bluebooks · May 21, 1979

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 this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. 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). 2 A two-step process was used. An advanced optimal 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.

May 18,

Strictly Confidential (FR)

1979

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 CLASS I - FOMC

(FR)

May 18,

1979

MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1)

M-1 grew at a 17½ per cent annual rate in April, with

somewhat more than half of the acceleration estimated to be related to the processing of tax payments and refunds.

Deposit data for early

May indicate that these temporary influences are unwinding, and for the April-May period, M-1 is projected to expand at about an 8

per cent

annual rate, above the 4 to 8 per cent range adopted by the FOMC.

M-2 is

projected to grow at a 9¼ per cent rate for the 2-month policy period, also above its 4 to 8½ per cent range selected at the April FOMC meeting. The interest-bearing component of M-2 grew more rapidly in April than expected, as sales of money market certificates (MMCs) by banks spurted and outflows of savings and other small time deposits included in this aggregate slowed markedly.

The success of banks in attracting MMCs during

the first full month since the elimination of the differential ceiling rate on such deposits apparently came at the expense of reduced growth of Comparison of FOMC Policy Ranges for April-May to Latest Staff Estimates Ranges M-1

4 to 8

8.7

M-2

4 to 8

9.3

Federal funds rate cent per annum)

Latest Estimates

(per 9¾ to 10½

Avg. for statement week ending April 18 9.96 25 10.10 May 2 10.22 9 10.25 16 10.25

These data do not incorporate the benchmark revisions based on recently available September 1978 Call Report data for nonmember banks; the revised aggregates will be published on May 24. As shown in Appendix II, the benchmark revisions were negligible. All tables on subsequent pages of the Bluebook are based on the revised series.

MMCs at thrift institutions. In part reflecting this shift, thrift deposit inflows fell to a 2

per cent annual rate in April on a month-end basis,

compared to an average 9

per cent annual rate over the first quarter.

(2) Growth in commercial bank credit picked up sharply in April to a 13

per cent annual rate, led by a rebound in business lending.

Banks,

nonetheless, reduced their outstanding amount of large time deposits, financing their asset growth with the increased inflows of demand deposits, MMCs, and funds borrowed from abroad. (3) The Manager of the System Open Market Account continued to seek reserve conditions consistent with a Federal funds rate of 10 per cent or a bit higher early in the period after the April FOMC meeting.

In late

April, projections for the monetary aggregates suggested that growth of M-1 and M-2 would be at or above the upper ends of their respective ranges for the April-May period.

Following a telephone conference of the Committee

on April 27, the Manager began aiming for a Federal funds rate of 10¾ per cent.

On May 11, the FOMC concurred in the Chairman's view that, though

the growth of the monetary aggregates had been revised up somewhat further, this funds rate objective remained consistent with the prevailing directive after taking account of overall financial market conditions and uncertainties in projections of the aggregates in this period. (4) Required reserves declined in April and are expected to fall further in May despite the pronounced strengthening in monetary growth.

The disparate movements of reserves and money are explained

mainly by the release of required reserves associated with the substantial run-offs of large denomination time deposits.

In addition, the growth

in demand deposits at nonmember banks and currency is estimated to account

for half of the projected expansion of M-l in the April-May period.

Pro-

vision of reserves via the discount window has risen with the widening of the spread between the Federal funds rate and the discount rate. Member bank borrowing has averaged a little over $1

billion thus far in May, up

from an average of just under $1 billion during the first four months of the year.

Given the increase in borrowing, nonborrowed reserves are expected

to fall at about a 13 1/4 per cent annual rate over the April-May period while total reserves are projected to decline at only a 5 per cent annual rate. Growth in currency continues to account for all of the growth of the monetary base. Growth of the base is expected to remain around the 4 1/4 per cent annual rate that prevailed over the first three months of the year. (5) Short-term interest rates are little changed on balance from their mid-April levels.

They declined around the time of the FOMC meeting

but then rebounded in late April and early May in response to the System's move toward additional money market restraint.

The 3-month bill rate

was most recently quoted around 9.7 per cent and the 3-month commercial paper rate about 10 per cent.

Longer-term interest rates have risen 10

to 25 basis points, though, in part reflecting increased inflationary expectations by market participants.

With thrift deposit flows slowing

further, mortgage yields continued to rise to new highs. (6)

The dollar has continued to show strength in the exchange

markets, reflecting stronger U.S. trade figures, further indications of a slowdown in U.S. economic expansion, and continued acceleration of inflation abroad.

The dollar's average exchange value has risen a bit more than

1 per cent since the April FOMC meeting,

-4-

.U.S.

authorities sold about $1 billion against German

marks, half of which were acquired by the System and used to extinguish its swap debt to the Bundesbank.

The swap line had been in continuous

use since October 1977. (7)

The table on the next page shows percentage annual rates of

change in related monetary and financial flows over various time periods.

-5-

1977 & 1978 Average

Past Twelve Months Apr. '79 over Apr. '78

Past Six Months Apr. '79 over Oct. '78

Past Three Months Apr. '79 over Jan. '79

Past Month Apr. '79 over Mar. '79

Nonborrowed reserves

4.9

1.1

-1.9

-7.3

-2.8

Total reserves

6.0

2.0

-3.6

-8.0

-4.9

Monetary base

8.7

7.5

5.3

3.0

4.9

7.6

4.7

1.6

4.9

17.0

7.3

2.2

-1.8

1.0

10.8

9.1

7.1

4.5

6.7

13.8

10.5

8.4

6.3

7.3

10.8

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

10.3

7.7

5.4

3.7

7.5

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

11.1

8.8

6.7

5.5

7.2

Month-end basis

11.9

12.5

11.7

10.2

13.6

Monthly average

12.1

12.7

12.1

10.1

12.9

Large CD's

1.4

1.0

1.1

-1.8

-4.0

Nonbank commercial paper

0.3

0.5

0.7

1.0

1.6

Concepts of Money M-1 (Currency plus demand

deposits1/) M-1+ (M-1 plus savings deposits at commercial banks, NOW accounts at banks and thrift institutions, credit union share draft accounts, and demand deposits at mutual

savings banks) M-2

(M-1 plus time deposits at commercial banks other than

large CD's) M-3 (M-2 plus deposits at

thrift institutions)

Bank Credit Loans and investments of all commercial banks 2/

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

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 (8) The table below presents for Committee consideration three alternative specifications for the monetary aggregates and the Federal funds rate for the May-June period.

Alternative B would maintain the

Federal funds rate at the current 10-1/4 per cent level, while alternatives A and C, respectively, would ease and tighten money market conditions in coming weeks.

(More detailed and longer-term data are contained in the

tables on pp. 7 and 8.) Alt. A

Alt. B

Alt. C

Ranges for May-June M-1

1 to 5

M-2

4-1/2 to 8-1/2

Federal funds rate (Intermeeting period)

9-1/2 to 10

1/2 to 4-1/2

0 to 4 3-1/2 to 7-1/2

4 to 8

10 to 10-1/2

10-1/2 to 11

(9) The unwinding of the Treasury lag in processing April individual income tax payments

and of the recent bulge in the payment of

tax refunds will be retarding the growth rate of M-1 over the balance of the current quarter.

Partly because of these special factors, M-1 growth

is expected to be quite slow in the May-June period.

Under

alternative B,

with the funds rate remaining at the prevailing level of around 10-1/4 per cent cent, M-1 is likely to increase over the two-month policy period in a 1/2 to 4-1/2 per cent annual rate range.

Alternative Levels and Growth Rates for Key Monetary Aggregates M-

I /

_M-2

Alt.

Alt. A

Alt. B

Alt. C

April May June

364.1 364.2

364.1

365.9

365.6

364.1 364.0 365.3

889.6 893.4 899.1

889.6 893.1 898.4

889.6 892.8 897.7

1978

QIV

361.0

873.2

1979

QI QII

359.1 364.7 370.2 374.7

359.1 364.6 369.9 374.7

359.1 364.5 369.6 374.7

877.1 894.0 911.5 927.9

877.1 893.7 910.8 927.9

877.1 893.4 910.2 927.8

1979

QIII

QIV

364.1

Alt.

Growth Rates Monthly: 1979

-0.3 4.3

May June

Quarterly Average:

1979

QI QII

QIII QIV

-2.1

6.2 6.0 4.9

-2.1 6.1 5.8 5.2

-2.1 6.0 5.6 5.5

1.8 7.7

'7.8 7.2

Semi-Annual:

QIV '78-QII '79 QII '79-QIV '79

1.9 5.6

4.8 7.6

4.6 7.7

Annual: QIV '78-QIV '79

6.3

1/ The staff has assumed that over the longer-run policy period from QIV '78 to QIV '79 M-1 growth will be reduced by about 2k percentage points by ATS.

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

M-3 Alt. A

Alt. B

Alt. C

Alt. A

Alt. B

Alt. C

1979

April May June

1531.2 1537.3 1546.1

1531.2 1536.9 1545.1

1531.2 1536.5 1544.2

1028.1 1036.9 1045.5

1028.1 1036.9 1045.1

1028.1 1036.9 1044.7

1978

QIV

1492.7

978.7

1979

QI QII QIII QIV

1510.3 1538.2 1564.8 1590.6

1510.3 1537.7 1563.7 1590.5

1510.3 1537.3 1562.7 1590.3

1009.8 1036.8 1063.3 1085.4

1009.8 1036.7 1062.4 1083.4

1009.8 1036.6 1061.4 1081.4

4.8 6.9

4.5 6.4

4.2 6.0

10.3 10.0

10.3 9.5

10.3 9,0

4.7 7.4 6.9 6.6

4.7 7.3 6.8 6.9

4.7 7.2 6.6 7.1

12.7 10.7 10.2 8.3

12.7 10.7 9.9 7.9

12.7 10.6 9.6 7.5

6.1 6.8

6.0 6.9

11.9 9.4

11.9 9.0

11.8 8.6

6.6

6.5

10.9

10.7

10.5

Growth Rates Monthly: 1979

May June

Quarterly Average: 1979

QI QII QIII QIV

Semi-Annual: QIV '78-QII '79 QII '79-QIV '79 Annual:

QIV '78-QIV

'79

(10)

As illustrated in the upper panel of the chart on page 10,

the April increase in M-1 raised the level of that aggregate to just above the low end path of its longer-run QIV '78 to QIV '79 range.

Growth in

M-1 at the lower end of its projected May-June alternative B range would place the level of this aggregate by June around the lower limit of its longer-run range while growth at the upper end of the range would move the aggregate higher in the range, though not quite to the midpoint. table on p. 11

(The

shows growth rates from April required to achieve levels

implied by the FOMC's longer-run ranges). (11) a

Under alternative B, the staff expects M-2 to expand in

4 to 8 per cent annual rate range in May-June.

Growth at the midpoint

of that range would bring M-2 to the low-end path of the Committee's QIV '78 to QIV '79 objective for this aggregate by mid-year. (12)

Although growth in M-2 over the balance of this quarter will

be retarded by the slowing of M-1 growth, the interest-bearing component is expected to remain relatively strong.

Not only is the decline in savings

deposits likely to remain more modest than earlier this year,

but

also banks are expected to retain an enlarged share of the MMC market in view of the recent elimination of the rate ceiling differential on these deposits.

Large denomination time deposits are not expected to contribute

to growth in M-2 in the near-term because banks will probably continue to rely on Eurodollar and other nondeposit funds to finance their credit expansion. (13)

Looking ahead to the whole QIV '78-QIV '79 policy period,

the staff expects growth in both M-1 and M-2 to be within the Committee's

Growth Ranges and Actual M-1 and M-2 M-1

Billions of doflars 385

Alt. B. Range Q4 '78-Q4 '79

380

4%%

,. --

375

370 1%% -

365

360

355

350

M-2 950

SQ4 '78-Q4 '79

940

1978

1979

-11-

Growth Rates from April Required to Achieve Levels Implied by FOMC Longer-Run Ranges for M-1 and M-2

Low End of Range

Midpoint of Range

High End of Range

Achieve level by:

M-1 June 1979 (in 2 mos.) October 1979 (in 6 mos.)

0.2 1.0

5.3 3,7

10.5 6.5

QIV '79 (end-point of longer-run ranges)

1.1

3.6

6.2

M-2 June 1979 (in 2 mos.) October 1979 (in 6 mos.) QIV '79 (end-point of longer-run ranges)

6.1 5.3

11.3 8.0

7.8

16.4 10.7

10.3

-12longer-run ranges, on balance, with little change in interest rates, given the GNP projection.

With respect to M-1, this assumes further that

in the second half of 1979 demand deposits

shift to ATS accounts at a rate

that depresses M-1 growth by about 2 percentage points (annual rate) and that the public also continues to economize on M-1 holdings through shifts to other assets, though at a slower pace than seems to have been the case thus far this year.

There is substantial uncertainty about both of these

assumptions, however, in part because of possible repercussions on bank and public attitudes toward ATS and similar accounts of the recent court ruling that would forbid such accounts after the end of this year unless the Congress acts to authorize them.

Bank credit growth over the year

may be slightly above the targeted range.

At present, bank credit

appears to be running well above the upper end of its longer-run range; however, loan demand is projected to be lower in the second half of the year as the economy grows at a slow pace, and this should work to bring bank credit growth down closer to its longer-run range. (14)

In contrast to banks, thrift institutions' deposit flows

are expected to remain relatively weak, although above the exceptionally low April rate of growth.

The mid-March regulatory actions have apparently

had a larger than expected impact on the ability of thrifts to issue MMCs--the major vehicle through which their deposit inflows had been maintained since mid-1978.

Despite the lower than expected thrift deposit

inflows, the more rapid growth of the commercial bank deposit component of M-3 is likely to keep the rate of expansion of this aggregate near the low-end of its longer-run range, as shown in the chart on page 13.

Growth Ranges and Actual M-3 and Bank Credit M-3

Billions of dollars 1640

Q4 '78-Q4 '79

Alt. B. Range

-C

9% -1620

-1600

6%%

^,J

31/2%

1580

1560

1540

1520

1500 I

I I

1480

3ANK CREDIT 1090

Q4 '78-Q4 '79 10'/A% -

7Y2%

11%

1070

1050

1030

-1010

, 0

1978

,I J

i F

I, J

1979

i J

I O

I N

990

970

-14(15)

Under alternative B, market interest rates are expected

to show little net change,although markets remain highly sensitive to incoming information on prices, economic activity, energy, and the money supply.

Short-term credit demands from business may remain fairly strong

over the next few weeks but--with the exception of a very short-term cash management bill offering in early June--the Treasury is not expected to raise any new cash in the bill market over the balance of the quarter.

In the

long-term area, offerings of corporate and State and local government bonds are expected to be moderate for the rest of the quarter.

The Treasury

will likely be out of the longer-term market over the balance of the quarter, meeting its needs in coupon markets with comparatively small additions to the regular 2-year note cycle offerings.

In the mortgage market,

however, yields can be expected to continue rising as available supplies of credit are constrained by the reduced deposit flows to thrift institutions. (16)

Alternative C contemplates a rise in the Federal funds

rate to the midpoint of a 10

to 11 per cent range.

Growth in M-1 and

M-2 would likely be in an annual rate range of 0 to 4 and 3 cent, respectively. rate rises.

to 7

per

Short-term interest rates would increase as the funds

Treasury bill rates could come under particular upward

pressure if the dollar strengthens on exchange markets and foreign central banks in consequence engage in substantial support operations. In the short-run, long-term rates would also likely rise; however, such increases might be moderated if the market came to believe that a tightening action now will hasten the ultimate peak in interest rates. (17)

Alternative A calls for a decline in the funds rate over

the intermeeting period to the midpoint of a 9

to 10 per cent range.

Growth in M-1 and M-2 would likely be in annual rate ranges of 1 to 5 and 4½ to 8½ per cent, respectively.

An easing action at this time would

-15be unexpected by the market and hence could induce a sharp decline in short-term interest rates.

On the other hand, market concerns about the

inflationary outlook might moderate the impact of an easing action on longer-term yields.

Similar concerns might also induce some weakness of

the dollar in exchange markets.

-16-

Directive language (18)

Given below are suggested operational paragraphs for

the directive in the customary form.

Alternative language consistent

with the short-run specifications of the alternatives discussed in the preceding section is shown for the Committee's objective for the Federal funds rate early in the period.

At a later point, alternative language is

also provided for placing main emphasis either on monetary aggregates or on money market conditions.

The specifications adopted last month are

shown in strike-through form. In the short-run, the Committee seeks to achieve bank reserve and money market conditions that are broadly consistent with the longer-run ranges for monetary aggregates cited above, while giving due regard to the program for supporting the foreign exchange value of the dollar and to developing conditions in domestic financial markets.

Early in the period before the next regular meeting,

System open market operations are to be directed at maintaining the (or ATTAINING A) weekly average Federal funds rate (A) (B) (C)

SLIGHTLY BELOW THE CURRENT LEVEL. at about the current level. SLIGHTLY ABOVE THE CURRENT LEVEL.

Subsequently, operations shall be directed at maintaining the weekly average Federal funds rate within the range of [DEL: 9¾ to 10½] ____TO____

per cent.

In deciding on the specific objective for

the Federal funds rate the Manager shall be guided mainly by the relationship between the latest estimates of annual rates of growth in the [DEL: April-May]MAY-JUNE period of M-1 and M-2 and the following 4-to-8] ____ TO ____ ranges of tolerance: [DEL:

per cent for M-1 and

-17[DEL: 4 to 8½]____ TO ____

per cent for M-2.

If, with approximately equal

weight given to M-1 and M-2, their rates of growth appear to be Monetary aggregates emphasis SIGNIFICANTLY ABOVE OR BELOW THE MIDPOINTS Money market emphasis close to or beyond the upper or lower limits of the indicated ranges, the objective for the funds rate is to be raised or lowered in an orderly fashion within its range. If the rates of growth in the aggregates appear to be above the upper limit or below the lower limit of the indicated ranges at a time when the objective for the funds rate has already been moved to the corresponding limit of its range, the Manager will promptly notify the Chairman, who will then decide whether the situation calls for supplementary instructions from the Committee.

Appendix I

Implied Velocity Growth Rates Alt. V-l

Alt.

(GNP/M-1)

1978--III IV

1.4

10.5

(9.4)

10.5

(9.4)

10.5

(9.4)

1979--I

11.3

(8.5)

11.3

(8.5)

11.3

(8.5)

5.2

(3.4)

5.3

(3.5)

5.5

(3.6)

III

2.1

(0.1)

2.3

(0.3)

2.5

(0.4)

4.5

(2.7)

4.2

(2.4)

3.9

(2.1)

V-2 (GNP/M-2)

1978--III

IV 1979--1 II III IV

Note:

-0.5

6.9

7.4

3.7 0.3 2.3

3.9 0.5 2.0

4.0 0.6 1.7

Figures in parentheses reflect V-l without ATS.

Appendix II Revisions in the Monetary Aggregates Benchmark adjustments for domestic nonmember banks have been incorporated into the money stock series and related data. ments are based on the September 1978 call report.

The benchmark adjust-

The adjustments were

minor, lowering the level of M1 about $200 million in September 1978 and by lesser amounts in earlier and subsequent months.1/

The benchmarking also lowered the

level of M2 about $600 million in September 1978 and $300 million in April 1979. The impacts of the benchmark adjustments on monthly, quarterly and annual growth rates are shown in Table II-1.

In general, monthly growth rates

were lowered slightly in the third quarter of 1978 and were unchanged or raised somewhat in the fourth quarter of 1978 and the first quarter of 1979.

M1 growth

for the year 1978 was reduced 0.1 of a percentage point from 7.3 to 7.2 per cent and M2 growth was reduced from an 8.5 per cent annual rate of growth to 8.4

per

cent.

The benchmark adjustments also incorporate estimates of the level of domestic nonmember bank deposits in December 1978 and March 1979 derived from the FDIC's sample of insured nonmember banks. Data from this sample are available only with a lag and are not incorporated into published money stock measures on a regular basis.

Table II-1 Comparison of Growth Rates-Old and Revised Money Stock Measures (per cent annual rate)

Old Series

Revised Series

Difference

Old Series

Revised Series

Difference

Annual1978

7.3

7.2

-0.1

8.5

Quarterly 1978-III IV 1979 I

8.1 4.4 -2.4

7.9 4.1 -2.1

-0.2 -0.3 0.3

9.9 7.7 1.6

9.8 7.6 1.8

-0.1 -0.1 0.2

Monthly 1978 June July Aug. SeptOct. Mar. Dec.

6.2 6.8 8.5 13.8 1.7 -2.0 1.7

6.2 6.5

8.5 8.7

7.8 13.5 1.7 -2.0 2.0

0.0 -0.3 -0.7 -0.3 0.0 0.0 0.3

13.0 6.5 4.7 2.7

8.5 8.5 11.2 12.8 6.4 4.8 2.9

0.0 -0.2 -0.4 -0.2 -0.1 0.1 0.2

1979 Jan. Feb. Mar. April

-5.3 -3.7 0.7 17.4

-5.0 -3.7 1.3 17.0

0.3 0.0 0.6 -0.4

-1.2 2.3 3.7 13.8

-1.1 2.3 3.8 13.8

0.1 0.0 0.1 0.0

11.6

-0.1

MAY

1979

18,

Table 1

Money and Credit Aggregate Measures Bank Reserves Period Total

Nonborrowed

Monetary Base

ANNiAtty;

Total Loans and Investments 4

M-1

M-1+

M-2

M-3

PER CENT ANNUAL RATES OF

GROWTH)

5.8 7.9 7.2

12.6 9.3 5.3

13.9 9,8 8.4

12.7

1.6

0.8 3.0

0.3

6.7

6.6

8,0 1l.'

6.7 9.3 3.1

7.5

3.1

f5,0

I977f

3.0

7.6

9.6

2ND H4LF lq97 0iJARTFnLY: OTR.

IST

QTR.

4TH 1ST

rT.

3R9

2.7 6,7

16,4 A.? 0.5

10.7

9.2

9.0

12.7 11.3

0.-

0.0

17.0 11.1 7.9

10,8 9.3

2.4

14.1

-2.4

-6.7

1070 L_-4^

QrT. 07T. QTY.

2?N

M-7

10.2 11.7

09.

-4.4

0.6

19'7 1979 1q79

1979

-9

6. 4.6 *2

11.6

6.2

10.3 10.0

12.0

12.0 11.' 10.9

10.6

10.3 9.0

0,7

10.1 9.9

Q.4 11.4 7.1

11.2 10.7 7.7

10.2 '0.8 9.0

10.7 '1.4

1.7

4.6

7.5

6.3

P.7

9.4

2.4

10.6 9.9 9.?

9.8 9.7 9.9

10.9 11.0

7-.7

14.0 11.6 10,6

0.2 7.9 4.1

r.7

11.1

-2. 1

7 .5 10.5 9.6 10.6

19.9 16.6 13.7 10.1 7.6 15.3 10. 12.7 0.4

7.6 9.3 9.4

8.6 7.5 -1.6 -5.2

9.7 13.9 4,7

9.9 7.6

0.9 4.7

10.2 1.2.7

4.5

1.2 11.0

1AY JUNE JULY

14,8 -5.0

AUG.

CFPT. qT. NPV.

-. 5 -. 2'

0.1

-1,2 53.4

-3.6 -n.1

1979--J,.

-4.0

-70.6 1.1

-21,0

1. -I.

DATA 4DJUSTEO FOR OQITRTFRLY AVERAGE PFLIMII;AoY 59SEO

BASFO nN

25,3 10.9

3.6

6.0 P

'5,2 13.1 R.0 5.7 7.9

4.6 L.9

CHANGES nTA,

-I

13.6

IN PFSFPRVE

16.4 9.7 6.2

6.5 7.8 13.5 1.7

12.1 5.4 5.7 3.1 7. 2 12.1

1.2 11.2 9.2 ,5

0. 9

6.4 4.8 ?.9

-4.5

2.,0 -5.0 -3.7

1.3 17.

POQUTRMENTS.

-8.0 -6.6 -1. 10.",

9,5

11.

-1.1

2.3 13,9

9.9 5.6 9.4 9.5 !1.2 13.3 8.7 6.7 5.6

13.0 11.9 8,3 0.4 9.6 12.7 5.9 12.9

4,9 4.? 6.2 10.3

3.8 4.1 -3.4 7.5

4.1

11.4 10.'

4.0 11.0

1978--(A..

50p.

11.5 1l.?

9.3

MONT HLY:

If ?/ P -

M-6

11.4

1q75 9T. l7 QTq. 1979

QU4RTY:

7.1 10.4

11.1

2'n 'RO 4TH

M-5

11.7 12.4

SEMI-tNNIIALV: 390 HALF

M-4

1976 1"77 1978

Money Stock Measures

Bank

Credit

12.? 11.6

10.4 10.2

11.0 10.6 8.9

13.2

5.2 0.7

5,3 6.1 '.6 10.48 10.0 1.2

14.1 7.1 9.8 o r

9.7 6.4 9.4 13.0 8., 12.7 12." 11.0

R.6 6.3 3,9. 6.8

8.7 6.3 9.1

Table 2

MAY

18,

1979

Money and Credit Aggregate Measures Seasonally Adjusted, Billions of Dollars Bank Reserves

Money Stock Measures

Bank

Credit

Tota

Period Base

borrowed

and Investments

....

M-1

M-1+

M-2

M-3

M-6

M-5

M-4 -__...

ANNUALLY:

37,013

36,960 38,354 40,403

120,572 130,640 142,381

788.9 975.5 981.5

313.8 338.7 361.2

517.2 560.6 587.1

7't0.5 909.4 875.8

1235.6 1374.? 1500.1

803.0

38,923 41,271

1978--APP. L9AY JUNE

39, 43 40,208 40,597

39?,86 38,996 39,503

134,350 135,525 136,4"4

913.5 926.1 936.7

347.9 350.7 352.5

572.1 576.1

93A.3

1411.9 14?2.0 1433.1

JULY AUG. SEPT.

41,099 40,92B 41 ,7?

39,78 39,798 40,163

137,A99

354.4

356.7

590.1 593.6

S56.5

139,841

044.6 950.6 962.7

363.7

5998.5

865.6

OCT. NOV. rOC.

41,390 41,274 41,271

40,122 40,570 40,4013

140,777 141,450 142, 81

971.0 981.3 981.5

361.2 360.6 361 .?

589.9 587.1

870,2 873.7 875.9

1 79--JAN.

41,479 40,754 40,8P15

40,476 39,781 39, 8'5

143,400 143,345 143,93

1032.? 1011.3 1016.?

399.7 358.6 359.0

5993.2 653.0 579.4

40,6r0

39,733

144,485

1027.7

40,949 40,30?

39,925 39,223

143,972 143,575

359.6

35B.P

573.6

40,7'0 40,118 40,917 40,461

39'933 ?9,490 39,069 39,470

144,453 143,4-8 144,655 144,324

359.7 361.5 265.8 365.

579.9 592.6 5R6.5 596.2

41,1 7. 40,61? 40,636

39,975 39,123 39,87

145,377 144,559 144, 20

364.0

583.6 594.4

1076 1977 1978

1?99,0 1448.0 1596.7

1416. 1 1601.9 1765.90

1483.R 1658.1 1R51.0

913.9 922.0 920.3

1498.3

16 5.0C

1 R08.2 1519.8

1669.6 1681.0

1722.2 1738.8 1752.8

1444.5 1458.0 1474.1

936.6 944.1 984,1

153' .5 1545.6 1I62.6

161".4 1707.1 1727.2

1765.1 177R.9 1799.'

1484.8 1493.1

958.8 969.1

1573.4 1588.6 1r96.7

1737.4 1751.6 176.9

1817.7 19312.9

383.1 972.4

MONTHLY:

PFR.

138,2900

579.6

687.7

35.7 948.6

875.7 979.5

5R4.6

07?.4

1851.0

1503.7 153°.7 1517.5

975.5

978.8 978.5

1604.1 1611.8 3631.9 1616.5

1778.6 178p.0 179-1.7

1867.9 1881.4 1891.3

984.6

1626.7

IP03.R

1005.6

I.2

WE KLY

1979-MIP.

9g 189

NOTFS: 1/

364.8

879.4 891.5

978.2 977.5 970.0 98'.5

986.1

990.0

996.5 8919. 993.3

WFFKLY r)ATA APP D4ALY AVEAGFS F'R STATFEMNT1 4EKS. MOnNT-LI.Y AT1A AnE DAIY AVlRArZ,& "M, , , M6 , m7, TOTAL LOiNS AND TNVFSTMF NTS AND THRIFT INSTITUTTNiF"PSITS. BASFD ON! DAT AOJUJSTE F3)R rIANGFS IN RESr.'PVF RFQI1IR9~ FNTS. DATA SHFn\ T" [MILLTr'l nF

984.8 095.6

SE.KLY DA

n)t

RS.

A ARF NnT

AVAILARLF

FnR

MAY

Table 3

18,

1979

COMPONENTS OF MONEY STOCK AND RELATED MEASURES utner Savings ShortTerm Private Bonds-/ U.S.Gov't Short-term Securities Assets

5 2/

11 11

12 12

(Per cent annual rates of growth)

ANNUALLY:

15.0 11.2 9.4

11976 1977 1978

2 5.0 1 1.1 2.2

7.5 11.4 15.5

-23.3 12.8 32?.

15.4 14.0 10.2

17.8 19.5 15.0

6.4

12.9

25.6

13.6

20.1

22.9

12.5

2.9 1.5

11.7 18.4

42.6 19.0

P.r 11.5

17.0 12.0

14.8

63.1

6.3

3?.1

4.7 4.5 5.3

12.5 18.5 18.1

25.5

14.0

36.6

8.3 12.1 10.7

13.5 7.7

13. C 8.2 17.4

36.3 7.3 70.9

9.5

15.5

9.9

0.5

1.5

36. 1

59.3

7.8 10.9 11.8

15.9 13.7 10.1

17.5 1.9 10.A

42.2

0.8

47.9

6r.8

7.5 7.2 10.1 11.1 11.2 13.5 12.5 9.9 9.5

14.8 12.2 14.5 11.9 11.P 16.3 9.2 4.6 9.1

9.7

-4.5 -6. B 16.0 1 a ^.

12.1 13.5 46.9

SEMI-ANNUALLY: 2NO HALF

1977

1ST HALF 1978 2ND HALF 1978 QUARTERLY 11.4 11.6 11.4

2N0 QTR. 1979 TR. 1978 3R13 4TH QT . 1978 1ST

QTR.

".4

1979

8.3

QUVRTFRLY-AV: 210 3RD 4T4H

QTR. QTR. TR.

1978 1978 1973

9.7 7.3 1.7

7.9 11.0 10.2

3.8 2.9 0.2

11.4 17.9 18.2

31.5 12.2 75.0

iST

OTR.

1970

-6.7

4.5

9.6

15.6

9.9

7.8 8.7 10.1 9.8 13.8 12.2 10.0 9.4 3.5

4.3 6.0 3.8 3.2 6.5 1I0.2 0.5 8.5 7.0

10.7 11.0 15.5 20.7 19.9 13.9 18.5 '3.7 11.?

78.0 40.3 7.0 15.0 -5.5 12.3 1.4

-111.8

12.5 '>0.0 13.2

16.2 46.2

MONTHLY 1978--APR. MAY JUNE JULY AUG. SEPT. OCT. NOV.

OEC. 1979--JAN. FEB. MAR.

7.9

9.2 6.5 9.0 16.6 7.6 10.0 11.? 8.6

8.6 6.1 9.7

10.5 10.3 5.6 5.5 7.4 12.3 -0.9 -5.9 -1.4

10.9 13.4 9.6 11.3 10.9 12.5 8.5 21.7 5.3

-10.0 -9.3

9.0

-0.9

-f L''' . :~ .0tAS )

PPFVTOUS MONTH REJnRTFD DATA. ?/ BASED ON QUARTERLY AVERAGE DATA. P - PRELIMINARY.

8.6 -1.4 Sn

1.6 6.5 5.6 11.5 Tese

2.0 4.9 1

3.0

92.1 1

49.4 19.1 -3s.4 -46.5

13. S

_11

5.1

oay W

9Vrcqul7.r

0.6 8.9 6. I

Tlyl

I~r

.. ft

:.V*~rly(

5.8 -21.6 4.4 42.4 -14.1 7 -1 .?

70.4 23.0 12.6 I mv

T~UF:'n 4111V

8 -p

I CYU

:II

40.6 37.5 77.7 13.5

0.n

8.4 51.5 79.7 70.2 60.7 55.1 54.0 1

Table 4

MAY 18,

1979

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

Period

Other Than CD's Other ToTotal I____ TtlISvns SavingslIOhrI3

Mutual Bank & S&L Shares

Savings

Credit

Union Savings Shares Bonds 1 t

ShortTerm U.S. Govt Sec

Other Private Shortterm Assets

il i

Non-

Total

Go v 't Deposit Funds Demand Deposits

456. 1 515.3 571.2

38.9 46.6 53.1

71.9 76.6 80.6

66.? 77.2 88.6

47.7 56.3 85.0

51.0 67.0 79.7

11.4 11.7 15.4

49.3

78.2 78.5 78.9

81.5 82.8 83.2

67.2 69.3 70.9

65.7 66.? 66.5

10.2

49.8 50.4

ANNUALLY: 80. PP.6 97.5

233.0

489.2 544.4 611.2

426.7 470.7 514.6

202.1 219.7 223.0

224.7 251.0 291.5

62.4

260.1 76-.7

01.3 92.0 92.5

256.6 258.8 260.0

565.9 5'2.2 575.8

482.5

221.7

260.8

486.0

72.8

263.2

83.4 86.2

490.1

223.5

266.6

86.7

573.3 535.5 540.0

03, 93.9

761.7 267.A 269.5 2 6 r,. 5

582.1

494.1

587.4

"03.c

490.8 504.9

222.0 224.1 226.0

271.2 275.7 279.9

B.O 87.6 A8.K

545.0 550.1 5 6.3

50.0 51.4 52.1

79.3 '9.5 79.9

81.7 17.0 84.9

71.7 71.7 72.2

67.5 69.7 70.

14.7 16.8 16.7

597.7 609.5 All.?

509.1 513.1 514.6

293.2 288.q 291.5

88.6 95.4 96.6

557.1 566.7

57.5 52.7

571.?

*3.1

10.1 80.4 90.6

89.9 82.7 88.6

75.3 P0.3 85,0

74.7

OEC.

265.3 264.0 763.7

275.0

96 . 97.5

73.5 79.7

20.1 71., 15.4

1979--JAN. FFR. MAR.

99.2 98.o 90.4

?61.5 259.7 259.5

515.3

220.8 218.6 717.7

294.6

799.5 302.8

100.5 102.1 99.0

575.8 580.4 584.7

57.9

518.1 570.5

52.6 53.3

80.7 90.6 q0.6

93.9 95.6 96.6

89.3 93.4 97.6

81.7 94.0 88.4

14.7 10.' 9.4

763.9

525.5

717.7

307.8

05.0

587.6

54.0

80.6

97.0

101.8

91.3

8.7

570.1 510.8 521.7

21P.1 217.6 217.0

302.0 302.2 304.7

100.2 98.8 97.0

93.1 92.5 83.8

7.1 10.9 9.5

523.1 575.1 575.1 526.3

217.4 218.2 717.4 217.5

305.7 306.9 307.3 308.8

96.2 95.9 95.1 94.4

AP.4 93.4 97.8 91.7

8.1 7,. 8,7 R.2

577.5

716.8 216.7

310.7 311.7

93.4 92,3

89.6

7.6 9.0

1976 1 77 1078

MONTHLY: 197--40R. MAY JUNE JULY

AUG. SFPT.

95.7

OCT.

ADR. P

100inn.

224.3 223.0

73.7

96.6

R.3

13.4

W'FKLY: 1079-MAR.

14 21 ?9

90.1 99.4 99.7

ADR.

4 11 15 25

100.0

759.6 260.7 25q..

6?O0.3 618.6 615.8 619.5 620.3

MAY

I 21 3/

'/ P -

7 97

100.1 100.2

259.7 761.7 ?65.7 ?65. 7

620.9 618.6 618.8 619. 671.0 670.9 670.7

100.4 101.4

263.6 264.4

620.9 620.8

528P.

ESTIMATED MONTHLY AVFRAGE LFVELS DFRIVFO RY AVERAGING END 3= CURRENT MONTH ANO.FNO IF PREVIOUS MONTH REPnPTFD DATA. TNCIUDFS PRIVATE OOMFSTIC NDNFINANCIAL INVESTTOS' HOLDINGS OF COMMERCIAL PAPER, RANKERS ACCFPTANCES, SECURITY RP'S AND SHAPES. MONFY MARKET MItTUAL FUNM BORR NIN.S BY BANKS FROM OTHER THAN COMMERCIAL PANKS IN THE PORM OF FFOFRAL FUNDS PURCHASED, SECURITIFS SOLD UNDFR AGOFF MNTS TO REPURCHASF, AND OTHEP LIARILITIFS FOR BOPRnWFD MONEY, PLJ GROSS LIABILITIES TO OWN FOREIGN BRANrHES TO AFFILIATES, LOAN RPS, AND OTHEQ MINOR ITFMS. (EUPOnnLLAR OPROWINGS), LOANS SOLO T INCLUDES TREASUDY DEMAND nFPnSI S AT COMMERCIAL BANKS AND FFDERAL PESERVe BANKS AND TRFASURY MnTr RAIAr-< DRELIMINARY

STRICTLY CONFIDENTIAL CLASS II - FOMC MAY 18, 1979

TABLE 5 SELECTED INTEREST RATES (per cent)

Federal Funds (1)

Short-Term CD's New IssueNYC Market Auction 6-mo 90-Day 3-mo 1-yr (5) (4) (3) (2) ea

f. Comm. Paper 90-119 Day (6)

rime Rate (7)

U.S. Govt. Constant Maturity Yields -yr (8)

7-yr (9)

20-yr (10)

Long-Term Corp.-Aaa Municipal Utility New Recently Bond Issue Offered Buyer (13) (12) (11)

(FR)

Home Mortgages Secondary Market GN FNMA MA rinv nv Sec. C Auc. (16) (15) (14)

1978--High Low

10.25 6.58

9.30 6.16

10.65 6.65

10.52 6.68

11.57 7.75

9.22 7.72

9.00 8.01

6.67 5.58

10.38 8.98

10,60 9,13

9.68 8.43

1979--H iLh

10.59 9.93

9.65 9.20

10.46 9.70

10.57 9.67

11.75 11.75

9.34 8.93

9.30 8.89

6.58 6.22

10.68

10.88

10.05

10.38

10.42

9.54

6.89 7.36 7.60

6.29 6.41 6.73

6.96 7.28 7.53

6.70 7,02 7.20

6.84 7.20 7.66

6.82 7.06 7.59

8.00 8.27 8.63

7.85 8.07 8.30

8.06 8.25 8.40

8.32 8.44 8.53

8.90 8.95 9.09

8.85 8.98 9.07

5.80 6.03 6.22

9.36 9.57 9.70

9.44 9.66 9.91

8.71 8.90 9.05

July Aug. Sept.

7.81 8.04 8.45

7.01 7.08 7.85

7.79 7.73 8.01

7.47 7.36 7.95

8,00 7.86 8.34

7.85 7.83 8.39

9.00 9.01 9.41

8.54 8.33 8.41

8.55 8.38 8.42

8.69 8.45 8.47

9.14 8,82 8.86

9.18 8.91 8.86

6.28 6,12 6.09

9.74 9,79 9.76

10.01 9.81 9.79

9.15 8.97 9.04

Oct. Nov. Dec.

8.96 9.76 10.03

7.99 8.64 9.08

8.45 9.20 9.44

8.49 9.20 9.40

9.12 10.15 10.44

8.98 10.14 10.37

9.94 10.94 11.55

8.62 9.04 9.33

8.64 8.80 9.03

8.69 8.75 8.90

9.17 9.27 9.28

9.13 9.27 9.41

6.13 6.19 6.51

9,86 10.11 10.35

10.03 10.30 10.50

9.25 9.39 9.38

1979--Jan. Feb. Mar.

10.07 10.06 10.09

9.35 9.32 9.48

9.54 9.39 9.38

9.50 9.35 9.46

10.20 9.81 9.86

10.25 9.95 9.90

11.75 11.75 11.75

9.50 9.29 9.38

9.14 9.11 9.15

8.98 9.03 9.08

9.54 9.53 9.62

9.51 9.56 9.62

6.47 6.31 6.33

10.39 10.41 10.43

10.70 10.54 10.43

9.67 9.67 9.70 9.78

Lw 1978--Ar. M..y June

10.01

9.46

9.28

9.50

9.76

9.85

11.75

9.43

9.21

9.12

9.70

9.74p

6.29

10.50

10.59

7 14 21 28

10.07 10.21 10.09 10.00

9.41 9.50 9.52 9.51

9.43 9.42 9.40 9.31

9.42 9.46 9.48 9.44

9.88 9,89 9.85 9.82

9.96 9.97 9.95 9.81

11.75 11.75 11.75 11.75

9.39

9.13

9.08

9.61

9.60

9.16

9.07

9.65

9.38 9.33

9.15 9.13

9.08 9.05

9.64 9.60

9.63 9.59

10,40 10,40 10.45 10.45

10.43

9.39

6.35 6.30 6.29 6.28

4 11 18 25

9.95 9.93 9.96 10.09

9.48 9.64 9.54 9.20

9.30 9.31 9.28 9.19

9.50 9.57 9.63 9.30

9,75 9.83 9.75 9.70

9.76 9.97 10.07 9.67

11.75 11.75 11.75 11.75

9.34 9.46 9.44 9.47

9.12 9.23 9.20 9.26

9.05 9.11 9.12 9.20

9.59 9.68 9.66 9.87

9.61 9.68 9.70 9.88

6.25 6.33 6.30 6.26

10.48 10.48 10.50 10.53

10.44

2 9 16 23 30

10.22 10.25 10.25

9.48 9.65 9.58

9.38 9.43 9.32

9.57 9.62 9.46

9.80 9.89 9,89

9.76 9.92 9.98

11.75 11.75 11.75

9.54 '9.54 9.46p

9.34 9.34 9.28p

9.28 9.30 9.24p

9.86p

9,93 9.93 9.84p

6.27 6.30 6.30

10.60 10.68 n.a.

10 17

10.23 4 10.2 p

9.64 9.57

9.41 9.19

9,96 9,98

11.75 11.75

9.54 9 .36p

9.36 9.23p

9.31 9 21 . p

Apr. 1979--Mar.

Apr.

May

Daily--May

10.42

10.51 10.82 10.88

9.84 10.05 10,03

Weekly data in column 4 are average rates set in the NOTE: Weekly data for columns 1, 2, 3, 6, and 7 are statement week averages of daily data. auctions of 6-month bills that will be issued on the Thursday following the end of the statement week. Data in column 5 are 1-day Wednesday quotes. For columns 8 through 11, the weekly date is the mid-point of the calendar week over which data are averaged. Columns 12 and 13 are 1-day quotes for Friday and Thursday, respectively, following the end of the statement week. Column 14 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 15 gives FNMA auction data for Monday preceding the end of the statement week. Column 16 is a 1-day quote for 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 FMA/VA mortgages carrying the coupon rate 50 basis points below the current FHA/VA ceiling.

STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC MAY 18, 1979

TABLE 6 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES 1/ (millions of dollars, not seasonally adjusted)

Treasury Net Change 2/ 2/ Change

Treasury Coupons Net Purchases 3/

1 - 5 5

Within 1 year

Federal Agencies Net Purchases 4/

10 5 -- i

Over 10 O

Total

WhBills i -1

5 -

Over 10

Total -

Net Change Outright ings Holdings .. Total 5/

Net RP's -6/

-490 7,232 1,280 -468 863 4,361 870

87 207 320 337 472 517 1,184

789 579 797 3,284 3,025 2,833 4,188

539 500 434 1,510 1,048 758 1,526

167 129 196 1,070 642 553 1,063

1,582 1,415 1,747 6,202 5,187 4,660 7,962

592 400 1,665 824 469 792 45

.68 .01 18 .38 .14 213 24

1,059 864 3,082 1,613 891 1,433 127

1,631 9,273 6,303 7,267 6,227 10,035 8,724

-1,358 -46

-2,655 5,444 3,152 -5,072

345 288 340 212

1,123 1,156 774 1,135

459 468 349 250

247 334 235 247

2,175 2,246 1,697 1,844

127 -81

24 -

301 -173

-555 7,930 4,632 -3,283

-1,133 1,224 266 -2,130

1979--Qtr. I

-3,750

426

134

700

-399

1978--Nov. Dec.

-2,151 -2,751

139

628

163

108

1,037

1979--Jan. Feb. Mar.

-4,258 -628 1,136

426

134

1978--Qtr. qtr. Qtr. Qtr.

I II III IV

Apr.

May

LEVEL--May (in

(. n

hillnns.

700

-150

-882-

-229

-379

-4,647

-5,745

-20

2,135 4,290

3,713--

640

-255 641 1,300 -350

-278

641

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

--- --- --- 1,300

4 11 18 25

440 -625 826 179

640

--- -944

-6,673 10,940 -12,298 7,914

-350 8

-20015 826 179

2 9 16 23 30

-I n0--

680 -1,265 728

1,021

----------1,154 ----------2,754

7 14 21 28

Apr. 1979--Mar.

-170

-154 1,272 3,607 -2,892 -1,774

-8,683

7,387 414 4,577 -3,991 -1,109

810

40.8

15.5 _

28.6

12.2

11.8

68.0

1.6

3.5

1.6

7.4

116.3

-4.2

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, maturi ty 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 Syst em, and redemptions (-) of Agency and Treasury coupon issues. Includes changes in both RP's (+) and matched sale-purchase transactions (-). The Treasury sold $2,600 million of special certificates to the Federal Reserve on March 31 and redeemed the last of them on April 4, 2 $640 million of 2-year notes were exchanged for a like amount of cash management bills on April 3. On April 9 the bills were exchanged for new -year notes.

Cite this document

APA

Federal Reserve (1979, May 21). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19790522

BibTeX

@misc{wtfs_bluebook_19790522,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1979},
  month = {May},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19790522},
  note = {Retrieved via When the Fed Speaks corpus}
}