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) March 18, 1966 MONEY MARKET AND RESERVE RELATIONSHIPS Money markets Recent developments. Most short-term interest rates have continued to move higher in recent weeks, but Treasury bill rates have shown little net change since early March, although they have fluctuated over a fairly wide range in this period. The recent increase in prime loan rate was accompanied by rising rates on negotiable certificates of deposit. Offering rates on commercial and finance company paper also advanced as issuers made adjustments to the higher cost of bank loans. Over the three statement weeks ending March 16, net borrowed reserves have averaged almost $215 million and member bank borrowings about $540 million -- compared with averages of $120 and $475 million, respectively, in February. The rise in net borrowed reserves in recent weeks has been reflected in a somewhat tauter atmosphere in the Federal funds market, where trading at 4-3/4 per cent has been more frequent. Although the banking system as a whole has been under greater reserve pressure, two factors appear to have moderated any related tendency for bill rates to rise. First, strong nonbank bill demand has helped keep dealer inventories relatively low. Second, the central money market banks continued to operate with relatively comfortable reserve positions, as major banks, especially (Monthly averages and, _Money FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE where available, weekly averages of daily figures; amounts in millions of dollars) Market Indicators Bond Yields 3-month Period eriod Free Borrow- Federal TreasReserves ings Funds ury Bill _______Rate U.S. Gov't. (20 yr. Corporate New Issues (Aaa) Flow of Reserves. i pal pal (Aaa)serves NonNunico- borrowed Re- Total Bank Credit and Money Bank Time Re- Credit Money ret Money Deposits 2/ serves Proxy supply -5--Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 26 - 50 -133 -159 -178 -178 -167 -144 -135 - 79 - 24 406 395 471 490 534 526 549 552 490 418 452 3.96 4.04 4.09 4.08 4.01 4.07 4.11 3.95 4.05 4.09 4.28 3.93 3.93 3.93 3.89 3.80 3.83 3.84 3.92 4.02 4.08 4.37 4.21 4.20 4.20 4.21 4.21 4.21 4.25 4.30 4.32 4.40 4.50 4.41 4.45 4.46 4.51 4.58 4.61 4.63 4.67 4.69 4.72 4.85 2.97 3.09 3.09 3.09 3.15 3.16 3.16 3.25 3.31 3.34 3.39 +108 + 95 +140 - 21 +147 + 32 -115 - 4 + 98 + 58 +361 +181 +151 +216 - 51 +169 + 25 - 49 -+ 56 - 45 +333 +2,023 +1,782 +2,623 + 772 +1,802 +1,414 +1,608 + 249 +2,592 + 759 +2,147 1966--Jan. Feb. p - 51 -120 431 474 4.32 4.58 4.58 4.65 4.52 4.71 4.84 5.00 3.39 3.48 +107 + 40 +122 + 84 +1,793 +1,000 +1,000 + 845 -- + 900 2 9 16 23 p - 70 -159 -116 -133 418 503 453 520 4.50 4.62 4.58 4.62 4.61 4.62 4.66 4.67 4.58 4.63 4.74 4,75 4.91 4.98 5.02 5.10 3.39 3.39 3.51 3.62 + 69 -1,025 + 78 355 2 p 9 p 16 p -179 -237 -225 464 614 536 4.62 4.65 4.55 4.64 4.59 4.66 4.80 4.78 4.75 5.38 5.38 5.27 3.63 3.61 3.56 + + + Feb. Mar. Averages 300 + 600 + 800 -1,100 +1,800 + 700 + 200 +1,600 +1,300 + 100 +1,700 + + + - +2,200 +1,100 +1,400 +1,100 +1,300 +1,700 +2,500 +1,500 +2,000 +1,900 +1,500 500 + 200 200 + 700 + 200 421 + 800 + 342 + 100 + 147 +1,000 + 300 200 300 Annual Rates of Increasel/ +12.8 +7.6 +4.3 4.6 +4.2 +16.1 +9.1 +4.8 4.2 +5.1 +5.9 +17.2 +6.8 0.5 -0.5 + 8.2 49,2 +9.1 5,9 +6.6 2.2 +4.5 +4.3 -2.1 + 6.5 + 3.09 4.19 4.44 3.55 295 3.47 107 1964 + 4.58 3.16 4.27 3.95 4.05 467 - 93 1965 + 3.26 4.68 4.32 3.96 4.05 505 -132 1965-Nov. 1965 + 3.39 4.85 4.51 4.48 4.30 442 36 1965-Jan. 1966 3.48 + 474 4.58 4.65 4.71 5.00 1966 -120 17/ ase is average ror month preceding specirled 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. p - Preliminary. Year Year Aug. Dec. Feb. 400 200 March 18, 1966. CONFIDENTIAL (FR) - 2 - in New York, prepared for large CD runoffs in March and heavy loan demands over the tax and dividend periods. Prospective developments. If net borrowed reserves average around $200 million over the next three weeks, the 3-month bill rate is likely to fluctuate within a 4.55 to 4.70 per cent range. With continued pressure on member banks to borrow, the Federal funds rate may be expected to trade more frequently at 4-3/4 per cent, especially if loan demand continues strong. A number of factors may tend to keep bill rates near the lower end of the range in the earlier part of the period. These include some reinvestment demand from maturing March tax bills not turned in for taxes, demands associated with the April 1 Cook County property tax, and temporary investment demands from proceeds of large capital issues currently reaching the markets. In addition, the anticipated termination in late March of the $100 million additions to the weekly 3-month bill auctions may be having some firming influence on the bill market. With the reversal of Cook County buying and particularly with the approach of the mid-April tax date, however, bill rates may come under some upward pressure. Corporate tax payments in mid-April under the accelerated schedule are expected to be about $1-1/4 billion larger than last year and no tax bills are available to smooth the payment process. Underlying factors that may keep short-term rates under upward pressure in the weeks ahead are the CONFIDENTIAL (FR) - 3 - higher offering rates that have recently emerged on new time CDs in a period of large maturities and prospective sizable short-term Federal Agency issues. Despite the rise in the prime loan rate, bond yields have declined recently. This decline was influenced by rising expecta- tions of a tax increase and by some postponements of previously scheduled offerings. In the weeks ahead, the outlook for corporate financing suggests upward pressure under bond yields. However, if a tax rise should appear increasingly probable --with the attendant implication that the present discount rate is sustainable -- bond yields could remain around present levels. Reserve flows, bank credit, and money Current developments. Information available through mid- March suggests that total reserves on a monthly average basis may increase at about a 2 per cent annual rate, total member bank deposits by 1 per cent, and time deposits around 5 per cent, while private and Government demand deposits show offsetting movements. The pro- jected rise in total reserves partly reflects an increase in seasonally adjusted excess reserves, assuming the actual level of these remains about unchanged from recent weeks. In contrast to other recent months, nonborrowed reserves in March are expected to decline. - 4 - CONFIDENTIAL (FR) After rising sharply in January and declining moderately through February, the weekly figures for total member deposits, now shown in the accompanying text table, have been rising modestly thus far in March. Private demand deposits and the money supply have risen rather sharply since their end-of-February lows, but this has been largely offset by a greater than seasonal decline in Government deposits, while time deposits have shown only a small rise. Prospective developments. Reserve aggregates in coming months are likely to grow somewhat more rapidly than the low rates indicated for March. Private credit demands are expected to continue strong and will help carry member bank deposits back above their late January peak. A moderating factor in the rate of reserve expansion will be the absence of Treasury cash financings, with the next Treasury operation being a routine refunding in mid-May. In view of large gross CD maturities ahead, net time deposit expansion is not likely to be strong, although perhaps picking up from its relatively slow March pace. sharply in the first half of in Government deposits. March Private demand deposits rose largely because of a decline There may be some further rise after the mid- March tax date partly because Government deposits are expected to rise less than seasonally; for the month as a whole an increase of over 10 per cent is expected in private demand deposits. CONFIDENTIAL (FR) - 5 - These shifts between public and private balances are likely to be at least partly reversed in April, although the deposit outlook is more uncertain than usual this year in view of the new tax legislation and the lingering unknown effects of the 1964 tax law on individuals' April payments (or refunds). But, as of now, one would expect private demand deposits to be rising at around a 5 per cent annual rate over the next few months, with Government deposits showing little change on balance on a monthly average basis. Bank credit expansion in the months ahead is likely to range around a 5-6 per cent growth trend. A moderate growth in both total and nonborrowed reserves would accompany such an increase. Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Period Excess reserves As Member bank borrowings to revised Free date Policy periods 8/19/64 - 2/3/65 413 325 2/3/65 - 3/24/65 386 405 - 19 3/24/65 - 12/8/66 363 506 -143 12/8/66 - 3/3/66 374 444 - 70 3/2166 - 3/16/66 344 575 -231 88 reserves 1 I As first published each week week's open market operations ____________________ Monthly (reserve weeks ending in): 1965--March April May June July As expected at conclusion of each .1. 345 338 331 356 348 382 408 355 339 427 395 471 490 534 526 549 552 490 418 452 - 50 -133 -159 -178 -178 -167 -144 380 354 324 431 474 538 - 51 234 461 218 546 16 - 85 17 - 79 4 - 69 12 19 26 319 688 208 305 562 590 218 352 -243 98 - 10 - 47 -179 88 - 21 - 34 -174 106 - 1 - 50 2 9 16 23 348 344 337 387 418 503 453 520 - 70 - 17 -120 -122 -102 - 22 -121 - 99 - 95 2 9 16 285 377 311 464 614 536 -179 -172 -219 -224 -186 -193 -217 August September October November December 1966--January February p March p -135 - 79 - 25 -120 -214 Weekl v 1965-- Dec. 22 29 1966-- -Jan. 5 Feb. Mar. p - Preliminary. -159 -116 -133 -237 -225 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) 1 Period Annually: 1963 1964 1965 Total reserves Required reserves by type of deposit Demand Time Private + Private U. S. Gov't. Nonborrowed reserves 4 4 ________________- + 3.5 + 4.2 + 3.5 + 4.6 + 5.2 + 4.2 +15.4 +12.8 +16.3 5.2 5.8 2.4 9.5 3.9 +15.3 +15.1 +15.7 + 7.5 + 3.2 - - U. - + 1.7 + 3.1 + 2.4 Govt S.(credit) _______________ - + 2.4 + 3.2 + 3.5 Reserve related measures Total member Money bank deposits supply (crpedit I/T 1/ J.-, + 7.5 + 7.6 + 9.1 + 3.8 + 4.3 + 4.8 Policy Period: 8/64 1/65 - 1/65 3/65 3/65 - 11/65 11/65 - 2/66 2/66 - 3/66 proj. 2 Monthly: 1965--February March April May June July August September October November December 1966--January February p March proj.2/ 1/ 2/ +10.3 + 8.5 +12.1 + + - 2.8 9.4 1.4 2.7 + 3.1 - 2.5 +18.3 + 6.6 + 4.5 + 2.6 + + + + +12.9 + 6.2 + 5.4 + 8.0 - 1.2 + 8.3 + 1.8 - 6.5 - 0.2 + 5.5 + 3.3 +20.2 +19.8 +10.3 +13.5 + 9.8 +11.4 +14.5 +24.4 +13.5 +18.7 +14.4 +10.7 + 3.0 + 9.0 + 5.9 + 2.2 - 3.9 + 6.2 + 5.4 + 3.2 2.6 2.5 3.5 4.6 + 8.1 +10.4 + 8.0 + 8.2 + 0.9 - 2.0 + 6.9 + 5.0 +11.1 -14.0 +15.6 + 4.1 + 9.6 + 1.4 - 0.4 + 7.5 -11.1 +14.0 + 8.1 - 6.9 + 8.4 - 1.7 + 1.3 +13.5 +11.2 +11.7 +11.0 +12.0 + 3.1 + 4.1 - 2.1 + 9.1 + 4.3 + 7.2 - +12.9 + 0.9 + 7.8 +14.8 + + - 1.3 7.8 0.7 7.1 1.4 + 9.7 +14.1 + 8.4 + 3.9 - 2.3 + 4.5 + 6.0 - 8.2 +13.5 + 5.2 + 1.5 +11.8 + 9.5 + 0.7 +12.3 - 2.1 Includes all deposits subject to reserve requirements. Movements in this aggregate correspond closely with movements in total member bank credit. Projections include reported data through March 9 and preliminary estimates for the week ending March 16. Thereafter, projections include less than seasonal growth in U. S. Government deposits and moderate further expansion in private deposits. p - Preliminary. Chart 1 MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES I BILLIONS OF DOLLARS 22.5 TO1 22.0 TOTAL REQUIRED 21.5 BORROWINGS NONBO 21.0 20.5 - MW.t FREE RESERVES -- to 4. t,o 20.0 ROWIED TOTAL REQUIRED PRIVATE AGA INST DEPC S ITS 19.5 19.0 16.5 PRIVATE REQUIRED AGAII 1ST DEMAND DEPOS ITS m 4.. 16.0 . - S4-0-0-to o too - q sum m - 15.5 15.0 D 1964 M J 1965 S D M 1966 J Chart 2 MEMBER BANK DEPOSITS SUPPORTED BY REQUIRED RESERVES SEASONALLY ADJUSTED BILLIONS OF DOLLARS MONTHLY AVERAGES OF DAILY FIGURES 240 235 TOTAL credit DEPOSITS 230 225 BILLIONS OF DOLLARS 125 220 215 210 120 T i15 - 110 _. 205 105 PRIVATE DEMAND 100 95 10 U.S. GOVERNMENT DEMAND o II II II II II II I,II D S 64 M J 1965 S D M 66 J Chart 3 MONEY SUPPLY BY COMPONENTS SEASONALLY ADJUSTED MONTHLY AND WEEKLY AVERAGES OF DAILY FIGURES IIO OF BILLIONS OF DOLL DOLLARS 170 165 160 155 135 130 125 120 40 35 S 1964 D M 1965 1966 Table B-1 MAJOR SOURCES AND USES OF RESERVES Retrospective and Prospective (Dollar amounts in millions, based on weekly averages of daily figures) Period ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Factors affecting supply of reserves = Change Federal Reserve Currency Technical in Gold credit (excl. outside factors total stock net 2/ reserves banks 4 float) 1/. 4 I -II +3,125 +3,219 -426 -165 374 443 -647 - 53 118 ,232 45 + 1 S1 -1,950 -1,847 - 76 -365 Bank use of reserves Required I reserves 3/ +676 +840 Excess reserves +763 +910 - 87 - 70 Year-to-date: (12/25/63 - 3/17/65 (12/23/64 - 3/16/66 -1,309 -1,068 -823 -1,012 -586 -862 -237 -150 16 412 339 -140 + 57 -401 - 38 -765 - 16 -407 -285 -113 +369 -480 + 97 59 -339 -417 + 23 +415 + 87 -215 -170 - 49 + 44 -211 -163 - 99 + 43 - 4 - 7 + 50 141 505 18 - 19 + 8 + 8 - 48 +110 -102 + 92 -L RA + 4 Weekly: 1966--Jan. 12 19 26 Feb. Mar. 369 657 363 519 2 9 16 23 p 2 p 9 + p 16 n -+ - 1 2 1 457 171 54 115 450 Inn -140 -L 7n _ .. PROJECTED 4/ Mar. 23 30 + 280 155 -- 10 + + 135 175 +260 -415 +115 - 95 +115 + 95 Apr. 6 13 20 27 + - 385 -455 100 - 10 10 10 10 + - 360 110 190 305 - 55 + 80 +480 -110 - 40 - 40 +205 + 85 - 40 - 40 +205 + 85 4 11 + + 455 340 - 10 - 10 - 145 395 -210 - 80 + 80 -145 + 80 -145 May For For For See retrospective details, see Table B-4. factors included, see Table B-3. required reserves by type of deposits, see Table B-2. 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 $400 million. 4. Projected changes in gold stock reflect assumed outflow after March $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: a $100 million increase in the weekly Treasury bill auction on March 24 and March 31; $0.5 billion, March 25; $0.4 billion, April 4: $0.5 billion, April 11. at the rate of about CHANGES IN REQUIRED RESERVE COMPONENTS Retrospective and Prospective Seasonal and Nonseasonal Changes (Dollar amounts in millions, based on weekly averages of daily figures) erod Total Supporting private deposits ___Supporting required U. S. Gov't. eqred reserves demand deposits 63 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +763 +910 + 8 -115 +755 +1,025 + 45 + 16 Year-to-date: (12/25/63 - 3/17/65 -586 -273 -313 (12/23/64 - 3/16/66 -657 -862 -498 -364 -598 12 19 26 -407 -285 -113 -200 -181 +171 -207 -104 -284 Feb. 2 9 16 23 p + 44 -211 -163 - 99 + 65 + 20 + 20 +220 Mar. 2 p +110 -140 + 70 23 +115 +285 30 -170 - 95 + 65 -160 Apr. 6 13 20 27 - 40 - 40 +205 + 85 -180 -315 -+140 May 4 11 + 80 -145 +255 + 25 Other than Total Seasonal changesseasonal chanes Demand Time Demand Time ACTUAL Year: -- +239 +542 +471 +467 + 70 +106 +168 + 81 + 96 + 57 - 82 - 21 -267 + + 9 9 9 -131 -102 - 36 + 15 + 10 + 10 - 21 -231 -183 -319 -169 -212 -148 -198 + + + 9 9 9 9 +141 - 21 - 48 -127 - 2 - 7 + 22 - 3 - 88 +198 + 30 - + 18 + 48 +19 +156 + 18 +14 - +12 + 1 -230 - 20 -170 + 70 + 10 + 10 +140 +275 +205 - 55 +150 +265 +215 - 65 + + -175 -170 -185 -180 + 10 + 10 Weekly: 1966--Jan. 9p 16 +318 +181 - 9 - 6 3 PROJECTED Mar. 1/ -- 10 10 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) Foreign Technical - 76 -365 -216 -470 +149 - 84 + 88 + 11 - 97 +178 -1,309 -1,068 - 19 +436 -1,287 -972 + 76 - 47 - 79 -485 -140 + 57 -401 - 56 - 38 - 44 + 24 + 51 -356 - 27 + 43 - 10 - 81 + 1 + 9 o Year-to-date: (12/25/63 - 3/17/65 (12/23/64 - 3/16/66 Weekly: 1966--Jan. 12 19 26 Other nonmember deposits and F. R. accounts Float ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) deposits and gold loans (Sign indicates effect on reserves) Treasury operations factors (net) Period Feb. 2 9 1623 -339 -417 + 23 +415 - 63 - 33 - 29 +234 -178 -236 + 68 +302 - 35 + 25 + 17 + 6 - 63 -173 - 33 -127 Mar. 2 9 16 - 19 +8 + 86 + 53 +227 + 98 - 67 -195 - 38 - 6 - 22 - 23 + 1 - 2 + 49 PROJECTED Mar. 23 +260 -135 +320 + 40 30 + 35 -415 + 35 -450 - -- 6 13 20 27 - 55 + 80 +480 -110 - 5 ---- - 50 + 50 +400 -110 4 11 -210 - 80 --- -210 -80 Apr. May. --- - -+ 30 + 80 -- 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 (excl. float) Government securities Repurchase Outright Bills Other agreements I I U. S. *1*I Total holdines I Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +3,125 +3,219 Year-to-date: (12/30/64 - 3/17/65 (12/29/65 - 3/16/66 + - 374 443 + - 435 453 + - 633 354 -303 -174 17 24 - 72 380 - 205 260 - 201 260 - 1 + + + + 979 441 138 325 369 + + + 747 479 135 55 28 + + - 747 376 87 22 171 + + 247 118 178 115 812 123 + - 24 216 490 123 +202 -1,232 + 45 + + - 89 409 166 360 +249 +160 73 252 84 Weekly: 1965--Nov Dec. 8 15 22 29 ,66--Jan. 5 12 19 26 Feb. +1,659 +2,086 2 + 369 + 338 9 + 657 + 569 - 363 - 519 - 115 + 450 - 100 - 308 585 + + - + - 72 273 26 + - 16 23 Mar. +3,076 +3,340 2 9 16 I '__ _ _ __ _4.4IL +1,404 +1,022 Bankers' acceptances Member bank borrowings I + 13 +232 + 39 + 10 - 61 - + 73 60 -134 - 10 + 20 4 +155 -128 +173 - 56 + 8 -268 +328 +103 - 48 - 33 +199 + 16 + 28 -372 +134 -101 -322 66 85 50 67 -267 + + + + 47 - 56 +150 - 78 -142 _ _ __ _ __ _ _ __ _ _ Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Period Total reere reserve Nonborrowed reere reserves Recuired reserves Aainst private deposits TotalTotal Demand 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 1965--January February March April May June July August September October November December 21,174 21,355 21,506 21,722 21,671 21,840 21,865 21,816 21,816 21,872 21,827 22,160 20,861 20,969 21,064 21,204 21,183 21,330 21,362 21,247 21,243 21,341 21,399 21,760 20,842 20,915 21,119 21,317 21,298 1966--January February p 22,282 22,366 21,867 21,907 21,860 March proj.1L 22,439 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 15,527 15,471 15,539 15,646 15,705 15,805 15,886 15,864 21,793 20,122 20,166 20,294 20,409 20,258 20,506 20,579 20,665 20,903 21,090 21,124 21,326 15,878 15,852 15,943 .16,009 15,822 16,028 16,047 16,041 16,227 16,341 16,318 16,477 21,996 21,991 22,015 21,407 21,400 21,591 16,533 16,504 16,682 19,884 19,872 20,056 20,057 20,023 20,269 20,285 20,332 20,570 20,536 20,639 20,742 21,473 21,538 21,384 21,420 21,532 21,459 15,912 p - Preliminary. 1/ Projections include reported data through March 9 and preliminary estimates for the week ending March 16. Thereafter, projections include less than seasonal growth in U. S. Government deposits and moderate further expansion in private deposits. Chart Reference Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, Period ___________ 1964--January February March April May June July August September October November December 1965--January February March April May June July August September October November. December 1966--January February p March proj. based on monthly averages of daily figures) Total member bank depositse 1) credit 1) credit: Time e deposit _______ 202,981 203,759 205,068 93,563 94,495 206,176 95,852 96,677 206,613 208,669 209,312 211,506 212,906 214,109 215,849 216,738 218,640 220,663 222,445 225,068 225,840 227,642 229,056 230,664 230,913 233,505 234,264 236,411 238,204 239,049 239,232 95,011 97,542 98,273 99,725 100,670 101,850 103,090 104,215 106,107 107,843 108,778 109,996 110,898 111,955 113,306 115,594 116,900 118,718 120,152 121,220 121,861 122,411 122,731 U. S. Gov't. demand deposits Private demand deposits 2/ 5,011 104,407 4,695 5,308 5,337 5,327 104,569 6,061 5,256 5,592 5,368 4,849 5,500 4,932 5,180 5,642 5,872 6,829 7,967 7,315 7,253 104,749 104,987 104,609 105,066 105,783 106,189 106,868 107,410 107,259 107,591 107,353 107,178 107,795 108,243 106,975 108,372 6,614 4,296 4,298 108,497 108,456 109,717 110,489 3,785 3,782 110,327 111,409 4,556 111,787 5,053 3,709 111,585 112,792 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. 3/ Projections include reported data through March 9 and preliminary estimates for the week ending March 16. Thereafter, projections include less than seasonal growth in U. S. Government deposits and moderate further expansion in private deposits. p - Preliminary. 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 Demand deposits / Currency 2/ 1965--January February March April May June July August September October November December 160.0 159.7 160.3 161.1 160.0 161.8 162.5 162.7 164.3 165.6 165.7 167.4 125.5. 125.1 125.6 126.4 125.1 126.8 127.3 127.3 128.7 129.7 129.6 131.2 34.5 34.7 34.7 34.7 34.9 35.0 35.2 35.4 35.6 35.9 36.1 36.3 1966--January February p March proj 3/ 168.4 168.4 169.5 131.8 131.5 132.6 36.7 36.8 36.9 Weekly 1965--Dec. 22 29 167.8 168.6 131.5 132.3 36.4 36.3 5 12 19 26 169.6 169.1 168.1 167.4 133.1 132.5 131.5 130.8 36.4 36.6 36.7 36.6 Feb. 2 9 16 23 p 167.9 168.1 168.3 167.6 131.2 131.3 131.5 130.8 36.7 36.9 36.8 36.9 Mar. 2 p 9 p 16 p 168.4 168.5 169.5 131.6 131.7 132.6 36.8 36.8 36.9 1966--Jan. 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. 3/ Projections include reported data through March 9 and preliminary estimates for the week ending March 16. Thereafter, projections include less than seasonal growth in U. S. Government deposits and moderate further expansion in private deposits. p - Preliminary. 

Federal Reserve (1966, March 21). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19660322

@misc{wtfs_bluebook_19660322,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1966},
  month = {Mar},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19660322},
  note = {Retrieved via When the Fed Speaks corpus}
}