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) April 28, 1967. MONEY MARKET AND RESERVE RELATIONSHIPS Recent developments During the past four weeks money market conditions have eased further, including declines in key short-term interest rates. Intermediate and long-term bondyields, however, have risen considerably. The reduction in discount rates on April 7 from 4 to 4 per cent had its most immediate impact, as expected, on Federal funds and dealer loan rates, on CD offering rates, and on Treasury bill yields. Since the discount rate cut, Federal funds have averaged close to 4 per cent and have often traded somewhat below the discount rate. dealer loans in New York have moved down into a 4-1/8 - 4 Rates on new per cent range. In the bill market, the 3-month Treasury bill has declined about 20 basis points to around 3.75 per cent from its level just before the discount rate was cut. Longer-term bill rates have registered smaller declines, and are currently 10 - 15 basis points above the 3-month bill rate. This follows a sustained period when longer-term bill rates were below or about equal to the 3-month bill rate. The changes that have occurred within the structure of bill rates are indicative of the shift in market attitudes away from expectations of further rate declines toward a feeling that, with the discount rate reduction accomplished and with business news appearing more optimistic, rates may have eased about as much as is likely over the near term. FINANCIAL MARKET RELATIONSHIPS I Period ('1onthl averaoes and, where available, More Free Mlarket Indicators Federal 3-month BorrowFunds Treasings teserves ury Rate (In millions Bill of dollars) IN PERSPECTIVE weekly averages of daily figures) Rnnd VYilds S -- WGcn. YedF-- Corporate MuniciU.S. New pal Gov't. Issues (Aaa) (Aaa) I/ (20 y-) S' Nonborrowed Reserves ii nn -- - ----- rpdH- -----Ce-tad Bank Bank Money CreditSSupply M Proxy nd -Bn- Mnneu Time Deposits 2/ (In billions of dollars) (Seasonally Adjusted) -277 -339 -352 -359 -374 -390 -425 -235 -196 638 653 722 439 740 765 766 605 529 4.64 4.83 5.13 5.18 5.45 5.30 5.46 5.75 5.39 4.61 4.63 4.50 4.78 4.95 5.36 5.33 5.31 4.96 4.65 4.69 4.73 4.84 4.95 4.94 4.83 4.88 4.76 5.03 5.16 5.35 5.48 5.64 5.82 5.70 5.71** 5.73** 3.46 3.53 3.60 3.77 3.91 3.93 3.82 3.78 3.79 +206 + 1 + 21 1967--Jan. Feb. Mar. Apr. - 60 + 42 +172 +210 476 366 196 150 4.87 4.99 4.50 4.03 4.72 4.56 4.26 3.83 4.51 4.61 4.56 4.64 5.43** 5.18** 5.31** 5.43** 3.50c 3.38c 3,48 3.50 +492 +359 +537 +154 1967--Apr. +269 +108 +292 +169 180 145 178 98 4.58 3.90 3.90 4.00 3.86 3.87 4.56 4.55 4.00 3.74 5.27** 5.55 5.50** 5.38** 3.48 3.46 3.50 3.55 - 16* +135* -302 + 5 -134 +108 Averages + 1.6 - 35 + 21 +3.1 +1.0 +0.9* +2.1* -0.7 -0.1 -0.7 -1.1 +0.9 + + 0.9 0.9 0.4 1.1 1.9 1.6 1.5* 1.9* 1.4 0.4 0.3 0.1 1.2 +331 +272 +447 + 79 +3.3 +3.1 +3.2 +2.9 + + - 0.7 0.8 2.4 0.7 2.4 2.6 2.1 2.0 -0.2 +1.0 +0.2 +0.8 - 0.2 - 0.6 - 1.3 - 0.3 +256 + 6 + 3* +224* -400 +129 -195 - 0.7 + 0.9 - 1.5 0.5 0.5 0.5 0.2 Annual rates of increase 3/ Year 1966 First Half 1966 Second Half 196( -283 -228 -338 672 581 763 5.06 4.69 5.39 4.85 4.59 5.12 4.77 4.67 4.87 5.41** 5.12 5.74** 3.67 3.51 3.83 Recent Variatio s in growth July 6-Aug. 10 Aug. 10-Nov. 16 Nov. 16-Apr. 26 -345 -320 + 18 738 638 354 5.32 5.46 4.85 4.81 5.27 4.55 4.85 4.91 4.64 5.55 5.78** 5.38** 3.80 3.87 3.53 1/ 2/ Rpprpq (I ofdnlr5 mi llon 1966--Apr. May June July Aug. Sept Oct. Nov. Dec. 4.63 4.72 -f o- Total Reserves + 0.8* + 3.0* - 1.5* + 1.2* + 4.6* - 2.2* + 3.7* + 7.1* + 0.3* + 1.9 + 4.7 - 0.9 + 8.4* +10.3* + 6.1* - 4.2 - 2.7 -12.9 -13.4 + 0.4 + 2.9 +12.7 + 1.4 +15.4 Issues carry a 5-year call protection; ** includes issues carrying 5-year and 10-year call protection. Time deposits adjusted at all commercial banks. Base is average for month preceding specified period or in case of weekly periods, the first week shown. 3/ * - Changes have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary. c - correction. April 28, 1967. CONFIDENTIAL (FR) -2- April 28, 1967. Such a shift in market attitudes, in conjunction with the continued large corporate calendar and the sizable U.S. Government financing program, has had a pronounced influence on long-term markets. Yields on new high grade corporate bonds and long-term U.S. Government securities have risen 15 - 25 basis points since the discount rate was cut. Yields on State and local government issues have also risen, and dealer inventories of such securities have increased. Banks have reduced rates on large denomination CD's in line with reductions in other short-term rates, and outstanding CD's have declined by almost $600 million over the tax period (measured by the three weeks ending April 19). This decline is more than we had expected; it apparently reflects a deliberate policy of banks in light of continued rapid increases in other time and savings deposits, the ready availability of Federal funds at reduced rates, and the prospect of reduced loan demand following the mid-April tax borrowing. On average in April, total time and savings deposits rose at a 14.5 per cent annual rate accounting for the bulk of the 13.5 per cent rise in the bank credit proxy. (The rise would be about 1 percentage points less after including a decline on average in Eurodollar borrowings.) Bank credit expansion moderated in the course of April. From the week ending March 29 to the week ending April 26, the proxy rose at a 9.5 per cent annual rate; bank credit outstanding is projected to decline in the current statement week ending May 3 as U.S. Government deposits begin to decline sharply. CONFIDENTIAL (FR) -3- April 28, 1967. U.S. Government deposits rose in April about in line with earlier expectations and contributed to a 6 per cent annual rate of decline in private demand deposits on average (and a 5 per cent rate of decline in the money supply). The decline in such private deposits was slightly greater than projected, as loan demands around the tax period were relatively moderate despite the large accelerated tax payments. In general, money markets and banks accommodated tax period churning with relative ease. This may have reflected not only the availability and lower cost of reserves to banks but also probably the partial use of capital market proceeds to finance tax payments. Nonborrowed reserves on average in April increased at a 7.5 per cent annual rate, sharply down from the previous month. There was a decline in bank excess reserves, as the effects of the March reserve requirement reductions apparently worked themselves through. Member bank borrowings also declined in April, and the increase in total reserves was even less than for nonborrowed on average during the month. During the past four weeks, free reserves averaged $210 million and borrowings averaged $150 million. During the previous four weeks, free reserves had averaged $218 million and borrowings $203 million. CONFIDENTIAL (FR) -4- April 28, 1967. Prospective developments Maintenance of prevailing money market conditions over the next three weeks would involve a Federal funds rate averaging 4 per cent or a shade below and a 3-month bill rate fluctuating generally in a 3.65 - 3.85 per cent range. Member bank borrowings are likely to be in the $100 - $200 million area. Free reserves could vary more widely, perhaps in a $150 to $300 million range, depending in part on bank reserve management policies, on dealer financing needs and reinvestment flows associated with the Treasury refunding, and the need to maintain an "even keel" monetary posture. Books will be open for the current Treasury refunding and pre-refunding operation date on May 15. from May 1 through May 3, with settlement The issues were attractively priced but, as of this writing, their ultimate market reception is uncertain. The yield outlook is even more uncertain in other capital markets. Some observers are beginning to conclude that the recent rise in long-term rates has been overdone, and that a minor bond market rally is a possibility. But others point to the continuing large supply of corporate, municipal, and Federal agency issues in the market or in prospect and to expected large Treasury financing in the second half and see the odds favoring some further yield rise. On balance, it would seem that maintenance of prevailing money market conditions could permit--but not ensure--a rally in the bond market. Such a development would be less likely if the financing calendar were CONFIDENTIAL (FR) April 28, 1967. to expand further, or if money market conditions were permitted to drift toward the tight end of the ranges specified above. With an even keel maintained in the money market, growth in nonborrowed reserves is likely to slow further in May on average. Expansion in bank credit, as measured on a daily-average basis by the proxy, may slow to an annual rate in the 1 - 4 per cent range. With the March-April tax period passed, net business loan demands in May are expected to be quite moderate. Projected needs for inventory financing are small and--given the continuing large corporate calendar and the sharp recent uptrend in use of the commercial paper market--bank loan repayment may rise. Needs of Government security dealers for bank financing will largely depend on general interest in the refunding. If bank credit expansion in May is in the range projected, the annual rate of increase in the proxy over the 6 month December-May period would be around 11 per cent (and 2 percentage points less after including the decline in Euro-dollar borrowings). The May projections allow for a sharp reversal of the April rise in U.S. Government deposits, only partially offset by a rise in private demand deposits. The money supply is currently projected to rise in May on average at an annual rate of 8 - 10 per cent, bringing the annual rate of growth over the December-May period to around 5 per cent. CONFIDENTIAL(FR) -6- April 28, 1967. Time deposits are expected to show a somewhat slower growth rate in May, perhaps in a 10 - 13 per cent range, if commercial banks continue to exhibit only mild interest in increasing the volume of outstanding CD's. However, it is possible that attractive yields emerging in securities markets and additional indications of strong economic expansion may encourage some banks to seek additional investible funds. The rate of growth in other time and savings deposits may moderate, especially if consumer spending continues to pick up. Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Excess reserves Period As Member banks borrowins revised Free to I reserves I|-- date As expected at conclusion of each week's open market opeations I- Monthly (reserves weeks ending in): 1966--April May June July August September October November December 361 315 370 380 366 375 341 370 333 638 653 722 739 740 765 766 605 529 -277 -339 -352 -359 -374 -390 -425 -235 -196 1967--January February March p April p 417 476 366 196 150 + 42 +172 +210 408 368 360 As first published each week _________________ 4 - 59 Weekly: 1967--Jan. Feb. Mar. Apr. -188 -170 + 43 + 67 -175 + 61 - 90 - 22 - 39 47 - 53 - 62 +164 +154* - 64 - 38 - 45 - 50 - 91 583 176 353 456 477 - 7 +101 + 2 +117 1 8 15 22 29 159 359 372 566 385 167 202 173 302 135 - 8 +157 +199 +264 +250 +165 +204 +277 +235 +216 +217 +290 +253 5 12 19 26 449 253 470 267 180 145 178 98 +269 +108 +292 +169 +339 +154 +312 +169 +300 +184 +305 +171 4 11 18 25 395 628 127 516 565 585 217 1 8 15 22 340 289 418 p - Preliminary 538 +106 + 4 - 17 * - Reflects end of week statistical adjustments increasing F.R. float due to snow storms in the midwest. TABLE A-2 AGGREGATE RESERVES AND RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) Re s e rve Total Reserves Ag gregates Required reserves Nb d Against Total Demand Reserves Deposits I Moneta T l M Total Member B epit edit) rv Variables Time Money Supply Deposits Private (comm. Total Demand banks) __Deposits / Annually: 1965 1966 + 5.3 + 1.2 + 4.3 + 0.8 + 5.3 + 1.5 + 2.3 - 0.2 + 9.1 + 3.7 +16.0 + 8.4 + 4.7 + 1.9 + 4.4 + 0.9 Monthly: 1966--January February March April May June 2/ July 2/ + 6.7 + 4.0 + 2.9 +13.2 + 0.3 + 0.2 +11.4 + 9.5 + 3.1 - 4.6 +10.9 + 0.1 - 0.8 + 7.1 + 6.9 + 2.9 + 2.7 +11.9 + 2.1 + 1.6 + 8.4 +11.3 + 3.8 + 4.0 +11.7 - 4.8 + 1.3 + 2.9 + 8.1 + 3.5 + 5.5 +15.5 + 4.9 + 4.4 +10.3 + 7.4 + 5.7 + 8.1 +15.3 +12.7 +11.8 +14.8 + 5.7 + 1.4 + 7.8 +11.3 - 4.9 + 6.3 -10.5 + 4.6 -+ 8.2 +12.7 - 7.2 + 7.2 -16.2 August 2/ September 2/ October 2/ November 2/ -20.2 + 6.6 -10.0 - 1.8 -15.8 - 0.3 - 7.1 + 5.7 -14.8 - 0.2 - 1.1 - 7.6 -16.9 - 3.2 - 2.0 - 8.2 - 3.4 - 0.5 - 2.9 - 5.4 +10.7 + 3.0 - 2.3 + 0.8 -+ 6.4 - 6.3 - 2.8 + - December 2/ + 1.1 + 1.1 + 4.9 - 1.6 + 3.9 + 9.1 + 7.8 + 8.2 1967--January 2/ February 2/ March 2/ p April 2/ p +17.1 +13.8 +22.5 + 3.9 +26.0 +18.6 +27.4 + 7.7 +13.5 +14.3 +15.2 + 9.0 +12.7 + 8.5 +16.9 +10.2 +16.1 +15.0 +15.3 +13.7 +18.1 +19.3 +15.3 +14.4 - 4.9 + 5.7 +16.9 - 4.9 - 9.1 + 5.5 +20.0 - 6.3 .1/ J Includes T ai ueposits . subject to reserve requirements. movements in total member bank credit. . . movements in 1 0.9 7.3 8.1 4.6 1 nlis aggregate correspona closely with p - Preliminary. 2/ Changes in reserves, total deposits, and time deposits have been adjusted for redefinition of time deposits effective June 9, 1966. Changes in reserves have been adjusted for increases in reserve requirements in July and September 1966, and reduction in reserve requirements in March 1967. Chart 1 MEMBER BANK RESERVES MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS. SEASONALLY ADJUSTED 24.0 23.5 23.0 22.5 22.0 21.5 21.0 BILLIONS OF DOLLARS MEMBER BANK BORROWINGS I EXCESS I I IRESERVES f *a S 1965 1966 1967 Chart 2 MEMBER BANK DEPOSITS AND LIABILITIES TO OVERSEAS BRANCHES BILLIONS OF DOLLARS 260 TOTAL MEMBER BANK DEPOSITS (CREDIT PROXY) SEAS ADJ, WEEKLY AVERAGE OF DAILY FIGURES 256 252 248 244 240 236 6 LIABILITIES TO OVERSEAS BRANCHES (WEEKLY REPORTING BANKS] NOT SEAS ADJ, WEDNESDAYS 2 0 I 1966 I I I I I 1967 Chart 3 MONEY SUPPLY AND BANK DEPOSITS SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 175 MONEY SUPPLY 170 165 TIME (All 160 DEPOSITS ADJUSTED Commercial Banks)- 155 150 145 140 135 130 125 NEGOTIABLE CD'S (Unadiusted) 20 20 15 I S 1965 D I M I I J 1966 I S D 10 I M J 1967 *CHANGE IN SERIES Chart 4 DEMAND DEPOSITS AND CURRENCY SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 45 MONEY SUPPLY COMPONENTS: 40 OUTSIDE CURRENCY BANKS 35 30 140 DEMAND DEPOSITS 135 130 125 120 15 U.S. GOVT. DEMAND DEPOSITS Banks) (Member 10 0 156 S S ----- 1965 D D M M J S D M M 1966--------------------------------- 1966 1967 J J 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 Currency outside stock Change in total Technical factors net 2/ banks = Bank use of reserves Required Excess reserves reserves 3/ reserves ACTUAL Year 1965 (12/30/64 - 12/29/65) +4,035 -1,602 -2,143 + 798 +1,089 +1,188 - 99 +3,149 - 627 -2,243 + 805 +1,085 +1,111 - 26 + 288 690 - 154 51 + 695 +1,010 719 -2,408 - 465 759 - 384 589 - 81 170 5 p 12 p + - 402 22 - 87 351 + 255 155 + - 62 218 - 2 22 + 64 - 196 19 p 26 p + 67 156 + - 188 267 + - 281 592 + - 399 166 + + 182 37 + 217 - 203 1966 (12/29/65 - 12/28/66) Year-to-date: (12/29/65 - 4/27/66) (12/28/66 - 4/26/67) Weekly: 1967--Apr. PROJECTED May June --- + - 1 1 - 3 + 150 -- - 45 - 110 - 5 - 5 10 17 24 31 + + 455 390 5 220 ----- + + + 565 175 60 5 + + - 135 125 160 350 + - 25 90 105 125 + - 25 90 105 125 7 14 21 28 + - 520 105 330 ----- + + 500 15 80 210 + + + - 50 125 575 240 + + + - 70 5 325 30 + + + - 70 5 325 30 -- 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. 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) Total Period required reserves reses Supporting U. S. Gov't. dmd demand private deposits _Supporting Seasonal changes Total Total deposits Demand Time Other than seasonal chan seasonal changes Demand Time ACTUAL Year: 1965 (12/30164 - 12/29/65) 1966 (12/29/65 - 12/28/66) +1,188 +1,111 - 89 - 87 +1,277 +1,194 +115 - 14 - 4 4 +499 - 5 + 677 +1,221 1/ Year-to-date: (12/29/65 - 4/27/66) (12/28/66 - 4/26/67) - 382 589 -400 +100 + - 18 689 -478 -423 + 91 + 95 +263 + 61 + - + + 2 22 182 37 -269 -125 - 31 +323 + + + - 267 103 213 286 +164 +217 +345 -149 + 4 - 8 - 14 - 5 + 84 -137 -137 -139 + + + + 15 31 19 7 3 10 17 24 31 + - 5 25 90 105 125 + 55 +255 - 35 - 20 -165 + 60 230 55 85 40 -195 -275 -180 -270 - 20 --- +120 + 30 +105 +165 + 45 + + + + + 15 15 15 15 15 7 14 21 28 + + + - 70 5 325 30 -185 -165 - 80 +395 + + + - 255 170 405 425 +245 +205 +280 -460 -- 45 +120 + 20 + + + + 10 10 10 10 Weekly: 1967--Apr. 5 12 19 26 p p p p 142 422 PROJECTED 1967--May June 1/ Reflects reserve requirements changes p - Preliminary. in July and September 1966. + + 5 5 ---- + 5 5 Table B-3 TECHNICAL FACTORS AFFECTING RESERVES (Dollar amounts Retrospective and Prospective Changes in millions, based on weekly averages of daily figures) Technical factors fat (net) I Treasury operations Foreign deposits and gold loat r: 1965 (12/30/64 - 12/29/65) 1966 (12/29/65 - 12/28/66) 798 805 +294 +673 - 719 -2,408 +285 -670 - 171 + 64 - 725 + 77 - 30 +598 + 98 + 4 + 49 -283 -503 Year-to-date: (12/29/65 - 4/27/66) (12/28/66 - 4/26/67) Weekly: 1967--Apr. 5 12 19 26 255 155 281 592 -1,284 + 1 + 48 -191 -290 216 102 328 298 - 57 + 3 +128 9 - 95 +185 20 50 200 90 350 + 5 - 75 PROJECTED 1967--May June 7 14 21 50 60 500 -250 + 65 + 75 Table B-4 SOURCE OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions of dollars, based on weekly averages of daily figures) 'I Period (Rxcl lear: 1966 (12/30/64 - 12/29/65) 1966 (12/29/65 - 12/28/66) Apr. flonat) ._---f nrprnment "~"-~'- Total holdings Bills 7 PuntritiPa ~--~ ---- I Federal Agency Securities Repurchase aereements Other h Bankers' acceptances Member banks borrowings Scr +4,035 +3,149 +3,916 +3,069 +3,145 +2,158 +916 +474 +437 + 26 + 77 + 52 + 42 + 2 288 690 - 406 +1,218 341 +1,618 +156 +217 -221 -617 - + 22 - 55 + 96 -450 1 8 15 22 29 449 391 92 284 190 + + + - 142 368 164 1584* 53 98 313 177 250 100 5 12 19 26 402 22 67 156 + + + 343 11 79 211 209 14 48 210 Year-to-date: (12/29/56 - 4/27/66) (12/28/66 - 4/26/67) Weekly: 1967--Mar. T1 S Total Federal Reserve credit -145 + 21 + 29 + 51 + 21 + 95 4. 23 -240 + 34 +100 - 28 -204 -310 + 35 +113 - 70 -127 + 1 + 45 - 29 +129 -157 - 35 + 33 - 80 -- * - Includes effect of change in special certificates of +$64 million of the week of March 15, 1967 and -$64 million of the week of March 22, 1967. Chart Reference Table C-1 TOTAL, NONBORROWED AMD REQUIRED RESERVES (Dollar amounts in millions, Period 1965--January February March April May June July August September October Total reserves reserves Seasonally Adjusted based on monthly averages of daily figures Nonborrowed reserves reserves 21,960 22,157 22,279 22,449 22,436 22,612 22,682 22,689 22,667 22,737 21,625 21,771 21,814 21,953 21,994 22,082 22,158 22,186 22,114 22,248 November 22,748 December 23,010 1966--January February March April May June 1/ July 1/ August 1/ September 1/ October 1/ November 1/ December 1/ 1967--January 1/ February 1/ March 1/ p April 1/ p I/ Total Total ) Required reserves reserves Reauired Against private depo Total Demal 21,563 21,713 21,868 22,036 22,109 22,243 22,332 22,299 22,259 22,439 20,702 20,765 20,881 20,985 20,962 21,138 21,247 21,331 21,553 21,720 15,730 15,717 15,789 15,831 15,750 15,877 15,912 15,916 16,071 16,151 22,341 22,402 21,803 16,168 22,523 22,657 21,970 16,285 23,139 23,217 23,274 23,530 23,536 23,539 23,763 23,363 23,492 23,297 23,262 23,283 22,701 22,759 22,671 22,877 22,878 22,862 22,997 22,695 22,700 22,566 22,674 22,695 22,788 22,844 22,896 23,123 23,163 23,193 23,355 23,067 23,064 23,042 22,896 22,990 22,075 22,084 22,269 22,477 22,453 22,582 22,515 22,517 22,597 22,430 22,383 22,522 16,364 16,356 16,510 16,625 15,534 16,626 16,472 16,428 16,497 16,352 16,321 16,411 23,614 23,886 24,333 24,412 23,187 23,546 24,083 24,237 23,248 23,526 23,824 24,002 22,525 22,725 23,066 23,058 16,317 16,413 16,679 16,584 Reserves have been adjusted for redefinition of time deposits effective June 9, 1966. 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) Monthly Total member bank deposits (credit) 1/ Time deposits Private demand U.S. Gov't. demand deposits 2/ deposits 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 April May June 3/ July 3/ August 3/ Sept. 3/ Oct. 3/ Nov. 3/ Dec. 3/ 238.0 238.7 239.8 242.9 243.9 244.8 246.9 246.2 246.1 245.5 244.4 245.2 121.8 122.1 122.8 124.8 126.2 127.0 128.9 129.8 130.1 129.6 129.3 130.3 111.7 111.6 112.7 113.5 112.9 113.5 112.4 112.1 112.6 111.6 111.4 112.0 4.5 5.0 4.3 4.7 4.8 4.3 5.6 4.2 3.5 4.3 3.7 2.9 1967--Jan. Feb. Mar. Apr. 248.5 251.6 254.8 257.7 132.4 134.6 136.2 138.0 111.4 112.1 113.9 113.2 4.8 4.9 4.8 6.4 1/ 2/ 3/ 3/ 3/ 3/ p 3/ p 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. 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 billions, based on weekly averages of daily figures) Week ending: Total member bank deposits (creditI1/2/ Time deposits 2/ Private demand deposits 3/ U. S. Govt. demand deposits 1966--Nov. 2 9 16 23 30 246.1 245.8 244.5 243.0 243.2 129.5 129.3 129.3 129.3 129.2 111.2 111.1 111.2 111.5 111.3 5.4 5.3 4.0 2.2 2.7 Dec. 7 14 21 28 244.5 244.5 245.5 245.7 129.5 129.8 130.2 131.0 111.9 111.2 113.1 111.5 3.2 3.5 2.2 3.2 1967--Jan. 4 11 18 25 247.3 247.7 247.8 249.2 131.4 131.7 132.1 132.9 112.6 111.6 111.4 110.5 3.3 4.4 4.3 5.8 Feb. 1 8 15 22 250.3 251.4 251.4 251.6 133.7 134.0 134.5 134.9 111.1 111.7 111.5 113.0 5.5 5.7 5.5 3.8 Mar. 1 8 15 22 29 252.0 252.5 254.0 256.2 256.5 134.9 135.5 136.2 136.5 136.8 112.6 112.9 113.9 113.9 114.2 4.5 4.1 3.9 5.8 5.6 Apr. 5 12 19 26 256.4 257.4 257.6 258.4 137.1 137.7 138.1 138.2 114.7 113.9 112.9 112.0 4.6 5.9 6.5 8.2 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. / Private demand deposits include demand deposits on individuals, partnerships and corporations and net interbank balances. 3/ Private demand deposits include demand deposits on individuals, partnerships and corporations and net interbank balances. TABLE C-3 Seasonally adjusted (Dollar amounts in billions, based on monthly averages of daily figures) Money Supply Monthly ____ ~~____~____ Currency ____~__~_ 1/ Private Demand oits Deposits 2/ / Time Deposits Adjusted Aus 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 35.7 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 !/ August 3/ September 3, October 3/ November 3/ December 3/ 168.0 168.2 169.3 170.9 170.2 171.1 169.6 169.6 170.5 169.6 169.2 170.3 36.6 36.8 36.9 37.2 37.3 37.4 37.7 37.8 37.9 38.0 38.0 38.3 131.4 131.4 132.3 133.7 132.9 133.7 131.9 131.8 132.6 131.7 131.2 132.1 147.8 148.5 149.5 151.4 153.0 154.5 156.5 167.8 158.2 157.9 158.0 159.2 1967--January !/ February 3/ March 3/ p April 2/ p 169.6 170.4 172.8 172.1 38.5 38.7 39.0 38.9 131.1 131.7 133.9 133.2 161.7 164.3 166.4 168.4 1/ 2/ Includes currency outside the Treasury, the Federal Reserve, and the vaults of 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. 3/ 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 weekly averages of daily figures) Private Week Ending Money Supply Currency 1/ Demand Time Deposits adjusted 3/ 157.8 157.9 158.0 158.0 157.9 1966--Nov. 2 9 16 23 30 168.9 168.8 169.0 169.3 169.3 37.8 38.0 38.1 38.0 38.1 Deposits 2/ 131.1 130.9 130.9 131.3 131.2 Dec. 7 14 21 28 169.7 169.1 171.9 170.3 38.1 38.2 38.2 38.4 131.7 130.9 133.7 131.9 158.2 158.6 159.2 160.0 1967--Jan. 4 11 18 25 170.8 170.2 170.3 168.9 38.4 38.6 38.5 38.4 132.4 131.6 131.8 130.5 160.5 160.9 161.3 162.2 Feb. 1 8 15 22 168.7 169.6 169.9 171.8 38.5 38.7 38.8 38.8 130.2 130.9 131.1 133.1 163.1 163.5 164.2 164.8 Mar. 1 8 15 22 29 171.0 172.0 173.1 172.6 173.6 38.7 38.9 39.0 39.0 39.1 132.3 133.0 134.1 133.6 134.5 165.0 5 12 19 26 173.4 172.8 171.5 171.2 38.9 39.0 39.1 39.0 134.5 133.7 132.4 132.2 167.6 168.1 168.6 168.8 Apr. 1/ 2/ 3/ 165.5 166.3 166.7 167.1 Includes currency outside the Treasury, the Federal Reserve, and the vaults of 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 of Federal Reserve Banks. Deposits have been adjusted for redefinition of time deposits effective June 9, 1966. p - Preliminary. 

Federal Reserve (1967, May 1). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19670502

@misc{wtfs_bluebook_19670502,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1967},
  month = {May},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19670502},
  note = {Retrieved via When the Fed Speaks corpus}
}