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 markets Recent developments. Treasury bill rates have shown little net change since early November, with the 3-month issue fluctuating in a 4.04 to 4.10 per cent range, and with rates on most other short-term instruments changing little. Most recently, net investment demand for bills has improved somewhat despite continued bank selling. Banks have been sellers of bills as tax and loan balances were drawn down, but bank reserve positions were not expecially taut and this has tended to moderate money market pressures. Thus far in November, Federal funds have traded at an effective rate of 4-1/8 per cent on every day except one, but 4-1/4 per cent Member bank borrowings were quite trading has generally been light. low in the week ending November 10, but returned to almost $500 million in the next statement week. The power failure at the end of the November 10 week added to excess reserves at that time through its effect on float, and this contributed to the free reserve figure of almost $100 million in that period. The return to net borrowed reserves of $200 million in the following week was not accompanied by any sharp tightening of money market conditions, partly because major money market banks carried over large cumulative reserve surpluses. Prospective developments. With net borrowed reserves of around $100 to $150 million--and no change in other policy instruments-- FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE (Monthly averages and, where available, weekly averages of daily figures; amounts in millions of dollars) Credit and Money Bank Bank Total Re- Credit Money serves Proxy Supply Deposits Time 2/ 3/ 1964 - Oct. Nov. Dec. 89 2 127 305 413 278 3.29 3.51 3.81 3.57 3.64 3.84 4.20 4.17 4.18 4.46 1965 - Jan. 115 26 303 406 395 471 490 534 526 549 552 490 3.85 3.96 4.04 4.09 4.08 4.01 4.07 4.11 3.95 4.05 3.81 3.93 3.93 3.93 3.89 3.80 3.83 3.84 3.92 4.02 -197 -101 -145 536 495 591 338 4.08 4.12 4.05 3.95 -108 95 -198 486 334 489 4.12 4.00 4.12 Feb. Mar. Apr. May June July Aug. Sept. Oct. - 50 -133 -159 -178 -178 -167 -144 -135 1965 - Oct. Nov. - 96 3 p p p0 17 p 4.47 3.11 3.08 3.01 - 38 + 28 +264 - 63 + 84 + 49 +1,203 +1,740 + 889 600 300 600 +1,400 +1,600 +1,500 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 - 30 +108 + 95 +140 - 21 +147 + 32 -115 - 4 + 98 + 92 +181 +151 +216 - 51 +169 + 25 - 49 +1,902 +2,023 +1,782 +2,623 + 772 +1,802 +1,414 +1,608 + 249 +2,592 + 300 - 300 + 600 + 800 -1,100 +1,800 + 700 + 200 +1,600 +1,300 +2,200 +2,200 +1,100 +1,400 +1,100 +1,300 +1,700 +2,500 +1,500 +2,000 4.00 4.00 4.02 4.04 4.33 4.30 4.31 4.33 4.72 4.63 3.31 3.31 3.31 3.31 +1,200 - 300 - 100 + 100 + 700 +1,000 + 400 + 200 4.07 4.06 4.08 4.37 4.40 4.40 4.73 4.70 3.32 3.32 3.32 + + + + + / Averages July 1964--Mar. 1965 Apr. 1965--Oct. 1965 Aug. 1965--Oct. 1965 October 1965 70 -156 -148 -135 334 516 530 490 3.64 4.05 4.03 4.05 3.69 3.89 3.93 4.02 + 56 400 200 600 400 400 600 Annual Rates of Increase- 4.19 4.24 4.29 4.32 4.43 4.59 4.66 4.69 3.05 3.17 3.24 3.31 +4.1 +2.2 -0.4 +5.5 +5.3 +2.9 +0.1 +3.1 + 8.8 + 8.5 + 7.8 +13.5 + + + + 4.1 5.7 7.6 9.5 +15.3 +14.9 +17.4 +16.9 Base is average for month preceding specified period. Time deposits, adjusted, at all commercial banks; differs fmm time deposit required reserve series in Table A-2 since latter includes only member banks. Seasonal adjustment revised. Rate was 3.36 as of November 18. p Preliminary. -2- CONFIDENTIAL (FR) bill rates are likely to remain at the upper end of their recent band and may move slightly higher in the weeks ahead; a likely range for the 3-month bill would be 4.05 per cent to about 4.15 per cent. Some build-up in dealer bill inventories and somewhat higher dealer financing costs may occur over the next few weeks as the banking system encounters peak seasonal loan demands and banks sell off their awards in the recent $2.5 billion auction of June tax bills. Pressures on dealers and banks will be intensified by corporate needs for funds around the mid-December tax and dividend dates, particularly if rate relationships make it difficult for banks to replace heavy CD maturities. In late November and early December pressures on short-term rates will be moderated by sizable System purchases of bills. In the corporate and U.S. Government bond markets, there appears to be some feeling--although by no means universal--that yields may have risen to temporarily sustainable trading levels. Absent any major new addition to the financing calendar or any overt policy change or increased expectations of such a change, these bond yields may move little in the immediate weeks ahead. In the municipal market, however, upward pressure on yields persists. Reserve flows, bank credit and money Recent developments. Final data for October confirm that both nonborrowed and total reserves rose during the month--after declining in the two previous months--but the increases were slightly less than earlier thought. The downward revision reflects a slower pace of reserve growth in late October, which apparently continued CONFIDENTIAL (FR) -3- into early November, as Treasury deposits declined and as banks concomitantly became large net sellers of U.S. Government securities. Prospective developments. Nonborrowed reserves, seasonally adjusted, may still be expected to expand moderately over all of November, at about a 2.5 per cent annual rate or perhaps somewhat higher. Total reserves are likely to show less expansion in November than nonborrowed--and may even decline--as banks had reduced borrowings in late October and early November. The tax and loan account financing of the $2.5 billion in new June tax bills will lead to a bulge in reserve expansion toward the end of November. With higher average Government deposits expected to require substantially more reserves in December, and with moderate further expansion expected in private deposits, substantial growth in both nonborrowed and total reserves is expected in the final month of the year. The System is likely to supply about $1 billion in reserves during the two statement weeks ending December 8 as float declines, currency flows into circulation, and required reserves expand. In the following two statement weeks the System will absorb about twofifths of those reserves as the usual sharp holiday rise in float more than offsets the continued growth projected for required reserves. Expansion in bank credit on a daily average basis is likely to be considerably slower in November than its unusually high October pace, although the strength of business loans in the most recent statement week and the impact on banks of this month's Treasury CONFIDENTIAL (FR) financings suggest a build-up in the latter part of the month that is likely to extend into the December holiday season. In November and December, growth in the bank credit proxy may average between 8 and 10 per cent, compared with the 8.5 per cent growth rate since March. Money supply expansion, which has slackened recently, is likely to pick up in the weeks ahead, with the demand deposit component averaging about a 4-5 per cent growth through the end of the year. Time deposit growth in November appears to be below its 17 per cent October pace; maintenance of this growth rate in December will depend importantly on whether banks can replace their maturing CD's. Effect of alternative policies A tightening of bank reserve positions to a range of, say, $200 to $250 million net borrowed reserves, coming in a period of peak seasonal pressures and in the wake of Treasury financings, would have a significant impact on market rates. The staff estimates this could move the 3-month bill rate into a 4.15 - 4.25 per cent range, with funds trading often at 4-1/4 per cent and dealer loan rates at major money market banks rising above recent levels. At the long end, bond yields would be put under stronger upward pressure. The tendency of market rates to rise would be reinforced as the increases generate renewed expectations of a possible discount rate rise. Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Period Excess reserves As re Member bank borrowings v i s 'e d Free date reserves I Policy periods As expected at conclusion of each week's open market operations 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 88 386 362 405 510 - 19 -148 394 415 405 205 413 278 89 2 127 418 432 345 338 331 356 348 382 408 355 366 303 406 395 471 490 534 526 549 552 490 436 115 26 -50 -133 -159 -178 -167 -144 -135 - 70 378 419 326 404 544 616 491 545 -166 -197 -165 -141 -160 -188 -153 -148 -170 -156 -163 -160 433 373 464 433 334 537 483 558 627 553 -104 -110 - 94 -194 -219 - 87 -116 -156 -167 -213 - 94 440 298 490 193 378 429 291 536 495 591 338 486 334 489 - 96 -197 -101 - 40 -189 - 97 -137 -118 62 -198 2/3/65 - 3/24/65 3/24/65 - 11/17/65 Monthly (reserve weeks ending in): 1964--October November December 1965 -January February March April May June July August September October November p Weekly 1965--Aug. 4 11 18 25 Sept. 1 8 15 22 29 Oct. Nov. 6 13 20 27 3 p 10 p 17 p p - Preliminary. As first published each week -178 -145 -108 95 -198 -154 -161 -165 -191 - 35 -179 -128 -136 -118 + 37 -189 Table A-2 AGGREGATE RESERVES AND RESERVE RELATED MEASURES (In Period Retrospective Changes, Seasonally Adjusted per cent, annual rates based on monthly averages of daily figures) Total reserves Nonborrowed reserves Required reserves by type of deposit Demand Time Private + Private U. S. Gov't* Reserve related measures Total member Money bank deposits y supply (credit) 1/* Policy period 12/62 - 5/63 3.8 4.7 +14.5 + 2.0 + 2.0 + 7.4 5/63 - 7/63 4.9 1.6 +11.1 + 5.0 + 3.2 + 7.7 7/63 - 8/64 3.4 3.3 +14.1 + 2.3 + 2.7 + 7.5 8/64 - 1/65 4.9 5.2 +15.3 + 1.6 + 2.6 + 8.1 1/65 - 3/65 9.4 5.8 +15.1 + 6.0 + 2.5 +10.4 3/65 -10/65 2.9 2.2 +15.6 + 1.7 + 4.3 + 8.5 +15.0 +13.0 - + 4.8 + 2.8 + 1.5 +15.1 +11.4 +14.0 +14.7 +13.1 + 4.9 - 3.6 + + + + + + + - 1.4 +21.6 + 0.2 + 6.2 + 5.4 + 8.0 +19.8 +10.3 +13.5 + 9.8 +11.4 +14.5 + 3.0 + 9.0 +14.8 + 6.9 - 1.3 -14.0 + 7.8 + 0.7 +15.6 +24.4 - 7.1 + 1.4 - 0.4 +13.5 +18.7 -11.1 + 8.1 Monthly: 1964--September October November December 1965--January February March April May June July August September October p 1/ + 5.2 +10.3 + 8.5 +12.1 - 2.8 + 9.4 - 2.2 1.2 2.7 + 8.3 + 1.8 - 6.5 + 3.1 + 5.5 + 1.4 - - 0.2 Includes all deposits subject to reserve requirements. movements in total member bank credit. p - Preliminary. * Seasonal adjustment revised. + 0.3 + 5.3 - 2.6 7.9 6.8 9.8 4.9 + 8.4 +10.5 +11.1 + 9.7 +14.1 + 4.1 + 2.3 9.6 7.5 8.4 1.3 +13.5 +14.0 + + + + + 8.4 +13.5 + 9.5 7.6 6.1 1.7 3.6 - 2.6 - 2.0 + 5.0 + 4.6 + 2.3 + 4.5 - 2.3 + 4.5 + 6.0 - 8.2 + 5.2 + 1.5 +11.8 Movements in this aggregate correspond closely with Chart 1 MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 22.0 TOTAL 21.5 BORROWINGS 21.0 NONBORROWED TOTAL REQUIRED 20.5 20.0 FREE RESERVES I REQUIRED 0 TOTAL AGAINST PRIVATE DEPOSITS 19.5 000"'--------19.0 18.5 REQUIRED 16.0 AGAINST PRIVATE 1m DEMAND DEPOSITS lhh--m 15.5 15.0 14.5 J 1964 1965 Chart 2 MEMBER BANK DEPOSITS SUPPORTED BY REQUIRED RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 230 225 TOTAL DEPOSITS credit 220 210 BILLIONS OF _ 205 - 200 200 DOLLARS 115 110 110 DEMAND PRIVATE 105 TIME 100 10 95 U.S. M M I- GOVERNMENT . - J 1964 DEMAND S D S D - - M M I 1 J 1965 S I D Chart 3 MONEY SUPPLY BY COMPONENTS SEASONALLY II BILLIONS ADJUSTED MONTHLY AND WEEKLY AVERAGES OF DAILY FIGURES D M OF DOLLARS 165 160 155 150 130 125 12u 115 35 30 M J 1964 S J 1965 S D Table B-l 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 Period Federal Reserve credit (excl. float) 1/ Gold k stock Currency outside banks = Technical factors net 2/ Change = Bank use of reserves in total reserves Required reserves 3/ reserves - 76 -365 +676 +840 +763 +910 - 87 - 70 Excess es ACTUAL -ear: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +3,125 +3,219 -426 -165 -1,950 -1,847 Year-to-date: (12/25/63 - 11/18/64) +2,550 - 90 -1,279 -868 +314 +197 +117 (12/23/64 - 11/17/65) +3,349 -1,528 -1,500 -295 + 28 +141 -113 Weekly: 1965--Sept. 15 - 353 - 1 + 235 +288 +170 + 79 + 91 22 - 311 + 1 + 57 +782 +530 +561 - 31 29 + 303 + 55 -582 -224 -125 -- 99 6 13 + - 790 131 - 1 - 363 293 -263 + 77 +163 -347 + 57-205 +106 -142 20 - 215 + 1 + 163 +616 +567 +375 +192 27 - 426 - 1 + 170 -178 -435 -138 -297 + + - 709 256 72 + 1 - 128 516 61 -308 + 52 + 98 +272 -205 - 36 + 87 -256 +102 +185 + 51 -138 - 380 - 95 +395 - + + - 690 350 115 -- 10 - 10 + 75 260 20 -320 - 60 +175 +295 + 20 + 70 +295 + 20 + 70 22 - 330 - 10 - 55 +910 +515 +515 29 + 10 - 10 - 70 + 50 - 20 - 20 5 12 19 + + - 5 150 545 - 10 - 10 - 10 + + + 425 200 380 -250 -390 +115 +170 - 50 - 60 +170 - 50 - 60 Oct. Nov. 3 10 17 PROJECTED 4/ 1965--Nov. 24 Dec. 1966--Jan. 1 8 15 P P P --- -+ 1 -- 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. 80 - p - Preliminary. 80 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 November 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 $2.4 billion, November 24, $3.4 billion, January 7. Table B-2 CHANGES IN REQUIRED RESERVE COMPONENTS Retrospective and Prospective Seasonal and Nonseasonal Changes (Dollar amounts in millions, based on weekly averages of daily figures) Perioderiod Total required required reserve Supporting U. S. Gov't. . S Gov'tSeasonal Total demand deposits Supporting private deposits changes Seasonalseasonal Time Demand Other than changes Time Demand ACTUAL r: 163 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +763 +910 + 8 -115 Year-to-date: (12/25/63 -11/18/64) (12/23/64 -11/17/65) +197 +134 -152 -351 +349 +485 Weekly: 1965--Sept. 15 22 29 + 79 +561 -125 -349 +371 +273 +239 +542 +471 +467 -464 -446 +14 + 8 +378 +288 +421 +635 +428 +190 -398 +338 - 16 -306 - 8 -16 + 8 + 85 +228 -116 + 13 - 6 + 16 Oct. 6 13 20 27 + 57 -205 +375 -138 -187 -292 +229 -125 +244 + 87 +146 - 13 + 81 +146 +161 - 34 + 8 - 8 --- +134 - 85 - 24 + 9 + 21 + 34 + 9 + 12 Nov. 3 p 10 p 17 p + 87 -256 +102 - 71 -177 - 2 +158 - 79 +104 + 78 + 37 + 15 - 8 --23 + 73 -118 + 87 + 15 + 2 + 25 - 80 + 60 -140 -130 -10 -- 1 8 15 22 29 +295 + 20 + 70 +515 - 20 +240 - 95 -230 +300 +155 + 55 +115 +300 +215 -175 + 45 +115 +300 +225 -175 +10 ---10 -- - 5 12 19 +170 - 50 - 60 -105 + 20 - 50 +275 - 70 - 10 +235 - 55 - 20 +40 -15 +10 PROJECTED 1965--Nov. 24 Dec. 1966--Jan. 1/ + 45 + 16 --- +755 +1,025 -- - - Reduction in percentage reserve requirements applicable to time deposits released $780 million of reserves at the end of October 1962. Table B-3 TECHNICAL FACTORS AFFECTING RESERVES Retrospective and Prospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Technical factors (net) Period Treasury operations Float Foreign deposits and gold __loans ACTUAL (Sign indicates effect on reserves) Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) - 76 -365 -216 -470 Year-to-date: (12/25/63 - 11/18/64) (12/23/64 - 11/17/65) -868 -295 +114 -114 1965--Sept. 15 22 +288 +782 29 Weekly: Other nonmember deposits and F. R. accounts +149 - 84 + 88 + 11 - 97 +178 -1,029 -919 - 6 - 37 + 53 +775 - 83 - 39 +269 +718 + 37 + 27 + 65 + 76 -582 + 67 -641 - 14 + 6 -263 - 70 -177 + 17 - 33 13 20 27 + 77 +616 -178 + 38 - 32 + 88 - 4 +493 -294 + 10 + 16 + 23 + 33 +139 + 5 3 -308 + 66 -281 + 20 -113 10 17 + 52 + 98 -115 + 27 +290 + 63 - 37 - 3 - 86 + 11 24 +395 +165 +300 - 5 - 65 Dec. 1 8 15 22 29 -320 - 60 +175 +910 + 50 - 25 ----- -315 - 60 +130 +860 + 50 + 20 ---- --+ 45 + 50 -- 1966--Jan. 5 12 -250 -390 --- -300 -450 -5 + 50 + 65 19 +115 -- +115 Oct. Nov. 6 PROJECTED 1965--Nov. - -- -- Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Total Federal Reserve credit (excl. float) Total holdings 1963 (12/26/62 - 12/25/63) +3,125 +3,076 +1,659 +1,404 + 13 + 39 1964 (12/25/63 - 12/23/64) + 10 +3,219 +3,340 +2,086 +1,022 +232 - 61 - 60 Year-to-date: (12/25/63 - 11/18/64) (12/23/64 - 11/17/65) +2,550 +3,349 +2,327 +3,122 +1,231 +2,472 + + +181 -266 - 50 - 5 +273 +232 18 25 + 641 54 - 515 2 - 222 82 + 16 -293 + 64 + -125 + 55 Sept. 1 8 15 22 29 + -+ + 28 290 353 311 303 + + + 18 328 392 380 366 + + + 53 100 277 467 453 + + + 50 165 26 -- - 85 + 63 -141 + 87 - 87 + 19 + 16 - 36 -+ 11 + + - + + - 17 - 41 + 96 -253 Period U. S. Government securities Repurchase Outri ht agreements Other Bills B ' an e s a acceptances M r ban Member borrowings Year: 915 916 Weekly: 1965--Aug. -- Oct. 6 13 20 27 + - 790 131 215 426 + - 776 71 293 194 + - 776 101 325 132 ---- -+ 30 + 32 - 62 Nov. 3 10 17 + + - 709 256 72 + + - 537 424 205 + + - 537 420 201 --- + - -4 4 1 1 31 19 18 21 + 24 - 16 - 22 9 54 75 69 74 +148 -152 +155 Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Total Period Required reserves Against private deposits Demand Nonborrowed reserves resereTotal 1963--January February March April May June July August September October November December 19,620 19,700 19,752 19,770 19,858 19,848 20,020 19,898 20,025 19,923 19,994 20,240 19,504 19,547 19,575 19,608 19,667 19,630 19,718 19,565 19,663 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 1964--January February March April May June July August September October November December 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 1965--January February March April 21,174 21,355 21,506 21,722 21,671 21,840 21,865 21,816 21,816 21,872 20,861 20,969 21,064 20,842 20,915 21,119 21,317 21,298 21,473 21,538 21,384 21,420 21,532 20,122 20,166 20,294 20,409 20,258 20,506 20,579 20,665 20,903 21,090 May June July August September October p - Preliminary. 21,204 21,183 21,330 21,362 21,247 21,243 21,341 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 15,442 15,466 15,492 15,527 15,471 15,539 15,646 15,705 15,805 15,886 15,864 15,912 15,878 15,852 15,943 16,009 15,822 16,028 16,047 16,041 16,227 16,341 Chart Reference Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Period ___ 1963--January February March April May June July August September October November December Total member bank deposits ime , 1/)* (__credit 189,012 190,044 191,115 192,013 193,134 194,259 195,597 196,513 197,717 198,339 200,130 201,505 81,146 82,139 83,139 84,232 84,961 85,732 86,528 88,145 89,139 90,159 91,428 92,426 1964--January February March April May June July August September October November December 202,981 93,563 203,759 205,068 206,176 206,613 208,669 209,312 211,506 212,906 214,109 215,849 94,495 95,011 216,738 103,090 104,215 1965--January February March April May June July August September October p 218,640 220,663 222,445 225,0'68 225,840 227,642 229,056 230,664 230,913 233,505 106,107 107,843 108,778 109,996 110,898 111,955 113,306 115,594 116,900 118,718 95,852 96,677 97,542 98,273 99,725 100,670 101,850 U. S. Gov't. demand Private demand deposits* deposits 2/ 5,565 5,587 5,525 5,210 5,509 5,816 5,865 5,158 102,301 102,318 102,451 102,571 102,664 102,711 5,212 4,399 4,219 4,804 103,204 103,210 103,366 103,781 104,483 104,275 5,011 4,695 5,308 5,337 5,327 6,061 5,256 5,592 5,368 4,849 5,500 4,932 104,407 104,569 104,749 104,987 104,609 105,066 105,783 106,189 106,868 107,410 107,259 107,591 5,180 5,642 107,353 107,178 107,795 108,243 106,975 108,372 108,497 108,456 109,717 110,489 5,872 6,829 7,967 7,315 7,253 6,614 4,296 4,298 * Seasonal adjustment revised, p - Preliminary. 1/ 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. 2/ Private demand deposits include demand deposits of individuals, partnerships and corporations and net interbank balances. 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 Currency Demand 2/ 1/ 1964--July August September October November December 156.6 157.1 158.2 1965--January February March April May June July August September October p 160.0 159.7 160.3 161.1 160.0 161.8 162.5 162.7 164.3 Weekly: 1965--Aug. Sept. 158.8 159.1 159.7 125.4 125.5 125.1 125.6 126.4 34.5 34.7 34.7 34.7 34.9 165.6 162.9 162.5 162.5 162.4 127.7 127.1 127.1 126.9 35.3 1 163.1 8 15 163.2 35.3 35.4 164.1 165.2 164.6 127.8 127.8 128.7 129.5 128.7 165.8 165.5 165.4 165.5 129.9 129.6 129.6 129.5 35.9 35.9 35.9 165.9 165.7 166.3 129.9 129.7 130.1 36 .1 36.0 36.1 4 6 13 20 27 Nov. 124.3 124.8 124.8 33.6 33.8 33.9 34.0 34.2 34.2 125.1 126.8 127.3 127.3 128.7 129.7 22 29 Oct. 123.0 123.3 3 p 10 p 17 est 35.0 35.2 35.4 35.6 35.9 35.4 35.4 35.4 35.5 35.7 35.9 36.0 1/ 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. 2/ Includes currency outside the Treasury, the Federal Reserve, and the vaults of all commercial banks. e - Estimated. 

Federal Reserve (1965, November 22). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19651123

@misc{wtfs_bluebook_19651123,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1965},
  month = {Nov},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19651123},
  note = {Retrieved via When the Fed Speaks corpus}
}