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 25, 1969. MONEY MARKET AND RESERVE RELATIONSHIPS Recent developments (1) Interest rates and monetary aggregates have moved in diverse, and to some extent unanticipated ways, since the System's recent policy actions. Treasury bill rates generally rose after the increasesin the discount rate and in reserve requirements were announced on April 3, and reached a peak on the mid-April tax date. bill rates have drifted back. Subsequently The 3-month bill was most recently quoted 6.08 per cent, about its level at the time of the April 3 policy actions, while longer-term bills have dropped below those earlier levels. Most short-term rates outside the bill area have risen, on balance, since early April. (2) Expectations of future Treasury debt repayment and greater market convictions that monetary and fiscal policies will slow inflation were factors tending to press lower the longer-end of the yield curve in the Treasury bill market. These same factors, together with peace hopes, also affected interest rates in bond markets. And yields on U.S. Government, State and local, and corporate long-term issues moved 15-25 basis points below their early April levels. Most recently, this rally in bond markets has faded in face of a continued sizable volume of corporate and municipal offerings and in anticipation of the sizable Treasury mid-May refunding. FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE ('onthlv averages and, where available, weekly averages of daily figures) Money arket Indicators Bond Yields Flow of Reserves, Bank Credit and Money Bank Total Corporate Munici- NonBorrow- Federal 3-month Free Money Period ings Zeserves (In millions of dollars) Funds Rate 4/ Treasury Bill U.S. Gov't. (20 yr) New pal Issues (Aaa) (Aaa)l/ borrowed ReReserves serves ( milio Time Deposits Credit Supply Proxy 2/ (In billions of dollars) (Seasonally Adjusted) 19 6 8 --Apr. May June July Aug. Sept. Oct. Nov. Dec. 1969--Jan. Feb. -341 -374 -386 -192 -240 -146 -192 -255 r -300 -491 689 728 727 523 577 492 458 541 r 744 715 5.76 6.12 6.07 6.02 6.03 5.78 5.92 5.81 6.02 6.30 5.38 5.66 5.52 5.31 5.23 5.19 5.35 5.45 5.96 6.14 5.46 5.55 5.40 5.29 5.22 5.28 5.44 5.56 5.88 5.99 6.50* 6.64 6.65 r 6.51* r 6.15 6.27 6.47 r 6.50 6.79 6.92 4.13 4.28 4.26 4.12 4.00 4.23 4.21 4.33 4.50 4.58 -197 + 46 +137 +304 +493 + 29 +264 - 51 - 21 +302 -189 + 88 +105 +107 +508 - 36 +215 +122 +244 +217 + + + + + + + + - 1.1 0.4 1.5 2.1 5.0 2.0 3.0 2.7 3.1 1.5** + + + + + + + + + 0.9 1.8 1.3 2.0 0.9 0.8 0.7 1.7 1.2 0.6 + + + + + + + + + - 1.5 + + + + - -0.2 0.2 0.2 0.2 0.2 0.1 0.3 0.3 -580 836 6.64 6.12 6.11 6.91* 4.74 - 53 + 16 - 0.3 + 0.1 Mar. p Apr. p 1969--Mar. 12 19 26 2 Apr. 9 p 16 p 23 p -635 -821 -627 -691 -696 -886 -756 -646 -997 837 1,009 875 776 964 1,195 947 760 1,134 6.79 n.a. 6.75 6.82 6.88 6.66 7.04 7.63 7.48 6.02 n.a. 6.03 6.02 5.94 5.99 6.13 6.19 6.18 6.22 n.a. 6.20 6.29 6.22 6.20 6.15 5.99 5.97 7.35 n.a. -7.57 7.37 7.28 7.30** 7.02 -- 4.97 5.01 4.92 5.02 5.02 5.00 5.08 5.00 4.95 -279 -194 171 -110 4 + + + + 2. 1.6 0.2 1.7 0.9 0.6 2.3 0.5 0.8 + + + + + + - Year 1968 First Half 1968 Second Half 1968 -210 -201 -218 548 567 529 5.58 5.39 5.77 5.36 5.29 5.42 5.45 5.46 5.44 6.47 6.47 6.50 4.20 4.16 4.22 + 5.2 + 2.2 + 8.1 Recent variation in growth 11/29/67-7/3/68 7/3/68-12/18/68 12/18/68-4/23/69 -159 -203 -609 515 516 876 5.25 5.90 6.70 5.24 5.34 6.12 5.48 5.40 6.08 6.47 6.47 7.05* 4.15 4.21 4.78 Annual rates of increase Ave - ges + 7.2 + 5.3 + 9.0 0.2 2.4 0.2 0.4 0.6 0.6 2.8 1.6 0.3 3 + 8.6 + 4.1 +12.8 + 6.5 + 6.7 + 6.1 +11.3 + 5.1 +17.1 + 3.5 +14.1 - 2.1 + 8.0 + 2.3 + 5.0 + 5.2 +18.1 - 5.5 * - issues carry a 10-year call protection. Includes issues carrying 5-year and 10-year call protection, banks. commercial at all adjusted Time deposits 2/ week shown. 3/ Base is change for month preceding specified period or in case of weekly periods, the first 4/ Average of total number of days in period. p - Preliminary. n.a. - Not available. ** - Reflects $400 million reduction in member bank deposits resulting from withdrawal of a large country bank from System membership. Percentage annual rates are adjusted to eliminate this April 25, break in series. 25, 1969. 1/ 0.4 0.5 0.6 2.2 3.4 2.8 2.9 2.4 2.4 1.8 -3nominal amounts before the tax date. And for a week at mid-month the Treasury borrowed an average of $723 million a day directly from the Federal Reserve, resulting in an enlarged need for System absorbing operations. Also, in meeting cash payments prior to mid- month tax receipts, the Treasury made unusually large C-bank calls. Partly as a result of the Treasury cash management policy, the reserve position of major money market banks came under severe pressure. The basic reserve deficits of major banks have fluctuated in a $3.5 - $5.0 billion range, with deficits in New York running $1.5 - $2.0 billion, substantially deeper than in March. Trading in Federal funds since the last Committee meeting has frequently been at, or above,7-1/2 per cent with some activity as high as 8 per cent, particularly in the tax period. April. The average rate has been around 7-1/4 per cent thus far in Loan rates to dealers have tended mostly to a 7-1/2 - 8 per cent range. (6) Net borrowed reserves for all member banks rose to $995 million and borrowings to an average of $1.1 billion in the most recent statement week, the first week affected by the higher reserve requirements. In the preceding three statement weeks net borrowed reserves were in a $650 - $900 million range, with average borrowings fluctuating between $750 million and $1.2 billion. (7) The following table summarizes growth in major reserve and deposit aggregates for the second half of 1968, the first quarter, 1969, and April on a preliminary basis: -4July '68 Dec. '68 Jan. '69- Total reserves 9.0 0.9 Nonborrowed reserves 8.1 -0.5 Mar. '69 April '69p -4.9/ - 8.9-/ Bank credit, as indicated by: Proxy 12.8 -5.4 6.6 Proxy plus Euro-dollars 13.0 -2.4 7.2 Total loans and investments (as of last Wednesday of month) 14.9 1.5 7.2 1.9 14.8 Money supply 6.1 Time and savings deposits Savings accounts at thrift institutions NOTE: 17.1 6.4 -6.5 6.0 - 1.2 n.a, Dates are inclusive. p--preliminary. n.a. Not available. 1/ Aggregate reserve series reflect reserve requirements based on deposits lagged two weeks. Thus the decline shown reflects the sharp drop in demand deposits at member banks in the latter part of March and early April. Prospective developments (8) The sharp average annual rates of expansion in money supply and the bank credit proxy for April are not likely to be repeated in May--and some reversal could develop--given prevailing money market conditions. These conditions can be taken to comprise a Federal funds rate generally fluctuating in a 7 - 7-3/4 per cent range, member bank -5borrowings $900 million to $1.2 billion, and net borrowed reserves $800 million to $1 billion. The 3-month Treasury bill may fluctuate in a 5.90 - 6.20 per cent range. (9) It is possible that bill rates will come under some further downward pressure in the period ahead. The System is expected to supply a substantial amount of reserves over the next three weeks. Moreover, the mid-May refunding could generate additional demand for bills, with the amount depending on the nature of the exchange and market attitudes at the time. The refunding will probably be announced the afternoon of April 30, and at the moment many market participants are expecting a"rights" exchange involving about $6 billion of publicly held May and June maturities. These potential demands may press on a relatively limited current and expected market supply of bills. Dealer bill positions have recently declined; the Treasury has just paid off $2 billion of April tax bills as well as $200 million of monthly bills; and further substantial net debt repayment will develop by the end of June. (10) Given these demand-supply conditions in the bill market, it could require relatively high dealer loan rates and a Federal funds rate fluctuating around the upper end of the specified range to avert a decline in the 3-month bill rate to, or below, the lower end of the range in paragraph (8). Even if the 3-month bill rate is maintained in that range, longer-term bill rates (on a discount basis) could remain below the 3-month bill. In particular, the yield on the 1-year bill -6might possibly be low enough relative to the Regulation Q ceiling to enable banks to increase sales of longer-term CD's somewhat. (11) Actual CD attrition in May is expected to drop to a $250 - $500 million range. But because May is a month when CD's seasonally show a $500 - $700 million increase, seasonally adjusted CD experience would be a significant inhibiting factor on bank credit growth. Consumer-type time and savings deposits are expected to grow quite modestly, recovering somewhat from the tax-induced April weakness. All in all, total time and savings deposits in May are likely to decline on average in a 0 to 3 per cent annual rate range. (12) Private demand deposits are expected to rise from the end of April to the end of May, mainly reflecting an expected $1-1/2 billion decline in U.S. Government deposits over the course of the month, a sizable portion of which represents attrition of the maturing mid-May Treasury issue. The average level of the money supply in May, however, is likely to be slightly below that of the April average level. (13) The bank credit proxy (including Euro-dollars) may decline in May in a 2 - 5 per cent, annual rate, range. Loan demands from business and nonbank financial institutions may moderate some from their April pace, which was influenced by tax period borrowing. However, security loans could rise more than last month in view of the Treasury financing, and particularly if temporary holders participate in the financing to a sizable extent. Given these loan demands, with member bank deposits tending to contract on average, banks are likely -7to remain inactive in the municipal market, to redeem a sizable portion of their $2 billion holding of the maturing mid-May Treasury issues, and to sell the "rights" to the June Treasury maturity. At the same time, banks are not likely to be very willing lenders on security loans, and interest rates on these loans will probably be at a substantial penalty relative to the securities to be financed. (14) Under the circumstances, it would appear that inter- mediate and longer-term interest rates are likely to move up over the next few weeks, unless expectations of a weakening economy, or peace, were to become more prevalent. Should a sizable market interest develop in new Treasury issues and new corporate and municipal bonds-say, for expectational reasons--it is quite possible that a strong demand pull would be exerted on monetary aggregates. In this event, bank credit and money supply in May could turn out to be stronger than projected unless the Federal Reserve--through the workings of a proviso clause or otherwise--operates to hold back on reserves relative to demand, thereby tightening conditions in the money market toward or beyond the tight end of specifications in paragraph (8). Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Excess reserves Period As Member banks borrowings I revised to Free reserves I, Y1 date Monthly (reserves weeks ending in): As first published each week As expected at conclusion of each week's open market operations 389 337 348 354 341 331 337 346 267 286 444 368 649 689 728 727 523 577 492 458 541 744 224 256 202 188 715 836 837 1,009 -491 4 11 18 25 479 52 368 420 531 434 575 859 - 52 -382 -207 -439 -114 -443 -274 -525 -203 -446 -256 -369 1969-- Jan. 1 8 15 22 29 901 202 232 273 188 1,320 498 687 782 891 -419 -296 -455 -509 -703 -488 -365 -542 -572 -758 -473 -349 -533 -610 -779 Feb. 5 12 19 26 235 221 363 204 744 799 -509 -615 -716 -726 -641 5 12 19 26 207 248 85 268 2 9 16 23 309 191 114 137 1968--February March April May June July August September October November December 1969--January February March p April p Weekly 1968-- Dec. Nlar. Apr. p - Preliminary. 21 -312 -341 -374 -386 -192 -240 -146 -191 -255 -300 -580 -635 -821 1,044 -578 -681 757 -553 -568 -631 -721 -592 734 875 -527 -627 -691 -696 -577 -666 -719 -737 -625 -608 -725 -754 -886 -756 -646 -997 -954 -789 -655 -997 -1,003 776 964 1,195 947 760 1,134 - 793 -629 -991 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 To tal Reserves Reserves Annually: r eg ates Required reserves Nonborroed Against N Reserves rroe Total Demand Deposits Ag Monetal Total Member ts s (credit) 1/ Var iab 1 es Time Money Supply Deposits Private (comm. Total Demand Deposits banks) 1967 1968 + 9.9 + 7.2 +11.5 + 5.2 +10.2 + 7.1 + 7.0 + 6.3 +11.7 + 8.6 (+11.5) (+ 9.4) +16.1 +11.3 + 6.4 + 6.5 + 6.7 + 6.2 Monthly: 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. +16.6 +12.5 + 2.2 - 8.8 + 4.1 + 4.9 + 5.0 +23.5 - 1.6 + 9.8 + 5.5 +11.0 +16.7 + 9.9 -12.6 - 9.4 + 2.2 + 6.6 +14.5 +23.3 + 1.3 +12.2 - 2.3 - 1.0 +11.4 +11.4 + 0.6 - 6.0 - 1.9 + 9.6 + 7.7 +21.2 + 4.8 + 8.5 + 8.2 + 7.3 +15.3 +19.2 + 0.1 -11.1 + 1.5 +12.2 + 0.1 +21.8 - 3.5 + 4.1 + 6.0 + 7.7 + 6.6 +10.0 + 4.3 - 4.7 + 1.7 + 6.5 + 9.0 +21.4 + 8.4 +12.5 +11.1 +12.7 (+ 6.5) (+10.8) (+ 4.7) (- 3.8) (+ 5.1) (+ 9.3) (+10.1) (+22.1) (+ 9.4) (+11.8) (+11.3) (+11.6) + 3.9 + 7.2 + 9.7 + 2.6 + 3.2 + 3.8 +14.0 +21.4 +17.3 +17.7 +14.4 +14.3 + 6.6 + 2.6 + 4.6 + 5.9 +11.7 + 8.4 +12.8 + 5.7 - 5.0 + 4.4 +10.7 + 7.5 + 6.6 + 1.7 + 2.5 + 6.8 +12.6 + 7.5 +14.9 + 3.3 - 7.3 + 5.7 +10.6 + 7.3 1969--Jan. Feb. Mar. Apr. + + - +13.9 - 1.0 -12,7 - 8.9 +14.5 -- 9.2 - 7.4 +10.8 +17.3 -18.4 +18.4 4.9 - 1.2 -10.2 + 6.6 ((+ ((+ -10.6 - 8.9 -- 1.2 + 3.7 + 0.6 + 1.2 +14.8 + 4.0 - 1.6 - 0.8 +18.' 1/ p proj. 9.7 0.7 7.5 4.9 2.0) 2.0) 7.1) 7.2) Includes all deposits subject to reserve requirements. Movements in this aggregate correspond closely with movements in total member bank credit.on a daily average basis. Figures in parenthesis include Euro-dollar borrowings. p - Preliminary. 1 MEMBER BANK RESERVES Chart MONTHLY AVERAGES OF DAILY FIGURES i I I I I I I I 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 Chart 2 MEMBER BANK DEPOSITS AND LIABILITIES TO OVERSEAS BRANCHES BILLIONS OF DOLLARS 'iI' ' I III II l ' l| I TOTAL MEMBER BANK DEPOSITS [CREDIT PROXY) SEAS I I I ADJ WEEKLY AVERAGE OF DAILY FIGURES I \ | N 294 290 286 282 278 274 270 266 262 258 254 8 LIABILITIES TO OVERSEAS BRANCHI IWEEKLY REPORTING BANKS) NOT SEAS ADJ, WEDNESDAYS 6 4 2 J S 1967 D M J 1968 S D M 1969 Chart 3 MONEY SUPPLY AND BANK DEPOSITS SEASONALLY B I ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES IONS OF DOLLARSI BILLIONS OF DOLLARS I 204 188 TIME DEPOSITS ADJUSTED (All Commercial Banks) NEGOTIABLE NOT SEAS S 1967 D CD'S ADJ, WEDNESDAYS M M 1968 1969 Chart 4 DEMAND DEPOSITS AND CURRENCY SEASONALLY ADJUSTED WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 48 MONEY SUPPLY COMPONENTS: 44 CURRENCY OUTSIDE BANKS 40 36 DEPOSITS DEMAND 146 142 138 134 130 12 U.S. GOVT. DEMAND DEPOSITS (Member Banks) 8 ----- ------------ _ ----------- 4 0, A S J 1967 D M J 1968 S D M 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 Period Period Year: 67 (12/28/66 1968 (12/27/67 - Federal Reserve f credit (excl. float) I/stock float) 1/ 12/27/67) 5/ 12/25/68) 5/ Gold Gold k +4,718 +3,757 - +1,237 + 601 -1,950 725 -2,067 21 Currency b outside banks banks Technical ne factors net 2/ net 2/ -2,305 -3,221 +3,039 + + 838 632 - - 226 431 + 90 + 56 - 91 189 160 - Change = Bank use of reserves inv total reserves Required reserves 3/ 3/ r reserves Excess Excess reserves +1,517 +1,563 + - 5 55 308 917 132 598 - 316 283 24 327 248 258 105 271 41 163 183 294 36 580 352 80 53 89 940 41 118 77 23 165 +1,522 +1,508 Year-to-date: (12/27/67 (12/25/68 - Weekly: 1969--Mar. Apr. 4/24/68) 5/ 4/23/69) 5/ 12 19 26 34 45 70 2 9 p 16 p 23 p 5/ 357 113 379 771 1 PRJEcTe D.4J 1969--Apr. May 11 1 It I 270 + 545 - 645 170 170 230 10 525 175 + 50 250 400 210 + - 85 90 150 300 265 170 25 265 265 170 25 265 p - Preliminary. For retrospective details, see Table B-4. For factors included see Table B-3. For required reserves by type of deposits, see Table B-2. See reverse side for explanation. Reflects reserve requirement changes in March 1967, January 1968, and April 1969. 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 $50 million per week. 3. Projected effects of Treasury operations, included in "technical factors," reflect scheduled and assumed calls in current two weeks and maintenance of Treasury balances with Federal Reserve at $0.5 billion, thereafter. 4. Projected changes in required reserves assume the existing net reserve position of banks and the structure of interest rates in the market, as well as the current economic outlook. On the basis of these assumptions, projections reflect expected movements in bank credit and money in the period ahead, including the effects of such elements as the public's loan demand, repayments of previous loans, banks' investment preferences and willingness to supply loans, banks' desires and abilities to obtain time and savings deposits, and the Government's financing The projections thus encompass normal seasonal developments, temporary bursts of needs. loans demand and expected associated repayments not currently reflected by the seasonals, and whatever cyclical and growth demands for money and credit are expected in the projection period. Assumed Treasury financing operations include: $-0.2 billion, April 30; $-0.4 billion, May 15. Table B-2 CHANGES IN REQUIRED RESERVE COMPONENTS Retrospective and Prospective Seasonal and Nonseasonal Changes (Dollar amounts in millions, based on weekly averages of daily figures) Period 44 41 Year: 1967 (12/28/66 1968 (12/27/67 - Supporting U. S. Gov't. demand Total required reserves 12/27/67)-1 12/25/68) ' deDosits 4 .4 Other than seasonal changes Demand Time Seasonal changes Total Time Demand 4 261 558 +1,256 +2,121 + - 59 382 6 25 +1,023 +1,647 132 598 287 67 419 531 - 19 368 220 120 + 267 +1,079 258 105 271 29 184 143 229 289 128 258 320 48 6 7 7 80 53 89 940 43 169 280 19 37 222 369 921 63 255 144 194 12 12 6 +1,517 +1,563 + - Supporting private deposits 168 831 Year-to-date: (12/27/67 (12/25/68 - 4/24/68)1/ 4/23/69) 1/ Weekly: 1969--Mar. Apr. p P P p / p If - 49 300 95 - Vo PROJECTED 1969--Apr. May 5 - 125 - 15 - 5 - 5 240 + 5 - 250 - 25 + 40 - 5 + 35 - 10 + 170 - 50 + 220 + 330 7 + 265 + 415 - 150 - 14 - 170 + 340 - 510 - 21 - 25 + 210 - 235 - 270 - 130 - 160 28 1/ - 30 - 265 - 135 Reflects reserve requirement changes in March 1967, January 19bi Sand April p - Preliminary. -- + .-yo!. 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 Treasury operations Foreign Floatdeposits and gold loans ACTUAL Year: 1967 (12/28/66 - 12/27/67) 1968 (12/27/67 - 12/25/68) - + 165 +3,039 85 928 - 389 +1,309 7 67 316 869 Year-to-date: (12/27/67 (12/25/68 - Weekly: 1969--Mar. Apr. - 34 10 12 19 26 24 327 248 97 20 116 118 125 229 2 9 p 16 p 294 36 580 352 50 119 380 427 272 202 41 655 23 p 1969--Apr. May Preliminary. 547 790 + 268 - 233 I PROJECTED p - - 308 917 4/24/68) 4/23/69) - 645 - 145 + + - 85 90 150 300 + 80 - + - 600 370 300 100 ii 5 90 520 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 ( . faBills (Excl. float) Period -ar: 1967 (12/28/66 - 12/ 27/67) 1968 (12/27/67 - 12/ 25/68) U.S. Government securities Total Bills hr Repurchase Otherholdings agreements holdings +4,718 +3,757 +5,009 +3,298 +1,237 + 601 997 264 1 +1,230 8 - 470 205 389 396 742 344 347 480 503 + + 576 398 - 175 480 503 + 69 242 + 69 + 631 - 638 77 146 306 292 + - 55 69 5 12 19 26 + + 120 34 45 + 70 63 87 105 109 - 69 89 123 109 2 9 16 23 + 357 113 379 771 103 146* 143* 319* + + - 51 57 559 + + + 819 + +4,433 +2,143 Federal Agencyas Securities Bankers' Bankers acceptances - 3 - 69 52 + 7 16 - 59 + 46 Member banks Member banks borrowings + +1,153 +1,176 - 574 252 - 81 + 163 + 166 54 172 461 822 189 95 109 + + + 8 146 251 308 147 55 245 287 + 6 72 146 11 23 141 99 188 52 7 211 223 231 248 187 374 577 21 - 19 203 514 Year-to-date: (12/27/67 - 4/24/68) (12/25/68 - 4/23/69) Weekly: 1969-- Jan. 15 22 29 Feb. 5 12 19 26 Mar. Apr. 85 74 82 11 + 306 275 * - Includes effect of change in special certificates of $+96 mi llion of the week of April 9, $+627 million of the week of April 16, and $-723 million of the week of April 23. Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) STotal Period 1966--July Aug. Sept. Oct. Nov. Dec. 1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. eserves reserves Nonborrowed reserves reserves 23,293 23,029 23 065 22 954 22 915 22,895 22,552 22,336 22,319 22,243 22,303 22,286 22,864 22,687 22,712 22,629 22,593 22,600 22,344 22,320 22,349 22,229 22,198 22,262 16,963 16,908 16,922 16,827 16,810 16,825 23,217 23,471 23 869 23 910 23,952 24,105 24.342 24.627 24,786 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 25,151 25,389 25,402 25,276 25,236 25,438 24,270 24,333 24,431 24,487 24,751 24,925 17,974 25,601 25,188 25,340 18,727 18,765 25,294 25,528 25,749 26,050 18,621 18,746 18,883 19,088 25,921 25.911 25,859 25,989 19,066 19,150 19,117 19,263 25,121 25,275 25,153 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25,500 25.765 25,812 25,193 25,401 25,623 25,711 25 816 25,923 26,431 26 395 26,610 26,732 26,976 24,938 24,984 25,121 25,425 25,918 25,947 26,211 26,160 26,139 1969--Jan. Feb. Mar. p Apr. proj. 27,193 27,209 27,038 26 928 26,441 26,388 26,109 25,915 p - Preliminary. Required reserves Total Against private deposits TotalTotalDemand Total Demand 25,135 26,053 26,158 26,344 26,524 26,686 27,009 27,009 26,801 26,636 17,101 17,015 17,244 17,472 17,582 17,701 17,704 17,805 17,879 17,860 18,025 18,082 18,133 18,387 18,550 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) Period Total member bank deposits (credit 1/) 1966--July Aug. Sept. Oct. Nov. Dec. 245.8 1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. 247.7 251.0 245.6 245.5 244.4 244.0 244.6 Time Private demand U.S. Gov't. demand deposits deposits deposits 2J 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 3.5 111.4 112.6 113.6 113.0 114.5 116.0 116.7 117.5 117.6 118.2 118.7 118.6 4.8 5.1 5.1 5.6 4.0 2.6 2.9 4.0 4.5 5.2 5.6 4.6 Oct. Nov. Dec. 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 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 274.7 277.0 278.0 276.9 277.3 278.8 280.9 285.9 287.9 290.9 293.6 296.7 149.9 150.2 151.2 151.3 151.5 151.8 153.8 156.5 158.9 161.5 163.5 165.8 119.4 119.7 120.1 120.4 122.1 123.2 124.3 124.6 123.6 124.5 125.4 126.7 5.4 7.1 6.7 5.2 3.7 3.9 2.7 4.8 5.3 5.0 4.7 4.2 1969--Jan. Feb. Mar. Apr. proj. 295.1 294.8 292.3 293.9 163.2 161.0 160.5 160.1 126.6 127.2 126.9 127.9 5.3 254.0 255.8 257.2 259.5 262.4 266.1 268.4 6.7 4.8 5.9 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. p - Preliminary. 1/ 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 (credit 1/ Time deposits Private demand 2/ _deposits U. S. Gov't. demand deposits 1968-- 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 11 294.8 296.4 296.9 296.7 165.3 165.9 166.1 166.1 126.3 126.3 126.4 126.9 3.2 4.2 4.4 3.7 297.4 297.2 294.9 294.4 293.8 165.5 164.4 163.9 162.8 162.1 127.9 128.2 126.7 126.0 124.9 4.0 4.5 4.3 5.6 6.8 5 12 19 26 294.1 295.3 294.4 161.4 161.1 160.8 160.6 126.2 126.3 127.7 128.1 6.5 8.0 6.8 5.8 Mar. 5 12 19 26 293.6 293.8 292.1 291.2 160.4 160.6 160.5 160.7 127.6 126.7 126.6 126.9 5.6 6.5 5.1 3.6 Apr. 2 291.8 294.1 293.6 294.4& 160.7 160.6 160.3 160.1 128.1 128.7 128.1 127.9 3.0 4.9 5.3 6.4 18 25 1969-- Jan. 1 8 15 22 29 Feb. 9 16 23 295.5 p - Preliminary. 1/ Includes all deposits subject to reserve requirements--i.e., the total Moveof time, private demand, and U.S. Government demand deposits. total in movements with closely ments in this aggregate correspond 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 Money Supply Monthly / Private Time Deposits Demand Deosits _______________________________Deposits Adjusted _____ / .1_ 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. 182.3 182.7 183.4 184.3 186.1 187.4 189.4 190.3 189.5 190.2 191.9 193.1 40.6 40.7 41.1 41.4 41.6 42.0 42.2 42.6 42.7 42.8 43.2 43.4 141.7 141.9 142. 143.0 144.5 145.4 147.2 147.6 146.7 147.4 148.7 149.6 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 196.6 199.5 201.9 204.3 1969--Jan. Feb. Mar. Apr. proj. 193.7 193.8 194.0 196.4 43.6 43.9 44.2 44.3 150.1 149.9 149.8 152.1 202.5 201.0 201.0 200.8 1967--Jan. Feb. Mar. Apr. May June July _____________I ___________ J __________ .1 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. Revised. 

Federal Reserve (1969, April 28). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19690429

@misc{wtfs_bluebook_19690429,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1969},
  month = {Apr},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19690429},
  note = {Retrieved via When the Fed Speaks corpus}
}