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) November 18, 1966 MONEY MARKET AND RESERVE RELATIONSHIPS Recent developments Money market conditions tightened in the first half of November, despite a shallower level of net borrowed reserves. Net borrowed reserves averaged about $230 million in the two latest statement weeks, as compared with $340 million in the previous two weeks. Member bank borrowings edged up over the past four weeks, but at the same time excess reserves moved to a substantially higher level. In the first half of November, Federal funds traded more frequently at 6 per cent, and reached a new high effective rate of 6½ per cent Dealer borrowing costs at New York City on one day early in the month. banks rose and generally held within a new high range, including a rate of 6-7/8 per cent on new loans. Tightening in these markets was communicated to the Treasury bill market, with the 3-month issue moving up some 25 basis points from its late October low to 5.46 per cent in the most recent weekly auction. Bond yields also have risen in recent weeks, mainly in reaction to large actual and prospective additions to the corporate and municipal calendars and to rumors of a possible offering of FNMA participation certificates later in the year. Most recently, there has been some easing in money market conditions, especially in bill rates. The sharp decline in bill rates has reflected exceptionally strong bill demand from the public and reduced dealer holdings of short-term bills. FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE (Monthly averages and, where available, weekly averages of daily figures) I Bond Yields Flow of Reserves, Bank Credit Money Market Indicators Free Borrow- Federal 3-month Corporate Munici- NonTotal Bank ReservesI ings Funds TreasU.S. New pal borrowed ReCredit y Proxy S (Aaa) Reserves serves ury Gov't. Issues Rate (In millions of dollars) Bill (20 yr) (Aaa)l/ (In (In billions of dollars 2/ of millions -132 490 4.05 4.02 4.32 4.69 3.31 +134 + 70 + 2.3 + 1.1 - 77 418 4.09 4.40 4.08 4.72 3.34 + 93 + 11 + 0.4 + 1.1 - 22 452 4.28 4.37 4.50 4.85 3.39 +182 +262 + 1.6 + 1.8 eriod 1965--Oct. Nov. Dec. - 51 5--Jan. Feb. Mar. Apr. May June -117 -210 -277 -339 -352 -361 -383 -390 July Aug. Sept Oct. p Oct. Nov. -428 431 474 545 638 653 722 739 740 765 766 4.32 4.58 4.64 4.64 4.83 5.13 5.18 5.45 5.30 5.46 4.58 4.65 4.58 4.61 4.63 4.50 4.78 4.95 5.36 5.33 4.52 4.71 4.72 4.65 4.69 4.73 4.84 4.95 4.94 4.83 5.90 5.44 5.50 4.95 5.35 5.39 5.42 5.25 4.89 4.89 4.86 4.76 5.90 5.81 5.94 5.25 5.36 5.43 4.78 4.84 4.90 5 12 19 26 -514 -371 828 928 790 518 2 9 16 -316 -231 -227 594 646 711 -515 -311 I First half 1966 467 576 4.05 4.69 3.95 4.59 Recent variations in growth May 11-July 6 July 6-Aug. 10 Aug. 10-Nov. 16 -365 -410 -370 719 738 730 5.05 5.32 5.48 4.56 4.81 5.28 J. 5.82 5.70 5.82# 5.60 5.60 5.90 3.40 3.48 3.55 3.46 3.53 3.60 3.77 3.91 3.93 3.83 +129 + 78 + 57 +256 + 6 + 3* +224* -400 +129 -195 + + + + + + + - 1.6 0.7 1.1 3.1 1.0 0.9* 2.1* 0.7 0.1 0.7 + + 0.4 0.9 0.9 1.8 3.72 3.72 3.81 + + + + + - 0.8 0.2 0.9 1.6 0.7 0.9 1.5 + 0.9 - 0.9 dollars) + 2.1 + 1.8 + 1.4 0.9 0.7 1.0 1.9 1.6 1.5* 1.9* 1.4 0.4 0.3 0.2 0.2 0.1 0.4 - 0.2 + 0.4 0.1 + 0.1 + 0.1 44 Averages 4.27 4.69 II +173 + 58 - 88 +206 + 1 - 16* +135* -302 + 5 -134 3.86 3.86 3.83 3.75 44 - 90 -228 Year 1965 4.81 4.96 5.09 5.03 5.16 5.35 5.48 5.64 and Money T Deposits 3/ 4.67 5.12 3.16 3.51 4.72 4.85 4.91 5.32 5.55 5.79 3.61 3.80 3.87 + 4.3 + 3.0 Annual rates of increase 4/ + 9.1 +16.0 + 4.7 + 7.1* + 4.7 +10.3* + 5.3 + 4.6 + 6.3* + 2.3 +12.8* - -13-.4 + 0.9 +12.7 + 0.9 3.1 1.3 .11 From January 1966 to date, ,issues carry a 5-year call protection; # one issue included carries a 7-1/2 year call protection. Reserve series revised to reflect reserve requirements effective in mid-September. Time deposits adjusted at all commercial banks. Base is average for month preceding specified period or in the case of weekly periods, the first week shown. * - Changes have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary. November 18, 1966. November 18, 1966 - 2 - CONFIDENTIAL (FR) The taut atmosphere in the central money market that obtained until the last few days was partly related to a sharp deterioration in the basic reserve positions of major money market banks, notably those in New York. Recently major money market banks have again increased their efforts to tap the Euro-dollar market for funds. In the four weeks ending November 9, the net inflows of such funds totaled about $750 million, almost as much as the record July inflow. However,in the succeeding week a significant reflow, possibly associated with beginning of year-end window dressing abroad, has occurred. The reasons for the surge in borrowing abroad in October and early November are not exactly clear, but it was probably related to the higher cost of Federal funds recently, and to current and prospective problems of replacing maturing CD's. The increase in foreign borrowing -- as well as the recent tightening in money market conditions -- is also related to the limited supply of reserve funds made available to banks through open market operations and perhaps to reluctance to borrow from the Federal Reserve. Final figures for October indicate that nonborrowed reserves declined at a 7 per cent annual rate and total reserves at a 10 per cent rate in that month. Such reserves have declined markedly since mid-summer, and as a result they have now increased at rates of only 0.2 and 1.5 per cent, respectively, since the beginning of the year. Indications are that the flow of reserve funds to banks was less restrictive in the first half of November than in October, with nonborrowed reserves rising considerably more than seasonally. - 3 - CONFIDENTIAL (FR) November 18, 1966 The decline in deposits supported by reserves in October was reflected in rates of decline of almost 6.5 per cent in the money supply and nearly 2.5 per cent in time deposits. With part of these declines offset by increases in U.S. Government deposits, total member bank deposits fell at a 3.5 per cent rate, the third successive month of decline. The decline in bank credit in October (on an average daily basis) was somewhat less than indicated by total deposits; borrowing from abroad would provide a 1 percentage point offset to this decline. Prospective developments Money market conditions and marginal reserve levels, as they have developed so far in November, appear consistent with about a 3 per cent rate of decline in total member bank deposits for the month on average. The large borrowing from abroad that developed in late October and continued into early November would, however, largely offset this decline in terms of bank credit effects unless year-end window dressing reflows continue. Money supply in November is projected to increase at less than a 1 per cent rate, a smaller increase than the 2-3 per cent rate projected for that month in the previous blue book. This weaker money supply performance seems mainly attributable to a smaller growth in loans than was anticipated, including business loans, security loans, and loans to finance companies. Time deposits at all commercial banks are still projected to rise slightly for the month, while U.S. Government deposits are expected to show a somewhat greater decline than anticipated three weeks ago. CONFIDENTIAL (FR) - 4 - November 18, 1966 Government deposits are expected to show an even larger decline in December (seasonally adjusted), despite the $1.2 billion bill strip financing to be paid on November 25 and a comparable amount of tax bills assumed to be paid around mid-December. The Government deposit decline reflects mainly our projections of Federal cash payments, which we expect to run several hundred million dollars above a year ago throughout the month. The decline in Government deposits is likely to be associated with a marked resurgence in money supply growth, unless greater than seasonal loan repayments extinguish deposits. With Treasury deposits in tax and loan accounts reaching low levels before mid-December, it is possible that the Treasury balance at the Federal Reserve will be drawn to near zero and that the Treasury may have to borrow directly from the System. Depending on their timing, such developments could reduce the amount of reserves (currently estimated at about $1 billion) that would have to be supplied by the System through open market transactions with dealers between now and the first week of December, or they could necessitate offsetting open market sales. These possibilities suggest that some greater than usual seasonal pressures on bill rates might develop in forthcoming weeks. Dealer positions in longer term bills are fairly sizable at present, and they may be augmented in current and prospective bill financings. On the other hand, the relatively low dealer position in short-term bills and the possibility of sustained bill demand as a result of CD run-offs and of enlarged capital market issues may provide some offset. All in all, CONFIDENTIAL (FR) - 5 - November 18, 1966 the 3-month bill may fluctuate in a 5.25-5.50 per cent range over the next few weeks if net borrowed reserves remain in the $200-300 million range. So long as the bill rate remains near the lower end of this range, the CD run-off in December might be held down to the order of $600 million or so and this probably would result in a slight further decline in total member bank deposits. On the other hand, if the 3-month bill rises toward the upper part of the 5.25-5.50 range, CD's will come under more pressure and the run-off in December could approach the September-October dimension of $1.2 billion per month. It might well be necessary, however, to move net borrowed reserves to a shallower level than has prevailed in the past two weeks Under in order to keep bill rates from rising much above current levels. such conditions, the Federal funds rate would be likely to drop to a level averaging closer to 5 per cent, dealer financing costs should decline further, and dealers would find it more comfortable to finance their inventories -- not only of bills but also of coupon issues. These developments would also tend to moderate rate pressures in longterm markets, as expectations of monetary easing took hold. It is doubtful that even these money market and net reserve conditions, however, would result in any appreciable expansion in bank credit between now and year-end. While the outlook is quite conjectural at this early date -- given the uncertainties about defense spending and about prospects for a more restrictive fiscal policy -- it looks at CONFIDENTIAL (FR) - 6 - November 18, 1966 the moment as if encouragement of a moderate bank credit expansion in December in, say, the 2-4 per cent annual rate range, would require a 3month bill rate moving down close to 5 per cent and a substantially more comfortable net reserve position for banks, perhaps on the order of zero. Chart la MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 23.5 23.0 22.5 /REQUIRED AGAINST -. _ TOTAL PRIVATE DEPOSITS 22.0 21.5 21.0 20.5 20.0 17.0 16.5 REQUIRED AGAINST PRIVATE DEMAND DEPOSITS 16.0 15.5 M J 1965 S D M J 1966 S D Chart lb MEMBER BANK RESERVES MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS MEMBER I I 1 1 r 1965 1 I BANK BORROWINGS EXCESS RESERVES 1 1966 I I Chart 2 MONEY SUPPLY AND BANK DEPOSITS SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES B II OF DOLLRS BILLIONS OF DOLLARS TOTAL MEMBER (Credit BANK DEPOSITS_ 245 Proxy) 240 235 230 170 225 165 220 160 155 DEPOSITS -TIME ADJUSTED Commercial (All Banks) 150 145 140 135 NEGOTIABLE 130 CD'S 20 S(Unadjusted)-- M J 1965 S D M J S D 1966 *CHANGE IN SERIES Chart 3 DEMAND DEPOSITS AND CURRENCY SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 45 MONEY SUPPLY COMPONENTS: 40 CURRENCY OUTSII 35 30 140 135 DEMAND DEPOSIT 130 125 120 15 U.S. GOVT. DEMAND (Member DEPOSITS Banks) 10 5 0 1965 1966 Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Excess reserves Period As Member banks Free borrowinas November December 1966--January February March April May June July August September October p As expected at conclusion of each week's open market opeations - Monthly (reserves weeks ending in): 1965--October I! date revised 4. reserves U. 358 341 430 490 418 452 -132 - 77 - 22 380 357 335 361 315 370 379 357 375 338 431 474 545 638 653 722 739 740 765 766 - 51 -117 -210 -277 -339 -352 -361 -383 -390 -428 As first published each week . Weekly: 1966--Aug. 3 10 17 24 31 353 461 277 374 364 778 782 730 719 691 -425 -321 -453 -345 -327 -427 -383 -466 -442 -422 -427 -417 -487 -482 -447 Sept. 7 14 21 28 337 504 592 67 749 888 771 650 -412 -384 -179 -583 -419 -410 -198 -568 -440 -439 -206 -542 Oct. 5 12 19 26 314 413 479 147 828 928 790 518 -514 -515 -311 -371 -439 -511 -297 -366 -439 -489 -308 -376 Nov. 2 9 16 278 415 484 594 646 711 -316 -231 -227 -301 -249 -227 -302 -224 -244 p - Preliminary TABLE A-2 AGGREGATE RESERVES AND RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) A Reserve Total Reserves g re Monet M Nd Nonborrowed __________ Annually: 1964 gates Required reserves Total Reserves _______ Against Demand Deposits arv Variab Time al MemeDeposits (coank banks) (credit) 1/ Bank DepositsTotal Deposits 1 es Money Supply Total Private Demand Demand Deposits + 4.2 + 4.6 + 4.9 + 3.1 + 7.6 +12.8 + 4.3 + 4.0 + 5.3 + 4.3 + 5.3 + 2.3 + 9.1 +16.0 + 4.7 + 4.4 + 3.7 + 0.4 - 1.2 + 4.1 + 1.5 - 3.9 + 4.8 - 1.8 - 2.2 - 2.0 - 4.0 - 6.8 + 7.3 + 7.0 + 3.9 +15.0 +18.3 +13.7 + 5.2 + 4.4 + 8.1 + 4.7 + 2.8 + 9.4 October November + 3.7 + 0.6 + 7.3 + 5.0 + 9.7 - 2.0 + 5.1 - 3.9 +12.2 + 5.4 +17.8 +15.0 + 8.0 + 2.9 + 7.5 + 1.9 December +13.8 + 9.8 +13.7 + 8.2 + 9.4 +11.5 +11.6 +13.0 1966--January February March + 6.7 + 4.0 + 2.9 + 9.5 + 3.1 - 4.6 + 6.9 + 2.9 + 2.7 +11.3 + 3.8 + 4.0 + 8.3 + 3.7 + 5.3 + 7.4 + 5.7 + 8.1 + 5.7 + 1.4 + 7.8 + 4.6 -+ 8.2 +13.2 + 0.3 +10.9 + 0.1 +11.9 + 2.1 +11.7 - 4.8 +15.6 + 4.7 +15.3 +12.7 +11.3 - 4.9 +12.7 - 7.2 1965 Monthly: 1965--July August September April May 1/ 2/ June 2/ + 0.2 - 0.8 + 1.6 + 1.3 + 4.5 +11.8 + 6.3 + 7.2 July 2/ +11.4 + 7.1 + 8.4 + 2.5 +10.7 / August September2/ October 2/ p +14.8 -10.5 -16.2 -20.2 + 6.6 -10.0 -15.8 - 0.3 - 7.1 -14.8 - 0.2 - 1.3 -16.9 - 3.0 - 1.8 - 3.2 - 0.2 - 3.4 +10.7 + 3.0 - 2.3 -+ 6.4 - 6,3 - 0.9 + 7.3 - 8.1 Includes all deposits subject to reserve requirements. Movements in this aggregate correspond closely with movements in total member bank credit. Changes in reserves, total deposits, and time deposits have been adjusted for redefinition of time deposits effective June 9. Changes in reserves h ave been adjusted for increases in reserve requirements in July and September. p - Preliminary. 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 s k Currency outside banks = Technical factors net 2/ Change in total reserves Bank use of reserves Required reserves 3/ Excess reserves ACTUAL Year: 1964 (1/1/64 - 12/30/64) +3,127 -125 -2,281 -185 +534 +766 1965 (12/30/64 - 12/29/65) +4,035 -1,602 -2,143 +798 +1,089 +1,188 - 99 Year-to-date: (12/30/64 - 11/17/65) (12/29/65 - 11/16/66) +3,089 +2,670 -1,529 -527 -1,446 -1,466 -228 -451 -113 +224 +132 +203 -245 + 21 -270 + 56 +481 +234 +247 -443 + 77 -256 -355 + 99 +171 +411 - 51 -117 + 66 +258 -322 - 43 +289 -332 -232 Weekly: 1966--Oct. Nov. 5 +692 12 +110 19 p -630 26 p + 20 2 p +304 + 1 + 15 -204 +114 - 17 +131 9 p +509 + 1 -653 +141 - 1 -139 +138 + + 1 +159 + 82 - 73 -141 + 68 16 p 5 + 1 -- - 2 -- PROJECTED 4/ Nov. 23 30 -230 +315 --- - 75 + 50 +325 -225 + 20 +140 + 20 +140 Dec. 7 14 21 28 +665 -205 -320 + 85 -- -445 - 65 - 50 -160 -170 +285 +915 +130 + 50 + 15 +545 + 55 + 50 + 15 +545 + 55 - 70 - 20 -670 -235 --- +555 - 40 +420 +245 -225 -290 + 50 -225 +260 -350 -200 -215 +260 -350 -200 -215 Jan. ' 4 11 18 25 retrospective ---- --- details, see Table B-4. For factors included, see Table B-3. For required reserves by type of deposits, see T able B-2. See reverse side for explanation of projections. For - p - Preliminary. -- 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) Totl Total required reee reserves Period Supporting private deposits Supporting U. S. Gov't. demand demand Total Total Other than ther than seasonal changes Demand deposits s Seasonal changes Time Demand Time ACTUAL Year: 1964 (1/1/64 - 12/30/64) 1965 (12/30/64 - 12/29/65) Year-to-date: (12/30/64 - 11/17/65) (12/29/65 - 11/16/66) +766 +1,188 + 13 - 89 +753 +1,277 -222 +115 - 12 4 +511 +499 +476 +667 +616 +1,140 1/ +132 +203 -442 -361 +574 +564 -350 -452 + 5 + 10 +303 -134 Weekly: 1966--Oct. 5 12 19 p 26 p +234 -355 -117 +289 + 67 -299 -181 +333 +167 - 56 + 64 - 44 +135 +112 +163 + 23 + - 5 5 4 -- + 35 -162 - 84 - 35 - Nov. 2 p 9 p 16 p - 17 -139 -141 -119 - 18 -180 +102 -121 + 39 + 84 - 46 + 57 - 10 9 - 14 + 25 - 53 - 12 + 3 - 13 + 8 Nov. 23 30 + 20 +140 - 80 +130 +100 + 10 -105 - 20 + 5 5 +210 + 25 Dec. + 50 + 15 +545 + 55 -100 -255 +155 +350 +150 +270 +390 -295 +130 +295 +310 -175 - 5 - 5 - 15 + 5 + 25 - 20 +100 -125 4 +260 - 95 +355 11 -350 -235 -115 18 -200 - 50 -150 25 -215 + 5 -220 1/ Reflects reserve requirement changes in July and August. p - Preliminary. +335 -140 -115 -230 + + + + - 5 + 10 - 50 8 1 11 32 PROJECTED Jan. 7 14 21 28 25 15 15 10 -5 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 ACTUAL Treasury operations Float Foreign deposits and gold Other nonmember deposits and loans F. R. accounts (Sign indicates effect on reserves) Year: 1964 (1/1/64 1965 (12/30/64 12/30/64) - 12/29/65) -185 +798 -476 +294 +132 -171 - 37 + 77 +196 +598 -228 -451 - 83 +249 -896 -762 + 43 2 +708 + 64 5 12 + 56 + 77 +344 + 36 -372 + 55 - 5 7 + 89 7 5 +154 Year-to-date: (12/30/64 (12/29/65 - 11/17/65) 11/16/66) Weekly: 1966--Oct. Nov. 19 +411 - 23 +275 + 26 -322 -227 -112 + 21 - 2 9 -204 +141 +112 + 78 -273 +120 - 28 - 7 - 15 - 50 16 + 82 + 48 + 61 + 32 - 59 - 15 -- -155 -- 4 PROJECTED Nov. 23 30 +325 -225 + 45 +155 +450 -380 Dec. 7 14 21 28 -170 +285 +915 +130 ----- -170 +230 +855 +130 - 4 11 18 25 -225 -290 + 50 -225 ----- -265 -385 + 50 -225 ------ Jan. --- -+ 55 + 60 -+ 40 + 95 Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Period Year: (1/1/64 - 12/30/64) (12/30/64 - 12/29/65) 1964 1965 Year-to-date: (12/30/64 - 11/17/65) (12/29/65 - 11/16/66) Total Federal Reserve credit Total holdings (excl. float) (excl. flat) +3,217 +3,281 +4,035 +3,916 +3,089 +2.670 U. S. Government securities Outright Repurchase agreements Other Bills d +1,022 +1,985 +3,145 + 916 Bankers' acceptances Member bank borrowings FaaeementsI +274 -145 -100 + 77 + 42 - 8 - 58 +165 +3,112 +2,563 +2,562 +2,195 -366 +158 +194 -158 -194 - 71 - - 54 15 Weekly: 1966--Aug. Sept. Oct. Nov. 3 10 17 24 31 655 i 141 634 201 758 572 138 580 190 784 414 56 422 4 784 7 14 21 28 438 96 526 155 380 41 411 32 380 82 370 32 5 12 19 26 692 110 630 20 506 30 448 273 496 20 448 194 2 9 16 304 509 5 225 455 59 243 323 16 -~~~~ 44 - 15 - 1 - 2 + 2 + 98 + 4 - 52 - 11 - 28 + 58 + 41 - 41 +139 -117 -121 + 10 - - 10 0 +178 +100 -138 -272 + 79 - 18 +132 - 43 5II. + 76 + 52 + 65 Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Nonborrowed reserves reserves Total reserves reserves Period Required reserves Aainst private deposits Dmn Total Total Total Demand 1964--January February March April May June July August September October November December 20,964 20,996 21,179 21,209 21,105 21,385 21,436 21,551 21,776 21,739 21,872 21,843 20,673 20,711 20,875 20,931 20,911 21,135 21,150 21,256 21,422 21,409 21,487 21,585 20,542 20,601 20,754 20,783 20,765 20,972 21,015 21,172 21,333 21,346 21,499 21,526 19,679 19,748 19,796 19,855 19,910 19,993 20,118 20,247 20,387 20,486 20,547 20,634 15,295 15,321 15,344 15,364 15,371 15,409 15,495 15,575 15,665 15,709 15,713 15,746 1965--January February March April May June July August September October November December 21,960 22,157 22,279 22,449 22,436 22,612 22,682 22,689 22,667 22,737 22,748 23,010 21,625 21,771 21,814 21,953 21,994 22,082 22,158 22,186 22,114 22,248 22,341 22,523 21,563 21,713 21,868 22,036 22,109 22,243 22,332 22,299 22,259 22,439 22,402 22,657 20,702 20,765 20,881 20,985 20,962 21,138 21,247 21,331 21,553 21,720 21,803 21,970 15,730 15,717 15,789 15,831 15,750 15,877 15,912 15,916 16,071 16,151 16,168 16,285 1966--January February March April May June 1/ July 1/ August 1/ September 1/ October p 1/ 23,139 23,217 23,274 23,530 23,536 23,539 23,763 23,363 23,492 23,297 22,701 22,759 22,671 22,877 22,878 22,862 22,997 22,695 22,700 22,691 22,788 22,844 22,896 23,123 23,163 23,193 23,355 23,067 23,064 23,039 22,075 22,084 22,269 22,477 22,453 22,582 22,511 22,517 22,598 22,429 16,364 16,356 16,510 16,625 16,534 16,626 16,68 16,428 16,498 16,352 I I I _ _ _ p - Preliminary. 1/ Reserves have been adjusted for redefinition of time deposits effective June 9. Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally Adjusted (Dollar amounts in billions, based on monthly averages of daily figures) Total member bank deposits Monthly (credit) 1/ Time oss Private demand U.S. Gov't. demand deposits 2/ deposits 1964--January February March April May June July August September October November December 202.8 203.8 205.1 206.0 206.6 208.7 209.3 211.3 213.1 214.1 216.1 216.7 93.5 94.4 94.9 95.8 96.8 97.7 98.6 99.6 100.8 101.9 103.1 104.2 104.4 104.6 104.7 104.9 104.9 105.2 105.8 106.3 106.9 107.2 107.3 107.5 4.9 4.8 5.4 5.3 4.9 5.8 5.0 5.4 5.5 5.0 5.7 5.0 1965--January February March April May June July August September October November December 218.4 220.4 222.5 224.6 225.8 227.7 229.1 230.4 231.1 233.5 234.5 236.4 106.0 107.6 108.6 109.9 111.1 112.2 113.8 115.5 116.9 118.7 120.2 121.2 107.4 107.3 107.8 108.1 107.5 108.4 108.6 108.6 109.7 110.2 110.4 111.2 5.0 5.5 6.1 6.7 7.2 7.1 6.7 6.3 4.6 4.5 4.0 4.0 1966--January February March 238.0 238.7 239.8 121.8 122.1 122.8 111.7 111.6 112.7 4.5 5.0 4.3 April 242.9 124.8 113.5 4.7 May June 3/ July 2/ August 3/ Sept. 3/ 243.9 244.8 246.9 246.2 246.2 126.2 127.0 128.8 129.8 130.1 112.9 113.5 112.4 112.1 112.6 4.8 4.3 5.6 4.2 3.5 Oct. 245.5 129.6 111.6 4.3 3/ p 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/ Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary. TABLE C-2a DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally adjusted (Dollar amounts in millions, based on weekly averages of daily fig ures) Week ending: 1966--May 4 11 Total member bank deposits (credit)1/ 243.9 244.0 244.1 243.6 Time deposits Private demand __deposits 2/ U. S. Gov't. demand deposits .125.6 126.0 126.2 126.4 113.0 113.0 112.9 112.8 5.3 15* 22* 29* 244.0 244.4 243.3 244.7 245.8 126.6 126.8 126.7 126.4 127.1 113.1 113.2 113.4 115.0 112.8 4.2 4.3 3.2 3.3 5.9 6* 13* 20* 27* 247.3 247.1 247.0 247.1 127.9 128.7 129.0 129.2 113.0 112.2 112.6 112.1 6.3 6.2 5.4 3* 10* 17* 24* 31* 246.1 246.3 246.5 245.0 246.8 129.2 129.4 129.9 130.1 130.3 112.1 111.1 112.3 112.1 112.2 4.8 5.7 4.3 2.8 4.4 Sept. 7* 14* 21* 28* 247.0 246.5 245.7 245.7 130.2 130.2 129.8 130.0 112.5 112.1 113.7 112.8 4.3 4.2 2.2 2.9 Oct. 5* 12* 19* 26* 246.2 245.2 244.3 246.1 129.8 129.8 129.8 129.3 112.8 112.1 111.5 111.0 3.5 3.3 3.0 5.9 Nov. 2p* 9p* 16p* 246.0 245.7 244.3 129.3 129.3 129.3 111.1 5.6 5.3 4.0 18 25 June 1 8 July Aug. 111.0 5.1 5.0 4.4 5.8 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. * - Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. TABLE C-3 MONEY SUPPLY AND TIME DEPOSITS AT ALL COMMERCIAL BANKS Seasonally adjusted (Dollar amounts in billions, based on monthly averages of daily figures) Monthly Money Supply Currency 1/ Private Demand Deposits Time Deposits 2/ Adjusted 1964--October November December 158.8 159.0 159.7 34.0 34.1 34.2 124.8 124.8 125.4 123.5 125.1 126.6 1965--January February March April May June July August September October November December 159.7 159.8 160.3 161.0 160.7 161.7 162.4 163.0 164.1 165.2 165.6 167.2 34.5 34.6 34.7 34.8 34.9 35.0 35.3 35.5 37.7 36.0 36.1 36.3 125.3 125.2 125.6 126.2 125.8 126.7 127.2 127.5 128.5 129.3 129.5 130.9 128.7 130.7 132.0 133.3 134.6 136.2 137.9 140.0 141.6 143.7 145.5 146.9 1966--January February March April May June 3/ July 3/ August 3/ September3/ October 3/p 168.0 168.2 169.3 170.9 170.2 171.1 169.6 169.6 170.5 169.6 36.6 36.8 36.9 37.2 37.3 37.4 37.7 37.8 37.9 37.9 131.4 131.4 132.3 133.7 132.9 133.7 131.9 131.8 132.6 131.7 147.8 148.5 149.5 151.4 153.0 154.5 156.4 157.8 158.2 157.9 1/ Includes currency outside the Treasury, the Federal Reserve, and the vaults of 2/ 3/ all commercial banks. 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. Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary. TABLE C-3a MONEY SUPPLY AND TIME DEPOSITS AT ALL COMMERCIAL BANKS Seasonally Adjusted (Dollar amounts in billions, based on monthly averages of daily figures) Week Ending Money Supply Currency / Private Demand Deposits 2/ Time Deposits adjusted 4 11 18 25 170.4 170.3 170.5 170.3 37.2 37.3 37.3 37.3 133.2 133.0 133.1 133.1 152.4 152.5 153.1 153.2 June 1 8 15 22 29 170.2 170.6 170.7 172.7 170.5 37.3 37.4 37.5 37.5 37.4 132.9 133.2 133.3 135.3 133.1 153.7 154.1 154.3* 154.4* 155.0* July 6 13 20 27 170.9 169.6 169.8 168.9 37.6 37.7 37.7 37.7 133.3 132.0 132.1 131.2 155.5* 156.1* 156.6* 157.1* Aug. 3 10 17 24 31 169.2 168.7 169.7 169.8 170.0 37.7 37.8 37.8 37.8 37.7 131.6 130.9 131.9 132.0 132.2 157.0* 157.4* 157.9* 158.0* 158.2* Sept. 7 14 21 28 170.5 170.1 171.7 170.0 37.8 38.0 38.0 37.9 132.6 132.1 133.7 132.1 158.2* 158.2* 158.1* 158.4* Oct. 5 12 19 26 170.7 170.2 169.6 168.9 37.9 38.0 37.9 37.9 132.8 132.2 131.7 131.0 158.2* 158.0* 158.1* 157.7* Nov. 2 9 16 168.9 168.7 169.1 37.8 38.0 38.1 131.0 130.8 131.0 157.6* 157.7* 157.8* 1966--May 1/ Includes currency outside the Treasury, the Federal Reserve, and the vaults of all commercial banks. 2/ 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 of Federal Reserve Banks. * - Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Perliminary 

Federal Reserve (1966, November 21). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19661122

@misc{wtfs_bluebook_19661122,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1966},
  month = {Nov},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19661122},
  note = {Retrieved via When the Fed Speaks corpus}
}