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. In late November and early December before the discount rate increase the money market was coming under seasonal pressure. Federal funds traded mostly at 4-1/8 per cent-- but also with increasing frequency at 4-1/4 per cent--dealer loan rates moved into a higher range, and bill rates continued to edge upward. Following the discount rate advance, short-term market rates generally, including those on Treasury bills, bankers' acceptances, commercial paper, and certificates of deposit, adjusted up by 1/8 - 1/4 per cent. The Federal funds rate, after some temporary easing toward the end of the December 8 statement week, moved back to around the new discount rate and dealer lending rates have also risen to and slightly above 4-1/2 per cent. The 3-month bill so far has fluctuated around the 4.34 per cent issuing rate in the auction that followed the discount rate announcement; this rate is apparently being influenced by the small supply of short-term bills currently in dealer hands. CD issuing rates posted by New York banks shortly after the discount rate action ranged from 4-3/8 - 4-1/2 per cent for 30-89 day money to 4.65 - 4.75 per cent for 6-month and longer-term deposits. A national strucutre of CD rates has not yet taken form, but one large bank today posted a rate of 4-3/4 per cent for 90-day CD money. FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE (Monthly averages and, where available, weekly averages of daily figures; amounts in millions of dollars) Money Market Indicators Period de Free Borrow- Federal iFunds Reserves ings Bond Yields -month Treasury Flow of Reserves, Bank Credit and Money) U. S. Corporate MuniciMuniciGov't. New pal (20 yr. Issues (Aaa) Bill bond) Time NonTotal Bank Time Borrowed Total Credit Money ReDeposits Reserve Proxy Supply serves (Aaa) 1964 - Nov. Dec. 2 127 413 278 3.51 3.81 3.64 3.84 4.17 4.18 -4.47 3.08 3.01 + 28 +264 + 84 + 49 +1,740 + + 889 + 1965 - Jan. Feb. Mar. Apr. May June July Aug. 115 26 - 50 -133 -159 -178 -178 -167 303 406 395 471 490 534 526 549 3.85 3.96 4.04 4.09 4.08 4.01 4.07 4.11 3.81 3.93 3.93 3.93 3.89 3.80 3.83 3.84 4.19 4.21 4.20 4 20 4.21 4.21 4.21 4.25 4.42 4.41 4.45 4.46 4.51 4.58 4.61 4.63 2.97 2.97 3.09 3.09 3.09 3.15 3.16 3.16 - 30 +108 + 95 +140 - 21 +147 + 32 -115 + 92 +181 +151 +216 - 51 +169 + 25 - 49 +1,902 +2,023 +1,782 +2,623 + 772 +1,802 +1,414 +1,608 Sept. -144 552 3.95 3.92 4.30 4.67 3.25 - Oct. Nov. -135 - 79 490 418 4.05 4.09 4.02 4.08 4.32 4.40- 4.69 4.72 3.31 3.34 + 98 + 57 3 -107 486 4.12 4.07 4.37 -- 3.32 + 400 + 400 10 17 24 94 -172 -131 334 489 361 4.00 4.12 4.10 4.06 4.08 4.11 4.40 4.40 4.40 4.73 4.70 4.77 3.32 3.32 3.36 + 100 200 200 + + + 400 500 800 -111 9 534 478 4.12 3.50 4.12 4.25 4.41 4.48 4.79 4.80 3.37 3.37 + 100 700 + 200 100 1965 - Nov. Dec. lp 8p 4 -- + 56 - 46 + 300 600 + 300 - 300 + 600 + 800 -1,100' +1,800 + 700 + 200 +1,600 +1,500 +2,200 +2,200 +1,100 +1,400 +1,100 +1,300 +1,700 +2,500 249 +1,600 +1,500 +2,592 +1,300 + 759 + -100 +2,000 +1,900 - 1/ Averages July 1964 -Apr. 1965 -Aug. 1965 -November Mar. 1965 Nov. 1965 Nov. 1965 1965 70 -148 -132 - 79 333 506 505 418 3.64 4.06 4.05 4.09 3.69 3.91 3.96 4.08 4.19 4.26 4. 3 4.40' Annual Rates of Increase4.43 4.61 4.68 4.72 3.05 3.19 3.26 3.34 +4.1 +2.4 +0.5 +3.2 +5.3 +2.2 -0.5 -2.5 + + + + 8.8 8.0 6.8 3.9 + + + + 4.1 5.1 5.9 0.7 +15.3 +15.2 +17.2 +15.9 1/ Base is average for month preceding specified period. Time deposits, adjusted, at all commercial banks; differs from time deposit required reserve series in Table A-2 since latter includes only member banks. P - Prel:iminary. December 10, 1965. -2- CONFIDENTIAL (FR) In the December 8 statement week, free reserves averaged $9 million as the System purchased a sizable amount of bills to cushion the impact of the discount rate increase. Member bank borrowings remained relatively high at $478 million, however, in reflection of some apparent overborrowing in districts that still had a 4 per cent discount rate. In the previous five weeks, net borrowed reserves and member bank borrowings averaged about $85 million and $440 million, respectively. Prospective developments. The combination of the recent discount rate action, widely fluctuating seasonal pressures over the next four weeks, and forthcoming Treasury financings make estimation of prospective interrelationships among money market variables especially difficult at this time. If it were to be the Committee's intent to moderate (but not fully offset) further adjustments of money and credit market conditions, the staff estimates that net borrowed reserves ranging around $100 million would likely be associated with bill rates in a 4.30 to 4.45 per cent range. Some seasonal pressure on dealer loan rates is to be expected and rates in New York may climb to around 4-3/4 per cent, which may put some upward pressure on bill rates. Federal funds should commonly trade at 4-1/2 per cent and occasionally at 4.5/8 per cent. Chances of the development of a premium funds rate will be lessened if banks find it possible to obtain short-term CD money at rates around the discount rate. CONFIDENTIAL (FR) The increase in CD ceiling rates seems to have eased the possibility of a serious money market bind, especially around and immediately after the tax date. But it is not yet clear how aggres- sive banks will be in seeking CD money, and this raises the possibility of repercussions on the bill market. In addition, the forthcoming new supply of bills from Treasury financings could be a factor offsetting the usual seasonal tendency for short-term rates to decline after tax date pressures abate and as investment funds become increasingly available early in the new year. Long-term interest rates, like short-term rates, seem to have passed through an initial phase of their adjustment to the discount rate action. Little change in long-term rates is likely in the weeks immediately ahead, and even some small and technical rallies cannot be ruled out. On the other hand, the possibility of significant additions to the corporate calendar and disclosure of the full dimensions of the Treasury's probable cash financings in January (around $3 billion) may disturb the current balance of market forces. Reserve flows, bank credit, and money Recent developments. In November, total reserves of member banks turned down by an amount almost equal to their October rise, as reserves required behind both private and Government demand deposits declined. Nonborrowed reserves increased at a somewhat slower pace than in the previous month, while borrowed reserves declined contraseasonally. -4- CONFIDENTIAL (FR) Prospective developments. Expansion in total reserves appears likely to resume in December, encouraged by heavy year-end credit demands and by a larger than seasonal rise in Government deposits. Nonborrowed reserves should also continue to rise although, despite the discount rate increase, banks may tend to cover somewhat more of reserve needs through borrowings than they did last month, when the power failure and even keel around the mid-November refunding tended to keep borrowings down. The System generally will be a seller of Government securities in coming weeks, as reserves are supplied by the usual Christmas float bulge and then, in January, by the return flow of currency from circulation and seasonal loan repayments. Bank credit growth on a daily average basis will be considerably higher in December than November, reflecting in part the temporary bulge of banks' underwriting of the Treasury bill financing in late November. For the two months November-December combined, an annual growth rate of 8-9 per cent might be expected, close to the average for the year to date. The amount of increase in bank credit in December depends partly on banks' willingness and ability to obtain additional CDs, given the flexibility under the new ceilings. In view of the large CD maturities in December, and the reduced corporate liquidity positions, the annual rate of net time deposit acquisition may drop off to around 10 per cent this month, as compared with almost 17 per CONFIDENTIAL (FR) -5- cent in the two previous months. Parallel with this, however, private demand deposits are likely to resume expansion this month, at around a 4-5 per cent annual rate. This would bring private demand deposit expansion for the year as a whole to near 4 per cent, about the same as last year. Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) _ Period Excess reserves As Member bank borrowines resrve borowna to revised Free reserves date 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 - 19 364 405 506 394 415 405 205 413 278 89 2 127 418 432 345 115 26 331 356 348 382 408 355 339 303 406 395 471 490 534 526 549 552 490 418 433 373 464 433 334 537 483 558 627 553 -104 -110 20 27 440 298 490 193 3 10 17 24 2/3/65 - 3/24/65 3/24/65 - 12/8/65 Monthly (reserve weeks ending in): 1964--October November December 1965--January February March April May June July August September October November p Weekly 1965--Sept. 1 8 15 22 29 Oct. 6 13 Nov. Dec. I p 8 p p - Preliminary. 338 As first published each week As expected at conclusion of each week's open market operations -142 - 50 -133 -159 -178 -178 -167 -144 -135 - 79 - 87 - 94 -194 -219 -116 -156 -167 -213 -154 -161 -165 -191 536 495 591 338 - 96 - 40 - 35 -197 -101 -189 -145 -137 -179 -128 -136 379 428 317 230 486 334 489 361 -107 94 -172 -131 -118 62 -198 -163 -118 37 -189 -177 423 487 534 478 -111 9 -153 9 -147 20 - 94 - 97 Table A-2 AGGREGATE RESERVES AND RESERVE RELATED MEASURES (In Period per cent, Total reserves Retrospective Changes, Seasonally Adjusted annual rates based on monthly averages of daily figures) Nonborrowed reserves Required reserves by type of deposit Demand Time Private + U. S. Gov't. Reserve related measures Money Total member bank deposits 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 -11/65 + 2.2 2.4 +15.7 0.6 3.5 + 8.0 +15.0 - 3.6 + 4.8 + 2.8 +13.0 7.6 6.1 1.7 3.6 + + + + Monthly: 1964--September October November December 1965--January February March April May June July August + 5.2 +10.3 + 8.5 +12.1 - 2.8 + 9.4 + 1.4 - 2.7 September October November p 1/ + 1.5 +15.1 +11.4 +14.0 +14.7 +13.1 + 4.9 + 0.3 + 5.3 - 1.4 +21.6 + 6.2 + 5.4 + 8.0 +19.8 +10.3 +13.5 + 9.8 +11.4 + 0.2 + 3.0 + 9.0 +14.8 - 2.6 - 2.0 + 6.9 +10.5 +11.1 + 9.7 + 2.3 - 2.3 + 4.5 - 1.3 + 5.0 -14.0 +15.6 + 1.4 - 0.4 +14.0 + 8.4 - 1.7 +14.1 + 4.1 + 9.6 + 6.0 - 8.2 +13.5 + 7.5 + 5.2 + 1.5 +11.8 + 9.5 - 2.2 - 1.2 + 8.3 + 1.8 - 6.5 - 0.2 + 3.1 + 5.5 - 2.5 + 3.2 +14.5 +24.4 +13.5 +18.7 +14.4 Includes all deposits subject to reserve requirements. movements in total member bank credit. p - Preliminary. - 2.6 + 7.8 + 0.7 - 7.1 -11.1 + 8.1 - 6.9 + + + 7.9 6.8 9.8 4.9 + 8.4 + 1.3 +13.5 + 3.9 + + + + 8.4 4.6 2.3 4.5 + 0.7 Movements in this aggregate correspond closely with Chart 1 MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES I BILLIONS OF DOLLARS 22.0 21.5 21.0 I TOTAL BORROWINGS NONBORROWED O TOTAL REQUIRED 20.5 ::::I:: :::to sw0 20.0 - ^t FREE RESERVES ^I RREQUIRED E 001 TOTAL AGAINST PRIVATE DEPOSITS 19.5 0.<0 000"oone 19.0 18.5 16.0 15.5 I REQUIRED , I --------I AGAINST ^ PRIVATE II ----.-- I DEMAND I' DEPOSITS# IS^ I I .5I«n«-^---------------------- 15.0 14.5 J J 1964 1965 m I I ---- Chart 2 MEMBER BANK DEPOSITS SUPPORTED BY REQUIRED RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 230 225 TOTAL DEPOSITS credit 220 215 BILLIONS OF E 210 205 200 PRIVATE DEMAND TIME 10 U.S. M GOVERNMENT J 1964 S DEMAND D M J 1965 S D Chart 3 MONEY SUPPLY BY COMPONENTS SEASONALLY ADJUSTED MONTHLY AND WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 165 160 155 150 130 %AND DEPOSITS - S- Is 125 12 115 35 30 u J 1964 S D M J 1965 S D Table B-1 MAJOR SOURCES AND USES OF RESERVES Retrospective and Prospective (Dollar amounts in millions, based on weekly averages of daily figures) Factors affecting sup ly of reserves Federal Reserve Gold Currency Technical credit (excl. outside factors net 2/ banks stock float) 1/ Period Change Bank use of reserves in total reserves Required reserves 3/ reserves +676 +840 +763 +910 - 87 - 70 Excess ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Year-to-date: (12/25/63 - 12/9/64) (12/23/64 - 12/8/65) Weekly: 1965--Oct. 6 13 20 27 Nov. Dec. +3,125 +3,219 -426 -165 -1,950 -1,847 - 76 -365 +3,512 +4,389 -165 -1,578 -1,772 -2,020 -1,435-257 +141 +536 +325 +453 -184 + 83 -363 -293 +163 +170 -263 + 77 +616 -178 +163 -347 +567 -435 + 57 -205 +375 -138 +106 -142 +192 -297 -308 + 52 + 98 +353 -441 +126 +273 -207 - 26 -131 +443 +187 + 87 -256 + 85 - 44 +250 +123 +186 + 49 -111 - 87 +193 + 64 -- +790 -131 -215 -426 3 10 17 24 1 p 8 p - 1 -- + - 1 1 +709 +256 - 72 -380 +979 +441 + + 1 - 16 - 35 + 1 -127 -519 - 50 - 88 - 62 -379 15 22 29 -270 -370 + 35 -- 10 - 10 - 15 - 55 - 70 +300 +1,000 + 50 + 15 +565 + 5 + 15 +565 + 5 5 12 19 26 - 35 + 90 -595 -295 - 10 10 10 10 +500 +125 +380 +220 -250 -385 +115 -240 +205 -180 -110 -325 +205 -180 -110 -325 2 +175 - 10 + 20 -320 -135 -135 1 -- PROJECTED Dec. 1966--Jan. Feb. For retrospective details, see Table B-4. For factors includ ed, 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 $600 million. 4. Projected changes in gold stock reflect assumed outflow after December 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 operation: $2.2 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) period Total required Supporting U. S. Gov't. dem reserves deposits +763 +910 + 8 -115 +325 +446 Total Total Supporting private deposits Other than Seasonal changes seas l han _demand seasonal changes Time Demand Time Demand ACTUAL . -ar: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +755 +1,025 + 45 + 16 &#45;&#45;&#45; +239 +542 +471 +467 -150 -103 +475 +549 -325 -416 + 21 + 8 +348 +303 +431 +654 + 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 + 87 -256 + 85 - 44 +250 +123 - 71 -177 + 33 +101 +218 -106 +158 - 79 + 52 -145 + 32 +229 + 78 + 37 + 15 -129 + 46 +113 - 8 -- 23 - 8 + 8 -- + 73 -118 + 38 - 24 - 22 +110 + 15 + 2 + 22 + 16 -+ 6 15 22 29 + 15 +565 + 5 -305 +350 +180 +320 +215 -175 +300 +225 -175 -- 10 -- + 10 -- + 10 - 5 12 19 26 +205 -180 -110 -325 - 70 -110 -100 - 75 +275 - 70 - 10 -250 +235 - 55 - 20 -260 + + + 2 -135 + 20 -155 -165 + 10 Year-to-date: (12/25/63 - 12/9/64) (12/23/64 - 12/8/65) Weekly: 196 5--Oct. 6 13 20 27 Nov. Dec. 3 10 17 24 1 p 8 p PROJECTED Dec. 1966--Jan. Feb. 1/ - 40 15 10 10 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 loans _ ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Foreign deposits and gold Other nonmember deposits and F. R. accounts (Sign indicates effect on reserves) - 76 -365 -216 -470 +149 - 84 + 88 + 11 - 97 +178 -1,435 -257 -332 +244 -1,041 -1,047 - 63 - 9 + 1 +555 6 13 20 -263 + 77 +616 27 - 70 + 38 - 32 -177 - 4 +493 -178 + 17 + 10 + 16 + 88 - 33 + 33 +139 -294 + 23 + 5 3 10- -308 + 52 + 66 -115 17 24 -281 +290 + 20 - 37 + 98 +353 -113 - 86 + 27 +148 + 63 +276 - 1 -441 +111 -462 + 21 + 11 - 71 --111 8 +120 + 98 + 55 + 5 - 38 15 22 29 +300 +1,000 + 50 + 70 + 25 -- +180 +920 + 50 - 5 + 55 + 55 -- 1966--Jan. 5 12 19 26 -250 -385 +115 -240 ----- -300 -450 +115 -240 -- Feb. 2 -320 -- -320 -- Year-to-date: (12/25/63 - 12/9/64) (12/23/64 - 12/8/65) Weekly: 1965--Oct. Nov. Dec. 3 -- PROJECTED Dec. - + 50 + 65 - Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Period Total Federal Reserve credit Total U. S. Government securities Repurchase Outright BanMemr an e acceptances br b borrowings float) (__excl. holdings Bills Other agreements Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +3,125 +3,219 +3,076 +3,340 +1,659 +2,086 +1,404 +1,022 + 13 +232 + 39 - 61 + 10 - 60 Year-to-date: (12/25/63 -12/9/64) (12/23/64 -12/8/65) +3,512 +4,389 +3,749 +4,088 +2,761 +3,335 +1,022 + 916 - 34 -163 - 42 + 80 -195 +221 Weekly: 1965--Sept. 8 15 22 29 + + 290 353 311 303 + + 328 392 380 366 + + + 63 -141 + 87 - 87 + 16 - 36 + 11 + + - + + 31 19 18 21 - 17 - 41 + 96 -253 + 24 - 16 - 22 + 8 +148 -152 +155 -128 + 59 + 18 +173 - 56 Oct. 6 13 20 27 + - 790 131 215 426 + - 776 71 293 194 Nov. 3 10 17 24 + + - 709 256 72 380 + + - 537 424 205 260 1 8 + + 979 441 + + 747 479 Dec. 165 26 -- + - 4 4 +103 54 75 69 74 Chart Reference Table C-1 TOTAL, NONBORROWED AND 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 1964--January Total reserves resee 19,620 19,700 19,752 19,770 19,858 19,848 20,020 19,898 20,025 19,923 19,994 20,240 20,248 20,268 I Nonborrowed reserves 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 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 20,842 20,915 21,119 21,317 21,298 21,473 21,538 21,384 21,420 21,532 21,460 July 20,482 20,404 20,682 20,665 August September October November December 20,753 21,012 20,949 21,033 21,082 21,174 21,355 21,506 21,722 21,671 21,840 21,865 21,816 21,816 21,872 21,826 20,861 20,969 21,064 21,204 21,183 21,330 21,362 21,247 21,243 21,341 21,398 April May June 1965--January February March April May June July August September October November p p - Preliminary. 20,459 reserves Aa reserves_ Reuired gainst private deposits Total nv Demand _Reuired Total 19,504 19,547 19,575 19,608 19,667 19,630 19,718 19,565 19,663 19,573 19,640 19,960 19,977 19,982 20,176 20,226 20,167 20,431 20,420 20,416 20,638 20,600 20,626 20,886 February March I 19,292 19,361 19,338 19,441 19,577 19,694 19,832 19,960 19,988 20,081 20,122 20,166 20,294 20,409 20,258 20,506 20,579 20,665 20,903 21,090 21,124 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 16,318 Chart Reference Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Period Total member bank deposits (credit / 189,012 190,044 191,115 192,013 193,134 194,259 195,597 196,513 Time eposi U. S. Gov't. demand deposits 5,565 5,587 5,525 5,210 5,509 5,816 5,865 5,158 5,212 4,399 4,219 4,804 198,339 200,130 201,505 81,146 82,139 83,139 84,232 84,961 85,732 86,528 88,145 89,139 90,159 91,428 92,426 September October November December 202,981 203,759 205,068 206,176 206,613 208,669 209,312 211,506 212,906 214,109 215,849 216,738 93,563 94,495 95,011 95,852 96,677 97,542 98,273 99,725 100,670 101,850 103,090 104,215 5,011 4,695 5,308 5,337 5,327 6,061 5,256 5,592 5,368 4,849 1965--January February March April May June July August September October November t 218,640 220,663 222,445 225,068 225,840 227,642 229,056 230,664 230,913 233,505 234,264 106,107 107,843 108,778 109,996 110,898 111,955 113,306 115,594 116,900 118,718 120,152 5,180 1963--January February March April May June July August September October November December 1964--January February March April May June July August 1/ 2/ 197,717 5,500 4,932 5,642 5,872 6,829 7,967 7,315 7,253 6,614 4,296 4,298 3,785 Private demand deposits 2/ 102,301 102,318 102,451 102,571 102,664 102,711 103,204 103,210 103,366 103,781 104,483 104,275 104,407 104,569 104,749 104,987 104,609 105,066 105,783 106,189 106,868 107,410 107,259 107,591 107,353 107,178 107,795 108,243 106,975 108,372 108,497 108,456 109,717 110,489 110,327 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. p - Preliminary. rt 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 156.6 157.1 158.2 Deman deposits l/ Currency 159.1 159.7 123.0 123.3 124.3 124.8 124.8 125.4 33.6 33.8 33.9 34.0 34.2 34.2 1965--January February March April May June July August September October November p 160.0 159.7 160.3 161.1 160.0 161.8 162.5 162.7 164.3 165.6 165.7 125.5 125.1 125.6 126.4 125.1 126.8 127.3 127.3 128.7 129.7 129.6 34.5 34.7 34.7 34.7 34.9 35.0 35.2 35.4 35.6 35.9 36.1 Weekly: 1965--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. 6 13 20 27 165.8 165.5 165.4 165.5 129.9 129.6 129.6 129.5 35.9 35.9 35.9 36.0 Nov. 3 10 17 24 165.9 165.8 165.6 165.8 129.9 129.7 129.4 129.6 36.1 36.0 36.1 36.2 165.7 166.4 129.6 130.1 36.2 36.2 Dec. / 158.8 I p 8e / 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. p - Preliminary. e - Estimated. 2/ 

Federal Reserve (1965, December 13). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19651214

@misc{wtfs_bluebook_19651214,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1965},
  month = {Dec},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19651214},
  note = {Retrieved via When the Fed Speaks corpus}
}