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) January 31, 1969 MONEY MARKET AND RESERVE RELATIONSHIPS Recent Developments (1) Yields in short-term credit markets have shown little net change since the January 14 Committee meeting, although longer-term interest rates have recently come under increased upward pressure. The Treasury on Wednesday afternoon announced a "rights" exchange of its February maturities, offering holders the option of either a 15-month note priced to yield 6.42 per cent or a 7-year note priced to yield 6.29 per cent. The refunding announcement was received quietly in the market, with minor price adjustments. The System's subsequent publication of a large net borrowed reserve number Thursday night resulted in some further price declines in the note and bond market. (2) After declining to near the lower end of the 6 - 6-1/4 per cent range specified in the last Blue Book in the wake of heavy early January investor demands, the 3-month Treasury bill rate moved up to near 6.20 per cent, a shade higher than the level prevailing around the time of the last Committee meeting. System sales of bills for both its own and foreign accounts, a waning of investor demands, and the liquidation of Treasury bills in the market by banks, including relatively rapid sales out of the $1-3/4 billion of additional June tax bills auctioned on January 15, contributed to the firming of bill yields. FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE (Monthly averages and, where available, weekly averages of daily figures) M~nnv M~rt~+ Free Period Tn~ir~rnre aI verge Borrowteserves ings (In millions of dollars) ,_hreaaia .Mtl Federal 3-month Funds Treasury Rate Bill 19W/--Dec. 143 185 4.51 4.96 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. 1969--Jan. 1968--Dec. 1969--Jan. 142 21 -312 -341 -374 -386 -192 -240 -146 -192 -255 -327 -515 -460 -439 -289 -474 -540 -758 275 368 649 689 728 727 523 577 492 458 541 743 715 859 1,318 499 688 780 892 4.60 4.72 5.05 5.76 6.12 6.07 6.02 6.03 5.78 5.92 5.81 6.05 n.a. 6.21 5.95 6.43 6.30 6.46 6.27 5.00 4.98 5.17 Year 1968 First Half 1968 Second Half 1968 -210 -201 -218 548 567 529 Recent variation in growth 11/29/67-7/3/68 7/3/68-12/18/68 12/18/68-1/29/69 -159 -203 -493 515 516 839 Rndnrl Viol e Corporate MuniciNew pal U.S. Issues (Aaa) Gov't. (20 yr.) (Aaa)l/ ' I t 5.59 lrnT ILe _n we'I.e y I al Nonborrowed Reserves ' (o d -294 6.51 4.15 6.22* 6.25* 6.57* 6.50* 6.64 6.65 6.50* 6.16 6.27 6.47 6.57 6.79 6.92 +345 +208 -266 -197 + 46 +137 +304 +493 + 29 +264 - 51 - 21 +264 5.95 5.99 6.90 6.93 6.92 6.92 4.06 4.01 4.28 4.13 4.28 4.26 4.12 4.00 4.23 4.21 4.33 4.50 4.58 4.57 4.57 4.58 4.58 4.58 4.60 5.58 5.39 5.77 Avera es 5.45 5.36 5.46 5.29 5.44 5.42 6.47 6.47 6.50 4.20 4.16 4.22 + 5.2 + 2.2 + 8.1 5.25 5.90 6.28 5.24 5.34 6.16 5.48 5.40 5.99 6.47 6.47 6.91 4.15 4.21 4.58 5.38 5.66 5.52 5.31 5.23 5.19 5.35 5.45 5.96 n.a. 6.21 6.21 6.18 6.14 6.07 6.15 5.39 5.38 5.59 5.46 5.55 5.40 5.29 5.22 5.28 5.44 5.56 5.88 n.a. 6.04 6.02 5.99 5.98 F ~n~r fR__eserves _kCreditan_4: Total Reserves ionllrs -122 +347 +265 + 47 -189 + 88 +105 +107 +508 - 36 +215 +122 +244 +196 + 7.2 + 5.3 + 9.0 Rank ('.rit and Mcnpu _ 1 Bank Credit Proxy Mone ly S Time Deposits 2/ (In billions of dollars) 0.2 + 0.3 1.5 + 1.0 + 0.4 2.3 1.0 1.1 0.4 1.5 2.1 5.0 2.0 3.0 2.7 3.1 1.0 0.3 0.6 0.1 2.1 0.6 0.1 + 0.7 + + + + 0.9 1.8 1.3 2.0 + 0.9 - 0.8 + 0.7 + 1.7 + +121 2 - 0.7 + 1.0 + 1.7 - 1.6 0.1 1.4 + 8.6 + 4.1 +12.8 + 6.5 + 6.7 + 6.1 +11.3 + 5.1 +17.1 + 3.5 +14.1 + 8.0 + 3.4 + 5.2 +18.1 - 7.9 - -13.1 Includes issues carrying 5-year and 10-year call protection, * - issues carry a 10-year call protection. Time deposits adjusted at all commercial banks. week shown. Base is change for month preceding specified period or in case of weekly periods, the first Average of total number of days in period. n.a. - Not available. p - Preliminary. January 31, 1969. 1.8 (3) Despite continued large CD and other time deposit attrition in January, the major money market banks in New York have moved into a comfortable money position--swinging, partly for seasonal reasons, from a large basic reserve deficit to, in recent days, a basic reserve surplus. These banks have built up their net borrowing from the Euro-dollar market to a new high (although in the past several days such borrowings have shown little further net change), demands on them for day-to-day money from the dealer market have remained relatively light, and they have apparently reduced holdings of earning assets. Under the circumstances, with major banks no longer large net borrowers in the funds market, the Federal funds rate tended to decline, requiring sizeable offsetting System open market operations. Over the past two statement weeks the Desk made nearly $3 billion of matched salepurchase transactions, in addition to selling outright or redeeming more than $500 million of bills. Member bank borrowings from the System rose to an average of $835 million over the period, but with reserve distribution temporarily skewed in favor of major money market banks, borrowing was concentrated at country banks and reserve city banks other than major money market banks. The Federal funds rate was generally around 6-1/4 - 6-3/8 per cent, and net borrowed reserves in a $570 to $750 million range. (4) The continued sizeable CD run-offs at major banks in January was accompanied by a weaker than expected deposit expansion at -3other banks. As a result, the bank credit proxy is now estimated to show a decline of 4-1/2 per cent, annual rate, in January on average. Bank borrowing in the Euro-dollar market would add back about 3 percentage points, so that the adjusted proxy would decline at a 1-1/2 per cent annual rate.(5) With large CD run-offs, and with weakness developing in flows of other time deposits, the total of time and savings deposits in January is estimated to have declined at a 10-1/2 per cent annual rate, almost twice as much as earlier projected. Money supply growth was also slower than anticipated, rising, on current estimates, at about a 4-1/2 per cent annual rate. The bulge in money supply in the weeks about year-end has faded rather rapidly, reflecting the transitory nature of year-end money flows as well as recent net transfers from private demand to U.S. Government deposits as banks sold out the new June tax bills. (6) The following table shows rates of change in major reserve and deposit aggregates estimated for January, as compared with other recent periods. 1/ The growth in January of total and nonborrowed The Euro-dollar adjustment is now based on a series of daily liabilities to foreign branches for all banks involved; the previous series used represented an average of Wednesday figures for all banks during the month. The previously used series would show a 4 percentage point increase in Euro-dollar borrowings from December to January. reserves at a time of contraction in total member bank deposits reflects, in about equal parts, the impact of lagged reserve requirements and the shift in January in deposit composition from time to demand deposits. Total reserves Nonborrowed reserves Dec. '67June '68 July '68Dec. '68 3.7 9.0 -0,o 8.1 January 196 9 p 8.7 12.1 Bank credit, as measured by: Proxy 3.7 12.8 -4.5 Proxy plus Euro-dollars 4.7 13.0 -1.6 Money supply 6.1 6.1 4.4 Time and savings deposits 5.8 17.1 -10.6 Savings accounts at thrift institutions 6.1 6.3 n.a. NOTE: Dates are inclusive. p--preliminary Prospective Developments (7) As February progresses, the basic reserve position of major money market banks can be expected to worsen, partly as the recent seasonal easing reverses and possibly also because of increased demands for day-to-day funds which might stem from the Treasury refunding. The Federal funds and dealer loan rates may, therefore, tend to rise somewhat from recent levels, for any given level of total member bank borrowings. Moreover, continued CD run-offs may tend to impel somewhat greater borrowing demands from the Federal Reserve. If borrowings are in a $600-$850 million range in February, the funds rate might be most frequently around 6-3/8 - 6-5/8 per cent. The 3-month bill rate, under these conditions, may be expected to be in a 6 - 6.30 per cent range. (8) A little downward pressure on bill rates could develop out of the Treasury financing. Given the current market atmosphere, the staff is not expecting sizeable bill demands by holders of "rights", but part of the attrition--projected around $1-1/4 billion--could find its way into the bill market. However, the Treasury has made known its expectation of raising $2-$3 billion of cash before early April; some part of this may be raised through a bill strip offering at an earlier date, particularly if attrition in the refunding is sizeable. This prospect should lead dealers to remain willing sellers of bills over the next few weeks. Market attitudes also appear highly sensitive to many of the cross-currents in economic and financial news. A more widespread conviction that monetary policy will be restrictive should keep bill rates under upward pressure; however, news of economic weakness could tend to have a countervailing effect. (9) Assuming the bill rate averages around the mid-point of the range, the bank credit proxy (as measured by total member deposits) in February is expected to decline further--perhaps in a 3 to 6 per cent annual rate range. The principal factor in this decline continues to be relatively rapid run-off in large negotiable CD's, but private demand deposits in February are also expected to decline on average. Even if Euro-dollar borrowings by U.S. banks rise no further from the level to which they had advanced in the course of January, they would still add about 3 percentage points on average to the February credit proxy projection. In that case the adjusted bank credit proxy would be in a 0 to -3 per cent range for February. (10) $1-1/4 billion. The CD run-off for February is projected at around This represents a smaller absolute decline than in January, reflecting for the most part smaller maturities estimated for February. Other time and savings deposits are expected to continue weak, although not as weak as in January when one-time asset shifts were made following the year-end interest-crediting period. (11) While the extent of CD run-off remains, as always, uncertain, perhaps the greater uncertainty in coming weeks concerns the behavior of private demand deposits and the money supply. Despite sizeable attrition in the Treasury refunding, U.S. Government deposits are expected to rise substantially further, on average, during the month, partly as receipts from the $1-3/4 billion June tax bill issue paid for in late January affect the February monthly average figures. This rise would be associated with some net transfers out of private demand deposits. The outstanding money supply in February is expected to decline, probably in a 1 - 4 per cent, annual rate, range. However, a smaller than projected attrition in the Treasury refunding and/or a marked slowing of business loan demand could enlarge the decline in money supply. Some slowing of banks' business loan growth from the recent rapid pace is anticipated, in any event, as inventory accumulation is expected to moderate. (12) The continued reduction in bank credit outstanding, on average, will probably be accompanied by further liquidation of U.S. Government securities--including some attrition of bank holdings in the refunding--and limited, if any, bank net purchases of municipals. Thus, prospects are for further upward pressure on long-term rates. although postponements or cancellations of capital issues, particularly by State and local governments, may moderate the upward course of yields. Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) I - - Excess reserves Period As I - - Member banks borrowins revised Free I to date 1967--November December 349 333 124 185 225 148 1968--January February March April May June July August September October November December 1969--January p 417 389 337 348 354 341 331 337 346 267 286 416 200 275 368 649 689 728 727 523 577 492 458 541 743 715 142 21 -312 -341 -374 -386 -192 -240 -146 -191 -255 -327 -515 4 11 18 25 255 556 374 197 454 634 404 474 -199 2 9 16 23 30 385 225 373 - 1 352 Nov. 6 13 20 27 Dec. 4 11 18 25 Oct. 1969--Jan. 1 8 15 22 p p p p 29 p p - Preliminary As expected at conclusion of each week's open market - - Monthly (reserves weeks ending in): Weekly: 1968--Sept. reserves As first published each week operations ____________________ 4 -196 -277 -239 -108 - 93 -323 541 403 516 337 495 -156 -178 -143 -338 -143 -191 -245 -177 -368 -196 -230 -214 192 537 229 185 392 675 513 583 -200 -138 -284 -398 -240 -259 -368 -471 -170 -202 -347 -469 457 24 340 399 532 435 574 859 - 75 -411 -234 -460 -114 -443 -274 -525 -203 -446 -256 -369 1,318 499 688 780 892 -439 -289 -474 -540 -758 -488 -365 -542 -572 -758 -473 -349 -533 -610 -779 879 210 214 240 134 - 78 - 30 -141 -148 -347 -141 -337 -230 TABLE A-2 AGGREGATE RESERVES AND RELATED MEASURES Retrospective Changes, Seasonally Adjusted (In per cent, annual rates based on monthly averages of daily figures) Ag gr egate Reserve Total Total Reserves s Required reserves Against Nonborrowed Total Demand Reserves ReseeDeposits Monetary Total Member Total Member Bank Deposits e / (credit) redit) 1// Var iab les Time Deposits (comm. banks) Money Supply Private Total Demand Deposits _ Annually: 1967 1968 + 9.9 + 7.2 +11.5 + 5.2 +10.2 + 7.1 + 7.0 + 6.3 +11.7 (411.5) + 8.6 (+ 9.4) +16.1 +11.3 + 6.4 + 6.5 + 6.7 + 6.2 Monthly: 1967--July Aug. Sept. Oct. Nov. Dec. +11.8 +14.0 + 7.7 +16.2 + 7.4 - 5.8 +14.9 +15.2 + 6.6 +14.5 + 5.9 -14.0 +15.2 +13.7 +12.0 +16.4 + 6.6 - 1.6 +10.2 +18.7 + 5.7 +13.5 + 8.3 -10.5 +13.4 +16.9 +10.4 +10.7 + 9.3 + 1.3 +15.3 +16.5 +14.9 + 8.0 + 9.3 + 9.9 +12.3 + 7.4 + 1.3 + 7.4 + 5.3 + 2.0 +14.9 + 8.7 -+ 6.9 + 6.8 - 0.9 (+14.6) (+19.0) (+10.2) (+12.3) (+10.5) ( -) 8--Jan. +16.6 +16.7 +11.4 +15.3 + 6.6 (+ 6.5) + 3.9 + 6.6 + 6.8 Feb. +12.5 + 9.9 +11.4 +19.2 +10.0 (+10.8) + 7.2 + 2.6 + 1.7 Mar. + 2.2 -12.6 + 0.6 + 0.1 + 4.3 (+ 4.7) + 9.7 + 4.6 + 2.5 Apr. - 8.8 - 9.4 - 6.0 -11.1 - 4.7 (- 3.8) + 2.6 + 5.9 + 6.8 May + 4.1 + 2.2 - 1.9 + 1.5 + 1.7 (+ 5.1) + 3.2 +11.7 +12.6 + 7.5 + 3.8 + 8.4 +12.2 + 6.5 (+ 9.3) + 9.6 + 6.6 + 4.9 June +14.9 +14.0 +12.8 + 0.1 + 9.0 (+10.1) + 7.7 +14.5 + 5.0 July + 3.3 + 5.7 +21.4 +21.4 (+22.1) +21.8 +21.2 +23.3 +23.5 Aug. - 5.0 - 7.3 + 8.4 (+ 9.4) +17.3 + 4.8 - 3.5 - 1.6 + 1.3 Sept. Oct. + 9.8 +12.2 + 8.5 + 4.1 +12.5 (+11.8) +17.7 + 4.4 + 5.7 Nov. + 5.5 - 2.3 + 8.2 + 6.6 +11.1 (+11.3) +14.4 +10.7 +10.6 Dec. p +11.0 - 1.0 + 7.3 + 7.8 +12.7 (+11.6) +14.3 + 7.5 + 8.7 1969--Jan. p + 8.7 +12.1 +14.3 -'17.8 - 4.5 (- 1.6) -10.5 + 4.4 + 4.8 1/ Includes all deposits subject to reserve requirements. Movements in this aggregate correspond closely with Figures in parenthesis includeEuro-dollar movements in total member bank credit on a daily average basis. borrowings. p - Preliminary. Chart 1 MEMBER BANK RESERVES MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS, SEASONALLY ADJUSTED 28.5 28.0 27.5 27.0 26.5 26.0 25.5 25.0 24.5 24.0 23.5 S 1967 D M J 1968 S D M 1969 J Chart 2 MEMBER BANK DEPOSITS AND LIABILITIES TO OVERSEAS BRANCHES BILLIONS OF DOLLARS TOTAL MEMBER BANK DEPOSITS (CREDIT PROXY) SEAS ADJ WEEKLY AVERAGE OF DAILY FIGURES 294 oil& 290 286 282 278 - -- 274 270 266 262 258 254 8 LIABILITIES TO OVERSEAS BRANCHES [WEEKLY REPORTING BANKS] NOT SEAS ADJ, WEDNESDAYS 6 4 2 S 1967 D M J 1968 S D M 1969 Chart 3 MONEY SUPPLY AND BANK DEPOSITS SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 190 MONEY SUPP 186 182 204 .. 178 174 200 - 196 192 170 188 TIME DEPOSITS ADJUSTED (All Commercial Banks) 184 180 172 NEGOTIABLE ' 1967 NOT SEAS _ CD'S ADJ, WEDNESDAYS 1968 1969 Chart 4 DEMAND DEPOSITS AND CURRENCY SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES I I I I , I I BILLIONS OF DOLLARS 48 MONEY SUPPLY COMPONENTS: 44 44 CURRENCY OUTSIDE BANKS 40 36 - DEMAND DEPOSITS 16 146 142 138 134 130 12 U.S. GOVT. DEMAND DEPOSITS (Member Banks) 8 4 0o A S J 1967 D M i 1968 S M D 1969 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 supply of reserves = Change in Currency Technical Federal Reserve Gold Gold credit (excl. s outside factors total reserves net 2/ banks floatstock float) 1/ banks net 2/ reserves Period Period Year: 1' (12/28/66 - 12/27/67) 19o (12/27/67 - 12/25/68) 5/ +4,718 +3,757 - Year-to-date: (12/27/67 - 1/31/68) (12/25/68 - 1/29/69) - - Weekly: 1968--Dec. 725 -2,067 95 229 451 4 1969--Jan. Mar. For For For See +3,039 +1,522 +1,508 +1,735 +1,996 -1,205 -1,456 - 15 + 311 228 198 280 185 211 708 ,162 118 85 368 ,135 14 394 236 235 358 146 773 - 165 + - 5 55 91 597 - 106 286 265 398 627 144 29 29 311 92 + 294 427 316 52 ,082 336 574 231 774 625 329 570 257 668 + +1,517 +1,563 + + + + I PROJECTED 1969--Feb. -2,305 -3,221 = Bank use of reserves Required Excess Excess reserves 3reserves 3/ + + - 35 50 50 195 - 250 retrospective details, see B-4. factors included see Table B-3. required reserves by type of deposits, see Table B-2. reverse side for explanation. Includes increase in reserve requireaents Jan. 18, 1968. of $360 million effective Jan. - 60 10 - + 415 + 45 - 215 - - 125 - p - 11, 1968, 305 + - 200 60 45 305 305 - 305 200 60 Preliminary. and $190 million effective 459 669 4 26 106 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 Supporting private deposits Supporting U. S. Gov't. Other than demad demand deposits T l Total Seasonal changes Demand Time seasonal changes seasonal changes Demand Time Year: 1967 (12/28/66 - 12/27/67), +1.517 + 261 +1,256 + 59 + 6 +1,023 + 168 1968 (12/27/67 - +1.563 - 558 +2,121 - 382 + 25 +1,647 + 831 + + 91 597 - 163 55 + + 254 652 + 4 560 + + 208 51 + + 136 140 - 86 99 + + + 29 29 311 92 + - 227 87 86 25 + + + 198 58 397 117 + + 64 115 288 113 - 18 13 6 7 + + + - 251 17 81 22 + + + + 29 53 34 33 1 8 p + + 625 329 + + 200 300 + + 425 29 + + 332 2 - 6 + + 87 36 + - 6 3 15 p + 570 - 207 + 777 + 482 + 25 + 279 - 9 22 p - 257 - 108 - 149 - 174 + 19 + 36 - 30 29 p - 668 - 240 - 428 - 114 + 13 - 321 - 6 250 335 80 115 - 450 395 35 420 - 290 305 95 250 + + + + 20 20 15 15 + - 155 75 70 150 - 25 35 25 35 - 80 - 240 + 5 + 165 - 10 12/25/68)- Year-to-date: (12/27/67 (12/25/68 - 1/31/68) 1/29/69) Weekly: 1968--Dec. 1969--Jan. 4 11 18 25 -- PROJECTED 1969--Feb. 5 12 19 26 + - 200 60 45 305 + + + + Mar. 5 - 305 -225 1/ Reflects reserve reauirement changes in March 1967 and January 1968. pK- - Preliminary. . . . .. . . Table B-3 TECHNICAL FACTORS AFFECTING RESERVES Retrospective and Prospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Technical Technical factors (net) Period Foreign deposits Float and gold loans (Sign indicates effect on reserves) Treasury Treasury operations ACTUAL Other nonmember deposits and F. R. accounts Year: 1967 (12/28/66 1968 (12/27/67 - 12/27/67) 12/25/68) 316 869 - 7 - 67 +3,039 + 85 928 +1 -I ,309 -1,205 -1,456 - 375 270 939 -1 ,215 68 415 125 391 2 349 757 351 151 48 281 95 1 337 333 35 581 120 123 42 78 95 - 165 389 Year-to-date: (12/27/67 (12/25/68 Weekly: 1968--Dec. - 1/31/68) 1/29/69) 4 1969--Jan. PROJECTED 1969--Feb. p - Preliminary. 119 19 16 18 166 + 155 60 + - 100 100 370 30 - 125 + 11 85 + - 120 56 1 + - 60 10 415 215 - 125 - Mar. + + + + - 20 95 30 45 185 Table B-4 SOURCE OF FEDERAL RESERVE CREDIT Retrospective Changes (Dollar amounts in millions of dollars, based on weekly averages of daily figures) Total Federal Reserve credit Period (Excl. float) Year: 1967 (12/28/66 1968 (12/27/67 - U.S. Government securities Total Bills ther Repurchase +5,009 +3.298 +4,433 +2,143 Year-to-date: (12/27/67 - 1/31/68) (12/25/68 - 1/29/69) + 40 + 253 + 260 - 229 - 244 - 184 Weekly: 1968--Nov. - 116 Dec. 1969--Jan. 6 + 664 - 424 489 + 284 - 910 258 + 450 +1,228 - 467 205 392 393 - +1,153 +1,176 Bankers' acceptances 577 S 21 19 3 7 60 7 4 51 261 53 557 335 812* 396* 156* 307 797 722 435 + + 60 742 344 347 480 503 576 398 175 480 + 166 - 54 172 - + + 31 84 172 20 345 225 557 - 41 14 + 30 - + - 28 28 1 1 24 - 2 - 165 + 33 103 283 162 71 50 97 139 285 459 819 189 92 112 503 t 203 514 69 52 - Member banks borrowings Securities agreements holdings______ __ +4,718 +3.757 12/27/67) 12/25/68) Federal Agency -- - * - Includes effect of change in special cert ificates of $1 3 million of the week of December 11, 1968, +$326 million of the week of December 18, 1968, and -$339 million of the week of December 25, 1968. Chart Reference Table C-l TOTAL, NONBORROWED AND REQUIRED RESERVES (Dollar amounts in millions, ePerid ordi Total reserves Seasonally Adjusted based on monthly averages of daily figures) Nonborrowed reserves Total Required reserves Against private deposits S__Total Demand 1966--Jan. Feb. Mar. Apr. May June 1/ July Aug. Sept. Oct. Nov. Dec. 22,785 22,857 22,888 23,118 23,192 23,149 23,293 23,029 23,065 22,954 22,915 22,895 22,325 22,376 22,331 22,490 22,486 22,472 22,552 22,336 22,319 22,243 22,303 22,286 22,456 22,507 22,512 22,714 22,773 22,780 22,864 22,687 22,712 22,629 22,593 22,600 21,936 21,996 22,115 22,283 22,331 22,361 22,344 22,320 22,349 22,229 22,198 22,262 16,822 16,877 16,957 17,043 17,030 17,043 16,963 16,908 16,922 16,827 16,810 16,825 1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 23,217 23,471 23,869 23 910 23,952 24,105 24,342 24,627 24,786 25,121 25,275 25,153 22,770 23,107 23,668 23,775 23,874 23,982 24.279 24.586 24,721 25,020 25,142 24,848 22,875 23,134 23,383 23,529 23,531 23,660 23,960 24,234 24,476 24,810 24,947 24,914 22,298 22,559 22,785 22,779 23,071 23,387 23,578 23,776 23,850 23,995 24,122 24,157 16,774 16,959 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. p 25,500 25,765 25,812 25,623 25,711 25,816 25,923 26,431 26,395 26,610 26,732 26,976 25,193 25,401 25,135 24,938 24,984 25,121 25,425 25,918 25,151 17,974 18,025 18,082 18,133 18,387 18,550 18,727 18,765 26,211 26,160 26,139 26,053 26,158 26,344 26,524 26,686 24,270 24,333 24,431 24,487 24,751 24,925 25,188 25,340 25,294 25,528 25,759 26,068 1969--Jan. p 27,172 26,403 27,003 26,163 19,261 25,947 25,389 25.402 25,276 25,236 25,438 25,601 17,101 17,015 17,244 17,472 17,582 17,701 17,704 17,805 17,879 17,860 18,621 18,746 18,893 19,106 -p - Preliminary. 1/ Break in series due to redefinition of time deposits effective June 9, 1966, which reduced required reserves by $34 million. Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES AT ALL MEMBER BANKS Seasonally Adjusted (Dollar amounts in Period _________________ billions, based on monthly averages of daily figures) Total member bank deposits __(credit 1/) __ _ _ _ _ _ _ _ U.S. Gov't. Private demand demand me deposits 2 depeposits e o i s_ 2posits _ _ _ _ _ _ _ _ 1966--July Aug. Sept. Oct. Nov. Dec. 245.8 245.6 245.5 244.4 244.0 244.6 128.1 128.8 129.2 128.6 128.3 129.4 112.6 112.3 112.4 111.7 111.6 111.7 5.1 4.5 4.0 4.0 4.1 3.5 1967--Jan. Feb. Mar. Apr. May June 247.7 251.0 254.0 255.8 257.2 259.5 262.4 266.1 268.4 270.8 272.9 273.2 131.5 133.3 135.3 137.2 138.7 140.8 142.8 144.6 146.3 147.4 148.6 149.9 111.4 112.6 113.6 113.0 114.5 116.0 116.7 117.5 117.6 118.2 118.7 118.6 4.8 5.1 5.1 5.6 4.0 2.6 2.9 4.0 4.5 5.2 5.6 4.6 274.7 277.0 278.0 276.9 277.3 278.8 280.9 285.9 287.9 290.9 293.6 296.7 295.2 149.9 150.2 151.2 151.3 151.5 151.8 153.8 156.5 158.9 161.5 163.5 165.8 163.2 119.4 119.7 120.1 120.4 122.1 123.2 124.3 124.6 123.6 124.5 125.4 126.7 126.7 5.4 7.1 6.7 5.2 3.7 3.9 2.7 4.8 5.3 5.0 4.7 4.2 5.4 July Aug. Sept. Oct. Nov. Dec. 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1969-Jan. 1/ 2/ _ _ _ _ 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. 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) Total member bank deposits Week ending: S(credit 1/ Time deposits Private demand U. S. Gov't. demand 2/ _deposits deposits 1968-- -Aug. 7 14 21 28 284.7 285.0 286.4 287.0 155.5 156.0 156.8 157.4 125.0 123.9 124.9 124.7 4.2 5.2 4.7 4.9 Sept. 4 11 18 25 286.7 287.0 287.8 288.8 157.9 158.3 158.9 159.4 124.7 124.1 123.5 123.4 4.1 4.6 5.4 6.0 Oct. 2 9 16 23 30 290.3 290.4 289.9 289.5 292.7 160.1 160.8 161.1 161.9 162.2 124.0 123.9 125.1 123.7 124.3 6.2 5.7 3.7 3.9 6.2 Nov. 6 13 20 27 293.9 293.6 292.9 294.1 162.6 163.0 163.6 164.7 125.5 124.2 125.9 126.1 5.8 6.3 3.4 3.4 Dec. 4 11 18 25 294.8 296.4 296.9 296.7 165.3 165.9 166.1 166.1 126.3 126.3 126.4 126.9 3.2 4.2 4.4 3.7 1969-- -Jan. 1 8 15 22 29 297.4 297.2 295.0 294.4 294.3 165.5 164.4 163.9 162.8 162.0 127.9 128.2 126.8 126.1 125.4 4.0 4.5 4.3 5.6 6.9 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 on individuals, partnerships and corporations and net interbank balances. 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) Currency 1/ Private Demand Deosits / -Deposits ./ Time Deposits Adjusted Monthly Money Supply 1966--July Aug. Sept. Oct. Nov. Dec. 169.9 170.0 170.5 170.2 170.2 170.4 37.6 37.8 37.9 38.0 38.2 38.3 132.3 132.2 132.6 132.1 132.0 132.1 155.9 156.9 157.7 157.3 156.9 158.1 1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 170.3 171.8 173.2 172.5 174.4 176.0 177.8 178.9 179.1 180.2 181.0 181.3 38.5 38.7 38.9 39.0 39.1 39.3 39.4 39.5 39.7 39.9 40.1 40.4 131.8 133.0 134.3 133.5 135.3 136.7 138.4 139.4 139.4 140.2 141.0 140.9 161.0 163.5 165.9 168.1 170.1 172.6 174.8 177.2 179.4 180.6 182.0 183.5 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1969--Jan. 1 182.3 182.7 183.4 184.3 186.1 187.4 189.4 190.3 189.5 190.2 191.9 193.1 193.8 40.6 40.7 41.1 41.4 41.6 42.0 42.2 42.6 42.7 42.8 43.2 43.4 43.5 141.7 141.9 142.2 143.0 144.5 145.4 147.2 147.6 146.7 147.4 148.7 149.7 150.3 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 196.6 199.5 201.9 204.3 202.5 1/ 2/ p - Includes currency outside the Treasury, the Federal Reserve, and the vaults of a 11 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. 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) 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. p - Preliminary. 1/ 

Federal Reserve (1969, February 3). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19690204

@misc{wtfs_bluebook_19690204,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1969},
  month = {Feb},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19690204},
  note = {Retrieved via When the Fed Speaks corpus}
}