7.4

6.7 6.1

11.1 13.6

12.9 19.5

8.6 10.3 5.1 6.8 6.7

0.0 -28.6 0.0 -3.4 -44.9

MONTHLY:

4.6

18.2 6.0

16.1

1/ GROWTH RATES ARE BASED ON ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH PREVIOUS MONTH REPORTED DATA. 2/ BASED ON QUARTERLY AVERAGE DATA. P - PRELIMINARY.

6.7 6.6 5.0 6.6 6.5 6.5 6.5 6.4 AND END OF

17.9 68.9 5.0 3.3 11.6 9.9 0.0 6.5

14.9 9.8 7.3 0.0 4.8 12.1 21.5 28.2 18.4 15.8 11.2 2.2 6.6

APPENDIX TABLE 2-B

COMPONENTS OF MONEY STOCK AND RELATED MEASUR Mutual Credit Savings Bank Union Savings & S&L Shares Bonds 1 hares

Time d Savings Deposits TiPedand Currency Demand Deposits

Period

TotalOther Total

Than CD's Savngs Other

67.8 73.7 80.5

215.3 221.0 231.9

418.3 451.7 491.1

329.3 369.6 427.9

136.2 161.0 202.4

193.1 208.6 225.5

89.0 82.1 63.3

78.6 79.2

227.9 227.7

468.9 472.5

403.9 409.4

185.8

218.0 220.0

65.0

189.4

OCT. NOV. DEC.

79.8 80.2

230.6 230.2 231.9

477.8 484.2 491.1

415.5 422.0 427.9

192.5 197.3 202.4

1977--JAN. FEB. MAR.

81.1

81.8 82.2

232.7 232.1 233.2

495.6 500.0 502.8

432.5 436.7 440.6

APR. MAY JUNE

83.1

237.4

83.6 84.0

237.1

238.0

505.7 509.2 514.8

JULY AUG. P

85.1

241.6 242.8

ShortTerm U.S Gov't Sec11

Cormmercial Paper 12

1977

Total NonDeposit Gov't Funds Demand

341.5 395.2 457.8

27.6 33.0 39.0

63.3 67.3 71.9

47.4 66.3 66.9

40.4 42.8 49.7

37.6 33.7 51.4

6.0 8.3 11.2

63.1

433.8 440.3

36.7 37.3

70.2 70.8

71.4 69.7

48.8 49.2

41.9 42.0

12.6 12.0

222.9 224.7 225.5

62.3 62.2 63.3

446.9 452.6 457.8

37.9 38.4 39.0

71.1

69.7 69.5 66.9

49.5

43.8 48.2 51.4

13.2 13.0 11.2

206.1 208.4 210.2

226.4 228.4 230.4

63.1 63.3 62.2

463.2

72.3 72.7 73.0

67.9 71.8

471.5

39.5 40.0 40.6

50.3 50.7 52.7

10.0 11.7 11.2

444.1 446.9 450.9

211.9 212.7 212.3

232.2 234.2 238.6

61.6 62.3 63.9

475.6 480.0 484.6

41.0 41.4 42.0

73.4 73.8 74.2

72.3 73.0 73.6

53.1

52.7 56.2 55.9

10.8 10.6 10.1

519.5 522.5

456.7 459.4

213.8 216.2

242.9 243.1

62.8 63.2

490.7 498.2

42.7 43.3

74.6 75.0

73.6 74.0

54.4

55.9 58.1

11.8 10.2

456.4 456.9 458.1

213.4 213.8 214.5

243.2 243.1 243.7

62.8 62.4 62.3

54.4 59.2 58.0

10.7 11.8 12.8

54.4 59.4 59.0 57.4 58.4

12.6 10.2 10.5 10.7 8.5

ANNUALLY: 1974 1975 1976

MONTHLY: 1976--AUG. SEPT.

80.5

85.5

467.6

71.5

71.9

72.1

49.5 49.7 50.2

51.1 52.3

53.8 54.3

54.7

WEEKLY: 1977-JULY

AUG.

SEPT.

13 20 27

84.8 84.9 85.3

239.5 242.6

519.2 519.3 520.4

3 10 17 24 31P

85.4 85.4 85.4 85.6 85.8

243.3 241.8 242.1 241.7 244.6

521.1 522.0 522.6 523.0 523.8

458.3 458.8 459.3 459.9 460.7

215.2 215.7 216.2 216.6 216.9

243.1 243.0 243.3 243.9

62.9 63.3 63.3 63.1 63.1

86.2

243.4

524.6

461.7

217.6

244.2

62.8

244.1

243.0

ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF PREVIOUS MONTH REPORTED DATA. INCLUDES BORROWINGS FROM OTHERTHAN COMMERCIAL BANKS IN THE FORM OF FEDERAL FUNDS PURCHASED, SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE, AND OTHER LIABILITIES FOR BORROWED MONEY, PLUS GROSS LIABILITIES TO OWN FOREIGN BRANCHES (EURODOLLAR BORROWINGS), LOANS SOLD TO AFFILIATES, LOAN RPS, AND OTHER MINOR ITEMS. INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. 3/ P - PRELIMINARY 1/ 2/

7.3

Cite this document

APA

Federal Reserve (1977, September 19). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19770920

BibTeX

@misc{wtfs_bluebook_19770920,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1977},
  month = {Sep},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19770920},
  note = {Retrieved via When the Fed Speaks corpus}
}