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. 1 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 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. CONFIDENTIAL (FR) MONEY MARKET AND RESERVE RELATIONSHIPS Money market After being around 4 per cent at the time of last FOMC meeting, the 3-month Treasury bill rate has risen to around 4.05 per cent, but longer-term bill rates have shown relatively little change. Short-term bill rates in the early part of October had reflected a temporary depletion of the available supply of bills in dealer hands as a result of sizable System and private buying. Dealers have since rebuilt their inventory, and private buying has recently tapered off. The System was also a small net seller of bills during the middle part of October. The recent advance in rates has been dampened by the availability of dealer financing at relatively attractive rates and by expectations of sizable System buying in late October and early November. The availability of dealer financing has reflected an increase in repurchase money from corporations and the absence of any sustained pressure on money market banks, especially those in New York. Concurrently, the Federal funds market has been somewhat less taut than earlier, with funds trading at an effective rate below 4-1/8 per cent on four trading days during the last two weeks of October. Especially in the last week of October, funds were very readily available and banks were able to reduce their borrowings at the discount window to the lowest level since March. Prospects. With net borrowed reserves in the neighborhood of $100 to $150 million, bill rates can be expected to remain within a narrow range until around mid-November; the 3-month bill should hold in FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE (Monthly averages and, where available, weekly averages of daily figures; amounts in millions of dollars) I Money Market Indicators 11 IFlow of Reserves. Bank Credit and Money Bond Yields Non- STotal Bank roweRe- Credit Mo Supply .r ,, Re1964 - Oct. Nov. Dec. 305 413 278 3.29 3.51 3.81 3.57 3.64 3.84 4.20 4.17 4.18 4.46 4.47 3.11 3.08 3.01 - 38 + 26 +260 +1,260 +1,886 +1,265 600 300 600 +1,400 +1,600 +1,500 - 25 +108 + 95 +140 - 21 +147 + 32 -115 - 4 +123 + 92 +1,520 +181 +2,321 +151 +1,787 +216 +3,206 - 51 - 494 +169 +1,683 + 25 +1,622 - 49 +1,253 + 905 +106 +2,585 + 300 - 300 + 600 + 800 -1,100 +1,800 + 700 + 200 +1,600 +1,200 +2,200 +2,200 +1,100 +1,400 +1,100 +1,300 +1,700 +2,500 +1,500 +2,100 + 900 +1,100 - 600 +1,200 - 300 + 500 + 100 + 200 + 700 +1,000 + 500 1965 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. e / 115 26 - 50 -133 -159 -178 -178 -167 -144 -134 303 406 395 471 490 534 526 549 552 490 3.85 3.96 4.04 4.09 4.08 4.01 4.07 4.11 3.95 4.04 3.81 3.93 3.93 3.93 3.89 3.80 3.83 3.84 3.92 4.02 4.19 4.21 4.20 4.20 4.21 4.21 4.21 4.25 4.30 4.32 4.42 4.41 4.45 4.46 4.51 4.58 4.61 4.63 4.67 4.69 2.97 2.97 3.09 3.09 3.09 3.15 3.16 3.16 3.25 3.31 1965 - Sept. 15 22 29 6 Oct. 13 20 27 - 94 -194 -219 - 96 -197 -107 -137 558 627 553 536 495 591 338 4.12 4.12 3.50 4.08 4.12 4.05 3.95 3.88 3.90 4.00 4.00 4.00 4.02 4.04 4.30 4.30 4.32 4.33 4.30 4.31 4.33 4.67 4.64 4.63 3.21 3.25 3.31 3.31 3.31 3.31 3.31 July 1964--Mar. 1965 Apr. 1965--Oct. 1965 Aug. 1965--Oct. 1965 October 1965 70 -156 -148 -134 4.19 4.24 4.29 4.32 4.43 4.59 4.66 4.69 3.05 3.17 3.24 3.31 3.64 4.05 4.03 4.04 Averages 3.69 3.89 3.93 4.02 Time 4.72 m-- - +3.3 +1.0 +5.8 + 9.6 + 8.3 + 8.3 +13.4 200 +3.5 +5.5 +7.4 +8.8 2 Deposits- + 400 +15.0 +17.7 +17.8 1/ Base is average for month preceding specified period. 2/ Time deposits, adjusted, at all commercial banks; differs from time deposit required reserve series in Table A-2 since latter includes only member banks. e/ Estimated. -2- CONFIDENTIAL (FR) a 4.00 to 4.10 per cent band. The Treasury's cash refunding of mid- November maturities with an 18-month note is not likely to have much net effect on the bill market, although the announcement of a cash rather than a "rights" refunding did cause bill rates to back up 1 basis point. In early November, a moderating factor will be further System purchases perhaps abetted by some seasonal pickup in private demands. After mid-November, the money market will enter a period of seasonal pressure generally extending at least through the mid-December tax period. The 3-month bill rate could perhaps penetrate the upper- end of the range noted above, even if net borrowed reserves show no significant rise. But this will depend importantly on the strength of late fall credit demands. The Treasury's expected bill financing in late November (to be announced probably in mid-November) may also put some upward pressure on bill rates, although the possibility exists that such bill financing may turn out to be as much as $1 billion smaller than the $3 billion earlier anticipated. With respect to bond yields, the market remains cautious and thin. The Treasury November refunding announcement did not disturb the market initially, but a disappointly high allotment ratio would have adverse effects on the market. Bond markets still appear vulnerable to a sizable build-up in the corporate calendar, any further diminution in bank demand for municipals, or developments in bill rates, prices, or balance of payments which might lead to expectations of a shift in monetary policy. CONFIDENTIAL (FR) -3- Reserve flows, bank credit and money The moderation in October of the sharp rise in interest rates that had developed in August and September was accompanied by a sizable increase in nonborrowed reserves during the month. After declining during the last two months of summer, such reserves in October rose by nearly 7 per cent (annual rate), and thereby just about offset the reductions of the two previous months. Total reserves, too, increased in October, after declining in summer. Fluctuations in reserve growth over the last three months has been importantly influenced by the timing of recent Treasury financings. Prospects. In the coming weeks nonborrowed reserves may continue to grow, although at slower pace than in October. Growth in nonborrowed reserves, given the current level of free reserves, could continue to average about the 2.5 per cent annual rate that has prevailed since the March policy change. Factors affecting such growth will be the vigor of loan demand, the amount of additional Treasury financing and the relationship between the discount and market rates. The System can be expected to supply nearly $1 billion of nonborrowed reserves in the first two statement weeks ending in November, of which about two-thirds has already been supplied. Declines in required reserves are projected to supply some free reserves in this period, but an expected $700 million outflow of currency into circulation will absorb reserves as will a decline in float projected at almost $400 million. In the last half of November the System will return to the selling side of the market, although to the extent of only about half its purchases, as reserves are supplied by the usual rise in float. CONFIDENTIAL (FR) Bank credit growth (on a monthly average basis) is likely to slow from its rapid October pace, but probably remain around the 8 per cent annual rate that has prevailed since March. Money supply growth is also likely to fall from its high September and October rates, with the demand deposit component continuing to average around the 4 per cent rate that has obtained since the March policy shift. Time deposit growth is likely to slow from its high October rate between now and the end of the year. Effect of alternative policies Money market and reserve relationships that are likely to be consistent with alternative policy postures have not been considered at this time because an even keel policy associated with the current Treasury financing appears to preclude policy action, at least until after midNovember. Table A-l MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Period Excess reserves As Member bank borrowings __ to revised Free reserves date As expected at conclusion of each week's open market operations Policy periods 12/19/62 - 5/22/63 481 179 302 5/22/63 - 7/31/63 437 276 161 7/31/63 - 8/19/64 407 292 115 8/19/64 - 2/3/65 413 325 88 386 405 361 517 2/3/65 - 3/24/65 3/24/65 - 10/27/65 Monthly (reserve weeks ending in): 1964--October November December -19 -156 394 415 405 305 413 278 89 2 127 418 432 345 338 331 356 348 382 408 356 303 406 395 471 490 534 526 549 552 490 115 26 7 14 21 28 349 529 192 323 582 620 425 479 -233 Aug. 4 11 18. 25 378 419 326 404 Sept. 1 8 15 22 29 433 373 464 433 334 440 298 484 201 1965--January February March April May June July August September October p Weekly 1965--July Oct. 6 13 20 27 p - Preliminary. As first published each week , - 50 -133 -159 -178 -178 -167 -144 -134 -233 -156 -185 -104 -234 -154 -152 -127 -217 -164 544 616 491 545 -166 -197 -165 -141 -160 -188 -153 -148 -170 -156 -163 -160 537 483 558 627 553 536 495 591 338 -104 -110 - 87 - 94 -116 -156 -167 -213 -154 -161 -165 -191 - 40 - 35 -189 -179 -128 -136 - 91 - 94 -194 -219 - 96 -197 -107 -137 - 97 -137 Table A-2 AGGREGATE RESERVES AND RESERVE RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) Period Total reserves Nonborrowed reserves Required reserves by type of deposit Demand Time Private + U. S. Gov't. Reserve related measures -Total member oney bank deposits supply (credit) I/ Policy period 12/62 - 5/63 + 3.8 + 4.7 +14.5 + 2.1 + 2.0 + 7.4 + 3.6 5/63 - 7/63 + 4.9 + 1.6 +11.1 + 5.0 + 3.2 + 7.7 + 5.2 7/63 - 8/64 + 3.4 + 3.3 +14.1 + 1.9 + 2.7 + 7.3 + 3.7 8/64 - 1/65 + 4.9 + 5.2 +15.3 + 2.6 + 2.6 + 8.6 + 4.4 1/65 - 3/65 + 9.4 + 5.8 +15.1 + 7.7 + 2.5 +11.3 + 1.1 3/65 -10/65 + 3.3 + 2.5 +15.7 + 1.1 + 4.2 + 8.3 + 5.5 Monthly: 1964--July August - 1.0 + 5.1 - 0.6 - 0.2 + 8.9 +17.7 + 3.3 + 2.6 + 8.3 + 4.5 + 5.9 + 9.7 + 8.5 + 3.8 September October +15.0 - 3.6 +13.0 - 2.2 +11.4 +14.0 + 7.4 + 0.9 + 7.6 + 6.1 + 9.3 + 7.1 + 8.4 + 4.6 November + 4.8 + 1.5 +14.7 + 6.9 - 1.7 +10.6 + 2.3 December + 2.8 +15.1 +13.1 + 1.4 + 3.6 + 7.0 + 4.5 1965--January February + 5.2 +10.3 - 1.4 + 6.2 +21.6 +19.8 - 3.9 + 6.3 - 2.6 - 2.0 + 8.4 +12.7 + 2.3 - 2.3 March April May June July + 8.5 +12.1 - 2.8 + 9.4 + 1.4 + + + + 5.4 8.0 1.2 8.3 1.8 +10.3 +13.5 + 9.8 +11.4 +14.5 + 9.0 +20.9 -14.4 + 6.5 + 2.9 + 6.9 + 5.0 -14.0 +15.6 + 1.4 + 9.7 +17.3 - 2.6 + 9.0 +'8.6 + 4.5 + 6.0 - 8.2 +13.5 + 5.2 August September - 2.7 -- - 6.5 0.2 +24.4 +13.5 -10.8 - 4.3 - 0.4 +14.0 + 6.6 + 4.7 + 1.5 +11.8 + 5.8 + 6.9 +19.2 + 7.3 + 7.8 +13.4 + 8.8 October 1/ est. Includes all deposits subject to reserve requirements. movements in total member bank credit. est.- Estimated. Movements in this aggregate correspond closely with Chart 1 MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 22.0 *I. TOTAL 21.5 BORROWINGS 21.0 NONBORROWED TOTAL REQUIRED 20.5 10 20.0 .. r mi FREE RESERVES :Ago 0 40 40 / I REQUIRED AGAINST TOTAL PRIVATE DEPOSITS 19.5 IL--------- cc 19.0 18.5 REQUIRED AGAINST 16.0 PRIVATE Im DEMAND in4i00mm DEPOSITS. m - ms am*l .. 15.5 15.0 14.5 I M I I I J 1964 I I I I S 1965 II I I Chart 2 MEMBER BANK DEPOSITS SUPPORTED BY REQUIRED RESERVES SEASONALLY ADJUSTED MONTHLY J 1964 AVERAGES OF DAILY FIGURES J 1965 Chart 3 MONEY SUPPLY BY COMPONENTS SEASONALLY ADJUSTED MONTHLY AND WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 165 MONEY SUPPLY 160 155 150 130 DEMAND DEPOSITS 125 120 115 CURRENCY 35 30 M J 1964 S D M J 1965 S D Table B-i MAJOR SOURCES AND USES OF RESERVES Retrospective and Prospective (Dollar amounts in millions, based on weekly averages of daily figures) Factors affecting supply of reserves Federal Reserve Gd Currency Technical credit (excl. Gold outside factors net 2/ banks stock float) 1/ Period = Change = Bank use of reserves in Required Excess total reserves reserves 3/ reserves ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +3,125 +3,219 -426 -165 +1,189 +2,456 - 90 -1,530 - 76 -365 +676 +840 +763 +910 - 87 - 70 -578 -772 -753 -137 -232 + 20 - 62 +223 -170 -203 - 73 + 78 -1,950 -1,847 Year-to-date: (12/25/63 - 10/28/64) (12/23/64 Re.ekly: 10/27/65) 1965--Aug. 25 + 54 +168 -210 + Sept. 1 8 15 22 29 + 28 +290 -353 -311 +303 +162 -652 +235 + 57 + 55 -128 +196 +288 +782 -582 + 59 -164 +170 +530 -224 + 30 -104. + 79 +561 -125 + + - Oct. 6 13 20 p +790 -131 -215 - 1 + 1 -263 + 77 +616 27 n +163 ..- 347 +567 . JLI Q0 -10 _/. 1 + 57 -205 +381 -911 +106 -142 +186 -A'A 1 -363 -293 +165 -440 - 25 +255 +250 + 5 -140 - 45 -- + 5 -140 - 45 -- -290 - 60 +215 +915 + 50 + 25 +295 + 50 +515 - 50 + 25 +295 + 50 +515 - 50 --+ 1 + 1 5 29 60 91 31 99 i hf 'm PROJECTED 1965--Nov. Dec. 3 10 17 24 +560 +440 -280 -235 - 10 - 10 -115 -555 - 10 - 5 1 8 15 22 29 +365 +665 -175 -320 -125 - - 40 -300 + 20 - 70 + 35 -- 10 10 10 10 10 For retrospective details, see Table B-4. For factors included, see Table B-3. For required reserves by type of deposits, see Table B-2. See reverse side for explanation of projections. p - Preliminary. -- Explanation of Projections in Table B-1 1. Changes in Federal Reserve credit indicate reserves needed to offset projected changes in required reserves and factors affecting the supply of reserves. 2. Projected changes in currency outside banks reflect seasonal movements plus an allowance for growth of about $30 million per week. 3. Projected effects of Treasury operations, included in "technical factors," reflect scheduled and assumed calls in current two weeks and thereafter, maintenance of Treasury balances with Federal Reserve at $900 million. 4. Projected changes in gold stock reflect assumed outflow after August at the rate of about $50 million per month. 5. Projected changes in required reserves reflect estimated seasonal movements in private deposits, except as indicated in projections in Table B-2, and projected movements in U.S. Government demand deposits. Government deposit projections are based on anticipated Treasury receipts and expenditures and the following assumed financing operations $0.2 billion, November 15; $0.2 billion, November 24; $2.5 billion, November 30. AaDLe o-z CHANGES IN REQUIRED RESERVE COMPONENTS Retrospective and Prospective Seasonal and Nonseasonal Changes (Dollar amounts in millions, based on weekly averages of daily figures) Rpriod ACTUAL Year: .963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Year-to-date: (12/25/63 - 10/28/64) (12/23/64 - 10/27/65) Weekly: 1965--Aug. 25 Total required resre reser Supporting U. s. Gov't. . demGovt demand deposits +763 +910 + 8 -115 - 62 +216 -315 - 85 - 73 l T Total Supporting private deposits Other than chan seasonal Seasonal changes seasonal chanaes Demand Time Demand Time + 45 + 16 --- +253 +301 -544 -576 - 49 + 39 +372 +238 +474 +600 + 54 -127 -129 - 8 - 12 + 22 +755 +1,025 +239 +542 +471 +467 Sept. 1 8 15 22 29 + 30 -104 + 79 +561 -125 -154 -186 -349 +371 +273 +184 + 82 +428 +190 -398 + 79 + 81 +338 - 16 -306 - 8 + 8 - 8 - 16 + 8 + 88 - 10 + 85 +228 -116 + 25 + 3 + 13 - 6 + 16 Oct. 6 13 20 p 2 7 p + 57 -205 +381 -129 -187 -292 +230 -110 +244 + 87 +151 - 19 + 81 +146 +161 - 34 + - 8 8 -- +134 - 85 - 22 - + + + + + - 10 + 25 + 10 PROJECTED 1965--Nov. Dec. 3 5 -100 +105 + 80 10 17 24 -140 - 45 -- -175 - 35 +140 + 35 - 10 -140 + 35 + 15 -130 - 25 - 10 1 8 15 22 29 + 25 +295 + 50 +515 - 50 - 30 +180 -250 +300 +125 + 55 +115 +300 +215 -175 + 45 +115 +300 +225 -175 + 10 --- 10 -- -- 21 34 12 16 - - Reduction in percentage reserve requirements applicable to time deposits released $780 million of reserves at the end of October 1962. p - Preliminary. 1/ Table B-3 TECHNICAL FACTORS AFFECTING RESERVES Retrospective and Prospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Technical ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Year-to-date: (12/25/63 - 10/28/64) (12/23/64 - 10/27/65) Weekly: 1965--Aug. 25 Foreign deposits and gold loans (Sign indicates effect on reserves) Other nonmember deposits and F. R. accounts Treasury operations Float - 76 -365 -216 -470 +149 - 84 + 88 + 11 - 97 +178 -753 -137 - 52 - 92 -996 -991 - 13 - 17 +308 +963 -219 - 57 - 78 + 16 -100 factors (net) Period Sept. 1 8 15 22 29 -128 +198 +288 +782 -582 + + 21 69 83 39 67 -265 +125 +269 +718 -641 + + - 23 3 37 27 14 +181 + 7 + 65 + 76 + 6 Oct. 6 13 20 27 -263 + 77 +616 -178 + + 70 38 32 88 -177 - 4 +493 -294 + + + + 17 10 16 23 - 33 + 33 +139 + 5 + 10 - 15 -- - 80 - 65 + 5 +150 PROJECTED 1965--Nov. 3 10 17 24 -440 - 25 +255 +250 + 10 +65 -- -380 - 10 +250 +400 Dec. 1 8 15 22 29 -290 - 60 +215 +915 4 50 ------ -290 - 60 +130 +860 50 - --- -+ 85 + 55 Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Period Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Retrospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) __ Total Federal U. S. Government securities Bankers' Reserve credit Repurchase Total Outright acceptances holdins Other Bills (excl. float) -------- I. - aereements ________ __ _ _ ___ h l - 49 + 9 + 81 + 33 +116 - 2 + 54 +387 +251 -515 - 2 +104 +356 -222 - 82 +283 -105 -293 + 64 + + 1 1 1 1 + 65 + 72 -125 + 55 + 28 +290 -353 -311 +303 + 18 +328 -392 -380 +366 + 53 +100 -277 -467 +453 - 85 + 63 -141 + 87 - 87 + 19 + 16 - 36 +790 -131 -215 -426 +776 - 71 -293 -194 +776 -101 -325 -132 +1,404 +1,022 +1,189 +2,456 +1,325 +2,366 + 444 +1,716 +915 +916 +201 +149 4 11 18 25 +451 +324 -641 + 54 Sept. 1 8 15 22 29 Oct. Aug. 6 13 20 27 _____________________ + 10 - 34 -266 +1,659 +2,086 Weekly: 1965--July 28 __ + 39 - 61 +3,076 +3,340 (12/23/64 - 10/27/65) _ + 13 +232 +3,125 +3,219 Year-to-date: (12/25/63 - 10/28/64) Member bank borrowings LL _________ + 16 + 50 +165 + 26 +30 + 32 - 62 - 60 - 87 - 9 - 54 + 75 + 69 + 11 - 74 + + - 17 - 41 31 19 18 21 + 96 -253 Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Total reserves Period 1963--January February March April May June July August September October November December 1964 January February March April May June July August September October November December 1965--January February March April May June July August September October est. est. - Estimated. Nonborrowed reserves Total Required reserves Aainst private deposits _Total Demand 20,240 19,573 19,640 19,960 19,212 19,224 19,284 19,292 19,359 19,452 19,557 19,431 19,592 19,518 19,587 19,775 18,377 18,419 18,478 18,539 18,582 18,620 18,725 18,791 18,854 18,955 19,110 19,119 15,131 15,133 15,152 15,170 15,184 15,191 15,264 15,265 15,288 15,349 15,453 15,422 20,248 20,268 20,459 20,482 20,404 20,682 20,665 20,753 21,012 20,949 21,033 21,082 19,977 19,982 20,176 20,226 20,167 20,431 20,420 20,416 20,638 20,600 20,626 20,886 19,884 19,872 20,056 20,057 20,023 20,269 20,285 20,332 20,570 20,536 20,639 20,742 19,185 19,246 19,292 19,361 19,338 19,441 19,577 19,694 19,832 19,960 19,988 20,081 15,442 15,466 15,492 21,174 21,355 21,506 21,722 21,671 21,840 21,865 21,816 21,816 21,922 20,861 20,969 21,064 21,204 20,842 20,915 21,119 21,317 21,298 21,473 21,538 21,384 21,426 21,539 20,122 20,166 20,294 20,409 15,878 20,258 15,822 20,506 16,028 20,579 20,665 16,047 16,041 16,227 16,333 19,620 19,700 19,752 19,770 19,858 19,848 20,020 19,898 20,025 19,923 19,994 19,504 19,547 19,575 19,608 19,667 19,630 19,718 19,565 19,663 21,183 21,330 21,362 21,247 21,243 21,366 20,903 21,084 15,527 15,471 15,539 15,646 15,705 15,805 15,886 15,864 15,912 15,852 15,943 16,009 Chart Reference Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, Period 1963--January February March April May June July August September October November December 1964--January February March April May June July August September October November December 1965--January February March April May June July August September October e based on monthly averages of daily figures) Total member bank deposits (credit 1/) ime epot 189,122 190,235 191,124 192,376 193,116 193,959 195,585 196,315 197,631 198,262 199,873 201,645 81,146 82,139 83,139 84,232 84,961 85,732 86,528 88,145 202,883 203,912 205,362 206,452 206,625 208,310 209,338 93,563 211,035 212,664 213,924 215,810 217,075 218,595 220,916 222,703 225,909 225,415 227,098 228,720 229,973 230,878 233,463 89,139 90,159 91,428 92,426 94,495 95,011 95,852 96,677 97,542 98,273 99,725 100;670 101,850 103,090 104,215 106,107 107,843 108,778 109,996 110,898 111,955 113,306 115,594 116,900 118,787 U. S. Gov't. demand deposits Private demand deposits 2/ 5,675 5,778 5,534 5,573 5,491 5,516 5,853 4,960 5,126 4,322 3,962 4,944 102,301 102,318 102,451 102,571 102,664 102,711 103,204 103,210 103,366 103,781 104,483 104,275 4,913 4,848 5,602 5,613 5,339 5,702 5,282 5,121 5,126 4,664 5,461 5,269 106,189 106,868 107,410 107,259 107,591 5,135 5,895 6,130 7,670 7,542 6,771 6,917 5,923 4,261 4,240 107,353 107,178 107,795 108,243 106,975 108,372 108,497 108,456 109,717 110,436 104,407 104,569 104,749 104,987 104,609 105,066 105,783 Includes all deposits subject to reserve requirements--i.e., the total of time, private demand,and U.S. Government demand deposits. Movements, in this aggregate correspond closely with movements in total member bank credit. ,/ Private demand deposits include demand deposits of individuals, partnerships and corporations and net interbank balances. e - Estimated. 1/ Chart Reference Table C-3 MONEY SUPPLY BY COMPONENTS Seasonally Adjusted (Dollar amounts in billions, based on monthly averages of daily figures) Period Money Supply 1964-- July August September October November December 156.6 1965--January February March April May June July August September October 160.0 Demand deposits I/ 157.1 158.2 158.8 159.1 159.7 Currency 123.0 123.3 124.3 124.8 124.8 125.4 33.6 33.8 33.9 34.0 34.2 34.2 125.5 125.1 165.5 128.7 129.5 34.5 34.7 34.7 34.7 34.9 35.0 35.2 35.4 35.6 35.9 162.9 162.5 162.5 162.4 127.7 127.1 127.1 126.9 35.3 35.4 35.4 35.4 Sept. 1 8 15 22 29 163.1 163.2 164.1 165.2 164.6 127.8 127.8 128.7 129.5 128.7 35.3 35.4 35.5 35.7 35.9 Oct. 165.8 165.5 129.9 129.6 129.6 129.3 35.8 35.9 35.9 36.0 159.7 160.3 125.6 161.1 160.0 161.8 126.4 125.1 126.8 127.3 127.3 162.5 162.7 164.3 est. / Weekly: 19 6 5--Aug. IV 6 13 20 27 165.5 .165.3 & h Includes (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and the U.S. Government, less cash items in process of collection and Federal Reserve float; and (2) foreign demand balances at Federal Reserve Banks. / Includes currency outside the Treasury, the Federal Reserve, and the vaults of'all commercial banks. est. - Estimated. 

Federal Reserve (1965, November 1). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19651102

@misc{wtfs_bluebook_19651102,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1965},
  month = {Nov},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19651102},
  note = {Retrieved via When the Fed Speaks corpus}
}